Ambev SA (ABEV) 2025 Q3 法說會逐字稿

Good afternoon, and thank you for waiting. We would like to welcome everyone to Ambev's 2025 third quarter results conference call. Today with us, we have Mr. Carlos Lisboa, Ambev's CEO; and Mr. Guilherme Fleury, CFO and Investor Relations Officer.

下午好，感謝您的耐心等待。歡迎各位參加 Ambev 2025 年第三季業績電話會議。今天與我們在一起的有 Ambev 首席執行官 Carlos Lisboa 先生；首席財務官兼投資者關係官 Guilherme Fleury 先生。

As a reminder, this conference presentation is available for download on our website, ir.ambev.com.br as well as through the webcast link. We would like to inform that this event is being recorded (Operator Instructions)

提醒各位，本次會議的簡報可在我們的網站 ir.ambev.com.br 下載，也可透過網路直播連結觀看。我們謹此通知，本次活動正在錄影。（操作說明）

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

在繼續之前，請允許我說明，以下前瞻性陳述是根據 1996 年證券訴訟改革法案的安全港條款作出的。前瞻性陳述是基於 Ambev 管理層的信念和假設以及公司目前可獲得的資訊。它們涉及風險、不確定性和假設，因為它們與未來事件有關，因此取決於未來可能發生或不會發生的情況。

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.

投資者應了解，總體經濟狀況、行業狀況和其他經營因素也可能影響 Ambev 的未來業績，並可能導致實際業績與此類前瞻性聲明中表達的業績存在重大差異。

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 third Q '24 results.

我還要提醒大家，和往常一樣，今天電話會議上討論的百分比變化既是自然發生的，也是正常化的。除非另有說明，否則百分比變動是指與 2024 年第三季業績的比較。

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

標準化數據是指扣除特殊項目前的績效指標，特殊項目是指安貝夫正常經營活動中不常發生的收入或支出。由於標準化資料屬於非GAAP指標，公司在獲利報告中以完全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.

現在我將把會議交給卡洛斯·里斯本先生。里斯本先生，您可以開始您的會議了。

Good afternoon, everyone. It is a pleasure to be here with you again, and thank you for joining our call today. We closed the second quarter, making important decisions to position ourselves well for the remainder of the year. Reflecting on the third quarter, these choices were even more relevant as industry volumes remain softer than expected, mainly in Brazil. This quarter reflects the results of our choices. Our brands continue healthy with most of our top 10 markets maintaining or improving brand equity, particularly in Brazil.

大家下午好。很高興能再次與大家相聚，並感謝大家今天參加我們的電話會議。第二季末，我們做出了一些重要決定，為今年剩餘時間做好充分準備。回顧第三季度，這些選擇顯得更加重要，因為產業銷售仍然低於預期，主要集中在巴西。本季反映了我們選擇的結果。我們的品牌持續保持健康發展，前十大市場中的大多數品牌資產都保持或有所提升，尤其是在巴西。

Net revenue grew, supported by resilient net revenue per hectoliter growth, up 7%. Top line performance combined with cost initiatives drove EBITDA growth of 3% with 50 basis points of margin expansion, while normalized EPS grew 8%.

淨收入成長，這得益於每百升淨收入的穩健成長，成長了 7%。營收成長加上成本控制措施，推動 EBITDA 成長 3%，利潤率提高 50 個基點，而正常化每股盈餘成長 8%。

Looking at the film rather than the photo, in a year-to-date perspective, we are positive about the decisions we have made and the resilience of our business. Supported by the strength of our brands and our solid market share, top line grew 4%, driven by a healthy net revenue per hectoliter of 7%, which led to EBITDA growth of over 7% with 120 basis points of margin expansion.

從今年至今的情況來看，我們更重視的是影片而不是照片，我們對我們所做的決定以及我們業務的韌性感到樂觀。憑藉強大的品牌實力和穩固的市場份額，營收成長了 4%，這主要得益於每百升淨收入達到 7%，進而帶動 EBITDA 成長超過 7%，利潤率提升了 120 個基點。

Cost initiatives continue to make a difference with cash COGS per hectoliter growing below net revenue per hectoliter and normalized EPS grew above 7%. Following our capital allocation strategy and confident on our long-term value creation potential, on October 29, the Board of Directors approved a BRL2.5 billion share buyback program with the main purpose of canceling shares as a way to return cash to shareholders. Behind these results line the foundations of our growth strategy.

成本控制措施持續發揮作用，每百升現金銷售成本成長低於每百升淨收入，而正常化每股收益成長超過 7%。根據我們的資本配置策略，並對我們長期的價值創造潛力充滿信心，10 月 29 日，董事會批准了一項 25 億雷亞爾的股票回購計劃，其主要目的是註銷股份，以此向股東返還現金。這些成果構成了我們成長策略的基礎。

Starting with Pillar number 1, lead and grow the category. To be a true category captain, we must place our customers and consumers at the center of our decision-making process, being able to better understand and serve the demand, a capability that becomes even more important when the operating environment turns more dynamic, allowing us to:

從第一支柱開始，引領和發展品類。要成為真正的品類領導者，我們必須將客戶和消費者置於決策過程的核心，以便更好地了解和滿足需求。當營運環境變得更加動態時，這種能力就顯得尤為重要，它使我們能夠：

Number one, lead the beer category. Our core brands remain resilient even though volumes declined given its higher sensitivity to industry environment. Our premium and super premium brands strengthened and continue to grow in volumes more than 9%; and number two, shape new avenues of growth.

第一，引領啤酒品類。儘管銷售量有所下降，但由於核心品牌對產業環境更為敏感，因此它們依然保持韌性。第二，我們的高端和超高端品牌銷售持續成長，增幅超過 9%；第二，開闢了新的成長途徑。

The Balanced Choices portfolio grew 36%, including non-alcohol beers growing above 20%, continued to expand ahead of the company's volume. As leaders, we continue to develop the category, aiming not only to sell more, but to expand the consumer base and the number of occasions over the long term, ultimately creating sustainable value.

Balanced Choices 產品組合成長了 36%，其中無酒精啤酒成長超過 20%，繼續以高於公司銷量的速度成長。身為產業領導者，我們將繼續發展這一品類，目標不僅是提高銷售量，還要從長遠角度擴大消費者群體和消費場景，最終創造可持續的價值。

As for Pillar 2, digitize and monetize the ecosystem. This pillar continues to be instrumental to our business. It provides valuable insights into our consumers, customers and operations while expanding our addressable market.

至於第二支柱，即生態系的數位化和貨幣化。這一支柱對我們的業務仍然至關重要。它為我們深入了解消費者、客戶和營運提供了寶貴的見解，同時擴大了我們的目標市場。

The third quarter marked another solid step towards making our digital ecosystem a competitive advantage for our company. When it comes to new growth engines, BEES Marketplace maintained its strong momentum with GMV growing 100% to an annualized BRL8 billion, driven by the expansion of our commercial partnerships.

第三季標誌著我們在將數位生態系統打造為公司競爭優勢的道路上又邁出了堅實的一步。在新的成長引擎方面，BEES Marketplace 保持了強勁的成長勢頭，GMV 成長了 100%，達到年化 80 億雷亞爾，這得益於我們商業合作夥伴關係的擴張。

Meanwhile, on the direct-to-consumer front, Ze Delivery recorded a 7% increase in GMV even amid a softer industry, supported by a 9% rise in average order value. In revenue management, BEES continues to enable a more assertive and data-driven decisions. With a more granular view of elasticity by brand, pack and customer, we can optimize our discounts and promotions to improve the return on every real invested.

