（来源：北京商报） 距离2025年9月宣布将业务拆分为"北美食品杂货公司"与"全球风味提升公司"两大独立上市公司过去不 到半年，卡夫亨氏的分拆计划按下了"暂停键"。近日，卡夫亨氏宣布暂停上述分拆计划，并将原计划用 于拆分重组的约6亿美元，转向营销、销售能力建设、研发、产品质量提升及战略性定价调整。 对于这一系列举措，江瀚表示，卡夫亨氏拥有众多标志性品牌但近年品牌老化严重，营销投入可直接刺 激销量回升，相比分拆的一次性成本，营销是持续性投资，能形成品牌资产积累。研发与定价策略的组 合投入契合产业竞争逻辑。研发投入可提升"产品优越性"，增强差异化竞争力。成功关键在于投入的精 准性和组织执行能力，新CEO的快消行业经验是积极信号，但需警惕"投入即增长"的线性思维陷阱。 就暂缓分拆计划、如何实现盈利性增长等相关问题，北京商报记者向卡夫亨氏发去了采访函，但截至发 稿未收到回复。 北京商报记者 郭秀娟 王悦彤 在叫停备受关注的业务分拆计划并转向盈利性增长后，卡夫亨氏管理层的调整也随之而来。近日，卡夫 亨氏宣布，Nicolas Amaya将于2026年2月23日接替Pedro Navio成为北美业务负责人，执掌卡夫亨氏规模 ...

而按照原计划，为简化业务结构，提升品牌资源配置和盈利能力，卡夫亨氏拟于2026年下半年正式拆分为两家 独立上市公司，一家是聚焦北美市场的"北美食品杂货公司"，包括Maxwell House、Oscar Mayer、Lunchables等 品牌；另一家则是名为"全球风味提升公司"的国际业务主体，囊括Heinz、Philadelphia Cream Cheese、Kraft Mac & Cheese等品牌。 2026年1月起出任卡夫亨氏首席执行官的Steve Cahillane表示，"我的首要任务是让业务恢复盈利性增长，这需要 确保所有资源都完全专注于运营计划的执行。因此我们认为暂停分拆相关工作较为审慎，今年将不再承担相关 分拆带来的负面影响"。至于分拆计划是暂缓执行还是无限期暂停，他仅表示"当前外部环境并不利于推进分 拆"。 在叫停备受关注的业务分拆计划并转向盈利性增长后，卡夫亨氏管理层的调整也随之而来。近日，卡夫亨氏宣 布，Nicolas Amaya将于2026年2月23日接替Pedro Navio成为北美业务负责人，执掌卡夫亨氏规模最大的北美市 场业务。公开信息显示，Nicolas Amaya于2001年加 ...

After Kraft Heinz (KHC) announced that it would postpone its breakup into two entities and spend $600 million to improve itself, I believe that the moves could potentially help the company in the longer term. Still, Berkshire Hathaway (BRK.A) (BRK.B), which owned 27.5% of KHC as of January, may still decide to unload its entire stake in the packaged-foods giant, putting a great deal of downward pressure on its shares. Moreover, Kraft Heinz reported discouraging fourth-quarter results, and multiple macro ...

Core Viewpoint - Kraft Heinz is facing significant challenges, including a declining portfolio and a need for strategic restructuring to return to growth, as indicated by the recent decision to pause the planned separation of its business units [4][5][21]. Financial Performance - Kraft Heinz's shares have decreased by 19% over the past year and 37% over the last five years, with annual sales volumes not increasing since a 3.4% rise in 2020, and a reported 4.1% decline in the latest results [1][5]. - The company is forecasting a further decline in organic growth of between -1.5% to -3.5% for the upcoming year, following a 3.4% drop in 2025 and a 2.1% decline in the previous 12 months [7][8]. Strategic Decisions - CEO Steve Cahillane has emphasized the priority of returning the business to profitable growth and has backtracked on the previous proposal to split the company, focusing instead on fixing the core issues [5][12]. - The planned separation of Kraft Heinz into two standalone businesses has been postponed, with the decision supported by the board, as the current market conditions are deemed unfavorable for such a split [4][21]. Investment and Growth Plans - Cahillane plans to invest $600 million into marketing, sales, and R&D to drive recovery and improve the company's performance, despite expectations of a 14-18% decrease in adjusted operating income [8][20]. - The company aims to align its brands and products with consumer preferences to enhance growth potential and improve market share, particularly in the North American Grocery segment [9][17]. Market Challenges - The external environment has become increasingly challenging, with worsening consumer sentiment and softening industry trends, complicating the path to recovery for Kraft Heinz [17][22]. - Analysts have expressed skepticism about the company's ability to operate successfully as standalone entities, indicating that the current portfolio may not be strong enough to support such a separation [18][23].

