Ambev SA (ABEV) 2025 Q1 法說會逐字稿

Good afternoon, and thank you for waiting. We would like to welcome everyone to Ambev's 2025 First Quarter Results Conference Call. Today with us, we have Mr. Carlos Lisboa, Ambev's CEO; and Mr. Guilherme Fleury, CFO and Investor Relations Officer. As a reminder, this con presentation is available for download on our website, ri.ambev.com.br, as well as through the webcast link. We would like to inform that this event is being recorded (Operator Instructions)

下午好，感謝您的等待。歡迎大家參加 Ambev 2025 年第一季業績電話會議。今天和我們在一起的還有 Ambev 執行長 Carlos Lisboa 先生；以及財務長兼投資者關係長 Guilherme Fleury 先生。提醒一下，此簡報可在我們的網站 ri.ambev.com.br 上下載，也可透過網路廣播連結下載。我們想通知您，此活動正在錄製中（操作員指示）

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，我要指出的是，前瞻性陳述是根據 1996 年證券訴訟改革法案的安全港做出的。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。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。

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 2024 first quarter results. 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.

投資人應了解，一般經濟狀況、產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，今天的電話會議中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 2024 年第一季度業績的比較。正常化數字指的是扣除特殊項目之前的績效指標，特殊項目是指 Ambev 正常活動中不定期發生的收入或支出。

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.

由於標準化數字是非 GAAP 指標，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'll 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·里斯本先生。里斯本先生，您可以開始您的會議了。

Good afternoon, everyone. Thank you for joining our first quarter 2025 earnings call. I'm truly delighted to be here with you today. This quarter was particularly significant for me, although it's my second earnings call marked my first three months leading this organization.

大家下午好。感謝您參加我們的 2025 年第一季財報電話會議。我真的很高興今天能和大家在一起。這個季度對我來說尤其重要，儘管這是我領導這個組織的前三個月的第二次財報電話會議。

From the very beginning, we have focused on three key objectives that define my mission here. First, avoid disruptions; second, maintain momentum; and third, build a stronger company. And I'm pleased to share that we kick off maintaining momentum and delivering a solid step towards making 2025 another successful year for Ambev. And this is why we had a good start to the year. Top line remained resilient, rising by high single digits, with a 0.7% volume growth achieving all-time high labs for our first quarter, and net revenue per hectoliter increasing by roughly 6%, support loss margin expansion of 150 basis points. EBITDA grew by double digits with 180 basis points margin expansion. We delivered a virtually flat net income despite a tough comparison, given last year's tax one-off.

從一開始，我們就專注於三個關鍵目標，這也決定了我的使命。第一，避免干擾；第二，保持動能；第三，打造更強大的公司。我很高興地告訴大家，我們開始保持發展勢頭，並朝著 2025 年成為 Ambev 又一個成功之年邁出了堅實的一步。這就是我們今年有一個好開始的原因。營業收入維持強勁成長，以高個位數成長，第一季銷售成長 0.7%，創歷史新高，每百升淨收入成長約 6%，支持虧損幅度擴大 150 個基點。EBITDA 實現兩位數成長，利潤率擴大 180 個基點。儘管與去年的一次性稅收相比，我們的淨收入幾乎持平，但仍然保持了較高的水平。

Such results were driven by consistent execution and performance across each pillar of our strategy. Regarding Pillar 1, lead and grow the category. Our volumes grew in half of our main markets, which represent almost 80% of our consolidated volumes bolstered by carnival festivities at the beginning of March. Like beer, Carnival is culturally relevant in several Latin America countries, especially in Brazil, enhancing our categories image joining a national passion with one of the most anticipated celebrations of the year.

這些成果得益於我們策略各支柱的一致執行和表現。關於支柱 1，引領並發展該類別。我們在一半主要市場的銷量均有所增長，這占到我們綜合銷量的近 80%，這得益於 3 月初的狂歡節。與啤酒一樣，狂歡節在拉丁美洲的幾個國家，尤其是巴西，具有文化相關性，將民族激情與一年中最受期待的慶祝活動之一結合在一起，提升了我們的產品類別形象。

The execution of the Carnival as a mega platform, combined with our efforts to bring more consume to more beer occasions resulted in: First, our core beer segment performed in line with or above the industry in most of our main markets, according to our estimates; two, our above core brands increasing volumes by high single digits; three, our non-alcoholic beer brands improving volumes by mid-30s; and finally, our mega brands growing volumes by mid-single digits while gaining brand equity in 8 of our top 10 markets.

嘉年華作為一個大型平台的實施，加上我們努力為更多的啤酒活動帶來更多的消費者，其結果是：首先，根據我們的估計，我們的核心啤酒部門在大多數主要市場的表現與行業持平或高於行業水平；二、我們上述核心品牌的銷量均實現高個位數增長；三、我們的無酒精啤酒品牌將提高 30% 左右銷售 30% 左右，我們的十大市場中獲得了十大品牌的超級品牌中獲得了十大品牌。

As for Pillar 2, digitize and monetize our ecosystem now that we became a digital-enabled company. We have been working to better meet our customers and consumer demands. Thus, strengthening our core business while also building new growth engines. On the B2B front, we have been expanding our transactions via these, not only through an increase in the number of costs used in the platform, but also by boosting the quantity of products sold. In the quarter, monthly active buyers rose by high single digit and SKU per port ratio improved by low single digits versus last year.

至於支柱二，既然我們現在已經成為了一家數位化公司，那麼就將我們的生態系統數位化並貨幣化。我們一直致力於更好地滿足客戶和消費者的需求。因此，在加強我們的核心業務的同時，也打造新的成長引擎。在 B2B 方面，我們一直在透過這些方式擴大交易，不僅透過增加平台中使用的成本數量，而且還透過增加銷售產品的數量。本季度，與去年相比，每月活躍買家數量增長了高個位數，每端口 SKU 比率增長了低個位數。

On the Marketplace side, our GMV grew by 60% with the number of customers purchasing products increasing by low teens. As for DTC front that delivered fulfill nearly 17 million orders in the quarter, a 5% increase versus last year, enhancing our understanding of consumer behaviors. This enabled us to address consumer needs such as affordability and convenience by offering the branded love in the returnable glass bottle at home evidenced by a higher RGB mix than we have in our total business. And a wider assortment of products and brands, especially from Premium Segment, which holds more weight in that than we have in our total business.

在市場方面，我們的 GMV 成長了 60%，購買產品的客戶數量也增加了十幾倍。至於DTC前端，本季交付了近1,700萬份訂單，比去年成長了5％，增強了我們對消費者行為的了解。這使我們能夠透過在家用可回收玻璃瓶中提供品牌喜愛來滿足消費者的需求，例如可負擔性和便利性，其 RGB 混合比我們整個業務中的混合更高。產品和品牌種類更加豐富，尤其是高端產品和品牌，比我們整個業務的份額更大。

Furthermore, Zé Delivery has also been helping us develop new products. Here, our most recent innovation beats red mix is a good example. It was developed based on consumer surveys regarding liquid and packaging conducted through platform and has become the biggest launch among the bits flavors, both on and offset. And in Pillar 3, optimize our business, the synergy of our top line performance, the digitalization of our business and our disciplined approach to managing costs and expenses translated into the fifth consecutive quarter of consolidated EBITDA growth together with margin expansion.

