Ambev SA (ABEV) 2024 Q3 法說會逐字稿

Good morning, good afternoon, and thank you for waiting. We would like to welcome everyone to Ambev's 2024 third quarter results conference call. Today with us, we have Mr. Jean Jereissati, Ambev's CEO; Mr. Lucas Lira, CFO and Investor Relations Officer. As a reminder, a slide presentation is available for downloading on our website, ri.ambev.com.br as well as through the webcast link of this call.

早上好，下午好，感謝您的等待。我們歡迎大家參加 Ambev 2024 年第三季業績電話會議。今天與我們在一起的有 Ambev 首席執行官 Jean Jereissati 先生； Lucas Lira 先生，財務長兼投資者關係長。請注意，幻燈片簡報可在我們的網站 ri.ambev.com.br 上以及透過本次電話會議的網路廣播連結下載。

We would like to inform you that this event is being recorded (Operator Instructions)

我們想通知您此事件正在記錄中（操作員說明）

Before proceeding, let me mention that forward-looking statements are being made under the Safe Harbor of the Securities Litigation Reform Act of 1996. Forward-looking statements are based on the beliefs and assumptions of Ambev's management and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future.

在繼續之前，我要提一下，前瞻性陳述是根據 1996 年《證券訴訟改革法案》的安全港條款做出的。前瞻性陳述基於 Ambev 管理層的信念和假設以及公司目前可獲得的資訊。它們涉及風險、不確定性和假設，因為它們與未來事件有關，因此取決於未來可能發生或不發生的情況。

Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Ambev and could cause results to differ materially from those expressed in such forward-looking statements.

投資者應了解，總體經濟狀況、行業狀況和其他營運因素也可能影響 Ambev 的未來業績，並可能導致結果與此類前瞻性聲明中表達的結果有重大差異。

I would also like to remind everyone that, as usual, the percentage changes that will be discussed during today's call are both organic and normalized in nature, and unless otherwise stated, percentage changes refer to comparisons with 2023 third quarter results.

我還想提醒大家，與往常一樣，今天電話會議中討論的百分比變化本質上是有機的和標準化的，除非另有說明，百分比變化是指與 2023 年第三季度業績的比較。

Normalized figures refer to performance measures before exceptional items, which are either income or expenses that do not occur regularly as part of Ambev's normal activities. As normalized figures are non-GAAP measures, the company discloses the consolidated profit, EPS, operating profit and EBITDA on a fully reported basis in the earnings release.

標準化數字是指未計入特殊項目的績效指標，這些項目是 Ambev 正常活動中不定期發生的收入或支出。由於標準化數據是非公認會計準則衡量標準，因此該公司在收益發布中以完整報告的形式揭露了合併利潤、每股收益、營業利潤和 EBITDA。

Now I will turn the conference over to Mr. Jean Jereissati. Mr. Jereissati, you may begin your conference.

現在我將會議交給讓·傑雷薩蒂先生主持。Jereissati 先生，您可以開始會議了。

Hello, everyone. Thank you for joining our Q3 earnings call. I would like to start by putting this quarter's performance into perspective.

大家好。感謝您參加我們的第三季財報電話會議。我想先回顧一下本季的業績。

First of all, we delivered another solid quarter of growth and profitability, against our toughest comp of the year. Just as a reminder, Q3 2023 was our strongest quarter last year where EBITDA grew over 30% ex Argentina, and EBITDA margin expanded 630 basis points ex Argentina. Normalized profit grew around 25% and cash flow from operating activities increased nearly 30%.

首先，我們在今年最艱難的競爭中實現了另一個穩健的季度成長和獲利。提醒一下，2023 年第三季是我們去年表現最強勁的季度，除阿根廷以外的 EBITDA 成長超過 30%，除阿根廷以外的 EBITDA 利潤率成長了 630 個基點。正常利潤成長約25%，經營活動現金流成長近30%。

Second, we built this quarter on our performance during the first half of the year, with Brazil and CAC, delivering once again, loss in Canada improving sequentially and cash flow generation continuing to improve despite the well-known tax headwinds in Brazil.

其次，我們本季的業績建立在上半年的基礎上，巴西和 CAC 再次實現業績成長，加拿大的虧損連續改善，儘管巴西面臨眾所周知的稅收不利因素，但現金流量的產生持續改善。

As a result, this quarter brought us one step closer towards delivering another year of consistent top line growth with record volumes in Brazil, consistent EBITDA growth, gross and EBITDA margins expansion and the solid cash flow generation. So let's dive into our operational performance starting with what remained a reality.

因此，本季使我們朝著實現又一個持續營收成長的目標又邁進了一步，巴西銷量創歷史新高，息稅折舊攤銷前利潤(EBITDA) 持續增長，毛利率和息稅折舊攤銷前利潤(EBITDA) 擴張，現金流穩定。因此，讓我們從仍然存在的現實開始，深入了解我們的營運績效。

Resilient consolidated top line performance in the mid-single digits, gross profit growth in the high single digits, and EBITDA growth with gross and EBITDA margins expansion, continued investments behind our brands across our main markets.

富有彈性的綜合營收績效達到中個位數，毛利成長達到高個位數，EBITDA 隨著毛利率和 EBITDA 利潤率的擴大而成長，我們在主要市場上對品牌的持續投資。

If we break down volume performance in last, despite some sequential improvement, we continue to see a tough consumption environment in Argentina as volumes declined in the mid-teens on the back of the easiest comp of last year. In this scenario, we are better prepared for the future with estimated market share gains and improved brand health indicators in the country.

如果我們細分去年的銷售表現，儘管有所連續改善，但我們仍然看到阿根廷的消費環境嚴峻，因為去年最簡單的比較後，銷量在十幾歲左右下降。在這種情況下，我們可以透過估計市場份額的成長和該國品牌健康指標的改善為未來做好更好的準備。

Ex-Argentina, volumes increased by mid-single digits, led by Bolivia, and Chile performances. Canada volumes sequentially improved with our premium back to growth. Premium and core plus brands grew by low single digits. Our market share remained stable in the country according to our estimates, and our brand health improved versus last year with a highlight to Corona that has the highest brand health in the market and is growing.

前阿根廷的銷量成長了中個位數，其中玻利維亞和智利的表現領先。隨著我們的保費恢復成長，加拿大的銷售量連續增加。高端品牌和核心品牌以低個位數成長。根據我們的估計，我們在該國的市場份額保持穩定，我們的品牌健康狀況比去年有所改善，其中最突出的是 Corona 擁有市場上最高的品牌健康狀況並且正在增長。

In CAC, the continued strength of our business in the Dominican Republic delivered mid-single-digit volume growth led by Corona and Presidente, which presented a strong brand health performance. However, in Panama, the industry contraction was primarily driven by the recent tax increases amid a tougher macro scenario, which weighed on our volumes. And in Guatemala, a temporary logistics shipment phasing faced by our local distributor impacted our quarterly performance.

在 CAC 方面，我們在多明尼加共和國的業務持續強勁，在 Corona 和 Presidente 的帶動下實現了中個位數的銷售成長，展現了強勁的品牌健康表現。然而，在巴拿馬，產業收縮主要是由於近期宏觀情況更加嚴峻而增稅造成的，這對我們的銷售造成了壓力。在瓜地馬拉，我們當地經銷商面臨的臨時物流運輸階段影響了我們的季度表現。

In Brazil, NAB continued with a great commercial performance, reaching all-time high volumes for Q3, led by our health and wellness portfolio, with Guaraná zero up high 50s and Pepsi Black and Gatorade up low 20s. Volume of no sugar grew low 20s with a highlight to our energy and hydration brands presenting solid performances as well.

在巴西，NAB 繼續保持出色的商業表現，在我們的健康和保健產品組合的帶動下，第三季度的銷量達到了歷史最高水平，其中瓜拉那零銷量上升了50 多分，百事黑和佳得樂上升了20 多分。無糖銷量成長到了 20 多歲，我們的能量和水合品牌也展現了穩健的表現。

In beer, based on our estimates, industry in July and August grew low single digits, below production data reported. This quarter, we reached our all-time high rolling 12 months volumes. Our brand strategy continued to work with premium, super premium and core plus brands growing ahead of total volumes and our brands improving brand health indicators. Our premium brands grew above 20% and led by Corona, Spaten and Original, all of which rose volumes over 25%.

在啤酒方面，根據我們的估計，7 月和 8 月的行業成長率較低，個位數，低於報告的產量數據。本季度，我們的銷量達到了 12 個月以來的歷史新高。我們的品牌策略持續與高端、超高端和核心+品牌合作，其成長領先於總銷量，並且我們的品牌改善了品牌健康指標。我們的高端品牌成長了 20% 以上，其中以 Corona、Spaten 和 Original 為​​首，所有這些品牌的銷量成長均超過 25%。

The core plus brands grew in the low teens, led by Budweiser, that increased volumes by nearly 50%. And although Brahma and Antarctica each grew high single digits, our core brands declined by low single digits. Our pricing strategy remains nimble and we took pricing starting in September, which was earlier than last year. In addition, one very important point to make regarding Brazil beer is that we ended this quarter better prepared for the summer season. And here is why.

