Ambev SA (ABEV) 2024 Q4 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 fourth quarter results conference call. Today with us, we have Mr. Carlos Lisboa, Ambev's CEO; and 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。歡迎大家參加 Ambev 2024 年第四季業績電話會議。今天與我們在一起的還有 Ambev 的首席執行官 Carlos Lisboa 先生；以及首席財務官兼投資者關係官 Lucas Lira 先生。提醒一下，您可以在我們的網站 ri.ambev.com.br 上下載幻燈片演示文稿，也可以透過本次電話會議的網路直播連結下載。

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

我們想通知您，此事件正在被記錄。（操作員指示）在繼續之前，讓我提一下，前瞻性陳述是根據 1996 年證券訴訟改革法的安全港做出的。前瞻性陳述基於 Ambev 管理層的信念和假設以及公司目前掌握的資訊。

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. 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. 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 fourth quarter results.

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可能不會發生的情況。投資人應了解，一般經濟狀況、產業狀況和其他經營因素也可能影響 Ambev 的未來業績，並可能導致結果與此類前瞻性陳述中表達的結果有重大差異。我還想提醒大家，與往常一樣，今天電話會議上討論的百分比變化都是有機的和正常化的，除非另有說明，百分比變化是指與 2023 年第四季度業績的比較。

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.

正常化數字是指不包括特殊項目在內的績效指標，特殊項目是指 Ambev 正常活動中不定期發生的收入或支出。由於標準化數字是非公認會計準則指標，因此公司在收益報告中以完整報告的方式揭露合併利潤、每股盈餘、營業利潤和 EBITDA。

Now I will turn the conference over to Mr. Carlos Lisboa. Mr. Lisboa, you may begin your conference.

現在我將會議交給卡洛斯·利斯本先生。里斯本先生，您可以開始您的會議了。

Thank you for joining our fourth quarter and full year 2024 earnings call. Today marks my first earnings call as CEO of Ambev and it is a pleasure to connect with you. Returning to my home at Ambev on its 25th anniversary in lead its amazing people is a dream come true. This is the place where it grew as a professional and over the years has shaped who I am as a person, dreaming big having an ownership mentality and not taking shortcuts will always be pillars for everything I do.

感謝您參加我們的 2024 年第四季和全年財報電話會議。今天是我作為 Ambev 執行長第一次召開財報電話會議，很高興與您聯繫。在安貝夫成立 25 週年之際回到我的家鄉並領導這裡出色的員工，這真是夢想成真。這是我作為專業人士成長的地方，多年來，它塑造了我的個性，擁有遠大的夢想、主人翁心態和不走捷徑永遠是我所做一切的支柱。

Step into this role made me realize that a lot has changed since I left Brazil, and there is plenty to learn from new and familiar colleagues. At the same time, I bring 32 years of experience with the company. Throughout this time, I have had the privilege of leading marketing functions at Ambev and also global brands at ABI. I also managed businesses in more developed markets like Canada, as well as in emerging markets in Latin America South and more recently, in Mid-America zones, the largest zone for ABI.

擔任這個職位讓我意識到自從我離開巴西以來發生了很多變化，有很多東西可以向新同事和熟悉的同事學習。同時，我為公司帶來了32年的工作經驗。在此期間，我有幸領導 Ambev 的行銷職能以及 ABI 的全球品牌。我還管理過加拿大等較發達市場以及拉丁美洲南部新興市場的業務，以及最近的中部美洲地區（ABI 最大的地區）。

As I embark on this new and exciting chapter of my career, I am confident we can shape a bright future for our company. I'm glad today Ambev is stronger than it was five years ago, thanks to Jiangsu leadership and the team.

當我踏上職涯這段全新而令人興奮的篇章時，我相信我們能夠為公司創造美好的未來。我很高興安貝夫今天比五年前更強大了，這要感謝江蘇隊的領導和團隊。

Today, we have a unique portfolio of domestic and global brands the whole significant relevance for our consumers in each of our markets, positioning us to lead the category into the future. We also became a digital company with over 88% of our gross revenues transacted through Bs, our B2B platform. Our digital transformation has emerged as a key enabler in our evolution to even more customer and consumer-led organization, enhancing our effectiveness in meeting their needs.

今天，我們擁有獨特的國內和全球品牌組合，這些品牌對於我們每個市場的消費者都具有重要意義，使我們能夠引領該類別走向未來。我們也成為了一家數位公司，超過 88% 的總收入是透過我們的 B2B 平台 Bs 實現的。數位轉型已成為我們向更以客戶和消費者為主導的組織轉型的關鍵推動因素，提高了我們滿足其需求的效率。

Finally, over the past five years, consolidated EBITDA grew by 37% and generated nearly BRL65 billion in free cash flow to equity, while investing approximately BRL30 billion in CapEx and BRL33 billion in sales and marketing, and '24 played an important role in this journey. First, we maintained top line momentum. The B reputation remains strong as the most relevant category within alcoholic beverages, having gained or maintained share of trout in the majority of our top 10 markets.

最後，在過去五年中，合併 EBITDA 增長了 37%，產生了近 650 億雷亞爾的股權自由現金流，同時在資本支出中投資了約 300 億雷亞爾，在銷售和營銷中投資了 330 億雷亞爾，而 '24 在這一歷程中發揮了重要作用。首先，我們保持了營收成長動能。B 類產品作為酒精飲料中最相關的類別，聲譽依然強勁，在我們前十大市場中的大多數市場中，鱒魚的份額均有所增加或保持穩定。

In those markets, beer currently has aggregated share of trout of over 60%. We remain be a leaders in eight of our top 10 markets, continue to develop the category, not only by offering loved brands, but also bringing innovative lipids and new packaging solutions to address multiple consumer needs and consumption occasions. As a result, our volumes, excluding Argentina grew by 1.4% with our mega brands increasing by 7.6% and improving brand health in most of our markets.

在這些市場中，啤酒目前佔鱒魚總份額的 60% 以上。我們在十大市場中的八個市場中保持領先地位，並繼續開發該類別，不僅提供受歡迎的品牌，還帶來創新的脂質和新的包裝解決方案，以滿足多種消費者需求和消費場合。結果，我們的銷售量（阿根廷除外）成長了 1.4%，我們的大品牌成長了 7.6%，並且我們在大多數市場的品牌健康狀況都有所改善。

Our digital initiatives continue to progress. This was live in eight of our top 10 markets by the end of the year and achieved 1.3 million monthly active buyers, an increase of 14% versus last year. As for DTC is that delivery in Brazil fulfilled over 66 million orders, 10% higher than in '23, providing 90 million consumers with the convenience of having cold beer in other marketplace products quickly delivered right to their homes.

我們的數位化措施持續取得進展。截至年底，該服務已在我們十大市場中的八個市場上線，每月活躍買家數量達到 130 萬，比去年增長了 14%。至於 DTC，巴西的配送服務完成了超過 6,600 萬份訂單，比 23 年高出 10%，為 9,000 萬消費者提供了便利，讓他們可以將其他市場產品中的冰鎮啤酒快速送到家中。

Our top line performance and digital transformation, coupled with a disciplined approach to our cost and expense management led us to EBITDA growth with margin expansion in all our business units. Delivering a double-digit consolidated EBITDA growth with gross and EBITDA margin expansion for the second consecutive year.

我們的營收表現和數位轉型，加上我們對成本和費用管理的嚴謹方法，使我們所有業務部門的 EBITDA 都能成長，利潤率也隨之提高。連續第二年實現兩位數的綜合 EBITDA 成長，毛利率和 EBITDA 利潤率均擴大。

On top of that, we generated nearly BRL18 billion of free cash flow to equity, a 37% improvement versus last year. In terms of capital allocation, we have executed approximately 45% of our current share buyback program as of today and also completed the payment of IOC and dividend payout approved in 2024. Moreover, yesterday, our Board of Directors approved the distribution of intermediary dividends of around BRL2 billion to be paid in April.

除此之外，我們還產生了近180億雷亞爾的股權自由現金流，比去年成長了37%。在資本配置方面，截至今日，我們已執行了當前股票回購計畫的約 45%，並完成了 2024 年批准的 IOC 和股息支付。此外，昨天，我們的董事會批准派發約 20 億雷亞爾的中期股息，將於 4 月支付。

Now I would like to share the commercial highlights for the year in our main markets. In Brazil, beer industry remained resilient, growing by low single digits in the year, even with a decline in Q4, mostly driven by bad weather, which impacted key beer consumption occasions. Our full year volumes increased by 0.6%, driven by market share gains according to our estimate. Both core brands grew by low teens, led by Corona, spotty and Budweiser, while core brands dropped by low single digits as Brahma Antarctica growth was offset by the decline of SCO, which is a priority for us in 2025.

