格隆汇2月11日｜卡夫亨氏：由于暂停分拆工作，2026年将不会产生3亿美元的协同效应损失，也不会产 生重大额外一次性费用。 ...

Group 1 - The new CEO of Kraft Heinz, Steve Cahillane, announced the suspension of the company's plan to split into two separate entities, stating that many of the challenges faced are manageable and within the company's control [1][2] - Kraft Heinz's stock price fell approximately 5% in pre-market trading, reflecting investor concerns over the company's ongoing struggles since the merger a decade ago, which has not met growth expectations [2] - The company plans to focus on marketing and research, investing $600 million to revive its U.S. business [3] Group 2 - Kraft Heinz had initially projected to complete the split by the end of 2026, with the aim of creating one company focused on grocery products and another on condiments and spreads [2] - The company forecasts a decline in organic net sales of 1.5% to 3.5% for 2026, which includes an estimated impact of about 100 basis points due to delays in U.S. food stamp benefits [2]

Core Viewpoint - Kraft Heinz will pause its separation efforts and focus on increasing investments in its food business to address years of declining sales [1] Company Strategy - The company aims to turn around its struggling sales by prioritizing its food business over separation initiatives [1]

卡夫亨氏：自去年夏天首次做出分拆公司的决定以来，市场状况明显变得更具挑战性。 来源：滚动播报 ...

Kraft Heinz announced plans to split into two separately traded companies, reversing its 2015 megamerger, which was orchestrated by billionaire investor Warren Buffett.Kraft Heinz on Wednesday said that it is pausing work on its previously announced plans to split the company. CEO Steve Cahillane, who joined Kraft Heinz in January, said in a statement that many of the company's issues are "fixable and within our control.""My number one priority is returning the business to profitable growth, which will requ ...

Kraft Heinz Co. is pausing work on its planned separation as new Chief Executive Officer Steve Cahillane works to improve results. https://t.co/I7wA1nNLul ...

Kraft Heinz has paused ongoing work to split the company in half, with many of its challenges "fixable and within our control", according to new CEO Steve Cahillane. ...

Financial Performance - Net sales for the full year 2025 decreased by 3.5% to $24.9 billion, with organic net sales down 3.4%[7] - Operating income for the full year 2025 was a loss of $4.7 billion, primarily due to non-cash impairment losses of $9.3 billion[3] - Diluted EPS for the full year 2025 was $(4.93), down 318.1% compared to the prior year[7] - Gross profit margin for the full year 2025 decreased by 140 basis points to 33.3%[3] - The company reported a net loss of $5,848 million for the year ended December 27, 2025, compared to a net income of $2,746 million in 2024[32] - Adjusted EPS for the year ended December 27, 2025, decreased to $2.60 from $3.06, a decline of 15.0%[59] - The company experienced a significant impairment loss of $9,306 million in the previous year, impacting overall financial performance[40] - The company incurred goodwill impairment losses of $6,734 million for the year ended December 27, 2025, significantly higher than $1,638 million in 2024[32] - Adjusted operating income for the year was $4,745 million, down 11.5% from $5,360 million in the prior year[43] - The company reported a net loss of $5,848 million for the year ended December 27, 2025, primarily due to significant impairment losses[49] Cash Flow and Assets - Free cash flow for the full year 2025 was $3.7 billion, up 15.9% from the previous year[10] - Net cash provided by operating activities for the full year 2025 was $4.5 billion, an increase of 6.6%[10] - Free Cash Flow for the year ended December 27, 2025, was $3,661 million, up from $3,160 million, representing a 15.8% increase[65] - The company reported a Free Cash Flow Conversion rate of 119% for the year ended December 27, 2025, compared to 85% in the previous year[65] - Total current assets increased to $10,127 million from $7,655 million, a growth of 32.2%[62] - Cash and cash equivalents increased to $2,615 million from $1,334 million, a rise of 96.0%[62] Future Outlook - For fiscal year 2026, the company expects organic net sales to decline between 1.5% and 3.5%[13] - Adjusted EPS for fiscal year 2026 is projected to be in the range of $1.98 to $2.10[13] - The company plans to focus resources on growth and has paused work related to separation[4] - The company is currently evaluating the separation into two independent publicly traded companies, which may impact future financial performance[16] Market and Segment Performance - North America segment net sales decreased by 4.9% year-over-year, totaling $18,586 million[38] - Emerging markets showed a year-over-year growth of 1.8%, with net sales reaching $2,817 million[38] - The company noted a currency impact of $10 million on adjusted operating income for the year ended December 27, 2025[43] Earnings and Profitability - Basic earnings per share for the three months ended December 27, 2025, were $0.55, down from $1.77 in the same period of 2024[32] - The adjusted gross profit for the three months ended December 27, 2025, was $2,101 million, with net sales of $6,354 million, resulting in a margin of 33.1%[53] - The effective tax rate for the three months ended December 27, 2025, negatively impacted adjusted EPS by $0.03 compared to the previous year[55] - The company recognized a benefit of $2,239 million from certain significant discrete income tax items, which positively influenced net income[51] Risks and Challenges - The company faces various risks, including competitive pressures and changes in consumer demand, which may affect future performance[16] - The company emphasizes the importance of maintaining brand reputation and responding to consumer preferences to drive revenue growth[16]