Core Viewpoint - Kraft Heinz is halting plans to split the company, focusing instead on revitalizing growth through a $600 million investment strategy aimed at marketing, sales, and R&D [1][2][7] Group 1: Company Strategy - CEO Steve Cahillane emphasized that the company's challenges are manageable and that the focus will be on rebuilding growth rather than separation [2][3] - The decision to pause the separation plan is based on the belief that resources should be concentrated on executing the operating plan to return to profitable growth [3][5] Group 2: Financial Commitment - Kraft Heinz has committed $600 million to enhance marketing, sales, R&D, product improvements, and pricing initiatives through 2026, supported by a strong balance sheet and $3.7 billion in free cash flow [7] - The investment is expected to accelerate the company's return to profitable growth, reflecting confidence in future opportunities [7] Group 3: Performance Metrics - For the full year 2025, Kraft Heinz reported a 3.5% decline in net sales to $24.9 billion, with organic sales down 3.4% and volume down 4.1% [8] - Adjusted operating income decreased by 11.5%, with significant pressure noted in coffee, cold cuts, frozen meals, bacon, and select condiments due to inflation outpacing efficiency efforts [8][9] - The company faced an operating loss of $4.7 billion, primarily due to non-cash impairment charges [9]

Financial Data and Key Metrics Changes - The company is investing an incremental $600 million to address underinvestment in its brands, aiming to return to organic growth [7][10] - The investment represents approximately 5.5% of the company's top line, indicating a significant commitment to brand support [24] Business Line Data and Key Metrics Changes - The Taste Elevation business has shown good momentum, with 70% of its revenue now gaining market share in the US [27] - Brands like Heinz and Philadelphia Cream Cheese have already shown meaningful improvement in market share due to prior investments [25] Market Data and Key Metrics Changes - The company has seen its overall market share in the US return to levels from three years ago, indicating a recovery in competitive positioning [27] - Emerging markets, excluding Indonesia, are expected to deliver strong growth, with close to double-digit growth anticipated [28] Company Strategy and Development Direction - The decision to pause the spin-off is based on the recognition of short-term opportunities to turn the business around rather than external pressures [11][19] - The focus is on returning to organic growth and enhancing competitiveness through strategic investments in brands and capabilities [10][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging operating environment but emphasizes the importance of investing in brands to drive growth [10][19] - The expectation is to exit 2026 with improved trends and to aim for organic growth in 2027 [35] Other Important Information - The company plans to allocate a significant portion of the $600 million investment towards price and product improvements, particularly in the North American Grocery Company [23][25] - The company is also addressing SNAP exposure, which currently accounts for about 13% of its US retail business, and plans to mitigate its impact through strategic pricing [53] Q&A Session Summary Question: Investment levels and industry environment - The CEO confirmed that the $600 million investment is primarily about correcting past underinvestment rather than solely responding to industry challenges [7][10] Question: Pause on separation strategy - The CEO explained that the pause on the spin-off was due to the discovery of significant short-term opportunities to improve the business [16][19] Question: Phasing of investment spending - The CEO indicated that spending would ramp up in the second quarter, with meaningful results expected in the latter half of the year [23][25] Question: Long-term growth algorithms - Management stated it is too early to discuss long-term growth algorithms, focusing instead on returning to organic growth by 2027 [46][47] Question: SNAP exposure and impact - Management acknowledged SNAP as a headwind but emphasized plans to address it through strategic pricing and product offerings [51][53] Question: Value pricing strategy - The CEO outlined that the company would implement promotional activities and price adjustments, with a focus on opening price points [57][58]