現在，我想分享我們今年在主要市場的商業亮點。在巴西，啤酒業保持了韌性，全年仍保持了低個位數成長，儘管第四季度出現下滑，主要原因是惡劣天氣影響了主要的啤酒消費場合。根據我們的估計，受市場佔有率成長的推動，我們的全年銷量成長了 0.6%。兩個核心品牌都實現了低個位數成長，其中 Corona、Spotty 和 Budweiser 領銜，而核心品牌則出現低個位數下降，因為 Brahma Antarctica 的成長被 SCO 的衰落所抵消，而 SCO 是我們在 2025 年的首要任務。

Furthermore, we continue to lead no alcohol beer segment, growing the 20s, led by Corona Cero and Budweiser Zero. Still in Brazil, net volumes rose by 4.1%, led by our focus on nonsugar CSD, sports and energy drinks. Brahma Antarctica grew volumes by high single digits, driven by Brahma and reach over 1 million customers for the first time in history, supported by Bs. In Argentina, the overall consumer environment remained challenging throughout the year with beer industry down in low 20s. However, our continued work to be better prepared for the future led to a stable market share according to our estimates, while our mega brands improved brand health.

此外，我們繼續引領無酒精啤酒市場，以 Corona Cero 和 Budweiser Zero 為首的啤酒銷量成長了 20 倍以上。在巴西，淨銷量仍成長了 4.1%，這主要得益於我們對無糖碳酸飲料、運動飲料和能量飲料的關注。在 Brahma 的推動下，Brahma Antarctica 的銷量實現了高個位數增長，並在 Bs 的支持下歷史上首次超過 100 萬客戶。在阿根廷，全年整體消費環境仍充滿挑戰，啤酒業銷售下滑幅度低於 20%。然而，透過持續努力，我們為未來做好了更好的準備，根據我們的估計，我們的市場份額保持穩定，同時我們的大品牌也改善了品牌健康狀況。

Moving to Dominican Republic, volumes grew by mid-single digits, led by the President family of brands, which achieved all-time high volumes and drove gains in the brand health of our mega brands. Moreover, we estimate to have gained market share in the year. And lastly, in Canada, our mega brands grew volume by low single digits, led by Corona and (inaudible), while also improving brand health. Total volumes declined by 3.1% in the year despite a positive performance in the fourth quarter.

在多明尼加共和國，銷售量實現了中等個位數成長，其中，總統品牌系列的銷售量創下了歷史新高，並推動了我們大型品牌的品牌健康狀況的提高。此外，我們預計今年的市佔率將會增加。最後，在加拿大，在 Corona 和（聽不清楚）的帶動下，我們的大品牌的銷售成長了個位數，同時品牌健康狀況也在改善。儘管第四季表現良好，但全年總銷量仍下降了 3.1%。

Now Lucas will cover our financial performance in more details.

現在盧卡斯將更詳細地介紹我們的財務表現。

Thanks, Lisboa, and hello, everyone. Going into 2024, we knew the year would be extremely challenging in terms of financial performance, given the significant tax headwinds in Brazil and the overall environment in Argentina. Nevertheless, we challenged ourselves to deliver another year of free cash flow growth in spite of this. And on balance, the team managed to deliver results that were better than expected. In terms of growth, EBITDA grew 11.4% organically, 12.1% ex-Argentina, Normalized profit declined by 2.3%. Here, EBITDA growth and the best net finance results since 2014 nearly offset a negative impact of almost BRL3.5 billion in less tax deductibility in Brazil, which resulted in a step change in our effective tax rate.

謝謝，里斯本，大家好。展望 2024 年，我們知道，鑑於巴西面臨的巨大稅收阻力以及阿根廷的整體環境，這一年的財務表現將極具挑戰性。儘管如此，我們仍然挑戰自己，努力實現另一年的自由現金流成長。總體而言，該團隊取得了比預期更好的成績。從成長方面來看，EBITDA 有機成長 11.4%，阿根廷以外地區成長 12.1%，標準化利潤下降 2.3%。在這裡，EBITDA 成長和自 2014 年以來最好的淨財務業績幾乎抵消了巴西稅收減免減少近 35 億雷亞爾的負面影響，這導致我們的有效稅率發生了重大變化。

By the way, this year, nearly 60% of our net value added went to federal, state and municipal taxes, up from roughly 53% last year. Meanwhile, cash flow from operating activities grew 5.6%, while free cash flow to equity increased 37%. Now in terms of profitability, gross margin expanded 170 basis points organically, 190 basis points ex-Argentina, and EBITDA margin expanded 200 basis points organically, 220 basis points ex-Argentina.

順便說一句，今年，我們淨增加價值的近 60% 用於繳納聯邦、州和市政稅，高於去年的 53% 左右。同時，經營活動現金流成長 5.6%，股權自由現金流成長 37%。現在就獲利能力而言，毛利率有機擴大了 170 個基點，阿根廷以外地區擴大了 190 個基點，EBITDA 利潤率有機擴大了 200 個基點，阿根廷以外地區擴大了 220 個基點。

And return on invested capital declined to 18.6% with better asset turnover more than offset by NOPAT margin contraction given the significant tax headwinds in Brazil. And finally, in terms of value creation, we managed to keep our return on invested capital above our weighted average cost of capital by 6 percentage-points and economic profit was positive despite a higher cost of capital.

由於巴西面臨巨大的稅收阻力，投資資本回報率下降至 18.6%，但資產週轉率的提高抵消了 NOPAT 利潤率的收縮。最後，在價值創造方面，我們設法將投資資本回報率保持在比加權平均資本成本高出 6 個百分點的水平，儘管資本成本較高，但經濟利潤仍為正。

Now let me double-click on cash flows. Cash flow from operating activities totaled a little over BRL26 billion, Cash flow used in investing activities totaled approximately negative BRL5.5 billion, and cash flow from financing activities totaled about negative BRL10.4 billion. What's more we ended 2024 with about BRL29 billion in cash and cash equivalents, which gives us ample liquidity going forward, which brings me to the topic of capital allocation. Thanks to our strong balance sheet and resilient cash flow generation, we will continue to reinvest in organic growth opportunities, which are plenty, invest behind attractive nonorganic growth opportunities that may arise and return excess cash to shareholders over time.

現在讓我雙擊現金流。經營活動現金流總計略高於260億雷亞爾，投資活動現金流總計約負55億雷亞爾，融資活動現金流總計約負104億雷亞爾。此外，截至 2024 年，我們的現金和現金等價物約為 290 億雷亞爾，這為我們未來提供了充足的流動性，這讓我想到了資本配置的話題。由於我們強勁的資產負債表和強勁的現金流生成，我們將繼續對大量的有機成長機會進行再投資，投資可能出現的有吸引力的非有機成長機會，並隨著時間的推移向股東返還多餘的現金。

In the last quarter of 2024, we announced approximately BRL12.5 billion of excess cash to be returned to shareholders. An 8.7% increase when compared to our gross payout in 2023. About BRL3.8 billion were in the form of IOC paid December 2024 and nearly BRL6.7 billion were in the form of dividends paid in January 2025 and roughly BRL2 billion were in the form of share buybacks, out of which approximately $800 million have been executed to date.

2024 年最後一個季度，我們宣布將向股東返還約 125 億雷亞爾的超額現金。與我們 2023 年的總支出相比，成長了 8.7%。其中約 38 億雷亞爾以國際奧委會的形式於 2024 年 12 月支付，近 67 億雷亞爾以股息的形式於 2025 年 1 月支付，約 20 億雷亞爾以股票回購的形式支付，其中迄今已執行約 8 億美元。

In addition, consistent with the Board's decision to commence intermediary dividends, a dividend has been declared totaling approximately BRL2 billion to be paid in April. Turning to 2025. We will continue to focus on optimizing our business by managing and allocating resources diligently and in a smart way. Moreover, our ambition is to stay on the margin expansion track despite the well-known cost headwinds, particularly in Brazil, given the depreciation of the Brazilian real and increase of aluminum prices.

