自去年3月宣布拟分拆冰淇淋业务后，历经一年有余长跑，梦龙冰淇淋公司终于完成独立上市。 近日，联合利华发布公告称，公司已于12月6日完成旗下冰淇淋业务的分拆。梦龙冰淇淋公司也同步宣 布，公司股票于12月8日开始在阿姆斯特丹泛欧交易所、伦敦证券交易所、纽约证券交易所上市交易。 上市时，梦龙冰淇淋公司已发行及流通的普通股股本为6.12亿股，每股面值3.50欧元，每股享有一个投 票权。上市首日，该公司股价在阿姆斯特丹泛欧交易所、纽约证券交易所、伦敦证券交易所收盘分别上 涨6.31%、2.19%、2.04%。 "作为联合利华家族成员时，我们成为全球冰淇淋领域领导者。如今，作为一家独立的上市公司，我们 将比以往更加敏捷、专注和雄心勃勃。"梦龙冰淇淋公司首席执行官Peter ter Kulve对于上市后发展规划 如是表态。 其还进一步指出，"我们有一个明确的策略，旨在实现增长、提升生产力，并依据我们近期在资本市场 日设定的中期目标，对梦龙冰淇淋公司进行再投资。" 梦龙冰淇淋公司曾归属于联合利华旗下冰淇淋业务中。但在去年3月，联合利华宣布通过剥离冰淇淋业 务并启动一项重大生产力计划，加快其增长行动计划，今年2月，联合利华再次 ...

Financial Data and Key Metrics Changes - Underlying sales growth for the first half was 3.4%, with volumes contributing 1.5% and price growth at 1.9% [8][31] - Turnover for the first half was €30.1 billion, down 3.2% year on year, primarily due to a negative currency impact of 4% [31][36] - Underlying operating profit was €5.8 billion, a decline of 4.8% versus the prior year, with underlying earnings per share at €1.59, down 2.1% [36] Business Line Data and Key Metrics Changes - Beauty and Well-being underlying sales growth was 3.7%, driven by 1.7% volume and 2% price [15] - Personal Care delivered 4.8% underlying sales growth, with 1.4% from volume and 3.3% from price [19] - Homecare underlying sales grew 1.3%, with 1.1% from volume and 0.2% from price [23] - Foods delivered competitive sales growth of 2.2%, with 0.3% from volume and 1.9% from price [25] - Ice cream underlying sales grew 5.9%, driven by a 3.8% increase in volume and 2% price growth [26] Market Data and Key Metrics Changes - Developed markets represented 44% of group turnover, with first half underlying sales growth of 4.3% [10] - North America saw underlying sales growth of 5.4%, with volumes up 3.7% [5] - Asia Pacific Africa, representing 43% of group turnover, delivered underlying sales growth of 3.5% [12] - Latin America grew only 0.5%, with a 4.6% decline in volume [13] Company Strategy and Development Direction - The company is focused on a transformation towards beauty and well-being, with significant investments in premium brands and innovation [50][56] - The demerger of the ice cream business is set for mid-November, with plans to retain a stake of just below 20% [28][29] - The company aims for multiyear volume growth of at least 2% and consistent gross margin expansion [47][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a second half underlying sales growth of 3% to 5%, with expectations for improved performance in emerging markets [42][46] - The macroeconomic environment remains uncertain, particularly in Latin America and China, but there are signs of recovery in India and Indonesia [46][94] - The company anticipates an improvement in underlying operating margin for the full year, with second half margins expected to be at least 18.5% [42][60] Other Important Information - The company completed a share buyback program of €1.5 billion, contributing 1.5% to earnings in the first half [38][41] - Free cash flow for 2025 was €1.1 billion, down from €2.2 billion in the prior year due to lower operating profit and ice cream separation costs [38][39] Q&A Session Summary Question: Expectations for ex-ice cream performance and volume acceleration - Management expects volume growth of about 2% for the remaining company in the second half, supported by improved market conditions and strong brand investments [63][65] Question: Insights on M&A strategy and recent acquisitions - The company remains committed to bolt-on M&A, focusing on beauty and personal care brands with strong digital presence and functionality, such as Doctor Squatch and Wilde [71][72] Question: Outlook for Latin America and performance in key markets - Management acknowledged a weak quarter in Latin America, with challenges in Brazil and Mexico, but expects improvements in the second half as pricing strategies are adjusted [77][81] Question: Recovery expectations in Asia, particularly India and Indonesia - Management is optimistic about growth in India, with strong performance in Home Care and e-commerce, while Indonesia is expected to show positive volume growth in the second half [89][92]

