Question-and-Answer SessionSo we have some things to discuss without a question, how to throw out the old sort of fireside chat questions and come up with some new ones, but we appreciate you sort of being here even in the midst of all that you've got going on. Maybe to start off at sort of a basic level, right, yesterday morning, you announced you're going to plan to split the business into 2 separate entities, Global Taste Elevation Co., North American Grocery Co. So to start, why do you believe the separ ...

The Kraft Heinz Company (KHC) FY 2025 Conference September 03, 2025 10:30 AM ET Company ParticipantsAndrew Lazar - Managing DirectorAndre Maciel - EVP & Global CFOCarlos Abrams-Rivera - CEO & DirectorAndrew LazarWelcome back, everybody. For our next session, I'm thrilled to welcome back The Kraft Heinz Company. With us today once again are Chief Executive Officer, Carlos Abrams Rivera and Executive Vice President and Chief Financial Officer, Andre Maciel. Thank you both for joining us. Welcome back.Andre Ma ...

Financial Data and Key Metrics Changes - The company announced plans to split into two separate entities: Global Taste Elevation Co and North American Grocery Co, aiming to improve focus and performance [3][4] - The company has been experiencing flat growth in the Global Taste Elevation segment, primarily due to pressures in the U.S. market, while international markets show mid- to high single-digit growth [19][20] Business Line Data and Key Metrics Changes - The Lunchables brand has seen growth due to focused innovation and marketing efforts, demonstrating the effectiveness of the brand growth system [6][66] - The North American Grocery Co is expected to have significant margin opportunities, with a focus on improving operational efficiencies and expertise [37][40] Market Data and Key Metrics Changes - The U.S. market has faced challenges, including prolonged consumer pressure and a shift towards lower-priced options, impacting overall performance [22][23] - The company is adapting to changing consumer behaviors by expanding its presence in dollar channels, such as Dollar General, to provide more options for cost-conscious consumers [25][66] Company Strategy and Development Direction - The separation is intended to reduce complexity and enhance focus, allowing each entity to align resources and strategies more effectively [7][54] - The company aims to drive growth through targeted investments in key platforms, including taste elevation, ready-to-eat meals, and snacking [12][66] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current challenges in the food industry but remains committed to long-term investments in brand quality and marketing, rather than short-term volume gains [65][66] - The company is confident that its strategic focus and investments will lead to improved performance over time, despite current pressures [66][67] Other Important Information - The company expects to incur approximately $300 million in dissynergies due to the split, with costs distributed across various operational areas [32][33] - The Global Taste Elevation segment is projected to achieve top-line growth towards the upper end of the company's growth algorithm, while North American Grocery is expected to grow in the low single digits [34][36] Q&A Session Summary Question: Why is the separation expected to improve performance? - Management believes that increased focus will lead to better performance and unlock shareholder value, as seen in past initiatives [4][5] Question: How does the competitive landscape affect the decision to split? - The company faces competition from specialized firms, and the split will allow for deeper expertise and focus in each business area [9][10] Question: What are the expected dissynergies from the split? - The estimated $300 million in dissynergies will primarily impact COGS, technology, and SG&A, with most synergies expected to benefit the global company [32][33] Question: How does the growth outlook compare to market share expectations? - The Global Taste Elevation segment is expected to grow due to its exposure to emerging markets, while North American Grocery can afford to lose some market share and still meet growth expectations [34][36] Question: Will there be a margin reset for North American Grocery? - Management does not foresee a significant margin reset but acknowledges the need for targeted investments to drive efficiencies [38][41] Question: What is the rationale for including mac and cheese in Global Taste Elevation? - Mac and cheese fits within the growth strategy due to its strong market share and margins, and the company is investing in improving its quality and marketing [46][50]