此外，Zé Delivery 也一直在幫助我們開發新產品。這裡，我們最近的創新產品 beats red mix 就是一個很好的例子。它是根據透過平台進行的有關液體和包裝的消費者調查而開發的，並且已成為在線和膠版印刷中推出的最大口味。在支柱三中，優化我們的業務，我們的營收表現的協同效應、業務的數位化以及我們管理成本和費用的嚴謹方法，促成了合併 EBITDA 連續第五個季度的成長以及利潤率的擴大。

Additionally, EBITDA growth led the generation of BRL1.2 billion of cash flow from operating activities, and is up 68% versus last year, as well as a slight EPS increase. Looking ahead, as indicated by our guidance for Brazil beer cash COGS per hectoliter, we expect to face a significant FX in commodities pressure starting in Q2, which present an important challenge for us. Nonetheless, we will continue to pursue our ambition of expanding consolidated margins in the year.

此外，EBITDA 成長帶動了 12 億巴西雷亞爾的營運活動現金流，較去年同期成長 68%，同時 EPS 也略有成長。展望未來，正如我們對巴西啤酒每百公升現金銷貨成本的指引所示，我們預計從第二季開始將面臨巨大的大宗商品外匯壓力，這對我們來說是一個重要的挑戰。儘管如此，我們仍將繼續追求今年擴大綜合利潤的目標。

As we continue to consistently implement our growth strategy across our footprint, once again, most of our business units delivered EBITDA growth and margin expansion in the quarter. Let's take a closer look in the commercial performance and highlights of our main markets.

隨著我們繼續在整個業務範圍內持續實施成長策略，我們的大多數業務部門在本季度再次實現了 EBITDA 成長和利潤率擴大。讓我們仔細看看我們主要市場的商業表現和亮點。

In Brazil, we delivered record volumes for our first quarter in both Beer and NAB on top of a strong performance from last year. In Beer, volumes remained resilient, increasing by 0.7% and a more dynamic consumer environment, the activation of our brands resulted in the Carnival with the highest volume in our history. Our above core portfolio of brands composed mainly by Corona Stella sporting original and Budweiser represents roughly 30% of our volumes and hold the leadership of this segment.

在巴西，我們第一季的啤酒和NAB銷售量均創下了歷史新高，這得益於去年的強勁表現。啤酒銷售保持強勁，成長了 0.7%，消費環境更加活躍，我們品牌的活躍使嘉年華的銷量創下了歷史新高。我們上述核心品牌組合主要由科羅納斯特拉運動原版和百威啤酒組成，約占我們銷量的 30%，並佔據這一領域的領先地位。

Our Premium and Super Premium brands grew in the 20s while in the core plus Budweiser rose by high teens. In the core segment, Bohemia and Antarctica jointly increased volumes by mid-single digits. On top of that, no cholic beer volumes expanded by approximately 40%. As for net revenue per hectoliter, performance resulted from the timing of our price increase after Carnival later this year, coupled with a lower carryover from last year. Nevertheless, it grew by 2.5%, which was ahead of our anticipated COGS per hectoliter, driving a 260 basis point improvement in our gross margin.

我們的高端品牌和超高端品牌的銷售量成長了 20 多倍，而核心品牌及百威啤酒的銷售量也成長了 10 多倍。在核心部分，波希米亞和南極洲的銷售量共同成長了中等個位數。除此之外，無膽啤酒的銷量還增加了約 40%。至於每百升淨收入，業績表現源自於我們在今年稍後狂歡節之後漲價的時機，加上去年的結轉額較低。儘管如此，它還是成長了 2.5%，高於我們預期的每百升銷貨成本，推動我們的毛利率提高了 260 個基點。

Our revenue management decisions in the quarter put us in a good position for the year in the light of increasing cost pressures in the upcoming quarters. In Brazil, NAB, double-digit top line performance was driven by volume growth from non-sugar CSD and sport drinks, coupled with our revenue management initiatives. Volume rose by 3.2%, with Guarana Taca Zero, Pepsi Black growing by mid-20s and mid-30s, respectively. We also estimate to have gained market share within carbonated soft drinks.

鑑於未來幾季成本壓力的增加，我們本季的收入管理決策使我們在今年處於有利地位。在巴西，NAB 的兩位數營業收入表現得益於無糖碳酸飲料和運動飲料銷售的成長，以及我們的營收管理措施。銷量成長了 3.2%，其中 Guarana Taca Zero 和 Pepsi Black 的銷量分別成長了 20% 和 30%。我們也估計在碳酸軟性飲料領域已經獲得了市場份額。

Moving to LAS. In Argentina, we continue to deliver sector improvement in volumes led by Beer business as the overall consumer environment remains on a recovering track. The Beer industry declined by low single digits in the quarter, and our market share remained virtually flat according to our estimates, while our mega brands improve brand health. We are ready to lead and shape near future category growth in Argentina.

移至 LAS。在阿根廷，由於整體消費環境仍處於復甦軌道，我們繼續在啤酒業務的帶動下實現銷售的改善。本季啤酒產業下滑了個位數，根據我們的估計，我們的市佔率基本上持平，而我們的大品牌的品牌健康狀況有所改善。我們已準備好引領和塑造阿根廷近期的品類成長。

Turning to CAC. In the Dominican Republic, while cycling our toughest comp from last year, volumes declined by mid-single digits, impacted by a softer macroeconomic environment as well as a widened price relativity compared to other alcohol categories. We remain confident about the Beer category health and our business fundamentals in the country.

轉向CAC。在多明尼加共和國，儘管經歷了與去年相比最艱難的時期，但受宏觀經濟環境疲軟以及與其他酒類相比價格相對性擴大的影響，銷量下降了中等個位數。我們仍然對啤酒類別的健康狀況和我們在該國的業務基本面充滿信心。

Lastly, in Canada, adverse weather conditions and Easter phasing impacted industry volumes. However, we estimate to have gained Beer market share in the quarter with our mega brands rising volumes by low single digits, thanks to the performance of Michel or and Busch.

最後，在加拿大，惡劣的天氣條件和復活節分階段影響了產業銷售。然而，由於 Michel 和 Busch 的出色表現，我們估計本季我們的啤酒市佔率將有所增加，我們的大品牌銷售量將以個位數低點成長。

Now let's take a look at our financial performance in more detail. Following Lucas departure, I'm pleased to invite Guilherme Fleury, our new CFO and Investor Relations Officer. Guilherme, welcome to the team. We are countering you to lead our value-creation journey. Over to you now.

現在讓我們更詳細地了解我們的財務表現。盧卡斯離職後，我很高興邀請我們的新任財務長兼投資者關係長 Guilherme Fleury。Guilherme，歡迎加入團隊。我們正與您一起引領我們的價值創造之旅。現在輪到你了。

Thank you, Lisboa. Hello, and good afternoon, everyone. For those of you I haven't yet met, it's a pleasure to connect with you today. It's a true honor to become CFO of Ambev. Now with the opportunity to help Lisboa and the team to lead this new chapter of our company. Before officially joining Ambev, I had already been working closely with the company for several years having participated in important transactions dating back to the late '90s as an external adviser. Since joining the company nine years ago, I had the privilege of working in several positions and building deep relationships both locally and globally.

謝謝你，里斯本。大家好，下午好。對於那些我還沒見過的人，我很高興今天能與你們聯繫。能夠成為 Ambev 的財務長我感到非常榮幸。現在有機會幫助里斯本和團隊引領我們公司的新篇章。在正式加入 Ambev 之前，我已經與該公司密切合作了數年，並作為外部顧問參與了可追溯至 90 年代末的重要交易。自從九年前加入公司以來，我有幸擔任過多個職位，並在本地和全球建立了深厚的關係。

I started at Ambev as Head of M&A, later serving as Finance Director of our Brazil, NAP division, and then I spent the last six years at AB in Ambev, mostly as Global VP of M&A and business development.

我最初在 Ambev 擔任併購主管，後來擔任巴西、NAP 分部的財務總監，然後在 Ambev 的 AB 工作了六年，主要擔任併購和業務發展全球副總裁。

I would also like to take a moment to thank Lucas Lira for his contributions over the past years.

