The Coca-Cola Company (NYSE:KO) Q2 2025 Earnings Conference Call July 22, 2025 8:30 AM ET
Company Participants
Robin Halpern - VP & Head of Investor Relations
James Quincey - Chairman & CEO
John Murphy - President & CFO
Conference Call Participants
Lauren Lieberman - Barclays Bank PLC, Research Division
Dara Mohsenian - Morgan Stanley, Research Division
Stephen Robert Powers - Deutsche Bank AG, Research Division
Filippo Falorni - Citigroup Inc., Research Division
Bonnie Herzog - Goldman Sachs Group, Inc., Research Division
Christopher Carey - Wells Fargo Securities, LLC, Research Division
Kaumil Gajrawala - Jefferies LLC, Research Division
Robert Ottenstein - Evercore ISI Institutional Equities, Research Division
Andrea Teixeira - JPMorgan Chase & Co, Research Division
Peter Grom - UBS Investment Bank, Research Division
Peter Galbo - BofA Securities, Research Division
Michael Lavery - Piper Sandler & Co., Research Division
Carlos Alberto Laboy - HSBC Global Investment Research
Robert Moskow - TD Cowen, Research Division
Operator
At this time, I would like to welcome everyone to the Coca-Cola Company's Second Quarter 2025 Earnings Results Conference Call. Today's call is being recorded. If you have any objections, please disconnect at this time. \[Operator Instructions] I would like to remind everyone that the purpose of this conference is to talk with investors, and therefore, questions from the media will not be addressed. Media participants should contact Coca-Cola's Media Relations department if they have any questions.
现在，我代表大家欢迎参加可口可乐公司2025年第二季度财报电话会议。今天的会议将被录音。如您有任何异议，请立即挂断电话。\[操作提示] 我想提醒大家，此次会议旨在与投资者交流，因此不会回答媒体提问。如有媒体问题，请联系可口可乐公司的媒体关系部门。
I would now like to introduce Ms. Robin Halpern, Vice President and Head of Investor Relations. Ms. Halpern, you may now begin.
现在请允许我介绍可口可乐公司投资者关系部副总裁兼主管Robin Halpern女士。Halpern女士，请开始。
Robin Halpern
Good morning, and thank you for joining us. I'm here with James Quincey, our Chairman and Chief Executive Officer; and John Murphy, our President and Chief Financial Officer. We've posted schedules under Financial Information in the Investors section of our company website. These reconcile certain non-GAAP financial measures that may be referred to this morning to results as reported under generally accepted accounting principles. You can also find schedules in the same section of our website that provide an analysis of our gross and operating margins.
早上好，感谢大家参加今天的会议。我与我们的董事长兼首席执行官James Quincey先生，以及总裁兼首席财务官John Murphy先生一同出席。我们已在公司网站的投资者专区“财务信息”栏目中发布了相关表格，这些表格对今天会议中可能提及的某些非GAAP财务指标与通用会计准则下的实际结果进行了对账。在同一页面，您还可以找到分析我们毛利率和营业利润率的报表。
This call may contain forward-looking statements, including statements concerning long-term earnings objectives, which should be considered in conjunction with cautionary statements contained in our earnings release and in the company's periodic SEC reports. Following prepared remarks, we will take your questions. \[Operator Instructions]
本次电话会议可能包含前瞻性声明，包括关于长期盈利目标的陈述。请结合我们财报新闻稿及公司向美国证券交易委员会定期提交的报告中包含的风险提示一起审慎阅读。我们将在发言结束后接受大家的提问。\[操作提示]
Now I will turn the call over to James.
现在，我将会议交给James。
James Quincey
Thanks, Robin, and good morning, everyone. Throughout the first half of 2025, the external environment has continued to evolve. To adapt, we stayed close to the consumer, managed our growth portfolio of brands and doubled down on our all-weather strategy. After the first half of this year, we're on track to deliver on both our top line and updated bottom line guidance. We're confident we can navigate varying local market dynamics during the remainder of 2025 to deliver on our updated guidance.
谢谢你，Robin，大家早上好。进入2025年上半年，外部环境持续变化。为了适应局势，我们始终贴近消费者，管理好我们的增长型品牌组合，并加倍执行“全天候战略”。上半年结束后，我们正按计划实现既定的收入和更新后的利润指引。我们有信心在2025年剩余时间里应对各地市场的不同动态，实现我们的更新指引。
This morning, I'll provide details on the operating environment and our second quarter business performance. Then I'll explain how we're pivoting our plans and building new capabilities to deliver amidst the current realities. John will end by discussing our financial results and providing further commentary on the outlook for the rest of the year.
今天我将介绍经营环境和我们第二季度的业务表现。随后，我会讲述我们如何调整计划、建设新能力以应对当前现实。最后，John将讲解我们的财务数据，并进一步评述今年余下时间的前景。
Coming into the quarter, we expected the operating landscape to be choppy. Volume declined 1% during the quarter as we cycled a difficult comparison versus the prior year. 2-year volume trends were on track in April and May, but decelerated in June in the face of adverse weather in several key markets and pockets of consumer pressure. Several markets that were weaker in the first quarter improved volume sequentially, including the U.S. and Europe. In these markets, the plans we've implemented are working, providing further confidence we can influence the trajectory of our results. We also delivered 5% organic revenue growth and robust margin expansion, which led to 4% comparable earnings per share growth despite currency headwinds and a higher effective tax rate.
进入本季度时，我们预计运营环境将起伏不定。由于去年同期基数较高，本季度销量同比下降1%。在4月和5月，两年复合销量趋势表现良好，但6月因多个关键市场遭遇恶劣天气以及部分消费者群体承压而放缓。一季度疲弱的多个市场在本季度实现环比增长，包括美国和欧洲。在这些市场中，我们执行的计划取得了成效，增强了我们对业绩走势可控性的信心。同时，我们实现了5%的有机收入增长和强劲的利润率扩张，尽管面临汇率逆风和较高的实际税率，仍实现了4%的可比每股收益增长。
More broadly, our industry remains resilient. During the quarter, we gained value share, which represented our 17th consecutive quarter of value share gains. Across the world, we're navigating complex dynamics across many markets by leveraging our global scale while stepping up local execution.
更广泛来看，我们所在的行业依然具有韧性。本季度我们再次实现价值份额增长，这已是我们连续第17个季度实现价值份额提升。全球范围内，我们依托全球规模优势，同时强化本地执行力，应对多地市场的复杂变化。
Starting in North America. While volume improved sequentially, it declined due to the continued uncertainty and pressure on some socioeconomic segments of consumers. We continue to invest behind our brands, which led to value share gains and revenue and profit growth. Our price/mix decelerated as growth in some of our premium stills brands moderated during the quarter. Our granular action plans to win back consumers with contextually relevant advertising, more focused value and affordability initiatives and close customer partnerships are working. Several bright spots in our total beverage portfolio include Coca-Cola Zero Sugar, Diet Coke, Fanta, fairlife, BODYARMOR and Powerade, which each grew volume.
从北美市场开始。虽然销量环比有所改善，但仍因部分社会经济阶层的消费者持续面临不确定性和压力而同比下降。我们继续加大对品牌的投入，带动了价值份额增长和收入、利润的提升。由于部分高端静态饮品品牌的增长放缓，我们的价格/组合增长也有所减速。我们通过有针对性的广告、聚焦价值与可负担性的举措，以及紧密的客户合作关系，逐步赢回消费者的细致行动计划正在奏效。在我们整体饮品组合中，多个品牌表现亮眼，包括Coca-Cola Zero Sugar、Diet Coke、Fanta、fairlife、BODYARMOR和Powerade，它们的销量均实现增长。
We're continuing to get good traction with our foodservice customers on both renewals and category expansion, and our system is stepping up execution and earning increased share of visible inventory. In Latin America, volume declined, but we grew organic revenue and profit. We benefited from the improving economy in Argentina and Coca-Cola Zero Sugar had strong volume growth in Brazil and Mexico.
我们在食品服务渠道客户中继续取得积极进展，无论是合约续签还是品类拓展，均取得成效，我们的系统执行力也在提升，获得更多可视库存份额。在拉丁美洲，虽然销量下降，但我们实现了有机收入和利润的增长。阿根廷经济改善对我们有所助益，Coca-Cola Zero Sugar在巴西和墨西哥的销量也强劲增长。
In Mexico, despite cycling a difficult comparison versus the prior year and navigating a more difficult start to the year, 2-year volume trends improved during the quarter until uncharacteristically cold weather and a major hurricane impacted the trajectory in June. To drive transactions, we are reprioritizing investments, driving affordability with refillables and premiumization with single-serve offerings and scaling connected packaging and our systems digital customer platforms.
在墨西哥，尽管面临去年同期高基数和年初环境较为艰难，但本季度的两年期销量趋势有所改善，直到6月遭遇异常寒冷天气和一场大型飓风打断了增长轨迹。为推动交易量增长，我们正在重新调整投资优先级，通过可回收包装推动产品亲民化，通过单份装提升产品高端化，同时加快推广智能包装和系统数字化客户平台。
In EMEA, all 3 of our operating units grew volume, and we also had revenue and profit growth. In Europe, volume growth was driven by both Eastern and Western markets and was partially helped by cycling an easier comparison versus the prior year.
在EMEA地区，我们三个运营单元的销量均实现增长，同时也实现了收入和利润的提升。在欧洲，销量增长由东欧和西欧市场共同推动，并部分受益于去年同期的低基数。
Coca-Cola Zero Sugar, Sprite and Fuze Tea each grew volume. We activated our Share a Coke campaign across 38 markets in Europe and included prominent musicians and influencers. The campaign leveraged a memory maker digital tool, which allowed drinkers in some markets to share personalized memes and videos with friends and family.
