Ambev SA (ABEV) 2026 Q2 法說會逐字稿

Good afternoon, and thank you for waiting. We would like to welcome everyone to Ambev's 2026 second 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 年第二季財報電話會議。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。同時也告知各位，本活動將進行錄音。（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 the future events and therefore, depend on circumstances that may or may not occur in the future.

在開始之前，我先說明：本次將依據 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，因其關聯未來事件，故取決於未來可能發生或不發生之情況。

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 comparison with 2025 second 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 disclosed the consolidated profit, EPS, operating profit and EBITDA on a fully reported basis in the earnings release.

我也想提醒各位，如同以往，今天電話會議中討論的百分比變動同時為有機（organic）與常態化（normalized）口徑；除非另有說明，百分比變動皆係與 2025 年第二季結果相比。常態化數據係指扣除一次性項目前之績效衡量，該等一次性項目為非 Ambev 正常營運活動中經常發生之收入或費用。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）口徑揭露合併淨利、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，請開始。

Good afternoon, everyone, and thank you for joining our second quarter earnings call. Across our footprint, football is part of our culture, one of the strongest passion points that bring people together, and beer has a unique role in creating such special moments. I want to congratulate all the national teams from our markets that represented their countries in the FIFA World Cup.

各位下午好，感謝各位參加我們第二季財報電話會議。在我們的營運版圖中，足球是文化的一部分，也是最能凝聚人心的熱情之一，而啤酒在創造這些特別時刻上扮演獨特角色。我也要恭喜我們各市場中代表其國家參加 FIFA 世界盃的所有國家隊。

I also want to recognize our teams for their outstanding execution across Ambev's footprint. Moments like these are also where our company stands out. The World Cup is one of the toughest execution tests in our industry. The challenge goes beyond activating a campaign. It is about turning a tournament into a semester-long platform, activating a portfolio rather than a single brand and connecting consumers and customers across countries, channels and millions of points of sale while building engagement that lasts beyond the final whistle.

我也要肯定 Ambev 各地團隊在整個版圖中的卓越執行力。像這樣的時刻也正是我們公司脫穎而出的地方。世界盃是本產業最嚴苛的執行考驗之一。挑戰不僅是啟動一個行銷活動。而是要把一項賽事轉化為橫跨一整個學期的長期平台，啟動的是整個產品組合而非單一品牌，並在跨國、跨通路與數以百萬計的銷售據點之間連結消費者與客戶，同時建立能延續到終場哨音之後的互動與黏著度。

Across our markets, our brands were among those most associated with the event. We did not just take part of the World Cup. We helped shape the category through it. While the World Cup has come to an end, our own game has only reached half time. Ambev's performance continued to strengthen in the second quarter with its quality and shape improving versus Q1.

在各個市場中，我們的品牌是與該賽事連結度最高的品牌之一。我們不只是參與世界盃。我們也透過世界盃協助塑造了整個品類。雖然世界盃已經落幕，但我們自己的比賽才剛到中場。Ambev 在第二季的表現持續增強，品質與狀態相較第一季進一步改善。

Volumes provided a much stronger contribution, growing 1.4% year-over-year with beer up mid-single digits. Disciplined revenue management and resource allocation supported net revenue growth of 6% and normalized EBITDA growth of 9%, even as we stepped up investment behind our brands. As a highlight, our normalized EPS grew 24%.

銷量帶來更強的貢獻，年增 1.4%，其中啤酒銷量成長達中個位數。嚴謹的收益管理與資源配置支持淨營收成長 6% 以及常態化 EBITDA 成長 9%，即使我們加大對品牌的投資亦然。其中一項亮點是，我們的常態化每股盈餘（EPS）成長 24%。

Looking at the movie rather than the picture, the first half provides a broader view. Total volumes grew 0.7% with Beer volumes growing well ahead of the total. Net revenue grew 7%. Normalized EBITDA increased 10%, implying 1.3 times operational leverage. And normalized EPS also grew 10% Operating cash flow reached BRL 8 billion, one of Ambev's highest first half levels.

若以「看整部電影」而非「看單張照片」的角度，則上半年提供了更全面的視角。總銷量成長 0.7%，其中啤酒銷量成長明顯領先總體。淨營收成長 7%。常態化 EBITDA 增加 10%，意味著 1.3 倍的營運槓桿。常態化 EPS 亦成長 10%。營運現金流達 80 億巴西雷亞爾（BRL），為 Ambev 歷來上半年最高水準之一。

As we enter the second half, we are building a business with stronger foundations and designed to deliver compound profitable growth over time. Behind this progress is our three pillar growth strategy, starting with Pillar one lead and grow the category. This quarter, we advanced on both dimensions. On lead, we strengthened both brand equity and market share across our five largest markets. On grow, share gains and improving industry conditions supported beer volume growth in markets that represent over 80% of our volumes.

進入下半年之際，我們正打造一個基礎更扎實、並能隨時間推進實現複利式獲利成長的事業。支撐此一進展的是我們的三大支柱成長策略，首先是支柱一：領導並擴大品類。本季我們在兩個面向皆有推進。在「領導」方面，我們在五大市場同時強化品牌資產與市占率。在「擴大」方面，市占提升與產業環境改善，支持了啤酒銷量在代表我們逾 80% 銷量的市場中成長。

Mainstream continued to improve sequentially with volumes only slightly below last year. We continue to lead the high-growth segments with a broad and complementary portfolio. Premium remain a key growth engine, growing nearly 20%. Balanced choices grew more than 60%. No Alcohol beer grew around 20%, and flavored beer and RTDs maintain momentum.

主流（Mainstream）品類較前一季持續改善，銷量僅略低於去年。我們以廣泛且互補的產品組合，持續領先高成長區隔。高端（Premium）仍是關鍵成長引擎，成長接近 20%。均衡選擇（Balanced choices）成長超過 60%。無酒精啤酒成長約 20%，風味啤酒與即飲調酒（RTDs）亦維持動能。

Michelob Ultra shows how we scale a relevant consumer proposition across markets. It more than tripled in Brazil and Argentina during the quarter, grew over 50% across our footprint and is now present in nearly all our markets, connecting with consumers, seeking a more active and balanced lifestyle.

Michelob Ultra 展現了我們如何在各市場擴大具相關性的消費者主張。該品牌在本季於巴西與阿根廷的規模成長超過三倍，在我們整體版圖中成長逾 50%，目前幾乎已進入所有市場，與追求更積極且均衡生活型態的消費者建立連結。

This takes us to Pillar two digitize and monetize our ecosystem. Our digital ecosystem has become a key lever for category development. In an increasingly dynamic environment, a broader portfolio creates greater complexity. BEES enables us to manage that complexity with greater precision, strengthening the core while accelerating the new engines of category growth. It is not just a technical backbone, but an execution powerhouse that creates efficiencies and improves how we operate every day.

接著是支柱二：數位化並變現我們的生態系。我們的數位生態系已成為推動品類發展的關鍵槓桿。在日益動態的環境中，更廣的產品組合帶來更高的複雜度。BEES 使我們能以更高精準度管理這些複雜性，在強化核心業務的同時，加速品類成長的新引擎。它不僅是技術骨幹，更是強大的執行引擎，能創造效率並改善我們每日的營運方式。

We read demand faster and more accurately, help customers increase sell-out through better recommendations and allocate resources to the highest return opportunities. This strengthens our performance while helping our partners grow as reflected in the continued improvement in our NPS.

我們能更快且更準確地讀取需求，透過更佳的建議協助客戶提升終端銷售（sell-out），並將資源配置到報酬最高的機會上。這不僅強化我們的表現，也協助合作夥伴成長，並反映在我們 NPS 持續改善上。

Ambev, BEES Marketplace GMV grew around 60% in both the second quarter and the first half. In the first half, gross margin expanded 6.7-percentage-points year-over-year, reaching 22%. In Brazil, Marketplace GMV doubled in the first half, with 3P as the main driver.

