Ambev SA (ABEV) 2025 Q2 法說會逐字稿

Good afternoon, and thank you for waiting. We would like to welcome everyone to Ambev's second-quarter 2025 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 conference presentation is available for download on our website, ri.ambev.com.br as well as through the webcast link. We would like to inform you 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 年第二季業績電話會議。今天與我們在一起的有 Ambev 首席執行官 Carlos Lisboa 先生；首席財務官兼投資者關係官 Guilherme Fleury 先生。提醒一下，您可以在我們的網站 ri.ambev.com.br 上下載此會議演示文稿，也可以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. 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.

在繼續之前，請允許我指出，前瞻性陳述是根據 1996 年證券訴訟改革法案的安全港條款做出的。前瞻性陳述基於 Ambev 管理層的信念和假設以及公司目前掌握的資訊。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。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。

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 second-quarter 2024 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. 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.

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 年第二季結果的比較。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。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 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·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 second-quarter 2025 earnings call. It is a pleasure to be here with you today. On our last call, I highlighted that Q2 would be a decisive moment, almost like a transition quarter as we prepare our business to continue to deliver another year of growth with value creation.

大家下午好。感謝您參加我們的 2025 年第二季財報電話會議。我很高興今天能和大家在一起。在我們上次電話會議上，我強調第二季度將是一個決定性時刻，幾乎就像一個過渡季度，我們正在為我們的業務做好準備，繼續透過創造價值實現另一年的成長。

And I'm glad that our brands demonstrated their strength and supported the results we achieved this quarter, positioning us well for the remainder of the year, given the anticipated acceleration in costs. As leaders in our category, I am confident that we made the right decisions for our business, executing with discipline our growth strategy with special focus on revenue and cost management. This drove a high single-digit organic EBITDA increase with 110 basis points of margin expansion despite soft industry volumes in several markets, mostly due to adverse weather conditions. But rather than focus on only one single quarter, like in soccer, half time is a good moment to step back and assess our year-to-date performance.

我很高興我們的品牌展現了實力並支持了我們本季的業績，考慮到預期的成本加速成長，這為我們在今年剩餘時間內做好了準備。作為我們行業的領導者，我相信我們為我們的業務做出了正確的決策，嚴格執行我們的成長策略，特別注重收入和成本管理。儘管由於惡劣的天氣條件導致多個市場的行業銷量疲軟，但這仍推動了有機 EBITDA 實現高個位數成長，利潤率擴大了 110 個基點。但是，與足球比賽不同，我們不應該只關注某一節比賽，中場休息是回顧並評估我們今年迄今為止的表現的好時機。

Therefore, important to highlight that our brands continue to improve equity. Top line grew mid-single digits. EBITDA grew double digits with 160 basis points of margin expansion. EPS grew 6.5% and cash flow from operating activities remained resilient, growing 4% despite our working capital dynamics.

因此，值得強調的是，我們的品牌資產不斷提升。營業收入成長了中等個位數。EBITDA 成長兩位數，利潤率擴大 160 個基點。每股盈餘成長 6.5%，經營活動現金流保持強勁，儘管營運資本動態變化，但仍成長 4%。

Also, given our year-to-date performance, the Board of Directors has approved another intermediary dividend payout of BRL2 billion, totaling BRL6 billion declared this year. The foundation for our performance is based on the execution of our growth strategy. Starting on Pillar 1, lead and grow the category. This quarter reinforced our confidence in the choices we made across our portfolio.

此外，鑑於我們今年迄今的業績，董事會已批准再派發 20 億巴西雷亞爾的中期股息，使今年的股息總額達到 60 億巴西雷亞爾。我們的業績基礎取決於我們成長策略的執行。從支柱 1 開始，引領並發展該類別。本季增強了我們對整個投資組合所做選擇的信心。

Market share pressure linked to revenue management initiatives was softened by the strength of our brands built through a consistent execution and investments over the last years. And even in the face of softer industries, the underlying performance of our strategic priorities continue to deliver solid results. Our premium and super premium brands delivered low teens growth, expanding 7 out of top 10 markets of Ambev. The Balanced Choice portfolio maintained strong growth momentum, expanding in the low 20s, addressing evolving consumer preferences and needs.

透過過去幾年的持續執行和投資，我們建立了強大的品牌，從而減輕了與收入管理措施相關的市場份額壓力。即使面對產業疲軟，我們的策略重點的基本表現仍持續帶來穩健的成果。我們的高端和超高端品牌實現了低十幾個百分點的成長，佔據了 Ambev 前十大市場中的 7 個。Balanced Choice 產品組合保持強勁的成長勢頭，成長率在 20% 出頭，滿足了消費者不斷變化的偏好和需求。

Activations on platforms like FIFA Club World Cup and Hana Hold built positive results. Our brands stood out as the most recognized in these events, generating engagement and strengthening brand equity. As for core segment, while brand equity remains stable, volumes declined given its highest sensitivity to industry environment and to our revenue management decisions.

在國際足總俱樂部世界盃和 Hana Hold 等平台上的活化取得了積極成果。我們的品牌在這些活動中脫穎而出，獲得了最多的認可，從而吸引了人們的注意並增強了品牌資產。至於核心部分，雖然品牌資產保持穩定，但由於其對產業環境和我們的收入管理決策最為敏感，銷售量有所下降。

As for Pillar 2, digitize and monetize the ecosystem. BEES marketplace continued its momentum with GMV growing in the 90s and reaching an annualized amount of BRL7.4 billion, led by partnerships such as Nestle and L'Oreal. On the direct-to-consumer front, Zé Delivery achieved a 7% increase in GMV despite a soft industry environment, supported by 11% rise in average order value. Additionally, our digital platforms are further strengthening our core business through better services to customers and also consumers, benefits that may not always be visible externally. Over the years, our customers have been spending more time with us.

至於支柱二，則是將生態系數位化和貨幣化。在雀巢和歐萊雅等合作夥伴的推動下，BEES 市場持續保持強勁勢頭，GMV 在 90 年代持續成長，年化金額達到 74 億巴西雷亞爾。在直接面向消費者方面，儘管產業環境疲軟，Zé Delivery 的 GMV 仍實現了 7% 的成長，這得益於平均訂單價值 11% 的成長。此外，我們的數位平台透過為客戶和消費者提供更好的服務，進一步加強了我們的核心業務，這些好處可能無法總是從外部看到。多年來，我們的客戶在我們這裡花了越來越多的時間。

In Brazil, for instance, we now engage for nearly 40 minutes per week through BEES and also in-person visits, fivefold of what we had pre-BEES. This deeper and more frequent engagement has allowed us to set missions to our business developers to focus on sell-out rather than sell-in. And as a consequence, we continue to evolve on number of brands and SKUs per park, growing 3.4% this year only and to better manage price and promotions, driving efficiencies to our net revenue per hectoliter. As a result of a higher customization and a more data-driven approach, NPS of customers continue to improve, achieving all-time high levels, close to 70 points this quarter.

例如在巴西，我們現在每週透過 BEES 和親自拜訪進行交流的時間接近 40 分鐘，是 BEES 實施之前的五倍。透過這種更深入、更頻繁的接觸，我們可以為業務開發人員設定任務，讓他們專注於銷售出去而不是銷售進來。因此，我們繼續增加每個園區的品牌和 SKU 數量，今年僅成長 3.4%，並更好地管理價格和促銷，提高每百升淨收入的效率。由於客製化程度更高、數據驅動力更強，客戶的NPS持續提升，本季達到歷史最高水平，接近70點。

As for DTC, today, e-commerce is the fastest-growing channel for Ambev and Ze is leading that growth. However, it is not just about growth, but about who is driving it. Gen Z, LDA and millennials represent nearly 80% of Ze's buyers, well above their share in the population. Moreover, Ze has become a powerful engagement platform for the category lovers.

至於 DTC，如今，電子商務是 Ambev 成長最快的管道，而 Ze 正在引領這一成長。然而，這不僅關乎成長，還關乎誰在推動成長。Z 世代、LDA 和千禧世代佔 Ze 買家的近 80%，遠高於他們在人口中的比例。此外，Ze 已成為品類愛好者的強大參與平台。

According to our internal data, Ze consumers have a 47% higher frequency of beer consumption compared to the category average. Therefore, being close to them means being close to the trends, and that drives our portfolio forward. It is not a coincidence, but a consequence that both premium and Balanced Choice brands have a higher mix on the platform. For example, in H1, 14% of Ze users added at least one product from our Balanced Choice portfolio in their baskets, which grew almost twice as fast on Ze compared to the total business and reached 3.6% of total platform sales.