同時，在直接面向消費者的領域，儘管行業整體疲軟，但 Ze Delivery 的 GMV 仍增長了 7%，這得益於平均訂單價值增長了 9%。在收益管理方面，BEES 持續支持更積極主動、數據驅動的決策。透過更細緻地了解品牌、包裝和客戶的彈性，我們可以優化折扣和促銷活動，從而提高每一筆實際投資的回報。

For example, this quarter in Brazil, we increased the number of SKUs per pack in 5% and improved by 30% the return on promotions. And in cost and expenses management, BEES also played a key role in the SKU optimization program we mentioned last quarter. It helped us expand the distribution of our main SKUs, improving production efficiency while ensuring that our customers continue to find the right portfolio for their businesses.

例如，本季在巴西，我們將每包 SKU 數量增加了 5%，並將促銷回報率提高了 30%。在成本和費用管理方面，BEES 在我們上個季度提到的 SKU 最佳化計畫中也發揮了關鍵作用。它幫助我們擴大了主要 SKU 的分銷範圍，提高了生產效率，同時確保我們的客戶能夠繼續找到適合其業務的產品組合。

In summary, the combined impact of the revenue and cost management led to an expansion of our gross margin in the quarter. Speaking of cost performance, let's move into Pillar number 3, optimize our business. This year, we have been emphasizing our disciplined approach to costs, and this quarter clearly shows why it matters. While we expected costs to continue to accelerate, driven by FX, commodities and the operational deleverage from lower volumes, our efficiency efforts paid off.

總而言之，營收和成本管理的綜合影響使得本季我們的毛利率有所提高。說到成本效益，讓我們進入第三大支柱：優化我們的業務。今年，我們一直強調嚴格控製成本，本季業績清楚地表明了這一點的重要性。儘管我們預期受外匯、大宗商品和銷售下降導致的營運槓桿下降的影響，成本將繼續加速上升，但我們提高效率的努力取得了成效。

We managed to keep costs mostly in line with previous quarter, freeing up resources to continue investing in the long-term growth of our business. Looking ahead, there is still work to be done as we pursue the lower half of our Brazil beer cash COGS per hectoliter guidance, which will support our ambition of protecting consolidated EBITDA margins in the full year.

我們成功地將成本控制在與上一季基本持平的水平，從而釋放出資源，並繼續投資於我們業務的長期發展。展望未來，我們仍需努力實現巴西啤酒每百升現金銷售成本預期的下半部分，這將有助於我們實現全年維持合併 EBITDA 利潤率的目標。

Speaking of margins, our disciplined approach to revenue, cost and expense management once again delivered results. Four of our business units expanded EBITDA margins, and all of them delivered growing or flat EBITDA consistent with the last two quarters.

說到利潤率，我們嚴謹的收入、成本和費用管理方法再次取得了成效。我們四個業務部門的 EBITDA 利潤率均有所提高，並且所有部門的 EBITDA 均實現了成長或持平，與前兩個季度的情況一致。

Now let's turn to the commercial highlights from our main markets. Starting with Brazil beer. This was the second consecutive quarter of industry softness. It is understandable that this can raise some concerns about the category's prospects. So before we go into our business performance, I would like to take a moment to share a few insights into what we see as situational factors, meaning either short term or cyclical and structural factors that may impact the industry over time.

現在讓我們來看看主要市場的商業亮點。先從巴西啤酒說起。這是業界連續第二季疲軟。這引發人們對該品類前景的一些擔憂，這是可以理解的。因此，在深入探討我們的業務表現之前，我想花一點時間分享一些我們認為的情境因素的見解，這些情境因素指的是可能隨著時間推移影響行業的短期或週期性因素以及結構性因素。

Over the past two quarters, the beer category equity has improved, which is a good proxy for future share of throat, while consumers' participation in beer remains stable. This reinforces our view that there are no meaningful short-term structural changes in consumer behavior toward the category.

過去兩個季度，啤酒類別資產有所改善，這可以很好地代表未來市場份額，而消費者對啤酒的參與度保持穩定。這進一步印證了我們的觀點，消費者對該品類的行為不會在短期內發生有意義的結構性變化。

The industry's decline was mostly related to fewer consumption occasions, particularly in the on-trade channel, which was affected by two main factors: Number one, weather. The past 6 months were colder than normal, especially in the South and Southeast off a tough comp as 2023 and 2024 were the two warmest winters on record. This impact, according to our estimates, represents approximately 70% of the industry decline.

該行業的衰落主要與消費場合減少有關，尤其是在餐飲管道，這主要受到兩個因素的影響：第一，天氣。過去 6 個月的氣溫比正常情況要低，尤其是在南部和東南部地區，這是因為 2023 年和 2024 年是有記錄以來最溫暖的兩個冬天。據我們估計，這一影響約佔該行業下滑的 70%。

And number two, consumer purchasing power. The macro environment, particularly in the North and Northeast, continued to constrain discretionary spending. These are situational drivers for the short-term or cyclical nature, underpinning our confidence in the long-term fundamentals of both the category and our portfolio.

第二點是消費者的購買力。宏觀環境，特別是北部和東北地區的宏觀環境，繼續限制可自由支配的支出。這些是短期或週期性因素，也是影響市場趨勢的情境驅動因素，這增強了我們對該品類和我們投資組合長期基本面的信心。

That said, let me share three potential trends and needs that can turn into structural drivers. Number one, the beer category in Brazil has evolved. We value it, and we will be part of it. However, easy-to-drink beers are still the preferred choice of Brazilians. Number two, certain groups of consumers prefer sweeter beverage. And number three, more consumers are seeking a balanced lifestyle.

話雖如此，我想分享三個可能轉化為結構性驅動因素的潛在趨勢和需求。首先，巴西的啤酒市場已經改變了。我們珍惜它，我們將成為其中的一份子。然而，易飲型啤酒仍然是巴西人的首選。第二，某些消費族群偏好甜味飲料。第三，越來越多的消費者正在追求平衡的生活方式。

As a consequence and not by coincidence, we have been working to address these trends and needs. Our portfolio of brands spans a wide range of liquid profiles. Our easy-to-drink brands are relevant in all price segments and the brands that are growing the most in our portfolio address such need. We already lead the ready-to-drink space with products such as Beats and Brutal Fruit, which cater directly to the sweet-seeking consumers.

因此，我們一直在努力應對這些趨勢和需求，這並非偶然。我們的品牌組合涵蓋了多種液體產品類型。我們的易飲品牌涵蓋所有價格區間，而我們產品組合中成長最快的品牌正是為了滿足這種需求。我們憑藉 Beats 和 Brutal Fruit 等產品在即飲飲料領域處於領先地位，這些產品直接迎合了追求甜味的消費者。

Additionally, we are launching Flying Fish, a successful international brand with the aim of developing the flavored beer segment in Brazil. This segment has been growing globally, reaching over 3% mix of the beer industry in several countries. And for balanced lifestyle seekers, our non-alcohol portfolio, together with Stella Pure Gold and Michelob Ultra has a strong appeal, offering moderation alternative without giving up the great beer experience.

此外，我們將推出 Flying Fish，這是一個成功的國際品牌，旨在發展巴西的風味啤酒市場。該細分市場在全球範圍內持續成長，在一些國家已佔啤酒行業總量的 3% 以上。對於追求平衡生活方式的人來說，我們的無酒精產品系列，包括 Stella Pure Gold 和 Michelob Ultra，具有強烈的吸引力，提供了一種適度的選擇，同時又不放棄絕佳的啤酒體驗。

In summary, while we read the current industry headwinds as situational, our strong portfolio and innovation agenda ensure we remain well positioned to capture future growth and keep shaping the beer category.

