Anheuser-Busch Inbev SA (BUD) 2024 Q2 法說會逐字稿

Welcome to AB InBev's second quarter 2024 earnings conference call and webcast.

歡迎參加百威英博 2024 年第二季財報電話會議和網路廣播。

Hosting the call today from AB InBev are Mr. Michel Doukeris, Chief Executive Officer; and Mr. Fernando Tennenbaum, Chief Financial Officer.

今天主持百威英博電話會議的是執行長 Michel Doukeris 先生；以及財務長 Fernando Tennenbaum 先生。

To access the slides accompanying today's call, please visit AB InBev's website at www.ab-inbev.com and click on the Investors tab and the Reports and Results centers page.

要存取今天電話會議附帶的幻燈片，請訪問百威英博網站 www.ab-inbev.com，然後點擊「投資者」標籤以及「報告和結果中心」頁面。

Today's webcast will be available for on-demand playback later today.

今天的網路廣播將於今天稍晚提供點播播放。

(operator instructions)

（操作員說明）

Some of the information provided during the conference call may contain statements of future expectations and other forward-looking statements.

電話會議期間提供的一些資訊可能包含未來預期的陳述和其他前瞻性陳述。

These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties.

這些預期是基於管理階層目前的觀點和假設，涉及已知和未知的風險和不確定性。

It is possible that AB InBev's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements.

百威英博的實際業績和財務狀況可能與這些前瞻性陳述中指出的預期業績和財務狀況有重大差異。

For discussion of some of the risks and important factors that could affect AB InBev's future results, see Risk Factors in the company's latest annual report on Form 20 filed with the Securities and Exchange Commission on the 11 of March 2024.

有關可能影響百威英博未來業績的一些風險和重要因素的討論，請參閱該公司於 2024 年 3 月 11 日向美國證券交易委員會提交的最新表格 20 年度報告中的風險因素。

Ab InBev assumes no obligation to update or revise any forward-looking information provided during the conference call and shall not be liable for any action taken in reliance upon such information.

百威英博不承擔更新或修改電話會議期間提供的任何前瞻性資訊的義務，也不對依賴此類資訊採取的任何行動承擔責任。

It is now my pleasure to turn the floor over to Mr. Michel Doukeris.

現在我很高興請米歇爾·杜克里斯先生發言。

Sir, you may begin.

先生，您可以開始了。

Thank you and welcome everyone to our second quarter 2024 earnings call.

謝謝並歡迎大家參加我們的 2024 年第二季財報電話會議。

It is a great pleasure to be speaking with you all today.

今天很高興與大家交談。

Today, Fernando and I will take you through our second quarter operating highlights and provide you with an update on the progress we have made in executing our strategic priorities.

今天，費爾南多和我將向您介紹我們第二季度的營運亮點，並向您介紹我們在執行策略重點方面取得的最新進展。

After that, we will be happy to answer your questions.

之後，我們將很樂意回答您的問題。

Let's start with our operating performance in the key highlights for the quarter.

讓我們從本季主要亮點中的營運業績開始。

We are encouraged by the continued global momentum of our business and our performance in the first half of the year.

我們對我們業務的持續成長勢頭和上半年的業績感到鼓舞。

Our megabrands continue to lead our growth this quarter and drove market share gains in the majority of our markets in the first half of the year.

我們的大品牌在本季繼續引領我們的成長，並在上半年推動了我們大多數市場的市佔率成長。

This marketplace continues to expand delivering $530 million in gross merchandising value of non-ABI products, a 55% increase versus last year.

該市場繼續擴張，非 ABI 產品的銷售總價值達到 5.3 億美元，比去年增長 55%。

By increasing our total addressable market, these marketplaces drive incremental profitable revenue streams to our business and we are just getting started on the potential opportunities for growth.

透過增加我們的潛在市場總量，這些市場為我們的業務帶來了增量的獲利收入來源，而我們剛開始抓住潛在的成長機會。

EBITDA increased by 10.2% with margin expansion in all five operating regions.