以百威啤酒為首的核心優勢品牌的銷售量成長了近 50%。儘管 Brahma 和 Antarctica 都實現了高個位數成長，但我們的核心品牌卻出現了低個位數下降。我們的定價策略仍然靈活，我們從 9 月開始定價，比去年更早。此外，關於巴西啤酒，需要指出的一個非常重要的一點是，我們在本季末為夏季做好了更好的準備。這就是原因。

Last quarter, I spoke about our four focused brands, Brahma, Budweiser, Spaten and Corona. And I'm glad to see that the investments behind these brands are starting to pay off, and they have momentum. Each of such focused brands reached all-time high rolling 12 months volumes with Bud, Spaten and Corona reaching record brand health indicators in the quarter.

上個季度，我談到了我們的四個重點品牌：Brahma、Budweiser、Spaten 和 Corona。我很高興看到這些品牌背後的投資開始獲得回報，而且勢頭強勁。每個此類重點品牌都達到了 12 個月歷史最高銷量，其中 Bud、Spaten 和 Corona 在本季度達到了創紀錄的品牌健康指標。

Combined, these brands grew almost 10% in the quarter. Also, our inventory levels are much healthier this year than they were at the same time last year, giving a better production in the quarter. On top of that, we have been sustaining all-time high service level to our customers.

這些品牌在本季合計成長了近 10%。此外，我們今年的庫存水準比去年同期要健康得多，這使得本季的產量更好。最重要的是，我們一直為客戶維持空前的高服務水準。

And before I hand this over to Lucas, as you know, this is also my last earnings call as Ambev's CEO. And as I transition to a new challenge, I would like to share some reflections on the last five years. Ambev was built on great people, strong culture, big dreams and amazing brands. And I'm proud of how our talented team has evolved over the past few years. We are now better prepared to listen to our ecosystem, to innovate and to drive continued transformation throughout the company through technology.

如您所知，在我將其交給盧卡斯之前，這也是我作為 Ambev 首席執行官的最後一次財報電話會議。當我迎接新的挑戰時，我想分享一些對過去五年的反思。安貝夫建立在優秀的人才、深厚的文化、遠大的夢想和令人驚嘆的品牌之上。我對我們才華橫溢的團隊在過去幾年中的發展感到自豪。我們現在已經做好了更好的準備，傾聽我們的生態系統的聲音，進行創新，並透過科技推動整個公司的持續轉型。

We are making better decisions. The team embraced change, dreamed big and created incredible initiatives from producing hand sanitizers in our breweries during the pandemic to creating some of the largest innovations in the company's history.

我們正在做出更好的決定。團隊擁抱變革，懷抱遠大夢想，並創造了令人難以置信的舉措，從在大流行期間在我們的啤酒廠生產洗手液到創造公司歷史上一些最大的創新。

We have accomplished so much, too many achievements to list here. But each one remind us on how our business can drive positive impact across our ecosystem while strengthening our performance. Over the past five years, we have attracted around 4 million new fans, thanks to the amazing work our team has done with our brands. As you can see, we are winning in the premium and super premium segment, and we are leading in the core and core plus segments.

我們已經取得了太多成就，無法在此一一列舉。但每一項都提醒我們，我們的業務如何在增強績效的同時對整個生態系統產生正面影響。在過去的五年裡，我們吸引了大約 400 萬新粉絲，這要歸功於我們的團隊為我們的品牌所做的出色工作。正如您所看到的，我們在高端和超高端細分市場中獲勝，並在核心和核心附加細分市場中處於領先地位。

I'm also proud of our results on innovation across our entire portfolio. We made a significant push into beyond beer and into balanced lifestyle brands, where we were pioneers here launching gluten-free brands and low-calorie beers, and also leading the zero alcohol category.

我也對我們整個產品組合的創新成果感到自豪。我們大力推動啤酒以外的領域，進入平衡的生活品牌，我們是推出無麩質品牌和低熱量啤酒的先驅，並引領零酒精類別。

Another significant evolution was in technology. We leverage tech to enhance our capabilities and we built a platform. With BEES, we digitized our route to market, increasing the number of box served to over 1 million while improving service levels. We also used all these assets that we have to build a marketplace that offers a broader assortment of products for our customers. And on the consumer front, Zé Delivery is a reality. It's a (love) digital brand, which is now available and relevant in more than 700 cities across Brazil.

另一個重大變革是在技術方面。我們利用科技來增強我們的能力，並建立了一個平台。借助 BEES，我們實現了市場路線數位化，將服務的盒子數量增加到超過 100 萬個，同時提高了服務水準。我們也利用我們擁有的所有這些資產來建立一個市場，為我們的客戶提供更廣泛的產品種類。在消費者方面，Zé Delivery 已成為現實。這是一個（熱愛）數位品牌，現已在巴西 700 多個城市推出並與之相關。

On our journey to create a future with more tiers, we embraced sustainability in our operations, adding 15 carbon-neutral plants to our footprint as part of our decarbonization plan, and we have reduced water usage per liter of beverage produced by over 7%. And through all these changes, we have created substantial value.

在創造更多層次的未來的過程中，我們在營運中擁抱永續發展，作為脫碳計畫的一部分，在我們的足跡中增加了15 家碳中和工廠，我們將生產每公升飲料的用水量減少了7% 以上。透過所有這些變化，我們創造了巨大的價值。

Over the past five years, we generated BRL68 billion in free cash flow. We expanded ROIC and achieved positive EVA every year. As a result, we have returned over BRL43 billion to shareholders since 2020. And yesterday, our Board approved a BRL2 billion share buyback program, demonstrating our disciplined approach to capital allocation. And now we believe that all these evolutions made our business better.

過去五年，我們創造了 680 億雷亞爾的自由現金流。我們每年都擴大投資回報率並實現積極的經濟增加價值。自 2020 年以來，我們已向股東返還超過 430 億雷亞爾。昨天，我們的董事會批准了 20 億雷亞爾的股票回購計劃，展示了我們嚴格的資本配置方法。現在我們相信所有這些變革都讓我們的業務變得更好。

I am proud to say that we accomplished an unparalleled and remarkable transformation as an FMCG company. The combination of a stronger portfolio, BEES and Zé Delivery, driven by our talented team put us in a solid position to tackle a much bigger addressable market in the future. We have built a stronger business with the stamina to go the distance. So thank you very much.

我很自豪地說，作為一家快速消費品公司，我們實現了無與倫比的卓越轉型。在我們才華橫溢的團隊的推動下，BEES 和 Zé Delivery 等更強大的產品組合的結合使我們處於有利地位，可以在未來應對更大的目標市場。我們已經建立了更強大的業務，並有足夠的耐力走下去。非常感謝。

And now I will hand it over to Lucas.

現在我將把它交給盧卡斯。

Good day, everyone. Our financial performance in the quarter was all about continuous growth and continuous improvement in terms of profitability. EBITDA grew 8.5%, 8.7% ex Argentina. Gross margin expanded 180 basis points organically, 220 basis points ex Argentina. EBITDA margin expanded 110 basis points organically, 130 basis points ex Argentina, and even though normalized profit declined around 11%, cash flow from operating activities grew a little over 2% and totaling about BRL8.1 billion.

大家好。我們本季的財務表現主要體現在獲利能力方面的持續成長和持續改善。EBITDA 成長 8.5%，其中阿根廷除外成長 8.7%。毛利率有機成長了 180 個基點，其中（阿根廷除外）增加了 220 個基點。EBITDA 利潤率有機增長了 110 個基點，其中阿根廷除外增長了 130 個基點，儘管正常利潤下降了 11% 左右，但經營活動產生的現金流增長略高於 2%，總計約 81 億雷亞爾。

What's more year-to-date cash flow generation was pretty much in line with last year's despite having invested BRL1.7 billion in connection with the Dominican Republic put option back in January. Additionally, we benefited from exchange rate fluctuations on cash held in our international operations. So let me cover our beyond EBITDA performance, starting with net finance results.

更重要的是，儘管一月份就投資了 17 億雷亞爾於多明尼加共和國看跌期權，但今年迄今的現金流量生成與去年基本一致。此外，我們也受惠於國際業務中持有的現金的匯率波動。因此，讓我從淨財務表現開始介紹我們超越 EBITDA 的業績。

Net finance results improved roughly BRL150 million versus 2023, with the same drivers as the first half of the year. First, lower losses on derivative instruments given lower carry costs to implement our hedging strategy for FX in Brazil. Second, lower fair value adjustments of payables pursuant to IFRS 13 and CPC 46. And third, our hedging decisions and lower USD exposure in Argentina, albeit to a lesser extent than in H1, which should continue to be the case in Q4.