Ambev 的 BEES Marketplace 商品交易總額（GMV）在第二季與上半年皆成長約 60%。上半年毛利率年增 6.7 個百分點，達到 22%。在巴西，Marketplace GMV 於上半年翻倍成長，其中以第三方（3P）為主要驅動力。

And under Pillar three optimize our business. This pillar creates the flexibility to deliver on both of our capital allocation priorities, investing behind opportunities that drive long-term growth while consistently returning excess cash to shareholders. In the quarter, we stepped up investments behind our brands while expanding normalized EBITDA margin by 80 basis points. That discipline, together with solid cash generation, allowed us to advance our share buyback program and announce an additional IOC distribution this quarter.

而在支柱三：優化我們的業務。此支柱提供彈性，使我們能同時落實兩項資本配置優先事項：一方面投資於推動長期成長的機會，另一方面持續將多餘現金回饋股東。本季我們加大對品牌的投資，同時常態化 EBITDA 利潤率擴張 80 個基點。這份紀律，加上穩健的現金創造能力，使我們得以推進庫藏股回購計畫，並於本季宣布額外的 IOC 分配。

Together, the three pillars reinforce one another, creating a flywheel that strengthens the company and supports sustainable profitable growth. Before moving to our key markets, let me highlight the breadth of our performance. In both the second quarter and the first half, beer volumes grew or remained broadly stable in 7 of our 10 largest markets, while net revenue and EBITDA grew across all business units, showcasing that our progress was not dependent on any single market or growth lever.

三大支柱相互強化，形成飛輪效應，進一步強化公司並支持可持續的獲利成長。在進入各主要市場之前，先讓我強調我們表現的廣度。無論在第二季或上半年，我們前十大市場中有 7 個市場的啤酒銷量成長或大致持平；同時淨營收與 EBITDA 在所有事業單位皆成長，顯示我們的進展並不依賴任何單一市場或單一成長槓桿。

Starting with Brazil Beer. Continued commercial momentum supported another solid quarter. The beer industry continued to improve sequentially. According to Nielsen, sellout improved from a high single-digit decline in the second half of 2025 and mid-single-digit decline in the first quarter to a slight decline in Q2. Nielsen's measurement calendar ended around June 20, capturing only the early part of the World Cup period.

先從巴西啤酒業務談起。持續的商業動能支撐了又一個穩健的季度。啤酒產業持續呈現逐季改善。根據尼爾森（Nielsen），終端銷售（sellout）從2025年下半年高個位數下滑、以及第一季中個位數下滑，改善至第二季僅小幅下滑。尼爾森的衡量日曆約於6月20日結束，因此僅涵蓋世界盃期間的前段。

Extending the analysis through month end and across our broader coverage, we estimate that the industry was slightly positive in the quarter. The World Cup created incremental demand across channels and regions. Nevertheless, it was offset by adverse weather conditions. Average temperatures remained below last year and well below 2024. On a two year comparison, our industry modeling indicates that adverse weather accounts for the full industry volume gap versus 2024. Even so our consumer tracking showed sequential improvement in category equity and participation, reinforcing our confidence in the category's resilience in a dynamic consumer and macroeconomic environment.

若將分析延伸至月底並納入我們更廣泛的覆蓋範圍，我們估計本季產業表現略為正成長。世界盃在各通路與各地區創造了額外需求。然而，這被不利的天候條件所抵銷。平均氣溫仍低於去年，且遠低於2024年。以兩年對比來看，我們的產業模型顯示，不利天候足以解釋相較2024年的整體產業銷量缺口。即便如此，我們的消費者追蹤顯示品類資產（category equity）與參與度逐季改善，進一步強化我們對該品類在多變的消費與總體經濟環境中仍具韌性的信心。

Through that, our business continued to outperform. Market share expanded year-over-year for the fourth consecutive quarter, consolidating the commercial momentum of our business in Brazil. We estimate that our share increased across mainstream, premium, balanced choices and beyond beer. Brand equity continued to improve, while price relativity remained broadly stable versus last year.

在此背景下，我們的業務持續跑贏市場。市占率已連續第四個季度年增擴張，鞏固我們在巴西業務的商業動能。我們估計市占率在主流、超高端（premium）、均衡選擇（Balanced Choices）以及非啤酒品類（Beyond Beer）均有所提升。品牌資產持續改善，而相對價格（price relativity）相較去年整體維持大致穩定。

This quarter marked one full year since we regained leadership in premium with our share of the segment reaching an all-time high. Premium grew in the mid-20s and reached approximately 25% of our beer volumes. This performance reflects our new premium architecture with each brand anchored to distinct consumer need states, Original for authenticity and simplicity; Stella Artois for quiet luxury; Corona for the outdoors and natural living; and Michelob Ultra for an active and balanced lifestyle.

本季也標誌著我們重奪超高端領導地位滿一周年，該細分市場的市占率創下歷史新高。超高端成長約中20%區間，並達到我們啤酒銷量約25%。此表現反映我們新的超高端架構：各品牌錨定不同的消費者需求情境——Original主打真實與簡約；Stella Artois主打低調奢華；Corona主打戶外與自然生活；Michelob Ultra主打活躍且均衡的生活方式。

The recent announcement of Spaten Pro takes this architecture into a new space, combining premium credentials with 0 alcohol and 10 grams of protein to expand Balanced Choices into new occasions. Balanced Choices volumes doubled versus last year, while No Alcohol grew in the 30s. Mainstream was broadly stable, delivering a significant improvement from a mid-single-digit decline in the first quarter. Together, improving industry conditions and market share progression supported 5% beer volume growth.

近期宣布的Spaten Pro將此架構帶入新領域，結合超高端背書與0酒精、10克蛋白質，將均衡選擇（Balanced Choices）拓展至新的飲用情境。均衡選擇銷量較去年翻倍，而無酒精（No Alcohol）成長達30%多。主流品類整體大致持平，較第一季中個位數下滑顯著改善。在產業環境改善與市占率提升的共同帶動下，啤酒銷量成長5%。

Serving this portfolio across more than 1 million points of sale requires precision at scale. Our digital ecosystem provides that capability. Through BEES, we improved assortment, placed the right SKUs in each outlet and activated our World Cup platform nationwide. Beer distribution grew more than 6%, with returnable bottles up over 4% and premium over 20%.

要在超過100萬個銷售據點提供此產品組合，需要以規模化的精準度來執行。我們的數位生態系統提供了這項能力。透過BEES，我們改善了品項組合，在各門店配置正確的SKU，並在全國啟動我們的世界盃平台。啤酒鋪貨（distribution）成長超過6%，其中可回收瓶（returnable bottles）成長逾4%，超高端成長逾20%。

On the consumer side, Ze Delivery GMV grew 16% versus last year, while orders more than double on the Brazilian National team match days. Ze also gives us a real-time view of where the category is heading. Premium already represent 35% of beer volumes on the platform, while Balanced Choices reached approximately 7%, nearly twice the weight in Brazil Beer. This combination translated into net revenue growth of 9%, EBITDA growth of 13%, and 110 basis points of margin expansion, while we continue to invest behind our brands.

在消費者端，Zé Delivery的GMV較去年成長16%，而在巴西國家隊比賽日的訂單量增加逾一倍。Zé也讓我們能即時掌握品類走向。在該平台上，超高端已占啤酒銷量的35%，而均衡選擇約達7%，幾乎是巴西啤酒整體占比的兩倍。此組合帶動淨營收成長9%、EBITDA成長13%，並擴大利潤率110個基點，同時我們仍持續加大對品牌的投資。

In Brazil NAB, sequential improvement, although the job is not done yet. The recovery has taken longer than expected, and volumes declined 4.4% in the quarter. Around 30% of the decline reflected our decision to phase out volumes from a lower return channel. Adjusting for this decision, volume performance improved versus the first quarter. By the end of the first half, we had also cycled the toughest comparison base of the year.

在巴西非酒精飲料（NAB）方面，雖然逐季改善，但工作尚未完成。復甦所需時間比預期更長，本季銷量下滑4.4%。約30%的下滑源於我們決定逐步退出一個回報較低的通路所帶來的量。若排除此決策影響，銷量表現較第一季有所改善。至上半年末，我們也已度過全年最艱難的比較基期。

Market share progressed sequentially, approaching historical levels by the quarter-end as price productivity pressures ease. Throughout the period, we continued investing behind our brands to regain momentum while maintaining disciplined revenue management and protecting profitability. As a result, Brazil NAB delivered double-digit EBITDA growth with more than 300 basis points of margin expansion in both the quarter and the first half.

