Ambev SA (ABEV) 2026 Q1 法說會逐字稿

(video playing)

(影片播放中)

Good afternoon, and thank you for waiting. We would like to welcome everyone to Ambev's 2026 first quarter 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，感謝各位耐心等候。我們歡迎各位參加 Ambev 2026 年第一季財報電話會議。今天與會者包括 Ambev 執行長 Carlos Lisboa 先生，以及財務長兼投資人關係主管 Guilherme Fleury 先生。

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)

提醒各位，本次會議簡報可於我們網站 ri.ambev.com.br 下載，亦可透過網路直播連結取得。我們也要告知各位，本活動將被錄音。(接線員指示)

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.

在開始之前，我要提及，本次會議將依據 1996 年《證券訴訟改革法》之安全港條款發表前瞻性陳述。前瞻性陳述係基於 Ambev 管理層的信念與假設，以及公司目前可得之資訊。此類陳述涉及風險、不確定性與假設，因其與未來事件相關，因此取決於未來可能發生或不發生的情況。投資人應理解，一般經濟狀況、產業狀況及其他營運因素亦可能影響 Ambev 未來業績，並可能導致實際結果與此等前瞻性陳述所表達者出現重大差異。

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 2025 first quarter results. Normalized figures refer to performance measures before exceptional items, which are either income or expenses that do not occur regularly as part of Ambev's normal activities. 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.

我也要提醒各位，如同以往，今天電話會議中將討論的百分比變動均為有機（organic）且經常態化（normalized）後的數據；除非另有說明，百分比變動係與 2025 年第一季結果相比。常態化數據係指扣除一次性項目前之績效衡量，該等一次性項目為不會在 Ambev 正常營運活動中經常發生的收入或費用。由於常態化數據屬非 GAAP 指標，公司已於財報新聞稿中以完全申報（fully reported）基礎揭露合併獲利、每股盈餘（EPS）、營業利益及 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 Carlos Lisboa 先生。Lisboa 先生，您可以開始。

Good afternoon, everyone, and thank you for joining our first quarter earnings call. As we start the year, here is the message I would like you to take away today. In tough moments, great companies and cultures find a way to get stronger, and that is what this quarter begins to show. We entered this year in a better position than we started last year despite the dynamic operating environment.

各位下午好，感謝各位參加我們第一季財報電話會議。在新的一年開始之際，以下是我希望各位今天帶走的訊息。在艱難時刻，卓越的公司與文化總能找到變得更強的方法，而本季的表現正開始展現這一點。儘管營運環境多變，我們以比去年年初更佳的狀態進入今年。

From day 1, we frame our mission around three priorities: avoid disruptions; keep momentum; and build a stronger company. Last year was the many and that made the third objective the hardest to deliver. As a team, we embrace the challenge elevated our market intelligence capabilities and focus on what we could control, guided by our growth strategy.

從第一天起，我們就以三項優先事項來界定使命：避免中斷；維持動能；打造更強的公司。去年挑戰繁多，使得第三項目標最難達成。作為一個團隊，我們迎接挑戰，提升市場情報能力，並在成長策略指引下，聚焦於我們可控的事項。

Within that context, Ambev delivered a solid start to the year. Total volumes were broadly flat against the toughest comparison base of the year while beer returned to growth, up low single digit. Net revenue grew high single digits, supported by net revenue per hectoliter growth. And even with continued cost pressure we delivered double-digit EBITDA growth with margin expansion of 60 basis points, while net income grew by a low single digit.

在此背景下，Ambev 今年開局穩健。在全年最艱難的比較基期下，總銷量整體大致持平，而啤酒業務重回成長，增幅為低個位數。淨營收成長高個位數，主要受每百升淨營收成長所支撐。即便成本壓力持續，我們仍實現 EBITDA 兩位數成長，且利潤率擴張 60 個基點，同時淨利成長低個位數。

The quarter also reflected solid operational cash flow generation and continued discipline in returning cash to shareholders. That is why the first quarter matters. First, it materializes the strengthening we've built over the past year, boosted by continued improvement of the beer industry across most of our footprint, coupled with our commercial momentum. Second, it delivered a balanced shape of P&L from top to bottom, being a solid first step for trading the kind of year we want to have.

本季亦反映出穩健的營運現金流創造能力，以及持續有紀律地回饋股東。這就是第一季重要的原因。第一，它具體呈現了我們過去一年所建立的強化成果；在我們多數營運版圖中，啤酒產業持續改善，再加上我們的商業動能，共同推動了這一點。第二，損益表自上而下呈現更均衡的結構，為我們想要達成的年度表現奠定了穩健的第一步。

What gives us confidence is not only the quarter itself, but how it reflects the way our strategy is evolving across the company. On the Pillar 1 as the category captain, our mission is to lead, develop and grow the beer industry, bridging the gap between the categories potential and actual consumption. Across our footprint, the mission to continuously strengthen the core segment, where many of our most loved brand set and which remains the foundation from which the category can expand while continuing to build the segment shaping the future of beer, premium, balanced choices, non-alcohol and flavored beer. In doing so, we are developing a more complete portfolio and broadening the reach of the category over time.

讓我們有信心的不僅是本季本身，更在於它反映了我們策略在全公司如何演進。在支柱一（Pillar 1）方面，作為品類領導者（category captain），我們的使命是引領、發展並壯大啤酒產業，縮小品類潛力與實際消費之間的差距。在我們的營運版圖中，我們持續強化核心價位帶（core segment）的使命不變；這裡匯聚了許多最受喜愛的品牌，亦是品類擴張的基礎。同時，我們也持續打造代表啤酒未來的區隔：高端（premium）、均衡選擇、無酒精與風味啤酒。透過上述作為，我們正打造更完整的產品組合，並隨時間推進擴大品類的觸及範圍。

Under Pillar 2, we are building a true digital ecosystem and becoming an even more outside the organization. On the direct-to-consumer front, we are strengthening how we understand and address consumer needs. So we can serve them better with the right products for the right occasions. On the B2B front, data, insights and digital tools are helping us support customers better, recommending the right portfolio and activation strategy for each point of sale and ultimately driving stronger sellout. By doing so, we allocate resources more efficiently, improve returns and make Pillar 1 stronger.

在支柱二（Pillar 2）方面，我們正建立真正的數位生態系，並在組織外部變得更具影響力。在直達消費者（direct-to-consumer）方面，我們正強化對消費者需求的理解與回應方式。以便在正確的情境（occasion）提供正確的產品，更好地服務消費者。在 B2B 方面，數據、洞察與數位工具正協助我們更好地支持客戶，為每個銷售據點推薦合適的產品組合與促銷/啟動（activation）策略，最終帶動更強的終端銷售（sellout）。藉此，我們能更有效率地配置資源、提升報酬，並使支柱一更為強健。

Under Pillar 3, we continue to build the muscle that makes the other two pillars scalable. The discipline we have built on revenue management, costs, expenses, cash generation and resource allocation is what allows us to free up resources, to reinvest behind our brands, and strategic priorities while protecting profitability and improving return on invested capital over time. Our ambition is for these three pillars to evolve simultaneously and work as a flywheel, reinforcing one another and perpetuating our profitable growth journey. As we continue to implement our strategy across our footprint, the breadth of our results stand out. We delivered flat or posted net revenue growth in all of our business units. EBITDA grew across all of them with margin expansion in four out of five.