此外，根據董事會開始派發中期股息的決定，該公司已宣布派發總額約 20 億巴西雷亞爾的股息，將於 4 月支付。展望2025年。我們將繼續致力於透過勤勉且明智的方式管理和分配資源來優化我們的業務。此外，儘管眾所周知的成本阻力很大，特別是在巴西，由於巴西雷亞爾貶值和鋁價上漲，我們的目標是保持利潤率擴張的軌道。

Assuming current FX and commodity prices, we expect our cash COGS per hectoliter in Brazil beer, excluding non-Ambev marketplace products, to grow between 5.5% and 8.5% in 2025. To overcome this challenge, we will once again rely on our strict financial discipline in terms of costs and expenses but revenue management will also play an important role.

假設目前的外匯和商品價格，我們預計到 2025 年巴西啤酒每百公升現金銷售成本（不包括非 Ambev 市場產品）將成長 5.5% 至 8.5%。為了克服這項挑戰，我們將再次依靠成本和費用方面的嚴格財務紀律，但收入管理也將發揮重要作用。

In 2024, although our price to retailers and mix were ahead of inflation, our overall net revenue per hectoliter performance was negatively impacted by higher state VAT taxable base, which should be less of a factor in 2025. It's not an easy task, but the team is once again up for the challenge. Before handing it back to Lisboa, as you know, this is my last conference call.

2024 年，雖然我們的零售商價格和產品組合領先於通貨膨脹，但我們每百升的整體淨收入表現受到更高州增值稅應稅基數的負面影響，而這一影響在 2025 年應該會較小。這不是一項容易的任務，但團隊再次迎接挑戰。在將其交還給里斯本之前，如你所知，這是我的最後一次電話會議。

After five years in the role and 20 years between Ambev and AB Ambev, it's time for a break and it's time for me to spend more time with my family. So I just wanted to take a moment to give thanks. Thanks to Mariana my wife and our three daughters for allowing me to go all in over all these years, thanks to the teams I had the privilege of leading and learning from, especially my team as CFO for having my back as well. Thanks to all of those who inspired me, bet on me, challenged me and gave me feedback over the years, and thanks to the investment community for your trust, your questions, provocations and your feedback during our interactions. I truly learned a lot. That's it for me.

在擔任這個職位五年，在 Ambev 和 AB Ambev 之間工作了二十年之後，是時候休息一下了，我應該花更多時間陪伴家人。所以我只想花一點時間來表達感謝。感謝我的妻子瑪麗安娜和我們的三個女兒，感謝這些年來我全力以赴的努力，感謝我有幸領導和向我學習的團隊，特別是感謝擔任首席財務官的團隊對我的支持。感謝多年來給予我啟發、信任我、挑戰我和給予我回饋的所有人，也感謝投資界在我們互動過程中給予我的信任、提問、啟發和回饋。我確實學到了很多。對我來說就是這樣了。

Lisboa, over to you.

里斯本，交給你了。

Thank you, Lucas. And since this is your last earnings call at Ambev, I would like to thank you for the great leadership and dedication over the past years. You have been a fundamental part of the evolution of our company that I mentioned earlier. Before we go to Q&A, let me share recent experience that truly resonated with me.

謝謝你，盧卡斯。這是您在 Ambev 的最後一次財報電話會議，因此我想感謝您過去幾年的出色領導和奉獻精神。正如我之前提到的，您是我們公司發展的一個重要組成部分。在我們進入問答環節之前，讓我先分享最近真正引起我共鳴的經驗。

Two weeks ago, we had our Brazilian annual sales convention, my first in 15 years. This event is a cherished tradition at Ambev and reflects the essence of our company. We gathered 4,000 people from all over the country to share our plans and ambitions for the year. It's simply impossible to leave this event without feeling energized by our people. Falling even more in love for our category and our brands and being confident about the future of our company.

兩週前，我們舉行了巴西年度銷售大會，這是我 15 年來的第一次大會。這次活動是 Ambev 的寶貴傳統，體現了我們公司的精髓。我們聚集了來自全國各地的 4,000 人來分享我們今年的計劃和抱負。在離開這次活動時，你不可能不感受到我們人民所給予的鼓舞。更熱愛我們的產品類別和品牌，並對我們公司的未來充滿信心。

And it is with this energy and inspiration that we kick off the next 25 years of our company. Our focus will be to execute our strategy and progress in all its strict pillars across our markets.

正是帶著這種活力與靈感，我們開啟公司下一個 25 年。我們的重點是執行我們的策略，並在我們的市場中推動其所有嚴格支柱的進步。

Pillar number one, lead and grow our category. Over 95% of our volumes come from Latin America markets with growth potential as beer category holds a unique culture relevance in the region, and consumption per capita is still low compared to similar regions. Therefore, we have plenty of opportunities to engage more consumers with our category across a wider range of occasions.

第一支柱，引領並發展我們的產品類別。我們 95% 以上的銷售來自具有成長潛力的拉丁美洲市場，因為啤酒類別在該地區具有獨特的文化意義，而且與類似地區相比人均消費量仍然較低。因此，我們有足夠的機會在更廣泛的場合吸引更多消費者關注我們的產品。

Pillar number two, digitize and monetize our ecosystem. We want to build our organization for the future and data insights from our digital ecosystem will allow us to be ahead of time by proactively addressing our customer and consumer needs.

第二大支柱是將我們的生態系統數位化並貨幣化。我們希望建立面向未來的組織，來自數位生態系統的數據洞察將使我們能夠主動滿足客戶和消費者的需求，從而走在時代的前列。

Pillar number three, optimize our business. We will execute pillar number 1 and number 2, while simultaneously working to expand margins and improve earnings per share. We will focus on profitable growth to deliver sustainable value creation to all shareholders.

第三大支柱是優化我們的業務。我們將執行支柱一和支柱二，同時努力擴大利潤率並提高每股盈餘。我們將專注於獲利成長，為全體股東創造可持續的價值。

And one last thought before I close. When I look back to the company that fascinated me 32 years ago, there are many things that remain true, but there is one that is really special. The quality of our people and their ability to adapt and overcome challenges. I'm very proud to be part of this team again, and I would like to thank the entire team for the warm welcome. Together, we will build the Ambev of many years to come.

在結束之前，我還有最後一個想法。當我回顧 32 年前令我著迷的這家公司時，很多事情依然真實，但有一件事確實非常特別。我們人民的素質以及他們適應和克服挑戰的能力。我很自豪能再次成為這個團隊的一員，並感謝整個團隊的熱情歡迎。我們將共同建構未來的安貝夫。

Thank you very much for your attention. And now I will hand it back to the operator for the Q&A.

非常感謝您的關注。現在我將把節目交還給接線員進行問答。

(Operator Instructions)

（操作員指令）

Thiago Duarte, BTG.

蒂亞戈·杜阿爾特，BTG。

Lisboa, Lucas, nice talking to you both. Yeah, I have a question, and I think I'm going to have to split it in two. The first one is actually regarding one comment that Lisboa did in his opening remarks talking about Skol, and I think you mentioned the decline of Skol volumes in 2024 and of Skol being, if I understood correctly, a priority in 2025. So it would be nice if you could talk a little bit more about it and elaborate a little bit why do you think that's important for the portfolio. As you said yourself, Lisboa, the company is stronger today than it was before. The portfolio is stronger. There are many more brands participating in the volume mix of the company. So if you could elaborate in terms of the size and the scope of the opportunity for Skol, that would be great.

里斯本、盧卡斯，很高興與你們交談。是的，我有一個問題，我想我必須把它分成兩個部分。第一個問題實際上是關於里斯本在開幕詞中談到 Skol 時所作的評論，我認為您提到了 2024 年 Skol 數量將下降，而如果我理解正確的話，Skol 是 2025 年的優先事項。因此，如果您能就此再多談一點，並詳細說明為什麼您認為這對投資組合如此重要，那就太好了。正如您自己所說，里斯本，公司現在比以前更強大了。投資組合更加強大。還有更多品牌參與該公司的銷售組合。因此，如果您可以詳細說明 Skol 的機會規模和範圍，那就太好了。

And second, if you could talk a little bit more and particularly in the fourth quarter about the volume performance in Beer Brazil. You mentioned the weather as a headwind during the quarter. That's clear. But I was wondering if there was differences in terms of the performance of volumes on a regional basis. And the reason I'm asking this is because you had a relatively soft price increase year over year. We saw tax subventions increasing as a percentage of sales. So I'm led to believe that you had a better performance in regions like the Northeast and the North as opposed to the South and Southeast. And I wanted to confirm if that makes any sense and if not, if you could elaborate on that, it would be great as well.