根據我們的內部數據，Ze 消費者的啤酒消費頻率比同類產品的平均值高出 47%。因此，貼近它們就意味著貼近趨勢，這將推動我們的投資組合向前發展。這並非巧合，而是高端品牌和 Balanced Choice 品牌在平台上的混合度更高的結果。例如，在上半年，14% 的 Ze 用戶在他們的購物籃中添加了至少一件來自我們 Balanced Choice 產品組合的產品，該產品在 Ze 上的增長速度幾乎是整體業務的兩倍，達到平台總銷售額的 3.6%。

And on Pillar 3, optimize our business. Some of you have probably heard me saying this before, muscles have memory. Our disciplined focus on cost efficiency more than offset noncommodity cost inflation, representing a saving of over BRL500 million in the quarter. In SG&A, we offset the impact of lower scale from volumes in distribution expenses.

第三支柱是優化我們的業務。你們中的一些人可能以前聽過我說過，肌肉是有記憶的。我們對成本效率的嚴格關注抵消了非商品成本的上漲，本季節省了超過 5 億巴西雷亞爾。在銷售、一般及行政費用方面，我們透過分銷費用來抵銷規模下降所帶來的影響。

Overall, these efforts were essential to achieve an operational leverage of 2.2 times in the quarter. Moving to the performance of our business units. Consistent with the first quarter, all BUs delivered EBITDA growth and four of them expanded margins as we continue implementing our growth strategy with discipline across our footprint. In this quarter, our diversified geographic footprint contributed in a meaningful way.

總體而言，這些努力對於本季實現 2.2 倍的營運槓桿至關重要。轉向我們業務部門的績效。與第一季一致，所有業務部門均實現了 EBITDA 成長，其中四個業務部門的利潤率有所提高，因為我們繼續在整個業務範圍內嚴格執行成長策略。本季度，我們多元化的地理覆蓋範圍做出了有意義的貢獻。

Now let's look at the commercial highlights of our main markets. In Brazil beer, our volumes declined 9%, mostly driven by unfavorable weather with 65 colder days compared to last year. June represented over 60% of the quarter's volume impact with critical regions for the category facing 2 to 4 degrees Celsius lower temperature versus last year. Even so, brand equity improved again in this quarter, softening the market share impact from our revenue management decisions to a low single-digit decline.

現在讓我們來看看我們主要市場的商業亮點。在巴西，我們的啤酒銷量下降了 9%，主要原因是天氣惡劣，與去年相比寒冷了 65 天。6 月佔本季銷量影響的 60% 以上，該類別的關鍵地區的氣溫比去年低 2 至 4 攝氏度。即便如此，本季品牌資產再次提升，將我們的營收管理決策對市佔率的影響減弱至個位數的低點下降。

Our premium and super premium brands grew mid-teens, gaining market share in the segment. Above core brands sustained almost 30% of our volumes and maintain our leadership in the segment. As for the core segment, it declined by low teens given its higher sensitivity to industry performance and to our revenue management decisions.

我們的高端品牌和超高端品牌實現了十五六倍的成長率，並獲得了該領域的市場份額。上述核心品牌佔據了我們近30%的銷量，並保持了我們在該領域的領先地位。至於核心部分，由於其對產業表現和我們的收入管理決策的敏感度較高，因此其下降幅度低於百分之十。

And lastly, in our balanced choice portfolio, Stella Pure Gold more than doubled its volumes. Michelob Ultra grew over 60%. And nonalcoholic beers grew mid-teens. As a matter of fact, these brands represent around 2.5% of our volumes in H1, up from 1.4% last year. In Brazil LAS, volumes were slightly positive in the quarter despite a mid-teens decline in June. Top line performance was driven by healthy net revenue per hectoliter as our brands showed resilience, gaining market share according to our estimates and the nonsugar portfolio growing above 30%.

最後，在我們均衡的選擇投資組合中，Stella Pure Gold 的銷售量增加了一倍以上。Michelob Ultra 銷量成長超過 60%。無酒精啤酒的銷量在十幾歲時就成長了。事實上，這些品牌占我們上半年銷售的 2.5% 左右，高於去年的 1.4%。在巴西，儘管 6 月出口量出現 15% 左右的下降，但本季的出口量仍略有回升。由於我們的品牌表現出韌性，每百公升健康的淨收入推動了營業收入的成長，根據我們的估計，我們的市佔率有所增加，非糖產品組合的成長率超過 30%。

Moving to Argentina. Volume performance presented another sequential improvement with beer volumes returning to growth after 7 quarters despite underperforming the industry as a result of our revenue management choices. The premium segment grew double digits, while the health of our mega brands improved once again.

搬到阿根廷。銷售表現再次呈現連續改善，儘管由於我們的收入管理選擇，啤酒銷售表現落後於行業水平，但在 7 個季度後恢復增長。高端市場實現了兩位數成長，而我們的大品牌的健康狀況再次改善。

Overall, we continue positive on the recovery of the category in the country. In the Dominican Republic, the consumption environment presented a sequential improvement. In this environment, beer gained share of that as our main brands remain healthy with Presidente family gaining brand equity in the quarter.

總體而言，我們繼續對該國該類別的復甦持樂觀態度。多明尼加消費環境呈現季比改善。在這種環境下，啤酒的市場份額有所增加，因為我們的主要品牌保持健康，而 Presidente 家族在本季度獲得了品牌資產。

Lastly, in Canada, volumes grew 0.8%, more than offsetting a softer industry affected by colder temperatures. Our performance was mainly driven by: one, the Ontario industry that continues to grow given the route-to-market change that took place last year; two, the nonalcoholic beer industry that expanded mid-teens with our brands outperforming by growing mid-20s and now representing almost 5% of our volumes; and lastly, the execution of our strategy and investments behind our brands, resulting in the fastest-growing beer brands in the country with share of throat in market share gains according to our estimates. All in all, we delivered the best EBITDA growth for the second quarter in years.

最後，在加拿大，銷量成長了 0.8%，足以抵消受寒冷天氣影響的產業疲軟影響。我們的業績主要得益於以下因素：第一，由於去年市場路線的變化，安大略省的啤酒行業繼續增長；第二，無酒精啤酒行業實現了十幾歲的擴張，我們的品牌增長了二十多歲，現在占我們銷量的近 5%；最後，我們對品牌的戰略執行和投資，使我們成為全國增長最快的啤酒品牌，根據我們的估計，我們的市場有所增長。總而言之，我們第二季度實現了多年來最好的 EBITDA 成長。

Now let's move on to our financial performance. Fleury, over to you.

現在讓我們來看看我們的財務表現。弗勒里，交給你了。

Thank you, Lisboa, and hello, everyone. Today, I'll cover three topics. First, cost and expenses management. Second, net income performance.

謝謝里斯本，大家好。今天，我將講三個主題。一是成本費用管理。第二，淨利表現。

And third, cash flow generation. So let's get started. As Lisboa mentioned, quarter two was a transition quarter. We were expecting cost pressures, especially in Brazil, and we chose to act, protecting margins by controlling what we can.

第三，現金流的產生。那麼就讓我們開始吧。正如里斯本所提到的，第二季是一個過渡季度。我們預期會出現成本壓力，尤其是在巴西，因此我們選擇採取行動，透過控制力所能及的因素來保護利潤率。

That meant disciplined resource allocation, proactive cost management and targeted SG&A initiatives. The execution of our strategy is already making a difference. Let me walk you through one example in cost of goods sold in Brazil. FX and commodities account for approximately 45% of our cash COGS.

這意味著嚴格的資源分配、主動的成本管理和有針對性的銷售、一般及行政費用 (SG&A) 計劃。我們的策略實施已經產生了效果。讓我舉一個巴西銷售商品成本的例子。外匯和商品約占我們現金銷貨成本的 45%。

Most of that is hedged, which means the impact was largely locked in before the start of the year, but the remaining 55% is where we can act, and that's exactly what we've done. We've been focused on curbing cost escalation where we have control, rationalizing our operations. In 2025 alone, we've reduced the number of SKUs by around 10%, eliminating low churn items, therefore, increasing the productivity of our breweries and distribution centers. To put it simply, this SKU rationalization means fewer line changeovers at our breweries and better productivity, helping our cost performance in Brazil Beer to be within our guidance for the full year.