在支柱三（Pillar 3）方面，我們持續打造使前兩大支柱得以規模化的能力。我們在營收管理、成本、費用、現金創造與資源配置方面建立的紀律，使我們得以釋放資源，重新投資於品牌與策略優先事項，同時維護獲利能力，並隨時間提升投入資本報酬率。我們的企圖是讓這三大支柱同步演進，並如同飛輪般運作，彼此強化，推動並延續我們的獲利成長旅程。隨著我們在整個營運版圖持續落實策略，我們成果的廣度尤為突出。我們所有事業單位的銷量持平或淨營收成長。所有事業單位的 EBITDA 皆成長，其中五個之中有四個的利潤率擴張。

Within that, let me turn to the main highlights across our markets. In Brazil Beer, the quarter had the toughest comparison base for the industry year-on-year. In this context, it still declined by mid-single digits in the period, although improving sequentially versus the fourth quarter of last year. The distinction matters because the softness is explained much more by cyclical factors affecting occasions than about structural drivers.

接下來，我將說明各市場的主要亮點。在巴西啤酒業務方面，本季面臨產業年對年最艱難的比較基期。在此情況下，該產業於本期間仍出現中個位數下滑，但相較去年第四季已有所改善。這項差異很重要，因為疲弱更多是由影響消費情境的景氣循環因素所致，而非結構性驅動因素。

Fundamentals remain solid and the weather continued to be the main drag, concentrated in the South and Southeast, but with lower intensity than in previous quarters. As we said during our last call, what changed was not whether consumers wanted beer, but how often the right occasions happen. Within that context, Ambev outperformed commercially. Our volumes grew 1.2% in the quarter. Building on the progress achieved in the second half of last year, and we entered this year from a stronger commercial position, supported by continued market share progression.

基本面仍然穩健，而天氣仍是主要拖累因素，影響集中在南部與東南部，但強度較前幾季降低。如同我們在上次電話會議所說，改變的不是消費者是否想喝啤酒，而是合適的消費情境發生的頻率。在此背景下，Ambev 在商業表現上優於同業。我們本季銷量成長 1.2%。延續去年下半年取得的進展，我們以更強的商業態勢進入今年，並受持續的市占率提升所支撐。

Brand equity also kept improving, reinforcing the link between stronger brands better portfolio execution and share gains across all beer segments according to our estimates. We continue to win where the category is expanding the most. Premium grew more than 20%, led by Stella Artois, Corona and Original. Balanced choices grew over 70% with Stella Pure Gold and Michelob Ultra more than doubling. Non-alcohol beer grow low teens with Corona Cero growing over 70% and Skol Zero Zero gaining traction in the regions where it has been introduced closing the quarter, reaching double digits of the non-alcohol segment mix.

品牌資產亦持續提升，根據我們的估算，這進一步強化了「更強的品牌、更佳的產品組合執行」與「在所有啤酒細分市場的市占提升」之間的連結。我們持續在品類成長最快的領域取得勝利。高端產品成長超過20%，由 Stella Artois、Corona 與 Original 帶動。均衡選擇成長超過70%，其中 Stella Pure Gold 與 Michelob Ultra 的成長均超過一倍。無酒精啤酒成長約在十位數百分比（低十位數），其中 Corona Cero 成長超過70%，而 Skol Zero Zero 在導入的地區於季末持續獲得動能，使其在無酒精品類組合中的占比達到雙位數。

At the same time, our core plus value portfolio, although more exposed to weather and macro consumption dynamics, performed ahead of total industry declining by low single digit. Even so, it continued to improve sequentially with a more balanced performance across brands and regions and gained market share versus last year. Beyond Beer also continued to gain momentum, growing in the 20s with our portfolio addressing unmet consumer needs on more occasions, led by Beats, Brutal Fruit and our newest portfolio member, Flying Fish.

同時，我們的核心加價值（core plus value）產品組合雖然較受天候與宏觀消費動態影響，但表現仍優於整體產業，產業總量以低個位數下滑。即便如此，我們的表現仍較前一季持續改善，各品牌與各區域的表現更為均衡，且相較去年提升了市占。Beyond Beer 亦持續增溫，成長約在20%區間；我們的產品組合在更多情境下滿足尚未被滿足的消費者需求，主要由 Beats、Brutal Fruit 以及我們最新加入的產品成員 Flying Fish 帶動。

Altogether, this is bringing to life the most complete portfolio we have ever had, one that allow us not only to sell more but to sell more to more consumers on more occasions and create more value for longer. This portfolio supported a solid net revenue per hectoliter performance, up 8.3% in the quarter as we began to implement our revenue management agenda, our digital platform allowed us to manage price, discounts and mix with more precision and better returns.

整體而言，這正在具體呈現我們有史以來最完整的產品組合；它不僅讓我們賣得更多，也讓我們能在更多場合向更多消費者銷售，並在更長時間內創造更多價值。此產品組合支撐了穩健的每百升淨營收表現，本季成長8.3%；隨著我們開始推動營收管理議程，我們的數位平台使我們能更精準地管理價格、折扣與組合，並取得更佳回報。

On the customer side, this marketplace also continued to gain relevance with around 75% of our customer base already buying through the platform, driving GMV to double, supported by continued expansion of 3P. And on the consumer side, Zé Delivery remain a key activation stage for our brands and one of the major convenience platforms in Brazil, representing mid-single-digit of our beer volume in the country.

在客戶端方面，該平台市集亦持續提升其重要性，目前約75%的客戶基礎已透過平台採購，帶動 GMV 倍增，並受惠於 3P 的持續擴張。在消費者端方面，Zé Delivery 仍是我們品牌的重要啟動平台之一，也是巴西主要的便利平台之一，在該國的啤酒銷量中占比約為中個位數。

In the quarter, GMV grew high single digit with 16 million orders delivered to 5 million monthly active users, of which around 80% are millennials and Gen Z. In essence, Zé gives us a direct window into the future, and that is visible in our portfolio. Premium represents around mid-30s of volumes on the platform versus nearly mid-20s in Brazil Beer while balanced choices are around 50% above Brazil Beer average.

本季 GMV 以高個位數成長，向每月活躍用戶 500 萬人交付了 1,600 萬筆訂單，其中約80%為千禧世代與 Z 世代。就本質而言，Zé 讓我們得以直接窺見未來，而這也反映在我們的產品組合中。在該平台上，高端產品的銷量占比約為30%中段，相較之下巴西啤酒整體約為20%中段；而均衡選擇則較巴西啤酒平均水準高出約50%。

More broadly, Zé is becoming both a growth engine and a catalyst of transformation for the organization, helping us accelerate the digital data analytics and AI-driven culture and improving how we understand consumers, develop our portfolio and operate the business going forward.

更廣泛而言，Zé 正同時成為成長引擎與組織轉型的催化劑，協助我們加速數位化、數據分析與 AI 驅動文化，並改善我們對消費者的理解、產品組合的開發，以及未來的營運方式。

And everything that was said translated into a solid P&L. Top line grew 9.6% and EBITDA grew 7.6% despite cost headwinds from FX and commodities. In Brazil NAB, 2025 was marked by two distinct phases. In the first half, strong commercial execution and favorable pricing position supported solid volume performance and market share gains.