總而言之，儘管我們認為當前產業面臨的不利因素是暫時的，但我們強大的產品組合和創新計畫確保我們能夠保持良好的發展態勢，抓住未來的成長機會，並繼續引領啤酒產業的發展。

Now let's move to our performance in Brazil beer. Over 100% of the volume decline is explained by the industry performance. Our brands once again improving equity, gaining low single-digit sellout market share according to Nielsen, while expanded net revenue per hectoliter. The market share gains came across all relevant segments.

現在讓我們來看看我們在巴西啤酒方面的表現。超過 100% 的銷售下降可歸因於行業整體表現。我們的品牌再次提升了品牌價值，根據尼爾森的數據，其銷售額市場份額達到了個位數低位，同時每百升淨收入也得到了增長。市場佔有率在所有相關細分市場均有所成長。

In the core segment, volume declined by low teens, reflecting the overall industry context. However, the market share progressed versus last year as relative price improved through the quarter. Premium and super premium brands once again stood out, growing mid-teens and gaining sellout market share, reaching close to 50%. After six years of consistent recovery, we achieved the highest share level since 2015 according to our estimates. This performance was driven by Original, Stella family and Corona, the latter 2 at the top end of the price index.

核心細分市場銷售量下降了十幾個百分點，反映了整個產業的情況。然而，隨著本季相對價格的改善，市佔率較去年有所成長。高端和超高端品牌再次脫穎而出，實現了十幾個百分點的成長，並獲得了近 50% 的市場份額。據我們估計，經過六年的持續復甦，我們實現了自 2015 年以來的最高市場份額水準。此次業績成長主要得益於 Original、Stella 系列和 Corona，其中後兩者的價格處於價格指數的頂端。

And our balanced choice portfolio maintained strong momentum, growing mid-60s. Stella Pure Gold more than doubled its volumes. Michelob Ultra grew over 80%, and our non-alcohol beer portfolio expanded by low 20s, further strengthening our leadership in the segment.

我們的均衡投資組合保持了強勁的成長勢頭，成長了 60% 以上。Stella Pure Gold的銷售量成長了一倍多。米凱羅超醇啤酒銷量成長超過 80%，我們的無醇啤酒產品組合銷量成長 20% 左右，進一步鞏固了我們在該領域的領先地位。

Moving to Brazil NAB, throughout 2025, the CSD industry has experienced a deceleration from up low single digit in Q1, to down mid-single digit in Q3 according to Nielsen, driven by similar situational factors that impacted the beer industry.

根據尼爾森的數據，到 2025 年，巴西 NAB 的 CSD 產業成長率已從第一季的個位數低點成長放緩至第三季的個位數中位數下降，其驅動因素與影響啤酒產業的因素類似。

In addition, our revenue management decisions last quarter led to an inventory phasing into this quarter, impacting sell-in performance. In this context, our brands continue to strengthen and our market share grew year-to-date and was stable to low single digit down in the quarter according to our estimates with a net revenue per hectoliter above inflation. Our nonsugar portfolio once again delivered double-digit growth and now accounts for more than 25% of total NAB volumes.

此外，我們上季度的收入管理決策導致庫存逐步進入本季度，影響了銷售業績。在此背景下，我們的品牌持續增強，市佔率年初至今有所成長，根據我們的估計，本季市佔率維持穩定或略有下降，每百升淨收入高於通膨率。我們的非糖產品組合再次實現了兩位數的成長，目前佔 NAB 總銷量的 25% 以上。

In Argentina, the consumption environment remained challenging. Our beer volumes declined mid-single digit, underperforming the industry, reflecting an unfavorable temporary price relativity dynamics. However, brand equity remained stable, supported by the strength of our mega brands. Furthermore, we remain constructive on the long-term prospects for both the country and the beer category.

在阿根廷，消費環境依然充滿挑戰。我們的啤酒銷售量下降了個位數中段，低於行業平均水平，反映出不利的暫時性價格相對動態。然而，在旗下許多知名品牌的強大支撐下，品牌資產保持穩定。此外，我們對該國和啤酒行業的長期前景仍然保持樂觀。

In the Dominican Republic, the operating environment and beer share of throat continued to improve sequentially, supported by a healthier price relativity across categories. Presidente brand, the cornerstone of the category, strengthened its equity once again, reinforcing its leadership and cultural connection with consumers in the country.

在多明尼加共和國，經營環境和啤酒市佔率持續改善，這得益於各品類價格相對更加健康。作為該品類的基石，Presidente 品牌再次鞏固了其品牌價值，強化了其在該國的領導地位以及與消費者的文化聯繫。

Finally, in Canada, the beer industry declined by mid-single digit in the quarter. We estimate that we outperformed the industry in both beer and beyond beer. The Ontario market continued to progress, supported by the route-to-market expansion implemented last year. Our beer performance was led by Michelob Ultra, Busch and Corona, which we estimate were among the top 5 volume share gainers in the industry.

最後，加拿大啤酒產業本季出現了個位數中段的下滑。我們估計，無論在啤酒領域或啤酒以外的領域，我們的業績都優於同業平均。安大略省市場在去年實施的市場通路擴張的支持下繼續發展。啤酒銷售成長主要由米凱羅超醇（Michelob Ultra）、百威（Busch）和科羅納（Corona）領銜，據我們估計，這三款啤酒是業界銷售份額成長排名前五的品牌。

Now let me hand over to Fleury, who will walk you through our financial performance in more detail.

現在，我將把麥克風交給弗勒里，他將更詳細地為大家介紹我們的財務表現。

Thank you, Lisboa, and hello, everyone. Today, I would like to walk you through our financial performance highlights using our capital allocation framework. Starting with our priority number 1, to invest in our business. Here, our focus is to allocate capital efficiently and maximize return on investments. One way we do that is by driving efficiencies across our cost and expenses baselines, freeing up resources to continue to invest behind our business and our brands, strengthening the connection with our consumers.

謝謝你，里斯本，大家好。今天，我想透過我們的資本配置框架，帶大家了解我們的財務表現亮點。首先，我們的首要任務是投資我們的業務。在這裡，我們的重點是有效配置資本並最大化投資回報。我們實現這一目標的一個方法是提高成本和費用基準的效率，從而釋放資源，繼續投資我們的業務和品牌，加強與消費者的聯繫。

Building on that, in quarter 3, our disciplined cost management allowed us to quickly adapt our brewing processes to a more challenging operating environment and deliver strong productivity with tighter process controls and lower conversion costs, mainly in our vertical operations. As a result, we expanded EBITDA margin in most of our business units once again.

在此基礎上，第三季度，我們嚴格的成本管理使我們能夠迅速調整釀造流程以適應更具挑戰性的營運環境，並透過更嚴格的製程控制和更低的轉換成本，主要在我們的垂直營運中實現強勁的生產率。因此，我們大多數業務部門的 EBITDA 利潤率再次擴大。

Now moving to net income. Our normalized net income reached BRL3.8 billion, up 7% year-over-year, mainly driven by a lower effective tax rate, which more than offset higher financial expenses. Our stated net income reached BRL4.9 billion, up 36% versus last year, reflecting one-off effects I will detail in a moment.

現在來看淨收入。我們的正常化淨收入達到 38 億雷亞爾，年增 7%，主要得益於實際稅率降低，這足以抵銷更高的財務支出。我們公佈的淨收入達到 49 億雷亞爾，比去年增長 36%，這反映了一些一次性因素，我稍後會詳細說明。

In this quarter, our net financial expenses closed at BRL1.1 billion, about BRL400 million higher than last year, mostly due to 2 factors we already addressed in quarter 2. One, a higher FX hedging carry costs in Brazil due to interest rate gap between Brazil and the US. And two, the cost of sourcing US dollars in Bolivia.