Financial Data and Key Metrics Changes - The company is investing an incremental $600 million to address underinvestment in its brands, aiming to return to organic growth [7][10] - The investment represents approximately 5.5% of the company's top line, with a significant portion allocated to price and product improvements [24] Business Line Data and Key Metrics Changes - The Taste Elevation business has shown good momentum, with 70% of its revenue now gaining market share in the U.S. [27] - Brands like Heinz and Philadelphia Cream Cheese have already shown meaningful improvement in market share due to prior investments [25] Market Data and Key Metrics Changes - The company has seen its market share in the U.S. return to levels from three years ago, indicating a recovery in its overall portfolio [27] - Emerging markets, excluding Indonesia, are expected to continue delivering strong growth, with close to double-digit growth anticipated [28] Company Strategy and Development Direction - The company has decided to pause its spin-off plans to focus entirely on returning to growth and optimizing its current portfolio [11][19] - The strategy includes significant investments in marketing, R&D, and sales capabilities to enhance brand performance and consumer engagement [68] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging operating environment but emphasizes the importance of returning to sufficient investment levels to drive growth [10][19] - The expectation is to exit 2026 with improved trends and to aim for organic growth in 2027 [35] Other Important Information - The company is addressing SNAP-related headwinds, with approximately 13% of its U.S. retail business coming from SNAP, which is higher than the industry average [53] - The investment plan includes strategies for opening price points and optimizing promotional activities to better meet consumer needs [52][60] Q&A Session Summary Question: Investment levels and industry environment - The CEO confirmed that the $600 million investment is primarily about correcting past underinvestment rather than solely responding to industry challenges [7][10] Question: Pause on separation strategy - The CEO explained that the decision to pause the separation was based on the discovery of significant short-term opportunities to improve the business [16][19] Question: Phasing of investment spending - The CEO indicated that spending would ramp up in the second quarter, with meaningful results expected in the latter half of the year [23] Question: Long-term growth algorithms - Management stated it is too early to discuss long-term growth algorithms, focusing instead on returning to organic growth by 2027 [46] Question: SNAP exposure and impact - The company has a higher exposure to SNAP than the industry average and is implementing strategies to mitigate its impact [53][54] Question: Value pricing strategy - Management clarified that the investment in value pricing will be phased, with immediate adjustments in promotional activities and longer-term changes in packaging [58][60] Question: Consumer engagement and technology - The CEO emphasized the need to enhance consumer-facing skills and invest in technology to improve brand connection and market presence [68]

Financial Data and Key Metrics Changes - The company is investing an incremental $600 million to correct underinvestment in its brands, aiming to return to organic growth [6][10] - The investment represents approximately 5.5% of the company's top line, indicating a significant commitment to brand support [22] Business Line Data and Key Metrics Changes - The investment will focus heavily on the North American Grocery Company, where there are opportunities for improvement [22] - Brands like Heinz and Philadelphia Cream Cheese have shown meaningful improvement in market share over the last 13 weeks, indicating positive momentum [25] Market Data and Key Metrics Changes - The company has seen a return to market share levels comparable to three years ago across its total portfolio in the U.S. [25] - Emerging markets, excluding Indonesia, have experienced close to double-digit growth, contributing positively to overall performance [26] Company Strategy and Development Direction - The company has decided to pause its spin-off plans to focus entirely on returning to growth and optimizing its existing portfolio [10][15] - The strategy includes a significant investment in marketing, R&D, and sales capabilities to enhance brand performance and consumer engagement [66] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging operating environment but emphasizes the focus on internal opportunities for growth [15][17] - The expectation is to see a change in market trends in the second half of the year, with a goal to exit 2026 with improved growth trajectories [33] Other Important Information - The company has a SNAP exposure of about 13% in its U.S. retail business, which is higher than the industry average, and plans to mitigate the impact of SNAP funding reductions through strategic pricing [51] - The company is committed to maintaining a net leverage of approximately three times while prioritizing investments in the business [45] Q&A Session Summary Question: How does the company view the $600 million investment in relation to the industry environment? - Management believes the investment is primarily about correcting past underinvestment rather than solely responding to industry challenges [6][10] Question: What led to the decision to pause the spin-off? - The decision was based on the discovery of significant short-term opportunities to improve the business, which required full attention and resources [15][17] Question: How will the $600 million investment be phased and allocated? - The investment will ramp up in the second quarter, with expectations for meaningful results in the latter half of the year, focusing on price, product, and packaging improvements [22][24] Question: What is the company's strategy regarding SNAP exposure? - The company plans to address SNAP-related challenges by offering competitive opening price points and smaller pack sizes to attract budget-conscious consumers [51] Question: How does the company plan to improve consumer engagement and retailer relationships? - The company aims to enhance its commercial capabilities and invest in technology to better connect with consumers and stand out to retailers [66]