其中大部分都經過了對沖，這意味著其影響在年初之前就已基本鎖定，但剩下的 55% 是我們可以採取行動的，而這正是我們所做的。我們一直致力於在可控的範圍內抑製成本上漲，並合理化我們的營運。光是 2025 年，我們就將 SKU 數量減少了約 10%，淘汰了低流失率商品，從而提高了我們的啤酒廠和配送中心的生產力。簡而言之，這種SKU合理化意味著我們啤酒廠的生產線轉換更少，生產力更高，有助於我們在巴西啤酒方面的成本表現達到我們全年的指導範圍之內。

Before we move on to net income, I would like to remind everyone that in Argentina, our results under IFRS, including EBITDA, were significantly affected by the Argentinian peso devaluation of 12% in the quarter with the currency impacts of the year-to-date being carried out in the second quarter. Now moving on to net income and starting with net financial results. The increase in financial expenses continue to have the same drivers of the first quarter. One, FX carry costs in Brazil coming from the interest rate differential between Brazil and the US.

在討論淨收入之前，我想提醒大家，在阿根廷，我們根據國際財務報告準則（IFRS）得出的業績（包括 EBITDA）受到本季度阿根廷比索貶值 12% 的嚴重影響，年初至今的貨幣影響已在第二季度顯現。現在轉到淨收入並從淨財務結果開始。財務費用的成長仍與第一季有相同的驅動因素。一、巴西的外匯持有成本來自於巴西與美國的利差。

Two, FX losses related to the dollar purchase in Bolivia. And three, a noncash impact linked to the appreciation of the BRL during the quarter from hard currency cash balances translation. And for income tax, our effective tax rate for the quarter was 18.4% compared to 28.6% in second quarter of 2024. The year-over-year decrease is mostly driven by, first, a nonrecurring event in the second quarter of '24 related to accrued withholding taxes over undistributed profits from Labatt, coming from the depreciation of the BRL against the Canadian dollar during that period in accordance with IAS 12 accounting standards.

二、與玻利維亞購買美元有關的外匯損失。第三，本季巴西雷亞爾升值與硬通貨現金餘額轉換相關的非現金影響。就所得稅而言，本季的有效稅率為 18.4%，而 2024 年第二季的有效稅率為 28.6%。年比下降的主要原因是：首先，2024 年第二季度發生了一起非經常性事件，涉及 Labatt 未分配利潤的應計預扣稅，根據《國際會計準則第 12 號》，該事件源於該期間巴西雷亞爾兌加元的貶值。

Second, the effect of income tax exemption over part of our state VAT government grants following favorable court ruling obtained in the second half of last year. And lastly, a favorable country mix of earnings this quarter. On a year-to-date basis, our effective tax rate remains at the same level as prior year. In the quarter, the resilient operational performance and disciplined financial management led to a net income of BRL2.8 billion, a 15% improvement versus last year.

第二，根據去年下半年獲得的有利法院裁決，對我們州部分增值稅政府補助免徵所得稅的影響。最後，本季各國獲利情況良好。從年初至今，我們的有效稅率與去年同期持平。本季度，強勁的營運業績和嚴格的財務管理使淨收入達到 28 億巴西雷亞爾，比去年同期成長 15%。

Last topic, cash flow generation. In our halftime review, cash flow from operating activities grew 4%, led by the EBITDA growth. In the quarter, our cash flow from operating activities reached BRL3 billion. The 9.2% decline versus last year reflects the volume dynamic in the quarter with lower sales tax payables, partially offset by better receivables and inventories.

最後一個話題，現金流的產生。在我們的中期回顧中，經營活動現金流成長了 4%，其中 EBITDA 成長最為顯著。本季，我們的營運活動現金流達到30億巴西雷亞爾。與去年相比下降 9.2% 反映了本季銷售稅應付額降低的動態，但應收帳款和庫存的改善部分抵消了這一影響。

Cash flow from investing activities was BRL1 billion negative, driven mainly by CapEx investments during the quarter, similar to the investment of last year. And cash flow from financing activities reached BRL4 billion negative, primarily due to the payment of intermediary dividends in April, the repurchase of shares according to our buyback program and Bolivia fees to purchase dollars that, as I mentioned, impacted the financial results. Before I hand it back to Lisboa, I would like to reinforce the message that we remain focused on delivering sustainable value creation to our shareholders through a diligent execution of our capital allocation priorities.

投資活動產生的現金流為負 10 億巴西雷亞爾，主要受本季資本支出投資的影響，與去年的投資金額相似。融資活動產生的現金流達到負 40 億巴西雷亞爾，主要原因是 4 月份支付了中期股息、根據回購計劃回購了股票以及支付了玻利維亞費用購買美元，正如我所提到的，這些都影響了財務結果。在我將權力交還給里斯本之前，我想強調的是，我們仍然致力於透過認真執行我們的資本配置優先事項，為股東創造可持續的價值。

Thank you for your time today, and back to you, Lisboa.

感謝您今天的寶貴時間，回到里斯本。

Thank you, Fleury. Before we conclude, I would like to offer a few closing thoughts. As I noted earlier, reaching the half time give us an opportunity to assess how we are performing against the mission I set forth when I first came on board. Firstly, avoid disruption, on track.

謝謝你，弗勒里。在結束之前，我想講幾點結束語。正如我之前提到的，進入中場休息讓我們有機會評估我們在完成我上任時所製定的使命方面的表現。第一，避免干擾，走上正軌。

And in fact, the most recent results of our employee engagement survey shows improvement across all functions, reinforcing the belief in our future. Secondly, keep momentum, on track. So far in the year, we have achieved better brand equity, top and bottom line growth and also EBITDA margin expansion. Lastly, build a stronger version of our company, on track.

事實上，我們最新的員工敬業度調查結果顯示，所有職能部門都有所改善，這增強了我們對未來的信心。第二，保持勢頭，走上正軌。今年到目前為止，我們實現了更好的品牌資產、營收和利潤成長以及 EBITDA 利潤率擴大。最後，我們要按照計劃，建造一個更強大的公司。

I believe that momentum invites more momentum. Our performance in first half position us well to second half. Our road map to success shall be paved based on a consistent performance of our business. And before finishing, I want to take a moment to recognize our team who made again a huge difference in our quarter performance, overdelivering on everything we have under our control.

我相信，勢頭會催生更多的勢頭。我們上半場的表現為我們下半場奠定了良好的基礎。我們的成功之路將以我們業務的持續表現為基礎。在結束之前，我想花點時間揚一下我們的團隊，他們再次為我們的季度業績做出了巨大貢獻，超額完成了我們所能控制的一切。

Thank you very much. And now let's go to the second half when our brands will continue to be part of cultural moments, assuring presence not only on the tables, but also in the hearts of our consumers. Thank you for your attention.

非常感謝。現在讓我們進入下半年，我們的品牌將繼續成為文化時刻的一部分，確保不僅出現在餐桌上，也出現在消費者的心中。感謝您的關注。

And now I will hand it back to the operator for the Q&A.

現在我將把話題交還給接線員進行問答。

(Operator Instructions) Isabella Simonato, Bank of America.

（操作員指示）美國銀行的伊莎貝拉·西蒙納托 (Isabella Simonato)。

I have two questions sort of related. First of all, regarding the top line and the volume performance, right, in Brazil, I understand the reasons you mentioned to drive this weakness, but it seems a much deeper change year-on-year versus events that we've seen in the past, right? If I'm not mistaken, this is the largest year-on-year volume contraction we've seen with the exception of what happened during the pandemic.

我有兩個相關的問題。首先，關於巴西的營收和銷售表現，我理解您提到的導致這種疲軟的原因，但與我們過去看到的事件相比，這似乎是一個同比更深的變化，對嗎？如果我沒記錯的話，這是我們見過的除疫情期間之外最大的同比銷量萎縮。

So even with a bad weather, right, or in -- or you guys leading price increases that were not necessarily followed by competition. What is your read on the size of the decline? And in that sense, what makes you confident that the second half and ABI also mentioned that the second half of the year will show a significant recovery or will show an improvement. I think that's what we wanted to better understand.

因此，即使天氣惡劣，或者你們引領價格上漲，但不一定會導致競爭。您對下降幅度有何看法？從這個意義上講，是什麼讓您對下半年充滿信心？ ABI 也提到，下半年將有明顯復甦或改善。我認為這就是我們想要更好地理解的。

And the second point, you've guys showed, I think, a much better-than-expected margin performance despite this more limited dilution, right? And you guys mentioned some of the initiatives. But I wonder if you could elaborate a little bit more on those things you can control, right? If the bulk of what you plan to do is done in this quarter, or do you guys see more room to continue to cut costs and have a more efficient portfolio.

第二點，我認為，儘管稀釋程度有限，但你們的利潤率表現還是比預期好得多，對嗎？你們也提到了一些措施。但我想知道您是否可以更詳細地說明您可以控制的事情，對嗎？如果您計劃的大部分工作都在本季度完成，或者您是否認為還有更多空間來繼續削減成本並擁有更有效率的投資組合。

I mean, I think we wanted to get a better sense of what we can expect going forward in terms of initiatives and where we are right in this pipeline.