我還想藉此機會感謝盧卡斯·利拉 (Lucas Lira) 過去幾年的貢獻。

Now turning to this quarter's performance. Let me start by saying that we kick it off 2025 maintaining momentum, with solid operational and financial performance. So today, I'll focus on three things: First, capital allocation; second, net income; and third, our cash flow generation.

現在來談談本季的表現。首先我要說的是，我們將以穩健的營運和財務表現開啟 2025 年，保持發展勢頭。所以今天我主要講三件事：第一，資本配置；第二，淨收入；第三，我們的現金流產生。

On capital allocation, yesterday, we announced another intermediary dividend of BRL2 billion to be paid in July, totaling BRL4 billion dividends already announced in 2025. This reinforces our commitment to returning cash to shareholders while maintaining financial flexibility. Our normalized net income in Q1 2025 totaled BRL3.8 billion, flattish compared year, driven by strong EBITDA growth, offset by net financial results and higher income taxes.

在資本配置方面，昨天我們宣布將於 7 月再支付 20 億雷亞爾的中期股息，2025 年已宣布的股息總額為 40 億雷亞爾。這加強了我們向股東返還現金同時保持財務彈性的承諾。2025 年第一季度，我們的標準化淨收入總計 38 億巴西雷亞爾，與去年同期持平，這得益於 EBITDA 的強勁增長，但被淨財務業績和更高的所得稅所抵消。

Our net financial results totaled minus BRL856 million in Q1 2025, worsening by BRL450 million year-on-year driven mainly by three effects: One, the appreciation of BRL during the quarter led to FX losses in BRL from hard currency cash balance translation; two, cost to upstream cash from Argentina and Livia, which impacted the non derivatives line; and three, in Brazil, the widening of interest rate differential between the SELIC and the Fed funds raised the carry cost on our FX hedging strategy. For further information, please refer to Note 22 of our intermediary financial statements.

2025 年第一季度，我們的淨財務業績總計為負 8.56 億雷亞爾，同比減少 4.5 億雷亞爾，主要受以下三個因素影響：第一，本季度雷亞爾升值導致硬通貨現金餘額折算為雷亞爾產生外匯損失；二是阿根廷和利維亞上游成本增加，影響了非衍生品線為雷亞爾產生外匯損失；二是阿根廷和利維亞上游成本增加，影響了非衍生品線；與聯邦基金之間的利差擴大提高了我們外匯對沖策略的持有成本。欲了解更多信息，請參閱我們的中期財務報表註釋 22。

Turning to taxes. Our effective tax rate in the quarter reached 21.7% versus 15% in Q1 2024. This was primarily driven by a one-off benefit of BRL215 million booked in the first quarter of last year. If we were to adjust for this one-off, normalized net income in the quarter would have grown by 6% year-on-year.

談到稅收。本季我們的有效稅率達到 21.7%，而 2024 年第一季為 15%。這主要是由於去年第一季確認的 2.15 億巴西雷亞爾的一次性收益。如果我們針對這一一次性事件進行調整，本季的正常淨收入將年增 6%。

Now let me walk you through our cash flow statement. Cash flow from operating activities totaled BRL1.2 billion in Q1 2025, a 68% increase year-on-year, primarily driven by EBITDA growth and lower cash taxes paid resulting from lower IOC in 2024. Regarding net working capital, despite receivables improving by BRL626 million payables worsened by BRL1 billion, mostly due to later Parley payments last year in Argentina. Cash flow from investing activities reached minus BRL784 million, an improvement of 56% versus Q1 2024, primarily due to the impact of short-term investments performed last year. And CapEx reached BRL828 million, approximately 18% lower year-on-year, reflecting our continued focus on disciplined capital deployment.

現在讓我向您介紹一下我們的現金流量表。2025 年第一季度，經營活動現金流總計 12 億巴西雷亞爾，年增 68%，主要原因是 EBITDA 成長以及 2024 年 IOC 降低導致支付的現金稅減少。至於淨營運資本，儘管應收帳款改善了 6.26 億雷亞爾，但應付帳款卻惡化了 10 億雷亞爾，這主要是由於去年阿根廷的 Parley 付款延遲。投資活動現金流達到負7.84億雷亞爾，較2024年第一季成長56%，主要由於去年進行的短期投資的影響。資本支出達到 8.28 億巴西雷亞爾，年減約 18%，反映出我們持續注重嚴格的資本配置。

Cash flow from financing activities totaled minus BRL8.8 billion, driven mainly by BRL6.6 billion in dividends paid in the first week of January and BRL1.2 billion in shares repurchased as part of our ongoing share buyback program, out of which we reached 65% by the end of the quarter.

融資活動產生的現金流總計為負 88 億雷亞爾，主要原因是 1 月第一周支付了 66 億雷亞爾的股息，以及根據我們正在進行的股票回購計劃回購了 12 億雷亞爾的股票，到本季度末，我們已回購了 65% 的股票。

To summarize, we've started 2025 with momentum. We remain focused on delivering sustainable value creation to our shareholders through diligent execution of our capital allocation priorities.

總而言之，我們以強勁的勢頭開啟了 2025 年。我們始終致力於透過認真執行資本配置優先事項為股東創造可持續的價值。

Thank you for your time today. I'm looking forward to connecting with you in person in the coming weeks.

感謝您今天抽出時間。我期待在接下來的幾週內與您親自聯繫。

With that, let me hand it back to Lisboa.

說完這些，讓我把權力還給里斯本。

Thank you, Fleury. And as we approach the end of my remarks, I would like to leave you with a final thought. At our company, we believe that a successful journey begins with a solid start. Q1 was an important first step in executing all three pillars of our growth strategy across our markets, and setting the tone in the pursuit of making 2025 another important year within our value creation journey. At the same time, we remain grounded. Operating environment remains dynamic in some of our markets, and we will focus on what we can control while staying flexible and agile to navigate and adapt to the challenge that may lie ahead.

謝謝你，弗勒里。我的發言即將結束，我想給各位留下最後的想法。在我們公司，我們相信成功的旅程始於一個好的開始。第一季是我們在整個市場執行成長策略三大支柱的重要第一步，並為使 2025 年成為我們價值創造之旅中又一個重要年份奠定了基調。同時，我們仍然腳踏實地。我們部分市場的經營環境依然充滿活力，我們將專注於我們能夠控制的領域，同時保持靈活性和敏捷性，以應對和適應未來可能面臨的挑戰。

Before we move to Q&A, I want to share a thrilling experience from last weekend. Corona celebrated its 100-year anniversary at an electrifying Lady Gaga concert for over 2 million people on the beach of Copacabana Her de Janeiro. While music is a big passion point for Brazilians, Hu de Janeiro's lifestyle represents what the brand stands for. It is not a coincidence that in the last couple of years, Corona has been the fastest-growing premium brand in the state with Brazil representing one of the largest markets for the brand outside Mexico. And there is more to come. We are enthusiastic about our mega platforms calendar. Coming June, the first FIFA Club World Cup sponsored by Budweiser. Two of the greatest passion points in Latin America will connect again, soccer and beer. The team and I ready for this exciting journey ahead.