Coca-Cola Zero Sugar、Sprite和Fuze Tea的销量均实现增长。我们在欧洲38个市场推出了“Share a Coke（分享可乐）”活动，邀请知名音乐人和意见领袖参与。该活动运用了一款“回忆生成器”数字工具，使部分市场的消费者能够与亲友分享个性化的表情包和视频。
We also tapped into Sprite spicy meals and won a \[indiscernible] campaigns. In Eurasia and Middle East, despite multiple conflicts in the region during the quarter, we grew volume and value share. We're leveraging our learnings to emphasize the localness of our system, which includes local sourcing, production, employment and distribution. We're focusing on locally relevant sparkling flavors, innovations and affordability with attractive absolute price points, value packages and tailored promotions.
我们还围绕Sprite与辛辣美食的搭配展开宣传，并赢得了一系列\[听不清的]市场活动。在欧亚与中东地区，尽管本季度该区域出现多起冲突事件，我们依然实现了销量和价值份额的增长。我们正借助过往经验，强调本地化优势，包括本地采购、生产、雇佣和分销。我们聚焦于具有本地特色的汽水口味、产品创新和价格亲民化，推出有吸引力的绝对价位产品、价值套餐及定制化促销活动。
In Africa, despite a worsening macroeconomic growth outlook, we grew volume. Egypt, Morocco and Nigeria each continued their strong momentum. Our system's actions are working. We've refined our pack price architecture, executed fewer but bolder integrated marketing campaigns and accelerated cold drink equipment placement.
在非洲，尽管宏观经济增长前景恶化，我们的销量依然实现增长。埃及、摩洛哥和尼日利亚分别延续了强劲势头。我们的系统性举措正在发挥作用：我们优化了包装定价架构，减少但强化整合营销活动，同时加快冷饮设备的投放。
Lastly, in Asia Pacific, after a strong first quarter, we had mixed performance across the region. Volume declined, but we grew both revenue and comparable currency-neutral operating income. In ASEAN and South Pacific, volume declined as growth in Australia and the Philippines was more than offset by declines in Thailand, Indonesia and Vietnam. However, we won value share, and our system is taking action by scaling refillable offerings, increasing outlet coverage and accelerating cooler placement.
最后在亚太地区，继第一季度强劲表现后，本季度整体业绩表现不一。虽然销量下降，但我们仍实现了收入和可比货币中性营业利润的增长。在东盟和南太平洋地区，尽管澳大利亚和菲律宾的增长良好，但被泰国、印度尼西亚和越南的下滑所抵消，导致总体销量下降。然而我们仍赢得了价值份额，目前正通过扩大可回收包装产品供应、增加销售网点覆盖率并加快冷柜投放等举措应对。
In China, we grew volume despite a cautious consumer environment, thanks to stronger performance from Trademark Coca-Cola and in the eating and drinking channel. Our system is developing more granular channel and customer-specific execution strategies, driving more tailored promotional campaigns and accelerating cooler placement.
在中国，尽管消费者信心偏谨慎，我们仍实现销量增长，主要得益于可口可乐商标品牌和餐饮渠道的强劲表现。我们的系统正在制定更细分的渠道和客户执行策略，推动更具针对性的营销活动，并加快冷柜投放。
In India, after a strong start to the year, volume declined as our business was impacted by early monsoons and geopolitical conflict early in the important summer season. In response, we're engaging consumers with integrated marketing campaigns like Coca-Cola Meals supported by execution in the QSR channel, Thums Up with Biryani, Sprite with spicy meals and Maaza with festivals and tailoring these activations to regional and local needs. Also, our system is adding customer outlets and recently surpassed 1 million customers on its digital ordering platforms.
在印度，尽管年初开局强劲，但进入夏季关键销售期后，受提前到来的季风及地缘冲突影响，销量出现下滑。为此，我们通过整合营销活动积极吸引消费者，例如“Coca-Cola Meals”搭配快餐渠道执行、Thums Up与Biryani、Sprite与辛辣菜肴、Maaza与节日活动的组合，并根据地区和本地需求进行定制。此外，我们的系统正在不断拓展客户网点，近期其数字订购平台上的客户数量已突破100万。
In Japan and South Korea, industry volume declined amid a challenging macro environment. Our volume was also down, reflecting industry dynamics and a strong prior year comparison. Nevertheless, 2-year volume trends remained positive during the quarter. In response to the external environment, our system is refining channel and investment strategies to capture emerging growth opportunities.
在日本和韩国，受宏观经济环境挑战影响，行业销量整体下滑。我们的销量也有所下降，反映出行业态势以及去年同期高基数的影响。尽管如此，本季度的两年期销量趋势仍保持正向增长。为应对外部环境变化，我们的系统正在优化渠道与投资策略，以把握新兴增长机遇。
To sum everything up, while the external environment continues to evolve, we remain steadfastly focused on maintaining agility, and we're taking the appropriate actions to deliver on our updated 2025 guidance. Critically, to deliver amidst the current realities, we're enhancing capabilities along each facet of our strategic growth flywheel by investing to drive transactions in the back half of the year.
总的来说，尽管外部环境持续演变，我们始终专注于保持灵活性，并采取恰当的举措来实现我们更新后的2025年业绩指引。关键在于，在当前现实条件下实现既定目标，我们正围绕战略增长飞轮的各个方面增强能力，重点在今年下半年通过投资推动交易增长。
Our marketing transformation allows us to more quickly test ideas, share learnings and scale successful campaigns. For example, to mitigate consumer pressure in Mexico stemming from geopolitical tensions, our teams implemented tactics similar to those developed last year in Turkey tailored to local needs.
我们的营销转型使我们能够更快速地测试创意、分享经验并放大成功活动的影响。例如，为缓解墨西哥因地缘紧张局势带来的消费者压力，我们的团队借鉴去年在土耳其开发的策略，并根据当地需求进行了本地化调整。
During the quarter, we launched the Juntos por \[ los Años ] campaign, which highlights our long-standing contribution to the Mexican economy. At the same time, we leaned further into consumer passion points and pulled forward our World Cup activation by giving away 1,000 tickets to next year's event. As a result of these initiatives, combined with strong local execution, monthly value share trends and consumer perception scores improved significantly in Mexico during the quarter.
本季度我们在墨西哥发起了“Juntos por \[ los Años ]”活动，强调我们对墨西哥经济的长期贡献。与此同时，我们进一步挖掘消费者的热情点，提前启动世界杯相关活动，赠送了1,000张明年赛事的门票。在这些举措以及强有力的本地执行下，墨西哥市场的月度价值份额趋势和消费者认知评分均实现显著提升。
While we're lifting and shifting learnings across markets, we're also revamping and creating new campaigns and leveraging passion points. In April, we launched the return of the iconic Share a Coke campaign across more than 120 countries with over 30,000 names on approximately 10 billion bottles and cans tailored to local markets. Also in North America, we launched the Bring the Juice campaign during the quarter, which featured a collaboration between Minute Made and World Wrestling Entertainment that includes digital experiences, limited time-only packaging and in-store activations.
在将成功经验推广至不同市场的同时，我们也在重塑并开发新的市场活动，利用消费者兴趣点。4月，我们在全球120多个国家重启标志性的“Share a Coke（分享可乐）”活动，约100亿瓶罐产品印有逾3万个当地化名字。此外，在北美，我们于本季度推出了“Bring the Juice”活动，联合Minute Maid与世界摔跤娱乐公司（WWE）合作，涵盖数字互动、限时包装及门店促销。
Our innovation agenda supports our overall growth strategy by focusing on understanding and anticipating consumer needs. To make a greater impact and improve return on investment, we're leveraging our portfolio of 30 billion-dollar brands. For example, during the quarter, we launched Sprite + Tea in North America, which contributed to increased share of visible inventory. This limited time-only innovation blends the refreshment of Sprite with the flavor of tea and adds to the recent hits under the Sprite trademark, including Sprite Chill, Sprite Winter, Spiced Cranberry and Sprite Lemonade. Sprite + Tea started as an experimental project. We scaled the launch after seeing strong consumer demand and positive social media reaction. As a result of on-brand innovation, Sprite became the #3 sparkling soft drink brand in the U.S. as beverage I just announced in April.
我们的创新议程以理解和预判消费者需求为核心，支持整体增长战略。为提升影响力和投资回报，我们正在充分利用旗下30个百亿美元品牌的组合。例如，本季度我们在北美推出了限时新品“Sprite + Tea”，这款创新产品将雪碧的清爽与茶的风味相融合，带动了可视库存份额的提升。这款产品最初为实验性项目，因受到强烈的消费者需求和社交媒体积极反馈，我们随后扩大了上市范围。得益于品牌内创新，Sprite（雪碧）已成为美国市场第3大汽水品牌，该结果由饮品行业在4月发布的最新排名所公布。
We are always exploring ways to meet evolving consumer preferences for great-tasting refreshment, including with our iconic Coca-Cola brand. As you may have seen last week, we appreciate the President's enthusiasm for our Coca-Cola brand. And as part of our ongoing innovation agenda, this fall in the United States, we plan to expand our trademark Coca-Cola product range with U.S. cane sugar to reflect consumer interest in differentiated experiences. This addition is designed to complement our strong core portfolio and offer more choice across occasions and preferences.
我们始终在探索满足消费者不断变化的口味需求的方式，包括我们标志性的可口可乐品牌。正如您上周可能注意到的，我们感谢总统对可口可乐品牌的热情支持。作为我们持续创新议程的一部分，今年秋季我们将在美国推出使用美国甘蔗糖的可口可乐商标系列新品，以回应消费者对差异化体验的兴趣。此举旨在补充我们强大的核心产品组合，并在不同场景与偏好中提供更多选择。
Revenue growth management is a critical tool to segment our consumers and channels, and we're increasingly integrating the capability with our marketing expertise to drive transaction growth. To step up our capabilities, we are leveraging learnings across our markets and marrying digital investments with clear compelling points-of-sale messaging in stores and on packs.