每经记者｜宋欣悦 每经编辑｜陈柯名 兰素英 ⑧【多重利好助推，苹果盘前涨近3%】在谷歌垄断案获重大胜利、首款折叠屏iPhone出货量提升，以及即将举行发布会的多重利好助推下，截至发稿， 苹果盘前涨近3%。 ⑨【卡夫亨氏公司宣布将拆分为两家独立上市公司】巴菲特十年前主导的卡夫亨氏并购以拆分收场。当地时间9月2日，卡夫亨氏公司宣布将拆分为两家独 立上市公司：一家负责食品杂货，另一家负责酱料及涂抹酱，拆分预计将在2026年下半年完成。据媒体报道，巴菲特表示，对卡夫亨氏产生拆分的想法感 到失望，而且对股东不会就公司未来的发展情况投票感到失望。周二盘中，卡夫亨氏一度跌超7%。截至发稿，卡夫亨氏涨超1%。 ⑩北京时间9月4日凌晨2点，美联储将公布经济状况褐皮书。 ①【三大期指涨跌不一】截至发稿，道指期货跌0.15%、标普500指数期货涨0.25%、纳指期货涨0.42%。 ②【中概股盘前普跌】中概股盘前普跌，阿里巴巴跌0.90%，拼多多跌0.36%，京东跌1.65%，百度跌0.10%，理想汽车跌2.46%。 ③【美法院裁定无需剥离Chrome和安卓，谷歌盘前涨近6%】谷歌A盘前涨近6%。消息面上，当地时间9月2日，美国法官 ...

格隆汇9月3日｜摩根士丹利：将卡夫亨氏的评级由"减持"上调至"与大盘持平"。 ...

Core Viewpoint - The split aims to simplify the business structure, enhance brand resource allocation and profitability, and respond to ongoing performance pressures and industry changes. Kraft Heinz's stock price has fluctuated little since the announcement but has dropped 21% over the past year, reflecting market concerns about its growth prospects [1] Group 1: Split Details - Kraft Heinz will separate into two independent publicly traded companies through a tax-free spin-off [2] - The first company will focus on sauces, condiments, and ready-to-eat meals, including core brands like Heinz ketchup and Kraft macaroni and cheese, with annual sales of approximately $15.4 billion [3] - The second company will concentrate on North American grocery business, covering brands like Oscar Mayer hot dogs and Lunchables, with annual sales of about $10.4 billion [4] Group 2: Management and Operational Efficiency - CEO Carlos Abrams-Rivera will lead the new grocery company, while a CEO for the other company is being sought globally. The names of the new companies will be announced later [5] - The split is expected to help each company focus on core markets and brands, improving operational efficiency. The company anticipates an additional operational cost of about $300 million from the split but commits to maintaining current dividend levels and aims to preserve its investment-grade credit rating [6] Group 3: Market Context and Trends - The market is closely watching the independent performance of the two new companies and potential acquisition opportunities. Analysts suggest that as industry consolidation accelerates, the newly formed companies may become acquisition targets [7] - The split reflects broader trends in the global packaged food industry, which is undergoing significant restructuring. In 2023, Kellogg separated its cereal and snack businesses, and in 2024, Mars announced a nearly $36 billion acquisition of Kellanova, while Ferrero acquired WK Kellogg for $3.1 billion [10][11][12] - The shift in consumer preferences towards healthier, natural foods, along with inflationary pressures, has diminished the appeal of Kraft Heinz's traditional product lines. The company's market value has shrunk by about 70% since its peak in 2017, and significant impairments have been recognized by major investors like Berkshire Hathaway [9]