在我們進入問答環節之前，我想分享一下上週末的一次激動人心的經歷。Corona 在熱內盧科帕卡巴納海灘為超過 200 萬觀眾舉辦了一場激動人心的 Lady Gaga 演唱會，慶祝其成立 100 週年。雖然音樂是巴西人的一大熱情所在，但 Hu de Janeiro 的生活方式卻代表了品牌的理念。近幾年來，科羅娜一直是該州成長最快的高端品牌，而巴西是該品牌在墨西哥以外最大的市場之一，這並非巧合。未來還會有更多。我們對我們的大型平台日曆充滿熱情。即將來臨的六月，百威贊助的首屆國際足總俱樂部世界盃即將舉行。拉丁美洲最熱門的兩件事——足球和啤酒——將再次聯繫在一起。我和團隊已為即將到來的激動人心的旅程做好了準備。

Thank you for your attention, and now I will hand it back to the operator for the Q&A.

謝謝大家的關注，現在我會把時間交還給接線員進行問答。

(Operator Instructions) Henrique Brustolin, Bradesco BBI.

（操作員說明）Henrique Brustolin，Bradesco BBI。

The point I would like to explore are prices in Brazil beer during the quarter, especially how we should think about it as a proxy in terms of how you should carry that over into the coming quarters, right? And the reason I ask that is that you are cycling now easier price comps given the VAT change that happened last year. And we continue to see an expansion relatively in line with what you had in previous quarters. And in the release, you mentioned a mismatch of the Canada in the quarter. So I mean if you could qualify what's behind the price performance for Brazil during Q1? And if there were any more relevant one-offs there, that would be really helpful.

我想探討的一點是本季巴西啤酒的價格，特別是我們應該如何將其視為一種替代物，以便了解未來幾季的走勢，對嗎？我問這個問題的原因是，考慮到去年增值稅的變化，您現在可以享受更輕鬆的價格補償。我們繼續看到與前幾季相比相對一致的擴張。在新聞稿中，您提到了本季加拿大的不匹配現象。所以我的意思是，您能否解釋一下第一季巴西價格表現背後的原因？如果還有更多相關的一次性事件，那將會非常有幫助。

Hello, everyone, again, and thanks for joining the call. Thanks for the question, Henrique. Let me articulate a little bit about the pricing, right, in Brazil beer. First and foremost, I think it's always good to emphasize that it was really important for us to change the picture we saw last year -- end of last year, quarter 4, growing volumes by 0.7, right, which is a pretty important improvement. So with that in mind, we do consider that was an important solid first step into our journey to lead and grow our category, right?

大家好，再次感謝大家參加電話會議。謝謝你的提問，Henrique。讓我稍微解釋一下巴西啤酒的定價。首先，我認為有必要強調的是，改變去年看到的情況對我們來說非常重要——去年年底，第 4 季度，銷量成長了 0.7%，這是一個非常重要的進步。因此考慮到這一點，我們確實認為這是我們引領和發展我們的產品類別的重要而堅實的第一步，對嗎？

In Q1, net revenue grew by 2.4%, as I mentioned, right, with revenue management -- is a combination of revenue management initiatives and brand mix that was also really solid in the quarter, right? And the net revenue was partially offset by what I mentioned right during my intro, which was a mismatch in the pricing calendar versus last year quarter 1 and also a lower carryover from last year, right? However, having said that, I want to reinforce that net revenue per hectoliter will continue to be a key driver in order to help us progress with our margin expansion in the year, right?

正如我所提到的，第一季的淨收入增長了 2.4%，這是收入管理舉措和品牌組合共同作用的結果，本季度的收入管理也表現得非常穩健，對吧？淨收入被我在介紹中提到的部分抵消了，這是定價日曆與去年第一季的不匹配，也是去年的結轉較低，對嗎？然而，話雖如此，我想強調的是，每百升淨收入將繼續成為我們今年利潤率擴張的關鍵驅動力，對嗎？

And it's also important to mention here that what we took in terms of revenue management decisions so far put us right in the right position, a good position for what we need in the year to come, right? Another point that is interesting, Henrique, is about our portfolio, right? Different from the past, nowadays, we have a way stronger portfolio, not only in the core, but also in the above core, right? We have the leading position in core, leading position above core. Brands with a clear complementary role, right? And a stronger portfolio give us more revenue management optionality, right? Enabling us, right, to the combination of domestic and global brands at 10 different price tiers in different consort occasions and with different consumer needs, right? And that's the reason why we have been investing in a very consistent fashion along the years, and this year won't be different in order to strengthen even more our portfolio in the two segments, right?

這裡也值得一提的是，到目前為止，我們在收入管理方面做出的決策使我們處於正確的位置，這對於我們來年所需要的來說是一個良好的位置，對嗎？另一個有趣的觀點是關於我們投資組合的，Henrique，對嗎？跟過去不一樣，現在我們的產品組合更強大了，不只是在核心，而且在核心之上，對吧？我們在核心上領先，在核心之上領先。具有明確互補作用的品牌，對嗎？更強大的投資組合能為我們提供更多的收入管理選擇，對嗎？這使得我們能夠將國內和國際品牌以 10 個不同的價格層級組合起來，以滿足不同的場合和不同的消費者需求，對嗎？這就是我們多年來一直以非常一致的方式進行投資的原因，今年也不會例外，我們將進一步加強我們在這兩個領域的投資組合，對嗎？

By doing so, we also going to be improving our revenue managed capabilities for, right? So keep in mind as well that now that we are becoming more a digital-enabled company, right, beers is bringing us, right, new capabilities that make way more effective the way we manage promotions, we manage discounts with a way more granular approach than before.

透過這樣做，我們也將提高我們的收入管理能力，對嗎？因此也請記住，現在我們正在成為一家數位化公司，對吧，啤酒正在為我們帶來新的能力，使我們管理促銷的方式更加有效，我們管理折扣的方式比以前更加細緻。

Thiago Duarte, BTG.

蒂亞戈·杜阿爾特，BTG。

Yes, my question comes from the statement, Lisboa, that you made in your prepared remarks and you mentioned briefly about this just now with regards to your expectation or reinforcing your expectation for margin expansion on a consolidated level this year. And if I may, I would like to hear how you think the contribution from each geography can be to that? And particularly, Beer Brazil, right? So you talked a bit about your above relator being a key driver for margin expansion in the year. And so I'm curious about how you expect Beer Brazil to play a role in that margin expansion throughout the year?

是的，我的問題來自里斯本，您在準備好的發言中所做的聲明，您剛才簡要提到了這一點，涉及您對今年合併水平利潤率擴大的期望或加強您的期望。如果可以的話，我想聽聽您認為每個地區對此的貢獻如何？尤其是巴西啤酒，對吧？所以您談到了上述關係是今年利潤率擴大的關鍵驅動力。所以我很好奇，您認為巴西啤酒公司將在全年利潤率擴張中發揮什麼作用？

And if I may, a second question, and it's more of a broad one. And based on your experience and back to Brazil now, Lisboa, can you talk a little bit about how you see affordability of year in the country today because it's pretty remarkable how many times you are reinforcing the role of as leading and fostering and fermenting the category and looking at those relative prices today seems to be important to understand how much more pricing or promotion or price enforcement you think is going to have to be given in order to ferment growth? So beer profitability -- sorry, affordability would be the second question.

如果可以的話，我想問第二個問題，這是一個比較廣泛的問題。根據您的經驗，現在回到巴西里斯本，您能否談談您如何看待目前該國的年度可負擔性，因為您多次強調您作為領導、培育和發酵該類別的作用，這非常了不起，看看今天的相對價格，似乎很重要，以了解您認為需要提供多少定價、促銷或價格執行才能促進增長？因此，啤酒的獲利能力——抱歉，可負擔性是第二個問題。

My pleasure, Thiago. Let me elaborate a little bit about the first, then I jump into the second point, right? So regarding margin expansion, right, I think it's always important to emphasize that 2025 would be very different from the previous two years, right? Because especially in '24, what we saw was a tailwind. This year, we're going to have more sort of a headwind in costs. So we knew since the very beginning that we would need a different approach in order to, right, land end of this year, accomplishing what we expect in terms of ambition, right, financial ambition.

