<p>Metcash Limited（澳大利亚证券代码：MTS）召开了第二季度财报电话会议。以下是会议的主要亮点。</p>
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<p>Metcash Limited 最近的财报电话会议展现了混合的情绪，突出了成就与挑战。公司报告了强劲的现金表现和食品及便利业务的增长，同时也展示了有前景的数字化转型举措。然而，它也面临重大障碍，包括烟草销售下降、酒类业务的利润压力以及硬件部门的区域性困难。整合和战略成本进一步影响了结果。</p>
<h2>强劲的现金表现</h2>
<p>该集团展示了强劲的现金表现，三年滚动现金实现率为 106%，运营现金流增长近 60%。这一强劲的现金流表现凸显了 Metcash 有效的财务管理和运营效率。</p>
<h2>食品部门增长</h2>
<p>食品部门展示了令人印象深刻的盈利增长，息税前利润（EBIT）增长了 6.1%，不包括战略和整合成本。这一增长归因于更为多元化和韧性的商业模式，使该部门具备持续成功的基础。</p>
<h2>Campbells 和便利业务的成功整合与增长</h2>
<p>Campbells 和便利业务经历了显著增长，确立了其在石油和便利行业的领先供应商地位。这得益于新合同的签署，包括与 BP 的重大协议，推动了该部门的强劲表现。</p>
<h2>酒类市场份额持续增长</h2>
<p>尽管市场环境严峻，酒类部门仍持续获得市场份额。战略举措如铂金增长计划和收购 Steve’s Liquor Warehouse 集团在这一成功中发挥了关键作用。</p>
<h2>Total Tools 和硬件集团销售增长</h2>
<p>Total Tools 展现了强劲的基础增长，得益于运营表现的改善和新店的开设。这一增长突显了该部门的韧性和未来扩展的潜力。</p>
<h2>批发业务的数字化转型</h2>
<p>Sorted 平台正朝着成为全国最大的 B2B 数字市场之一的目标迈进，占集团收入的 30% 以上。这一数字化转型是 Metcash 的关键战略举措，旨在增强其竞争优势。</p>
<h2>烟草销售下降</h2>
<p>烟草部门面临显著下降，影响了整体销售增长。这一下滑归因于非法经营者的增加和监管变化，为公司带来了挑战。</p>
<h2>酒类利润压力</h2>
<p>酒类部门由于竞争激烈的零售环境和通货膨胀成本压力而遭遇利润压力，导致销售量持平。这些挑战需要战略调整以维持盈利能力。</p>
<h2>硬件部门的挑战</h2>
<p>硬件部门在维多利亚州、新南威尔士州和塔斯马尼亚州等地区面临交易困难，影响了整体表现。解决这些区域性挑战对未来增长至关重要。</p>
<h2>高额的整合和战略成本</h2>
<p>Metcash 发生了一次性整合和战略成本 830 万美元，这影响了整体财务结果。这些成本反映了公司在整合和精简运营方面的持续努力。</p>
<h2>前瞻性指导</h2>
<p>在 Metcash 2026 年半年度业绩简报中，公司报告了不包括烟草的销售增长 4.5%，总收入为 96 亿美元。息税折旧摊销前利润（EBITDA）增长了 2%，不包括一次性成本时增长 4.3%。Metcash 维持了强劲的现金表现，并宣布每股 0.085 美元的全额分红。集团的债务杠杆比率为 1 倍，表明财务稳定。食品部门显示出盈利增长，而酒类和硬件部门则展现出韧性。预计 Sorted 平台将在 2026 年初成为一个重要的 B2B 市场，为 Metcash 的结构性增长做出贡献。</p>
<p>总之，Metcash Limited 的财报电话会议反映了其当前状况的平衡视角。尽管公司庆祝了强劲的现金表现和关键部门的增长，但也承认面临的挑战。前瞻性指导表明，Metcash 在战略投资和运营执行的支持下，具备良好的未来增长潜力。</p>

<p>Metcash Limited 第二季度的财报电话会议透露了混合的情绪，食品和便利店部门表现强劲，现金流表现良好，但在烟草销售、酒类利润和五金行业面临挑战。公司报告称，除烟草外销售增长 4.5%，收入为 96 亿美元，每股派息 0.085 美元，且为全额免税股息。Sorted 平台等战略举措旨在促进增长。尽管面临困难，Metcash 通过战略投资和运营效率为未来增长做好了准备</p>

<p>Metcash Limited ((AU:MTS)) has held its Q2 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Metcash Limited（澳大利亚证券代码：MTS）召开了第二季度财报电话会议。以下是会议的主要亮点。</p>
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</div><p>Metcash Limited’s recent earnings call presented a mixed sentiment, highlighting both achievements and challenges. The company reported strong cash performance and growth in its Food and Convenience segments, alongside promising digital transformation initiatives. However, it also faced significant hurdles, including declining tobacco sales, margin pressures in the Liquor segment, and regional difficulties in the Hardware sector. Integration and strategy costs further impacted the results.</p>
<div class="lb-trans"><p>Metcash Limited 最近的财报电话会议展现了混合的情绪，突出了成就与挑战。公司报告了强劲的现金表现和食品及便利业务的增长，同时也展示了有前景的数字化转型举措。然而，它也面临重大障碍，包括烟草销售下降、酒类业务的利润压力以及硬件部门的区域性困难。整合和战略成本进一步影响了结果。</p>
</div><h2>Strong Cash Performance</h2>
<div class="lb-trans"><h2>强劲的现金表现</h2>
