<p>Metcash Limited（澳大利亞證券代碼：MTS）召開了第二季度財報電話會議。以下是會議的主要亮點。</p>
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<p>Metcash Limited 最近的財報電話會議展現了混合的情緒，突出了成就與挑戰。公司報告了強勁的現金表現和食品及便利業務的增長，同時也展示了有前景的數字化轉型舉措。然而，它也面臨重大障礙，包括煙草銷售下降、酒類業務的利潤壓力以及硬件部門的區域性困難。整合和戰略成本進一步影響了結果。</p>
<h2>強勁的現金表現</h2>
<p>該集團展示了強勁的現金表現，三年滾動現金實現率為 106%，運營現金流增長近 60%。這一強勁的現金流表現凸顯了 Metcash 有效的財務管理和運營效率。</p>
<h2>食品部門增長</h2>
<p>食品部門展示了令人印象深刻的盈利增長，息税前利潤（EBIT）增長了 6.1%，不包括戰略和整合成本。這一增長歸因於更為多元化和韌性的商業模式，使該部門具備持續成功的基礎。</p>
<h2>Campbells 和便利業務的成功整合與增長</h2>
<p>Campbells 和便利業務經歷了顯著增長，確立了其在石油和便利行業的領先供應商地位。這得益於新合同的簽署，包括與 BP 的重大協議，推動了該部門的強勁表現。</p>
<h2>酒類市場份額持續增長</h2>
<p>儘管市場環境嚴峻，酒類部門仍持續獲得市場份額。戰略舉措如鉑金增長計劃和收購 Steve’s Liquor Warehouse 集團在這一成功中發揮了關鍵作用。</p>
<h2>Total Tools 和硬件集團銷售增長</h2>
<p>Total Tools 展現了強勁的基礎增長，得益於運營表現的改善和新店的開設。這一增長突顯了該部門的韌性和未來擴展的潛力。</p>
<h2>批發業務的數字化轉型</h2>
<p>Sorted 平台正朝着成為全國最大的 B2B 數字市場之一的目標邁進，佔集團收入的 30% 以上。這一數字化轉型是 Metcash 的關鍵戰略舉措，旨在增強其競爭優勢。</p>
<h2>煙草銷售下降</h2>
<p>煙草部門面臨顯著下降，影響了整體銷售增長。這一下滑歸因於非法經營者的增加和監管變化，為公司帶來了挑戰。</p>
<h2>酒類利潤壓力</h2>
<p>酒類部門由於競爭激烈的零售環境和通貨膨脹成本壓力而遭遇利潤壓力，導致銷售量持平。這些挑戰需要戰略調整以維持盈利能力。</p>
<h2>硬件部門的挑戰</h2>
<p>硬件部門在維多利亞州、新南威爾士州和塔斯馬尼亞州等地區面臨交易困難，影響了整體表現。解決這些區域性挑戰對未來增長至關重要。</p>
<h2>高額的整合和戰略成本</h2>
<p>Metcash 發生了一次性整合和戰略成本 830 萬美元，這影響了整體財務結果。這些成本反映了公司在整合和精簡運營方面的持續努力。</p>
<h2>前瞻性指導</h2>
<p>在 Metcash 2026 年半年度業績簡報中，公司報告了不包括煙草的銷售增長 4.5%，總收入為 96 億美元。息税折舊攤銷前利潤（EBITDA）增長了 2%，不包括一次性成本時增長 4.3%。Metcash 維持了強勁的現金表現，並宣佈每股 0.085 美元的全額分紅。集團的債務槓桿比率為 1 倍，表明財務穩定。食品部門顯示出盈利增長，而酒類和硬件部門則展現出韌性。預計 Sorted 平台將在 2026 年初成為一個重要的 B2B 市場，為 Metcash 的結構性增長做出貢獻。</p>
<p>總之，Metcash Limited 的財報電話會議反映了其當前狀況的平衡視角。儘管公司慶祝了強勁的現金表現和關鍵部門的增長，但也承認面臨的挑戰。前瞻性指導表明，Metcash 在戰略投資和運營執行的支持下，具備良好的未來增長潛力。</p>

<p>Metcash Limited 第二季度的財報電話會議透露了混合的情緒，食品和便利店部門表現強勁，現金流表現良好，但在煙草銷售、酒類利潤和五金行業面臨挑戰。公司報告稱，除煙草外銷售增長 4.5%，收入為 96 億美元，每股派息 0.085 美元，且為全額免税股息。Sorted 平台等戰略舉措旨在促進增長。儘管面臨困難，Metcash 通過戰略投資和運營效率為未來增長做好了準備</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（澳大利亞證券代碼：MTS）召開了第二季度財報電話會議。以下是會議的主要亮點。</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 最近的財報電話會議展現了混合的情緒，突出了成就與挑戰。公司報告了強勁的現金表現和食品及便利業務的增長，同時也展示了有前景的數字化轉型舉措。然而，它也面臨重大障礙，包括煙草銷售下降、酒類業務的利潤壓力以及硬件部門的區域性困難。整合和戰略成本進一步影響了結果。</p>
</div><h2>Strong Cash Performance</h2>
<div class="lb-trans"><h2>強勁的現金表現</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>該集團展示了強勁的現金表現，三年滾動現金實現率為 106%，運營現金流增長近 60%。這一強勁的現金流表現凸顯了 Metcash 有效的財務管理和運營效率。</p>
</div><h2>Food Segment Growth</h2>