收入增长管理是细分消费者和渠道的重要工具，我们正将其能力与市场营销专长日益深度整合，以推动交易增长。为提升这些能力，我们在各市场中汲取经验教训，并将数字化投入与门店及包装上的清晰有力的销售信息结合。
While it takes patience and discipline to build a refillables franchise, we're tapping into learnings from our strong capabilities in Latin America to grow refillables over the long term in Africa, the Philippines, Thailand and parts of Eurasia and the Middle East. On the premiumization side, we're leveraging our experience in North America to grow mini cans in Europe.
虽然构建可回收包装产品体系需要时间与执行力，但我们正在借鉴拉美市场积累的丰富经验，推动非洲、菲律宾、泰国及欧亚和中东部分地区的可回收包装长期发展。在高端化方面，我们也在将北美市场的经验应用于欧洲，推动迷你罐产品的发展。
And finally, last year, we piloted an AI-based pack price channel optimization tool in Mexico. Results so far have shown this tool improves our offerings and speed to market. So far, we scaled this platform to 8 markets across 4 operating units.
最后，去年我们在墨西哥试点推出了一款基于AI的包装价格渠道优化工具。迄今为止的结果显示，该工具能提升我们的产品组合和上市速度。目前我们已将该平台扩展至4个运营单元的8个市场。
Lastly, robust local execution is key to ensuring the success of our top line initiatives. Our system is stronger than ever, which ultimately leads to commitments to further invest to drive growth. We've collectively ushered in a culture of learning from one another, and we aspire to improve every aspect of how we do business.
最后，强有力的本地执行力是确保我们收入增长举措成功的关键。我们的系统比以往任何时候都更强大，这最终促使我们坚定投资承诺以推动增长。我们共同营造了一个相互学习的文化氛围，致力于不断改善我们在业务中的每一项工作方式。
To summarize, while the external environment continues to be dynamic, and there is no doubt that much uncertainty remains in the downhill, we remain growth orientated. We're continuing to pivot our plans as needed, and we are harnessing our all-weather strategy to deliver on our growth ambitions.
总的来说，尽管外部环境持续波动，未来依然存在诸多不确定性，我们仍然坚定以增长为导向。我们将继续根据需要调整计划，并充分发挥我们的“全天候战略”，以实现增长目标。
Before I conclude, I'd like to recognize the efforts and unwavering dedication of our system employees around the world. With that, I'll turn the call over to John.
在结束发言前，我想特别感谢全球各地系统员工的努力和不懈奉献。接下来，我将会议交给John。
John Murphy
Thank you, James, and good morning, everyone. In the first half of 2025, we delivered positive volume, organic revenue growth at the high end of our long-term algorithm, robust margin expansion and continued earnings per share growth in a very dynamic operating landscape. During the second quarter, we invested with discipline to achieve our objectives. We grew organic revenues 5%. Unit cases declined 1%, largely due to a weaker-than-expected June. Concentrate sales were even with unit cases. Our price/mix growth of 6% was primarily driven by approximately 5 points of pricing actions and 1 point of favorable mix. Pricing from intense inflationary markets contributed to approximately 1 point of price/mix growth, down from approximately 5 points in full year 2024.
谢谢你，James，大家早上好。在2025年上半年，我们在极具变化性的运营环境中实现了销量正增长、有机收入位于长期增长模型的高端、强劲的利润率扩张以及每股收益的持续增长。第二季度，我们坚持有纪律的投资以达成既定目标。有机收入增长了5%，箱数销量下降1%，主要由于6月表现弱于预期。浓缩液销量与箱数持平。价格/组合增长为6%，主要由约5个百分点的提价和1个百分点的有利产品组合推动。高通胀市场的定价贡献了约1个百分点的价格/组合增长，低于2024年全年约5个百分点的贡献。
Comparable gross margin increased approximately 80 basis points and comparable operating margin increased approximately 190 basis points. Both were driven by underlying expansion, partially offset by currency headwinds. Approximately 1/3 of our underlying expansion was driven by faster realization of our productivity initiatives, while the rest was driven by timing of investments and favorable cycling versus the prior year.
可比毛利率同比提升约80个基点，可比营业利润率提升约190个基点。两项提升均来自基础性扩张，部分被汇率逆风抵消。其中约三分之一的扩张来自我们提效举措的加速兑现，其余部分则受益于投资节奏和去年同期的有利对比。
Putting it all together, second quarter comparable EPS of \$0.87 increased 4% year-over-year despite 5% currency headwinds, elevated net interest expense and an approximate 2-point increase in our effective tax rate. Free cash flow, excluding the fairlife contingent consideration payment was \$3.9 billion, which is an increase of approximately \$600 million versus the prior year. Growth was driven by underlying business performance and lower tax payments, partially offset by cycling working capital benefits in the prior year.
综合来看，第二季度可比每股收益为0.87美元，同比增长4%，尽管面临5%的汇率逆风、更高的净利息支出，以及大约2个百分点的实际税率上升。剔除fairlife或有对价付款后的自由现金流为39亿美元，较去年同期增长约6亿美元。增长主要得益于业务基本面的提升和税费支出减少，部分被去年同期营运资本带来的有利基数所抵消。
During the quarter, we made our final \$1.2 billion transition tax payment related to the 2017 Tax Cuts and Jobs Act. Our balance sheet remains strong with our net debt leverage of 2x EBITDA, which is at the low end of our targeted range of 2 to 2.5x. We're confident in our long-term free cash flow generation and have ample balance sheet capacity to pursue our capital allocation agenda, which prioritizes continuing to invest in our business and returning capital to our shareowners.
本季度，我们完成了与2017年《减税与就业法案》相关的最后一笔12亿美元过渡税付款。我们的资产负债表依然稳健，净债务杠杆为EBITDA的2倍，处于我们设定的2至2.5倍目标区间的低端。我们对长期自由现金流的生成能力充满信心，并拥有充足的资产负债表空间来推进资本配置策略，重点是继续投资于业务并向股东回馈资本。
Enabled by our all-weather strategy, we're updating our 2025 guidance, which takes into consideration our actions to drive growth in a dynamic context and what we know today about our external environment. We continue to expect organic revenue growth of 5% to 6%, but now expect comparable currency-neutral earnings per share growth of approximately 8%, both of which reflect delivery in line with our long-term growth algorithm.
得益于“全天候战略”的支持，我们正在更新2025年业绩指引，充分考虑了我们在动态环境下推动增长的各项举措以及当前对外部环境的认知。我们仍预期全年有机收入增长5%至6%，但目前预计可比货币中性每股收益增长约为8%，这两项指标均反映出与我们长期增长模型一致的执行力。
Based on current rates and our hedge positions, we now anticipate an approximate 1 to 2-point currency headwind to comparable net revenues and an approximate 5-point currency headwind to comparable earnings per share for full year 2025. While we recognize there's recently been some favorable currency movements, we hedge much of our developed markets and some of our developing market exposure and will take time to see the full benefits. We will continue to utilize a disciplined hedging strategy that provides greater certainty for decision-making.
根据当前汇率和我们的对冲头寸，我们目前预计2025年全年可比净收入将面临约1至2个百分点的汇率逆风，可比每股收益将面临约5个百分点的汇率逆风。尽管我们意识到近期部分货币出现了有利变动，但我们对发达市场的大部分和部分发展中市场的外汇风险进行了对冲，因此需要时间才能完全体现出对冲带来的益处。我们将继续执行一项有纪律的对冲策略，以为决策提供更高的确定性。
Our underlying effective tax rate for 2025 is still expected to be 20.8%, which is more than a 2-point increase versus the prior year. All in, based on what we know today, we now expect 2025 comparable earnings per share growth of approximately 3% versus \$2.88 in 2024.
我们2025年的基础有效税率仍预计为20.8%，较上年增长逾2个百分点。综合来看，基于当前的情况，我们目前预计2025年可比每股收益将同比增长约3%，相较于2024年的2.88美元。
There are some considerations to keep in mind for the remainder of 2025. We continue to expect our external landscape to be dynamic, and we expect recovery in some markets to take time. We are expecting concentrate sales to run slightly behind unit cases during the third quarter. And based on what we know today, we continue to believe the impact of global trade dynamics on our cost structure will be manageable. Given the strong margin expansion that came through earlier in the year, we no longer expect margins to be back half weighted in 2025.
展望2025年剩余时间，有几点需要关注。我们仍预计外部环境将保持动态，一些市场的复苏可能需要时间。我们预计第三季度的浓缩液销量将略低于成品箱数。根据目前掌握的信息，我们仍认为全球贸易形势对我们成本结构的影响是可控的。鉴于年初强劲的利润率扩张，我们不再预计2025年利润率表现将集中于下半年。
Last, due to our reporting calendar, there will be 1 additional day in the fourth quarter. So in summary, while the external environment continues to evolve, we're successfully pivoting to continue to deliver top line growth, margin expansion and earnings per share growth. In the first half of the year, we've effectively tackled many challenges not anticipated at the outset, and we will continue to adapt to whatever lies ahead. Thanks to the proven strength of our system, we have great confidence we will deliver on our updated 2025 guidance and create enduring value for our stakeholders.
最后，由于我们的报告日历安排，第四季度将增加一天。总结来看，尽管外部环境仍在演变，我们正成功地进行调整，以持续实现收入增长、利润率扩张和每股收益增长。今年上半年，我们已有效应对了许多年初未曾预见的挑战，并将继续适应未来的不确定性。得益于我们体系的稳健实力，我们对实现更新后的2025年业绩指引充满信心，并将持续为各利益相关方创造持久价值。
And with that, operator, we are ready to take questions.