淨財務表現較 2023 年改善約 1.5 億雷亞爾，驅動因素與上半年相同。首先，由於我們在巴西實施外匯對沖策略的持有成本較低，因此衍生性商品的損失較低。其次，根據 IFRS 13 和 CPC 46 降低應付帳款的公允價值調整。第三，我們的對沖決策和在阿根廷的美元曝險降低，儘管程度低於上半年，但第四季的情況應該會繼續如此。

Moving to income taxes. Tax headwinds in Brazil once again impacted our net profit performance in the quarter. Our income tax expense totaled around BRL1.1 billion in Q3, which was equivalent to a consolidated effective tax rate of almost 24%. The two main drivers were consistent with H1. First, higher EBT, which grew from BRL4 billion to nearly BRL4.7 billion; and second, less deductibility related to state VAT government grants and IOC.

轉向所得稅。巴西的稅收逆風再次影響了我們本季的淨利表現。第三季我們的所得稅支出總計約 11 億雷亞爾，相當於近 24% 的綜合有效稅率。兩個主要驅動因素與 H1 一致。首先，EBT 更高，從 40 億雷亞爾成長到近 47 億雷亞爾；其次，與國家增值稅政府補助和國際奧委會相關的扣除額較少。

Regarding state VAT government grants, one important update. In August and October, we obtained injunctions with respect to certain of our subsidiaries, which should help partially offset the adverse impact going forward. Let me now provide a brief update in terms of litigation and the tax reform on consumption.

關於國家增值稅政府補助，這是一項重要更新。8月和10月，我們獲得了針對某些子公司的禁令，這應該有助於部分抵消未來的不利影響。現在讓我簡單介紹一下訴訟和消費稅改革的最新情況。

Regarding litigation. Since our Q2 call, as per note 14 to our financial statements, favorable administrative court decisions totaling about BRL2 billion became final in Q3. And we also obtained favorable administrative court decisions totaling about BRL2 billion that are not yet final and may be subject to appeal by tax authorities. And with respect to the tax reform on consumption in Brazil, we continue to expect the Senate to vote on the matter before year-end. We will keep everyone posted as the legislative process progresses.

關於訴訟。自我們第二季電話會議以來，根據我們財務報表附註 14，總計約 20 億雷亞爾的行政法院有利裁決在第三季成為最終裁決。我們還獲得了總計約 20 億雷亞爾的行政法院有利裁決，這些裁決尚未最終，可能會受到稅務機關的上訴。至於巴西消費稅改革，我們繼續預期參議院將在年底前就此事進行投票。隨著立法進程的進展，我們將隨時向大家通報情況。

Turning to cash flow. We're off to a good start to the second half of the year. Cash flow from operating activities totaled nearly BRL8.1 billion, almost BRL200 million above last year, with higher EBITDA, better working capital performance in Brazil and net interest more than offsetting higher cash taxes.

轉向現金流。我們為下半年開了個好頭。營運活動產生的現金流量總計接近 81 億雷亞爾，比去年增加近 2 億雷亞爾，EBITDA 更高，巴西營運資本表現較好，淨利息足以抵銷現金稅的增加。

Cash flow used in investing activities totaled approximately negative BRL1.1 billion, with year-over-year performance mostly impacted by lower CapEx. And finally, cash flow from financing activities totaled about negative BRL1.1 billion, an improvement of BRL300 million versus Q3 2023, driven mostly by lower net finance costs.

用於投資活動的現金流量總計約為負 11 億雷亞爾，年比業績主要受到資本支出下降的影響。最後，融資活動產生的現金流總計約為負 11 億雷亞爾，比 2023 年第三季增加了 3 億雷亞爾，這主要是由於淨財務成本下降。

Looking ahead, Q4 is critical in terms of cash generation given the seasonality of our business, and we also faced a tough comp because in Q4 2023, our cash generation benefited from one-off payables in Canada in connection with the 100 year agreement for the long-term licensing of Corona in the country, as disclosed in Note 1 of our 2023 full year financial statements. So we still have work to do on the cash flow front.

展望未來，鑑於我們業務的季節性，第四季度對於現金產生至關重要，而且我們還面臨嚴峻的競爭，因為在2023 年第四季度，我們的現金產生受益於與100 年協議相關的加拿大一次性應付帳款。因此，我們在現金流方面仍有工作要做。

Having said that, given the strong cash generation year-to-date, and the completion of the share buyback program announced earlier this year, the Board has approved the launch of a new share buyback program totaling BRL2 billion with the primary purpose of cancellation of shares as a means to begin returning excess cash to shareholders this year. Any shares that are not canceled may be held in treasury, transferred and/or cover any share delivery requirements contemplated in our share-based compensation plans.

話雖如此，鑑於今年迄今為止強勁的現金生成能力以及今年早些時候宣布的股票回購計劃的完成，董事會已批准啟動總額為 20 億雷亞爾的新股票回購計劃，主要目的是取消股票作為今年開始向股東返還多餘現金的手段。任何未註銷的股份可能會被庫存、轉讓和/或滿足我們基於股份的薪酬計劃中設想的任何股份交付要求。

One final remark before handing it back to the operator. I would like to thank and congratulate our finance, shared services and legal teams for receiving for the second year in a row, the 2023 Anefac regarding the integrity and quality of our financial statements. Well done team.

在將其返還給操作員之前最後說一句。我要感謝並祝賀我們的財務、共享服務和法律團隊連續第二年獲得關於我們財務報表完整性和品質的 2023 年 Anefac 評級。幹得好，團隊。

Thank you and time for Q&A.

謝謝您和問答時間。

(Operator Instructions)

（操作員說明）

Isabella Simonato, Bank of America.

伊莎貝拉·西蒙納托，美國銀行。

Congrats on your work on Ambev and all the best in your new role. My question is regarding pricing in Brazil. I think we -- when we look at our checks here, it seems that there were some weakness on pricing in September, maybe not yet a full -- or a clear price movement in October, so ahead of the summer season. So I was wondering if you could give us a little bit more color on what can we expect in terms of pricing in Q4?

恭喜您在 Ambev 的工作，並祝您在新職位上一切順利。我的問題是關於巴西的定價。我認為，當我們查看這裡的檢查時，9 月的定價似乎存在一些疲軟，可能還沒有完全，或者 10 月的價格走勢明顯，所以在夏季之前。所以我想知道您能否給我們更多關於第四季定價的預期？

And second, you showed, right, that the focus brands are performing pretty well, even Antarctica performed well, when we look at the core. So it leads us to believe that (call) was under greater pressure, right, which ultimately contributed negatively for the overall beer volume performance. So also, if you could give us a little bit more color on what exactly happened or the recent strategy on (call) and if that (read) is right, right, that has been suffering a little bit more on the competition on the economy segment.

其次，你表明，當我們看核心時，重點品牌的表現相當不錯，甚至南極也表現良好。因此，這讓我們相信（看漲）面臨更大的壓力，對吧，這最終對整體啤酒銷售表現產生了負面影響。所以，如果你能給我們更多關於到底發生了什麼或最近的戰略（電話）的信息，如果（閱讀）是正確的，對吧，經濟競爭已經受到了更多的影響部分。

So thank you, Isabela. Thank you for the words and for the question. Let's talk a little bit about Brazil. Then I jump into your two questions, okay.

謝謝你，伊莎貝拉。謝謝你的發言和問題。我們來談談巴西。然後我就開始回答你的兩個問題，好吧。

So Brazil Beer had a solid performance this quarter. It was a mid-single digit top line growth with margin expansion and bottom line growth. We've seen the industry structurally better in general. We have seen the industry growing and premiumizing. We are seeing it too that at the levels of today, our hedges protect us, but we are seeing aluminum and currencies going in a different direction for the next year. So based on that, with the strength of our business, with the brands doing well with a solid commercial execution, we decided to take prices earlier during September. And this is behind us now.

因此，巴西啤酒本季表現穩健。隨著利潤率的擴大和利潤的成長，營收實現了中個位數的成長。我們看到該行業的結構總體上更好。我們已經看到這個產業的發展和高端化。我們也看到，在今天的水平上，我們的對沖保護了我們，但我們看到鋁和貨幣明年將走向不同的方向。因此，基於此，憑藉我們的業務實力、各品牌的良好商業執行力和良好的商業執行力，我們決定在 9 月早些時候確定價格。現在這一切都已經過去了。

September, we suffered on volumes. We started better the Q3, we knew it was a conscious decision for us to lead. And overall, our focus brands doing very well our innovation, performing very well, core plus working. Antarctica and Brahma, resilient. But when we took the relativity of -- in the core minus, and as you mentioned, (inaudible) suffered more than we expected. We believe that some -- at some extent, this is short term, the things will come back to normality in the future.