隨著價格生產力（price productivity）壓力緩解，市占率逐季推進，至季末已接近歷史水準。在此期間，我們持續投資品牌以重拾動能，同時維持嚴謹的營收管理並守住獲利能力。因此，巴西NAB在本季與上半年均實現雙位數EBITDA成長，且利潤率擴張超過300個基點。

In LAS, we had two distinct realities within this quarter. In Bolivia, temporary social unrest and road blockage disrupted mobility and logistics for much of the period leading to a double-digit volume decline. The situation has since normalized and our operations are running normally. Argentina, by contrast, was a highlight. Our beer volumes grew low single digit, lapping growth in the same quarter last year, supported mainly by continued market share momentum and improving industry and the national team's World Cup performance.

在LAS（拉丁美洲南部）方面，本季呈現兩種截然不同的情況。在玻利維亞，短期社會動盪與道路封鎖在多數期間干擾了人員流動與物流，導致銷量雙位數下滑。目前情勢已恢復正常，我們的營運也已正常運作。相較之下，阿根廷表現亮眼。我們的啤酒銷量成長低個位數，且在去年同季已成長的基礎上再度成長，主要受惠於持續的市占動能、產業改善，以及國家隊在世界盃的表現。

Premium grew high single digits, led by Stella Artois and Corona. Balanced Choices reached a mid-single-digit mix of our beer volumes, supported by the launch of Michelob Ultra and Stella Pure Gold. Mainstream was broadly stable with Quilmes strengthening brand equity and mainstream share. This is the same category development playbook we are executing in Brazil, scaling Premium and developing Balanced Choices while continuing to strengthen Mainstream.

超高端成長高個位數，主要由Stella Artois與Corona帶動。在Michelob Ultra與Stella Pure Gold上市的支持下，均衡選擇占我們啤酒銷量的比重達到中個位數。主流品類整體大致持平，Quilmes強化了品牌資產與主流市占。這與我們在巴西執行的品類發展作戰手冊相同：擴大超高端、發展均衡選擇，同時持續強化主流。

In the Dominican Republic, our business delivered mid-single digits volume growth in the quarter despite adverse weather conditions in April. The consumption environment remained constructive, supported by a favorable macro backdrop and healthy price relativity versus other alcoholic beverage. Beer continued to gain share within alcoholic beverage, and our volumes grew high single digits in the first half.

在多明尼加共和國，儘管4月天候不利，我們本季業務仍實現中個位數銷量成長。在有利的總體背景以及相較其他酒精飲料具健康的相對價格支撐下，消費環境仍具建設性。啤酒在酒精飲料中的市占持續提升，而我們上半年銷量成長達高個位數。

Premium grew more than 40%, led by Corona and Michelob Ultra, while Mainstream grew low single digits, supported by Presidente and The One in the first half. Presidente's brand equity remains strong, reinforcing its leadership and cultural connection with Dominican consumers.

超高端成長超過40%，由Corona與Michelob Ultra領軍；主流成長低個位數，上半年在Presidente與The One的帶動下表現穩健。Presidente的品牌資產依然強勁，鞏固其領導地位並與多明尼加消費者維持深厚的文化連結。

Finally, in Canada, we continue to outperform in a dynamic environment. The beer industry declined low single digit, as unfavorable weather and softer consumer demand weighted on performance. Trends, nevertheless, improved from the first quarter, supported by FIFA World Cup occasions. We gained market share in both Beer and Beyond Beer.

最後，在加拿大，我們在多變的環境中持續跑贏市場。由於天候不利與消費需求轉弱影響表現，啤酒產業下滑低個位數。然而，在FIFA世界盃飲用情境的支持下，趨勢較第一季有所改善。我們在啤酒與非啤酒品類（Beyond Beer）均取得市占提升。

Within Beer, Michelob Ultra continued to lead the development of Balanced Choices, while Busch strengthened our Mainstream performance. In Beyond Beer, Mike's and Cutwater remain important growth drivers. As a result, Canada delivered low single-digit top line growth alongside low to mid-single-digit EBITDA growth and margin expansion in both the quarter and the first half.

在啤酒品類中，Michelob Ultra持續引領均衡選擇的發展，而Busch強化了我們在主流品類的表現。在非啤酒品類方面，Mike's與Cutwater仍是重要的成長驅動力。因此，加拿大在本季與上半年均實現低個位數營收成長，同時EBITDA成長為低至中個位數，並帶來利潤率擴張。

With that, I will now turn it over to Fleury for the 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. As we close the first half of the year, our financial performance reflects the mindset that has guided us over the past quarters, to create value through disciplined resource allocation, focusing on what we can control. In the first half of 2026, we delivered 9.6% normalized EBITDA growth with margin expansion across all of our business units as well as 10.1% growth in normalized net income. Stated EBITDA grew 2.5% and stated net income increased by 11.6% in the period.

謝謝你，Lisboa。各位好，下午好。在我們結束上半年之際，我們的財務表現反映了過去幾個季度指引我們的思維：透過嚴謹的資源配置創造價值，聚焦於我們可控的事項。2026年上半年，我們實現標準化EBITDA成長9.6%，且所有事業單位的利潤率均擴張，同時標準化淨利成長10.1%。列報（stated）EBITDA成長2.5%，列報淨利在期間增加11.6%。

From a cash flow perspective, our first half performance allow us to continue executing our capital allocation priorities of investing in the organic growth of our business while also returning excess cash to shareholders over time. The first half performance was supported by another quarter of consistent execution of our growth strategy.

從現金流角度來看，我們上半年的表現使我們得以持續執行資本配置優先事項：投資於業務的有機成長，同時也在時間推移中將多餘現金回饋股東。上半年的表現亦受惠於我們在本季持續一致地執行成長策略。

Now let me walk you through the second quarter highlights. Starting with operating performance. Normalized EBITDA grew 8.9% in the period, reaching BRL6.4 billion, with 80 basis points of margin expansion. This reflects disciplined decisions across costs, expenses and revenue management, allowing us to expand both gross margin and EBITDA margin while stepping up investments behind our brands during the FIFA World Cup.

現在讓我帶各位回顧第二季的重點。先從營運表現談起。本期標準化 EBITDA 成長 8.9%，達到 64 億巴西雷亞爾（BRL6.4 billion），同時利潤率擴張 80 個基點。這反映出我們在成本、費用與營收管理上的紀律性決策，使我們在加大對品牌投資（配合 FIFA 世界盃）之際，仍能同步提升毛利率與 EBITDA 利潤率。

Consolidated cash COGS per hectoliter, excluding Marketplace, increased by 2.2% in the period, supported by continued productivity and operational efficiencies across our footprint. Here, it is worth noting that in the first half of the year, Brazil Beer cash COGS per hectoliter, excluding Marketplace products, increased by 9.7%, while our full year guidance remains unchanged at between 4.5% and 7.5%.

合併口徑每百升現金銷貨成本（COGS），排除 Marketplace 後，本期上升 2.2%，主要受惠於我們在各營運據點持續推動生產力提升與營運效率。值得注意的是，上半年巴西啤酒業務每百升現金 COGS（排除 Marketplace 產品）上升 9.7%，但我們對全年指引仍維持不變，介於 4.5% 至 7.5%。

Consolidated cash SG&A grew by 10.7% in the quarter, mainly driven by higher sales and marketing expenses, reflecting a portion of brand activations during the FIFA World Cup. As we mentioned during our first quarter earnings call, these expenses tend to follow the timing of our MEG events calendar and Q2 reflected that.

本季合併口徑現金銷售、一般及行政費用（SG&A）成長 10.7%，主要由較高的銷售與行銷費用所帶動，反映了 FIFA 世界盃期間部分品牌活動的投入。如同我們在第一季法說會提到的，這些費用通常會隨著 MEG 活動行事曆的時點而變動，而第二季正好反映了這一點。

Distribution expenses also increased in the period, mostly due to volume performance as well as one-off expenses in LAS as part of restructuring initiatives in Argentina. Taken together, these results illustrate how we think about resource allocation. Our cost PMO initiative that started last year is based on a continuous improvement mindset together with choices to focus on growing return on invested capital, ultimately freeing up resources to reinvest in our strategic priorities and pursue our ambition of delivering consolidated margin expansion over time.