第二，您能否再多談一下，特別是第四季巴西啤酒的銷售表現。您提到天氣是本季的不利因素。這很清楚。但我想知道不同地區在銷售表現上是否有差異。我之所以問這個問題，是因為你們的價格比去年同期漲幅相對較小。我們發現稅收補貼佔銷售額的百分比正在增加。因此我相信你們在東北部和北部地區的表現比南部和東南部地區更好。我想確認這是否有意義，如果沒有，如果您能詳細說明一下，那就太好了。

Thiago it's a true pleasure to talk to you today and thinks about the two questions, okay? So let me elaborate first about SCO. One of the things that I've learned throughout my journey, Thiago is the following. Whenever you have a healthy core for your category. Potentially, you're going to drive, right, your category to a healthier condition, right? So in Brazil, we have three strong core brands, right? And they have a complementary role, which is very interesting for us.

蒂亞戈，今天非常高興與您交談並思考這兩個問題，好嗎？因此，讓我先詳細說明一下 SCO。蒂亞戈，在我的整個旅程中，我學到了以下的一件事。只要您的類別具有健康的核心。有可能，你會推動你的類別走向更健康的狀態，對嗎？那麼在巴西，我們有三個強大的核心品牌，對嗎？而且它們也發揮著互補的作用，這對我們來說非常有趣。

And on top of that, they have different competitive levels across the country, as you mentioned in your second question, right? So when you think about Skol, right, Skol is the -- together with Brahma, right, the two most important brands that we have like in terms of volume and top line contribution at Ambev Brazil, right? Many of our initiatives and decisions were very assertive right for many brands and impacted positively Brahma and Antarctica. However, this was not the case with Skol, right? And that's the reason why I made the point that we acknowledge that 2024 was not a great year for this Skol, and we treated -- well treated as a priority moving forward.

而且最重要的是，正如您在第二個問題中提到的，全國各地的競爭水平是不同的，對嗎？所以當您想到 Skol 時，對吧，Skol 是——與 Brahma 一起，就 Ambev Brazil 的銷售和營收貢獻而言，是我們最重要的兩個品牌，對吧？我們的許多舉措和決定對於許多品牌來說都是非常正確的，並對 Brahma 和 Antarcica 產生了積極的影響。但是Skol的情況不是這樣的吧？這就是我指出的原因，我們承認 2024 年對 Skol 來說不是一個好年頭，但我們將其作為未來的優先事項。

And I think you saw in the beginning of the session, right, as part of the video, a new right marketing initiative to support in a different way, scope this year. Talking a little bit more about the brand just to clarify why it is so important for us on top of the volume and top line relevance in 17 states of Brazil, Skol is the leading brand. On top of that, 50% of Brazilian consumers, right, consume, scale in the last three months, right?

我想您在會議開始時就看到了，作為影片的一部分，今年我們將以不同的方式支持一項新的正確行銷計劃。再多談一點關於品牌的事情，只是為了闡明為什麼它對我們如此重要，除了巴西 17 個州的銷售和營收相關性之外，Skol 還是領先的品牌。最重要的是，50％的巴西消費者在過去三個月內進行了消費，對嗎？

And on top of the internal relevance, when you reflect about what this brand stands for, it represents for the category. On the functional end, Skol is a synonym of easy-to-drink lipid that we know is the lipid profile of consumers love the most in Brazil, right. On the emotional end, Skol presents exactly what the category represents for Brazilian consumers. It's all about dry, fun, being with friends, right? So with everything I said, it's almost like an obvious conclusion that should be a priority for us to put this brand back on a positive trajectory, and this is exactly what we're going to do. I hope to have answered your question about the brand.

除了內部相關性之外，當您思考這個品牌代表什麼時，它代表的是該類別。從功能上來說，Skol 是易於飲用脂質的代名詞，我們知道這是巴西消費者最喜歡的脂質類型，對吧。從情感角度來看，Skol 準確地展現了這個類別對巴西消費者的意義。這一切都是為了乾燥、有趣、和朋友在一起，對吧？所以，從我所說的一切來看，這幾乎是一個顯而易見的結論，我們應該優先考慮讓這個品牌重回積極的軌道，而這正是我們要做的。我希望能夠回答您關於該品牌的問題。

And the second point about the regions. You're right when you say that some specific regions continue to lead the way in terms of growth and you are right to mention, right, North and Northeast, right, as the leading regions for us in terms of volume performance throughout the year and was not different in the last quarter of '24.

第二點是關於地區的。您說某些特定地區在成長方面繼續處於領先地位，這是正確的。您正確地提到北部和東北部是我們全年銷售表現領先的地區，在 2024 年最後一個季度也沒有什麼不同。

Carlos Laboy, HSBC.

匯豐銀行的卡洛斯‧拉博伊 (Carlos Laboy)。

Maybe we can build on that answer that you just gave, Lisboa to how you look at the position of all your mega brands within the portfolio? And maybe you can also touch on how you're approaching maybe occasion brand package price in point-of-sale segmentation changes to address how you view this broader portfolio playing differently going forward?

也許我們可以基於您剛才給出的答案，里斯本，來談談您如何看待您所有大品牌在投資組合中的地位？也許您還可以談談您如何處理銷售點細分變化中的品牌包裝價格，以解決您如何看待這個更廣泛的產品組合在未來發揮的不同作用？

Laboy nice talk to you again. Thanks for the question. One of the things that I love the most about my return to Brazil is the opportunity that we have as a team to move this -- our new portfolio forward, right? John and the team, they did a great job, right, complementing, what you used to have here in Brazil in terms of domestic, really strong domestic brands with a new portfolio of global brands, right, playing a very interesting complementary role, attending more consumers and having the chance to introduce our category into more occasions.

Laboy 很高興再次與您交談。謝謝你的提問。我回到巴西最喜歡的事情之一就是我們有機會作為一個團隊來推動我們的新投資組合向前發展，對嗎？約翰和他的團隊做得非常出色，對吧，他們補充了你們以前在巴西擁有的國內品牌，非常強大的國內品牌與新的全球品牌組合，發揮了非常有趣的互補作用，吸引了更多的消費者，並有機會將我們的產品類別引入更多的場合。

And I'm saying all of this because in the end, this should be our role as leaders of the category, our main objective must always be move our category forward, right, prepare our category to a more mature type of reality tomorrow, right? And by doing what we are doing today, I mean, in terms of brands assortment, SKU assortments right? This will give and already give us the opportunity to be present in different pot, like different occasions with the relevance of our category demand. The beer category in Brazil has one of the strongest reputations for the category in the world, right? Our role is to boost it, right? And after all these years, right, living abroad, it's great to see that our category can be win more than it is here in Brazil, right? So there's plenty of opportunities for us to develop the category.

我之所以這麼說，是因為歸根結底，這應該是我們作為該類別領導者的角色，我們的主要目標必須始終是推動我們的類別向前發展，對吧，為我們的類別做好明天更成熟的現實準備，對吧？我們今天所做的事情，是指品牌分類、SKU 分類，對嗎？這將給予並且已經給予我們機會出現在不同的場合，例如與我們的類別需求相關的不同場合。巴西的啤酒是世界上聲譽最高的啤酒之一，對嗎？我們的職責就是促進它，對嗎？經過這麼多年，對吧，住在國外，很高興看到我們的類別比在巴西贏得更多，對吧？因此，我們有很多機會來開發該類別。

In different places, right, we expressed the category in different ways, right? In Mexico, it was amazing to see right mixes being done with beer, right? Using beer as a base and people loving the chance to -- and the opportunity to experience our products in very different ways than we do here in Brazil, just to give you one example. So in the end, this is all about our key role as leaders, right, move this category forward and make our category even stronger to continue, right, surprising our consumers in a very positive and strong way, right?

在不同的地方，對吧，我們用不同的方式表達類別，對吧？在墨西哥，看到啤酒的完美混合真是令人驚奇，對吧？舉個例子，以啤酒為基礎，人們喜歡這個機會——並且有機會以與巴西截然不同的方式體驗我們的產品。所以說到底，這都是關於我們作為領導者的關鍵角色，對吧，推動這個類別向前發展，使我們的類別更加強大，以非常積極和強有力的方式繼續給我們的消費者帶來驚喜，對吧？

And in the end, now when we combine global, local and new liquid solutions that we brought, and we will bring to consumers forward. We are pretty sure that our category will surprise us in a very meaningful way forward.