我很榮幸，蒂亞戈。讓我先詳細說明第一點，然後再談第二點，對嗎？因此，關於利潤率擴張，我認為始終要強調的是，2025 年將與前兩年有很大不同，對嗎？因為特別是在 24 年，我們看到的是順風。今年，我們在成本方面將面臨更大的阻力。因此，我們從一開始就知道，我們需要採取不同的方法，以便在今年年底之前實現我們的目標，即財務目標。

So first and foremost, our ambition is to continue the margin expansion, right? The second point size is the fall. Actually, always keep in mind that our growth strategy is a combination of, one, lead and grow the category that connects to the second point. Two, right, digitizing monetizing optimize our business. The emphasis we are putting in the Pillar 3 here as a consequence of what I said before, is different. Because we know that the cost impact, especially in Brazil, will come within the range that we gave you all, 5 to 5 to 8 to 5. So it's a very different kind of scenario vis-a-vis the one we had last year, for instance, right? So we're going to need the combination of the three pillars working together in all markets.

因此，首先，我們的目標是繼續擴大利潤率，對嗎？第二個點大小是下降。實際上，請始終牢記，我們的成長策略是以下幾個方面的結合：第一，引領和發展與第二點相關的類別。二、對，數位化貨幣化優化了我們的業務。正如我之前所說的，我們在這裡對第三支柱的強調是不同的。因為我們知道成本影響，特別是在巴西，將在我們給出的範圍內，即 5 比 5 到 8 比 5。所以，這與去年的情況非常不同，對嗎？因此，我們需要三大支柱在所有市場共同發揮作用。

So to your point about one specific market, bringing more than they are, that is not necessarily what we expect. We expect all of them evolving simultaneously and making the combination of the three, the true point of difference. The true competitor We want to grow creating value, right? And this will be a very interesting year for us, a challenging year to make this ambition a reality, right?

因此，對於您提到的某個特定市場，其帶來的收益超出了我們的預期，這並不一定是我們所期望的。我們期望它們同時發展，並使三者的結合成為真正的不同點。真正的競爭對手我們希望透過創造價值來成長，對嗎？對我們來說，這將會是非常有趣的一年，也是實現這一目標充滿挑戰的一年，對嗎？

And I can give you the chance to Fleury to also elaborate a little bit more about what is behind ambition of protecting margins this year on the productivity front. But what I can make very clear for you what is the fall. One of the privilege that I have coming back to Brazil is the chance to work with a very powerful group of talent. The density of talents that we have here is really unique and is a very powerful point of differentiation of Ambev, right? And this group of people accepted the challenge in the end of last year, understanding the reality that we would face in '25, we all on behalf of the team, emphasizing here, we embraced the cost, right? And every single leader of our organization understands the need of delivery, number one, together with number two with number three. And probably I'm going to say something that you already know about us. But when we put something in front of us, we usually make it happen. So this is something that really makes me feel confident about.

我可以給弗勒里一個機會，讓他更詳細地闡述今年在生產力方面保護利潤率的雄心壯志背後的原因。但我可以向你清楚地解釋什麼是墮落。我回到巴西的榮幸之一就是有機會與一群非常有才華的人一起工作。我們這裡的人才密度確實是獨一無二的，這也是安貝夫的一個非常強大的差異化優勢，對嗎？而這群人在去年年底接受了挑戰，了解了我們在 25 年將面臨的現實，我們代表團隊所有人，在這裡強調，我們接受了成本，對嗎？我們組織的每一位領導者都了解交付的必要性，第一，第二，第三。也許我要說一些你們已經知道的事情。但當我們把某件事擺在眼前時，我們通常就會實現它。所以這確實讓我感到自信。

And my last comment about productivity is the fall. Along the years, we have promoted a deep transformation in many different areas of our organization here. And all -- all kinds of transformation, they provide you the opportunity to calibrate a little bit. And in those calibrations, there's a lot of value, right? So the role we are playing the mission for us as a group is to go there and calibrate and bring the value that we understand there is embedded -- All P&Ls of all markets in all countries where Ambev operates.

我對生產力的最後一個評論是下降。多年來，我們推動了組織內許多不同領域的深度轉型。而所有類型的轉變都為你提供了進行一些校準的機會。這些校準具有很大的價值，對嗎？因此，我們作為一個團隊所扮演的角色和使命就是去那裡進行校準，並帶來我們所理解的價值——Ambev 運營的所有國家的所有市場的所有損益表。

To your second point about affordability. This is a very interesting aspect you are bringing to the discussion, Thiago. And when I compare -- going back to your comment about category, being a true category leader, a category champion, right? When I compare -- some people, they come to me with the impression that, okay, there is very little room for you guys to grow. That's not the way I see it, honestly speaking, because when I compare the profile of the category, not only Brazil, but other regions that we have, right, we operate, with peer markets, we do see opportunities. We do see gaps which see us posted the Participation is one of the gaps, right? We have a lower participation level, for instance, in Brazil than in Mexico than in Colombia.

關於您提到的第二點，即負擔能力。蒂亞戈，這是你在討論中提出的一個非常有趣的方面。當我比較時——回到你關於類別的評論，成為一個真正的類別領導者，一個類別冠軍，對嗎？當我比較時——有些人會告訴我，好吧，你們的成長空間很小。說實話，我並不這麼認為，因為當我比較該類別的概況時，不僅是巴西，還有我們經營的其他地區，與同行市場，我們確實看到了機會。我們確實看到了差距，我們看到參與度是差距之一，對嗎？例如，我們在巴西的參與度低於墨西哥，也低於哥倫比亞。

On the occasion and it's pretty much the same, right? When I compare the frequency of consumption in Brazil with other important markets in a similar stage maturity stage, there is also a gap. So it's our role as leaders of the category, right, to develop the right portfolio to attend those consumers that not necessary yet connected to our category in more occasions, right? And two, going straight to your point of affordability. One of the opportunities we have lies in the end of the period -- in the bottom the pyramid, right? So the beauty about having a portfolio like we have today, the fact that you can play the end game. You can continue developing the high side of the portfolio, right, the premium side, both core side of the portfolio, while promoting accessibility for consumers that do need them. And you can -- and we were capable of doing so in middle Americas, right? You can move ahead by protecting the share of wallet of the category while reducing working minutes to buy beer for those who need that. And that's the magic. And that's why you need the portfolio composed by stronger brands, the right assortment of SKUs because, again, that will bring you optionality. Fleury?

在這個場合上，它幾乎是一樣的，對嗎？當我將巴西的消費頻率與其他處於類似階段成熟度階段的重要市場進行比較時，也存在差距。因此，作為該類別的領導者，我們的職責就是開發正確的產品組合，以便在更多場合滿足那些尚未與我們的類別產生聯繫的消費者，對嗎？第二，直接談談您的承受能力。我們擁有的機會之一就在於這個時期的末期——金字塔的底部，對嗎？因此，擁有像我們今天這樣的投資組合的美妙之處在於，你可以參與最後的遊戲。您可以繼續開發投資組合的高端，對，優質端，即投資組合的核心端，同時提高有需要的消費者的可及性。而且你可以──我們有能力在中美洲做到這一點，對嗎？您可以透過保護該類別的錢包份額來前進，同時減少為需要啤酒的人購買啤酒的工作時間。這就是魔法。這就是為什麼您需要由更強大的品牌和正確的 SKU 組合組成的產品組合，因為這將為您帶來可選性。弗勒里？

Thank you, Lisboa. And Tiago, great to reconnect with you here. I'll just start by saying that I'm extremely happy to be back into my country and be part of Lisboa's team here on this new journey of Ambev.