上述一切最終反映在穩健的損益表（P&L）表現上。在匯率與大宗商品帶來成本逆風的情況下，營收仍成長9.6%，EBITDA 成長7.6%。在巴西 NAB（非酒精飲料）方面，2025 年呈現兩個截然不同的階段。上半年，強勁的商業執行與有利的定價位置支撐了穩健的銷量表現與市占提升。

In the second half, however, despite our consistent revenue management, market share performance came under pressure as the pricing relativity became less favorable. In the first quarter of this year, we cycle a tough comparison base. And although both relativity and market share improved sequentially, volumes were still down 3.9% versus last year, underperforming the industry.

然而在下半年，儘管我們持續推動營收管理，隨著相對價格（pricing relativity）轉趨不利，市占表現承受壓力。今年第一季，我們面臨較艱難的比較基期。雖然相對價格與市占皆較前一季改善，但銷量仍較去年下滑3.9%，表現落後於產業。

Regarding our portfolio, Guaraná brand equity reached all-time high at the end of 2025, significantly ahead of its market share, while our non-sugar portfolio grew in the mid-teens led by Guaraná Zero, Pepsi Black and H2OH!. In the quarter, our disciplined execution showed up in the P&L, with top line growth of 1.8% and EBITDA up 16.4% with 400 basis points of margin expansion.

就我們的產品組合而言，Guaraná 的品牌資產在 2025 年底創下歷史新高，顯著領先其市占表現；同時，我們的無糖產品組合以十位數百分比（中十位數）成長，主要由 Guaraná Zero、Pepsi Black 與 H2OH! 帶動。本季，我們嚴謹的執行反映在損益表上：營收成長1.8%，EBITDA 成長16.4%，毛利率（利潤率）擴張400個基點。

In Argentina, the macro environment has become more stable with lower inflation and less FX volatility than what we faced a year ago. That improvement, however, has not yet translated into a meaningful recovery in consumption. The beer industry remains soft in the first quarter, and the demand continued to reflect a cautious consumer environment. So while the industry appears to have found a more stable level since Q4, we continue to believe in a gradual recovery. Within that context, our performance in Argentina continued to strengthen.

在阿根廷，宏觀環境較一年前我們所面對的情況更為穩定，通膨較低、匯率波動也較小。然而，這項改善尚未轉化為消費的顯著復甦。第一季啤酒產業仍偏疲弱，需求持續反映出消費者謹慎的環境。因此，儘管自第四季以來產業似乎已找到較穩定的水準，我們仍相信復甦將是逐步進行。在此背景下，我們在阿根廷的表現持續走強。

Despite volumes declining by low single-digit, sellout market share increased versus last year. Supported by mega brands equity and consistent execution. Above core grew high single digits, led by Stella Artois and Michelob Ultra. We remain focused on protecting our commercial position with a disciplined revenue management agenda while continuing to invest behind our brands to reignite the category growth. And as we build momentum toward the FIFA World Cup, Quilmes and Michelob Ultra will be key consumer connection platform in the country.

儘管銷量以低個位數下滑，終端銷售（sellout）市占仍較去年提升。這得益於旗艦品牌（mega brands）的品牌資產與一致的執行。高於核心（above core）產品以高個位數成長，主要由 Stella Artois 與 Michelob Ultra 帶動。我們仍專注於透過嚴謹的營收管理議程來守住商業地位，同時持續加大對品牌的投資，以重新點燃品類成長。隨著我們為 FIFA 世界盃累積動能，Quilmes 與 Michelob Ultra 將成為該國關鍵的消費者連結平台。

In the Dominican Republic, we had a solid start to the year. The consumption environment continued to improve supported by a more constructive macro environment and healthier category dynamics. Beer continued to gain share of alcoholic beverage, helped by better price relativity. In that context, total volumes grew high single digits, supported by disciplined commercial execution. Market share remains stable and Presidente brand health continue to strengthen.

在多明尼加共和國，我們今年開局穩健。在更具建設性的宏觀環境與更健康的品類動態支撐下，消費環境持續改善。在更佳的相對價格帶動下，啤酒在酒精飲料中的占比持續提升。在此背景下，總銷量以高個位數成長，並受惠於嚴謹的商業執行。市占維持穩定，Presidente 的品牌健康度持續增強。

-- reaching all-time high levels. In Canada, the beer industry remained soft in the quarter, declining mid-single digit, affected by a weak consumer backdrop and unfavorable weather conditions. Within that context, we maintain a stable share in beer and continue to gain sharing Beyond Beer, supported by momentum of our mega brands. In beer, Busch and Michelob Ultra were the top 2 fastest growing brands in the industry, while Mike's, Nurture and Cutwater led our market share gains in Beyond Beer. All in all, despite volumes declining 2%, EBITDA grew 6.7% with 160 basis points of margin expansion.

——達到歷史新高水準。在加拿大，本季啤酒產業仍偏疲弱，以中個位數下滑，受到疲弱的消費背景與不利天候影響。在此背景下，我們在啤酒維持穩定市占，並在 Beyond Beer 持續提升市占，受惠於我們旗艦品牌的動能。在啤酒方面，Busch 與 Michelob Ultra 為產業中成長最快的前兩大品牌；而在 Beyond Beer 方面，Mike's、Nurture 與 Cutwater 帶動我們的市占提升。整體而言，儘管銷量下滑2%，EBITDA 仍成長6.7%，利潤率擴張160個基點。

With that, I will now turn it over to Fleury for financial highlights.

接下來，我將把時間交給 Fleury，請他說明財務重點。

Thank you, Lisboa. Hello, and good afternoon, everyone. We entered the year maintaining the same financial discipline that has guided us over the past quarters to drive long-term value creation through our capital allocation framework. We delivered normalized EBITDA growth of 10.1%, translating to an increase of 0.3% in normalized net income.

謝謝你，Lisboa。各位好，下午好。我們在今年一開始便延續過去幾季所秉持的同樣財務紀律，透過資本配置框架推動長期價值創造。我們實現了標準化 EBITDA 成長10.1%，並轉化為標準化淨利成長0.3%。

From an operating cash flow perspective, we delivered the strongest first quarter performance in the past 10 years, which not only allows us to continue investing behind our brands but also reinforces our commitment to return excess cash to shareholders over time, materialized through the execution of our ongoing share buyback program and our IOC announcements.

從營運現金流的角度來看，我們交出了過去10年最強的第一季表現；這不僅使我們能持續加大對品牌的投資，也強化了我們隨時間將超額現金回饋股東的承諾，並已透過持續進行的庫藏股回購計畫以及我們的 IOC 公告加以落實。

So let me walk you through the quarter in more details. On the operational side, normalized EBITDA reached BRL7.6 billion with 60 basis points of margin expansion, supported by top line performance and continued financial discipline. Consolidated cash COGS per hectoliter excluding marketplace, increased 9% in the period, with Brazil Beer up 14.6%, reflecting the expected pressure from FX and commodities headwinds, which should gradually ease starting in the second quarter as previously anticipated. That said, we continue advancing on cost initiatives towards capturing efficiencies.

接下來我將更詳細地帶您回顧本季表現。在營運面，經常性 EBITDA 達到 76 億巴西雷亞爾，利潤率擴張 60 個基點，主要受惠於營收表現以及持續的財務紀律。本期間合併現金銷貨成本（COGS）每百升（不含 marketplace）上升 9%，其中巴西啤酒上升 14.6%，反映匯率與大宗商品逆風帶來的預期壓力；如先前所預期，該壓力應自第二季起逐步緩解。即便如此，我們仍持續推進成本計畫，以捕捉效率提升。

Consolidated cash SG&A grew 4.8% in the quarter, with efficiencies coming mainly from distribution expenses driven by operational leverage in Brazil Beer. We continue to invest consistently behind our brands in the period, and consolidated sales and marketing grew 5.1%. Most importantly, I want to remember that our sales and marketing expenses tend to follow our Mega platforms event calendar, which this year includes the FIFA World Cup in quarter 2.