Financial Data and Key Metrics Changes - Underlying sales growth for the first half of 2025 was 3.4%, with volumes contributing 1.5% and price growth at 1.9% [6][30] - Turnover for the first half was €30.1 billion, down 3.2% year on year, primarily due to a negative currency impact of 4% [30][36] - Underlying operating profit was €5.8 billion, a decline of 4.8% versus the prior year, and underlying earnings per share was €1.59, down 2.1% [34][36] Business Line Data and Key Metrics Changes - Beauty and Well-being achieved underlying sales growth of 3.7%, driven by 1.7% volume and 2% price [14] - Personal Care delivered 4.8% underlying sales growth, with 1.4% from volume and 3.3% from price [17] - Homecare underlying sales grew 1.3%, with 1.1% from volume and 0.2% from price [21] - Foods delivered competitive sales growth of 2.2%, with 0.3% from volume and 1.9% from price [23] - Ice cream underlying sales grew 5.9%, driven by a 3.8% increase in volume and 2% price growth [24] Market Data and Key Metrics Changes - Developed markets represented 44% of group turnover, with first half underlying sales growth of 4.3% [8] - North America saw underlying sales growth of 5.4%, with volumes up 3.7% [4] - Asia Pacific Africa, representing 43% of group turnover, delivered underlying sales growth of 3.5% [11] - Latin America grew only 0.5%, with a 4.6% decline in volume due to challenging macroeconomic conditions [12] Company Strategy and Development Direction - The company is focused on a transformation towards beauty and well-being, with significant investments in premium brands and innovation [48][54] - The demerger of the ice cream business is set for mid-November, with the intention to retain a stake of just below 20% in the new entity [26][27] - The company aims for multiyear volume growth of at least 2% and consistent gross margin expansion, targeting mid-single digit underlying sales growth [45][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a second half underlying sales growth of 3% to 5%, supported by strong performance in developed markets and improving trends in emerging markets [41][44] - The company anticipates an improvement in underlying operating margin for the full year, with second half margins expected to be at least 18.5% [41][54] - Management acknowledged challenges in Latin America and China but expects improvements in the second half due to operational interventions [44][92] Other Important Information - The company completed a share buyback program of €1.5 billion, contributing 1.5% to earnings in the first half [36][39] - Free cash flow for 2025 was €1.1 billion, down from €2.2 billion in the prior year due to lower operating profit and ice cream separation costs [36][37] Q&A Session Summary Question: Expectations for ex-ice cream performance and volume acceleration - Management expects to achieve volume growth of about 2% for the remaining company in the second half, supported by improved market conditions and strong brand investments [61][63] Question: Insights on M&A strategy and recent acquisitions - The company remains committed to bolt-on M&A, focusing on acquiring brands with strong digital presence and functionality, such as Doctor Squatch and Wilde [70][72] Question: Outlook for Latin America and performance in key markets - Management noted a weak quarter in Latin America due to economic pressures but expects improvements with strategic pricing adjustments and innovation [76][80] Question: Recovery expectations in Asia, particularly India and Indonesia - Management is optimistic about growth in India, expecting continued volume increases, while Indonesia is showing signs of recovery with improved fundamentals [88][90]