謝謝你，里斯本。蒂亞戈，很高興在這裡與您再次聯繫。首先我想說，我非常高興能夠回到我的國家，並成為里斯本團隊的一員，一起踏上安貝夫的新旅程。

From a financial perspective, what I think is very important for us to have in mind helping Lisboa on us working towards delivering our ambition that we mentioned before is three things. One is, when you look into our cost. We have a very good visibility given our parks and commodities the way we hedge our business. The second is that we are very focused on what we control, and this should not be new for anyone on this call because it's part of the DNA of our company. And the third is also working with the different functional areas on productivity levers. So the combination of visibility, what we control and productivity is how I believe will help us throughout this journey.

從財務角度來看，我認為在幫助里斯本實現我們之前提到的目標的過程中，我們需要牢記三件事。一是，當你查看我們的成本時。鑑於我們的公園和商品以及我們對沖業務的方式，我們擁有非常好的知名度。第二，我們非常專注於我們所控制的事情，這對參加這次電話會議的任何人來說都不是什麼新鮮事，因為這是我們公司 DNA 的一部分。第三是與不同的職能領域合作提高生產力。因此，我相信可見性、我們控制的內容和生產力的結合將幫助我們完成整個旅程。

Isabella Simonato, Bank of America.

伊莎貝拉·西蒙納托，美國銀行。

I would like to talk about a little bit the top line of beer in Brazil in Q1. And if you could elaborate a little bit more how do you see the sellout volumes during the quarter, if that's similar to what we saw in terms of sell-in? And regarding that, I mean, I understand that there was price pickup, right, as the quarter ended, which basically was a delay, right, given the calendar of the carnival. So -- can you give some indication right off type what type of price increases we could see sequentially in Q2? And how you're thinking about that? I think that would be my first question.

我想簡單談談第一季巴西啤酒的銷量。如果您可以更詳細地說明一下，您認為本季的銷售量如何，是否與我們看到的銷售量相似？關於這一點，我的意思是，我知道隨著季度的結束，價格有所回升，考慮到狂歡節的日程安排，這基本上是一種延遲。那麼——您能否立即給出一些跡象，表明我們在第二季度可能會看到哪些類型的價格上漲？您對此有何看法？我想這是我的第一個問題。

The second one in the release, you mentioned about the performance of several brands, right, as you expose here too, but I was wondering how is the Skol trajectory going? I mean, last quarter, you mentioned, right, that no longer underperformed as it did in 2024. So I wonder if there was already any type of changing direction seen in Q1? And finally, just quickly on the CapEx side, right? There was -- as you guys mentioned, a very deep decline year-over-year. Can we assume that type of contraction year-over-year for the full 2025?

發布中的第二個，您提到了幾個品牌的表現，對吧，正如您在這裡所揭示的，但我想知道 Skol 的發展軌跡如何？我的意思是，上個季度，正如您所提到的，它不再像 2024 年那樣表現不佳。所以我想知道在第一季是否已經出現了任何類型的方向變化？最後，快速談談資本支出方面，對嗎？正如你們提到的那樣，同比下降幅度非常大。我們是否可以假設 2025 年全年都會出現這種逐年收縮的情況？

Thank you, too, Isabella. It's a long question, so let me break into pieces. And I'm going to kick off talking a little bit about the second one, right, Skol. I think the I think it's always important to emphasize that we are here to play the category game, not to play a brand game. However, play the category game with the level of leadership position that we have. It's format to have a strong portfolio of brands, right? Again, to attend more consumers, right, to drive beer choices into more consumption occasions for longer with a higher value. So in essence, we believe that an effective portfolio strategy is the best way of doing so, right? And what happened in the first quarter, to your point, is the fact that both core segment performed strongly, very strong growth pace. However, the core decline low single digits. Continuing with both with good momentum, but Skol was the primary driver of the core volume decline, right?

也謝謝你，伊莎貝拉。這是一個很長的問題，所以讓我分成幾個部分來回答。我將開始談論第二個，對，Skol。我認為，始終要強調的是，我們來這裡是為了玩品類遊戲，而不是玩品牌遊戲。然而，我們要以我們所擁有的領導地位來參與類別遊戲。擁有強大的品牌組合是一種格式，對嗎？再一次，為了吸引更多的消費者，對，將啤酒的選擇推向更多的消費場合，更長的消費時間，更高的價值。所以從本質上講，我們認為有效的投資組合策略是實現這一目標的最佳方式，對嗎？正如您所說，第一季的兩個核心部門都表現強勁，成長速度非常強勁。然而，核心下滑幅度僅為個位數。兩者都繼續保持良好的勢頭，但 Skol 是核心銷售下降的主要驅動因素，對嗎？

However, we believe that a strong core segment means a strong GIR category, right? It's always good for us to keep that in mind as well because by having a stronger core allows you to develop your category and bring more incrementality from the development, not a compensation, right? So that's the reason why in our previous call, we made the emphasis, right, about Skol. So Skol, in our point of view remains an important cornerstone of our portfolio.

但是，我們相信強大的核心部分意味著強大的 GIR 類別，對嗎？我們始終牢記這一點也是有好處的，因為擁有更強大的核心可以讓你開發你的類別並從開發中帶來更多的增量，而不是補償，對嗎？所以這就是為什麼我們在之前的電話會議中強調了 Skol 的原因。因此，從我們的角度來看，Skol 仍然是我們投資組合的重要基石。

As in terms of relevance, it's as relevant as Bohemia. And by the way, is our leading brand in many different states of Brazil, right? And on top of that, right, what the brand stands for, emotionally and functionally relates a lot with what the category stands for Brazilians. That's why in our point of view, it's so important to put the brand back on the right trajectory, which before '24 was on the right direction because from '19 to '23, the brand was growing in a very healthy pace, right? And in '24, part of its growth was reverted, right? And that's the reason why we made very clear for you all that we want to fix what the portfolio strategy brought in terms of negative impact for the brand, right, without stopping the momentum of the rest of our portfolio, which, by the way, is getting stronger and stronger. So since the beginning of the year, we have mapped what in our -- according to our learnings, didn't work well for the brand. And we are acting, tackling one by one in order to put the brand back on a growth trajectory over time.

就相關性而言，它與波西米亞一樣相關。順便問一下，我們的品牌在巴西的許多不同州都是領先品牌，對嗎？除此之外，品牌在情感和功能上所代表的意義與該類別對巴西人的象徵意義有很大關係。這就是為什麼從我們的角度來看，讓品牌回到正確的軌道上是如此重要，在 2024 年之前，品牌走在了正確的方向上，因為從 2019 年到 2023 年，品牌一直以非常健康的速度成長，對吧？而在 24 年，它的部分成長又恢復了，對嗎？這就是為什麼我們向大家明確表示，我們希望解決投資組合策略對品牌帶來的負面影響，同時又不阻止我們投資組合中其他產品的發展勢頭，順便說一句，我們的其他產品正在變得越來越強大。因此，自今年年初以來，根據我們的經驗，我們已經找出了哪些方面對品牌沒有起到好的作用。我們正在採取行動，逐步解決每一個問題，以便讓品牌隨著時間的推移重回成長軌道。

We were not expecting Skol to revert completely within the quarter. Okay? So about the first point, right? In Q4, I mentioned that I think as part of my first answer was a very -- non-client, let me call this way for the industry in Brazil, right? And we told you all that the industry performance was heavily impacted by a very diverse weather, right? And that's one of the reasons we see, right, our industry back on track in '25, beginning of '25 because -- we had a normalized weather versus last year versus historical levels, right? So which emphasize how strong and how resilient the beer industry is in Brazil, despite a very dynamic operating environment, which is intrinsic to many of our emerging markets where we operate, right?