本季度，我們的淨財務支出為 11 億雷亞爾，比去年同期高出約 4 億雷亞爾，這主要是由於我們在第二季度已經解決的兩個因素造成的。第一，由於巴西和美國的利率差距，巴西的外匯對沖成本較高。第二，在玻利維亞取得美元的成本。

On income tax, our effective tax rate in quarter 3 was 6.7% compared with 23.6% a year ago. The decline reflects mostly 3 one-offs, which totaled BRL630 million and didn't have a relevant cash tax impact in the quarter. Excluding them, our effective tax rate would have been around 20%, consistent with recent levels. Let me go over them.

在所得稅方面，我們第三季的實際稅率為 6.7%，而去年同期為 23.6%。下降主要反映了 3 項一次性支出，總額達 6.3 億雷亞爾，並未對本季的現金稅產生重大影響。如果排除這些因素，我們的實際稅率約為 20%，與近期的水平一致。讓我逐條講解一下。

One, following a change in legislation, we recognized a partial reversal of previously recorded tax liabilities associated with the 2017 amnesty program as detailed in Note 8.2 to our Q3 financial statements. Number two, fiscal incentives recognition. And number three, the Barbados divestment that generated a gain of BRL884 million, where part of it was nontaxable in Dominican Republic.

第一，根據立法變更，我們確認了與 2017 年特赦計劃相關的先前記錄的稅負的部分沖回，詳情見我們第三季度財務報表附註 8.2。第二，財政激勵措施的認可。第三，巴貝多資產剝離帶來了 8.84 億雷亞爾的收益，其中一部分在多明尼加共和國免稅。

The sale of Barbados is a tangible example of our second capital allocation priority at work, evaluate inorganic opportunities. Here, we completed the first steps of the transaction, transferring control to KOSCAB, a long-term partner in the Caribbean. The transaction simplifies our structure and keeps our brands in the region. Further details are disclosed in Note 1 to our financial statements.

出售巴貝多是我們第二個資本配置優先事項——評估非有機成長機會——發揮作用的一個切實例子。在這裡，我們完成了交易的第一步，將控制權移交給了我們在加勒比地區的長期合作夥伴 KOSCAB。此次交易簡化了我們的組織結構，並將我們的品牌保留在該地區。更多詳情請參閱財務報表附註1。

Lastly, regarding our third priority, return cash to shareholders over time. As we approach the end of the year, I remain confident on the consistent cash generation of our business. Cash flow from operating activities remained solid, totaling BRL6.9 billion despite softer volumes and higher cash taxes this quarter.

最後，關於我們的第三個優先事項，即隨著時間的推移向股東返還現金。隨著年底臨近，我對公司持續的現金流依然充滿信心。儘管本季銷量下滑且現金稅額增加，但經營活動產生的現金流依然穩健，總額達 69 億雷亞爾。

Versus 2024, our cash flow from operating activities is down BRL1.2 billion, mainly due to a slower monetization pace of existing income tax credits in Brazil. These credits will continue to be used over time, aligned with our tax strategy and are detailed in Note 7 to our Q3 financial statements.

與 2024 年相比，我們的營運活動現金流減少了 12 億雷亞爾，這主要是由於巴西現有所得稅抵免的貨幣化速度放緩。這些稅收抵免將隨著時間的推移繼續使用，與我們的稅務策略保持一致，詳情請參閱我們第三季財務報表附註 7。

Lastly, during the year, we already announced a total dividend of BRL6 billion. Also, as Lisboa mentioned, we are starting a new BRL2.5 billion buyback program after the completion of the previous one in June. Both the dividend distribution and the share buyback program reinforce our confidence in our business and our commitment to returning cash to shareholders over time.

最後，今年我們已經宣布了總額為 60 億雷亞爾的股息。另外，正如里斯本所提到的，繼 6 月完成上一輪回購計畫後，我們將啟動一項新的 25 億雷亞爾回購計畫。股利分配和股票回購計畫都增強了我們對自身業務的信心，以及我們對隨著時間的推移向股東返還現金的承諾。

With that, let me hand it back to you, Lisboa.

那麼，就讓我把機會交還給你吧，里斯本。

Thank you, Fleury. As we start the fourth quarter, I believe that we are well positioned to close the year on solid footing and to start 2026 with strong momentum. We are also excited for the FIFA World Cup next year, a great opportunity to connect again two of the greatest passions in Latin America, beer and soccer. To close, I want to thank our team for their resilience, especially in moments like this. Our grit and focus on what we can control are inspiring and give me even more confidence that we are becoming a better version of ourselves.

謝謝你，弗勒里。進入第四季度，我相信我們已經做好充分準備，能夠以穩健的步伐結束今年，並以強勁的勢頭開啟 2026 年。我們也對明年的國際足總世界盃感到興奮，這是一個將拉丁美洲兩大愛好——啤酒和足球——再次聯繫起來的絕佳機會。最後，我要感謝我們團隊的韌性，尤其是在這樣的時刻。我們展現的毅力和對自身可控因素的專注令人鼓舞，也讓我更確信自己正在成為更好的自己。

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

謝謝大家的關注，現在我將把答疑環節交還給接線生。

(Operator Instructions)

（操作說明）

Lucas Ferreira, JPMorgan.

盧卡斯費雷拉，摩根大通。

Hi guys, I hope you hear me well. My question is on the COGS line. I think that was one of the positive surprises we had with the results, especially in a quarter where production probably was softer, right? I was expecting some sort of effect of a lower fixed cost dilution, but COGS came better than expected. So if you guys can explore that in a bit more details why the COGS were lower specifically this quarter?

大家好，希望你們能聽清楚。我的問題與成本（COGS）這一行有關。我認為這是我們在業績中獲得的正面驚喜之一，尤其是在生產可能較為疲軟的季度，對吧？我原本預期固定成本降低會帶來某種稀釋效應，但銷售成本的改善情況比預期好。所以，如果你們能更詳細地探討為什麼本季的銷售成本較低，那就太好了？

Does it have to do with the hedging strategy, some sort of a calendarization of that hedge effect or -- but also on the initiatives for reducing your cost base, if you can get into this? And then since you're reiterating the guidance, what would imply for the fourth quarter like sort of big acceleration of the cost per hectoliter, if this acceleration is also has to do with sort of the hedging calendarization or if there is anything else that we have to be aware of?

這是否與避險策略有關，或與避險效果的某種日曆化安排有關，或者－但如果您能深入探討一下，也與降低成本基礎的舉措有關？既然您重申了先前的指引，那麼對於第四季來說，每百升成本是否會大幅加速成長？這種加速成長是否也與避險日曆有關？或者我們還需要注意其他什麼因素？

Hi, Lucas, it's Fleury here. Can you hear me well? So Lucas, let me just start by saying that, as you probably remember, I think Ambev has been known for its very strict discipline and action-driven organization. And I think that comes on over time. Working in emerging markets, we developed a capacity of navigating volatility while delivering results. Why I'm starting with that is because if you go back one step in Q2, I mentioned to you guys that most of the benefit that we were having in our COGS was related to the SKU rationalization and what we control.

嗨，盧卡斯，我是弗勒里。你聽得清楚我說話嗎？盧卡斯，首先我想說的是，你可能還記得，安貝夫公司一直以其嚴格的紀律和行動導向的組織而聞名。我認為這是隨著時間的推移而發生的。在新興市場的工作經歷，使我們培養了在應對市場波動的同時取得績效的能力。我之所以從這裡開始，是因為如果你回顧第二季度，我曾向你們提到，我們在銷售成本方面獲得的大部分收益都與 SKU 合理化以及我們能夠控制的因素有關。

On Q3, it's not different from that. It comes from a series of initiatives on what we can control. That goes from production costs, to breweries footprint and production and also utilizing our vertical operations in which we normally have better costs. So in essence, I think this is what the company does well. It's really focused on what we control, a series of initiatives.