好了，主持人，我们准备好接受提问了。
Question-and-Answer Session
问答环节
Operator
\[Operator Instructions] Our first question comes from Lauren Lieberman from Barclays.
\[操作员说明] 我们的第一个问题来自巴克莱的Lauren Lieberman。
Lauren Lieberman
I was struck by the use of the phrase -- word pivot, pivoting our plans, adjusting our plans a couple of times in both of your prepared remarks. And yet you had very solid, good, strong organic sales growth this quarter, profitability was really striking. And the outlook for the second half feels comparably strong, frankly, with just a little bit less margin expansion. So maybe I can just really focus on that pivot plans piece to understand maybe more concisely what it is. As you're thinking about the back half of the year, does the environment feel that it's tougher? Does it mean that the sort of puts and takes of which markets you thought would go one way versus another is the key to what that pivot commentary means, but I could use a little clarification on all of that.
我注意到你们在准备发言中多次提到了“转变”这个词，比如转变计划、调整计划。尽管如此，你们本季度的有机销售增长非常稳健强劲，盈利能力也十分亮眼。说实话，下半年的前景看起来也同样强劲，只是利润率扩张略微减弱。所以我想更集中地探讨一下这个“转变计划”到底是什么意思。你们在展望下半年时，是觉得环境变得更具挑战了吗？是否是因为某些市场的走向与你们原先预期相反，所以需要做出这些转变？我希望你们能进一步澄清一下这方面。
James Quincey
Sure. I think -- thank you for noticing that we had a strong first half and our guidance implies a strong second half, and we certainly are aiming to deliver that. I think how you should interpret the pivot comment is really in the context of us pursuing growth under the all-weather strategy. This year has been, I think, characterized by rapid turns of events and twists and turns, which has required us to respond with greater agility and speed. So if you just compare and contrast Q1 to Q2, in Q1, the U.S. and Europe were slightly weaker, but we pivoted or we adapted with some agility, and we got much better coming into Q2 in those developed markets. And yet in Q2, in a couple of our big emerging markets, Mexico and India, for example, partly they had strong comparisons to prior year.
当然。首先感谢你注意到我们上半年业绩强劲，而我们的指引也暗示着下半年会继续强劲发展，我们的确致力于实现这一目标。我认为你可以将“转变”这个词放在我们“全天候战略”背景下理解。今年的特点在于事件发展的快速与多变，这要求我们具备更强的敏捷性和应变速度。拿第一季度和第二季度做个对比：第一季度，美国和欧洲市场略显疲弱，但我们灵活应对并迅速调整，进入第二季度后这些发达市场表现明显好转。反过来，在第二季度，一些大型新兴市场如墨西哥和印度表现则有所挑战，部分原因是去年同期基数较高。
But we got hit by some early monsoon in India, which is the important selling season plus the India-Pakistan conflict, brief as it was, plus weather in Mexico, which required us to pivot to bring back growth in those parts of the world coming into the second half. So it's really, if you like, about the need for the all-weather strategy to be taken up another notch in terms of how fast you can pivot and execute to still deliver the results that we're delivering.
但我们在印度遭遇了提前到来的季风——这是当地关键的销售季节，同时还叠加了虽然短暂但影响不小的印巴冲突；在墨西哥也有天气问题影响。这些因素促使我们需要迅速“转变”，以便在下半年重新推动这些市场的增长。所以说，如果你愿意的话，这其实就是“全天候战略”的进一步升级：我们必须具备更快的应变和执行能力，才能继续交付我们目前所实现的业绩成果。
Operator
Our next question comes from Dara Mohsenian from Morgan Stanley.
接下来是来自摩根士丹利的Dara Mohsenian提问。
Dara Mohsenian
So protein is a space that's on trend with the consumer. It's growing at very strong rates. You obviously have a clear competitive advantage with the fairlife brand. But given all those factors, you are running into capacity constraints. So just with that as a backdrop, I was hoping you could give us a sense of how much of an unlock the planned U.S. capacity additions are starting in early '26 for fairlife, both the total volume, but also how that will enable you to manage each of the 3 fairlife product areas differently?
蛋白类产品目前是消费者追捧的品类，增长势头非常强劲。而你们在这一领域显然凭借fairlife品牌具备明确的竞争优势。但考虑到这些因素，你们也确实遇到了产能瓶颈。基于这样的背景，我想了解一下计划在2026年初启动的美国fairlife产能扩张，将在多大程度上释放增长潜力？这不仅包括总产量，也希望你能谈谈这对你们如何分别管理fairlife的三大产品系列会带来怎样的帮助？
And then also, can you discuss if there's any international fairlife plans on the horizon outside of North America over the next few years? I know replicating the North America dairy manufacturing footprint will be difficult. So just how realistic is international expansion at some point and in what time frame?
此外，能否谈谈未来几年是否有将fairlife推向北美以外国际市场的计划？我知道复制北美的乳品制造网络难度很大。那么从现实角度看，国际扩张有多现实？大概在什么时间范围内可能发生？
James Quincey
Sure. firstly, fairlife continued to have strong growth, double-digit volume growth in the second quarter. Clearly, that's moderating slightly from Q1 and prior year. But we still expect to get volume growth in the second half, again, although moderating as we wait for the capacity to come online. I think the team has done a great job of creating some space this year to keep growing. As you point out, the New York facility will come online at the beginning of 2026. Obviously, that doesn't all turn on with the flick of the switch on day 1 as much as one would wish it would be so, and that will ramp up over '26. But it will steadily debottleneck our constraints on capacity across all the different fairlife variants and package sizes. So we have that coming online in '26.
当然。首先，fairlife在第二季度仍实现了强劲增长，出货量保持两位数增长。虽然这比第一季度和去年同期略有放缓，但我们仍预期下半年会继续实现增长，尽管在等待新增产能释放期间增速会适当放缓。我认为团队今年做得很好，成功腾挪出部分空间以维持增长。正如你所指出的，纽约新工厂将在2026年初投入运营。当然，这并不会像打开开关一样在第一天就全部上线，它会在2026年逐步爬坡。但它将稳步缓解我们在fairlife各产品类型和包装规格上的产能瓶颈。所以我们预计2026年这部分产能将逐步释放。
We also have over the time frame -- going into the future options to expand capacity some of the existing facilities. So I think the narrowing of the corridor is really the second half, maybe the first few months of next year, but we're basically going to get through that and doing really well with fairlife so far.
此外，我们在现有工厂也有进一步扩产的选项可供实施。因此我认为，产能“走廊”最紧张的阶段可能就是今年下半年以及明年初的几个月，但我们基本能顺利度过。目前为止，fairlife的发展势头非常不错。
Secondly, as it relates to international, having made some investments in dairy, which were unhappy in small countries and with small investments, it is worth pointing out that Santa Clara in Mexico also had a strong performance is now the #1 value-added dairy business in Mexico. So not under the fairlife brand, but actually a big market with a good position in value-added dairy there. And we continue to look at other international opportunities, as you rightly point out, the structure of the dairy industry in the U.S. is differential relative to other parts of the world. But protein is very on trend. We know that fairlife and Core Power are strongly differentiated and preferred as products and brands. And we are, of course, looking to see if we can deliver those sorts of consumer benefits in other parts of the world in ways that we feel would make us -- give us a competitive advantage versus whatever is in the marketplace at the time. More to come.
其次，关于国际市场。我们此前在一些小国进行了少量的乳品投资，但结果不太理想。不过值得一提的是，我们在墨西哥的Santa Clara业务表现非常强劲，现已成为墨西哥第一大增值乳品品牌。虽然它不属于fairlife品牌，但这是一个重要市场，我们在那里在增值乳品领域占据了良好地位。正如你提到的，美国的乳品产业结构确实和世界其他地区有很大不同，因此我们在国际市场的扩张仍需谨慎。话虽如此，蛋白类产品仍是全球消费者的趋势所向，而fairlife和Core Power这两个品牌及其产品，在差异化和消费者偏好上具备明显优势。当然，我们也在评估能否在全球其他地区，以一种能够赋予我们相对现有市场产品竞争优势的方式，去复制这种消费者价值。敬请期待后续更多信息。
Operator
Our next question comes from Steve Powers from Deutsche Bank.
接下来是来自德意志银行的Steve Powers提问。
Stephen Robert Powers
James, just going back to Mexico and India. Just given some of the pivots that you've made in those markets going into the back half, I guess the question is, how quickly do you expect a rebound in those markets? And if there are any other markets as you go into the back half that you would flag as kind of known kind of watch points going into 3Q? I'd also like to -- just because of the strong profit improvement or profit performance in the first half and in the quarter we just saw, it doesn't -- it seems to imply maybe a little bit more reinvestment in the back half. And if that's the case, just any color on where that incremental investment may be targeted would be helpful.
James，我们回到墨西哥和印度这两个市场。考虑到你们为应对下半年在这两个市场所做的一些转变，我的问题是，你们预期这些市场的复苏速度会有多快？此外，在进入第三季度时，还有哪些市场是你们特别关注的“观察点”？另外，鉴于你们上半年、尤其是刚刚结束的这个季度的利润表现非常强劲，似乎也暗示下半年可能会有更多的再投资安排。如果是这样的话，也请你谈谈这些新增投资可能会投向哪些方向。
James Quincey
Sure. Firstly, whilst being known to be calm, I'm not wildly known to be patient. So the sooner the volume bounces back, the better. I think in the case of Mexico, clearly, the Q2 last year was the strongest quarter. It's worth being upfront and saying Q3 was the weaker quarter. So I think we're going into a cycling that should help us. We've got some strong plans to take Mexico for one example.