我的意思是，我想我們希望更好地了解我們在未來的舉措方面可以期待什麼，以及我們在這個管道中處於什麼位置。

Hello, everyone. Thanks again for joining the call. And Isabella, Nice to talk to you.

大家好。再次感謝您參加電話會議。伊莎貝拉，很高興和你交談。

Super clear your question and I fully understand the point. So I'm going to answer the first and hand over to Fleury for the second one, okay? So I think it's important to step back a little bit and first and foremost, understand what happened with the industry in second quarter, okay? We estimate a mid-single-digit sellout industry decline, which is pretty much in line with news intimations, right?

您的問題非常清楚，我完全理解這一點。因此我將回答第一個問題，然後將第二個問題交給 Fleury，好嗎？因此，我認為首先回顧一下，了解第二季度行業發生了什麼是很重要的，好嗎？我們估計售罄行業將出現中等個位數的下滑，這與新聞報道基本一致，對嗎？

And this was pretty much driven, as I mentioned during the interview -- as the very adverse weather during this period. Okay. So I think the first message from my side is there is no structural change in consumer demand in Brazil. 70% of the industry decline based on our industry models is explained by the weather.

正如我在採訪中提到的那樣，這主要是因為這段時期的天氣非常惡劣。好的。所以我認為我這邊傳達的第一個訊息是巴西的消費需求沒有結構性改變。根據我們的產業模型，70%的產業衰退可以用天氣來解釋。

And the reason why is the following. We faced 65 colder days versus last year with a heightened penetration in one month. June was a big outlier, Isabella, with a double digit decline, mid-teens decline, right, just in this month, impacting important reasons for the industry, which represents 60% of the industry volume. This region saw a temperature variation, right, of 2 to 4 lower degrees Celsius, which has a very important impact when you assume the correlation of temperature into volumes in this month.

原因如下。與去年相比，我們面臨的寒冷天氣多了 65 天，一個月內寒冷滲透率也更高。六月是一個很大的異常值，伊莎貝拉，就在這個月出現了兩位數的下降，十幾歲的下降，對吧，這影響了該行業的重要原因，佔該行業總量的 60%。該地區的溫度變化，對吧，是低了 2 到 4 攝氏度，當你假設本月溫度與體積之間的相關性時，這會產生非常重要的影響。

As a matter of comparison, it's good to have the two business in our hands, right, the alcoholic and nonalcoholic business. In our CSD business, despite slightly growing volumes in the quarter, and by the way, we were growing in a very healthy way in April and May. In June, we also suffered the same level of impact, right, due to the adverse weather that I mentioned before, right? Additionally, the remainder 30% of the industry impact comes mostly from inflation, especially impacting essential goods, which came, right?

相較之下，我們同時擁有兩項業務，即酒精飲料業務和非酒精飲料業務，這很好。在我們的 CSD 業務中，儘管本季交易量略有成長，但 4 月和 5 月我們的成長非常健康。6月我們也遭受了同樣程度的影響，對吧，就是因為我之前提到的惡劣天氣，對吧？此外，其餘 30% 的產業影響主要來自通貨膨脹，尤其是對必需品的影響，對嗎？

The inflation came above CPI and continues to put some sort of pressure on disposable income for Brazilian consumers. It's also important to consider another aspect from an industry selling standpoint performance. The performance was also impacted by two less business days in the period, right? Now moving to our selling performance, right?

通膨率高於消費者物價指數，並持續對巴西消費者的可支配所得造成一定壓力。從行業銷售角度考慮另一個方面的表現也很重要。業績也因期間營業日減少兩個而受到影響，對嗎？現在談談我們的銷售業績，對嗎？

First and foremost, as I mentioned before, 3/4 of the volume impact was driven by the industry, pretty much explained by the weather. Additionally, the 1/4 of the volume performance explained mainly by a wider consumer price relativity caused by something that we anticipated to you during our first call announcement, our revenue management decisions. And this resulted in a low single-digit market share loss according to our estimates and also pretty in line with news and sell-out data, right? Regarding the share performance, brand equity continued to improve, softening the market share impact when we compare to our historical market share models.

首先，正如我之前提到的，3/4 的銷售影響是由行業驅動的，這很大程度上可以用天氣來解釋。此外，1/4 的銷售表現主要是由於更廣泛的消費者價格相對性造成的，這是我們在第一次電話會議公告中預測到的，即我們的收入管理決策。根據我們的估計，這導致了低個位數的市場份額損失，也與新聞和銷售數據相當一致，對嗎？就份額表現而言，與我們的歷史市佔率模型相比，品牌資產持續改善，市佔率的影響有所減弱。

Second point, premium grew mid-teens and gained share again in the segment. The core decline came pretty much in line with low teens due to segment high sensitivity to the diverse weather conditions, and also it's important to mention the core side of this segment relies more in out-of-home consumption occasions, which were more impacted by adverse weather, right? And these brands are also more sensitive to revenue management decisions and greater price elasticity, okay? And it is important to reinforce as well that our market share over indexed in the core performance vis-a-vis the overall performance of our business.

第二點，高端產品成長了十幾歲，並且在該領域的份額再次增加。由於該部分對各種天氣條件的高度敏感性，核心下降幅度與低十幾歲的下降幅度基本一致，而且值得一提的是，該部分的核心方面更多地依賴於戶外消費場合，而戶外消費場合受惡劣天氣的影響更大，對嗎？而這些品牌對營收管理決策也更敏感，價格彈性也更大，好嗎？同樣重要的是要強調，我們的市佔率在核心績效相對於我們業務整體績效的指數中較高。

All in all, looking ahead, without going into details about our quarter-three performance, what I can say is the following. July doesn't look at all to June in terms of weather conditions, which means that we do see a significant improvement throughout the month, right? Despite the fact that the beginning of the month was also impacted by residual adverse weather. And the second comment that I have is the following.

總而言之，展望未來，無需詳細談論我們第三季的表現，我只能說以下幾點。從天氣狀況來看，七月與六月完全不同，這意味著我們確實看到整個月的天氣都有明顯改善，對嗎？儘管本月初也受到殘留惡劣天氣的影響。我的第二個評論如下。

We are also observing initial readings on consumer price relativity starting to ease improving along the month. okay? Beyond July, we remain confident. Nonfundamentals of the beer industry impacted in the quarter and we continue to see clear opportunities for us in terms of a precup in the future.

我們也觀察到消費者價格相對性的初步讀數隨著月份的推移開始緩和改善。好嗎？七月之後，我們依然充滿信心。啤酒行業的非基本面在本季度受到了影響，我們繼續看到未來在預杯方面存在的明顯機會。

And also super important to emphasize that we feel today our company is stronger as a whole, better prepared for the year to come than we were in the beginning of the year. Since our growth algorithm is prepared, set for the acceleration of cost that we already observed impact in the second quarter.

同樣需要強調的是，我們認為今天我們的公司整體上比年初更加強大，對來年的準備也更加充分。由於我們的成長演算法已經準備好，並且針對第二季度我們已經觀察到的影響的成本加速進行設定。

And so, if I may, Isabella, Fleury here. Let me just start by saying that our approach remains very focused when I think about cost.

所以，如果可以的話，我是伊莎貝拉，弗勒里。首先我想說的是，當我考慮成本時，我們的方法仍然非常集中。

We want to optimize where we control. And important to remember that while preserving the commercial leverage as Lisboa mentioned, to drive top line and brand equity. Over the years, we know that cost of food sold was the main source of margin pressure, mainly coming from FX and commodities. And today, I gave you an example of SKU optimization, but there are others.

我們希望優化我們控制的地方。重要的是要記住，正如里斯本所提到的，在保持商業槓桿的同時，要推動營收和品牌資產的成長。多年來，我們知道食品銷售成本是利潤壓力的主要來源，主要來自外匯和商品。今天，我為大家提供了一個 SKU 優化的範例，但還有其他範例。

We are very focused also on looking into how to improve distribution expenses, which did -- which impacted positive in the quarter. I always look into optimizing our footprint. And just to remember, we were very known for our zero budget-based budget, and that's something that we'll continue to exercise throughout the year. And I would like to say to finalize that the team is very engaged with that.

我們也非常注重研究如何改善分銷費用，這確實對本季產生了正面影響。我一直在研究如何優化我們的足跡。請記住，我們以零預算而聞名，我們將在全年繼續實行這項政策。最後我想說的是，團隊對此非常投入。

Renata Cabral, Citi.