第三季的情況也一樣。它源自於一系列關於我們能夠控制的事情的舉措。這包括生產成本、釀酒廠佔地面積和生產，以及利用我們通常在成本方面更優惠的垂直運營模式。所以從本質上講，我認為這就是這家公司做得好的地方。它真正關注的是我們能夠控制的事情，一系列舉措。

And I might frustrate you, there's no one single one, but there's a collection of initiatives that has been working through the organization with PMOs, of course, with Lisboa and myself with several areas. So that's how we were able to achieve, I would say, a positive cash COGS increase compared to what we have said before.

我可能會讓您失望，因為並沒有一個單一的方案，而是一系列舉措一直在組織內部與專案管理辦公室 (PMO) 合作開展，當然，里斯本和我自己也在多個領域參與其中。所以，我認為，這就是我們能夠實現現金銷售成本正成長的原因，與我們之前所說的相比，這一成長是合理的。

Now moving to guidance. I think Lisboa made it very clear on his initial speech, but I will reinforce. The guidance is the guidance. We are not changing our guidance for Brazil beer cash COGS per hectoliter, excluding marketplace.

現在進入指導環節。我認為里斯本在最初的演講中已經表達得非常清楚了，但我還要重申。指導意見就是指導意見。我們不會改變巴西啤酒每百公升現金銷售成本的預期，不包括市場價格。

What is important to highlight is now with what we know, we will continue to work very hard to deliver the guidance within the first half of the range, if I may say, 5.5% to 7%, which is our ambition. And by doing that, together with our continued disciplined revenue management, I believe we could potentially look into the expansion of margins over time.

需要強調的是，根據我們目前掌握的信息，我們將繼續努力實現預期目標，即達到預期範圍的前半部分，也就是 5.5% 到 7%，這是我們的目標。透過這樣做，再加上我們持續嚴格的收入管理，我相信我們有可能隨著時間的推移而擴大利潤率。

Thank you very much.

非常感謝。

Henrique Brustolin, Bradesco.

恩里克·布魯斯託林，布拉德斯科。

Hello, Lisboa Fleury. Thanks for taking my question. I wanted to explore a little bit more the beer industry environment in Brazil. Very interesting, the comment you made, Lisboa, in terms of the weather representing the 70% of the decline and the remainder, the weaker consumer. I would like to hear a little bit more how you see this trend shaping up into Q4, especially if you could comment on the consumer part of this equation.

你好，里斯本·弗勒里。謝謝您回答我的問題。我想更深入了解一下巴西的啤酒產業環境。里斯本，你關於天氣因素導致70%的下滑，以及剩餘部分是由於消費者購買力下降而做出的評論非常有趣。我想聽聽您對這一趨勢在第四季度的發展走向有何看法，特別是如果您能就這一等式中的消費者部分發表一些評論的話。

And also, given that the headwinds were apparently different, right, in the North, Northeast than to the South, Southeast, if you also saw any big difference in terms of the volume performance across these two regions or even how the portfolio performed within the different categories? These would be my questions. thank you.

另外，鑑於北部、東北部和南部、東南部的不利因素顯然不同，對吧？您是否也觀察到這兩個地區的交易量表現，甚至不同類別的投資組合表現，有任何重大差異？我的問題就這些。謝謝。

Henrique, nice talk to you. Thank you for the question. Let me highlight a few points here to clarify some of your doubts, right? First and foremost, everything that we see somehow is very aligned with what we flagged in our second quarter result announcement, right?

恩里克，很高興和你聊天。謝謝你的提問。讓我在這裡強調幾點，以消除您的一些疑慮，好嗎？首先，我們看到的一切似乎都與我們在第二季業績公告中指出的情況非常吻合，對吧？

So -- but having said that, during the quarter, we saw the most important driver, situational driver, which was the weather gaining even more relevance, right, since the winter time pretty much took the entire quarter, right, different from what happened in quarter 2 when mostly impacted June, right? So I think the most important point to have in mind is the following. The underlying consumer engagement, which we measure based on participation and category equity remains very solid, right?

所以——但話雖如此，在本季度，我們看到最重要的驅動因素，也就是情境驅動因素，變得更加重要，對吧，因為冬季幾乎佔據了整個季度，對吧，這與第二季度主要受6月份影響的情況不同，對吧。所以我認為最需要牢記的一點是：我們根據參與度和品類權益來衡量的潛在消費者參與度仍然非常穩固，對嗎？

And the decline was pretty much connected to a reduce in number of occasions, right? And the reason why for that is exactly the two situational factors that I flagged in the beginning of the conversation in the session, right? South and Southeast, pretty much the reasons where we see accounting for majority of the volume in Brazil, pretty much 60%, impacted by colder and rainy conditions compared to a drier, right, and hotter conditions last year, right?

而這種下降很大程度上與活動次數的減少有關，對吧？而造成這種情況的原因，正是我在會議開始時提到的兩個情境因素，對吧？巴西南部和東南部地區，也就是我們看到巴西大部分地區（約佔 60%）受到的影響，是因為與去年乾燥炎熱的天氣相比，今年的天氣更加寒冷多雨。

And the North and Northeast, the other impact, right, which is connected to disposable income constraints, which, by the way, also impacted the first quarter. This was not necessarily a surprise for us. We have been measuring that since the beginning of this year, right?

還有北部和東北部地區，這是另一個受影響的地區，對吧？這與可支配收入的限制有關，順便說一句，這也影響了第一季。這對我們來說並不算意外。我們從今年年初就開始測量這個數據了，對吧？

So it's interesting to see that especially the weather, but also the disposable income constraint impacted mostly something that we also highlight during the second quarter announcement, the out-of-home occasion, which is very relevant for beer in Brazil, right? In other words, impacting particularly bars and restaurants, right? So now moving towards your question about what's coming, right, more. So -- when we reflect about the situational end, right, which is weather and income, the weather remains in October, still a concern for us, Henrique, because we haven't seen any meaningful change.

因此，有趣的是，天氣，以及可支配收入的限制，主要影響了我們在第二季財報中重點提到的外出消費場合，這對巴西的啤酒市場來說非常重要，對吧？換句話說，對酒吧和餐廳的影響尤其嚴重，對嗎？現在來回答你關於接下來會發生什麼的問題，對吧，更多內容。所以——當我們反思最終的情況，也就是天氣和收入時，亨里克，10 月的天氣仍然是我們關注的問題，因為我們還沒有看到任何實質的變化。

On the other hand, on the structural end, we also see a continuation of a good momentum our brands presented in Q3, right, which is what gives us confidence that we are well positioned for the quarter to come -- the last quarter to come this year, which will give us a pretty nice carryover into next year, which was the part of what we -- sorry, that we had a technical issue, but I was highlighting that we feel good and optimistic about the year to come because we're going to have the chance to jump into a year when we won't probably see that much of a hard comp impact coming from the weather, which was the most important detractor, right, situational detractor for us this year, combined with the chance to put together -- unite two amazing passions for Latin Americans, which are beer and soccer with the World Cup.

另一方面，從結構性方面來看，我們也看到我們的品牌在第三季度展現出的良好勢頭得以延續，這讓我們有信心為即將到來的季度——今年最後一個季度——做好充分準備，這將為我們明年帶來相當不錯的業績延續。我們——抱歉，我們遇到了技術問題——我想強調的是，我們對來年感到樂觀，因為我們將有機會進入一個不太可能受到天氣因素（今年我們面臨的最大不利因素）影響的年份，再加上有機會將拉丁美洲人的兩大愛好——啤酒和足球——與世界杯結合起來。

And on top of that, as I mentioned before, this year, when we reflect about participation and occasions, occasions were more impacted by the two situational factors. And next year, we're going to have the chance to explore more occasions since the World Cup time will match exactly with the hardest period for us in the year. And on top of that, especially in Brazil, we're going to have a pretty interesting number of holidays that will help us create new consumption occasions for us.