本期配送費用亦有所增加，主要來自銷量表現，以及 LAS 區域在阿根廷重整措施下的一次性費用。綜合來看，這些結果說明了我們如何思考資源配置。我們自去年啟動的成本 PMO 計畫，建立在持續改善的思維之上，同時聚焦於提升投入資本報酬率（ROIC），最終釋放資源以再投資於策略重點，並追求隨時間推進的合併利潤率擴張目標。

On administrative expenses, it is important to remember that the effect of lower volumes in 2025 impacted our bonus accruals in the second half of last year, creating a potentially tougher comparison base going forward. Now moving to below EBITDA lines. Net financial expenses totaled BRL486 million in the quarter, a 50% reduction versus the same period of last year, mainly explained by two positive noncash factors in the nonderivative instruments line.

在行政費用方面，需要記得 2025 年較低的銷量影響了我們去年下半年的獎金提列，因而在未來可能形成較具挑戰性的比較基期。接著看 EBITDA 以下項目。本季淨財務費用合計 4.86 億巴西雷亞爾（BRL486 million），較去年同期下降 50%，主要由非衍生性金融工具項下兩項正向的非現金因素所致。

First, in Bolivia, following an approximately 40% devaluation of the local currency in late June, we had a positive effect coming from the conversion of hard currency held in the company. These reserves were built to secure liquidity to meet expected foreign currency obligations, including payments to certain suppliers and dividend remittances.

第一，在玻利維亞，因 6 月下旬當地貨幣約 40% 的貶值，我們因公司持有的硬通貨換算而產生正向影響。這些準備金是為了確保流動性，以履行預期的外幣義務，包括對部分供應商的付款以及股利匯出。

Second, a positive effect that came from other markets where local currencies were more stable during the quarter, resulting in lower conversion losses on monetary balances compared to last year. On the Bolivia devaluation, it is worth noting that our consolidated income statement reflects average monthly FX rates as required under the applicable accounting standards. As a result, going forward, the local currency devaluation is expected to gradually create a negative translation impact on our financial and operational results.

第二，來自其他市場的正向影響：這些市場在本季當地貨幣較為穩定，使得相較去年，貨幣性餘額的換算損失較低。關於玻利維亞的貶值，值得注意的是，依適用會計準則規定，我們的合併損益表反映的是平均月匯率。因此，展望未來，當地貨幣貶值預期將逐步對我們的財務與營運結果造成不利的換算影響。

Turning to income taxes. Our consolidated effective tax rate in the quarter was 19.9%, compared to 18.4% in the second quarter of 2025, reflecting country mix effects over higher earnings before taxes, partially offset by regular income tax attributes. In the first 6 months of the year, our ETR was 20.6%, broadly in line with the 20.3% recorded in the first half of 2025. As a result, both normalized and stated net income reached about BRL3.5 billion, increasing 23.3% and 24.5%, respectively, versus last year. Normalized and stated earnings per share reached BRL0.22, representing, respectively, a 24.2% and 25.4% increase versus last year.

接著談所得稅。本季合併有效稅率（ETR）為 19.9%，高於 2025 年第二季的 18.4%，主要反映在稅前盈餘較高下的國別組合效應，部分被例行性的所得稅屬性所抵銷。今年前 6 個月，我們的 ETR 為 20.6%，大致與 2025 年上半年的 20.3% 相當。因此，標準化與帳列淨利均約達 35 億巴西雷亞爾（BRL3.5 billion），分別較去年成長 23.3% 與 24.5%。標準化與帳列每股盈餘（EPS）均達 0.22 巴西雷亞爾（BRL0.22），分別較去年成長 24.2% 與 25.4%。

Now turning to cash flow generation. Let's go beyond the quarter and look at our performance in the first half of the year. Cash flow from operating activities totaled BRL7.9 billion, an increase of BRL3.6 billion, representing over 80% improvement versus the same period of last year. This was mainly driven by higher EBITDA and improved working capital dynamics with payables reflecting our volume performance.

接著談現金流量的創造。我們不只看單季，而是回顧今年上半年的表現。營業活動現金流量合計 79 億巴西雷亞爾（BRL7.9 billion），增加 36 億巴西雷亞爾（BRL3.6 billion），較去年同期改善超過 80%。主要由較高的 EBITDA 以及更佳的營運資金動態所帶動，其中應付帳款反映了我們的銷量表現。

Cash flow used in investing activities totaled BRL3.3 billion, BRL1.5 billion higher than in the first half of 2025, primarily reflecting the deconsolidation of assets previously reported as restricted cash in CAC as disclosed in our first quarter's financial statement, partially offset by lower CapEx investments. It is important to note that we continue to invest with discipline in our operations, balancing brewery upgrades, capacity expansion, innovation capabilities, the expansion of our commercial asset base and our technology infrastructure, all aimed at supporting long-term value creation.

投資活動使用的現金流量合計 33 億巴西雷亞爾（BRL3.3 billion），較 2025 年上半年增加 15 億巴西雷亞爾（BRL1.5 billion），主要反映我們在第一季財報中揭露的：先前在 CAC 中列為受限制現金的資產已除列合併，部分被較低的資本支出（CapEx）所抵銷。需要強調的是，我們仍以紀律方式持續投資營運，在酒廠升級、產能擴張、創新能力、商業資產基礎擴張與科技基礎建設之間取得平衡，目標皆在於支持長期價值創造。

Cash flow used in financing activities totaled BRL5.7 billion, BRL7.1 billion below last year, mainly explained by our BRL6.7 billion 2024 dividend payout in early 2025. This cash flow performance support our shareholders' agenda already demonstrated this year through, one, the execution of approximately 95% of our 208 million share buyback program announced in October last year, representing roughly BRL3.2 billion cash disbursement until July.

籌資活動使用的現金流量合計 57 億巴西雷亞爾（BRL5.7 billion），較去年減少 71 億巴西雷亞爾（BRL7.1 billion），主要因我們於 2025 年初支付 2024 年股利 67 億巴西雷亞爾（BRL6.7 billion）。這樣的現金流表現支撐了我們今年已展現的股東回饋議程，包括：第一，執行去年 10 月宣布的 2.08 億股庫藏股回購計畫約 95%，截至 7 月累計現金支出約 32 億巴西雷亞爾（BRL3.2 billion）。

Two, the BRL4.2 billion 2025 IOC payment announcements before withholding tax to be fully paid by October 6. And three, the 2026 IOC declarations of BRL1.8 billion made so far this year before withholding tax to be paid by December. Altogether, such events represent BRL5.9 billion returned to our shareholders on a pretax cash basis as announced until the date of this report.

第二，已公告的 2025 年 IOC 支付金額為 42 億巴西雷亞爾（BRL4.2 billion），為扣繳稅前金額，將於 10 月 6 日前全數支付。第三，今年迄今已宣告的 2026 年 IOC 金額為 18 億巴西雷亞爾（BRL1.8 billion），同為扣繳稅前金額，將於 12 月支付。合計而言，截至本報告日所公告的上述事項，代表我們以稅前現金基礎返還股東共 59 億巴西雷亞爾（BRL5.9 billion）。

Now back to you, Lisboa.

接下來交回給你，Lisboa。

Thank you, Fleury. Let me close with these three messages. First, our first half performance reinforced our conviction in the category. Beer is big, profitable and growing in the majority of our markets with healthy fundamentals. Its cultural relevance and versatility allow us to serve a broad range of consumers, need states and occasions, giving the category meaningful room to grow.

謝謝你，Fleury。我用三點訊息作結。第一，我們上半年的表現強化了我們對該品類的信心。在我們多數市場中，啤酒市場規模大、獲利佳且仍在成長，基本面健康。其文化相關性與多元適用性，使我們能服務廣泛的消費者、需求情境與飲用場合，讓該品類具備可觀的成長空間。

Second, as category captain, our role is to bridge the gap between beer's potential and actual consumption. We have what it takes to do that, a proven growth formula built around our 3-pillar strategy and being deployed across our footprint through replicable models.