最後，當我們將全球、本地和我們帶來的新液體解決方案結合起來時，我們將把產品帶給消費者。我們非常確信，我們的類別將以一種非常有意義的方式給我們帶來驚喜。

Lisboa, if I may, can I just add one comment, Carlos, which is which relates to digital, okay? And then how digital has helped us over the last few years to kind of fundamentally change how we interact with and as a result, better serves clients and consumers, right? So by introducing these by introducing the delivery, right, in the meaningful way that we did in Brazil, and there's more to be done outside Brazil as well for that matter. I think we managed to really deliver kind of a paradigm shift where we now have a one-to-one conversation with clients, one-to-one conversation with consumers, which has helped us a lot in terms of the assortment we offer to whom when we offer it, how we offer it.

里斯本，如果可以的話，我能否補充一條評論，卡洛斯，這與數字有關，好嗎？那麼，數位化在過去幾年中如何幫助我們從根本上改變了我們與客戶和消費者的互動方式，從而更好地為他們服務，對嗎？因此，透過以我們在巴西所做的有意義的方式引入這些，透過引入交付，我們在巴西以外做了很多工作。我認為我們確實實現了某種範式轉變，我們現在與客戶進行一對一對話，與消費者進行一對一對話，這對我們在向誰提供產品、何時提供產品以及如何提供產品等方面提供了很大幫助。

And so it really gives us a much more robust platform right, to really expose our consumers and our clients to our broader portfolio,

因此，它確實為我們提供了一個更強大的平台，讓我們的消費者和客戶真正了解我們更廣泛的產品組合，

Isabella Simonato, Bank of America.

伊莎貝拉‧西蒙納托 (Isabella Simonato)，美國銀行。

I hope you guys hear me well. Nice starting to Carlos and Lucas. Two questions on my side. One, you guys mentioned, if I'm not mistaken, it is the first time in a while about inorganic growth, right? So I wonder if you could elaborate a little bit more on that and what type of opportunities are out there and what's the strategy behind this inorganic growth eventually it happens?

我希望你們能聽清楚我的話。卡洛斯和盧卡斯的開局不錯。我有兩個問題。首先，如果我沒記錯的話，你們提到了，這是很久以來第一次關於無機成長的問題，對嗎？所以我想知道您是否可以進一步詳細說明這一點，以及存在哪些類型的機會以及最終實現這種無機增長背後的策略是什麼？

And my second question is you guys released, right, the guidance of cost for Beer Brazil for the year, which is ahead of inflation. And I understand there is look, as you mentioned, right, revenue management and cost efficiencies and so on. But I wonder if you could bring a little bit more details on what can be done, right, especially in terms of revenue management, we saw contribution in the last few years. So I wonder if -- how much more is there to come to overcome probably not only one year, but two years of cost ahead of inflation. That's it for me.

我的第二個問題是，你們發布了今年巴西啤酒的成本指導價，該成本高於通膨率。我知道，正如您所說，有收入管理和成本效率等等。但我想知道您是否可以提供更多細節來說明可以做些什麼，對嗎，特別是在收入管理方面，我們在過去幾年看到了貢獻。所以我想知道——還需要多少才能克服可能不只是一年而是兩年的通貨膨脹成本。對我來說就是這樣了。

Isabella, also a really nice talk to you. Let me take the second one, and then I'm going to let Lucas elaborate about the first, okay. So the point is defaulting. I think over the last several years, the largest detractor of our margins, not only Brazil, but mainly in Brazil, were input cost pressure, right? '24 was just the beginning of what we consider a recovery journey, right? So I'm saying this just to emphasize that we're going to put a special emphasis behind productivity this year, right?

伊莎貝拉，很高興與您交談。讓我先回答第二個問題，然後我會讓盧卡斯詳細說明第一個問題，好的。因此重點在於預設。我認為在過去幾年中，我們利潤率的最大負面影響（不僅是巴西，而且主要在巴西）是投入成本壓力，對嗎？‘24’只是我們所認為的康復之旅的開始，對嗎？所以我這樣說只是為了強調我們今年要特別重視生產力，對嗎？

And as you said, right, our revenue management initiatives, combined with this productivity emphasis should be, right, the key drivers to let us deliver again margin expansion. This is the collective ambition that we have right at Ambev. And this is the point that I want to emphasize with you, right? We know that this year will be different from last year. when we had somehow a tailwind on the cost and, we gave you the new guidance on the cash COGS side, right? But despite the challenge, the team is up for the delivery again a positive year for us in margins.

正如您所說，我們的營收管理舉措，加上對生產力的重視，應該是讓我們再次實現利潤率擴大的關鍵驅動力。這是我們 Ambev 的共同願望。這就是我想跟大家強調的一點，對嗎？我們知道今年將與去年有所不同。當我們在成本方面取得進展時，我們就給您提供了現金 COGS 方面的新指導，對嗎？儘管面臨挑戰，團隊仍準備再次實現盈利，這一年對我們而言是積極的一年。

Lucas, will you?

盧卡斯，你願意嗎？

Thanks, Lisboa. With respect to inorganic growth, Isabella, I think the first comment to make is our first and foremost priority is reinvest in organic growth. And that hasn't changed and will not change. In particular, because we still see plenty of opportunities for organic growth in the country. That's true for Brazil, that's true for Latin America South, CAC and Canada. Obviously, each market has its right? It's specificities. But when it comes to organic growth, we still see plenty of opportunity going forward. So that's where I think the bulk of our energy time focused capital is going to be deployed going forward. .

謝謝，里斯本。關於無機成長，伊莎貝拉，我認為首先要說的是，我們的首要任務是重新投資於有機成長。這一點沒有改變，也不會改變。特別是因為我們仍然看到該國有大量有機增長的機會。對巴西來說是這樣，對拉丁美洲南部、中美洲和加拿大來說也是如此。顯然，每個市場都有其權利？這是特殊性。但就有機成長而言，我們仍然看到未來有很多機會。所以我認為我們未來大部分精力和時間集中的資本都將部署在那裡。。

I think the comment around inorganic growth should be read in the context of how we look at capital allocation more broadly, okay? Because once we're -- once we've kind of exhausted our organic growth reinvestment opportunities, we will look to allocate the excess capital that we have behind either inorganic growth opportunities, which are hard to time if and when they may rise, and we're fairly disciplined about M&A strategy planning execution in this company. So it has to also be at the right price and make strategic sense for the organization long term. Number one.

我認為有關無機成長的評論應該在我們如何更廣泛地看待資本配置的背景下理解，好嗎？因為一旦我們——一旦我們用盡了有機成長再投資機會，我們就會尋求將多餘的資本分配給無機成長機會，這些機會很難確定何時會出現，而且我們對這家公司的併購策略規劃執行相當嚴格。因此，它也必須有合理的價格，並對組織的長期策略意義。第一。

Number two, return excess cash to shareholders, be it in the form of IOC dividends or buybacks. So I think the comment should be read in that light. We're always in the water looking for opportunities. And I think if you look at how we approach kind of inorganic growth opportunity over the last few years, we've been looking at inorganic growth opportunities that either will help us serve clients better I think a good example is for -- when we acquired menu.com, which was subsequently kind of rolled up into beast, okay or M&A opportunities that allow us to deliver more value to consumers, okay, be it on the portfolio side, be it in beer, be it a non-alcoholic beverages, ready-to-drink beverages in some markets.

第二，將多餘的現金回饋給股東，無論是以國際奧委會股利或回購的形式。因此我認為應該從這個角度來解讀該評論。我們總是在水中尋找機會。我認為，如果你看看我們在過去幾年中如何處理無機增長機會，我們一直在尋找無機增長機會，這些機會要么可以幫助我們更好地服務客戶，我認為一個很好的例子是 - 當我們收購menu.com時，它隨後被捲入Beast，好的，或者併購機會使我們能夠為消費者提供更多價值，好的，無論是在飲料組合方面，無論飲料是在啤酒組合方面的非酒精組合。

In Canada, just to give you an example, we acquired neutral a few years back. which has been doing particularly well over -- since the acquisition. So I think the point around inorganic is really -- we're in the water. We're always interested in looking for interesting opportunities. But with this customer, or consumer value-add mindset.