本季合併現金銷售、一般及行政費用（SG&A）成長 4.8%，效率主要來自配送費用，受惠於巴西啤酒的營運槓桿。本期間我們持續穩定地投資於品牌，合併銷售與行銷費用成長 5.1%。最重要的是，我想提醒大家，我們的銷售與行銷費用通常會跟隨 Mega 平台活動行事曆；今年第二季包含 FIFA 世界盃。

Looking at our financial performance. Net financial expenses totaled BRL1 billion in the quarter, about BRL200 million higher than last year, mainly driven by higher carry costs on derivative instruments. As a result, normalized net income reached BRL3.8 billion with a normalized EPS of BRL0.24, growing 0.5% versus last year.

再看我們的財務表現。本季淨財務費用合計 10 億巴西雷亞爾，較去年增加約 2 億巴西雷亞爾，主要由衍生性金融工具較高的持有成本所致。因此，經常性淨利達到 38 億巴西雷亞爾，經常性每股盈餘（EPS）為 0.24 巴西雷亞爾，較去年成長 0.5%。

Now turning to cash flow generation. Cash flow from operating activities totaled BRL3.2 billion in the quarter, an increase of BRL2 billion year-on-year. This was mainly driven by improved working capital dynamics, particularly through better package and raw materials inventory management as well as improvement in payables, mostly coming from a reduction in barley payments in the period and lower bonus payments following last year's performance. Cash flow used in investing activities totaled BRL2.4 billion, BRL1.6 billion higher than Q1 '25, mainly coming from BRL2 billion impact of the deconsolidation of assets previously reported as restricted cash in CAC as per applicable accounting standards. For more details, please refer to Note 5.1 to our financial statements.

接著談現金流量的創造。本季營業活動產生的現金流量合計 32 億巴西雷亞爾，年增 20 億巴西雷亞爾。主要來自營運資金動能改善，特別是更佳的包材與原物料存貨管理，以及應付帳款改善；其中多數來自本期間大麥付款減少，以及在去年表現後本期獎金支付較低。投資活動使用的現金流量合計 24 億巴西雷亞爾，較 2025 年第一季增加 16 億巴西雷亞爾，主要來自依適用會計準則，先前在 CAC 中以受限制現金列報之資產除列（deconsolidation）帶來 20 億巴西雷亞爾的影響。更多細節請參閱財務報表附註 5.1。

Cash flow used in financing activities totaled BRL1.2 billion, against BRL8.8 billion year-on-year, reflecting the execution of our previous share buyback program and the timing of our 2024 dividends payout, which in 2025 together consumed BRL7.7 billion of our Q1 cash position.

籌資活動使用的現金流量合計 12 億巴西雷亞爾，相較去年同期為 88 億巴西雷亞爾，反映我們先前股票回購計畫的執行，以及 2024 年股利發放時點；在 2025 年，兩者合計消耗了我們第一季現金部位中的 77 億巴西雷亞爾。

Under our priority to return excess cash to shareholders, we continue executing our ongoing share buyback program announced in October last year. And yesterday, the Board of Directors approved the payment of BRL1.2 billion related to the second tranche of the IOC declared in December of 2025, and a new IOC declaration of BRL700 million to be paid by December 2026.

在將多餘現金回饋股東的優先事項下，我們持續執行於去年 10 月宣布的現行股票回購計畫。此外，董事會於昨日核准支付 12 億巴西雷亞爾，係關於 2025 年 12 月宣告之 IOC 的第二期款項，並新宣告 7 億巴西雷亞爾的 IOC，將於 2026 年 12 月前支付。

In summary, we started the year with momentum. We will stay focused on what we can control while continuing to invest in long-term value creation. At the same time, we remain mindful that the global geopolitical environment continues to be dynamic. Therefore, we are closely monitoring developments across all of our markets and we maintain our Brazil Beer cash COGS per hectoliter, excluding marketplace guidance unchanged from 4.5% to 7.5% increase in 2026 -- and continue to pursue our ambition of expanding consolidated margin over time.

總結而言，我們以良好動能展開新的一年。我們將持續聚焦於可控事項，同時持續投資以創造長期價值。同時，我們也留意全球地緣政治環境仍在動態變化。因此，我們正密切監控各市場的發展，並維持對巴西啤酒現金銷貨成本（COGS）每百升（不含 marketplace）的指引不變：2026 年增加 4.5% 至 7.5%——並持續追求隨時間推進擴大合併利潤率的企圖。

With that, let me hand it back to Lisboa.

接下來，我把時間交回給 Lisboa。

Thank you, Fleury. So as I close, I would like to leave you with three messages. First, our conviction in the category remains unchanged. Beer is one of the largest, most loved and most profitable consumer categories in the world and its potential is far from being fully captured across our footprint. We continue to see room to broaden the categories reach, remain relevant to consumers as their needs evolve over time and participate in more consumption moments.

謝謝你，Fleury。在結語時，我想留下三點訊息。第一，我們對此品類的信心維持不變。啤酒是全球最大、最受喜愛且最具獲利性的消費品類之一，而在我們的版圖中，其潛力仍遠未被完全釋放。我們仍看到擴大品類觸及範圍的空間，隨著消費者需求隨時間演變而保持相關性，並參與更多消費情境。

Second, we have a growth formula anchored in the three pillars of our strategy, presenting encouraging results. In our view, that is the way not only to build momentum, but to make it less by turning 1, 2, and 3 into a true flywheel.

第二，我們有一套以策略三大支柱為核心的成長公式，並已展現令人鼓舞的成果。在我們看來，這不僅是建立動能的方法，更是透過把 1、2、3 轉化為真正的飛輪，讓動能更具持續性。

And third, while the environment remains dynamic, 2026 is also shaping up to be the year of socialization. It started with Carnival, and the month ahead bring a strong occasion-driven calendar, including the FIFA World Cup. These are the moments when our brands connect more deeply with consumers and when as people come together beer becomes part of what makes those moments very special. And our ambition remains the same, always strive for our better version. This quarter was an important step in that journey, and it gives us confidence in what comes next.

第三，儘管環境仍在動態變化，2026 年也正逐步成為「社交」之年。它從嘉年華（Carnival）開始，而接下來的月份將迎來強勁、以場合驅動的活動行事曆，其中包括 FIFA 世界盃。這些時刻是我們品牌與消費者建立更深連結的時候；當人們相聚，啤酒也成為讓那些時刻格外特別的一部分。而我們的企圖心依然不變：始終追求更好的自己。本季是這段旅程中的重要一步，也讓我們對接下來的發展更有信心。

And before I finish, I want to thank our teams across Ambev. Your ownership resilience and discipline in executing our strategy are what made this quarter possible. Thank you very much for joining us today.

在結束之前，我想感謝 Ambev 各地的團隊。你們的主人翁精神、韌性，以及在執行策略上的紀律，成就了本季的表現。非常感謝各位今天的參與。

And with that, let me hand it over to the operator.

接下來，我把時間交給主持人。

(Operator Instructions) Henrique Brustolin, Bradesco BBI.