第二，作為品類領導者（category captain），我們的角色是彌合啤酒潛力與實際消費之間的落差。我們具備做到這件事的能力：一套經驗證的成長公式，圍繞我們的三支柱策略，並透過可複製的模式在各市場據點推進落地。

And third, the flywheel is in motion and gaining momentum. We closed the first half with positive volume growth, high single-digit net revenue growth, almost double-digit normalized EBITDA growth with margin expansion and double-digit normalized EPS growth. Solid operating cash flow supported continued shareholder returns. The consistency of this performance gives us confidence as we build on this progress in the second half. Before I finish, I want to thank our teams and business partners across all markets for their ownership, resilience and commitment, and for continuing to dream big to create a future with more cheers.

第三，飛輪已啟動並持續加速。我們以上半年正向的銷量成長、高個位數的淨營收成長、接近雙位數的標準化 EBITDA 成長（並伴隨利潤率擴張），以及雙位數的標準化 EPS 成長作收。穩健的營業現金流支撐了持續的股東回饋。這樣一致性的表現，讓我們在下半年延續進展時更具信心。在結束前，我要感謝所有市場的團隊與商業夥伴展現主人翁精神、韌性與承諾，並持續胸懷大志，打造一個能帶來更多歡呼的未來。

Thank you very much for joining us today. And with that, let me hand it over to the operator.

非常感謝各位今天與會。接下來我把時間交給接線員。

(Operator Instructions)

（接線員指示）

Nadine Sarwat, Bernstein.

Nadine Sarwat，Bernstein。

Hello, everybody. Thank you for taking my question. I'd like to zoom in on Brazil NAB and on the minus 4.4% volume growth. Thank you for confirming that 30% of that decline was from the channel phaseout. So am I correct in assuming that, that channel phaseout will continue to be a headwind year-on-year for the next three quarters? And then putting that to one side, can you share with us how the underlying soft drinks market did, so that we can get a sense of that underperformance that you mentioned? And how are you thinking about that segment in the second half of the year?

大家好。謝謝讓我提問。我想聚焦在巴西的NAB，以及-4.4%的銷量成長（下滑）。謝謝你們確認其中30%的下滑來自通路退場。所以我是否可以正確地假設，這個通路退場在接下來三個季度的年對年比較中，仍會持續成為逆風？另外先把這點放一邊，你們能否分享一下軟性飲料市場的基本面表現如何，讓我們能理解你提到的那個落後表現的幅度？以及你們如何看待今年下半年該品類？

Nadine, Lisboa here. Thanks for the question. So you already mentioned about the phase out, right? So let me just complement the point with the following. First, the NAB industry in the first semester of this year was positive, right? But we couldn't leverage that much because the recovery for us took longer than expected because we were focused on correcting the commercial course, I mean, price relativity, market share performance, volume performance without compromising the health of the P&L of our business unit, okay?

Nadine，我是Lisboa。謝謝你的問題。你已經提到退場（phase out）了，對吧？我補充幾點。第一，今年上半年NAB產業整體是正成長，對吧？但我們沒有充分受惠，因為我們的復甦比預期更久，原因是我們專注於修正商業策略，也就是價格相對性、市占表現、銷量表現，同時不犧牲我們事業單位損益表（P&L）的健康狀況，好嗎？

And I'm glad that we closed the quarter two very in line with our expectations. It took longer, but now we are very close because we corrected the price relativity without compromising what we delivered in terms of net revenue per hectoliter performance in the quarter. Two, the market share got pretty in line with historical leverage -- levels by the end of the quarter, right? And three, as a consequence, we saw our volumes also improving within this period, right?

我也很高興第二季的收尾非常符合我們的預期。雖然花了更久，但現在我們已非常接近目標，因為我們在不影響本季每百升淨營收（net revenue per hectoliter）表現的前提下，修正了價格相對性。第二，到了季末，我們的市占也回到與歷史槓桿水準相當一致的狀態。第三，因此，我們也看到這段期間的銷量有所改善。

So when we look forward, I think it's always good to have in mind that last year, we had two different years within the year, right, which means that we just cycled through the most tough comparison base for us volume-wise and share-wise, right, which means that now, moving forward, we're going to have a way better, right, context to navigate with the recovery on top of the recovery of the balance that I just mentioned to you, right?

往前看，我認為要記得去年其實一年裡有兩種不同的狀況，對吧？也就是說，我們剛剛走過在銷量與市占方面最艱難的比較基期；因此接下來，我們將會處在更好的環境中來推進，並在我剛提到的那些修正與復甦之上，繼續推動復甦。

And in terms of general health, we do -- I won't go into any sort of guidance about the industry moving forward, right? But given what I just mentioned to you, we should expect a way better situation for us on the NAB business in the second half of this year.

至於整體健康度，我不會對產業未來走勢提供任何形式的指引。但基於我剛才提到的內容，我們應該可以預期，今年下半年我們的NAB業務情況會好很多。

Nadine, Fleury here, if I can just complement Lisboa. I also heard you asking about how that adjustment, the 30%, will continue on the year. On that one, allow me to make two comments. That started or that is part of the resource allocation that we've been doing with Lisboa, thinking about profitability, channel, so on and so forth. And that is related to a specific fast-food channel that we've exited. Therefore, that will continue to lap throughout this year, okay?

Nadine，我是Fleury，我補充Lisboa幾點。我也聽到你在問，那個30%的調整會如何在今年持續影響。針對這點，我想做兩個評論。這是我們與Lisboa一起在做的資源配置的一部分，考量獲利能力、通路等等。而且這與我們退出的一個特定速食通路有關。因此，這個影響會在今年持續形成同比的「疊加/比較」（lap），好嗎？

Thiago Duarte, BTG.

Thiago Duarte，BTG。

Hello. Thank you very much. Hello, Lisboa, Florian, everybody. Yeah, my question is now moving to Beer Brazil. And it's really trying to clean up the figures a little bit considering the World Cup. So you already mentioned the additional impact that the World Cup had in sales and marketing as you try to activate the brands and everything.

你好。非常感謝。你好，Lisboa、Florian，各位好。我的問題轉到巴西啤酒。我想在考量世界盃因素下，把數字稍微釐清一下。你們已經提到，為了啟動品牌等活動，世界盃對銷售與行銷費用帶來了額外影響。

So if you could also extrapolate a little bit of that analysis into your top line for Brazil Beer, both in terms of what you think the volume contribution was and also in terms on whether the event may have had an impact in terms of your revenue per hectoliter or average pricing for the quarter? That would be my question.

所以如果你們也能把這個分析延伸到巴西啤酒的營收端（top line），包括你們認為銷量貢獻大概是多少，以及該活動是否可能對本季每百升營收或平均售價造成影響？這就是我的問題。

Hello, Thiago, nice to talk to you again. Let me answer your question starting from the overall assessment of the event, right, the World Cup. Positive, it's always important to emphasize that, and broadly in line with our expectations. For us was a 6-month platform activation, right, across portfolio, channels, regions, countries. So very different from one single brand campaign, right?

你好，Thiago，很高興再次和你交流。我先從對這個活動（世界盃）的整體評估來回答。整體是正面的，這點很重要要強調，而且大致符合我們的預期。對我們而言，這是一個為期6個月的平台式啟動活動，涵蓋整個產品組合、通路、區域、國家。所以這和單一品牌的活動非常不同。

Broad impact in line with what we were expecting across the footprint, not only Brazil, right? But Brazil, Argentina, Panama, Paraguay, Canada, pretty much all of them bringing pretty interesting results, not only in volume, right, industry recovery, but also in terms of brand equity for our portfolio.

整體影響在我們的版圖內都符合預期，不只是在巴西。巴西、阿根廷、巴拿馬、巴拉圭、加拿大，幾乎所有市場都帶來相當不錯的成果，不僅在銷量、產業復甦方面，也在我們產品組合的品牌資產（brand equity）方面。

Specifically about Brazil, what we estimated in terms of impact was around 0.5-percentage-points to 1-percentage-points in industry growth for the quarter, right, which is also in line with what we stated during our first quarter announcement, right? It was very interesting for us because we could activate -- I'm going to use Brazil as an example, right, not only for our core brands, but we did so for pretty much all segments in our portfolio from Core to Premium with the introduction and acceleration of Michelob, right?

