百事可乐公司- PEP -2026年第二季度业绩电话会

00:00:01 Good morning and welcome to Pepsico's2026 second quarter earnings question anddwanswer session. Your lines have been placed on listen and only until it's your turn to ask aquestion. Today's call is being recorded and will be archived at www.pepsico.com it is nowmy pleasure to introduce Mr Robbie pamlani, senior vice President of vesta relations. Mrpamlani may begin. 00:00:21 Thank you Kevin, and good morning everyone. I hope everyone has had a chance thismorning to review our press release and prepared remarks, both of which are available onour website. Before we begin, please take note of our cautionary statement. We may makeforward looking statements on today's call, including about our business plans, guidanceand outlook. Forward looking statements inherently involve risks and uncertainties andonly reflect our view as of today, July th 2026 and we are under no obligation to update.When discussing our results, we refer to non GAAP measures which exclude certain itemsfrom reported results. 00:00:57 Please refer to our second quarter 2026 earnings release and second quarter 2026 form10Q, available on Pepsico com, for definitions and reconciliations of non GAAP measuresand additional information regarding our results, including a discussion of factors thatcould cause actual results to materially differ from forward looking statements. Joining metoday are Pepsico's chairman and CEO Ramon laguarta. 00:01:25 And Pepsico's CFO, Steve Schmidt, we ask that you please limit yourself to one question andwith that, I will turn it over to the operator for the first question. 00:01:35 Thank you. In order to ask a question or make a comment, please press star followed by oneand one on your touch tone phone. At any time, we' will pause for a moment while wecompile our q and a roster. 00:01:51 Our first question comes from Bonnie herzog with Goldman Sachs,your line is open.Thankyou.Good morning everyone.Added question on PS a,you know your volume was flat in thequarter despite what seems to be stepped up,affordability initiatives and innovation.Sohoping you could spend some time helping us understand the changes you've made,you know,maybe what's working,what's not working and then whether you need to lean infurther maybe on affordability or maybe innovation to drive better volume growth.Thankyou. 00:02:26 Good morning Bonnie and just me. Let me just step back for a minute and give a fullcompany perspective. There's a lot of things we feel good about the business and there's afew things that we're going to be very focused. 00:02:41 In the second half to accelerate the business, so if you step back the company, the first halfreported almost 7. %。 00:02:52 Revenue growth and we've grown global volumes, 3% in foods and 2% in beverages. That'sthe fastest growth in volume since 2022.Including that those volume growth is the volumegrowth in the us foods business, which it was very strategic for us to get the category backto volume growth and to get the our business to gain share of volume in the category, so wefeel good about. 00:03:27 That particular turnaround and it's we feel good about how the business is performing.There are two pillars to how that happened. One was as you mentioned a affordabilityinvestments, and the secondd one has been the the growth on the permissible part of theportfolio and the portion control part of the portfolio. That part is going very well. Now onthe affordability part we feel good about the investment. I think in the second half of theyear we're going to have to optimize the return on investment on some of the on some ofthose pricing investments. It depends by channel, by customer and the teams are learning,but I want you to step back and take the bigger picture that a category that was negative involume now is positive in volume. We were losing share in volume, now we're gaining sharein volume and that is all very, very positive and it was the first strategic insane that we hadearly in the year when we decided to lower the prices of the. 00:04:27 Of business and I don't see anything else from your side,I think that's pretty much coversit.Thank you one moment for our next question.Our next question comes from Philipbuffalori with city your line is open. 00:04:46 Hi. Good morning, everyone. So Ramon, you mentioned in the prepared remarks that in theus, consumer behavior clearlyly impacted by rising inflationary pressures in the quarter. Iwas wondering if you can give us an update of what you've seen more recently. Have youseen like an improvement in consumer behaviors as gas prices and some other inflationary metrics have come down? And then as we think about the back off, before you talk about apotential to get to the higher end of the organic sales range? 00:05:23 Can you give us an update on how you' think about the back half at this point? Thank you. 00:05:28 Yes. So I think the obviously the Iran war and the impact on gas prices has been meaningfulnot onl