九月，我們的銷量受到了影響。我們在第三季開局更好，我們知道這是我們領導的一個有意識的決定。總的來說，我們的重點品牌在創新方面做得很好，表現也很好，核心加工作。南極梵天，堅韌不拔。但是，當我們將相對論置於核心負值中時，正如您所提到的，（聽不清楚）遭受的痛苦超出了我們的預期。我們相信，在某種程度上，這是短期的，未來事情會恢復正常。

October already has been a month that is coming to normality. So I think I address a little bit of the -- of pricing and brands.

十月已經是一個逐漸回歸常態的月份。所以我想我解決了一些定價和品牌問題。

Yes. And just if I may do a quick follow-up. When you say you anticipated, right, the price movement in September. This is pretty much across the portfolio? Or it's more on the core?

是的。我可以快速跟進嗎？當您說您預期了 9 月的價格變動時，是的。這幾乎涵蓋了整個投資組合？還是更注重核心？

That was pretty much across the portfolio.

這幾乎涵蓋了整個投資組合。

Thiago Duarte, BTG.

蒂亞戈·杜阿爾特，BTG。

Jean, listening to you was a honor. To interact with you all these years, and good luck on many role in the company. And now to the question, I also wanted to tap on the pricing or maybe even better on the revenue per hectoliter discussion in Brazil Beer. I appreciate the breakdown that you guys provided in the presentation when looking on a year-over-year basis. And based on that, two little questions.

瓊，聽你講話是我的榮幸。這些年來與您互動，並祝福您在公司的許多職位上都順利。現在回答這個問題，我還想談談巴西啤酒的定價，甚至可能更好地討論每百公升的收入。我很欣賞你們在演示中提供的逐年分析的細目。基於此，有兩個小問題。

One, how much would you say premiumization is pushing on the price mix part of the equation? That would be the first.

第一，您認為高端化對價格組合部分的推動有多大？那將是第一個。

And the second, if you could elaborate the best you can on how revenue per hectoliter evolved on a Q-over-Q basis. If we were to think of these three elements that you show in the chart there, price-mix, ICMS taxes and others, that will be helpful to think on a sequential basis instead of looking on a year-over-year basis. Those would be my questions.

第二，如果您能盡可能詳細地闡述每百升收入在季度與季度之間的變化。如果我們要考慮圖表中顯示的這三個要素，即價格組合、ICMS 稅收和其他要素，那麼按順​​序思考而不是逐年觀察將很有幫助。這些都是我的問題。

Thank you, Duarte. So yes, so looking back, Q3 2024, Beer net revenue per hectoliter grew 2.6%, right? So -- but the point is that we saw it -- sequentially growing from Q2 to Q3, right. And that was what I mentioned that in one month in September, we decided to move.

謝謝你，杜阿爾​​特。所以是的，所以回顧一下，2024 年第三季度，每百公升啤酒的淨收入成長了 2.6%，對吧？所以 - 但重點是我們看到了 - 從第二季度到第三季度依次增長，對吧。這就是我在九月的一個月裡提到的，我們決定搬家。

The brand mix has been very positive, okay. So mix overall is positive with brand mix very positive. And we have this part of channels that we are making to a conscious decision on expanding our wholesaler network participation in our business once we have BEES implemented that this brings a bit of the mix down.

品牌組合非常積極，好吧。因此，整體組合是正面的，品牌組合也非常正面。一旦我們實施了 BEES，我們就這部分管道做出有意識的決定，擴大我們的批發商網路參與我們的業務，這會降低一些組合。

But in the end, this is a much lighter model that when we look it impacts the distribution costs that are in a good momentum, at good shape and our CapEx investments because we do more of third-part. So looking at mix, pure brand mix is doing very well and what more, and that's it. That's pretty much it.

但最終，這是一個更輕鬆的模型，當我們看到它會影響處於良好勢頭、良好狀態的分銷成本和我們的資本支出投資，因為我們做了更多的第三方。因此，從組合來看，純品牌組合做得非常好，僅此而已。差不多就這樣了。

Robert Ottenstein, Evercore.

羅伯特‧奧滕斯坦，Evercore。

I was wondering if you can talk a little bit about strategy at the lower end of the market now that you have a new competitor, or the competitors come back. And by compares in the US, you may be aware that more recently, ABI has given a lot of life to Bush light. And really, in the past really hadn't spent much time on brand building at the lower end. They've really got that brand going, and it's been very additive to the overall growth.

我想知道既然你有了新的競爭對手，或者競爭對手回來了，你是否可以談談低端市場的策略。透過與美國的比較，你可能會發現，最近，ABI 為布希之光注入了許多活力。事實上，過去確實沒有花太多時間在低端品牌建立上。他們確實讓這個品牌得到了發展，並且對整體成長起到了很大的促進作用。

And I know that you don't have a brand similar to that. You don't really have a large value brand. But I'm just wondering if there are ways within your current portfolio, as well as some of the local regional brands that you developed a few years ago, with local ingredients that there's a way to sort of stem some of the losses at the low end of the market.

我知道你們沒有類似的品牌。你並沒有真正擁有大價值的品牌。但我只是想知道，在您目前的產品組合中，以及您幾年前開發的一些本地區域品牌中，是否有辦法用當地原料來阻止一些低損失市場的盡頭。

Thank you for the question, Robert. So Robert, let me give you a broader picture and then we jump into the opportunity that you mentioned. What is amazing about the market that we have here in Brazil?

謝謝你的提問，羅伯特。羅伯特，讓我給你一個更廣闊的前景，然後我們就抓住你提到的機會。巴西市場有何驚人之處？

It is that it's really premiumizing. And it is something that we see. When you look at consumers, a lot of interest in our -- in the portfolio, in the category. Our category continue culturally relevant. We brought a lot of new propositions to the market that really open the possibilities that our consumers have in terms of continuing or coming to the category.

這是因為它確實非常優質。這是我們所看到的。當你觀察消費者時，他們對我們的產品組合、品類非常感興趣。我們的類別繼續具有文化相關性。我們為市場帶來了許多新的主張，這些主張真正為我們的消費者提供了繼續或進入該類別的可能性。

We brought, for example, the [stella pure gold] gluten-free that has like 1 million consumers that they were out of the market before we launched it. We are, with a [near] beer, with [ beyond beer ] really addressing the pallets and the [Swiss] seekers. So the category is a very relevant growing.

例如，我們推出了無麩質產品[stella pure gold]，該產品在我們推出之前就已被市場淘汰，大約有 100 萬消費者。我們用[接近]啤酒，[超越啤酒]真正解決了托盤和[瑞士]尋求者的問題。所以這個類別是一個非常相關的成長領域。

And the biggest opportunity that we have, first of all, is really win on this trade up. I think this is something that we've been very consistent for a while now with the brands and really to get the segment right. And to win in high end and to build this core plus opportunity that we see in other markets that we don't have it here. And then we made a conscious decision to maintain, or to make core relevant, more than to play in the value segment. So that is a decision of our marketing, understanding where it is going.

首先，我們擁有的最大機會是在這筆交易中真正獲勝。我認為這是我們一段時間以來一直與品牌非常一致的事情，並且確實是為了正確地定位細分市場。為了贏得高端市場並建立我們在其他市場看到的核心和機會，我們在這裡沒有。然後我們有意識地決定維持或使核心相關，而不是在價值領域發揮作用。所以這是我們行銷的決定，了解它的發展方向。

Our plan is really to maintain the core relevant for the future. And the way we tackle this opportunity that you mentioned is through the pack price strategy, where we give more options with great brands to consumers that somehow are short and don't have the money to have the right frequency on beer. And that's where we are working on for a while.

我們的計劃實際上是保持與未來相關的核心。我們抓住你提到的這個機會的方法是透過套餐價格策略，我們為那些資金短缺且沒有錢經常購買啤酒的消費者提供更多優質品牌的選擇。這就是我們目前正在努力的方向。

We had Brahma growing high single digits in this quarter. We had Antartica growing high single digits. We have the strategy of bigger cans and smaller RGB bottles. These two strategies are working on good brands. And that's how we believe a healthy business will be in the future. We have to keep the core relevant with the right affordability and moving forward.

Brahma 在本季度實現了高個位數成長。我們的南極洲成長了高個位數。我們有更大的罐子和更小的RGB瓶子的策略。這兩種策略正在打造良好的品牌。這就是我們相信未來健康的業務將會如何。我們必須保持核心的相關性，並提供適當的承受能力並繼續前進。

What happened in Q3? We believe that is specifically in Q3, the moment that we decided to be ahead, these things naturally happen. We don't think this is something that we -- that it will come back to some normality our volumes. And it's part of the strategy of the company to have the mainstream active flattish growing, okay. So this is the way that we that we want to tackle the opportunity of the Brazilian market.