(主持人指示) Henrique Brustolin，Bradesco BBI。

My question is about net revenue per hectoliter in Brazil Beer. For us, at least it was the main highlight of the quarter, especially given how your volumes outperformed. So if you could qualify the 8% year-on-year increase, what drove that in terms of the contribution from mix? Any contribution from price increases in case they took place in the first quarter would also be very helpful. And also seasonally, Q1 usually has a weaker pricing than Q4, right, because of state taxes in Brazil. if there was anything different in this ICMS dynamic this year that may also, in part, explain the pricing performance in Brazil Beer. That would be my question.

我的問題是關於巴西啤酒每百升淨營收。至少對我們而言，這是本季最主要的亮點，尤其考量到你們的銷量表現優於預期。因此，若您能說明年增 8% 的原因：其中產品組合（mix）的貢獻為何？若第一季有進行任何價格調整，價格上調的貢獻也會非常有幫助。另外就季節性而言，第一季的定價通常會比第四季弱，對吧？因為巴西各州稅負的因素。如果今年 ICMS 的動態有任何不同，可能也在某種程度上解釋巴西啤酒的定價表現。以上是我的問題。

Henrique, nice to talk to you, and thanks for the question. Look, I think it's always important to, as you said, explain what are the components driving the net revenue per hectoliter performance? And first and foremost, in terms of hierarchy, the first component is exactly the -- all the effort put behind our revenue management agenda in '25 and the carryover we brought into the first quarter of '26. Keep in mind that from '24 to '25, we didn't have pretty much a carryover, right? So in other terms, it is an easier comp.

Henrique，很高興和你交流，也謝謝你的提問。你說得對，我認為說明推動每百升淨營收表現的構成要素一直都很重要。首先也是最重要的，按重要性排序，第一個因素正是——我們在 2025 年推動的營收管理（revenue management）議程所投入的所有努力，以及我們帶入 2026 年第一季的延續效應（carryover）。請記得，從 2024 年到 2025 年，我們幾乎沒有什麼延續效應，對吧？換句話說，比較基期更容易。

The second component in the hierarchy comes from our revenue management agenda into '26, right? And the third component comes from the mix since our above core segment continued to grow in a very solid pace, right? Altogether, drove a pretty healthy net revenue per hectoliter around the high single digit, as you mentioned, right, keeping our strategy unchanged, right? We want to keep the rate broadly in line with inflation over time and capture positive mix and evolve in a solid basis moving forward.

按重要性排序的第二個因素，來自我們在 2026 年持續推進的營收管理議程，對吧？第三個因素來自產品組合（mix），因為我們的「高於核心」（above core）區隔持續以非常穩健的速度成長，對吧？綜合以上因素，推動每百升淨營收達到你提到的高個位數成長，且我們的策略維持不變，對吧？我們希望長期讓成長率大致與通膨一致，同時捕捉正向組合效益，並在未來持續穩健演進。

And just to complement here, Henrique, Fleury. On the tax side, there was nothing that was important to highlight during the quarter. So same as last year.

另外補充一下，Henrique、Fleury。在稅務方面，本季沒有什麼重要事項需要特別強調。因此與去年相同。

Thiago Duarte, BTG.

Thiago Duarte，BTG。

My question is really now jumping into volumes in Brazil Beer. In the presentation, we shared that the industry was down by mid-single digits in Q1. And at the same time, I think, Lisboa, you continue to suggest that you think this was due to cyclical factors such as the weather, right? And last quarter, marked, I think the fourth quarter in a row of falling industry volumes at a relatively steep pace. So in theory, starting now in Q2, we are cycling through that, I think, easy comparison base.

我的問題主要是想直接切入巴西啤酒的銷量（volume）。在簡報中，我們提到第一季（Q1）產業下滑約中個位數百分比。同時，我想Lisboa，你仍然表示你認為這是由天氣等週期性因素所致，對吧？而且上一季我記得，這已經是產業銷量連續第四個季度以相對陡峭的速度下滑。所以理論上，從第二季（Q2）開始，我們就會進入我認為較容易的比較基期。

And so my question to you, Lisboa, and I think you mentioned in different occasions in recent past, how confident you are about the potential of the category. And obviously, this year, you have a positive calendar effects such as the World Cup. So my question too is really how confident you are now that we are cycling through this easy comparison base, how confident you are that volumes can grow in the balance of 2026 in the next three quarters?

因此我想問你，Lisboa，而且我想你在最近不同場合也提過，你對這個品類的潛力有多大信心。而且顯然今年有正面的日曆效應，例如世界盃。所以我的問題也在於：現在我們正進入這個較容易的比較基期，你對2026年剩餘期間、接下來三個季度的銷量能否成長，有多大信心？

Thiago, nice to talk to you and thanks for the question. Just a clarification. First, actually, the industry is cycling through the toughest comparison base, not the easiest comparison base, right? Since Q1 '25 was pretty much the only quarter when the industry pretty much landed in a positive territory. From that onwards, was something a solid negative performance in all quarters from 2 to quarter 4, right? So when the category, the industry landed around mid- to low single digit in this quarter versus last year. In our point of view, is a continuation of a recovery because we are -- the categories, again, landing in the toughest comparison moment, right?

Thiago，很高興和你交流，謝謝你的問題。先澄清一下。第一，其實產業正在進入最艱難的比較基期，而不是最容易的比較基期，對吧？因為2025年第一季（Q1 '25）幾乎是產業唯一一個落在正成長區間的季度。從那之後，第二季到第四季各季度的表現都是明顯的負成長，對吧？所以當本季品類、產業相較去年落在中到低個位數的水準時，在我們看來，這是復甦的延續，因為我們——品類再次落在最艱難的比較時點，對吧？

And about the drivers, I think it's always good to understand what happened last year. And we always emphasize that the issue was not whether consumers wanted beer, but how often the right occasions happen, right, given the fact that what mostly impacted the industry were cyclical drivers, which is pretty much the same that happened in this quarter in '26, right, being the most relevant impact coming from the weather. However, in a lower intensity vis-a-vis what we saw from quarter 2 to quarter 4 from last year, right?

至於驅動因素，我認為理解去年發生了什麼總是很重要。我們一直強調，問題不在於消費者是否想喝啤酒，而在於合適的飲用情境發生的頻率，對吧？鑑於對產業影響最大的主要是週期性驅動因素，而這與2026年本季發生的情況幾乎相同，對吧？其中最相關的影響來自天氣。不過，其影響強度相較去年第二季到第四季我們看到的情況要低，對吧？

And I think it's important for you to keep in mind, Thiago that the correlation between industry performance and the weather is very visible for us. And this is something that we have been dedicating a lot of time and effort here to improve the capacity we have to read what is happening around us, right?

Thiago，我認為你需要記住的一點是，對我們而言，產業表現與天氣之間的相關性非常明顯。而這也是我們一直投入大量時間與精力去提升我們解讀周遭正在發生什麼的能力的一件事，對吧？

Regarding the context or in other words, cyclical drivers impacted the industry performance and also the structural drivers. And when we look at, right, everything that impacted last year the industry that is still impacted this year, the industry, and we look forward. We do expect that, first and foremost, the calendar will bring a pretty interesting right ground for the industry to continue recovering moving forward, right?