当然。首先，虽然我以沉着冷静著称，但耐心可能不是我最突出的特质。所以销量回升得越快越好。就墨西哥而言，去年的第二季度显然是最强劲的一个季度，必须坦率地说，第三季度相对较弱。因此我们即将面临一个有利的同比基数周期。我们也已制定了有力的计划来推进墨西哥市场的恢复。
On affordability, doubling down on refillables and some of the value offerings. We're also celebrating our 100th anniversary in Mexico with Juntos por \[ los Años ], which is really about emphasizing the long-standing economic impact, which is going back to some of the Hispanic issues that bled across the border in the first half. And we're pulling together some of the marketing activation -- execution activation with our bottling partners. So we're confident not just in the long term, but also in our ability to get back to growth as we come into Q2 and get out of some of the colder weather and the hurricane that was true in June.
在可负担性方面，我们正在加码可重复灌装瓶和一些高性价比的产品。同时，我们正在通过“Juntos por \[ los Años ]”活动庆祝可口可乐在墨西哥的100周年，这个活动旨在强调我们长期以来对当地经济的深远影响，也回应了上半年一些跨境的西语文化议题。我们也正与装瓶合作伙伴共同推进市场激活和执行提升。所以我们不仅对长期前景充满信心，也相信随着我们走出六月份的低温天气和飓风影响，进入第二季度后，市场增长将逐步恢复。
In the case of India, India, as we've talked or both John and I have said in previous calls, is never going to be a straight line. And indeed, Q2 was not. But we're very bullish on India overall. The Q2 did decline, it was -- as I said, the conflict in the monsoon. But we have a lot of marketing campaigns focused on India. We have also just set up the first kind of refranchising piece with the Jubilant group for the company-owned bottler that we have, which is basically the bottom half of India, and that's up and running with a new CEO. And so we think that will bring some new energy and dynamism and focus and proactivity to the execution in the marketplace.
至于印度，正如我和John在之前的电话会议中所说的那样，印度市场从来不是一条直线，这一季度也确实如此。第二季度的下滑，主要受到季风和区域冲突的影响。但整体而言我们对印度仍非常看好。我们正在进行许多针对印度市场的营销活动。我们也刚刚与Jubilant集团完成了我们在印度的首个装瓶业务再特许经营安排，这一块涵盖印度南部地区，现已启动运营，并任命了新的首席执行官。我们相信这将为市场执行带来新的能量、活力、专注度以及主动性。
So we think we've got a strong plan from a marketing and innovation point of view. The local franchise bottlers were doing better than the CBO in the first half and with some reenergized focus on this transition bottler, we're pretty confident on where we'll go in India.
从营销和创新的角度来看，我们拥有强有力的计划。上半年，本地特许装瓶商的表现优于我们自营装瓶业务。有了这家处于转型期的新装瓶合作伙伴的全新投入，我们对在印度的发展路径充满信心。
And then as it relates to the unauthorized second question, profit improvement, yes, it does imply a little bit of reinvestment in the second half. There's a piece of timing in there. We had expected more of the productivity in the second half, and we got some more -- some of it in the first half, which, of course, moves the money around. And so that's a piece of it, but we also are as we've said in previous years, we continue to lean into growth. We've got a growth strategy. We're delivering growth, and we're going to continue to invest into that to drive momentum and assure momentum in the second half, but also set ourselves up for a good 2026.
至于你那个“未被授权”的第二个问题——关于利润提升的部分——是的，这确实意味着我们将在下半年进行一些再投资。这里面有一定的时序性影响，我们原本预计效率提升的成果会更多体现在下半年，但实际上有部分已经在上半年提前实现了，这自然会对资金安排产生影响。除了这一点，我们也如往年所言，将持续加大对增长的投入。我们有清晰的增长战略，并已实现增长，因此我们会继续投资，来推动和巩固下半年的增长势头，同时也为2026年的良好开局做好准备。
Operator
Our next question comes from Filippo Falorni from Citi.
接下来是来自花旗银行的Filippo Falorni提问。
Filippo Falorni
I wanted to ask about the North America market. We've seen a little bit of an improvement in the volume, in the unit case volume, still negative. But just any thoughts on the outlook as you move forward in the back half, especially on 2 points, the QSR and away-from-home channel more broadly, how you're seeing the trends evolving there? And then also the trend among the Hispanic consumer, which was a pressure in Q1, and it seems to have gotten better throughout Q2.
我想请教一下关于北美市场的情况。我们注意到销量方面有所改善，单位箱销量虽然仍为负值，但在好转。展望下半年，你们对整体趋势怎么看？特别是两个方面，一是快餐渠道（QSR）以及更广义的外出消费渠道（away-from-home），这些趋势的发展如何？二是拉丁裔消费者的消费趋势，这部分在第一季度承压，但看起来在第二季度已经有所好转。
James Quincey
Sure. Firstly, overall, the U.S. business did a very strong job in coming back from a slower start in Q1 and getting sequentially better in Q2, getting some good revenue growth. Share was good and profit was good. So really getting better. And I think that's in the context of a pretty resilient overall consumer. The aggregate spend is holding up. Yes, there's some pressure in those with lower incomes where we're targeting some affordability and some special focus on marketing and occasions. So I think the overall outlook continues to be resilient, and we're investing for growth in that.
当然。首先，美国市场整体在第一季度开局较慢的情况下表现出色，第二季度逐步改善，实现了良好的收入增长，市场份额和利润表现都不错，整体确实在改善。我认为这体现了美国消费者整体的韧性——总支出仍保持稳定。当然，低收入人群面临一些压力，因此我们特别针对这一群体推出了更具可负担性的产品，并加强了相关的营销和场景投入。所以我认为整体前景仍具韧性，我们也在为此持续投入以推动增长。
Just on the Hispanic consumer yes, we had a problem in the first half. If you take the end of June, by the end of June, we had basically got back to the share we started the year with. We got back to the brand equity scores we're looking back and we got back to the household penetration. But obviously, as that went down into the valley from January to March, it had to climb out of the valley from April to June. So it was still a headwind in the second quarter, but the issue is now largely resolved. We're back to where we were, and there was a lot of good stuff on some very targeted contextual advertising against the -- basically the false video and a lot of focus on how local the Coke business is. It's made in the U.S. It's made by U.S. employees. It's distributed by U.S. employees and U.S. retailers. So I think we've kind of put that one behind us for now.
关于拉丁裔消费者，确实我们在上半年遇到了一些问题。但到了6月底，我们基本恢复到了年初的市场份额、品牌资产评分和家庭渗透率。显然，从1月到3月我们经历了下滑期，因此4月到6月是恢复期，所以第二季度这一部分仍是逆风，但现在这个问题已经基本解决。我们已回到之前的水平。这一过程我们做了很多有针对性的场景广告，回应一段误导性视频，同时也强调了可口可乐业务的本地属性——我们在美国本土生产，由美国员工制造，并由美国员工和零售商进行分销。所以目前来看，我们已经基本把这个问题解决了。
And then the away-from-home channel, obviously, depending on where you are on the away-from-home channel, you get slightly better or slightly worse footfall and traffic. But I think it's really not a different reflection of the overall economy, where you see some of the bits of the channels where you've got the lower income consumers a little more focused on affordability offers. So you definitely see that coming up. But the team has done a good job on customer renewals and bringing in new accounts like Costco and Carnival. So we're seeing some pretty good reaction there. But I don't think one should think about it as that different representation than the overall market.
关于外出消费渠道，这一部分显然取决于具体细分渠道，有些地方客流略好，有些略弱。但总体而言，这反映的还是整个宏观经济的情况——在某些渠道中，我们看到低收入消费者更加关注可负担性产品，这一趋势确实在上升。但我们的团队在客户续约和新客户拓展方面做得很好，比如新增了Costco和Carnival等客户，市场反应也很积极。但我认为这个渠道的趋势本质上与整体市场并无太大不同。
Operator
Our next question comes from Bonnie Herzog from Goldman Sachs.
接下来是来自高盛的Bonnie Herzog提问。
Bonnie Herzog
James, I wanted to drill down something. You mentioned that productivity came in better than expected in the first half. So just hoping you could just provide a little bit more color on sort of what drove that upside? And then how we should think about that in the back half and some of your -- the rest of your productivity initiatives planned for this year?
James，我想深入了解一个点。你提到上半年的生产率表现好于预期。你能否详细说明一下，是哪些因素推动了这种超出预期的表现？另外，我们该如何看待下半年的趋势，以及你们今年其余的提效举措将如何展开？
James Quincey
Sure. Two basic sources of the productivity. One was the benefit of the marketing transformation. We've been on a journey for the last few years on the marketing transformation, which is not just about the effectiveness and the digitization of the advertising and the segmenting of the advertising, but also about the efficiency, both of producing it and buying the media where we use the advertising. And we were able to capture some of those savings. And just from a timing perspective, there was just a little more of them in the first half and the second half, but those were always on the way, and it's a product of the work we've been doing over the last couple of years to really reform how we do the marketing to be not just more effective, but to also bring some efficiency to bear.
当然。生产率提升主要有两个来源。首先是营销转型带来的成效。过去几年我们一直在推进营销转型，这不仅仅是提升广告投放的效果和数字化程度，以及细分定位的精准性，还包括提高整个制作和媒体采购环节的效率。我们已经开始捕捉到一些节省下来的成本。从时间上来看，这些节约中有一部分在上半年体现得更多，但这些成果本就是我们近几年持续推进营销体系改革的自然结果，目标不仅是提高效果，同时也提升效率。
And then the other piece of the productivity was setting out to be as disciplined as possible on the operating expenses and to be a little more frugal and to invest our money a little wiser as we went in. And we were able to just capture some of those benefits as we came into Q2 ahead of the second half. So mainly just getting things done a little quicker than anticipated, which is good news.