第三季發生了什麼事？我們相信，特別是在第三季度，當我們決定領先的那一刻，這些事情自然會發生。我們認為這不會讓我們的銷量恢復到某種正常水平。讓主流積極的扁平化成長是公司策略的一部分，好吧。這就是我們想要抓住巴西市場機會的方式。

And then on top of that, there is a lot of growth on core plus, a lot of growth on premium, a lot of growth on zeros, a lot of growth on beyond beer.

除此之外，核心附加業務也有很大的成長，溢價業務也有很大的成長，零業務也有很大的成長，啤酒以外的業務也有很大的成長。

And can I just ask a follow-up. So on those points, could you just give us maybe just a little bit of insight, early insight in terms of key innovations for 2025. Maybe a little more detail on that?

可以問一下後續狀況嗎？因此，在這些觀點上，您能給我們一點見解嗎？也許有更多細節？

Yes, Robert. So let me try to elaborate a little bit on the journey that we had here on innovation. You know that I'm betting a lot innovation on the portfolio of the future. And if you look -- looking back, we had a moment that we decided to reenergize the core. So we had like Brahma -- helping the Brahma franchise. And then at some point in time, we brought the international premium with a broader proposition that was Spaten, that we brought up. We picked one brand in the whole world that we had that really could have this positioning, this relationship with the Brazilian consumer that we're looking for something stronger.

是的，羅伯特。因此，讓我試著詳細闡述我們在創新方面的歷程。你知道，我對未來的投資組合投入了大量的創新。如果你回顧過去，我們有一個時刻決定為核心重新註入活力。所以我們有像 Brahma 那樣的人——幫助 Brahma 特許經營權。然後在某個時間點，我們帶來了國際溢價以及我們提出的更廣泛的主張 Spaten。我們在全世界範圍內選擇了一個品牌，該品牌確實可以擁有這種定位，與我們正在尋找更牢固的巴西消費者的關係。

And then we went to a pack expansion on the high end. So we look at that Corona and Original, and it were two brands that they were bigger than what they were selling, and then we gave more packs for Original and for Corona that they are doing very well because of that. And then we went on this vision that now was time to do functionality in beer.

然後我們進行了高端包擴充。所以我們看看 Corona 和 Original，這兩個品牌比他們銷售的產品更大，然後我們為 Original 和 Corona 提供了更多的包裝，因此他們做得很好。然後我們繼續這個願景，現在是時候在啤酒中實現功能了。

So somehow, we strengthened our zero alcohol portfolio right now. So we just launched Corona, Zero alcohol before the Olympics. We launched Budweiser -- Budweiser zero, one year ago. And we launched gluten-free low-calorie propositions that it was (inaudible) and Michelob Ultra.

因此，我們現在以某種方式加強了零酒精產品組合。所以我們剛剛在奧運會前推出了 Corona，零酒精。一年前，我們推出了百威啤酒—百威零啤酒。我們也推出了無麩質低熱量產品（聽不清楚）和 Michelob Ultra。

So I would say that in a framework that we treat innovation here that we have to follow innovation for three years, these are -- that's where we are. We are betting on functionality in beer. The zeros has a lot of room will leave this segment. The gluten-free and low-calorie, it's amazing the response that we are having in the market. We are -- so heavy users of beer are sticking with Michelob Ultra and [Stella Pure Gold] because of the additional benefits on calories on gluten-free.

所以我想說，在我們對待創新的框架中，我們必須追蹤創新三年，而這就是我們所處的位置。我們押注於啤酒的功能性。零有很大的空間將離開這個段。無麩質和低熱量，我們在市場上的反應令人驚訝。我們—大量啤酒使用者堅持使用 Michelob Ultra 和 [Stella Pure Gold]，因為無麩質啤酒對卡路里有額外的好處。

So I would say that the functionality, the zeros, [Stella Pure Gold], Michelob Ultra, Beyond Beer, that we have really betting on would be the area that I -- that we will continue to innovate.

所以我想說，我們真正押注的功能、零、[Stella Pure Gold]、Michelob Ultra、Beyond Beer 將是我們將繼續創新的領域。

Lucas Ferreira, JPMorgan.

盧卡斯費雷拉，摩根大通。

Congrats on the move. We're going to be missing you here in these conference calls. My question is regarding the buyback and maybe to Lucas. In the same context, Lucas of many discussions we had in the past of Ambev eventually in the future, changing a little bit its capital structure, adjusting, maximizing its capital structure.

恭喜搬家。在這些電話會議中我們會想念你的。我的問題是關於回購，也許是關於盧卡斯。在同樣的背景下，盧卡斯我們過去對安貝夫進行了多次討論，最終在未來，稍微改變它的資本結構，調整、最大化它的資本結構。

So do you see this BRL2 billion buyback as part of a -- sort of maybe the initial step of levering up the balance sheet of Ambev? Or it's just something puncture regarding the free cash flow generation you have been having over the last 12 months, and as you mentioned, return of cash to shareholders?

那麼，您是否認為這次 20 億雷亞爾的回購是提高 Ambev 資產負債表槓桿的第一步？或者這只是您在過去 12 個月中自由現金流產生方面的一些問題，正如您所提到的，向股東返還現金？

And if it's potentially sort of a first type of levering up the balance sheet of the company, why not doing something bigger than BRL2 billion regarding the fortress the balance sheet of the company is today and the free cash flow generation. So that's my question to you.

如果這可能是提高公司資產負債表的第一種方式，那麼為什麼不針對公司目前的資產負債表和自由現金流的產生採取超過 20 億雷亞爾的措施呢？這就是我向你提出的問題。

Lucas, thanks for the question. I would say that the decision to launch the buyback program now is more related to the visibility that we have. At the end of September, right, -- at the end of September with respect to the excess, the residual cash that we are holding, okay. And less about kind of the long-term capital structure of the company and the road map to reach an optimal capital structure for the company.

盧卡斯，謝謝你的提問。我想說，現在啟動回購計畫的決定與我們的知名度更相關。在 9 月底，對，在 9 月底，關於我們持有的剩餘現金，好吧。較少涉及公司的長期資本結構以及實現公司最佳資本結構的路線圖。

The discussion around capital structure, right, has been a live discussion throughout the year with the Ambev Board, and it's going to continue through the end of the year. But despite the capital structure discussion, when we looked at the cash generated year-to-date, what we held of excess cash on September 30, we saw enough residual cash to start returning to shareholders this year on the one hand.

圍繞資本結構的討論（右）全年一直與 Ambev 董事會進行現場討論，並將持續到年底。但儘管進行了資本結構討論，當我們查看今年迄今產生的現金以及 9 月 30 日持有的超額現金時，我們看到今年有足夠的剩餘現金開始返還給股東。

And on the other hand, when we look at where the stock price is today and compare that with our views on the intrinsic value of the company based on our plans, doing the financial analysis with the same rigor that we've typically kind of applied for this type of exercise. We concluded that investing now BRL2 billion in our own shares is an attractive investment opportunity with plenty of scenarios to generate a return above and beyond. Either our cost of capital and,or our return on invested capital.

另一方面，當我們查看今天的股價並將其與我們根據計劃對公司內在價值的看法進行比較時，以我們通常採用的同樣嚴格的方式進行財務分析對於這種類型的練習。我們的結論是，現在投資 20 億雷亞爾在我們自己的股票上是一個有吸引力的投資機會，有很多場景可以產生超出預期的回報。要嘛是我們的資本成本，要嘛是我們的投資資本報酬率。

So we continue to apply the same methodology we've applied to looking at capital allocation decisions, and the Board concluded that the time was ripe to start returning excess cash for the year through in the form of a share buyback program, okay.

因此，我們繼續採用與審查資本配置決策相同的方法，董事會得出結論，現在開始以股票回購計劃的形式返還今年多餘現金的時機已經成熟。

And as it relates to why not a bigger share buyback program, keep in mind that under Brazilian law, there are legal limits to the size of the float you can repurchase. In our case, that would total somewhere around BRL5.5 billion. And when we compare the BRL5.5 billion, which is the legal limit. And what we had of excess cash at the end of the quarter, we thought to be kind of consistent with our historical approach as it relates to returning excess cash to shareholders. BRL2 billion was the right amount for this share buyback program.

由於這與為什麼不實施更大的股票回購計劃有關，請記住，根據巴西法律，您可以回購的流通股規模有法律限制。在我們的例子中，總計約 55 億雷亞爾。當我們比較 55 億雷亞爾時，這是法定限額。我們認為本季末我們擁有的多餘現金與我們的歷史方法是一致的，因為它涉及向股東返還多餘現金。20 億雷亞爾是此次股票回購計畫的合適金額。

Henrique Brustolin, Bradesco BBI.

恩里克·布魯斯託林，布拉德斯科 BBI。

Congratulations, and I wish you the best of luck in your next challenge. My question is about the contribution margins that you are seeing in premium beer in Brazil. Now that you have many of the brands that the company invested on over the past few years are gaining, I think, more relevant scale, how do you see the profitability in the segment when compared to the mainstream or even to the -- to what it was in the past?