EBITDA 成長了 10.2%，所有五個營運區域的利潤率均有所擴大。

As we continue to optimize our business.

隨著我們不斷優化我們的業務。

Underlying dollar EPS grew by 25%.

以美元計算的基本每股收益成長了 25%。

We remain focused on the execution of our strategy, leveraging our unique opportunity this summer to activate the category.

我們仍然專注於策略的執行，並利用今年夏天獨特的機會來啟動該類別。

Turning to slide 6, you can see that total revenue grew by 2.7% this quarter, with revenue per hectoliter increasing by 3.6%.

翻到投影片 6，您可以看到本季總收入成長了 2.7%，每百升收入成長了 3.6%。

Volume growth in our Middle Americas, South America, Europe and Africa regions was primarily offset by performance in Argentina and China, resulting in an overall volume decline of 0.8%.

中美洲、南美洲、歐洲和非洲地區的銷售成長主要被阿根廷和中國的業績所抵消，導致整體銷量下降 0.8%。

Underlying EPS was $0.9, a 25% increase versus last year.

基本每股收益為 0.9 美元，比去年增長 25%。

Net leverage improved year-over-year to 3.42 times.

淨槓桿率較去年同期改善至3.42倍。

As we noted at our full year '23 results for 2024, the definition of organic growth in Argentina has been amended to cap the price growth to a maximum of 26.8% year-over-year.

正如我們在 2024 年 23 年全年業績中指出的那樣，阿根廷的有機成長定義已被修改，將價格同比增長上限限制在 26.8%。

Our global momentum continued this quarter with revenue growth in more than 65% of our markets.

本季我們的全球動能持續保持，超過 65% 的市場收入成長。

Bottom line increases in four of our five operating regions and margin expansion in all five regions.

我們五個營運區域中的四個的利潤有所增加，所有五個區域的利潤率均有所擴大。

Our scale and diverse geographic footprint has been driving consistent results and has us well placed it to deliver superior long-term value creation.

我們的規模和多樣化的地理足跡一直在推動一致的結果，並使我們能夠很好地創造卓越的長期價值。

Now, I'll take a few minutes to walk you through the operational highlights for the quarter from our key regions, starting with North America.

現在，我將花幾分鐘時間向您介紹本季我們主要地區（從北美開始）的營運亮點。

In the US, the beer industry remains resilient, gaining share of total alcohol by value in the off-premise.

在美國，啤酒業仍保持彈性，以非營業場所價值計算，其在酒精總量中所佔的份額不斷增加。

Our beer market share was flattish as we cycled a challenge comparable in April, While we gained volume share of the industry in May and June.

當我們在 4 月經歷了類似的挑戰時，我們的啤酒市佔率持平，而我們在 5 月和 6 月獲得了該行業的銷售份額。

Our improved market share trend, ongoing premiumization and productivity initiatives drove EBITDA growth of 17.5% with a margin improvement of approximately 500 bps.

我們改善的市佔率趨勢、持續的高端化和生產力計劃推動 EBITDA 成長 17.5%，利潤率提高約 500 個基點。

The rebalancing of our portfolio for growth continued with 45% of our revenues now coming from our above core beer and beyond beer portfolio.

我們繼續重新平衡投資組合以實現成長，目前我們 45% 的收入來自我們的上述核心啤酒和其他啤酒組合。

Now, moving to Middle Americas.

現在，轉移到中美洲。

In Mexico, we outperformed the industry with our volumes growing by mid-single digits driven by the continued strong performance of our core portfolio.

在墨西哥，由於核心產品組合持續強勁的表現，我們的銷售量實現了中個位數的成長，表現優於產業。

We grew revenue by mid-single digits and EBITDA by double digits with margin expansion.

隨著利潤率的擴大，我們的收入實現了中個位數的成長，EBITDA 實現了兩位數的成長。

In Colombia, our business delivered double-digit top and bottom line growth with margin expansion.

在哥倫比亞，我們的業務實現了兩位數的頂線和底線成長以及利潤率的擴張。

Volumes grew by low single digits to reach a new record high for the quarter with our portfolio continued to gain share of total alcohol.