我們並不期望 Skol 能在本季內完全恢復。好的？那麼關於第一點，對嗎？在第四季中，我提到我認為我的第一個答案是非客戶，讓我這樣稱呼巴西的產業，對嗎？我們告訴過大家，產業表現受到天氣變化的嚴重影響，對嗎？這就是我們看到我們的行業在 25 年，也就是 25 年初重回正軌的原因之一，因為 - 與去年相比，我們的天氣與歷史水平相比已恢復正常，對吧？因此，這強調了儘管經營環境非常動態，但巴西啤酒產業仍然非常強勁且具有彈性，這對於我們經營的許多新興市場來說是固有的，對嗎？

Interest sellout volumes were slightly positive in the quarter, pretty in line with our performance, and that's why we are -- we emphasized that our market share was pretty much stable, right, on a quarter basis. It's good to see that the fastest a partition of the category driving the growth is the premiumization, right? Very interested to see premiumization above core already representing 30% of the industry and 30% of our volumes as well, and pay attention to the fall and a very interesting year that we are, as a consequence, not only leaders within the core, but also leaders in the both core segments.

本季利息銷售量略有正成長，與我們的業績基本一致，這就是為什麼我們強調我們的市佔率在季度基礎上相當穩定。很高興看到推動成長最快的類別是高端化，對嗎？非常高興地看到，核心業務之上的高端化已經佔據了行業的 30% 和我們銷量的 30%，並且關注秋季和非常有趣的一年，因此，我們不僅是核心業務的領導者，而且也是兩個核心細分市場的領導者。

In market share, in brand equity and growth rate, right? So our portfolio together, and again, we are a company that believes in the power of the portfolio is bringing us a very solid momentum in the both core, right? And this is driving a lot of momentum for the industry as a whole because we are different sort of experience, different experiences, right, then we could previously promote for Brazilians, okay? I hope I answered your question. Now I'm going to hand it over to Fleury.

在市場佔有率、品牌資產和成長率方面，對嗎？因此，我們的投資組合在一起，而且我們是一家相信投資組合的力量的公司，它為我們的核心業務帶來了非常強勁的勢頭，對嗎？這為整個行業帶來了巨大的推動力，因為我們擁有不同的經驗，不同的經歷，對吧，那麼我們就可以預先為巴西人進行推廣，好嗎？我希望我回答了你的問題。現在我要把它交給 Fleury。

Isabella, great to connect with you. Let me take the opportunity to mention that CapEx and invest behind our business and organic organically is one of our capital allocation priorities, and that will continue to be the case going forward. Unfortunately, I cannot give you any guidance on CapEx going forward. But let me tell you one thing. We've been even more disciplined along the years to do two things. One is to maximize our footprint of our assets in any given country in which you operate, and we are being even a diligence in looking to business cases and post facto investments, and that is something that will continue to be the case going forward.

伊莎貝拉，很高興與您聯繫。讓我藉此機會提一下，資本支出和業務背後的有機投資是我們的資本配置重點之一，而這種情況將持續下去。不幸的是，我無法為您提供有關未來資本支出的任何指導。但讓我告訴你一件事。這些年來，我們更自律地做了兩件事。一是最大限度地擴大我們在開展業務的任何特定國家的資產覆蓋範圍，我們甚至在尋找商業案例和事後投資方面非常勤勉，而且這種情況在未來仍將繼續存在。

(technical difficulty)

（技術難度）

I have one question about cash distribution to shareholders. You announced the dividend yesterday. Wondering to hear your thoughts about this topic. The company is super liquid, generating a lot of cash. And it seems like you're going through a moment of good margin expansion and results. So my question is if you see room for expanding for -- cash distribution to shareholders in venturing even above 100% payout. Your thoughts on eventually changing a little bit the leverage of the company going through leveraging process of the balance sheet, if that could make sense given your cost of debt, I would assume it's pretty competitive. So wondering how to think about that? How to think about the sort of full year cash distribution to shareholders, including the buybacks?

我有一個關於向股東分配現金的問題。您昨天宣布了股息。想聽聽您對這個主題的看法。該公司流動性極強，產生大量現金。看起來你們正處於利潤擴張和業績良好的時期。所以我的問題是，您是否認為向股東分配現金還有擴大空間，甚至達到 100% 以上的派息率。您關於最終稍微改變公司槓桿率的想法，會經歷資產負債表的槓桿過程，如果考慮到您的債務成本，這可以理解，我認為它相當有競爭力。那麼想知道該如何思考這個問題嗎？如何考慮全年現金分配給股東（包括回購）？

No, Great. Lucas, thank you for your question. I think -- it's important to remind ourselves, and we said that on the prior call that we were reviewing potentially increase on intermediate dividends throughout the year. And I think what we just announced last night connects that, right? We have done intermediary dividend announcement on the beginning of the year, closing of 2024, and now we announced another one. This is part of our continuous review process about when you look into our cash in hand when you look into dividends to be paid, buyback, restricted cash, this is going to be an ongoing exercise that we're going to be doing throughout the year.

不，太好了。盧卡斯，謝謝你的提問。我認為——提醒自己很重要，我們在先前的電話會議上說過，我們正在審查全年中期股息的潛在成長。我認為我們昨晚宣布的消息與此相關，對嗎？我們已經在年初、2024 年末發布了中期股利公告，現在我們又發布了一次。這是我們持續審查過程的一部分，當您查看我們手頭上的現金時，當您查看要支付的股息、回購、限制性現金時，這將是我們將全年持續進行的活動。

Having said that, I cannot comment for you exactly how we'll be doing that. But bear in mind, there are three things for us always that we think about how to return cash to our shareholders and deliver sustainable growth on that. One is IOC, the second one is dividend, the third one is share buyback. And we're always going to take those three into consideration. That is as much as I can mentioned to you on this call. I hope this answers.

話雖如此，我無法向您評論我們將如何做到這一點。但請記住，我們始終在考慮三件事，即如何向股東返還現金並實現永續成長。一是IOC，二是分紅，三是股票回購。我們將始終把這三點考慮在內。這就是我在這次通話中能告訴你的全部內容。我希望這能解答你的疑問。

Guilherme Palhares, Santander.

吉列爾梅·帕哈雷斯，桑坦德銀行。

Just a quick one here on Argentina. You guys mentioned on the last call, that we could see some normalization of that market. We had a pretty rough year in 2024. I'd like your thoughts on performance of 2025. We already see your comments -- we saw the comments of the administration on the press release about it. So like some figures going forward, what do you expect from the Argentinian market both in terms of volumes and also on the pricing side as inflation --

我這裡只想簡單談談阿根廷。你們在上次電話會議上提到，我們可以看到市場正常化。2024 年是我們度過相當艱難的一年。我想聽聽您對 2025 年表現的看法。我們已經看到了您的評論—我們看到了政府對此事新聞稿的評論。那麼，就像一些未來的數據一樣，您對阿根廷市場在數量和價格方面有何預期，因為通貨膨脹--

Thank you very much, Guilherme. Let me kick off the answer saying the following. We are very positive about Argentina's future, okay? I think it's important for us to emphasize that several economic indicators are improving sequentially. Not a coincidence, but a consequence that the industry also improved sequentially despite a decline in low single digits, but taking consideration that we are lapping the toughest comp in '24, right, in the first quarter. Our volumes pretty much in line with the industry performance. So we estimate to have maintained stable our market share. We continue doing what we always do with me. We are here for the long run, right? We continue to invest in our brands, making -- in building the portfolio for the future to come. We continue to see improvements in brand health of our mega brands in Argentina. This is great because we -- as I said before, we see the direction moving towards where we want the direction to be.