恭喜你，祝你在下一次挑戰中好運。我的問題是關於巴西優質啤酒的邊際貢獻。現在，公司過去幾年投資的許多品牌正在獲得更相關的規模，我認為，與主流甚至與什麼相比，您如何看待該細分市場的盈利能力？

And when it comes to the growth that you are seeing premium, how much this has been driving a change in the company's channel and packaging mix? And how could this also be a driver of potentially better margins going forward in part also driven, I think, on the RGB rollout for premium beers that I think had been in the strategy that you mentioned in the past? This is my question.

當談到溢價成長時，這在多大程度上推動了公司通路和包裝組合的變化？我認為，這怎麼可能成為未來潛在更高利潤率的驅動因素，我認為，這在一定程度上也推動了優質啤酒 RGB 的推出，我認為這一直是您過去提到的策略的一部分？這是我的問題。

Thank you, Henrique. Thank you for the question. So as I mentioned, so -- what is good about the Brazilian industry. It is that there is this premiumizing trend happening for a while. And all the decisions that we did of betting on the brands on the premium brands, peak, the premium brands, premium propositions, innovate, bring new propositions. We have this accretiveness mindset that we really check in general, what we are launching, what is the role. How consumers will interact. But in the end, how this will be accretive to our business. And that's a mindset that is implemented.

謝謝你，恩里克。謝謝你的提問。正如我所提到的，巴西工業的優點是什麼？這種高端化趨勢已經持續了一段時間。我們所做的所有決定都押注於優質品牌、巔峰、優質品牌、優質主張、創新、帶來新的主張。我們有這種增值心態，我們會整體檢查，我們正在推出什麼，扮演什麼角色。消費者將如何互動。但最終，這將如何促進我們的業務。這就是一種被實施的心態。

And when we come to the high end, so yes, you saw -- what you mentioned is true. We started most of these brands, the high-end brands, with own way presentations. The Corona, we have like the long necks, right? And now the expansion, the journey of expansion of the premium brands that we have generally go in the direction of RGBs and this is even better for us.

當我們到達高端時，是的，你看到了——你提到的是真的。我們以自己的方式創立了大多數品牌，即高端品牌。電暈，我們有長脖子，對吧？現在，我們的高端品牌的擴張之旅通常都朝著 RGB 方向發展，這對我們來說甚至更好。

I don't know if you saw, but we begin to do the Corona long neck RGB through Ze Delivery, right. So it's really something that makes all sense for a brand like Corona that really embraces the world, how natural should be the world and sustainability. And we are moving to have -- if consumers want proposition to -- of returnability of the Corona [ longneck ] in the market. So we are talking about bringing.

我不知道你有沒有看到，我們開始透過Ze Delivery做Corona長頸RGB了，對吧。因此，對於像 Corona 這樣真正擁抱世界、世界應該多麼自然和永續發展的品牌來說，這確實是有意義的。如果消費者想要的話，我們正在努力讓市場上的 Corona [長頸] 具有可退貨性。所以我們正在談論帶。

We launched it, for example, Stella Pure Gold with a premium price compared with Stella. And now we are moving these propositions to RGB bottles. So what we see is that there is a lot of consumer connection to make, and there is a lot of volume to bring as the packs expand.

例如我們推出了Stella Pure Gold，價格比Stella高。現在我們正在將這些主張轉移到 RGB 瓶子上。因此，我們看到的是，需要建立大量的消費者聯繫，並且隨著包裝的擴展，可以帶來大量的銷售。

Guilherme Palhares, Santander.

吉列爾梅·帕哈雷斯，桑坦德銀行。

I just wish you the best in your next position and wish you have a career with more cheers. My question goes to Lucas. Lucas, you mentioned a lot about the fact that the company had a pretty strong cash generation, right? And if you could go through a bit on the taxation, it seems that the company reduce a bit of the tax recoveries this quarter. And if you could go through about the strategy of monetization of taxes going forward, that would be super helpful.

我只是祝你在下一個崗位上一切順利，祝你的職業生涯更加歡樂。我的問題是問盧卡斯的。盧卡斯，您提到了很多關於該公司擁有相當強勁的現金產生能力的事實，對嗎？如果您能詳細了解稅收，那麼該公司似乎在本季減少了一些退稅。如果您能夠詳細了解未來稅收貨幣化的策略，那將非常有幫助。

Guilherme you for the question. Lucas here. I think on the one hand, we're right, we're still being impacted by lower deductibility when it comes to government subventions, given the tax changes at the end of last year. I think the glass half full side of the story here is that, as I mentioned in my prepared remarks, in August, we obtained an injunction. And in October, we attained another injunction with respect to two of our subsidiaries. And so going forward, we should continue to see a benefit to partially offset the impact that we've seen.

Guilherme 你的問題。盧卡斯在這裡。我認為，一方面，我們是對的，考慮到去年年底的稅收變化，在政府補貼方面，我們仍然受到較低扣除額的影響。我認為故事的一半是，正如我在準備好的發言中提到的，八月份，我們獲得了一項禁令。十月，我們又獲得了針對兩家子公司的禁令。因此，展望未來，我們應該會繼續看到其帶來的好處，以部分抵消我們所看到的影響。

And when it comes to the IOC deductibility, we do have much less deductibility, right, have had and will continue to have as compared to last year. But when you look at it from a cash flow perspective, we have other means to offset this lower deductibility by using other tax credits that we have available. We have north of BRL11 billion of deferred tax assets. Some of which are more readily available in the short term. Others are more of a medium- to long-term horizon for utilization, okay.

當談到國際奧委會的免賠額時，與去年相比，我們的免賠額確實要少得多，對吧，已經有並將繼續有。但是，當您從現金流的角度來看時，我們還有其他方法可以透過使用我們可用的其他稅收抵免來抵消較低的扣除額。我們擁有超過 110 億雷亞爾的遞延稅資產。其中一些在短期內更容易獲得。其他的則更多的是中長期的利用，好吧。

So that's why there is this difference between our effective tax rate, which has been going up and our cash flow generation where EBITDA growth, lower net finance results, working capital, lower CapEx have been able to offset and even more than offset a higher cash tax bill in the quarter per se.

因此，這就是為什麼我們的有效稅率一直在上升，而我們的現金流產生之間存在這種差異，其中EBITDA 增長、較低的淨財務業績、營運資本、較低的資本支出能夠抵消甚至超過抵消更高的現金本季的稅單本身。

So looking long term, we still see and still like to remind folks that an increase in our effective tax rate will not necessarily reduce our ability, right, to generate cash flows and subsequently return these cash flows to shareholders over time.

因此，從長遠來看，我們仍然看到並且仍然想提醒人們，有效稅率的提高不一定會降低我們產生現金流並隨後隨著時間的推移將這些現金流返還給股東的能力，對吧。

Leonardo Alencar, XP.

萊昂納多·阿倫卡，XP。

Congratulations on Jean Neto. we will really keep track with your job on Middle Americas. I wanted to probably do some two follow-ups. The first one on the competitive landscape. I appreciate all the color you gave on the strategy, rent strategy and pricing strategy. But there was a big difference probably, when we look into 2025, since this year, cost was a tailwind, and we are expecting cost to be a headwind on the next year.

祝賀讓·內托。我們將真正追蹤您在中美洲的工作。我可能想做兩個後續行動。第一個關於競爭格局的。我很欣賞您對策略、租金策略和定價策略的所有闡述。但當我們展望 2025 年時，可能存在很大差異，因為今年成本是順風，而我們預計明年成本將是逆風。

I believe there is more room for price increase, price hikes on the premium and core plus segments. I understand that working with packaging and pushing for increase in volumes in core plus is a very solid and also a defensive strategy against peers focusing on mainstream. But then with this cost increase for 2025, if we could expect well, probably a recovery on volumes on your side if it makes sense even to consider that. But then I would appreciate some color on 2025, if this strategy continues and taking into consideration the cost perspective?

我認為價格上漲的空間更大，高端和核心+細分市場的價格上漲。我知道，與包裝合作並推動核心+銷售的增加是一項非常可靠的策略，也是針對專注於主流的同行的防禦策略。但隨著 2025 年成本的增加，如果我們能夠很好地預期的話，如果考慮這一點也有意義的話，您這邊的銷量可能會恢復。但如果這種策略繼續下去並考慮到成本角度，我會很欣賞 2025 年的一些色彩？

And then the second follow-up would be for a question, I did on the second quarter regarding Argentina. That you've already seen the bottom for Argentina, and it looks like volumes continue to decrease there, even if you outperforming the industry, the industry is kind of shrinking there. If you expect that to bottom this quarter or anytime soon, just to get (inaudible) there is structured to be a drag on the results?