此外，正如我之前提到的，今年當我們回顧參與情況和場合時，場合更容易受到這兩個情境因素的影響。明年，我們將有機會探索更多機會，因為世界盃的時間正好與我們一年中最艱難的時期重疊。此外，尤其是在巴西，我們將迎來相當多的假期，這將有助於我們創造新的消費機會。

That's very clear, this boa. Thanks very much.

這條蟒蛇很明顯。非常感謝。

Thank you.

謝謝。

Nadine Sarwat, Bernstein

納丁·薩瓦特，伯恩斯坦

I thank you for taking my question, guys great to see your commentary about Ambev reaching nearly 50% share of Brazil premium and super premium beer for the first time in a decade, and I appreciate the comments that you made in your prepared remarks.

感謝各位回答我的問題，很高興看到你們對安貝夫啤酒十年來首次佔據巴西高端和超高端啤酒市場近 50% 份額的評論，也很感謝你們在準備好的發言稿中提出的觀點。

With that benefit of hindsight now of the six years of seeing that improvement that you called out, can you comment on which initiatives you feel have been the most successful in getting you and your brands to this point in that segment? And what are your aspirations for your share of that segment over the coming quarters and years thank you.

現在回過頭來看過去六年的進步，正如您所指出的，您能否談談您認為哪些舉措最成功地幫助您和您的品牌在該領域取得了目前的成就？那麼，您對未來幾季和幾年內在該細分市場中的份額有何期望呢？謝謝。

Nadine, thank you for your question. Very interesting. As you said, was a true V curve for us since 2015 until today, right? And just to emphasize what you said, in the last 6 years, we gained 14 points of market share, consistent every single year. And that came mostly as a consequence of our ambition, Nadine, of being a true category captain, right?

Nadine，謝謝你的提問。很有意思。正如你所說，從 2015 年至今，我們的業績確實呈現 V 型曲線，對嗎？正如您所說，在過去的 6 年裡，我們的市佔率成長了 14 個百分點，而且每年都保持穩定成長。而這主要是因為我們雄心勃勃，想要成為真正的產業領導者，Nadine，對吧？

A captain that will bring to our consumers, not only in Brazil, but across the board in all markets. But since your question is about Brazil, but especially in Brazil, more and more alternatives to enjoy beer in different occasions. And by doing so, expanding our portfolio, we also have a chance to bring more consumers to our portfolio, right?

一位能夠為我們的消費者帶來卓越體驗的領導者，不僅在巴西，而且在所有市場都將如此。但既然你的問題是關於巴西的，尤其是在巴西，人們在各種場合享用啤酒的方式也越來越多。透過這樣做，擴大我們的產品組合，我們也有機會為我們的產品組合帶來更多消費者，對嗎？

So if I have to answer your question with just one point, that would be my answer, right? Because we are here to build a portfolio strong enough to make our category even more appealing to our consumers.

所以如果我只能用一點來回答你的問題，那就是這一點，對嗎？因為我們的目標是打造一個足夠強大的產品組合，使我們的產品類別對消費者更具吸引力。

And by the way, beer in Brazil has one of the strongest equities across all markets globally, okay. And the point about the portfolio that I also like the most is the following. We know that as consumers graduate and as we bring new consumers to the category, they want to have optionalities, right?

順便說一句，巴西啤酒在全球所有市場中擁有最強勁的資產淨值之一，好嗎？關於投資組合，我最喜歡的一點是以下幾點。我們知道，隨著消費者年齡增長，以及我們吸引新消費者進入該品類，他們希望擁有更多選擇，對嗎？

They want to attend different needs in different occasions. And that's exactly when the portfolio makes a difference, right? And today, we have a pretty interesting portfolio with complementary roles to play this mission, right, from Original to Spaten, right, in the first layer of the premium. And then to Corona and Stella family in the latter part of the pricing index with different emotional and functional benefits.

他們希望滿足不同場合的不同需求。而這正是投資組合發揮作用的時候，對吧？今天，我們擁有一個非常有趣的產品組合，它們在完成這項使命中扮演著互補的角色，對吧，從 Original 到 Spaten，對吧，它們都處於高端市場的第一層。然後是價格指數後半部的 Corona 和 Stella 系列，它們具有不同的情感和功能優勢。

And the interesting piece of that is since they are complementary, they are bringing incrementality for us instead of only cannibalization, right? And this is the, in my point of view, the magic around what we are doing here. And it's very interesting because the same way we are building premium, now we are building a new growth engine that we call balance.

有趣的是，由於它們是互補的，所以它們帶給我們的是漸進式的進步，而不是單純的蠶食，對吧？在我看來，這就是我們在這裡所做的事情的神奇之處。這非常有趣，因為我們打造優質產品的方式，正是我們打造全新成長引擎的方式，我們稱之為平衡。

And the balance piece is also gaining a lot of acceleration. And on top of that, something that I'm not sure was that clear for you all, we are building a new growth engine beyond beer. And that beyond beer business during the last three years had been growing double digits, and we have been growing ahead of industry. And today, we are also the leaders as we are the leaders in beyond, as we are the leaders in premium, right?

平衡部件也獲得了很大的提升。除此之外，還有一點我不確定大家是否都清楚，那就是我們正在打造啤酒以外的新成長引擎。過去三年，啤酒以外的業務也實現了兩位數的成長，而且我們的成長速度一直領先於行業平均水平。今天，我們不僅是其他領域的領導者，也是高端領域的領導者，對吧？

So in essence, we are leading where growth is and where growth will be in the future.

所以從本質上講，我們引領著成長的潮流，也引領著未來成長的趨勢。

Very clear.

非常清楚。

Thiago Duarte, BTG.

Thiago Duarte，BTG。

Hello, good afternoon. It's Boba Fleury, everybody. Hi. My question is, I'm trying to get a sense of the sustainability of the SG&A reduction that we saw not only this quarter, but I think throughout the year, although it might have been stronger this quarter. In the release, you mentioned the variable compensation accrual changes.

您好，下午好。是波巴·弗勒里，各位。你好。我的問題是，我想了解我們不僅在本季度，而且我認為全年都看到的銷售、一般及行政費用削減的可持續性，儘管本季度的削減力度可能更大。在新聞稿中，您提到了可變薪酬提列的變化。

You also mentioned the phasing in marketing expenses in CAC. So my question is, of the 0.4% consolidated organic reduction year-over-year in SG&A in the quarter, how much would you say is related to this phasing of marketing and bonus accruals? And how much you believe it's more of a sustainable gain in efficiency that you saw in expenses.

您也提到了 CAC 中行銷費用的分階段納入。所以我的問題是，本季銷售、一般及行政費用年減 0.4% 的綜合有機降幅中，您認為有多少與行銷和獎金提列的分階段進行有關？你認為這種效率提昇在多大程度上是可持續的，而不是成本的降低？

Then if I may, a quick second question related to pricing in Brazil, Beer Brazil. So I think that's more to you, Lisboa. Looking at the volume performance of the last two quarters, how surprised are you of the demand reaction to the price hike that you guys implemented ahead of the second quarter? And how that potentially affects the implementation of pricing that you normally do historically in Q4 of every year? Those would be my questions thank you.

那麼，如果可以的話，我還有一個關於巴西啤酒價格的問題。所以我覺得這更多是你的功勞，里斯本。從過去兩季的銷售表現來看，對於你們在第二季之前實施的漲價措施所引起的市場需求反應，你感到有多驚訝？這又將如何影響您通常在每年第四季進行的定價策略的實施呢？我的問題就這些，謝謝。

Lisboa, do want me to start?