就巴西而言，我們估計本季對產業成長的影響約為0.5到1個百分點，這也與我們在第一季公告時所說的一致。這對我們很有意思，因為我們能夠啟動——我以巴西為例——不僅是核心品牌，幾乎涵蓋我們產品組合的所有區隔，從核心到高端（Premium），並透過Michelob的導入與加速來推動。

We did so as well with the Balanced Choice portfolio, and even with the Beyond Beer, we activated, Flying Fish, right? So it was very interesting for us to manage the portfolio during the tournament. In terms of overall performance for the -- volume performance for the quarter, we estimate that the industry was slightly positive, as I mentioned during the intro, right?

我們也同樣推動了Balanced Choice產品組合，甚至在Beyond Beer方面，我們也啟動了Flying Fish。因此，在賽事期間管理整個產品組合對我們而言非常有意思。至於本季整體表現——銷量表現——如我在開場提到的，我們估計產業是小幅正成長。

On top of that, we had a broad-based share gain, right, that pretty much explains the overall volume performance of the company. And when we look at net revenue per hectoliter, it's always good to have in mind that the first quarter result was a combination of a strong carryover on top of a prior year without any sort of carryover.

在此之上，我們取得了廣泛的市占提升，這基本上解釋了公司整體的銷量表現。而當我們看每百升淨營收時，要記得第一季的結果是「強勁的遞延效應（carryover）」加上前一年沒有任何遞延效應的組合。

On top of that, the initial implementation of calendar, right, and the combination and the mix, right, and the combination of the three components delivered a very solid net revenue per hectoliter performance. And we were expecting somehow a dilution of our carryover through the quarter two. And we kept the discipline on the rate side. As a consequence, we delivered for the semester, a net revenue per hectoliter that increased around 6%, which is 50% pretty much above inflation, with a good combination of rate in line with inflation and a mix contribution on top of that.

此外，還有行事曆（calendar）的初始實施，以及組合（mix），三個因素的結合帶來非常穩健的每百升淨營收表現。我們原本就預期在第二季遞延效應會有所稀釋。同時我們在價格（rate）端維持紀律。因此，上半年我們的每百升淨營收提升約6%，大約比通膨高出50%，其中價格提升與通膨大致一致，並在此之上還有組合貢獻。

And I always like to emphasize as well, Thiago, the mission of the net revenue strategy for us, which is on one fold, protect profitability, 'however, on the other fold, also protect the accessibility of our consumers to the category. And that's exactly the type of strategy we're going to keep in place for the residual part of the year.

Thiago，我也一直想強調我們每百升淨營收策略的使命：一方面是保護獲利能力；但另一方面，也要保護消費者對該品類的可負擔性與可及性。這正是我們在今年剩餘期間會持續採取的策略。

Thank you. And just one clarification from the statement you just made, Lisboa. You said you were already expecting some dilution from the net revenue per hectoliter into Q2. And I'm assuming that's because of the World Cup.

謝謝。我想就你剛才的說法再釐清一下，Lisboa。你說你們原本就預期第二季每百升淨營收會有一些稀釋。我猜這是因為世界盃。

No. It's because of the carryover dilution from quarter one to quarter two, and due to the comp base against '25, because keep in mind that in the second quarter last year is when we kicked off, right, our net revenue agenda in the year. That's why we also saw an impact a temporary impact in market share that we recovered in Q3. That's the reason why we were expecting, not due to the World Cup.

不是。是因為遞延效應從第一季到第二季的稀釋，以及相對於'25的比較基期，因為請記得去年第二季我們才正式啟動當年的每百升淨營收議程。這也是為什麼我們當時看到市占出現一個暫時性的影響，而我們在第三季把它恢復回來。所以我們預期稀釋的原因是這些，不是因為世界盃。

Perfect. Because you're looking on a year-over-year basis. I was referring on a Q-over-Q basis. That's clear.

完美。因為你是以年對年來看。我指的是季對季。很清楚。

Thank you very much.

非常感謝。

Carlos Laboy, HSBC.

Carlos Laboy，匯豐。

Yes, hello, everyone. Lisboa, I keep coming back to kind of a different variant of the same question as previous quarters, right? It seems that your brand strength indicators and market share indicators for Brahma and Skol in their respective regions of strength only, right, they've been moving in the right direction. The gaps you were trying to close have closed. Can you give us an update on that, is the first question?

是的，大家好。Lisboa，我又回到一個跟前幾季類似、但稍有不同版本的同一個問題，對吧？看起來你們在Brahma與Skol於各自強勢區域的品牌力指標與市占指標（僅限其強勢區域）一直朝正確方向發展。你們想縮小的差距已經縮小了。能否就此給我們一個最新進展？這是第一個問題。

And then the second question related to that is, do your Premium and innovation efforts accrue a benefit to the quality image of your Mainstream brands? In other words, how do you know that what you're doing with Corona and the Michelob Ultra push that we just saw and the quality image of those brands is creating sort of a halo maybe over your Mainstream category or not?

第二個相關問題是，你們的高端化（Premium）與創新投入，是否會對你們主流（Mainstream）品牌的品質形象帶來助益？換句話說，你們如何判斷你們在Corona、以及我們剛看到的Michelob Ultra推廣、以及這些品牌的品質形象所做的事情，是否在某種程度上對你們的主流品類產生「光環效應」（halo），或是沒有？

Hey, Laboy, nice to talk to you, and a very interesting angle that you are bringing again to the -- to our discussion here. I'm passionate about this topic because one big dream that we have at Ambev, Laboy, is exactly about reimagining the beer category. What the beer category can be, right? And by doing so, in the end, our role, our mission is to bridge this future category image and the actual consumption, the actual portfolio that we have, right?

嘿，Laboy，很高興和你交流，你再次帶來了一個非常有意思的角度——帶到我們今天的討論中。我對這個主題很有熱情，因為在Ambev，我們有一個很大的夢想，Laboy，就是重新想像啤酒品類。啤酒品類可以成為什麼樣子，對吧？而透過這麼做，最終我們的角色、我們的使命，是把這個未來品類形象與實際消費、以及我們現有的產品組合連結起來，對吧？

So the entire architecture in the end that we are building here has this role for us. So when you mentioned the Premium, for sure, the Premium enhances the image of the category. And by doing so, obviously, you're going to see a halo effect in all segments. And whenever I do the same with the Core, and somehow we challenge the status quo with the Core. We also see a halo effect in other segments. And this is the beauty about it.

所以，最終我們正在打造的整體架構，對我們而言就是扮演這個角色。因此你提到高端化，毫無疑問，高端化會提升整個品類的形象。而這麼做，顯然你會在所有細分市場看到光環效應。同樣地，當我在核心（Core）上做同樣的事，並且以核心去挑戰現狀時，我們也會在其他細分市場看到光環效應。這就是它的美妙之處。

Everything that we are doing with Balanced Choices, for sure, brings new attributes for the beer category, that make consumers see our category differently, better, stronger. And that's the way we perpetuate the relevance of the beer category, not only Brazil, but across our footprint. And we prepare the category to land in the future with the right attributes.

我們在「均衡選擇」（Balanced Choices）上所做的一切，毫無疑問，為啤酒品類帶來新的屬性，讓消費者以不同、更好、更強的方式看待我們的品類。這就是我們延續啤酒品類相關性的方式，不僅在巴西，而是在我們整個版圖之內。同時，我們也讓品類以正確的屬性，為未來落地做好準備。

So this is a very interesting question, right? And this is also related to the point when we bring the first pillar of our strategy, connecting, lead and grow because we want to take this role, be the category captain in our markets, okay? Now connecting to Skol. Once -- and I already mentioned this to you in our previous sessions, one of the key challenges that we have is to develop these new positions of the category without compromising the Core. We want to add on top. We want to keep the foundation solid, healthy and build on top. That's the way we're going to bring more consumers to the category.