然後第二個後續行動將提出一個問題，我在第二季就阿根廷問題提出了這個問題。您已經看到了阿根廷的底部，而且看起來那裡的銷量繼續下降，即使您的表現優於該行業，該行業也正在萎縮。如果您預計本季或很快就會觸底，只是為了（聽不清楚）結果會受到拖累？

Okay. Thank you, Leonardo. Talking about a little bit -- I will focus on the price, as you mentioned, the costs going up, and we talked about the competitive landscape for a while now. So we remain nimble in our pricing strategy, focused on finding the sustainable balance between the net revenue per hectoliter growth with medium- to long-term pricing strategy we didn't change.

好的。謝謝你，李奧納多。談一點——正如你所提到的，我將重點放在價格，成本上升，我們現在討論了競爭格局一段時間。因此，我們的定價策略保持靈活，專注於尋找每百升淨收入成長與我們沒有改變的中長期定價策略之間的可持續平衡。

We prioritize, we prefer price increase in line with inflation and then to have this favorable brand packing channel mix. And we -- but we are looking at our costs. And we are hedged, as you mentioned, this year has been a good year on the cost side, and we know that aluminum and currencies impact -- will impact in the next year.

我們優先考慮的是，我們更喜歡價格隨通貨膨脹而上漲，然後擁有這種有利的品牌包裝通路組合。我們——但我們正在考慮我們的成本。正如您所提到的，我們進行了對沖，今年在成本方面是不錯的一年，我們知道鋁和貨幣的影響將在明年產生影響。

We believe somehow that aluminum -- we are the company less impacted by aluminum on a weighted. So somehow, this is something that we will hit overall the category. And we have a commitment to continue to expand margins moving forward. So I think that is the most I can say. So we don't change our -- what we aim for pricing but we are committed to margin expansion moving forward.

我們相信，從某種程度上來說，我們是受鋁影響較小的公司。所以不知何故，這是我們將在整個類別中觸及的東西。我們承諾繼續擴大利潤率。所以我想這就是我能說的最多的了。因此，我們不會改變我們的定價目標，但我們致力於繼續擴大利潤率。

Just one thing to add on my end. With respect to the cost outlook, Leonardo. As I'm sure you'll appreciate, right. Given our hedging policy, there's still some hedging taking place. If you take a look at the picture, right, at the close of the quarter, directionally, the BRL is a headwind so far. Aluminum is a headwind so far.

我只想補充一件事。關於成本前景，萊昂納多。我相信你會感激的，對吧。鑑於我們的對沖政策，仍然存在一些對沖。如果你看一下這張圖片，右圖，在季度結束時，從方向上看，巴西雷亞爾到目前為止是一個逆風。到目前為止，鋁仍是一個阻力。

While on the other hand, you have corn, sugar and wheat multi-barley as tailwinds, okay. The net-net is a headwind so far. But this headwind is nowhere close to the sort of headwinds we faced between 2020 and 2022, okay. Just to add some color there on the cost outlook.

另一方面，玉米、糖和小麥多麥作為順風，好吧。到目前為止，網路是一個逆風。但這種逆風與我們在 2020 年至 2022 年期間面臨的逆風相差甚遠，好吧。只是為了讓成本前景增添一些色彩。

And then to jump into the Argentina question, Leonardo. So the macro environment. So we like what -- when we see the numbers of the country of like controlling inflation, that it looks like this is something that is going in the right direction, the CPI deceleration, the GAAP reduction on the parallel FX and the FX in general.

然後進入阿根廷問題，萊昂納多。所以宏觀環境。因此，當我們看到控制通貨膨脹的國家的數字時，我們喜歡的是，看起來這是朝著正確的方向發展，CPI 減速，平行外匯和一般外匯的 GAAP 減少。

But somehow, we're seeing impact on the consumer ability to continue buying FMCG goods in general, okay. But having said that, we have a feeling that we bottom in April and May, that was really the bottom. We -- this quarter, we understand there was some sequential improvement, and we believe that we're going to continue to have sequential improvements moving forward.

但不知何故，我們看到消費者繼續購買快速消費品的能力受到了影響，好吧。但話雖如此，我們有一種感覺，我們在四月和五月觸底，那確實是底部。我們——本季度，我們了解到有一些連續的改進，我們相信我們將繼續取得連續的改進。

The good part, it is that the Q4 of 2024, -- the Q4, as I mentioned, Q3 2023 was my toughest comp. But when we go to Q4 2024, Argentina already on the operation and EBITDA performance was already suffering last year. So somehow, now we're going to begin to cycle it and still sequentially improving, still not where the industry were but sequentially improving in with easier P&L for us to grow when we compare. So I think next year will be a good year for Argentina now is about get sequentially better.

好的部分是，2024 年第四季度，正如我所提到的，2023 年第三季度是我最艱難的比賽。但當我們進入 2024 年第四季時，阿根廷已經開始運營，去年的 EBITDA 表現已經受到影響。因此，不知何故，現在我們將開始循環它，並繼續不斷改進，仍然不是行業的水平，但在比較時，我們會以更容易的損益來連續改進，以便我們成長。因此，我認為明年對阿根廷來說將是美好的一年，現在將會逐漸變得更好。

And just to complement on the Q4 lapping in Argentina. Given hyperinflationary accounting as per IAS 29, in Q4 of last year, right, we had to reflect the devaluation of the currency. The Argentinian peso, and we also had to catch up Q1, Q2 and Q3. And so there was a material impact in our last reported figures, if I recall correctly, north of BRL1.2 billion in Q4 for Latin America South. And now we cycle that. So in organic terms, it's a different conversation. But in nominal terms, we cycle this easy comp.

這只是阿根廷第四季的繞圈的補充。鑑於去年第四季 IAS 29 的惡性通貨膨脹會計，我們必須反映貨幣貶值。阿根廷比索，我們也必須趕上Q1、Q2和Q3。因此，如果我沒記錯的話，我們上次報告的數據對拉丁美洲南部地區第四季的 12 億雷亞爾以上產生了重大影響。現在我們循環它。所以從有機的角度來說，這是一場不同的對話。但名義上，我們循環這個簡單的比較。

Renata Cabral, Citi.

雷娜塔·卡布拉爾，花旗銀行。

Congrats for all the achievements and leadership [Jean Neto], I wish you all the success in your new role. My question is to get your view only in two strategic fronts. One the delivery you have mentioned some new initiatives recently. If you could elaborate a little bit what the company has made, especially this year and opportunities there?

恭喜您所取得的所有成就和領導力 [Jean Neto]，並祝福您在新職位上一切順利。我的問題是僅想了解您在兩個策略方面的看法。一是您最近提到了一些新舉措。您能否詳細說明一下公司所取得的成果，特別是今年的成果以及在那裡的機會？

And on the other front, the RGP, especially in Brazil and Argentina, where affordability is really important at this moment?

另一方面，RGP，特別是在巴西和阿根廷，目前負擔能力真的很重要嗎？

Okay. Thank you very much, Renata, for the words and for the question. So yes, so let's talk about Ze Delivery. I was happy that these days, there was an article in a newspaper that mentioned that Millennials, right, that were born in between 1980 and 1995, they really put the Ze Delivery as a top two retail brand in Brazil. And that's a great achievement for us.

好的。非常感謝雷娜塔的演講和提問。所以，是的，讓我們來談談 Ze Delivery。我很高興這些天，報紙上有一篇文章提到，千禧世代，對，出生於1980年至1995年之間，他們確實把Ze Delivery列為巴西排名前二的零售品牌。這對我們來說是一項偉大的成就。

The brand is a loved brand. It is not just about the marketing of the brand is about really delivering the proposition of 30 minutes, cold beer the right price to our consumers. This really is something that consumers really appreciate the new generation and this will just get better, okay. Ze Delivery will just get better. We are super excited about it.

該品牌是一個深受人們喜愛的品牌。這不僅僅是品牌行銷的問題，而是真正向我們的消費者傳達 30 分鐘、價格合適的冰鎮啤酒的主張。這確實是新一代消費者真正欣賞的東西，而且會變得更好，好吧。Ze Delivery 只會變得更好。我們對此感到非常興奮。

So Ze Delivery, it has on a yearly basis, 25 million yearly active users. So this is the number of consumers that go into them buy something and survey a price and understand something. On a monthly basis, recurrent, we have 4.9 million. That is 5% that really go there and buy something. So the GMV is growing 14% is super important Ze Delivery for our megabrand strategy. Somehow, our brands are performing super well at in Corona in Ze Delivery.

Ze Delivery 每年有 2500 萬活躍用戶。這是進入其中購買商品、調查價格並了解某些內容的消費者數量。以每月經常性計算，我們有 490 萬個。那是 5% 真正去那裡買東西的人。因此，GMV 成長了 14%，Ze Delivery 對於我們的大品牌策略來說非常重要。不知何故，我們的品牌在 Ze Delivery 中的 Corona 表現非常出色。

RGB continues to have a key role in there, so bringing the convenience for our consumers to keep their bottles at home that we pick, we deliver and we collect. So this brings something that is very unique for Ze Delivery.