花旗銀行的 Renata Cabral。

My question is a follow-up in terms of costs that you had mentioned. Of course, we have the guidance for 2025. in terms of cash COGS.

我的問題是關於您所提到的成本的後續問題。當然，就現金 COGS 而言，我們對 2025 年有指導。

And first half of the year had a lot of volatility in terms of FX, but we have some horizon for what can happen for 2026. My question is if you can give us some color on what you see and what you've been doing in terms of hedging specifically for raw material costs?

今年上半年外匯市場波動很大，但我們對 2026 年的走勢有一定的預測。我的問題是，您能否向我們介紹一下您所看到的情況以及您在對沖原材料成本方面所做的事情？

Thank you, Renata. Fleury here.

謝謝你，雷娜塔。這裡是弗勒里。

So two things with you. We are maintaining our hedging strategy the same as the prior year. So it's -- it's a hedging strategy that we look 12 months forward, and it's not speculative. The idea of the hedging for us is to protect the business, number one.

所以有兩件事與你有關。我們維持與前一年相同的對沖策略。所以，這是一種對沖策略，我們著眼於未來 12 個月，而不是投機。對我們來說，對沖的首要目的是保護業務。

Number two is that we are very confident about the cash COGS per hectoliter guidance that we have given to the market, which is Brazil beer excluding non-bev marketplace to be within the range of 5.5% and 8.5%. And even though we look that it's still being in the lower part of that guidance for now. This is something that we work towards the year, but I cannot give you any guidance on that topic now.

第二，我們對我們向市場提供的每百公升現金 COGS 指導非常有信心，即巴西啤酒（不包括非飲料市場）的每百升現金 COGS 將在 5.5% 至 8.5% 的範圍內。儘管如此，我們目前看來它仍然處於該指導的較低水平。這是我們今年要努力實現的目標，但我現在無法就此主題給你任何指導。

Leonardo Alencar, XP.

萊昂納多·阿倫卡爾，XP。

I wanted to dive a little bit on discussion on pricing. I know it's a sensitive issue. But if you could discuss the dynamics between off-trade and on-trade, talking about this iconic situation, which is not really favorable.

我想深入討論定價問題。我知道這是一個敏感問題。但如果您可以討論非現場消費和現場消費之間的動態，談論這種標誌性的情況，那並不是很有利。

But then with this weather advanced weather by the end of the quarter, maybe not so bad, but still a challenge in the beginning of the third quarter. So what's the -- what can you expect between these channels between on and off trades? And if you could even give a little more detail or color on pricing between categories. I understand that you've been pushing premium and super premium and you've been gaining market share on that sector.

但是，由於本季末的天氣狀況不佳，情況可能沒有那麼糟糕，但在第三季初仍然是一個挑戰。那麼，您對這些線上和線下交易管道之間有何期待？如果您能提供更多關於不同類別定價的細節或說明，那該有多好啊。我知道你們一直在推廣高端和超高端產品，並且一直在該領域獲得更大的市場份額。

And despite losing volume on this, you managed to increase net revenue per hectoliter, so -- but then maybe less than expected. So just to understand where we should expect the biggest price increase between categories? That's the two main points I want to understand further.

儘管銷量有所下降，但您還是設法增加了每百升的淨收入，但可能低於預期。那麼，我們只是想了解哪些類別之間的價格漲幅最大呢？這是我想進一步了解的兩個要點。

Thank you for the question.

謝謝你的提問。

It's a very sensitive topic, as you said. So let me elaborate here in order to answer your point. Our revenue management agenda has started in March, right, just after the Carnival, as I mentioned earlier, was built throughout the quarter, right? So we increased prices pretty much in all segments, which helped us to achieve the quarter-two net revenue per hectoliter performance that you saw in Brazil.

正如您所說，這是一個非常敏感的話題。因此，讓我在這裡詳細說明一下，以回答您的問題。我們的收入管理議程已於 3 月開始，就在嘉年華之後，正如我之前提到的，整個季度都建成了，對嗎？因此，我們幾乎提高了所有細分市場的價格，這幫助我們實現了您在巴西看到的第二季每百升淨收入的表現。

And it's always good to size that within the net revenue per hectoliter, the rate is pretty much in line with inflation, right? And we are capturing the premiumization benefits on top of that, right? As for the core volumes, right, as I mentioned before, volumes declined due to the industry, right? So pretty much, we saw the vast majority of the impact in these brands because they are more sensitive to pricing performance, pricing differences and also to something that you mentioned in terms of channels, right?

在每百升淨收入的範圍內，這個比率與通貨膨脹率基本一致，這總是好的，對嗎？而且我們還獲得了優質化的好處，對嗎？至於核心交易量，正如我之前提到的，交易量由於行業原因而下降，對嗎？所以，我們看到這些品牌受到了絕大多數影響，因為它們對定價表現、定價差異以及您提到的管道方面的東西更敏感，對嗎？

The only main difference that we observed within the quarter was related to the on-premise side of the industry because this channel was more impacted by the adverse weather conditions. Despite that, we brought, as I mentioned before, opposed to the net post the effect from the mix on top of the rate initiatives that took place, right? Looking ahead, net revenue per hectoliter will remain a key lever to support our ambition to continue expanding margins in Brazil, right? And we will always balance the long-term pricing aligned with CPI while managing the short-term cost inflation protecting profitability.

我們在本季度觀察到的唯一主要差異與行業的內部部署方面有關，因為該管道受到惡劣天氣條件的影響更大。儘管如此，正如我之前提到的，我們採取了與淨後收益相反的措施，即在利率舉措之上進行組合所產生的影響，對嗎？展望未來，每百升淨收入仍將是支持我們持續擴大巴西利潤率的關鍵槓桿，對嗎？我們將始終平衡與 CPI 保持一致的長期定價，同時管理短期成本通膨以保護獲利能力。

And for sure, we will always have an eye on our portfolio performance of our brands because in the end, everything must work together, right? We must find a perfect balance to make our business reach the ambition we have for the year.

當然，我們會一直關注我們品牌組合的表現，因為最終一切都必須協同工作，對嗎？我們必須找到一個完美的平衡點，使我們的業務達到今年的目標。

Felipe Ucros, Scotiabank.

費利佩·烏克羅斯（Felipe Ucros），豐業銀行。

A couple of questions on digital and LAS.

關於數字和 LAS 的幾個問題。

So the first one on digital. The marketplaces GMV accelerated quite a bit this quarter. So congrats on that. Just wondering if you can give us some details on what drove this.

第一個是關於數字的。本季度，市場 GMV 成長顯著。對此我表示祝賀。我只是想知道您是否可以向我們提供一些有關導致這一現象的細節。

You mentioned the new brands that you've been timing on the platform. but perhaps a little more from the strategy perspective. You're coming off of a few quarters of consolidating the cost and expense structure of the digital platform. So just wondering if you started pushing harder on the expansion again or maybe it's just other factors like the timing of signing new agreements.

您提到了您在平台上關注的新品牌。但也許從戰略角度來說更多。您剛剛完成了幾個季度的數位平台成本和費用結構的整合。所以我只是想知道您是否開始再次大力推動擴張，或者可能只是其他因素，例如簽署新協議的時間。

And then on LAS, I was a bit surprised about net revenue per hectoliter in the region. I imagine this was mostly driven by Argentina based on the comments in the release. But wondering if you can talk to us a little bit about the drivers here, particularly given the environment where the inflation is high. We've already seen a few beverage companies report in Argentina.

然後關於阿拉伯聯合大公國，我對該地區每百升的淨收入感到有點驚訝。根據新聞稿中的評論，我想這主要是由阿根廷推動的。但您是否可以跟我們簡單談談這裡的驅動因素，特別是在高通膨環境下。我們已經看到阿根廷一些飲料公司的報告。

They have very good performances. But it seems like everyone in the industry is taking the foot off the accelerator on price/mix. So just wondering if you can give us some comment on what's happening there.

他們的表現非常出色。但似乎業內每個人都在價格/產品組合上放鬆了警惕。所以我只是想問您是否可以就那裡發生的事情給我們一些評論。

Felipe, thank you for your question.

費利佩，謝謝你的提問。

And you're right, one of the aspects that we make us feel very positive about our year performance is the good balance between the three pillars of our growth strategy, being the Pillar number 2, a very important highlight for the period, right? And within the Pillar number 2, marketplace continues to create a pretty interesting revenue stream for Ambev, with minimal investments, but with very interesting performance year-to-date and show even more potential in the future, right? And we do see a pretty interesting correlation as well with the level -- our service level to our customers, they continue to rise the NPS in a quarter-by-quarter view. In terms of marketplace, we grew 9% in the quarter with Brazil growing 100%, right?