所以這是一個非常有意思的問題，對吧？這也與我們策略的第一支柱相關：連結、領先與成長（connecting, lead and grow），因為我們希望扮演這個角色，在我們的市場成為品類領航者（category captain），好嗎？現在回到Skol。一旦——而且我在之前的交流中也跟你提過——我們的一個關鍵挑戰，是在不損害核心（Core）的前提下，建立品類的新定位。我們希望是在上面加碼。我們希望保持基礎穩固、健康，並在其上建構。這就是我們把更多消費者帶進品類的方式。

We're going to jump into more drinking occasions, right? And we avoid cannibalization. That's the game we are playing here, and that's why it's so important to keep Core healthy, okay? When I reflect about the Core performance was -- volume-wise in the quarter, was broadly stable, which is good improvement versus last quarter, right? The performance is a consequence of our three brands performing in a pretty interesting way, right? Among the three, Skol, after several quarters, stable in equity, delivered the first quarter with equity improvement. So it's a pretty interesting sign, right? It's initial, but it's good to see, right?

我們會切入更多飲用情境，對吧？同時避免自我蚕食（cannibalization）。這就是我們在玩的這場遊戲，也因此保持核心健康非常重要，好嗎？當我回顧核心在本季的表現——以銷量來看——大致持平，這相較上一季是很好的改善，對吧？這個表現是我們三個品牌以相當有意思的方式運作的結果，對吧？在這三個之中，Skol在多個季度品牌資產（equity）持平之後，本季首次實現品牌資產改善。所以這是一個相當有意思的訊號，對吧？這只是開始，但看到這點很好，對吧？

Within the Mainstream segment, all 3 Core brands gained share, including Skol, right? Within Ze, and I always consider Ze our foot in the future, what are we going to see tomorrow in Brazil happening, right? Skol was the brand, Core brand, growing fastest, right, which is very interesting, where we introduced Skol 0.0 line extension from the mother brand, the line extension achieved 20% of No Alcohol beer mix, which is also very interesting, right?

在主流（Mainstream）細分市場中，三個核心品牌全部提升市占，包括Skol，對吧？在Zé之內——我一直把Zé視為我們通往未來的一隻腳，也就是我們將在巴西看到明天會發生什麼，對吧？——Skol是成長最快的核心品牌，對吧？這非常有意思；我們從母品牌推出Skol 0.0的產品線延伸，而這個延伸產品已達到無酒精啤酒組合（mix）的20%，這也非常有意思，對吧？

And altogether, right, what I really like about the Core performance, the Mainstream performance is something that we rarely discuss about, Laboy, because we always put emphasis on consumers trading up from Core to Premium. But from 2019 to today, right, the value segment in Brazil reduced by half in an industry standpoint.

而整體而言，我真正喜歡核心表現、主流表現的一點，是我們很少討論的，Laboy，因為我們總是強調消費者從核心升級到高端（Premium）。但從2019年到今天，從產業角度來看，巴西的價值（Value）細分市場縮小了一半。

And that volume was captured by the Core, another very interesting point for us to consider in our conversations moving forward and another big reason why it's so important to have more than one Core brand playing this game.

而那部分銷量被核心所承接，這是另一個非常值得我們在後續對話中納入考量的重點，也再次說明為什麼擁有不止一個核心品牌來參與這場競爭如此重要。

Brazil is very different, regionally speaking, right? As a consequence, our brand's performance are also very different across the country, right? And the complementary of our mainstream portfolio today is a very important competitive advantage for Ambev. Thank you for the question.

從區域角度來看，巴西差異非常大，對吧？因此，我們品牌在全國各地的表現也非常不同，對吧？而我們目前主流產品組合的互補性，是Ambev一項非常重要的競爭優勢。謝謝你的提問。

Lucas Ferreira, JPMorgan.

Lucas Ferreira，摩根大通。

Hi, guys.If I may, a question -- a follow-up question on the net revenue per hectoliter and how to think about that line going to the second half. So Lisboa, you mentioned a few factors, right, explaining that strong performance in the first half. When we look at the second half, especially when you compare year-over-year, is it fair to say that the delta year versus year should be larger in your Mainstream portfolio? Because if not mistaken, this is where you guys had a more sort of troubles last year on the Mainstream.

嗨，各位。如果可以的話，我想問一個關於每百升淨營收（net revenue per hectoliter）的追問，以及該如何看待這條線在下半年走勢。Lisboa，你提到了一些因素，對吧，用來解釋上半年強勁的表現。當我們看下半年，特別是做年對年比較時，是否可以說年對年的變動幅度（delta）在你們的主流（Mainstream）產品組合中會更大？因為如果我沒記錯，去年你們在主流這塊遇到的問題比較多。

And this year, like you've been mentioning, sort of things are back on track on the brand equity, most of the brand equities in the Mainstream. So my question is how this mix affect? So should we see a higher delta year-over-year in the Mainstream and that obviously pushes your average prices down, is it fair to say? Or any sort of price actions expected for the second half? Should we still be aiming this sort of inflation plus scenario for second half? That's the question I have. Thank you.

而今年，如你一直提到的，主流中大多數品牌的品牌資產（equity）似乎已回到正軌。所以我的問題是，這個組合（mix）會如何影響？我們是否應該看到主流的年對年變動幅度更高，而這顯然會把你們的平均價格往下拉，這樣說合理嗎？或者下半年是否預期會有任何價格動作？下半年我們是否仍應以「通膨以上」的情境作為目標？這就是我的問題。謝謝。

Lucas, thanks for the question as well. Let me clarify the following. Actually, the main issue we had last year in the second half was not the Mainstream performance, it was more the industry impact against 2024. Bear in mind that in 2024, there was a weather phenomenon that impacted Brazil, El Nino, and created distortion in weather temperatures. Not a coincidence, but a consequence of that, 2024 was the peak of the industry in Brazil volume-wise.

Lucas，也謝謝你的問題。我先澄清幾點。其實我們去年下半年遇到的主要問題不是主流（Mainstream）的表現，而是產業相對於2024年的影響更大。請記住，2024年有一個影響巴西的天氣現象——聖嬰（El Nino）——造成氣溫的扭曲。這不是巧合，而是其結果：2024年在巴西的產業銷量達到高峰。

And when we had the change, the weather change in the -- especially in the second half of last year, it is when the industry gap performance was created. And the Mainstream segment has, for obvious reasons, and we discussed a lot about that, right, due to the relevance in some specific occasions like the on-premise, there's a huge correlation with the industry performance. And this is exactly what explains the Mainstream performance from our portfolio in the second half of last year.

而當我們在——特別是去年下半年——出現天氣變化時，產業表現的落差就此形成。而主流細分市場出於顯而易見的原因——我們也討論過很多——由於其在某些特定情境（例如即飲通路/on-premise）中的重要性，與產業表現有很高的相關性。這正是解釋我們產品組合中主流在去年下半年表現的原因。

So everything that we mentioned, myself and Fleury, about second quarter and first half should be complemented with this information because we just cycle through the toughest comparison we have -- we had against '25, volume-wise. Now we are entering in a different kind of scenario, right?

因此，我和 Fleury 先前提到的所有關於第二季與上半年的內容，都應補充這項資訊，因為我們剛剛度過了我們所面臨最艱難的比較期——就量的角度而言，是相較於 '25。現在我們正進入一種不同的情境，對吧？

And based on the information that we have available from different weather forecast institutes, there is no expectation whatsoever for even more adverse temperatures moving forward comparing to '25, right? This is an important consideration to keep in mind.

而且根據我們從不同氣象預報機構取得的資訊，未來相較於 '25，完全沒有任何預期會出現更不利的氣溫走勢，對吧？這是一個需要牢記的重要考量。

On top of that, we don't have any more that fluctuation, share-wise, right? We kept our share level since Q3 last year pretty much stable, right? By the way, with some improvements. And that share level performance is supported by a very solid share performance across all segments. And that should be somehow the shape we should expect for Ambev moving forward.

此外，我們也不再有任何市占方面的波動了，對吧？自去年第三季以來，我們的市占水準基本上維持穩定，對吧？順帶一提，還有一些改善。而這樣的市占表現，是由我們在所有細分市場都非常穩健的市占表現所支撐。而這大致上也應該是未來 Ambev 可預期的樣貌。

That's why we are so confident about our portfolio momentum, right? And we stated that today we have the most complete portfolio that the company has ever had because this is making a huge difference combining with the execution capacity and the digital capabilities that this company has developed along the previous years, right?