就整體背景而言，換句話說，週期性驅動因素影響了產業表現，結構性驅動因素也同樣影響。當我們回顧去年影響產業、今年仍在影響產業的所有因素，並展望未來時，我們確實預期，首先也是最重要的是，日曆因素將為產業持續復甦提供相當有利的基礎，對吧？

A combination of long holidays, a combination of FIFA World Cup coming exactly at the moment when the industry declined the most, high single digits against '24. And after that, you have in mind that the major impact coming from -- came from the weather. We don't expect, despite the fact that we don't control this piece right? We don't expect the weather to impact the industry the same way happening because, right, the issue came from the distance, the gap between a very warm weather in '23 and '24 against a cold and long wintertime in '25. And that gap was the main reason why right, we saw such a big decline, which is very unusual for the beer industry to face in a region like Brazil, right?

這包括長假期的組合，以及FIFA世界盃恰好發生在產業下滑最嚴重的時點——相較2024年為高個位數下滑。此外，你也要記得，最大的影響來自——來自天氣。我們不預期，儘管這部分我們無法控制，對吧？我們不預期天氣會以同樣方式影響產業，因為問題源自於差距——也就是2023與2024年非常溫暖的天氣，相對於2025年寒冷且漫長的冬季之間的落差。而這個落差是我們看到如此大幅下滑的主要原因；對像巴西這樣的地區而言，啤酒產業出現這種情況非常不尋常，對吧？

The other piece of the equation, which is still in place, by the way, right, is the household income pressure, which is something that we continue to pay attention. However, the category usually shows its resilience in moments like that. Beer is seen as an affordable entertainment for consumers in Brazil. And that gives us the chance to despite the pressure, continue to see and drive category industry momentum moving forward. I hope to have answered your question.

方程式的另一部分——順帶一提仍然存在，對吧？——是家庭收入壓力，我們持續關注這點。不過，這個品類通常在這種時刻展現其韌性。在巴西，啤酒被視為消費者負擔得起的娛樂。這讓我們即使在壓力之下，仍有機會持續看到並推動品類與產業動能向前。希望我已回答你的問題。

And Lisboa, Fleury here. If I just add, I think we all heard Lisboa mentioning a few moments ago about the momentum of our portfolio, this year compared to what we had before. So the compounding effect about the momentum of our portfolio is also very relevant when you think about volume for this quarter and when you were to put together a view for the year.

Lisboa，我是Fleury。如果我補充一下，我想我們都聽到Lisboa剛才提到，今年我們產品組合的動能相較以往的情況。因此，當你思考本季的銷量，以及彙整對全年看法時，產品組合動能的疊加效應也非常關鍵。

Lucas Ferreira, JPMorgan.

Lucas Ferreira，摩根大通（JPMorgan）。

I wanted to explore Fleury, about this topic you just mentioned about the momentum of the brands. But if you can go down to the category levels and also brand specific, especially the key brands in premium and core, how they have been performing? What has been sort of the surprise in your view in terms of resilience, right, in this tough environments in both premium and core. And especially in core, how things look like in your view going forward through the rest of the year, which seems where maybe the market is a bit more competitive or maybe where you guys had a bit more trouble. So basically, how to think about this momentum going forward, especially regarding the core segment, which was maybe on the weak side this quarter?

Fleury，我想延伸探討你剛提到的品牌動能這個主題。但如果你能下探到品類層級以及更具體到品牌層級，特別是高端（premium）與核心（core）的關鍵品牌，它們的表現如何？在你看來，在這種艱難環境下，高端與核心各自展現韌性的部分，有哪些算是驚喜？尤其是核心品類，展望今年剩餘時間，你怎麼看？那似乎是市場競爭更激烈、或你們可能遇到較多挑戰的地方。所以基本上，接下來該如何看待這個動能，特別是關於核心區隔——本季可能相對偏弱的那一塊？

Lucas, look, I think the first point to highlight here is the mission we set for ourselves to really not only lead but also develop and make this industry, the category grow over time, right? In other words, we want to be truly a captain of the category here in Brazil, right? With that in mind, the way we should land this mission is by protecting, elevating the brands that compose in our point of view, the core of this category here, our domestic right, large core brands. And we have been doing that, and we discussed about it right last year, also putting the efforts behind a portfolio play in this game, right? We want to have more than one core brand playing this role because we know that Brazil is a very large country and our competitive dynamics, they change depending on the region, right?

Lucas，你看，我認為第一個要強調的重點是，我們為自己設定的使命，不僅是領導，更是發展並讓這個產業、這個品類隨時間成長，對吧？換句話說，我們希望在巴西真正成為品類的「掌舵者」（category captain），對吧？基於這點，我們落實這項使命的方式，是保護並提升那些在我們看來構成此品類核心的品牌——我們本土的大型核心品牌，對吧？我們一直在做這件事；我們去年也討論過，同時也把資源投入到以產品組合打法來參與這場競爭，對吧？我們希望不只一個核心品牌扮演這個角色，因為我們知道巴西幅員遼闊，而競爭動態會因地區而改變，對吧？

So in other words, it's important for us to have more than one brand, and this is a large piece of the equation, piece of the category, and we have a very high share level there, right? By having this strong core segment, you can really play the game to expand the category, right, develop the category to attract more consumers to jump into more occasions, right? And we are doing so in a pretty solid way. I think the first point to highlight is the Premium segment. Again, a portfolio game.

換句話說，對我們而言，擁有不只一個品牌很重要，而這是整個方程式中的一大部分、也是品類中的一大塊，我們在那裡的市占率非常高，對吧？有了這個強勁的核心區隔，你就能真正把遊戲玩起來，去擴大品類、發展品類，吸引更多消費者在更多情境中加入，對吧？而我們正以相當扎實的方式在做這件事。我認為第一個要強調的重點是高端（Premium）區隔。同樣地，這是一場產品組合的打法。

There, we find brands like Stella Artois, Original, right, Corona placing very solid and consistent, right, volume performance along quarter-over-quarter, right? And taking us to regain the leading position and also today, having the brands growing the most in the Brazilian market within this segment. On the other side of the story, a new choice for us, right, the one we call balanced portfolio, right? The piece of the portfolio composed by non-alcohol beers, right, which, by the way, continue to deliver various solid results. And the new brands like Stella Pure Gold and Michelob Ultra, which has been growing in an exponential way here.

在那裡，我們有像 Stella Artois、Original，對吧，還有 Corona，季度對季度來看，銷量表現都非常穩健且一致，對吧？這也讓我們重新奪回領先地位，而且截至今天，在巴西市場的這個區隔中，這些品牌也是成長最快的。另一方面，我們有一個新的選擇，對吧，也就是我們所稱的「均衡產品組合」，對吧？這部分的產品組合由無酒精啤酒所構成，對吧，而順帶一提，它們持續交出多項穩健的成果。以及像 Stella Pure Gold 和 Michelob Ultra 這些新品牌，在這裡呈現指數型成長。

Altogether, this portfolio jumped from 1.5% of our mix, right to this quarter, delivering almost 4% of our mix. So it's a very solid pace of growth, right? And we are complementing this game with new members like Flying Fish, right? We are bringing to life the versatility that the category brings to us right?

整體而言，這個產品組合在我們的組合占比從 1.5% 提升到本季接近 4%。所以這是一個非常扎實的成長速度，對吧？而我們也用像 Flying Fish 這樣的新成員來補強這個布局，對吧？我們正在把這個品類帶給我們的多樣性真正落地，對吧？

And by doing so, we are creating new experience to our consumers, to learn everything that beer can be here. And this is what really excited us. And it's nice to be part of a global enterprise, but because we -- it's almost like having crystal ball in your hands, right? We know what a beer can be. And we know that we can make this love category, even stronger in Brazil. And this is exactly the mission that we set for ourselves since day 1. I can guarantee you, all Ambev partners, they are in love with this idea, right, to drive this category even further.