<div class="lb-trans"><h2>食品部門增長</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>食品部門展示了令人印象深刻的盈利增長，息税前利潤（EBIT）增長了 6.1%，不包括戰略和整合成本。這一增長歸因於更為多元化和韌性的商業模式，使該部門具備持續成功的基礎。</p>
</div><h2>Successful Integration and Growth in Campbells &amp; Convenience</h2>
<div class="lb-trans"><h2>Campbells 和便利業務的成功整合與增長</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 和便利業務經歷了顯著增長，確立了其在石油和便利行業的領先供應商地位。這得益於新合同的簽署，包括與 BP 的重大協議，推動了該部門的強勁表現。</p>
</div><h2>Continued Market Share Gains in Liquor</h2>
<div class="lb-trans"><h2>酒類市場份額持續增長</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>儘管市場環境嚴峻，酒類部門仍持續獲得市場份額。戰略舉措如鉑金增長計劃和收購 Steve’s Liquor Warehouse 集團在這一成功中發揮了關鍵作用。</p>
</div><h2>Total Tools and Hardware Group Sales Growth</h2>
<div class="lb-trans"><h2>Total Tools 和硬件集團銷售增長</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 展現了強勁的基礎增長，得益於運營表現的改善和新店的開設。這一增長突顯了該部門的韌性和未來擴展的潛力。</p>
</div><h2>Digital Transformation in Wholesale Business</h2>
<div class="lb-trans"><h2>批發業務的數字化轉型</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 平台正朝着成為全國最大的 B2B 數字市場之一的目標邁進，佔集團收入的 30% 以上。這一數字化轉型是 Metcash 的關鍵戰略舉措，旨在增強其競爭優勢。</p>
</div><h2>Tobacco Sales Decline</h2>
<div class="lb-trans"><h2>煙草銷售下降</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>煙草部門面臨顯著下降，影響了整體銷售增長。這一下滑歸因於非法經營者的增加和監管變化，為公司帶來了挑戰。</p>
</div><h2>Margin Pressures in Liquor</h2>
<div class="lb-trans"><h2>酒類利潤壓力</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>酒類部門由於競爭激烈的零售環境和通貨膨脹成本壓力而遭遇利潤壓力，導致銷售量持平。這些挑戰需要戰略調整以維持盈利能力。</p>
</div><h2>Challenges in Hardware Segment</h2>
<div class="lb-trans"><h2>硬件部門的挑戰</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>硬件部門在維多利亞州、新南威爾士州和塔斯馬尼亞州等地區面臨交易困難，影響了整體表現。解決這些區域性挑戰對未來增長至關重要。</p>
</div><h2>High Integration and Strategy Costs</h2>
<div class="lb-trans"><h2>高額的整合和戰略成本</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 發生了一次性整合和戰略成本 830 萬美元，這影響了整體財務結果。這些成本反映了公司在整合和精簡運營方面的持續努力。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</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 年半年度業績簡報中，公司報告了不包括煙草的銷售增長 4.5%，總收入為 96 億美元。息税折舊攤銷前利潤（EBITDA）增長了 2%，不包括一次性成本時增長 4.3%。Metcash 維持了強勁的現金表現，並宣佈每股 0.085 美元的全額分紅。集團的債務槓桿比率為 1 倍，表明財務穩定。食品部門顯示出盈利增長，而酒類和硬件部門則展現出韌性。預計 Sorted 平台將在 2026 年初成為一個重要的 B2B 市場，為 Metcash 的結構性增長做出貢獻。</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>總之，Metcash Limited 的財報電話會議反映了其當前狀況的平衡視角。儘管公司慶祝了強勁的現金表現和關鍵部門的增長，但也承認面臨的挑戰。前瞻性指導表明，Metcash 在戰略投資和運營執行的支持下，具備良好的未來增長潛力。</p>
</div>

Metcash Limited 的收益電話會議：情緒複雜與未來增長