里斯本，你想讓我開始嗎？

Yes.

是的。

So Thiago, thank you very much for your question. Let me start more broadly, then I'll go into the details. If you look into our consolidated income statement, but that applies to most of the markets in which you operate, what we've been doing is we continue -- despite the impact that we had in volume, we continue to invest in sales and marketing as a percentage of net revenue, slightly increased quarter-over-quarter, and that is the investment that we're very careful of maintaining. Why? Talking about sustainability, is that is the one that connects our brands with our consumers, and that's how we connect with our flywheel on value creation.

蒂亞戈，非常感謝你的提問。我先從宏觀層面談起，然後再深入細節。如果你查看我們的合併損益表（但這適用於我們經營的大多數市場），你會發現，儘管銷量受到影響，但我們仍然繼續加大對銷售和行銷的投資，其占淨收入的比例略有增加，而且我們非常謹慎地維持這項投資。為什麼？談到永續性，正是它將我們的品牌與消費者聯繫起來，也是我們與價值創造飛輪相連的方式。

Specifically, what happened throughout the year is like we've been, I would say, managing well distribution costs even with lower volumes. So we were able to have a better absorption of fixed costs even with declining volume.

具體來說，今年發生的情況是，即使產量較低，我們也一直在控製油井分銷成本。因此，即使銷售量下降，我們也能更好地消化固定成本。

And on administrative expenses, I think here, it connects a lot with the way we compensate our executives and our employees. If you remember, Ambev is very well known for having a part of the compensation, which is variable, which is important for us, and it's very connected with the performance of the year.

至於行政費用，我認為這與我們如何支付高階主管和員工的薪酬密切相關。如果你還記得的話，Ambev 的薪酬體系中有一部分是浮動的，這對我們來說很重要，因為它與公司當年的業績密切相關。

If I were to summarize, there are three parts. One is the base salary. The other one is the variable compensation, and we also have long-term incentive plans that are discretionary and distribute in order to make for the variance in value creation over time.

如果要概括的話，可以分成三個部分。一是基本工資。另一種是浮動薪酬，我們還有長期激勵計劃，這些計劃具有酌情性，並會根據價值創造隨時間的變化進行分配。

This long-term incentive is normally share related. So the employees and executives receive with a tenure of three years with that. Specifically this year, when I'm talking about variable compensation, this connects a lot with our company, which is in a difficult year, even though we've been working very hard on the levers that we can control, and we are delivering still like margin expansion, so on and so forth.

這種長期激勵通常與股份掛鉤。因此，員工和高階主管的任期為三年。特別是今年，當我談到浮動薪酬時，這與我們公司息息相關。今年我們公司處境艱難，儘管我們一直在努力利用我們能夠控制的因素，並且仍然取得了利潤率擴張等成績。

It's also we've been going through a difficult time that is not structured. As Lisboa said, it's conjuncture that affects the volume. Therefore, the variable compensation of our teams were aligned with that. And with what we know today, what we have done was an adjustment on the accrual that we've made throughout the year.

我們也正經歷著一段沒有規律的艱難時期。正如里斯本所說，是市場情勢影響了交易量。因此，我們團隊的浮動薪酬也與此相符。根據我們目前掌握的信息，我們對全年計提的應計款項進行了調整。

So to summarize, we are continuing to invest on what is very important, which is sales and marketing. Our focus and discipline is also helping on the distribution and on the admin that is very connected with how we see the performance of our company with this adjustment on the variable compensation for the year. Now I'll turn to Lisboa.

總而言之，我們將繼續投資於非常重要的方面，即銷售和行銷。我們的專注和自律也有助於分配和管理，這與我們如何看待公司績效以及對年度可變薪酬的調整密切相關。現在我要去里斯本了。

Thiago. Let me touch on the second part. I think the most important message for you is the following. According to our modeling, industry modeling, our price increase has no impact whatsoever on the industry performance this year due to the fact that prices for the industry, for beer, they are still below inflation. What brings somehow a small impact, very small compared to the situational factors that I flagged before is the mix piece because it continues to grow way ahead of volume average growth with a higher price level.

蒂亞戈。讓我談談第二部分。我認為對你來說最重要的訊息如下。根據我們的模型和行業模型，由於啤酒行業的價格仍然低於通貨膨脹率，因此我們的漲價對今年的行業表現沒有任何影響。與我之前提到的情況因素相比，混合因素的影響很小，因為它持續以更高的價格水平大幅增長，遠超銷售平均增長。

But in the end, consumers always have a chance to choose brands without such a higher price to consumer, right? And that's the benefit of having, again, a strong portfolio of brands. and that's exactly what we hold here in Brazil, right?

但最終，消費者總有機會選擇價格沒有那麼高的品牌，對吧？這就是擁有強大品牌組合的好處。而這正是我們在巴西所擁有的，對吧？

Not only strong core brands with different competitive situations by region, which differ a lot, by the way, in Brazil. Brazil is a continent, right? And on top of that, we have the premium portfolio that also give us optionality to play around and it's very interesting because we are gaining new capabilities with our digital ecosystem, right?

不僅有實力雄厚的核心品牌，而且不同地區的競爭情勢也各不相同，順便說一句，巴西的情況就截然不同。巴西是一個大陸，對吧？除此之外，我們還有高端產品組合，這讓我們有多種選擇，可以嘗試，這非常有趣，因為我們正在透過我們的數位生態系統獲得新的能力，對吧？

And BEES -- within BEES, we have an AI-powered revenue management. In other words, we can personalize promotions to boost sales, optimize discounts and increase ROI simultaneously, right? In the end, just to finalize the point and somehow addressing the final piece of your question in terms of ambition, our ambition is always to keep our prices in line with inflation because we know the pricing component is a very important accessibility for consumers in Brazil, right?

而 BEES——在 BEES 中，我們擁有人工智慧驅動的收入管理。換句話說，我們可以透過個人化促銷活動來同時提升銷售量、優化折扣並提高投資報酬率，對嗎？最後，為了總結這一點，並在某種程度上回答您關於雄心壯志的最後一部分問題，我們的目標始終是保持價格與通貨膨脹保持一致，因為我們知道價格因素對於巴西消費者來說是一個非常重要的可及性因素，對嗎？

And a good part of our consumers come from middle, low pyramid of the population. So it's important for us to always keep control in order to allow them to stay connected to the category.

我們的消費者中有相當一部分來自中低收入階層。因此，對我們來說，始終保持控制權至關重要，以便讓他們能夠繼續與該類別保持聯繫。

Isabella Simonato, Bank of America.

伊莎貝拉·西蒙納托，美國銀行。

Thank you. Hi, Lisboa. Hi Fleurie. Thank you, for the call. I would like to follow up on your last answer, right, about price and volume correlation. I mean, I understand that beer inflation is pretty much in line with general inflation in Brazil.

謝謝。你好，里斯本。你好，弗勒里。謝謝你的來電。我想就您上次關於價格和成交量相關性的回答再補充一點。我的意思是，我了解到巴西的啤酒價格上漲與整體通膨率基本一致。

But my guess is that the timing of the price increase, right, that you guys did in June, and that was followed by the competition in the middle of a bad weather season, right? I mean, how much could that have exacerbated or created a different elasticity, right, to that price increase in the moment that it was done? I think -- that's my question.

但我猜想，你們在六月提價的時機，以及隨後在惡劣天氣季節進行的競爭，對吧？我的意思是，這在當時究竟會加劇價格上漲的程度，或是造成價格上漲的彈性變化嗎？我想——這就是我的問題。

And a little bit similar to what we saw on NAB, right? Because I think it was really surprising to see volumes coming down by that much, especially when we look at the competition, right, volumes move up in the quarter. So I believe you lost share, but more to understand the pricing strategy for this quarter, which unlike peers, is well above inflation, right, and to understand how you're guys seeing the volume reaction on that segment as well?