透過這麼做，我們正在為消費者創造新的體驗，去了解啤酒在這裡可以是什麼。這正是讓我們真正感到興奮的地方。而成為一家全球企業的一部分很棒，因為我們——這幾乎就像手上握著水晶球一樣，對吧？我們知道啤酒可以是什麼。我們也知道，我們可以讓這個深受喜愛的品類在巴西變得更強。這正是我們從第一天起為自己設定的使命。我可以向各位保證，所有 Ambev 的夥伴都非常認同這個想法，對吧，要把這個品類推得更遠。

Ben Theurer, Barclays.

Ben Theurer，巴克萊。

I just wanted to follow up a little bit on the COGS outlook. You could help us understand and frame maybe the cadence throughout the year. Obviously, we saw the pressure as in first half as an expected. But just given the current environment with higher aluminum prices, et cetera. How should we think about the cost flow through for you guys based on the hedges for the rest of the year?

我想就銷貨成本（COGS）的展望再追問一下。你們能否協助我們理解並梳理一下全年節奏可能會是怎樣。顯然，我們看到上半年如預期般有壓力。但在目前環境下，鋁價更高等等。基於你們今年剩餘期間的避險部位，我們應該如何看待成本對你們的傳導？

Thank you, Ben. So when we do and as we have done last year, so let me go back a little bit to '25, which will probably ease for you to understand how we are working in '26. When we start the year, we have extensive analysis and we have our hedges, which give us a very good visibility on the forecast going forward. And last year, you remember that was a very tough year for us because when we give the guidance to the market, we didn't have a view about how the industry would perform throughout the year.

謝謝你，Ben。所以當我們在做——也如同去年所做的——我先稍微回到 2025 年，這可能會讓你更容易理解我們在 2026 年是如何運作的。當我們開始新的一年時，我們會做大量分析，並建立避險部位，這讓我們對未來的預測有非常好的能見度。而去年你也記得，對我們來說是非常艱難的一年，因為當我們向市場提供指引時，我們並沒有掌握產業在全年會如何表現的視角。

So last year, I'll start by saying that we had to reignite the muscle of the organization of looking into very details of costs, production, distribution, so on and so forth, and that is working altogether different areas, which allowed us to land the year despite the volume decrease at the lowest part of our cash COGS guidance for the year.

所以去年，我先說，我們必須重新點燃組織的「肌肉」，去非常細緻地檢視成本、生產、配送等等，並讓不同領域一起協作；這使我們即便在銷量下滑的情況下，仍能在全年現金銷貨成本（cash COGS）指引區間的低端落地。

When we're starting '26, what we have said to the market is our range between 4.5% for Brazil Beer cash COGS per hectoliter, excluding marketplace from 4.5% to 7.5%. And we understand that the market is still dynamic. That's what I just said to you guys. But the information that we have today with also the discipline, with also the cost discussions and projects looking forward to different areas. We are maintaining our cash COGS from 4.5% to 7.5% for the year.

當我們進入 2026 年時，我們對市場說的是：巴西啤酒每百升（hectoliter）的現金銷貨成本（cash COGS）成長率區間為 4.5% 到 7.5%，不含 marketplace。我們理解市場仍然是動態的。這就是我剛才跟各位說的。但基於我們今天掌握的資訊，以及同樣的紀律、成本討論與面向不同領域的前瞻專案。我們維持全年現金銷貨成本在 4.5% 到 7.5% 的指引不變。

We know, and that's something that I also comment that we know that Q1 is probably the highest on cost, and that should start easing through the second quarter onwards. And allow me also to mention one thing that makes very clear for everyone. When we think about not direct cost, but investments that we do in sales and marketing, we understand and we made it clear that Q2 is probably will be more skewed when I look into the FIFA World Cup and activations that we have compared to the prior years. So probably expect Q2 to be more skewed on the sales and marketing on H1. But we are confident that we -- and we're working very hard to maintain the guidance throughout the year.

我們知道——這也是我提過的——第一季的成本可能是最高的，之後從第二季起應該會開始緩解。也請允許我再提一點，讓大家更清楚。當我們思考的不是直接成本，而是我們在銷售與行銷上的投資時，我們理解並且也已經說明：相較於過去幾年，第二季可能會更偏重，因為有 FIFA 世界盃以及我們的各項啟動活動。所以你們可能會預期第二季在上半年（H1）的銷售與行銷費用會更偏重。但我們有信心——而且我們也非常努力——在全年維持這個指引。

Gustavo Troyano, Itau BBA.

Gustavo Troyano，Itaú BBA。

My question also relates to Beer Brazil, especially on the FIFA World Cup impacts here. And basically, I just wanted to understand your perspective on how much of that consumption related to the World Cup is something that you can already see a few months in advance from the events of potentially starting to flow through your results as early as the first quarter versus something that really only becomes clearer as we get closer to the event itself by the second quarter. So how do you think about this timeline for this demand to flow through your P&L?

我的問題也與巴西啤酒有關，特別是 FIFA 世界盃在這裡的影響。基本上，我想了解你們的看法：與世界盃相關的消費，有多少是你們在活動前幾個月就能提前看到、並可能最早在第一季就開始反映在你們的業績中；又有多少是只有在更接近活動本身、到第二季時才會更清楚。所以你們如何看待這個需求傳導到你們損益表（P&L）的時間軸？

And related to this timeline, I was wondering whether you're already seeing any early pricing movements from competitors ahead of this demand peaks. So would you say that this period ahead of the World Cup could create any opportunity to fine-tune relative pricing across SKUs or whether if you think it makes sense to adjust pricing ahead of the World Cup as well. Thank you very much.

另外，沿著這個時間軸，我也想知道你們是否已經看到競爭對手在需求高峰到來之前有任何早期的價格動作。所以你們會說，世界盃前的這段期間是否可能帶來機會，去微調不同 SKU 之間的相對定價；或者你們認為在世界盃前調價也有其合理性。非常感謝。

Gustavo, thank you for the questions. I will keep the protocol in place. I'm going to answer one question to give you all the chance to interact with us, okay? So regarding your first question, World Cup contribution, look, historically, the World Cup usually brings a contribution of around 0.3% to 0.4% industry growth year-over-year, annually speaking, right? That contribution usually impacts as well the second to third quarters, right, which is exactly when we're going to see the event taking place, right?

Gustavo，謝謝你的問題。我會遵守既定流程。我會先回答一個問題，讓大家都有機會和我們互動，好嗎？關於你的第一個問題，世界盃的貢獻：你看，從歷史來看，世界盃通常會帶來約 0.3% 到 0.4% 的產業年增成長貢獻（以全年口徑）。而這個貢獻通常也會主要影響第二到第三季，對吧？也就是我們將看到賽事實際發生的時間點，對吧？

For sure, you have prep games in different regions across our footprint, and those are moments as well when we activate our brands, right, with campaigns, promo, different sorts of activations, right, and that creates additional consumption moments, right, which is good for the category, right? Keep in mind that in Brazil, what we missed the most last year were occasions frequency. So whenever you have the chance to activate frequency, right, it is good for us on a year-over-year basis, right?