舉個例子，在加拿大，幾年前我們獲得了中立。自收購以來，該公司表現尤為出色。因此我認為無機的真正要點是——我們在水中。我們始終熱衷於尋找有趣的機會。但有了這種客戶或消費者增值心態。

Lucas Ferreira, JPMorgan.

摩根大通的盧卡斯費雷拉。

First of all, Lucas, good luck in your next steps, and thank you very much for all the interactions of all these years. Guys, I have a question on -- you discussed a little bit pricing volumes and the outlook for COGS in the year. So I wanted to discuss a little bit the outlook for market investments, distribution costs, if I may, for 2025 in Brazil, especially in light of the comments on you guys made on Skol and organic growth. So in sum, what does it imply to marketing expenses in the year, how much investments you guys doing in the older platform. Could we expect that to follow the revenue growth? Or you think it's time to accelerate a little bit?So how to think about that, that would be great.

首先，盧卡斯，祝你接下來一切順利，非常感謝你這些年來的互動。夥計們，我有一個問題——你們討論了一些定價量和今年的 COGS 前景。因此，我想稍微討論一下 2025 年巴西市場投資、分銷成本的前景，特別是考慮到你們對 Skol 和有機成長的評論。所以總而言之，這對今年的行銷費用意味著什麼，你們在舊平台上投入了多少。我們能預期這會伴隨營收成長嗎？還是你認為是時候加速一點了？那麼怎麼想呢，那就太好了。

Lucas. Thank you -- thank you for -- thank you for the kind words. It's been a pleasure. I think a good way to think about SG&A going forward, is to think about what we've actually managed to accomplish in terms of how we've managed SG&A over the last couple of years. And what I mean by that is when you look at our SG&A results, and here I'm focusing on Brazil beer just as an illustration. I think we've managed to successfully deliver good SG&A performance overall through a combination of, number one, continuing to invest in sales and marketing to further strengthen our portfolio, broaden our portfolio and continue to invest behind our brands.

盧卡斯。謝謝您—謝謝您—謝謝您的善意話語。我很榮幸。我認為思考未來銷售、一般及行政開支的一個好方法是思考我們在過去幾年中管理銷售、一般及行政開支方面實際取得的成就。我的意思是，當您查看我們的銷售、一般及行政開支結果時，這裡我僅以巴西啤酒為例進行介紹。我認為，我們透過多種方式成功地實現了良好的銷售、一般及行政開支業績。第一，我們繼續投資於銷售和行銷，以進一步加強我們的產品組合，拓寬我們的產品組合，並繼續投資我們的品牌。

So we don't want to compromise on that. Quite the contrary. So we've managed to continue to invest behind sales and marketing while funding this investment in sales and marketing through better performance on the distribution side, better performance on the admin/overhead side, okay? So when it comes to distribution over the last couple of years, we've seen efficiencies coming from the DTC side of the business. We saw a lot of opportunities to, as we integrated, for example, that delivery more into the core business we saw an opportunity to become more productive on the distribution side and as we learned more about our last mile capabilities and what worked better with consumers in City A or City B, it allowed us to be more and more efficient as we progress.

所以我們不想在這方面妥協。恰恰相反。因此，我們設法繼續在銷售和行銷方面進行投資，同時透過分銷方面、管理/間接費用方面取得更好的表現來為銷售和行銷方面的投資提供資金，好嗎？因此，在過去幾年的分銷方面，我們看到了 DTC 業務方面的效率提升。我們看到了許多機會，例如，當我們將配送更多地融入核心業務中時，我們看到了在配送方面提高生產力的機會，隨著我們對最後一英里能力的了解越來越多，以及什麼方法更適合 A 市或 B 市的消費者，我們在進步的過程中變得越來越有效率。

And on the admin side, I think here, there's no silver bullet, no quick solution. It's really about implementing and tracking, monitoring, living our ZBB culture, if you will, with a lot of visibility, ownership, accountability of the package owners to make sure that we continue to run an an efficient operation and really help operational leverage overall.

從管理方面來說，我認為這裡沒有靈丹妙藥，也沒有快速的解決方案。這實際上是關乎實施和追蹤、監控和實踐我們的零基預算文化，如果你願意的話，可以透過對包裹所有者的高度可見性、所有權和責任感來確保我們繼續高效運營，並真正幫助提高整體營運槓桿。

And so by being more disciplined on the distribution and admin side, we allow access or we free up resources better set to continue to invest behind sales and marketing. And just to give you some numbers, if you look at Brazil Beer's performance full year SG&A, if I recall correctly, we actually ended up growing below inflation for the year if you exclude variable compensation, which will always, right, vary year over year. But I think that was -- and if I recall correctly, 2023 was not that much different. So I think that's something that we will always look at and look for. It's not something we are particularly solving for, okay? We're not guiding anything specific with respect to SG&A, our guidance is strictly cash COGS per hectoliter related.

因此，透過在分銷和管理方面更加規範，我們允許存取或釋放資源，以便更好地繼續投資於銷售和行銷。僅給出一些數字，如果您查看巴西啤酒全年的銷售、一般及行政開支表現，如果我沒有記錯的話，如果不包括浮動薪酬，我們今年的增長實際上是低於通貨膨脹率的，而浮動薪酬總是會逐年變化的。但我認為那是——如果我沒記錯的話，2023 年並沒有太大的不同。所以我認為這是我們將一直關注和尋找的事情。這不是我們要特別解決的問題，好嗎？我們沒有針對銷售、一般及行政費用 (SG&A) 做出任何具體指導，我們的指導嚴格與每百公升現金銷貨成本相關。

But I think having the ability over the last couple of years of delivering SG&A growth, ex-variable comp at or below inflation, I think, is a good is a good challenge for the team and something that we will always be kind of tracking, okay?

但我認為，過去幾年來，我們有能力實現銷售、一般及行政開支的增長，扣除浮動薪酬後，增長率等於或低於通貨膨脹率，這對團隊來說是一個很好的挑戰，我們會一直跟踪這一點，好嗎？

Just to complement, Lucas, I truly believe that our flywheel but represent the essence of our strategy 1, 2, 3 is a powerful mechanism, right, to make the number one, right, be boosted by the number two, the category, whenever you have the capabilities that come from the digital transformation, you can write attend in a way better way your customers and consumers. And when you sum up 1 and 2, you give yourself the opportunity to optimize your business and free up resources to reinvest in number one. And by doing so, you do it again and do it again. You turn it again, turn it again. So you keep investing in your business while creating true value. for our stakeholders, right? I think this is the essence of what we understand. We as a team should do in every single market we operate.

盧卡斯，補充一下，我堅信我們的飛輪代表了我們策略 1、2、3 的精髓，是一種強大的機制，可以使數位 1 得到推動，數位 2 可以推動類別 1 的進步，只要您擁有數位轉型帶來的能力，您就可以更好地服務您的客戶和消費者。當您將 1 和 2 相加時，您就給自己機會來優化業務並釋放資源來重新投資於第一點。透過這樣做，你會一遍又一遍地這樣做。你再轉一下，再轉一下。因此，您可以在創造真正價值的同時繼續投資您的業務。對於我們的利害關係人來說，對嗎？我想這就是我們所理解的本質。我們作為一個團隊應該在我們營運的每個市場中都做到最好。

Felipe Ucros, Scotia.

費利佩·烏克羅斯 (Felipe Ucros)，蘇格蘭人。

This is a (inaudible) for the space. Best of luck, and thanks for everything over the years. I wanted to ask a question on the digital front. You've had a few years under your belt and you did a few changes to optimize the business and fold it into the core. As Lucas just mentioned, in 2024. So just wondering if you could give us an update on the third-party product side of ease. How have the partnerships evolved? And perhaps you can comment on where profitability and ROIC are coming out after the changes that you made last year and perhaps what you can expect for the midterm if you already have some targets for that. And that will be my question.