其次是在运营费用方面，我们从一开始就采取了非常严格的控制措施，尽可能节俭，并更有智慧地使用资金。进入第二季度时，我们提前收获了部分由此带来的成效。因此整体来看，这主要是我们一些项目推进得比预期更快，从而提前实现了提效的好处，这无疑是一个积极的信号。
Operator
Our next question comes from Chris Carey from Wells Fargo.
接下来是来自富国银行的Chris Carey提问。
Christopher Carey
This will be slightly connected, but a bit more specific. North America margins were incredibly strong in Q2, even with higher marketing on a year-on-year basis. I understand there are so many puts and takes, but I would love to get your take on how these margins have been evolving, some of the key drivers between perhaps pricing or cost savings product mix, channel mix. Again, I fully appreciate there are so many drivers every quarter, but the evolution here has been sequentially and directionally positive and moving in the right direction. So I'd love to get your broader thoughts on what you think is driving this and the durability.
这个问题和之前的问题略有关联，但我想问得更具体一些。尽管同比来看，第二季度的营销支出有所上升，但北美地区的利润率却异常强劲。我知道这其中有很多变量，但我还是想请教你怎么看待这一利润率的演变过程？其中有哪些关键驱动因素，比如提价、成本节约、产品结构变化、渠道组合变化等等？我完全理解每个季度都有不同的影响因素，但整体来看这个趋势是持续向好且方向明确的。我希望你能谈谈你对这一趋势背后驱动力的整体看法，以及它的可持续性。
James Quincey
Sure. Firstly, I mean, I'll give you some factors relative to Q2. But as I've done -- normally, the question comes on Asia Pacific on margins being strange movements intra-quarter. I would encourage you to take a multi-quarter view of any bits of the business rather than one. Having said that, clearly, the margins got better in Q2 in North America. Clearly, part of that was coming from the productivity initiatives, as I just described them. Some of it comes a little bit from -- with the deceleration of some of the vertically integrated businesses, they're mixing in less operating expense so that, that kind of makes a difference. The vertically integrated business is tending to have a slightly lower percent margin than the concentrate businesses. So that's another driver of what's going on.
当然。首先我可以先讲讲和第二季度相关的一些因素。不过就像我过去回答亚太利润率问题时说的那样，我建议你们看问题时采用多季度视角，而不是只盯一个季度。话虽如此，第二季度北美利润率确实在提升。其中一部分归因于我刚才提到的各项提效举措。还有一部分原因是某些垂直整合业务的增速放缓了，这些业务本身带有较高的运营支出比重，放缓之后，整体运营费用占比自然下降，利润率就上来了。毕竟垂直整合业务的利润率通常低于浓缩液业务，这是影响当前趋势的另一项因素。
I think what's also important to understand is none of this is happening in the absence of continuing to invest behind our brands. We were still very strongly investing not just in innovation, but actually in absolute marketing terms in the U.S. market to continue to drive growth. So it's not -- whilst the margin has been improving in the U.S. marketplace over time. And if you go back 4 years, it was not in a great place. So I think it's kind of more normalized. And what it is a feature of is that normalization of productivity. But -- the most important story is continuing to invest heavily behind our portfolio, our innovation and our execution to drive growth and gain share.
还有一点很重要，那就是我们在实现这些利润率提升的同时，并没有减少对品牌的投入。我们在美国市场依然持续加大投入，不仅是在产品创新上，也包括绝对金额上的营销支出，目的是持续推动增长。所以这并不是说利润率提升是靠“勒紧裤腰带”得来的。事实上，美国业务的利润率在过去几年里持续改善，而4年前的水平还相当不理想。现在我们看到的，更多是一种“正常化”回归的结果，是生产率提升逐步显现的过程。但最关键的是，我们仍然在围绕产品组合、创新和市场执行上加大投入，以推动增长、扩大市场份额，这才是背后真正的核心故事。
Operator
Our next question comes from Kaumil Gajrawala from Jefferies.
接下来是来自杰富瑞的Kaumil Gajrawala提问。
Kaumil Gajrawala
I guess three questions in a row on margins, but this will be a bit different. Obviously, productivity coming in a little bit better. The margins look great. At the same time, the impact from foreign currency seems to be abating and if it continues in this way, it might even move in a positive direction as we get into next year. Can you maybe just talk about the operating leverage across the P\&L, given how much has changed so far and these really 2 factors sort of very much moving in your favor?
我想已经连续三个关于利润率的问题了，但我的问题会稍微有些不同。很显然，目前生产率表现优于预期，利润率看起来也非常不错。同时，汇率带来的负面影响似乎正在减弱，如果这种趋势持续下去，到明年甚至可能转为正面影响。基于这两个对你们非常有利的因素，再考虑到你们在利润表上的其他变化，能否谈谈你们整体的运营杠杆情况？
John Murphy
Let me take that one, James. So yes, you've got two distinctive factors. I think James covered well the drivers of operating leverage on both the gross and operating margin lines, which we continue to expect to deliver in the second half of the year, albeit at a slightly lower rate than we had previously flagged. And then on the currency front, as you all know, we hedge to -- as a risk management tool to help us smooth fluctuations and provide greater certainty at the local market level. And in the year-to-date, the main influences year-to-date has been the performance of the G10 currencies, which we hedge on a consistent basis. And there, those hedges are somewhat offsetting the actual dollar weakness that we have seen in those -- against those currencies. Emerging -- on the emerging markets front, not as much.
这个问题我来回答，James。确实，目前有两个非常关键的积极因素。我认为James已经很好地讲解了毛利率和营业利润率层面上的运营杠杆驱动因素，我们也预期下半年仍将实现杠杆效应，尽管幅度可能略低于我们先前所传达的预期。至于汇率方面，正如大家所知，我们一贯通过套期保值作为风险管理工具，来平滑汇率波动，并在本地市场层面提供更大的确定性。今年迄今为止，汇率方面的主要影响来自G10货币，而我们对这类主要货币有稳定的套保安排，因此在这些币种上，套保在一定程度上抵消了我们所观察到的美元走弱的实际影响。至于新兴市场货币，影响则没有那么大。
And so as we look to the second half of the year, and we'll provide more color in October on our outlook for 2026. The updated guidance reflects a softening of the negative impact that we had been experiencing on the overall currency front. So net-net, slightly better environment. We continue to hedge to, as I said, to smooth the fluctuations that we typically experience. We'll provide an update for '26 on the October call.
因此展望今年下半年——我们将在10月份的电话会上进一步分享对2026年的展望——我们目前的最新指引已反映出整体汇率影响的负面程度正在减弱。总的来说，环境略有改善。我们也将继续执行既定的套保策略，以平滑我们通常会面临的波动。在10月份的电话会上，我们会就2026年的情况做进一步更新。
Operator
Our next question comes from Robert Ottenstein from Evercore.
接下来是来自Evercore的Robert Ottenstein提问。
Robert Ottenstein
James, can you talk a little bit about globally, what you're seeing in terms of consumer strength? The sense I got -- and maybe I misheard, but the sense I got was that you were a little bit surprised by some pockets of consumer weakness globally apart from the weather, apart from geopolitical issues. So is that right? What are you seeing from the consumer globally? And if things did weaken a bit in June, how has that progressed into July?
James，你能否谈谈全球范围内你们所观察到的消费者力量状况？我的理解是——也许我听错了——你似乎对全球某些地区出现的消费疲软感到有些意外，排除天气和地缘政治这些因素的话。这种理解是否准确？你们目前全球消费者的情况总体如何？如果6月确实有些疲软，7月的情况有没有改善？
James Quincey
Yes. Thanks, Robert. Yes, I mean, let me just stand back again on the volume around the world. The second quarter, we had good performances and improving sequentially. So North America improved sequentially. Europe was up, Middle East was up, Africa was up. China was up. And apart from the 2 that I mentioned in terms of the weaker performance, India and Mexico, there was a little bit of weakness in Japan, but there was also some -- I think the one that's kind of was the most -- I don't know if I go as far as surprising, but let's go with surprising just for the sake of the argument, was more Thailand, Indonesia, Vietnam, the ASEAN markets, we saw some weakness in Q2, which was perhaps a little more than we've been expecting. So I would say, overall, that the global economy and the global consumer remains resilient.
谢谢你，Robert。是的，让我回顾一下全球的销量情况。第二季度我们的表现总体不错，并且呈现出逐步改善的趋势。北美环比改善，欧洲增长，中东增长，非洲增长，中国也实现了增长。除了我之前提到的两个相对较弱的市场——印度和墨西哥——日本也略有疲软。但如果非要说有一个市场让我感到“惊讶”，也许这个词用得略重，但姑且就这么说的话，那就是泰国、印尼、越南这些东盟国家。在第二季度，我们在这些市场看到了比预期更明显的疲软。所以总体来看，我认为全球经济和消费者仍然展现出韧性。
There have been some swings in countries, a bit like I said at the beginning and answer one of the questions, things have come in and out at greater speed than perhaps historically. And so something can get worse and then better again at a faster velocity than perhaps in the past. And there have obviously been some geopolitical events that happened in Q2, and they've come in and out quickly to some of them. So the rate of surprise is kind of speeded up. But I think you've got to stand back and actually, overall, there was a pretty resilient consumer environment, pluses and minuses by the countries. If I had to say one that was a little surprising, it would be ASEAN, leaving aside weather and things like that. But we're confident we're investing in the right programs for the second half, marketing, innovation, RGM execution to make sure that as we drive our top line algorithm for the second half, that will come with a better volume component.