這和我們在NAB展會上看到的有點類似，對吧？因為我覺得銷量下降這麼多真的很令人驚訝，尤其是當我們看看競爭對手的情況時，對吧，銷量在這個季度都在上升。所以我認為你們的市佔率有所下降，但更重要的是了解本季的定價策略，與同業不同的是，你們的定價遠高於通膨率，對吧？另外，也想了解你們如何看待該細分市場的銷售反應？

And if I may, a second question on LAS. I think we saw a big -- pretty important pickup on margins. Just if you could elaborate a little bit on the drivers of that, even though volumes in Argentina were not that strong, I think, will be clarifying thank you.

如果可以的話，我想再問一個關於 LAS 的問題。我認為我們看到利潤率出現了大幅提升——而且提升幅度相當大。如果您能詳細闡述背後的驅動因素，即使阿根廷的銷售並不強勁，我認為這將很有幫助，謝謝。

Isabella. Look, as you said, beer CPI in line with overall CPI, no change there, right? According to our models, no different elasticity despite -- or caused by the unfavorable weather, right? So in our point of view, the timing of our price increase was very interesting, came at the right moment for us to avoid any kind of distraction vis-a-vis what we flagged for you all in the beginning of this year in terms of ambition for us, right?

伊莎貝拉。正如你所說，啤酒的CPI與整體CPI保持一致，這一點沒有變化，對吧？根據我們的模型，儘管天氣不利，但彈性並沒有變化，對嗎？所以從我們的角度來看，我們提價的時機非常有趣，正值我們避免任何干擾我們今年年初向大家提出的雄心壯志的恰當時機，對吧？

We said we want to protect and evolve with the profitability of the industry. We want to keep a very tight control and disciplined cost expenses because in the end, we want to bring growth with profitability. That's what we said, and we continue very focused behind that.

我們說過，我們希望在保障產業獲利能力的同時，也持續成長。我們希望嚴格控製成本支出，因為最終我們希望在盈利的同時實現成長。我們就是這麼說的，而且我們將繼續堅定不移地貫徹這個理念。

On the situational side, meaning weather and disposable income, both categories, both industries, right, beer and soft drinks, were somehow impacted, right? But always keep in mind that for beer, the impact is harder because it is impacting mostly the most important occasion for the category, which is out-of-home, right?

從情況角度來看，例如天氣和可支配收入，啤酒和軟性飲料這兩個類別、這兩個行業都受到了一定程度的影響，對吧？但要記住，對於啤酒來說，影響更大，因為它主要影響的是該品類最重要的場合——外出消費，對吧？

And you all know what I'm saying here, right? But pay attention to the following. The point about -- I think it's a little bit tricky to compare both businesses, right? We took the price increase for beer in the second quarter of this year. During the third quarter, we saw the relativity change, right, gap shortening, and that gave us the chance to put our share back on track. In fact, we see the balance between share and relative price even in a better position today than before than last year, which is very interesting for us, right?

你們都明白我的意思，對吧？但請注意以下幾點。關於這一點——我覺得比較這兩家企業有點棘手，對吧？今年第二季度，我們承受了啤酒價格上漲的影響。第三季度，我們看到相對性發生了變化，差距縮小了，這給了我們機會將我們的市佔率重回正軌。事實上，我們看到目前的股票份額與相對價格之間的平衡甚至比去年還要好，這對我們來說非常有趣，對吧？

On the contrary, actually, what happened with soft drinks, we increased -- we had our revenue management agenda impacting mostly the end of the quarter 2, right? And that brought an impact and a difference between sell-in and sell-out according to Nielsen, right? The CSD industry declined by mid-single digits, which was pretty much in line with our sellout, okay? The difference comes exactly from the inventory, and that is the consequence of our revenue management decisions in the end of quarter 2.

相反，實際上，軟性飲料方面，我們增加了——我們的收入管理計劃主要影響了第二季末，對吧？根據尼爾森的數據，這造成了售罄率和入庫率之間的差異，對吧？CSD 產業下滑了中等個位數百分比，這與我們的銷售情況基本一致，好嗎？差異完全來自於庫存，這是我們在第二季末的收入管理決策的結果。

Now moving to, Isabella, to your question about LAS. I think when we look at LAS, their story, you need to understand of two different markets that consolidates into that. One is Bolivia and one is Argentina. Let me start with Bolivia.

現在，伊莎貝拉，來回答你關於 LAS 的問題。我認為，當我們了解 LAS 的發展歷程時，我們需要理解兩個不同的市場是如何整合在一起的。一個是玻利維亞，一個是阿根廷。讓我先從玻利維亞說起。

Bolivia continued to be a market that we are delivering strong results throughout the P&L, which is more than offsetting the impact that we had in Argentina, which in the quarter, if I may say, the demand was still recovering, but not there yet. So there were impacts on inventory level. And also, we couldn't fully implement our revenue management in Argentina in the quarter given the economic situation there.

玻利維亞市場在損益方面持續表現強勁，完全抵銷了我們在阿根廷受到的影響。如果可以這麼說的話，阿根廷本季的需求仍在恢復，但尚未完全恢復。因此，庫存水準受到了影響。此外，鑑於阿根廷的經濟形勢，我們本季未能全面實施在阿根廷的收入管理計畫。

So it's a story of two markets. One is Argentina that is tougher and the other one is Bolivia. Overall, it's very important to highlight that we remain very confident about the two markets and specifically in Argentina, which has been a more difficult environment.

所以，這是兩個市場的故事。一個是更強硬的阿根廷，另一個是玻利維亞。總而言之，非常重要的是要強調，我們仍然對這兩個市場充滿信心，尤其是在環境較艱難的阿根廷市場。

Just to remember that we are operating there since 2000. And we believe that we have the best portfolio of brands that connect with the people, the right initiatives there on revenue management and cost to make it continue to be an important engine for our company going forward.

請記住，我們自 2000 年以來就在那裡開展業務。我們相信，我們擁有與消費者建立聯繫的最佳品牌組合，以及在收入管理和成本控制方面採取的正確舉措，這將使之繼續成為我們公司未來發展的重要引擎。

Thank you. This concludes the Q&A session. And I would now like to pass the word back to Ambev's team for closing remarks.

謝謝。問答環節到此結束。現在我謹將發言權交還給Ambev團隊，請他們作總結發言。

Thank you for joining our call today. I would like to leave you with a final message. We are becoming a true ambidextrous company, making progress in all 3 pillars of our strategy, resulting in growth with profitability. Year-to-date, our top line grew 4%, while EBITDA was up 8% and EPS grew 7%.

感謝您今天參加我們的電話會議。最後，我想對你們說幾句話。我們正在成為一家真正的兼顧型公司，在策略的三大支柱方面都取得了進展，從而實現了獲利成長。今年迄今為止，我們的營收成長了 4%，EBITDA 成長了 8%，每股盈餘成長了 7%。

We are taking market intelligence to new levels, better understanding our consumers, their trends and translating them into actionable insights, making an already loved category even stronger. All in all, we are leading where growth is, especially in our main market, Brazil. Thank you, and see you soon.

我們將市場情報提升到新的水平，更好地了解我們的消費者及其趨勢，並將其轉化為可操作的見解，使一個已經備受喜愛的品類變得更加強大。總而言之，我們在成長領域處於領先地位，尤其是在我們的主要市場巴西。謝謝，期待下次再見。

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

謝謝。今天的報告到此結束。您可以斷開連接，祝您愉快。