對於空間來說，這是一個（聽不清楚）。祝你好運，感謝你多年來的一切。我想問一個關於數字方面的問題。您已經有幾年的經驗，並且做了一些改變來優化業務並將其納入核心。正如盧卡斯剛才所提到的，2024 年。我只是想知道您是否可以向我們提供有關第三方產品方面的最新消息。合作關係如何發展？也許您可以評論一下在去年做出改變之後盈利能力和投資回報率會如何，如果您已經設定了一些目標，那麼您對中期預期是什麼。這就是我的問題。

Felipe, nice connect to you. Let me kick off here and then I hand over to Lucas to complement the point, okay? So the essence of your -- the answer for your question is the following. This marketplace continues to be a very interesting new venture power company in different markets, but mostly here in Brazil. GMV full year '24 grew almost 50% year over year to be more precise, 47%, 86% in Q4, mainly driven by 3P expansion, right, with still a lot of opportunities ahead of us. Since we continue to learn a lot, you can imagine, right, the the quantity of data that we are collecting and converting data into insights. And by doing so, we continue to strengthen the relationship we have with our partners and attending better our customers, right?

費利佩，很高興與您聯繫。讓我從這裡開始，然後我交給盧卡斯來補充這一點，好嗎？因此，您問題的答案的本質如下。這個市場繼續成為不同市場上非常有趣的新興創投公司，但主要是在巴西。24年全年GMV年增近50%，更準確地說是47%，第四季成長了86%，這主要得益於3P擴張，對的，我們面前仍有很多機會。由於我們不斷地學習，你可以想像我們正在收集的數據量以及將數據轉化為見解的數量。透過這樣做，我們可以繼續加強與合作夥伴的關係並更好地服務我們的客戶，對嗎？

We see the marketplace as a very interesting way to become true one-stop shop for our customers, right, providing them write more than more alternatives, right, to fulfill their inventories and offer a diverse quantity of products and categories to their consumers. And it's very interesting because whenever we make the marketplace a stronger we see our core business right is strong as well. So the combination is a pretty interesting way for us to drive what I mentioned before, not only new ventures being new growth corridors for us, but at the same time, helping us to strengthen the core side of the business.

我們認為市場是一種非常有趣的方式，可以為我們的客戶提供真正的一站式購物，為他們提供更多的選擇，以填補他們的庫存，並為他們的消費者提供多樣化的產品和類別。這非常有趣，因為每當我們讓市場變得更強大時，我們就會看到我們的核心業務也很強大。因此，這種結合對於我們推動我之前提到的目標來說是一種非常有趣的方式，不僅新業務可以成為我們的新成長管道，同時還可以幫助我們加強業務的核心部分。

So just to add, Lisboa, Felipe, thanks for the question and the feedback. I think my only additional comment is with respect to the marketplace side of the business, and I think 2024 was another year where the partnerships that we started to forge over the last few years, they really continue to evolve in a good way. And this is true not only on the marketplace side but also on the Software as a Service, the 3P side of the business.

所以我要補充一點，Lisboa，Felipe，感謝您的提問與回饋。我認為我唯一的補充評論是關於業務的市場方面，我認為 2024 年是我們在過去幾年開始建立的合作夥伴關係的又一年，它們確實繼續以良好的方式發展。這不僅適用於市場方面，也適用於軟體即服務，即業務的 3P 方面。

So we're going to continue to invest behind kind of strengthening and deepening the partners that we've established to date and also explore future partnerships with other FMCG companies in Brazil, for instance. But I think with respect to marketplace, I think one of the interesting things to note is, given that we already have this very valuable asset deployed in the form of our relationship and our reach to roughly 1 million points of sale in Brazil on a daily, on a weekly basis, right?

因此，我們將繼續投資於加強和深化迄今為止建立的合作夥伴關係，並探索與巴西其他快速消費品公司建立未來合作關係。但我認為就市場而言，值得注意的一件有趣的事情是，鑑於我們已經以關係的形式部署了這一非常寶貴的資產，並且我們每天、每週都在巴西覆蓋大約 100 萬個銷售點，對嗎？

That relationship, that intangible has already been invested. And so -- and on the more tangible side, right? Our distribution capabilities with our direct distribution and also leveraging the distribution capabilities of our wholesalers. That installed base is already there. And so for us, it's the marginal capital deployment that we have to make to allow ourselves to offer to our clients this broader assortment of other categories right? It allows us to have, despite the lower margins of this type of business, a very attractive return on invested capital. And we're not at the point where we have to, right, significantly invest behind our warehousing, not only size but also scope and technology and capabilities to manage a more significant amount of SKUs. We're still in early days.

那種關係、那種無形資產已經被投資了。那麼——從更實際的角度來看，對吧？我們的分銷能力不僅體現在我們的直接分銷上，也體現在我們批發商的分銷能力上。該安裝基礎已經存在。因此對我們來說，這是我們必須進行的邊際資本配置，以便我們能夠向客戶提供更廣泛的其他類別的產品，對嗎？儘管此類業務的利潤率較低，但它使我們獲得了非常可觀的投資回報率。我們還沒有到必須在倉儲方面進行大量投資的地步，不僅是規模，還有範圍、技術和管理更多 SKU 的能力。我們仍處於早期階段。

So I think we still have a good runway to really leverage the installed distribution footprint and warehousing capacity and capabilities that we have. And so margins are continuing to progress. We are not at kind of the level of certain benchmarks in Brazil, but 2024 was another year of a step in the right direction on the operational margin side. But the good news is that return on invested capital is continued to be very attractive and improving, and we still see a decent runway for that to improve going forward, okay?

因此，我認為我們仍然有良好的發展空間來真正利用我們現有的分銷覆蓋範圍和倉儲能力。因此利潤率正在持續提高。我們還沒有達到巴西某些基準的水平，但 2024 年在營運利潤率方面又朝著正確的方向邁出了一步。但好消息是，投資資本的回報率仍然非常有吸引力並且正在提高，我們仍然看到未來還有很大的改善空間，好嗎？

Ricardo Alves, Morgan Stanley.

摩根士丹利的里卡多·阿爾維斯。

I wish you, Lisbao all the best in the position. It's a pleasure talking to you and Lucas, as always, thanks so much for all the always the very detailed answer. I appreciate the time and patience with us. Two quick follow-ups, Lisboa, if I may. As you return to Brazil, how do you assess competition in Brazil -- for Brazil beer specifically? We recall Ambev raising price around September, if I'm not mistaken. Of course, we appreciate all the issues of SMS last year but seeing your chart, the bridge that you showed a pricing mix at 5.5% for 2024.

我祝 Lisbao 你在這個職位上一切順利。很高興與您和盧卡斯交談，一如既往，非常感謝您總是提供非常詳細的回答。我感謝您所花的時間和耐心。如果可以的話，我想快速跟進兩個問題，里斯本。回到巴西後，您如何評價巴西的競爭—特別是巴西啤酒的競爭？如果我沒記錯的話，我們記得 Ambev 在九月左右提高了價格。當然，我們感謝去年 SMS 的所有問題，但看到您的圖表，您展示了 2024 年 5.5% 的定價組合。

And as we start to think about the cost inflation scenario, the 7% to use your midpoint of the guidance for beer inflation this year. I mean it could raise some eyebrows considering that there may be still some discount activity. We noticed some discount activity by the end of the fourth quarter. So as you come back to Brazil, I just wanted to hear what are your latest thoughts on competition? You have two big competitors that are going through very different performances. So I would be curious to hear how you balance that out to the performance of your your peers? And how does that -- what does that mean for Ambev?

當我們開始考慮成本通膨情境時，7% 是今年啤酒通膨指導價的中點。我的意思是，考慮到可能仍會有一些折扣活動，這可能會引起一些人的注意。我們注意到第四季末出現了一些折扣活動。所以當您回到巴西時，我只是想聽聽您對比賽的最新想法是什麼？你們有兩個巨大的競爭對手，他們的表現截然不同。所以我很好奇你是如何平衡你的同事的表現的？這對安貝夫來說意味著什麼？

And a quick follow-up, the second follow-up would be on the comment that you made that one of your objectives is to develop the category. Can you give us some more examples -- I mean, per caps in Brazil, when you think about per caps in Brazil, they seem high as a country, but maybe are you seeing opportunities in other regions or different channels?

快速跟進，第二個跟進是關於您所說的您的目標之一是開發該類別的評論。您能否再舉幾個例子——我的意思是，巴西的人均收入，當您考慮巴西的人均收入時，這個國家的人均收入似乎很高，但也許您是否在其他地區或不同的管道看到了機會？

Are we talking about new liquids or new ways that Ambev is going to be able to grab share of fruit from other alcoholic beverages I'm just trying to understand, as you come back to Brazil, what are the low-hanging fruits that you see for the market in Brazil that maybe you saw elsewhere and then in practical terms, how could you essentially boost the beer relevance for a country that is already drinking beer for a while.