本季銷售量以低個位數成長，創下新高，我們的產品組合繼續增加總酒精份額。

Our premium and super-premium brands led our performance, delivering high 20s volume growth.

我們的高端和超高端品牌引領了我們的業績，實現了 20 多年來的高銷量成長。

In South America, our business in Brazil delivered high single digit top line and double digit bottom line growth with margin expansion of 469 basis points.

在南美洲，我們在巴西的業務實現了個位數的營收和兩位數的淨利潤成長，利潤率擴大了 469 個基點。

Volumes increasing by 4.1% to reach a new record high for the second quarter.

第二季銷量成長 4.1%，創歷史新高。

Our performance was led by our premium and super-premium brands, which delivered volume growth in the low 10s.

我們的業績由我們的高端和超高端品牌引領，這些品牌的銷量成長在 10 左右。

Now, let's talk about EMEA.

現在，我們來談談 EMEA。

In Europe, we grew bottom line by high single digits with further margin recovery.

在歐洲，我們的利潤實現了高個位數成長，利潤率進一步回升。

Volumes grew by low single digits, outperforming the industry according to our estimates.

根據我們的估計，銷售成長幅度較低，優於產業。

Our portfolio continues to premiumize with our premium and super-premium portfolio now making up approximately 57% of our revenue.

我們的產品組合持續高端化，我們的高端和超高端產品組合目前約占我們收入的 57%。

In South Africa, we again delivered record high second quarter volumes, double digit top and bottom line growth with margin expansion.

在南非，我們第二季的銷售再次創下歷史新高，營收和利潤都達到兩位數成長，利潤率也隨之擴大。

Volumes increased by mid-single digits, continued to outperform the industry in both beer and total alcohol.

啤酒和全酒精銷量增長了中個位數，繼續優於行業。

Our performance was driven by our above core beer brands, which grew volumes by double digits led by Corona and Stella Artois.

我們的業績是由上述核心啤酒品牌推動的，其中以科羅納 (C​​orona) 和時代啤酒 (Stella Artois) 為首的銷量實現了兩位數增長。

In APAC, in China.

在亞太地區，在中國。

Our performance was impacted by a soft industry which cycled channel reopening in the second quarter of last year and adverse weather in key regions of our footprint.

我們的業績受到去年第二季通路重新開放的軟產業以及我們足跡關鍵地區惡劣天氣的影響。

As a result revenue declined by 15.2% this quarter.

因此，本季營收下降了 15.2%。

While the industry has had a challenging start to the year, we continue to invest behind our strategy, focused on premiumization, geographic expansion and digital transformation.

儘管該行業今年開局充滿挑戰，但我們繼續投資於我們的策略，並專注於高端化、地理擴張和數位轉型。

We remain confident that we are well positioned to capture the future growth opportunities, given the consumer demand for our premium and super-premium brands and our unwavering commitment to invest for the long term.

鑑於消費者對我們的高端和超高端品牌的需求以及我們堅定不移的長期投資承諾，我們仍然相信，我們有能力抓住未來的成長機會。

Now let's discuss our strategic pillars.

現在讓我們來討論我們的策略支柱。

Let's start with Pillar one of our strategy, lead and grow the category.

讓我們從我們的策略支柱之一開始，領導並發展該類別。

We continue to invest in our mega brands, mega platforms and brand building capabilities.

我們繼續投資於我們的大型品牌、大型平台和品牌建立能力。

In the first half of the year, we invested approximately $3.5 billion in sales and marketing and have averaged more than $7 billion on an annualized basis over the last five years.

今年上半年，我們在銷售和行銷方面的投資約為 35 億美元，過去五年平均年化投資超過 70 億美元。

Our marketing effectiveness and creativity were recognize it by being named the most effective marketer in the world and being the most awarded beverage company at Cannes.

我們的行銷成效和創造力得到了認可，被評為世界上最有效的行銷人員，並成為坎城獲獎最多的飲料公司。

These consistent investments in our brands are reinforcing the strength of our portfolio.