您說得對，讓我們對今年的業績感到非常樂觀的一個方面是我們的成長策略的三大支柱之間保持了良好的平衡，其中第二大支柱是這一時期非常重要的亮點，對嗎？在第二支柱中，市場繼續為 Ambev 創造相當有趣的收入來源，投資很少，但今年迄今為止的表現非常有趣，並且在未來顯示出更大的潛力，對嗎？我們確實也看到了與水平相當有趣的相關性——我們為客戶提供的服務水平逐季度持續提高 NPS。就市場而言，本季我們成長了 9%，其中巴西成長了 100%，對嗎？

With 2Q and year-to-date is very interesting at this point. The 3P part of the marketplace, surpassing right, there won't be in terms of GMV. The growth was led primarily, as I mentioned before, by partnerships we have within the 3P like Nestle, L'Oreal, and PepsiCo Foods, right? Very interesting to highlight that 80% of our Brazil customers base bought in the marketplace in Q2, up double digits from last year.

目前來看，第二季和年初至今的情況非常有趣。市場中的 3P 部分，超越吧，在 GMV 方面不會有。正如我之前提到的，成長主要得益於我們與雀巢、歐萊雅和百事食品等第三方公司的合作，對嗎？非常有趣的是，我們 80% 的巴西客戶在第二季在市場上購買了商品，比去年增長了兩位數。

Also very interesting to highlight that we are increasing the number of SKUs per pack. And on a first half standpoint, this achieved right level of 30% year-over-year, right? First half Ambev marketplace is improving in terms of margin as well, right, to something that you also mentioned improving 400 basis points to 15%. And in Brazil, this improvement was even higher to 600 basis points, reaching 17%, right?

同樣非常有趣的是，我們正在增加每包的 SKU 數量。從上半年的角度來看，這數字年增了 30%，對嗎？上半年 Ambev 市場的利潤率也在提高，正如您所提到的，提高了 400 個基點，達到 15%。而在巴西，這個改善幅度甚至更高，達到600個基點，達到17%，對嗎？

And the point that I made in my intro, right, this is also allowing us to better understand our customers now with even more touch points, having even a broader assortment, giving us a lot of data insights, enabling us to better attend their needs.

正如我在介紹中提出的觀點，這也使我們能夠透過更多的接觸點、更廣泛的分類來更好地了解我們的客戶，為我們提供大量的數據洞察，使我們能夠更好地滿足他們的需求。

And thank you, Felipe. Talking a little bit about Lisboa just mentioned about the marketplace gross margin. So let me tackle like Argentina and how we're seeing it.

謝謝你，費利佩。稍微談談里斯本剛才提到的市場毛利率。因此，讓我來談談阿根廷的情況以及我們如何看待它。

We continue to see a sequential improvement in the market overall. Even though it's dynamic, we see like the consumer confidence is gradually improving, and that is what is reflected in our results. In Argentina, since the past -- the beginning of hyperinflation, we've been very careful on protecting our margins by also looking into cost and looking to the capacity of the consumers to absorb price increase. And that's what we continue to do in that market.

我們繼續看到整個市場持續改善。儘管它是動態的，但我們看到消費者信心正在逐步改善，這也反映在我們的結果中。在阿根廷，自從過去惡性通貨膨脹開始以來，我們一直非常小心地保護我們的利潤，同時關注成本和消費者承受價格上漲的能力。這就是我們在該市場上繼續做的事情。

Nadine Sarwat, Bernstein. I believe she dropped the queue. So I'm going to move on to the next person in line, which is Lucas Ferreira with JPMorgan.

納丁·薩瓦特，伯恩斯坦。我相信她把辮子掉了。現在我要請下一位發言者，他是摩根大通的盧卡斯‧費雷拉 (Lucas Ferreira)。

My question is on OIBDA lines, specifically those lines, Fleury, you mentioned about the non-derivs.

我的問題是關於 OIBDA 線，特別是那些線，Fleury，你提到的非衍生品。

How to think about those lines because they've been relatively meaningful, right, in the last few quarters. Like you mentioned, you explained the reason for that. My question is how to think about those lines in, let's say, 12 months, you guys -- will you guys continue to push money out of some of these countries you mentioned and have impacts in these operations or this line should go -- I don't know, nearly 0 at some point.

如何看待這些台詞，因為它們在過去幾個季度相對有意義。正如您所提到的，您解釋了原因。我的問題是，你們如何看待這些線路，比如說，12 個月後，你們是否會繼續將資金從你們提到的一些國家中推出，並對這些運營產生影響，或者這條線路應該——我不知道，在某個時候幾乎為 0。

But just general, in terms of how to think about your financial expenses line and these volatility -- recent volatility in the next few quarters?

但一般來說，就如何看待您的財務支出線和這些波動性——未來幾季的近期波動性而言？

Thank you, Lucas. Fleury here. So that's difficult for us to give any projection on how we think about the future.

謝謝你，盧卡斯。這裡是弗勒里。因此，我們很難對未來做出任何預測。

The way I think about that is probably thinking about -- what -- how Bolivia could probably be on the macro side perform in the coming months. And we don't have any reason to believe that will be different from the past. So we always have, on our side, we need to be careful on repatriated, if I may call, cash from other markets, that will not be changed. So in overall, I think there'll be no material change on this lines from what I foresee from now.

我對此的看法可能是思考——未來幾個月玻利維亞的宏觀表現可能如何。我們沒有任何理由相信這會與過去有所不同。因此，我們始終需要謹慎對待匯回的資金，如果我可以這樣說的話，來自其他市場的現金是不會改變的。所以總的來說，我認為從現在來看，這方面不會發生實質的變化。

But that is as much as I can tell you, and I've been careful here not to give you any forecast on things that I shouldn't.

但這就是我能告訴你的全部，而且我一直很小心，不會給你任何不該告訴你的預測。

Our next question comes from -- you can open your microphone.

我們的下一個問題來自—您可以打開麥克風。

I'd like to connect the point on this being a transition period and the first half of the year having been very volatile with the goal of sustaining flat year-on-year margins that you have been mentioning throughout the first half. So if you could make a balance on where you are right now relative to the beginning of the year if it gives greater comfort on achieving that target.

我想說的是，這是一個過渡時期，今年上半年非常動盪，目標是維持您在上半年一直提到的同比利潤率持平。因此，如果您能夠平衡一下您現在相對於年初的狀況，那麼這將使您更輕鬆地實現該目標。

And I know the start of the goal is for Ambev on a consolidated level, but any comment relating to Brazil beer as well, specifically on the potential to sustain margins and pricing where you're positioned right now if -- how confident you are in being able to sustain that? And a quick follow-up on the pricing in Brazil beer. Was there anything relevant when it comes to price relativity when you look at the premium segment, to the mainstream segment that could explain part of the underperformance in the mainstream. Those are the two questions.

我知道目標是從合併層面開始的，但您對巴西啤酒也有什麼評論嗎，特別是關於維持利潤率和定價的潛力，您現在的定位是——您對能夠維持這種狀態有多大信心？並快速跟進巴西啤酒的定價。當您觀察高端市場和主流市場時，價格相對性方面是否有相關因素，可以解釋主流市場表現不佳的部分原因。這是兩個問題。

Hi, Ique. Thank you for your question. Let me see how I can address your point, okay? But I think the most important aspect to highlight about where we stand today is the following, okay? And I'm going to use the three pillars of our growth strategy to explain, right?

你好，Ique。感謝您的提問。讓我看看如何解決你的問題，好嗎？但我認為，關於我們今天的立場，最重要的一點是，好嗎？我將使用我們的成長策略的三大支柱來解釋，對嗎？

First and foremost, brands. I mentioned as part of my intro, we see our brands stronger today, right? I think we have very different from my moment in Brazil many years ago, a way more complete portfolio and not only composed by strong local domestic brands in the core but also very powerful brands above core, right? And this gives us way more optionality, right, to work with, right?

首先，也是最重要的，品牌。我在介紹中提到過，我們今天看到我們的品牌更強大了，對嗎？我認為我們現在與我多年前在巴西時的情況有很大不同，我們的產品組合更加完整，不僅由核心的強大本土品牌組成，而且還由核心之上的非常強大的品牌組成，對嗎？這為我們提供了更多的可選性，對吧？

So pay attention to the falling. When we migrated from '24 into '25, we had zero pricing carryover. And as you know, we already implemented a good part of our plan for this year, especially in the second quarter of '25. So now this put us in a very different type of position looking forward.