</div><p>The group showcased a robust cash performance with a three-year rolling cash realization ratio of 106% and a notable increase in operating cash flows by nearly 60%. This strong cash flow performance underscores Metcash’s effective financial management and operational efficiency.</p>
<div class="lb-trans"><p>该集团展示了强劲的现金表现，三年滚动现金实现率为 106%，运营现金流增长近 60%。这一强劲的现金流表现凸显了 Metcash 有效的财务管理和运营效率。</p>
</div><h2>Food Segment Growth</h2>
<div class="lb-trans"><h2>食品部门增长</h2>
</div><p>The Food segment demonstrated impressive earnings growth with EBIT rising by 6.1%, excluding strategy and integration costs. This growth was attributed to a more diversified and resilient business model, positioning the segment for continued success.</p>
<div class="lb-trans"><p>食品部门展示了令人印象深刻的盈利增长，息税前利润（EBIT）增长了 6.1%，不包括战略和整合成本。这一增长归因于更为多元化和韧性的商业模式，使该部门具备持续成功的基础。</p>
</div><h2>Successful Integration and Growth in Campbells &amp; Convenience</h2>
<div class="lb-trans"><h2>Campbells 和便利业务的成功整合与增长</h2>
</div><p>Campbells &amp; Convenience experienced significant growth, establishing itself as a leading supplier in the petrol and convenience sector. This was bolstered by new contracts, including a major agreement with BP, which contributed to the segment’s strong performance.</p>
<div class="lb-trans"><p>Campbells 和便利业务经历了显著增长，确立了其在石油和便利行业的领先供应商地位。这得益于新合同的签署，包括与 BP 的重大协议，推动了该部门的强劲表现。</p>
</div><h2>Continued Market Share Gains in Liquor</h2>
<div class="lb-trans"><h2>酒类市场份额持续增长</h2>
</div><p>Despite challenging market conditions, the Liquor segment continued to gain market share. Strategic initiatives such as the Platinum growth program and the acquisition of Steve’s Liquor Warehouse group played a pivotal role in this success.</p>
<div class="lb-trans"><p>尽管市场环境严峻，酒类部门仍持续获得市场份额。战略举措如铂金增长计划和收购 Steve’s Liquor Warehouse 集团在这一成功中发挥了关键作用。</p>
</div><h2>Total Tools and Hardware Group Sales Growth</h2>
<div class="lb-trans"><h2>Total Tools 和硬件集团销售增长</h2>
</div><p>Total Tools exhibited strong underlying growth, driven by improved operational performance and the opening of new stores. This growth highlights the segment’s resilience and potential for future expansion.</p>
<div class="lb-trans"><p>Total Tools 展现了强劲的基础增长，得益于运营表现的改善和新店的开设。这一增长突显了该部门的韧性和未来扩展的潜力。</p>
</div><h2>Digital Transformation in Wholesale Business</h2>
<div class="lb-trans"><h2>批发业务的数字化转型</h2>
</div><p>The Sorted platform is on track to become one of the largest B2B digital marketplaces in the country, representing over 30% of group revenue. This digital transformation is a key strategic initiative for Metcash, aiming to enhance its competitive edge.</p>
<div class="lb-trans"><p>Sorted 平台正朝着成为全国最大的 B2B 数字市场之一的目标迈进，占集团收入的 30% 以上。这一数字化转型是 Metcash 的关键战略举措，旨在增强其竞争优势。</p>
</div><h2>Tobacco Sales Decline</h2>
<div class="lb-trans"><h2>烟草销售下降</h2>
</div><p>The tobacco segment faced a significant decline, impacting overall sales growth. This downturn was attributed to the rise of illicit operators and regulatory changes, posing challenges for the company.</p>