我們是在談論新的液體還是安貝夫從其他酒精飲料中搶佔市場份額的新方法？我只是想了解，當您回到巴西時，您認為巴西市場上有哪些唾手可得的成果，也許您在其他地方也看到過？然後從實際角度來看，對於一個已經喝啤酒一段時間的國家，您如何從本質上提升啤酒的相關性。

Super clear, Ricardo, thank you very much for the two questions. Let me first elaborate about the second question, right, the category. Look, I think the first reflection for us is the following. The industry -- I'm going to use Brazil as a proxy just to elaborate to your question, but that applies a broad Brazil as well. First and foremost, Industry caused my attention. Okay, beer industry in Brazil very resilient since 2020 growing year after year after year. right? And '24 was not different despite what we saw in the end of the year with adverse weather impact, right? This is the first point for us to keep in mind.

非常清楚，里卡多，非常感謝你的兩個問題。我先詳細闡述第二個問題，對，類別。我覺得，我們首先要思考的是以下幾點。產業－我將以巴西為例來詳細闡述你的問題，但這也適用於廣義的巴西。首先，工業引起了我的注意。好的，巴西的啤酒產業非常有彈性，自 2020 年以來逐年成長。正確的？儘管我們在年底看到了惡劣天氣的影響，但 2024 年的情況並沒有什麼不同，對嗎？這是我們要牢記的第一點。

The second one is the following. I think it's a wrong conclusion, I assume that per capita Brazil already achieved a very high level with very little room for growth, right? -- because Brazil, similar to other regions where we operate is a developed region, right? And you see very interesting moves, right? Or curing within this reality, right? Population moves from lower socioeconomic levels to higher socioeconomic levels. You see right population growth what makes the LDA consumer pays bigger year after year. And on top of that, when you compare Brazil with other markets around the world, peer markets, you quickly realize there is room for growth.

第二個如下。我認為這是一個錯誤的結論，我認為巴西的人均收入已經達到了很高的水平，成長空間很小，對嗎？ ——因為巴西與我們經營的其他地區類似，都是已開發地區，對嗎？您看到了非常有趣的動作，對嗎？或在現實中治愈，對嗎？人口從較低的社會經濟水準轉移到較高的社會經濟水準。您看，人口成長是導致 LDA 消費者支付的費用逐年增加的原因。除此之外，當你將巴西與世界其他市場、同類市場進行比較時，你很快就會意識到還有成長空間。

And why I'm saying this, participation, which means number of consumers connected to your category, right, when you compare Brazil with markets like Mexico or other emerging regions, right, around the world, we see a gap of 10 percentage-points almost, right, 5 percentage-points to 10 percentage-points. When you go to the other side of the story, I mean, the number of occasions where beer participates, right? Brazil also shows a gap, right? The consumption habit in Brazil is very concentrated during the weekends right, while in other markets, we do see consumers adopting our category right in different moments in the week, right, different day times, right?

我之所以這麼說，是因為參與度，也就是與你的產品類別相關的消費者數量，當你將巴西與墨西哥或世界其他新興地區等市場進行比較時，我們會發現差距幾乎為 10 個百分點，5 個百分點到 10 個百分點。當你了解故事的另一面時，我的意思是，啤酒參與的場合很多，對嗎？巴西也顯示出差距了，對吧？巴西的消費習慣集中在週末，而在其他市場，我們確實看到消費者在一周中的不同時刻，也就是一天中的不同時間採用我們的產品類別，對吧？

So I'm going to give one example from Mid-America as one of the key drivers for us in the last few years was the development of our category with mills, a very interesting type of occasion for beer, which is clearly an opportunity for us, not only Brazil, but it's outside Brazil as well. Another good example to just to reinforce what I'm saying in terms of category development is the nonalcohol beer, right?

我要舉一個來自中部美國的例子，因為過去幾年我們發展的關鍵驅動力之一是我們的磨坊類別的發展，這對啤酒來說是一個非常有趣的類型，這對我們來說顯然是一個機會，不僅是在巴西，而且在巴西以外也是如此。另一個可以強化我在品類開發方面所說的內容的很好的例子就是無酒精啤酒，對嗎？

We do see very interesting growth rates across the globe Brazil is not different. Our region is not different, right? So -- and when we compare the current level of development of no alcoholic beer against other more developed markets that is a huge gap, right? It represents a lot of growth if we do it the right way, not only for those who cannot drink alcohol but mostly for those who love beer, right?

我們確實看到全球非常有趣的成長率，巴西也不例外。我們地區也沒什麼不同，對吧？那麼——當我們將無酒精啤酒的當前發展水平與其他更發達的市場進行比較時，差距是巨大的，對嗎？如果我們以正確的方式去做，這代表著很大的成長，不僅對於那些不能喝酒的人來說，而且對於那些喜歡啤酒的人來說也是如此，對嗎？

And now with nonalcoholic beer, they're going to have the chance to choose beer in more occasions, right? Just to simplify a little bit more what I'm saying about the potential that our category has not only in Brazil but across the region, right, for us at Ambev. Regarding your first question, right, if there's something that didn't change Ricardo since my departure is the fact that the Brazilian market has always been very competitive, very and today is not different, right? So just to emphasize what I'm saying again, right, we always had three out of the top five brands, most relevant brands in Brazil throughout all these years, things right. The beginning of Ambev. So this is not a new reality for us. So as a consequence, in our point of view, Competition is good, make us stronger.

現在有了無酒精啤酒，他們將有機會在更多場合選擇啤酒，對嗎？為了更簡單地說明一下，我要說的是，我們的產品類別不僅在巴西，而且在整個地區都具有潛力，對 Ambev 來說也是如此。關於您的第一個問題，對吧，如果說自從我離開後里卡多有什麼沒有改變的話，那就是巴西市場一直競爭非常激烈，今天也不例外，對吧？所以，我只是想再次強調一下，對的，這些年來，我們一直擁有巴西最相關的五大品牌中的三個，這是對的。安貝夫的開始。所以這對我們來說並不是一個新的現實。因此，從我們的角度來看，競爭是好的，可以使我們更強大。

Competition is good, make the category stronger, right? And it's great because we are always challenging ourselves, right, to bring a better version of our company to be way more competitive in this very dynamic reality, right? To your point about pricing, right? We don't give guidance about pricing, right? What I can say to you, price will be a key component to deliver to our ambition to continue margin expansion in 2025 together with cost management. This is what I can reinforce and how we will reinforce a lot. And this is what the team is committed to deliver.

競爭是好事，可以讓這個類別變得更強大，對嗎？這很棒，因為我們一直在挑戰自己，對吧，讓我們的公司變得更好，以便在這個充滿活力的現實中更具競爭力，對吧？您剛才提到了定價問題，對嗎？我們不提供有關定價的指導，對嗎？我可以告訴你們的是，價格將是實現我們 2025 年繼續擴大利潤率目標和成本管理的關鍵因素。這就是我可以強化的以及我們將大力強化的方式。這也正是團隊致力於實現的目標。

Yeah, not only pricing us, but I would broaden it a bit, right, because I think pricing is an important lever. But I think revenue management strategy as a whole I think, is right, as or more important looking forward.

是的，不僅要為我們定價，而且我還會將其擴大一點，對吧，因為我認為定價是一個重要的槓桿。但我認為，整體的收入管理策略是正確的，而且展望未來更為重要。

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

問答環節到此結束。我請卡洛斯·利斯本先生作結束語。先生，請繼續。

Thank you for joining our call today. I'm very happy to be back 15 years later, right? A better version of myself came to lead the company that I love, more experience yet hungry for new learnings and also accomplishments. I'm pretty sure, together with the team, we will build a better version of our company for the future. It is a pleasure to meet with you, right? And I hope we're going to have a chance to meet again in person sometime soon. Thank you all. Bye-bye.

感謝您今天參加我們的電話會議。15 年後再次回來，我很高興，對吧？以更好的面貌領導我熱愛的公司，擁有更豐富的經驗，同時渴望新的學習和成就。我確信，我們將與團隊一起，為未來打造一個更好的公司。很高興見到你，對吧？我希望我們很快就能有機會再次見面。謝謝大家。再見。

This concludes today's presentation. You may disconnect, and have a nice day.

今天的演講到此結束。您可以斷開連接並享受美好的一天。