所以要注意跌倒。當我們從 24 年過渡到 25 年時，我們的定價結轉為零。如你所知，我們已經實施了今年計劃的很大一部分，特別是在 2025 年第二季。因此，現在我們處於一個非常不同的展望未來的位置。

right? Second point, digitalization of the business, right, the digital ecosystem. And it's also creating on top of that, on top of the benefits it brings to the core side of this, also new revenue streams. So it's a very powerful part of our growth strategy, and it is evolving in a very consistent fashion, as I just mentioned and explained.

正確的？第二點，業務數位化，對，數位生態系統。而且，除了為核心方面帶來的好處之外，它還創造了新的收入來源。因此，它是我們成長策略中非常重要的一部分，而且它正在以非常一致的方式發展，正如我剛才提到和解釋的那樣。

And the Pillar number 3, how you make the 1, 2 together with the ambition to put the other muscles of the organization to work at the same pace in order to evolve with our business to create growth with value simultaneously, right? And you heard me saying that during the first quarter announcement, that we put for ourselves a big ambition, right, to be way more productive than we used to be before in order to make this year another year of margin expansion despite the fact that we're going to have not a tailwind, but a headwind on the cost side, right? So that's the reason why in my point of view, we'll feel more confident about the year to come, right? And regarding your second question, pricing, right.

至於支柱三，您如何將支柱一和支柱二結合起來，並雄心勃勃地讓組織的其他力量以相同的速度發揮作用，以便與我們的業務一起發展，同時創造價值和增長，對嗎？您聽到我在第一季的公告中說過，我們為自己設定了一個很大的目標，那就是比以前更加高效，以使今年成為利潤率再次擴大的一年，儘管我們在成本方面不會順風，而是逆風，對吧？所以從我的角度來看，這就是為什麼我們對來年更有信心的原因，對嗎？關於您的第二個問題，定價，對嗎？

What is the major difference between core and premium is pretty much the fact that core relies way more on the side of the industry that was more affected by the adverse weather. And we know that these brands above core, they have also -- they have more resilience to support the differences, right? And we know that moving forward, we already see those differences easing, which is a good indication that we're going to have in the second half, a pretty different right reality than we faced in the second quarter.

核心和高端之間的主要區別在於，核心更依賴受惡劣天氣影響更大的行業方面。我們知道，這些核心品牌也具有更強的韌性來支持差異，對嗎？我們知道，展望未來，我們已經看到這些差異正在減弱，這是一個很好的跡象，表明我們在下半年將面臨與第二季度截然不同的現實。

Thiago Duarte, BTG.

蒂亞戈·杜阿爾特，BTG。

Yes, I think I have to circle back and follow-up on this Brazil beer pricing discussion. A couple of things here. Number one, how much of the revenue per hectoliter gain was through mix considering the outperformance of premium relative to the core segment. This would be the first point.

是的，我想我必須回頭繼續討論巴西啤酒定價問題。這裡有幾件事。第一，考慮到高階產品相對於核心產品的表現優異，每百公升收入有多少是透過產品組合實現的？這是第一點。

And the second on pricing is the revenue management initiatives in Q2, they differ in terms of timing in the year, a lot from what we have been seeing historically, Ambev typically adjusts prices in the second half of the year ahead of the summer. So given how much pricing you had already implemented, how should we think about revenue management in the second half of this year, particularly ahead of the summer. So that will be the second part of this question. And if I may, on a more fundamental question, we started the year talking about revamping the core, investing behind the brands that have somehow been underinvested.

關於定價的第二個問題是第二季度的收入管理舉措，它們在一年中的時間安排上有所不同，與我們過去看到的情況有很大不同，Ambev 通常會在夏季來臨之前的下半年調整價格。那麼，考慮到您已經實施了多少定價，我們應該如何考慮今年下半年的收入管理，特別是在夏季之前。這就是這個問題的第二部分。如果可以的話，我想問一個更根本的問題，今年年初我們談到了重塑核心業務，投資那些投資不足的品牌。

And that's all against the backdrop of a portfolio that has expanded significantly through innovation and new offerings in the last few years, Lisboa just talked about this, right? And when we look at the quarter and even the year-to-date picture, we have brands like Corona, Stella Artois your gold, all doing relatively well, and they are all relatively new to the portfolio. And on the other side, we have brands, core brands losing share. Fleury shared this, 10% SKU reduction in the portfolio.

這一切都是在過去幾年透過創新和新產品大幅擴張的背景下發生的，里斯本剛才談到了這一點，對嗎？當我們回顧本季乃至今年迄今的情況時，我們發現 Corona、Stella Artois 等品牌都表現相對較好，而且它們都是投資組合中相對較新的品牌。另一方面，我們的品牌、核心品牌的市佔率正在下降。Fleury 分享了這一點，產品組合中的 SKU 減少了 10%。

So it seems different from -- both in terms of the implementation and in terms of the results from what we were discussing in the beginning of the year. So if you could elaborate how we should think about these variables going forward and the priorities for the business.

因此，無論從實施情況還是從結果來看，這似乎都與我們年初討論的情況有所不同。因此，如果您可以詳細說明我們應該如何考慮這些未來的變數以及業務的優先事項。

Thanks for the question. And again, this is a very sensitive topic.

謝謝你的提問。再說一次，這是一個非常敏感的話題。

So let me elaborate here in a way that makes sense. Agenda, okay? It's not necessarily fair to say -- correct to say that we always increase prices, right, in a specific moment in the year. right?

因此，讓我在這裡以合理的方式進行詳細說明。議程，好嗎？這樣說並不一定公平——說我們總是在一年中的某個特定時刻提高價格，對吧？對吧？

This will always depend on market dynamics. This is the first point. The second point is the following. We started as I mentioned during the first quarter announcement, just after the Carnival, and this was built on during the quarter, right?

這始終取決於市場動態。這是第一點。第二點如下。正如我在第一季公告中提到的那樣，狂歡節結束後我們就開始著手這項工作，並且這項工作是在本季度的基礎上開展的，對嗎？

The rate impact was pretty much in line with inflation, which means that the difference is coming from a positive mix effect, right? And it's interesting as well that within mix, we had a negative impact from channel mix and some regional mix and a very positive impact from brand mix, right? And this brought the post of net impact, right? Moving forward, we will always maintain our long-term goal, right?

利率影響與通貨膨脹基本一致，這意味著差異來自於正面的混合效應，對嗎？同樣有趣的是，在組合中，我們受到了通路組合和一些區域組合的負面影響，以及品牌組合的正面影響，對嗎？這帶來了淨影響，對嗎？往前走，我們永遠都會保持我們的長遠目標，對吧？

As a north for us, they keep prices in line with inflation, which is pretty much what we have done, and we did within the quarter two -- not above inflation because everything that we mentioned before about consumers under pressure on disposable income, and we know that a part of the population is very sensitive to price increases. On the other hand, we will always take into consideration the inflation impacting us on the cost end, and this will drive our decisions, right? This is the further I can go with this topic, right? On the other side, nothing changed about the core.

對我們來說，北方是讓價格與通貨膨脹保持一致，這基本上就是我們所做的，我們在第二季度就做到了——不高於通貨膨脹，因為我們之前提到的所有關於消費者可支配收入壓力的事情，我們知道一部分人對價格上漲非常敏感。另一方面，我們總是會考慮通貨膨脹對成本的影響，這將影響我們的決策，對嗎？這就是我可以進一步討論這個主題的程度，對嗎？另一方面，核心沒有任何改變。

We are here to build the category. We are here to make our category even stronger, more appealing to our consumers in the future, right? And we do know that having a core segment healthy is a very important driver to have a healthy category as well. And we also know that a healthy core help us to drive more per capita increase, right, in the future.

我們來這裡是為了建立這個類別。我們來這裡是為了讓我們的產品類別變得更強大，以便將來對我們的消費者更有吸引力，對嗎？我們確實知道，核心部分的健康對於產品類別的健康也是一個非常重要的驅動力。我們也知道，健康的核心有助於我們在未來推動更多的人均成長。

So in other words, core will remain being a cornerstone of the category, a priority for us. However we cannot move on with our plans without making decisions. right? So when you analyze just one quarter, maybe it's a little bit unfair, right, vis-a-vis what we have in terms of expectations and plans for the future and for the year, entire year.

換句話說，核心仍將是這個類別的基石，也是我們的首要任務。然而，如果不做決定，我們就無法繼續執行我們的計劃。對嗎？因此，當你只分析一個季度時，可能有點不公平，對吧，相對於我們對未來、全年的期望和計劃。

So we know that this part of the portfolio was more impacted within the quarter. But again, sort of the impact came from a nonstructural side, which was related to weather. The pricing side was one of the smallest impact that we had, right? And again, it's part of our strategy moving forward, always to take decisions again, having in mind what happened in quarter 2.