這就是為什麼我們對我們的產品組合動能如此有信心，對吧？而且我們今天也表示，我們目前擁有公司有史以來最完整的產品組合，因為這在結合公司過去幾年所建立的執行能力與數位能力之下，帶來了巨大的差異，對吧？

So I think that's all I have to say about your point.

所以我想，關於你的問題，我要說的大概就這些。

Thank you very much as well.

也非常感謝你。

Thank you.

謝謝。

Ben Theurer, Barclays.

Barclays 的 Ben Theurer。

Yeah, good morning, Lisboa, Larry. Thank you very much for taking my question. I wanted to follow up a little bit on the volume ex FIFA World Cup implications. And clearly, you've just laid out within your commentary what were the issues in the second half of last year affecting obviously the volume on a year-over-year basis.

是的，早安，Lisboa、Larry。非常感謝讓我提問。我想就扣除 FIFA 世界盃影響後的銷量意涵再追問一下。而且很明顯地，你剛才在評論中已經說明了去年下半年有哪些因素影響了同比的銷量。

So as you look at the second half in terms of particularly Beer in Brazil volume cadence, just try to help us bridge maybe what we should expect given it's a relatively easy comp, but obviously, the World Cup is behind us. So how do you think about the performance of volume into the second half? And then obviously, into -- moving into next year also with El Nino coming again, how much of a potential tailwind that could be?

所以當你們看下半年、特別是巴西啤酒的銷量節奏時，能否幫我們銜接一下在相對容易的比較基期下，我們應該期待什麼；但顯然世界盃已經過去了。那你如何看待下半年銷量的表現？另外，展望——進入明年時，厄爾尼諾又會再來，這可能帶來多少順風？

Ben, look, I cannot provide you any industry volume guidance, right? But what I can say is the following. Comparisons versus '25, we are just cycling through a period when the industry declined mid- to low single digit last year, against '24, right, to a semester when the industry declined high single digit against '24. I think that's the first part of the answer, right?

Ben，你看，我無法提供任何產業銷量指引，對吧？但我可以說的是以下幾點。相較於 '25 的比較，我們剛剛走過一段期間：去年產業相較於 '24 的下滑幅度為中到低個位數；而接下來我們將面對的是一個學期，產業相較於 '24 的下滑幅度為高個位數。我想這是答案的第一部分，對吧？

Those drivers that historically impact positively the industry, played the same role in the first half and should play a similar role in the second half, namely LDA population growth, employment and aggregate income, okay? On the other hand, we do see, which is a concerning sign, household debt levels continue to be very elevated, right, which is a point of attention for us.

那些歷來對產業有正面影響的驅動因素，在上半年扮演了同樣的角色，並且在下半年也應該會扮演類似的角色，亦即 LDA 人口成長、就業以及總體所得，好嗎？另一方面，我們確實看到——這是一個令人擔憂的訊號——家庭負債水準仍然非常高，對吧？這是我們需要關注的重點。

But on the other hand, this is when we usually see our category resilience because in the end, beer for Brazilians is a very accessible entertainment, right? And this is very important for us, especially in this kind of scenario. Weather, right? Well, weather is a very difficult and tricky aspect to predict, right? I'm not a weather expert here, right? So as I said, current external forecast do not indicate any average temperature more adverse than last year, right? Regarding El Nino, what I did Ben is the following.

但另一方面，這也是我們通常會看到品類韌性的時候，因為歸根究柢，對巴西人而言，啤酒是一種非常可負擔的娛樂，對吧？而這對我們非常重要，尤其是在這種情境下。至於天氣，對吧？天氣是一個非常難、也很棘手的預測面向，對吧？我不是氣象專家，對吧？所以如我所說，目前外部預測並未顯示平均氣溫會比去年更不利，對吧？至於厄爾尼諾，Ben，我做的是以下這件事。

I was not here in '24. So we and the team, we revisit all the consequences, right, that we lived and the country faced during the year. And there are very interesting learnings for us, right? The first priority should always be around our people, right? Our experience in '24, reinforced the importance of protecting them and supporting partners and communities that will be probably extreme weather changes across the country, different impacts, and super important for us to be ready and be part of the solution, and protect as well our operations.

我在 '24 年不在這裡。所以我們和團隊回顧了那一年我們所經歷、以及國家所面臨的所有後果，對吧？對我們而言有一些非常有意思的學習，對吧？第一優先永遠應該是我們的員工，對吧？我們在 '24 年的經驗強化了保護他們的重要性，也要支持合作夥伴與社區；全國可能會出現極端天氣變化、造成不同影響，我們必須做好準備、成為解決方案的一部分，同時也要保護我們的營運。

Second learning, potential impact on costs, right? Extreme weather conditions may also affect agriculture commodities, logistic prices, input costs, right? And we are working closely with farmers and suppliers in order to be prepared to face that scenario. On the demand side, '24, illustrated that warmer temperatures can influence industry demand. And that's exactly what I mentioned before.

第二個學習是對成本的潛在影響，對吧？極端天氣狀況也可能影響農產品大宗商品、物流價格、投入成本，對吧？我們正與農民及供應商密切合作，以便為面對該情境做好準備。在需求端，'24 年顯示較高的氣溫可能會影響產業需求。這正是我先前提到的。

However, these effects are unpredictable. I'm not an expert. I cannot -- we cannot rely on that. The only thing we can do is control what we can control and be prepared, be ready for a wide range of climate scenarios, right? And maybe, if possible, continue to build an even more resilient business moving forward.

然而，這些影響是不可預測的。我不是專家。我不能——我們不能依賴這個。我們唯一能做的，就是掌控我們能掌控的部分，並做好準備、隨時就緒，以因應各種不同的氣候情境，對吧？並且如果可能的話，持續打造一個在未來更具韌性的業務。

And Ben, just one comment here just to reinforce what Lisboa said. If you go beyond the quarter, it's important to remember that we are very confident about what the industry can go. If I look into external drivers for Brazil and most of our emerging markets, population growth, rising income per capita, they should play favorably going forward, also per capita consumption.

Ben，我再補充一句，以強化 Lisboa 所說的。如果你把視角拉長、超越單一季度，重要的是要記得我們對產業的發展非常有信心。如果我看巴西以及我們多數新興市場的外部驅動因素——人口成長、人均收入提升——未來應該會帶來正面作用，人均消費量也是如此。

And what is on our side, as Lisboa said, what we can control and what we're working on, we believe that beer is very connected to socialization, and we are working to expand the boundaries of our category going forward. So we are confident on what are the demographics and what goes in external and what we can do to expand the category going forward.

而在我們這一邊，如 Lisboa 所說，我們能控制、也正在努力的部分是：我們相信啤酒與社交高度連結，而我們正致力於在未來擴大我們品類的邊界。因此，對於人口結構、外部因素，以及我們能做什麼來在未來擴大品類，我們都很有信心。

Perfect. Thanks, Fleury.

很好。謝謝，Fleury。

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 先生進行結語。先生，請開始。

So before we close, let me share a personal reflection. This was my sixth quarter leading Ambev, and the environment, as we just discussed, has rarely stood still, right? I believe great companies are defined by what they do and deliver in periods like this. They usually sharpen their choices, strengthen capabilities and turn challenges into opportunities, right?

在結束之前，讓我分享一個個人的感想。這是我領導 Ambev 的第六個季度，而正如我們剛才討論的，外部環境幾乎從未真正靜止過，對吧？我相信，偉大的公司是由它們在這樣的時期做了什麼、交付了什麼來定義的。它們通常會更聚焦於取捨、強化能力，並把挑戰轉化為機會，對吧？

I feel privileged to lead Ambev and to work alongside people whose talent and ownership make that possible. There is always way more to do, but I believe Ambev is stronger today than when I began the journey as CEO. We are entering the second half confident in our strategy, energized by our momentum and ready to capture the opportunities ahead and determined to keep building an even better company in the future. Thank you for joining us today.

我很榮幸能領導 Ambev，並與一群以才華與主人翁精神讓這一切成為可能的人並肩工作。永遠還有更多事情可以做，但我相信，Ambev 今天比我開始擔任 CEO 這段旅程時更強大。我們帶著對策略的信心進入下半年，因動能而充滿能量，準備好把握前方的機會，並決心在未來持續打造一家更好的公司。感謝各位今天與會。

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。