有些国家的情况波动较大。正如我在回答前面某个问题时提到的，现在市场变化的速度比过去快了很多，有些地方可能迅速恶化，但也可能迅速好转。第二季度确实也发生了一些地缘政治事件，其中一些来得快、去得也快。所以“意外”的频率也有所提升。但如果拉开视角看，其实整体的消费者环境还是相当有韧性的，虽然各国表现不尽相同。如果非要说一个让我有点意外的地区，那就是东盟国家，排除天气等影响因素。尽管如此，我们对下半年的战略方向仍有信心，包括在营销、创新和收入增长管理（RGM）执行上的投入，确保我们推动下半年收入增长算法的同时，也能带来更好的销量表现。
Operator
Our next question comes from Andrea Teixeira from JPMorgan.
接下来是来自摩根大通的Andrea Teixeira提问。
Andrea Teixeira
I wanted to ask on the potential innovation into pure sugarcane. And then if you can talk about it like in the context of consumer preference and appetite to expand into more fiber, you see like a competitor launching to prebiotic under their main trademark and how it is Simply Pop performing or thoughts on participating more in that segment?
我想请教一下关于使用纯蔗糖的产品创新可能性。另外，也请你谈谈在消费者偏好方面的趋势，尤其是对膳食纤维的兴趣。我们看到有竞争对手将益生元产品放入其主品牌系列中，你们如何看待这种趋势？Simply Pop的表现如何？你们有没有计划在这一细分领域加大参与力度？
James Quincey
Yes. Thanks. Look, we're always -- I don't think just us, but I think the industry, given its size, its attractiveness and its growth potential, we're always looking for opportunities to innovate and see where there's an intersection of new ideas and where consumer preferences are evolving towards. Remembering that actually most innovations don't work in the long run. But I think it's a good sign that the industry, including ourselves, are trying lots of different things.
当然，谢谢你的问题。我们始终在关注创新机会，我相信不仅仅是我们整家公司，其实整个行业都是如此——考虑到其规模、吸引力和增长潜力。我们不断寻找新创意与消费者偏好演进之间的交汇点。当然也要意识到，大多数创新从长期来看可能并不会成功。但我认为，整个行业（包括我们）都在积极尝试各种不同的方向，这是一个积极的信号。
As it relates to the cane sugar, yes, we're going to be bringing a Coke sweetened with U.S. cane sugar into the market this fall. And I think that will be an enduring option for consumers. Actually, we use cane sugar in a number of our other brands in the U.S. portfolio from lemonades to teas, some of the coffee stuff, some of the vitamin water drinks. So it's blended into some of our other products. And so we are definitely looking to use the whole toolbox, the whole toolkit of available sweetening options to some extent where there are consumer preferences. So we will continue to do that.
关于蔗糖，我们确实将在今年秋季推出使用美国蔗糖调味的可口可乐产品。我认为这将成为消费者一个长期可选的产品线。实际上，在我们的美国产品组合中，包括柠檬饮料、茶饮料、部分咖啡饮品以及维他命水等多个品牌，已经在使用蔗糖。因此，蔗糖已经融入我们的多个产品中。我们确实一直在运用“完整工具箱”，即各种可用的甜味剂选项，以满足消费者的不同偏好，并将持续这样做。
And as we experiment, yes, with fiber, I think you're referring to the Coke with fiber in Japan. And so that's been an interesting option, and we collected some valuable learnings for it. So we just continue to focus on trying things, understanding it takes a long time to build a new franchise with consumers. But you've got to try things. And we know our success rates substantially above the industry, but it's still a question of it takes time and commitment to build something new.
至于我们在纤维方面的尝试，你应该是在提到我们在日本推出的含膳食纤维的可口可乐。这是一个很有趣的产品，我们也从中获得了一些有价值的经验。因此我们将继续专注于尝试新事物，理解打造一个面向消费者的新产品体系是一个长期过程。但我们必须去尝试。我们知道我们的创新成功率远高于行业平均水平，但即便如此，要建立一个全新业务依然需要时间和坚定的投入。
Operator
Our next question comes from Peter Grom from UBS.
接下来是来自瑞银的Peter Grom提问。
Peter Grom
James, I wanted to ask a follow-up question on fairlife. And just in your response to Dara's question, you talked about growth, but that growth has kind of moderated sequentially and you expect it to moderate further in the back half of the year. I'm assuming that's simply related to the capacity constraints you mentioned and that your outlook or expectations for category growth or the competitive environment haven't shifted. So maybe just confirming that. And then just on that last point, I think it would be helpful to get some perspective on the competitive environment and how you see that evolving in the back half of the year and into '26.
James，我想就fairlife再追问一下。在你回应Dara问题时提到，虽然fairlife仍在增长，但增长的节奏有所放缓，而且你们预期下半年会进一步放缓。我理解这只是由于你们提到的产能限制，而不是你们对品类增长或竞争格局的看法发生了变化，能否确认一下？另外，在这个问题的最后一点上，也想请你谈谈你们如何看待下半年乃至2026年的竞争环境变化？
James Quincey
Sure. Yes, I can confirm the moderation we're expecting is the law of big numbers and the capacity constraint rather than a weakening of the proposition relative to the competition. Now we're still very excited about the opportunity for fairlife and Core Power and the fairlife nutrition plan. I have no doubt in my mind that if we had more capacity, we could sell more product today, tomorrow and going into the rest of the year. So it really is a capacity narrowing of the bottleneck that we're experiencing. Of course, it's bigger and bigger and bigger that the percentages will come down even if the absolutes continue to be big in growth terms.
当然。是的，我可以确认，我们预期中的增长放缓，主要是“规模效应”加上产能限制的结果，而不是因为我们的品牌吸引力或竞争力减弱。我们依然对fairlife、Core Power以及fairlife营养计划充满信心。我毫不怀疑，如果我们现在就拥有更多产能，无论是今天、明天，还是未来几个月，我们都能销售更多产品。所以这确实只是产能瓶颈在收窄所造成的结果。随着业务体量越来越大，即便绝对增长数字仍然庞大，增速百分比也自然会有所下降，这是正常现象。
And yes, it's not surprising that when our competitors and other people see the standout growth and success of a product like fairlife and Core Power they will naturally seek to see if they can launch, and that's the nature of the industry, and it keeps us all on our toes to know the competition is always trying to catch us up. And so we'll be very focused on doing the best for fairlife, not just on the marketing, but on the execution. And of course, increasingly, as we have new capacity with new innovations and new thinking on where we can take the fairlife brand and the Core Power brand, but exciting times ahead.
另外，看到像fairlife和Core Power这样的产品取得如此突出的增长和成功，竞争对手自然会想要进入这个领域，这并不令人意外。这是行业的本质所在，也促使我们保持警惕，因为竞争对手始终在努力追赶我们。因此，我们会持续聚焦于将fairlife做到最好，不仅是在营销层面，还包括执行力的提升。当然，随着新产能的到来，我们也将不断推出新创新，并拓展fairlife和Core Power品牌的边界，未来令人十分期待。
Operator
Our next question comes from Peter Galbo from Bank of America.
接下来是来自美国银行的Peter Galbo提问。
Peter Galbo
It seems like we've gone the whole call without actually talking about Europe. So I wanted to ask there. James, it seems like as we get into the back half, EMEA is probably going to be driving the bus a bit from a unit case perspective. So just wanted to get your perspectives on how the consumer there has maybe held up better relative to other developed markets and how you see the second half playing out across EMEA?
整场电话会似乎都还没聊到欧洲。所以我想在这方面请教一下。James，看起来随着我们进入下半年，从单位箱销量来看，EMEA地区（欧洲、中东和非洲）可能会成为增长的主力。所以我想请你谈谈，相较其他发达市场，该地区的消费者是否表现更具韧性？以及你们如何看待EMEA地区下半年的表现？
James Quincey
Yes. So you interchanged Europe and EMEA, so I'll kind of break that down. Europe certainly did better in the second quarter. It had positive volume growth and had price/mix, a pretty balanced growth across the different aspects and both East and West contributing to the growth. And so I think it's still worth saying that Europe is a bit like the U.S. in the sense that there's a pretty resilient consumer overall in aggregate. But at the lower end of the income spectrum, we do see a lot of value seeking and affordability behavior. So we're having to double down on that. We had -- and within that, we had a great quarter in terms of Coke Zero Sugar and Sprite and Fuze Tea. And I think there were some really good programs on Fanta as well. So Europe, overall, a great start.
是的，你刚才在提问中把“欧洲”和“EMEA”交替使用了，所以我这边稍微拆开讲一下。欧洲在第二季度的表现确实不错，销量实现正增长，价格和产品组合也都有提升，整体增长较为平衡，东欧和西欧均有贡献。所以我认为可以说，欧洲在某种程度上有点像美国，消费者整体表现出较强的韧性。当然，在收入较低的群体中，我们确实看到更多对“性价比”产品的偏好，所以我们也在这方面加大投入。在产品层面，Coke Zero Sugar、雪碧和Fuze Tea在本季度表现非常好，Fanta也有一些很棒的市场推广活动。所以总体来看，欧洲的开局非常不错。
As it relates to other bits of EMEA, overall, we gained value in EMEA. Africa grew volumes despite cycling some pretty tough comps. And obviously, the macros can be pretty dynamic in Africa, but good strong performance across Africa. And then in Eurasia, we've been leaning into the localness of the business, and that part of the world was also able to grow volume. So actually a good performance across the 3 main components of the EMEA group. And I think in Africa and EMEA, it was driven by Coke and flavors and some great execution by the system.
至于EMEA的其他地区，整体来看我们在该区域的价值份额有所提升。非洲虽然面对高基数的同比压力，仍实现了销量增长。非洲的宏观环境确实充满变数，但我们在那里的表现依然稳健。至于欧亚区，我们更加重视业务的本地化，这一策略也取得了成果，该区域也实现了销量增长。所以说，EMEA三大板块整体都有不错表现。在非洲和EMEA整体上，可口可乐主品牌以及风味类产品起到了主要带动作用，加上整个系统在执行层面的出色表现，推动了整体成绩。
Operator
Our next question comes from Michael Lavery from Piper Sandler.