非常感謝，Guilherme。讓我先從以下幾點開始回答。我們對阿根廷的未來非常樂觀，好嗎？我認為我們必須強調的是，一些經濟指標正在連續改善。這並非巧合，而是儘管出現了個位數的低位下滑，但行業仍實現了連續改善，但考慮到我們在第一季正面臨 2024 年最艱難的競爭。我們的銷量與業界表現基本一致。因此我們估計我們的市佔率保持穩定。我們繼續做我們一直和我一起做的事情。我們會長期在這裡，對嗎？我們將繼續投資我們的品牌，為未來建立產品組合。我們持續看到阿根廷大型品牌的品牌健康狀況不斷改善。這很棒，因為正如我之前所說，我們看到方向正在朝著我們想要的方向發展。

And we -- with all of that, we are confident about being ready to lead and shape the category recovery in the country, right? In terms of strategy, no difference vis-a-vis the other markets, right, where we operate 1, 2, 3, right, is the formula of success, right? And pricing, to your question, is part of the pillar number 1, pillar number 3 and Pillar number 2, right? And what I can say is our revenue management plan is being executed exactly as we designed to for the beginning of this year. So we feel confident that we can move forward as I said before, leading, shaping right category and the business to where we want the business to be in the future.

有了這些，我們有信心引領和塑造國家的復甦，對嗎？從策略角度來說，與其他市場沒有什麼區別，對吧，我們經營 1、2、3，對吧，這就是成功的秘訣，對吧？對於您的問題，定價是支柱 1、支柱 3 和支柱 2 的一部分，對嗎？我可以說的是，我們的收入管理計劃正在按照我們今年年初的設計進行執行。因此，我們有信心，正如我之前所說的那樣，我們可以繼續前進，引領、塑造正確的類別和業務，使其達到我們未來想要達到的目標。

Our next question comes from Leonardo Alencar.

下一個問題來自 Leonardo Alencar。

Congratulations on the results. I would like to hear a little bit more regarding the costs, then you have the guidance for the 5.5% to 8.5% increase for this year. But the first part was really positive on that side. And you even mentioned that we should expect the cost pressure to start on the Q2. But then -- just to understand, it should be a very steep increase for costs in order to reach that guidance. So looking at the outlook now, do you see the lower range of the guidance feasible or even lower than that? Just to understand how you're experiencing the market?

恭喜你取得這樣的成績。我想了解更多有關成本的信息，然後您對今年 5.5% 至 8.5% 的增長做出指導。但從那方面來說，第一部分確實是正面的。您甚至提到，我們預計成本壓力將在第二季開始。但是－要明白，為了達到該指導，成本應該大幅增加。那麼從現在的前景來看，您是否認為指導的下限是可行的，甚至更低？只是想了解您對市場的感受如何？

And on top of that, since you have a delayed impact of cost because of the hedging strategy, we've probably already seen the competitors facing these higher costs and maybe being pushed to increase prices. And even when we look at volumes for the first quarter of this year, we saw the industry data coming down some competitors mentioning lower performance. And you managed to increase and even comments on the release that you to follow the industry. So just to understand both sides. If you're already seeing the impacts of higher costs affecting margins and even affect maybe the price pass-through in order to secure margins and affecting volumes in years, but then you mentioned that the industry grew first quarter despite the data of the industry not being the same. So just to understand that. And if you are more comfortable with the guidance, the cost guidance after the first quarter that's it.

除此之外，由於對沖策略導致成本影響延遲，我們可能已經看到競爭對手面臨更高的成本，並可能被迫提高價格。即使我們查看今年第一季的銷量，我們也看到行業數據下降，一些競爭對手提到業績下降。而且您還設法增加甚至評論您所關注的行業的發佈內容。所以只是為了了解雙方。如果您已經看到成本上漲對利潤率的影響，甚至可能影響價格傳導以確保利潤率並影響多年的銷量，但您提到儘管行業數據不一樣，但該行業第一季仍實現成長。所以只是為了理解這一點。如果您對該指導更滿意，那麼第一季之後的成本指引就是這樣。

Thank you for your question. Lisboa here. So I'm going to just make one comment, and I'm going to hand it over to Fleury, right? And the comment is the following: The alcoholic beverage industry production in Brazil declined low single digit in first quarter -- in the first quarter. Okay. Remind the following: Industry production is a good proxy for performance when we look through the cycle, not necessarily in the short term. I won't talk about our competitors. I will speak about us, right? First quarter was tough for us given the strong production of last year as we entered 2024 with a very low level, and we increased production, right, double digits during the quarter. And that's the reason why, right, you see the decline for Ambev against last year. Now to Fleury.

感謝您的提問。這裡是里斯本。所以我只想發表一條評論，然後將其交給 Fleury，對嗎？評論如下：巴西酒精飲料產業產量在第一季下降了個位數。好的。提醒以下幾點：當我們縱觀整個週期時，產業產量是一個很好的表現指標，但不一定在短期內。我不會談論我們的競爭對手。我會談論我們，對嗎？由於去年產量強勁，我們在進入 2024 年時產量處於非常低的水平，因此第一季對我們來說很艱難，並且我們在本季度將產量提高了兩位數。這就是為什麼你會看到 Ambev 的銷量較去年同期下滑。現在輪到弗勒里了。

No. Thank you, Lisboa. Leo, just to add on Lisboa's answer, I think it's important for us to remind ourselves how we build our planning scenarios and costs. And given that we have good visibility on FX and commodity. It was no surprise for us that in Q1 in Beer, we would continue to have the tailwind. So that's number one.

不。謝謝你，里斯本。Leo，我補充一下 Lisboa 的回答，我認為提醒自己如何建立規劃方案和成本非常重要。鑑於我們對外匯和商品有良好的了解。對我們來說，啤酒產業第一季繼續保持順風狀態並不令人意外。這是第一點。

Number two is that we continue to work on productivity efforts and other things related to what we control, that we could potentially give an upside. But at this moment, I cannot comment anything different than maintaining our cost guidance that we have given to you at the beginning of the year from 5.5% to 8.5%. As time progresses, maybe we can have a further discussion on that. For now, that's what it is.

第二，我們將繼續致力於提高生產力以及與我們所控制的事物相關的其他事物，這些事物可能會帶來好處。但目前，除了維持我們年初給您的成本指導值（從 5.5% 到 8.5%）之外，我無法發表任何不同的評論。隨著時間的推移，也許我們可以就此進行進一步的討論。目前，情況就是這樣。

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·利斯本先生作閉幕發言。先生，請繼續。

Thank you for joining our call today. This quarter performance had a good shape in our point of view. Volume and net revenue per hectoliter growth, gross and EBITDA margin expansion and the slightly higher EPS. All BUs grew EBITDA in almost all grew margins. Cash flow was strong, and we continued returning cash to shareholders.

感謝您今天參加我們的電話會議。我們認為本季的表現良好。每百升銷量和淨收入成長、毛利率和 EBITDA 利潤率擴大以及 EPS 略高。所有業務部門的 EBITDA 均有所成長，幾乎所有業務部門的利潤率都有所成長。現金流強勁，我們持續向股東返還現金。

Looking forward, while our operating environment remains dynamic, we continue pursuing our ambition to expand margins in the year. This was just a quarter. But for us, it is a reason to believe in the potential of our growth strategy for the quarters to come. Thank you, and hope to see you soon.

展望未來，雖然我們的經營環境依然充滿活力，但我們仍將繼續追求今年擴大利潤率的目標。這僅僅是一個季度。但對我們來說，這是一個讓我們相信未來幾季的成長策略潛力的理由。謝謝，希望很快能見到您。

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愉快的一天。