<div class="lb-trans"><p>烟草部门面临显著下降，影响了整体销售增长。这一下滑归因于非法经营者的增加和监管变化，为公司带来了挑战。</p>
</div><h2>Margin Pressures in Liquor</h2>
<div class="lb-trans"><h2>酒类利润压力</h2>
</div><p>The Liquor segment encountered margin pressures due to a competitive retail environment and inflationary cost pressures, leading to flat sales volumes. These challenges necessitate strategic adjustments to maintain profitability.</p>
<div class="lb-trans"><p>酒类部门由于竞争激烈的零售环境和通货膨胀成本压力而遭遇利润压力，导致销售量持平。这些挑战需要战略调整以维持盈利能力。</p>
</div><h2>Challenges in Hardware Segment</h2>
<div class="lb-trans"><h2>硬件部门的挑战</h2>
</div><p>The Hardware segment faced trading difficulties in regions such as Victoria, New South Wales, and Tasmania, affecting overall performance. Addressing these regional challenges is crucial for future growth.</p>
<div class="lb-trans"><p>硬件部门在维多利亚州、新南威尔士州和塔斯马尼亚州等地区面临交易困难，影响了整体表现。解决这些区域性挑战对未来增长至关重要。</p>
</div><h2>High Integration and Strategy Costs</h2>
<div class="lb-trans"><h2>高额的整合和战略成本</h2>
</div><p>Metcash incurred $8.3 million in once-off integration and strategy costs, which impacted the overall financial results. These costs reflect the company’s ongoing efforts to integrate and streamline its operations.</p>
<div class="lb-trans"><p>Metcash 发生了一次性整合和战略成本 830 万美元，这影响了整体财务结果。这些成本反映了公司在整合和精简运营方面的持续努力。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>During the Metcash 2026 Half Year Results Briefing, the company reported a 4.5% growth in sales excluding tobacco and a total revenue of $9.6 billion. EBITDA increased by 2% or 4.3% when excluding once-off costs. Metcash maintained strong cash performance and declared a fully franked dividend of $0.085 per share. The Group’s debt leverage ratio was reported at 1x, indicating financial stability. The Food segment showed earnings growth, while Liquor and Hardware segments demonstrated resilience. The Sorted platform is expected to become a significant B2B marketplace by early 2026, contributing to Metcash’s structural growth.</p>
<div class="lb-trans"><p>在 Metcash 2026 年半年度业绩简报中，公司报告了不包括烟草的销售增长 4.5%，总收入为 96 亿美元。息税折旧摊销前利润（EBITDA）增长了 2%，不包括一次性成本时增长 4.3%。Metcash 维持了强劲的现金表现，并宣布每股 0.085 美元的全额分红。集团的债务杠杆比率为 1 倍，表明财务稳定。食品部门显示出盈利增长，而酒类和硬件部门则展现出韧性。预计 Sorted 平台将在 2026 年初成为一个重要的 B2B 市场，为 Metcash 的结构性增长做出贡献。</p>
</div><p>In conclusion, Metcash Limited’s earnings call reflected a balanced view of its current standing. While the company celebrated strong cash performance and growth in key segments, it also acknowledged the challenges it faces. The forward-looking guidance suggests that Metcash is well-positioned for future growth, supported by strategic investments and operational execution.</p>
<div class="lb-trans"><p>总之，Metcash Limited 的财报电话会议反映了其当前状况的平衡视角。尽管公司庆祝了强劲的现金表现和关键部门的增长，但也承认面临的挑战。前瞻性指导表明，Metcash 在战略投资和运营执行的支持下，具备良好的未来增长潜力。</p>
</div>

Metcash Limited 的收益电话会议：情绪复杂与未来增长