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 lower operational results and a higher effective tax rate [5][27] - Free Cash Flow improved nearly 16% year-over-year, totaling $3.7 billion, with a Free Cash Flow conversion rate of 119% [5][28] 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] - 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 [6][7] 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 [24] - International developed markets experienced a 2.4% decline in organic net sales, primarily due to softness in the U.K. market [25] - Emerging markets reported a 2.2% increase in organic net sales, with growth outside of Indonesia [25] Company Strategy and Development Direction - The company aims to return to organic, profitable growth by contemporizing brands, differentiating products, and improving commercial execution [3][8] - A significant investment of approximately $600 million is planned for 2026 to support the operating plan and drive recovery [8][9] - The focus will be on enhancing brand alignment with consumer preferences and improving marketing and sales capabilities [16][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging market conditions, including worsening consumer sentiment and industry trends, which have heightened the recovery path's difficulty [9][10] - The company plans to pause separation efforts to concentrate resources on executing the operating plan and restoring business momentum [10][11] - Expectations for 2026 include a projected decline in organic net sales of 3.5%-1.5% and adjusted EPS in the range of $1.98-$2.10 [31][32] Other Important Information - The company generated gross efficiencies of approximately $690 million in 2025, reflecting ongoing productivity improvements [27] - Capital allocation priorities for 2026 include increased investment in the business, maintaining net leverage around three times, and returning excess capital to shareholders [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 an adjusted gross profit margin decrease of 75-25 basis points year-over-year [31] - Adjusted EPS is anticipated to be in the range of $1.98-$2.10, reflecting a higher effective tax rate and increased investments [32]

Financial Data and Key Metrics Changes - In 2025, the company 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 lower operational results and a higher effective tax rate [5][27] - Free Cash Flow improved nearly 16% year-over-year, totaling $3.7 billion, with a Free Cash Flow conversion rate of 119% [5][28] 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] - 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 [6][7] Market Data and Key Metrics Changes - North America organic net sales fell by 5.4%, with significant declines in cold cuts and away-from-home categories [24] - International Developed Markets experienced a 2.4% decline, mainly due to industry softness in the U.K. [25] - Emerging Markets organic net sales rose by 2.2%, with strong growth outside of Indonesia [25] Company Strategy and Development Direction - The company aims to return to organic, profitable growth by contemporizing brands, differentiating products, and improving commercial execution [3][8] - A significant investment of approximately $600 million is planned for 2026 to support these strategic initiatives [8][9] - The company is pausing its separation plans to focus on improving operational performance and market share [10][11] Management's Comments on Operating Environment and Future Outlook - The management acknowledged a challenging operating environment with worsening consumer sentiment and industry trends [9][10] - There is an expectation for sequential improvement in top-line results, particularly in the second half of 2026, as investments begin to yield returns [32][33] - The company plans to monitor the efficiency of its investments and adapt allocations as necessary to ensure high returns [30] Other Important Information - The company generated gross efficiencies of approximately $690 million in 2025, reflecting discipline in operations [27] - The adjusted operating income margin decreased by 280 basis points, with a notable decline in North America [26] - The company returned about $2.3 billion in capital to shareholders in 2025, with $1.9 billion through dividends and approximately $400 million through share repurchases [29] Q&A Session Summary - The Q&A session included discussions on the company's strategies for addressing market share losses and improving brand performance, with management emphasizing the importance of aligning products with consumer preferences and enhancing marketing efforts [2][3]