接下来是来自Piper Sandler的Michael Lavery提问。
Michael Lavery
Just wanted to switch maybe a little bit longer-term question on coffee. You've obviously got brands like Georgia and Costa that are strong in certain markets, but globally, it's a big attractive category. I guess maybe just would love to hear some of what you're learning as you reflect on your strategy there and what it might take to win and how your participation in the category might evolve over time?
我想转换一下话题，提一个关于咖啡业务的长期性问题。你们显然已经拥有像Georgia和Costa这样在特定市场表现强劲的品牌，但从全球来看，咖啡依然是一个庞大且具有吸引力的品类。我想了解一下你们在这个品类上的战略反思和经验教训，以及你们认为要在这个领域取胜还需要什么？此外，可口可乐在咖啡领域的参与方式未来可能会如何演变？
James Quincey
Yes. Thanks, Michael. Yes, Costa, I think that counts as -- if we're going to count Georgia as one attempt, Costa would count as our fourth attempt in coffee because you've got Georgia, Costa, we tried with an investment in Keurig and there was something in the '60s called Duncan \[ DU ] and \[ CAA ] coffee. So we totally recognize what you're pointing out, which is the coffee is a large, fragmented growing category in the total beverage industry. So it's clearly attractive if we and the bottling system can find ways to participate more deeply in that category.
谢谢你，Michael。是的，Costa可以说是我们在咖啡领域的第四次尝试了。如果把Georgia算作一次尝试，Costa就是第四次。之前我们还通过对Keurig的投资尝试过，甚至在上世纪60年代还有一个叫Duncan DU和CAA的咖啡项目。所以我们完全认同你所指出的：咖啡是饮料行业中一个庞大、分散、而且仍在增长的品类。如果我们和装瓶系统能够找到更深入参与这个领域的方式，那当然是非常具有吸引力的。
Now having said that, our investment in Costa is not where we wanted it to be from an investment hypothesis point of view. I mean the business is still a good business, but it's not quite delivered on the different verticals of growth that we were hoping to accelerate much quicker, the ready-to-drink coffee, the express and the at-home and therefore, the business remains more weighted towards stores. And the stores we've been driving the affordability and actually doing a good job on refreshing the stores and driving the speed of service.
不过话说回来，从投资假设的角度看，Costa目前的表现还没有达到我们当初的预期。这个业务本身仍然是个好业务，但在我们原先希望快速推进的几个增长垂直方向上——比如即饮咖啡、速饮咖啡机（express）以及居家咖啡（at-home）——尚未实现我们预期的加速发展，因此Costa目前仍以门店为主。而在门店方面，我们一直在努力提升性价比，同时也在翻新门店、提升服务速度，这方面做得还不错。
But still, the investment hypothesis as originally intended has not played out despite the improvement in the store business. So I think I would say we're in the mode of reflecting on what we've learned, thinking about how we might want to find new avenues to grow in the coffee category while continuing to run the Costa business successfully because it's still a lot of money we put down, and we want that money to work as hard as possible.
尽管门店业务有所改善，但整体来看，这项投资并未完全实现我们最初的假设目标。因此，我想说的是，我们目前正处于反思阶段，总结已有经验，思考我们在咖啡品类中是否可以探索新的增长路径。与此同时，我们仍将继续把Costa经营好——毕竟我们在这项投资上投入了大量资金，我们希望它尽可能发挥出最大价值。
Operator
Our next question comes from Carlos Laboy from HSBC.
接下来是来自汇丰银行的Carlos Laboy提问。
Carlos Alberto Laboy
Yes. This question may be perhaps for John. John, for years, we've heard you talk about wanting to refranchise for the purpose of focusing more on creating demand. With most of this refranchising done now, how is the focus and capability of creating demand of recruiting new consumers intensifying?
这个问题可能更适合John来回答。John，多年来我们一直听你谈到再特许经营（refranchising）的目标是为了让公司能更专注于创造需求。现在大部分再特许经营工作已经完成，请问你们在专注于创造需求、吸引新消费者方面的能力是否得到了加强？具体体现在哪些方面？
John Murphy
Thanks, Carlos. First, maybe just a comment on the refranchising. So we still got a couple of big chunks to go. And yet we are -- as we've discussed in the past, we're very focused on getting those over the line as quickly as is feasible. And adjacent to that, and it's -- I think it's been a feature of the last few years is this underlying emphasis on driving top line growth through an increasingly strong, stronger growth portfolio of brands. We have \$30 billion brands in our portfolio today. About half of them organic, the other half inorganic. There's a lot of runway left on those brands and the marketing and innovation transformation that we have also discussed in prior meetings is still -- there's still a tremendous amount to do there. So we expect to double down even more on both the existing portfolio that we have and then through the innovation lens to either continue to develop either organically or stay opportunistic on the inorganic front. That's part one.
谢谢你，Carlos。首先关于再特许经营，我想说明一下，我们还有几个重要区域尚未完成，但正如我们过去所说，我们正在积极推进，力求尽快完成剩余部分。与此同时，我认为过去几年中另一个显著特征就是我们更加重视通过日益强大的品牌组合来推动营收增长。目前我们的品牌组合中已有30个十亿美元级别的品牌，大约一半来自内部孵化，另一半则通过收购获得。这些品牌仍拥有巨大的发展空间。同时我们在营销与创新方面的转型也仍在推进中，还有大量工作要做。因此，我们计划在现有品牌组合上加大投入，同时通过创新的视角，继续有机打造新品牌，或者在合适的机会下通过并购扩充组合。这是第一部分。
Part two is, I think the relationship that we have with our bottling partners around the world is -- has evolved significantly in the past few years, with even greater clarity on what we expect from each other. And as a result, stronger partnerships that leads to overall better execution. So with a scale business, the daily execution piece requires both of us to be at our best and a sort of a net-net outcome of the refranchising that you just asked about is that it allows us to do so, and it allows us to have the franchises in the hands of partners who are equally committed to raising the bar.
第二部分是，我认为我们与全球装瓶合作伙伴之间的关系在过去几年中有了显著进化，彼此之间对各自角色和责任的预期更加清晰。这也促成了更强有力的合作关系，从而带来了更好的整体执行力。作为一家规模型企业，日常的市场执行工作要求我们双方都必须发挥出最佳状态。而你刚才提到的再特许经营，其一个重要成果就是：它让我们能够实现这一点，让这些业务掌握在同样致力于追求卓越的合作伙伴手中。
Operator
Our last question today will come from Robert Moskow from TD Cowen.
今天的最后一个问题来自TD Cowen的Robert Moskow。
Robert Moskow
John, I just wanted to get a sense of your level of conviction that concentrate volume returns to positive territory in the back half of the year. There appear to have been some transitory elements negatively impacting 2Q and also a tough comp. And then secondly, just in terms of phasing, it would appear that fourth quarter has a tough comp in terms of concentrate volume. Am I looking at that correctly? And is there anything that you can add to that?
John，我想了解一下你们对于浓缩液销量在今年下半年恢复正增长的信心有多大。第二季度似乎受了一些临时性因素的负面影响，同时去年同期的比较基数也比较高。其次，就节奏而言，今年第四季度在浓缩液销量方面也面临高基数，我的理解是否正确？你是否可以补充一些相关的看法？
John Murphy
Sure. So yes, so we -- our guidance for the full year reflects a confidence that we will have positive volume growth in the second half of the year. I think of the 2 quarters, Q3, we're certainly cycling a more modest prior year. I think rather than be overly focused on the prior year, I think our ability to influence the next 6 months is what's most important. And if you look at Q2 and you take away a couple of the, I would call them anomalies in some of the key markets, there's still pretty good underlying momentum in the business. We have the opportunity on the back of a stronger-than-expected first half on the profit front to have more optionality on how we continue to invest some of our efficiencies, which we plan to do so.
当然。是的，我们对全年业绩的指引体现了我们对下半年实现销量正增长的信心。在第三季度，我们面临的去年同期基数相对温和。而我认为，与其过于关注去年同期的情况，不如专注于我们在未来六个月能够主动掌握的部分。如果你回头看第二季度，剔除一些关键市场中我们称之为“异常项”的因素，业务的基本动能其实依然相当不错。考虑到上半年利润表现好于预期，我们现在也有更多灵活性将这些效率红利投入到业务中去，而我们确实也打算这么做。
So we've got a robust second half on the investment front. Underlying trends for -- in general are good and a couple of the outliers that have been a headwind in recent months, we are comfortable that they can get back on track.
因此，我们下半年在投资方面安排得非常充实。从整体趋势来看，基本面表现良好。至于近几个月造成逆风的几个“异常”市场，我们有信心能够使它们重回正轨。
Operator
Ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the call back over to James Quincey for any closing remarks.
女士们、先生们，问答环节到此结束。现在我将电话交还给James Quincey，请他做结束发言。
James Quincey
Thank you, operator. So to summarize, we believe we're well positioned to deliver on our updated 2025 ambitions and guidance. We're continuing to build our systems to drive long-term growth, and we're confident we will continue to create enduring value for our stakeholders. Thank you for your interest, your investment in our company and for joining us this morning. Thank you.
谢谢你，主持人。总结一下，我们相信公司目前具备良好的条件，有望实现我们更新后的2025年目标和业绩指引。我们正在不断建设完善我们的系统，以支持长期增长，并对持续为利益相关者创造持久价值充满信心。感谢各位对公司的关注、投资与今天的参与，谢谢大家。
Operator
Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.
女士们、先生们，今天的电话会议到此结束。感谢各位的参与，现在请您断开连接。