来源：市场资讯 （来源：欧洲并购与投资） 3图片来源：Gabby Jones/Getty Images 此外，美国卫生与公众服务部长小罗伯特·F·肯尼迪也施压要求去除人工香精等添加剂。卡夫亨氏已于6 月宣布将逐步去除所有人工色素。 美国银行分析师Peter Galbo指出："疫情后整个包装食品行业销售都在大幅下滑，但卡夫尤为突出，几 乎所有品类都表现不佳。" 食品巨头卡夫亨氏宣布，将拆分为两家独立上市公司 周二，包装食品巨头卡夫亨氏Kraft Heinz宣布，将拆分为两家独立上市公司，成为最新一家放弃"大而 全"战略的大型食品企业。 两家新公司的其中一家将专注于增长更快的业务，如酱料、涂抹酱和常温即食餐，旗下品牌包括亨氏 （Heinz）、费城（Philadelphia）和卡夫通心粉奶酪（Kraft Mac & Cheese），2024年总营收约154亿美 元。另一家则聚焦于表现疲软的生鲜杂货及餐饮渠道业务，品牌包括Oscar Mayer、Kraft Singles和 Lunchables，2024年营收约104亿美元。 卡夫亨氏执行董事长Miguel Patricio在声明中表示："卡夫亨氏的品牌具有标志性且 ...

【导读】美股三大指数集体收跌，纳斯达克中国金龙指数涨0.52%， 黄金价格再创历史新高 中国基金报记者 储是 周二，美股市场三大指数集体收跌，盘中跌超1%，科技和芯片股全线下跌。中国资产逆市上 涨，纳斯达克中国金龙指数收涨0.52%。 黄金大涨，COMEX黄金报收3599.5美元/盎司，创下新高，盘中曾突破3600点/盎司。 美股三大指数集体收跌 | 微软(MICROSOFT) | 505.080 | -1.610 | -0.32% | | --- | --- | --- | --- | | 脸书(META PLATFORMS) | 735.080 | -3.620 | -0.49% | | 谷歌(ALPHABET)-C | 211.940 | -1.590 | -0.74% | | 苹果(APPLE) | 229.730 | -2.410 | -1.04% | | 特斯拉(TESLA) | 329.400 | -4.470 | -1.34% | | 亚马逊(AMAZON) | 225.330 | -3.670 | -1.60% | | 英伟达(NVIDIA) | 170.741 | -3.439 | -1. ...

此次拆分预计将在2026年下半年完成，公司已为此预留了高达3亿美元的成本。 卡夫亨氏公司宣布将拆分为两家独立上市公司：一家负责食品杂货(年销售额约104亿美元，包括Oscar Mayer和Lunchables等品牌)，另一家负责酱料及涂抹酱(年销售额约154亿美元，包括Heinz、Philadelphia 和Kraft Mac&Cheese等品牌)。 伯克希尔.哈撒韦公司的沃伦.巴菲特对此次拆分表示"失望"，认为拆分本身并不能解决公司面临的问 题。 公司首席执行官Carlos Abrams-Rivera将领导食品杂货业务，公司正在寻找酱料业务的首席执行官。 ...

智通财经APP获悉，卡夫亨氏(KHC.US)宣布拆分业务计划后，其未来资本结构的不确定性引发市场关 注。国际评级机构穆迪已将该公司列入信用评级下调观察名单，并启动对投资级评级的全面审查。 根据穆迪发布的新闻稿，该机构已将卡夫亨氏的"Baa2"高级无抵押评级和"Prime-2"商业票据评级置于下 调观察名单，同时将所有关联实体的评级展望从"稳定"调整为"观察中"。 穆迪指出，此次拆分计划虽可能提升业务专注度，但在当前消费者支出趋紧的市场环境下，两家新实体 仍需持续管理各自成熟品牌的市场运营。 卡夫亨氏周二披露的拆分方案显示，其计划将业务拆解为两家独立公司，此举实质上解除了十年前促成 该公司成为全球最大包装食品销售商之一的重大并购交易。 根据计划，其中一家公司将聚焦酱料、涂抹酱、调味品及耐储存食品领域，旗下品牌涵盖亨氏番茄酱、 费城奶油芝士和卡夫奶酪通心粉等经典产品;另一家公司则专注杂货业务，拥有奥斯卡·梅尔火腿、卡夫 单品芝士和Lunchables儿童午餐盒等品牌。 公司强调，拆分后的两家实体均将维持投资级信用资质，现有债务将由新成立的Taste Elevation Co.承接 或进行再融资安排。 穆迪的审查重 ...