RGB 繼續在其中發揮關鍵作用，為我們的消費者帶來便利，讓他們可以將我們挑選、交付和收集的瓶子留在家中。因此，這為 Ze Delivery 帶來了非常獨特的東西。

And it represents, I don't know if you know this number, more than 45% of the Ze Delivery platform volumes, they are RGB. That's why we elected to start the Corona RGB project for their consumers that are more conscious about their impact in the world through Ze delivery. So we are really beginning on that front.

它代表著，我不知道你是否知道這個數字，Ze Delivery平台超過45%的數量，它們是RGB的。這就是為什麼我們選擇為他們的消費者啟動 Corona RGB 項目，他們透過 Ze 交付更加意識到自己對世界的影響。所以我們確實在這方面開始了。

And now we are moving to expand assortment in Ze Delivery. So the marketplace of other products that are not ours, that they are really growing. They are growing at a 30% rate in GMV. And finally, now for a year, we are monetizing this piece of the equation. There is this marketplace that Ze Delivery is offering. And so really excited about Ze Delivery.

現在我們正在擴大 Ze Delivery 的品種。因此，不屬於我們的其他產品的市場確實在成長。他們的 GMV 以 30% 的速度成長。最後，一年來，我們正在將這部分貨幣化。Ze Delivery 提供了這個市場。對於 Ze Delivery 真的很興奮。

In connected with your second question is an important play on the RGB in Home play that we are doing with RGB. And RGB is doing well, and we are bringing more and more premium propositions for the RGB. So I think I went over the two questions, right.

與你的第二個問題相關的是我們正在對 RGB 進行的家庭遊戲中的重要遊戲。RGB 表現良好，我們正在為 RGB 帶來越來越多的優質產品。所以我想我已經討論了這兩個問題，對吧。

Ricardo Alves, Morgan Stanley.

里卡多·阿爾維斯，摩根士丹利。

I have two follow-ups as most of my questions have been answered. First of all, on Skol, beyond the implied contraction of the brand. I'm curious going forward, Jean, what is the strategy for the brand? We all know that it's not been a focused brand. We've discussed the brand in many different ways in the past. But given the size to your portfolio is still -- it still should have a role. I'm curious about any updates on the role that Skol's going to have, maybe protecting the lower end of the core?

我有兩次後續行動，因為我的大部分問題都已得到解答。首先，在Skol上，超越了品牌的隱含收縮。我很好奇，Jean，品牌的策略是什麼？我們都知道它不是一個專注的品牌。過去我們以多種不同的方式討論過這個品牌。但考慮到你的投資組合的規模仍然——它仍然應該發揮作用。我很好奇 Skol 的角色有什麼更新嗎，也許是保護核心的低端？

You mentioned a couple of times keeping your core relevant. How is the Skol's playing that role for you going forward on your core brands? That's the first follow-up.

您多次提到保持核心相關性。Skol 在您的核心品牌發展中如何發揮這一作用？這是第一個後續行動。

The second follow-up on revenue per hectoliter would be -- in spite of the mix evolution of your brands in the quarter, the price move that you mentioned in September, we still noticed the discount as a percentage of gross revenues increasing in the third quarter. So I just wonder if you could elaborate on that specifically. Or if there is something more significantly that would have explained more discount or promotional activity, maybe a specific segment or channel that could explain that? That would be helpful color as well on the discounts.

The second follow-up on revenue per hectoliter would be -- in spite of the mix evolution of your brands in the quarter, the price move that you mentioned in September, we still noticed the discount as a percentage of gross revenues increasing in the third四分之一.所以我想知道你能否具體詳細說明一下。或者，如果有更重要的事情可以解釋更多的折扣或促銷活動，也許某個特定的市場區隔或管道可以解釋這一點？這對折扣也很有幫助。

Okay. Thank you, Ricardo, for the question. So it's a good question about Skol, right. So as I mentioned, I want the core my segment stable when growing, okay? And when you look at my core brands, compared with 2019. I was growing -- I'm growing 12%. So it's a CAGR of something close to 2% in the combination of the core brands.

好的。謝謝里卡多的提問。所以這是一個關於 Skol 的好問題，對吧。正如我所提到的，我希望我的核心細分市場在成長時保持穩定，好嗎？當你看看我的核心品牌時，與 2019 年相比。我在成長——我成長了 12%。因此，核心品牌組合的複合年增長率接近 2%。

Brahma is really leading. So that's our brand. So the brand that we elected, the mega brand to lead this journey, a Brazilian brand, is growing ahead of it. And in this, making it clear that Brahma is our priority, for us to get the core growing in health, we have to maintain the consumers that love [sculpture] today. So our strategy is to really maintain the consumers that we have today.

梵天確實領先。這就是我們的品牌。因此，我們選擇的品牌，引領這趟旅程的超級品牌，巴西品牌，正在領先它。在此，明確梵天是我們的首要任務，為了讓我們的核心健康成長，我們必須維持今天熱愛[雕塑]的消費者。所以我們的策略是真正維護我們今天擁有的消費者。

Of course, that the consumers are more and more with more products in their basket. They are trying new propositions. They are trading up, but we want to really maintain the levers that we have for Skol today, okay.

當然，消費者越來越多，購物籃裡的產品也越來越多。他們正在嘗試新的主張。他們正在向上交易，但我們希望真正保持 Skol 今天擁有的槓桿，好吧。

And talking about the second question that was about discounting. So no, there is no difference on what we've been doing for not one -- our price has been -- our level of discounts, they are not that high. We reduced a lot during time.

談第二個問題，關於折扣。所以不，我們一直在做的事情沒有什麼區別——我們的價格是——我們的折扣水平，它們並沒有那麼高。我們期間減少了很多。

Somehow the Q3, we grew 2.9% versus last year. It was mainly driven by revenue management initiatives with the price to consumer going in line with inflation and then brand mix bringing a positive impact that was partially offset by higher VAT tax flow bases and channel mix.

不知何故，第三季我們比去年成長了 2.9%。這主要是由收入管理舉措推動的，其中向消費者提供的價格與通貨膨脹保持一致，然後品牌組合帶來了積極影響，但較高的增值稅稅流基礎和渠道組合部分抵消了這一影響。

So no big difference, no change. We just did it. Took a decision ahead of what we used to do. As I always mentioned, that we were nimble when seeing the opportunity. So no big difference on that front. Thank you.

所以沒有太大差別，沒有變化。我們剛剛做到了。在我們過去所做的事情之前做出了決定。正如我經常提到的，我們看到機會時很靈活。所以在這方面沒有太大差別。謝謝。

This concludes the Q&A session. I would like to invite Mr. Jean Jereissati to proceed with his closing remarks. Please go ahead, sir.

問答環節到此結束。我謹請讓·傑雷薩蒂先生致閉幕詞。請繼續，先生。

Okay. Thank you very much. As we finish this call, I would like to thank the whole ecosystem that we are part of. First, I would like to thank my colleagues. The Ambev team is an incredible group of talented people, focusing on meeting consumer needs and helping our ecosystem to thrive. It has been a huge pleasure working with you all.

好的。非常感謝。當我們結束這場電話會議時，我要感謝我們所屬的整個生態系統。首先，我要感謝我的同事們。Ambev 團隊是一群令人難以置信的人才，專注於滿足消費者需求並幫助我們的生態系統蓬勃發展。與大家一起工作非常愉快。

I also want to thank our clients who believe in our products and help deliver them to our consumers who choose us. To our suppliers and partners. Thank you for your support and for believing in our transformation to take us to an even better place.

我還要感謝相信我們產品並幫助將產品交付給選擇我們的消費者的客戶。致我們的供應商和合作夥伴。感謝您的支持並相信我們的轉型將帶領我們走向更好的地方。

Finally, my thanks goes to each of you, analysts and investors for the time we spent together. Your trust ones feedback and partnership have been invaluable on this journey, we have shared. It has been a privilege. We are more than prepared for the future. And the best news is that this progress does not stop here.

最後，我感謝你們每一位分析師和投資者，感謝我們一起度過的時光。我們分享道，您信任的回饋和合作關係在這趟旅程中非常寶貴。這是一種特權。我們為未來做好了充足的準備。最好的消息是，這項進展不止於此。

Carlos Klutzenschell Lisboa is coming is a known friend. Someone I've known for over 20 years. And with his experience, business knowledge, passion for the brand, I am confident he is the right person to lead our company forward. I really -- so please really welcome Lisboa with the same warm you showed me. So thank you very much, and see you soon.

Carlos Klutzenschell 里斯本即將到來，是一位眾所周知的朋友。一個我認識20多年的人。憑藉他的經驗、商業知識和對品牌的熱情，我相信他是領導我們公司前進的合適人選。我真的——所以請像你們一樣熱情地歡迎里斯本。非常感謝您，很快再見。

Thank you. This does conclude today's presentation.

謝謝。今天的演講到此結束。