當然，在我們業務覆蓋的不同地區都有熱身賽，而那些也是我們啟動品牌的時刻，對吧？透過行銷活動、促銷、各種不同形式的啟動，對吧？這會創造額外的消費時刻，對吧？這對品類是有利的，對吧？請記住，在巴西，我們去年最缺少的是「場合頻次」。所以只要有機會去啟動頻次，對我們的同比表現就是有利的，對吧？

I think you saw during the beginning of the session, we already have our portfolio, right, of brands exploiting the moment in different ways. And this is beautiful because we have a complementary portfolio of brands, and they can use the platform to create new bonds with consumers, right, in different ways. And this is wonderful in my point of view as a market here, right? And this is exactly what you're going to see moving forward and gaining even more traction, right? Because as we speak, our teams are ready to land everything that we developed last year, to reach such a unique moment for us in pretty much across our footprint in a very stronger way to keep our momentum forward.

我想你在會議一開始就看到，我們已經有我們的品牌組合，對吧？以不同方式去把握這個時刻。這很美，因為我們擁有互補的品牌組合，它們可以利用這個平台，以不同方式與消費者建立新的連結，對吧？以我作為這裡市場的角度來看，這非常棒，對吧？而這正是你接下來會看到的，並且會獲得更大的動能，對吧？因為此時此刻，我們的團隊已準備好把去年開發的一切落地，在我們幾乎所有覆蓋區域，以更強的方式去把握這個對我們而言非常獨特的時刻，讓我們的動能持續向前。

As Fleury mentioned before, we jump into this year with our portfolio delivering solid results, right, across the board from core to high end, to Beyond and flavor beers. And now the World Cups -- World Cup comes in a very interesting moment for us to keep this momentum forward, right? So that's it, I think, very excited about the opportunity and ready to make it happen.

正如Fleury先前提到的，我們以品牌組合在各方面都交出穩健成果的狀態進入今年，對吧？從核心到高端，到Beyond以及風味啤酒。而現在世界盃——世界盃在一個對我們非常有意思的時點到來，讓我們能把這股動能延續下去，對吧？就這樣，我認為我們對這個機會非常興奮，也已準備好把它實現。

And just to add one thing here, Lisboa, I think it's important to remember that on this World Cup, different from the prior, our digital platforms are much more evolved. So we're going to see a lot of activations through something that we've been developing for a long period of time. So the connection that we make with consumers to Zé Delivery and the connection that we make our [POCs], points of sales that we interact directly through BEES, I believe, will be amazing. We're going to be -- you're going to see a lot of activation, and it's our job, as Lisboa said, to help grow the industry.

另外再補充一點，Lisboa，我認為重要的是要記住，這次世界盃不同於以往，我們的數位平台成熟得多。因此，我們會看到大量的啟動活動，透過我們長期以來一直在開發的東西來進行。所以我們與消費者透過Zé Delivery建立的連結，以及我們透過BEES直接互動的[POCs]（銷售點），我相信會非常出色。我們將會——你將會看到很多啟動活動，而正如Lisboa所說，這也是我們的工作：協助推動產業成長。

Robert Ottenstein, Evercore.

Robert Ottenstein，Evercore。

And apologies if I missed it. I know there was a question -- I think it was the first question was on the price/mix. And you mentioned some carryover from '25 business mix and RGM. Can you be a little bit more specific in breaking things out. I think CPI in Brazil is running around 4%. So should we think in terms of 4% pricing and then 4% mix? Or how should we look at that and then perhaps in connection with that, can you give us the latest breakout of the Premium segment, what percentage of your business is Premium, how much that is up and the impact of that on the revenue per hectoliter?

如果我漏聽了先說聲抱歉。我知道之前有個問題——我想第一個問題是關於價格/組合（price/mix）。你提到一些來自'25業務組合與RGM的結轉效應。你能否更具體地拆分說明？我想巴西的CPI大約在4%。那我們是否應該理解為4%的定價，再加上4%的組合？或者我們應該如何看待？另外，或許相關地，你能否提供最新的高端（Premium）細分拆分：高端占你們業務的百分比是多少、提升了多少，以及這對每百升收入（revenue per hectoliter）的影響？

Robert, look, as you said, we detail a little bit what you just asked in the beginning of the conversation, but I'm going to emphasize the key message here. The revenue management agenda has a mission that is composed by twofold, right? One is protect the industry growth, category accessibility in other terms, right, while protecting our profitability, right? That's the reason why we're going to always aim a rate strategy aligned with inflation over time to allow our consumers, especially those coming from mid- to low socioeconomic ends and to access the category, right? And that's exactly what we see happening in the beginning of this year.

Robert，你看，正如你所說，我們在對話一開始已經稍微詳細說明了你剛才問的內容，但我想在這裡強調關鍵訊息。收益管理（revenue management）議程的使命由兩部分構成，對吧？一是保護產業成長，換句話說就是品類可及性，同時也要保護我們的獲利能力，對吧？這就是為什麼我們會一直以與通膨隨時間一致的定價策略為目標，讓消費者——特別是來自中低社經階層的消費者——能夠進入並消費這個品類，對吧？而這正是我們在今年年初看到正在發生的事情。

The main difference is the carryover against an easier comp from last year given the fact that we didn't have a carryover from '24 into '25, right? So three components building up the net revenue per hectoliter in quarter 1. First and foremost, carryover. Second point, our revenue management agenda taking place already. And the third component is the mix contribution, right?

主要差異在於：相較於去年較容易的比較基期所帶來的結轉效應，因為我們沒有從'24結轉到'25的結轉效應，對吧？因此，在第一季推動每百升淨收入（net revenue per hectoliter）的有三個組成部分。第一也是最重要的是結轉效應。第二點，我們的收益管理議程已經在發揮作用。第三個組成部分是組合貢獻，對吧？

To your complementary question, the mix for us represents 20% of our volumes growing around 20%, right, in a very consistent basis. That's the reason why you see an interesting contribution coming from the mix which usually represents around 15% of what we see in our net revenue per hectoliter performance.

針對你的補充問題，對我們而言，組合約占我們銷量的20%，並且以大約20%的速度成長，對吧？而且非常一致。這就是為什麼你會看到來自組合的有趣貢獻；它通常約占我們每百升淨收入表現中所見的15%左右。

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。我想邀請Carlos Lisboa先生發表結語。先生，請開始。

Thank you for joining our call today. As we close, I would like to reinforce a few messages. First, this quarter marked a solid first step into the kind of a year we want to have. Second, our growth formula is based on the three pillars of our strategy working as a flywheel. When these pillars advance simultaneously, they show encouraging results, strengthening one another and supporting our profitable growth journey. And third, we are confident in beer. It is a loved and versatile category with clear headroom to grow. '26 is shaping up to be a year of socialization. And when people get together, beer has a unique role in making those moments more special.

感謝各位今天參加我們的電話會議。在結束之際，我想重申幾點訊息。第一，本季度為我們希望達成的年度表現，奠定了穩健的第一步。第二，我們的成長公式建立在三大策略支柱之上，並以飛輪效應運作。當這些支柱同時推進時，就會展現令人鼓舞的成果，彼此強化，並支持我們的獲利性成長之路。第三，我們對啤酒充滿信心。這是一個深受喜愛且用途多元的品類，且仍有明確的成長空間。'26正逐步成為社交的一年。而當人們相聚時，啤酒在讓那些時刻更特別方面扮演著獨特的角色。

With that, I would like to thank you all and hope to see you soon.

最後，我想感謝各位，也希望很快再見到大家。

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

今天的簡報到此結束。您可以斷線，祝您有美好的一天。