Core Viewpoint - Kraft Heinz has decided to pause its plans to split into two companies, focusing instead on profitable growth and addressing internal challenges [1][2]. Group 1: Company Strategy - CEO Steve Cahillane emphasized the need to concentrate resources on profitable growth, stating that the opportunity for the company is larger than previously expected [1]. - The company plans to invest $600 million in marketing, sales, and product development instead of proceeding with the split [3]. Group 2: Financial Performance - Kraft Heinz's shares fell by 5.2% in early trading following the announcement of lower quarterly and annual results [2]. - In the fourth-quarter earnings release, the CEO highlighted the strength of the company's balance sheet and free cash flow potential, expressing confidence in future growth opportunities [4].

Financial Data and Key Metrics Changes - In 2025, Kraft Heinz experienced a significant year-over-year decline in both top-line and bottom-line results, with organic net sales pressured by market share losses, particularly in the U.S. retail sector [4][5] - Adjusted EPS for 2025 was $2.60, reflecting a 15% decline compared to 2024, driven by a higher effective tax rate and increased investments in marketing [5][26] - Free Cash Flow improved nearly 16% year-over-year, totaling $3.7 billion, with a Free Cash Flow conversion rate of 119% [5][26] Business Line Data and Key Metrics Changes - Organic net sales in North America retail declined by 5.2%, primarily due to share loss in Lunchables, Spoonables, and frozen meals and snacks [5][6] - Global away-from-home organic net sales decreased by 1.5%, impacted by lower traffic trends in the U.S., although international markets showed growth [6][7] - Emerging markets saw organic net sales increase by 4.6%, driven by double-digit growth in LATAM and East regions, despite a decline in Indonesia [7][8] Market Data and Key Metrics Changes - North America organic net sales declined by 5.4%, with significant losses in the U.S. cold cuts and away-from-home segments [23] - International developed markets experienced a 2.4% decline in organic net sales, primarily due to softness in the U.K. meals categories [24] - Emerging markets' organic net sales increased by 2.2%, with growth in LATAM and East regions offset by a decline in Indonesia [24] Company Strategy and Development Direction - The company aims to return to organic, profitable growth by contemporizing brands, differentiating products, and improving commercial execution [3][4] - A significant investment of approximately $600 million is planned for 2026 to support the operating plan and drive recovery [9][10] - The focus will be on enhancing brand alignment with consumer preferences, improving marketing and sales capabilities, and refining pricing strategies [12][18] Management's Comments on Operating Environment and Future Outlook - The management acknowledged a challenging operating environment with worsening consumer sentiment and industry trends [10][11] - There is a commitment to prioritize resources for executing the operating plan while pausing work related to the company's separation [11][12] - The outlook for 2026 anticipates organic net sales to decline by 3.5%-1.5%, with expectations for gradual recovery in the second half of the year [30][32] Other Important Information - The company plans to increase R&D investments by approximately 20% in 2026 to drive innovation and product superiority [13] - Marketing investments will be raised to approximately 5.5% of net sales, targeting major growth opportunities [16] - The company aims to improve its promotional spend ROI and focus on providing affordable choices to consumers [18][29] Q&A Session Summary Question: What are the expectations for the 2026 outlook? - The company expects organic net sales to decline by 3.5%-1.5%, with a gradual recovery anticipated in the second half of the year [30] Question: How will the company address the challenges in the North American market? - The focus will be on executing the operating plan, enhancing brand alignment with consumer preferences, and improving marketing and sales capabilities [12][18]