因此我們知道，這部分投資組合在本季受到更大的影響。但同樣，這種影響來自非結構性方面，與天氣有關。定價方面是我們受到的最小影響之一，對嗎？再說一次，這是我們未來策略的一部分，始終要考慮到第二季發生的情況，重新做出決定。

And as a consequence, you can imagine that we will move forward the way that is necessary to protect the balance between the core segment and the above core segment, right? And this part of the category is showing way more resilience, which means, again, in the end, optionality for us.

因此，您可以想像，我們將朝著必要的方向前進，以保護核心部分和上述核心部分之間的平衡，對嗎？這個類別的一部分顯示出了更強的彈性，這意味著，最終，對我們來說，具有可選性。

Fleury here. Just two things on my side to contribute here.

這裡是弗勒里。我這裡只想貢獻兩點。

One is everything that this Board mentioned was something that we have planned since the beginning of the year, looking into how we knew costs would probably perform, number one. Number two, I think when I mentioned about the 10% rationalization SKUs, you need to take into consideration the size of our portfolio, this number of brands so on and so forth. So we are working into formats and SKUs that were low moving and/or would have a lower contribution to our portfolio, which does not create or should not create any confusion to what was explained before about our strategy with brand and portfolio.

第一，董事會提到的一切都是我們從今年年初就開始計劃的事情，我們首先會研究如何知道成本可能會如何表現。第二，我認為當我提到 10% 合理化 SKU 時，你需要考慮我們的產品組合規模、品牌數量等等。因此，我們正在研究流動性較低和/或對我們的產品組合貢獻較低的格式和 SKU，這不會或不應該對先前關於我們的品牌和產品組合策略的解釋造成任何混淆。

Rodrigo Alcantara.

羅德里戈·阿爾坎塔拉。

Would be for Lisboa, if I may, I would say that for the sake of clarification, here to understand your mindset, Lisboa. Well, we saw the price action right, we saw the price elasticity effect and the share outcome, right? So just curious to want to understand, what are the top points, the facts that make you said that brand equity across brands have improved or improved. I get your point that it's not fair to just -- judge in just 1 quarter.

如果可以的話，對於里斯本來說，我想說，為了澄清起見，在這裡了解你的想法，里斯本。好吧，我們看到了價格走勢，我們看到了價格彈性效應和股票結果，對嗎？所以我只是好奇地想了解，哪些最重要的觀點、哪些事實讓您說跨品牌的品牌資產得到了提升或改善。我明白你的意思，僅僅根據一個季度來判斷是不公平的。

So maybe you were talking about on first half results. So actually, I wanted to understand what the points that make you accept of having a brand equity across brands improving. And the other one very quickly would be just to get an update on the revamped strategy on Skol. I know that we don't necessarily share or know the specific details about this plan, but just wanted to know like kind of like the progress on this and how you see the brand ahead of the second half of this year.

所以也許您談論的是上半年的業績。所以實際上，我想了解哪些觀點讓您接受跨品牌的品牌資產不斷提升。另一個很快的是獲取有關 Skol 修訂策略的最新消息。我知道我們不一定會分享或了解該計劃的具體細節，但我只是想了解一下這方面的進展，以及您如何看待今年下半年品牌的發展。

Perfect. Rodrigo, let me answer your question, the two questions, okay. The first one about equity improvement.

完美的。羅德里戈，讓我來回答你的問題，這兩個問題，好的。第一個是關於公平改善。

Why? What is the big reason to believe our brands have improved. First and foremost, we track every single month. We track what we call brand power.

為什麼？相信我們的品牌已經進步的最大原因是什麼？首先，我們每個月都會進行追蹤。我們追蹤所謂的品牌力量。

And this brand power is based on three different components, how different a brand is, how salient a brand is and how meaningful a brand is to our consumers. The combination of the three components, right, brings to life what we call power. And we do see power improvement in a pretty important part of our portfolio, which gives us even more confidence about the future because power is a very good proxy for share, okay? The second point is the following.

這種品牌力量是基於三個不同的要素：品牌的差異性、品牌的顯著性、品牌對消費者的意義。這三個組成部分的結合，就是我們所說的力量。我們確實看到我們投資組合中一個相當重要部分的電力供應有所改善，這讓我們對未來更有信心，因為電力供應是衡量市場份額的一個很好的指標，好嗎？第二點如下。

When we compare what happened with consumer price dynamics, right, in quarter two in other words, right, the price relativity gap we had, we faced, right? The level of impact we had in share was lower than we historically used to see in our portfolio, which also reinforces the point that the power is bringing more strength to our portfolio, right? And regarding your question about Skol, I think this is a very interesting aspect that we didn't discuss. So thanks for bringing the point.

當我們比較第二季消費者價格動態發生的情況時，換句話說，我們面臨的價格相對差距，對嗎？我們對股票的影響程度低於我們投資組合中的歷史水平，這也強化了權力為我們的投資組合帶來更多力量的觀點，對嗎？關於您關於 Skol 的問題，我認為這是一個非常有趣的方面，我們沒有討論過。感謝您提出這個觀點。

I don't want to highlight here any huge revolution in terms of performance for the brand. But we have been, as I mentioned, in a few times with you all, we have been working in order to adjust, correct a few aspects about our plans for the portfolio, especially for Skol, and we have been observing interesting improvements, right? One of them is about placement, right? Distribution suffered during '24.

我不想在這裡強調該品牌在性能方面的任何巨大變化。但是，正如我和大家提到的那樣，我們一直在努力調整、糾正投資組合計劃的一些方面，特別是對於 Skol 而言，我們也一直在觀察到有趣的改進，對嗎？其中之一與安置有關，對嗎？24 年期間分銷受到影響。

And now we are bringing back since the beginning of second quarter, distributions to a way healthier level for the brand. And we know that availability is critical if we want to put the brand back in a growth trajectory. The second aspect is not only being present but being well executed, we also improved the level of support we have for the brand at a POC level, and we do see that level of support, bring a better turn for the brand, right, which means share of handlers for Skol within the POCs. And last, but not least, right, when we compare from the beginning of the year today, we see a sort of a V-curve and Y-curve because in the middle of this period, we cannibal, right?

自第二季初以來，我們已將品牌分銷恢復到更健康的水平。我們知道，如果我們想讓品牌重回成長軌道，可用性至關重要。第二個方面不僅是存在，而且執行得很好，我們還提高了在 POC 層面對品牌的支持水平，我們確實看到這種支持水平為品牌帶來了更好的轉變，對吧，這意味著 Skol 在 POC 中的處理商份額。最後，但並非最不重要的一點是，當我們與今年年初進行比較時，我們會看到一種 V 曲線和 Y 曲線，因為在這段時期的中間，我們會互相殘殺，對吧？

And Skol was not a priority for us, right, in terms of brand activation for this period. So the brand still suffered a decline. And since then, we see a recovery, a very consistent recovery in share, right, month after month. Again, too early.

就此期間的品牌活化而言，Skol 並不是我們的首要任務。所以該品牌仍然遭遇了衰退。從那時起，我們看到了復甦，份額逐月持續復甦。再次，為時過早。

I'm not claiming here, we solve it, right? But this is the type of indication that we need to give us confidence that we are touching the right buttons to put the brand back on a growth trajectory.

我在這裡不是在宣稱，我們解決了它，對嗎？但我們需要這樣的跡象，讓我們相信我們正在採取正確的行動，讓品牌重回成長軌道。

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. We feel encouraged by our first half of the year.

感謝您今天參加我們的電話會議。我們對上半年的成績感到鼓舞。

As I mentioned before, we progress in all three pillars of our growth strategy. We have a stronger portfolio of brands. Our digital platforms are gaining traction, and we delivered margin expansion through revenue and cost management. I feel that we are a stronger company today than we were six months ago.

正如我之前提到的，我們的成長策略的三大支柱都取得了進展。我們擁有更強大的品牌組合。我們的數位平台正在獲得發展動力，並且我們透過收入和成本管理實現了利潤率的擴大。我覺得我們今天比六個月前更強大了。

positioning us well, better for the second half of the game. Looking forward, while our operating environment remains dynamic, the quarter we just went through, give us reasons to believe we are on the right track to continue pursuing another year of growth with value creation for Ambev. Thank you very much again. Hope to see you soon.

讓我們處於有利位置，這對下半場比賽更有利。展望未來，雖然我們的經營環境依然充滿活力，但我們剛剛經歷的一個季度讓我們有理由相信，我們正走在正確的軌道上，繼續追求又一年的成長，為 Ambev 創造價值。再次感謝您。希望很快能見到你。

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。