這些對我們品牌的持續投資正在增強我們產品組合的實力。

According to Kantar BrandZ, we own eight of the top 10 most valuable beer brands in the world, with Corona the number one and Budweiser the number two.

根據 Kantar BrandZ 的數據，我們擁有全球 10 大最有價值啤酒品牌中的 8 個，其中科羅納 (C​​orona) 排名第一，百威 (Budweiser) 排名第二。

I would like to express my appreciation to our consumers, thank our partners and congratulate our teams for this remarkable achievements.

我謹向我們的消費者表示感謝，感謝我們的合作夥伴，並祝賀我們的團隊所取得的卓越成就。

This focused portfolio of mega brands, which are the top three to five brands in each market, make up the majority of our volume to-date and are expected to drive our growth going forward.

這一集中的大型品牌組合（每個市場排名前三到五個的品牌）構成了我們迄今為止銷售的大部分，預計將推動我們未來的成長。

While the overall performance of our above core portfolio was constrained by performance in China, our mega brands continued to lead our growth this quarter, increasing net revenue by 3.3%, led by Corona, which grew revenue by 5.6% outside of Mexico.

雖然我們上述核心產品組合的整體業績受到中國業績的限制，但我們的大型品牌本季繼續引領我們的成長，淨收入增長了3.3%，其中科羅納(Corona) 領先，墨西哥以外地區的收入增長了5.6%。

Through the consistent execution of our replicable growth drivers in our five category expansion levers, we are leading in growing the category by offering superior corporate propositions, developing new consumption occasions in expanding our premium and beyond beer portfolios.

透過在五個品類擴展槓桿中持續執行可複製的成長動力，我們透過提供卓越的企業主張、開發新的消費場合來擴展我們的高端啤酒和啤酒以外的產品組合，從而在該品類的增長方面處於領先地位。

Now let's turn to our second strategic pillars, digitize and monetize our ecosystem.

現在讓我們轉向我們的第二個策略支柱，即我們的生態系統的數位化和貨幣化。

These continue to expand the usage and reach, capturing approximately $11.7 billion in gross merchandise value, a 20% increase year-over-year and reaching 3.8 million monthly active users.

它們的使用量和覆蓋範圍不斷擴大，商品總價值約為 117 億美元，年增 20%，每月活躍用戶達到 380 萬。

Customer satisfaction improved with our net promoter score improving to plus 64.

客戶滿意度提高，我們的淨推薦值提高到+ 64。

These marketplace continued to accelerate generating 8.3 million orders of non-ABI products and delivering $530 million in GMV this quarter, an increase of 55% versus last year.

這些市場本季持續加速產生 830 萬份非 ABI 產品訂單，並實現 5.3 億美元的 GMV，比去年成長 55%。

Now let's talk about our direct relationship with our consumers.

現在讓我們來談談我們與消費者的直接關係。

Through our digital direct-to-consumer platforms, we generated approximately 19 million unique orders and 10% revenue growth this quarter.

透過我們的直接面向消費者的數位平台，我們本季產生了約 1,900 萬份獨特訂單，收入成長了 10%。

That's 19 million data points to generate deep consumer insights, develop new consumption occasions and drive incremental revenue for our business.

這 1,900 萬個數據點可產生深入的消費者洞察、開發新的消費場合並為我們的業務帶來增量收入。

With that, I would like to hand it over to Fernando, to discuss the third pillar of our strategy, optimize our business.

說到這裡，我想把它交給費爾南多，討論我們策略的第三個支柱，優化我們的業務。

Fernando, over to you.

費爾南多，交給你了。

Thank you, Michelle.

謝謝你，米歇爾。

Good morning.

早安.

Good afternoon, everyone.

大家下午好。

First, let me share how we have progressed it on some of our 2025 sustainability goals in the first half of 2024.

首先，讓我分享一下我們在 2024 年上半年實現 2025 年永續發展目標的進展。

In climate action, we reduced Scopes one and two emissions per hectolitre of production by 4% year-over-year.

在氣候行動方面，我們將每百公升產品的範圍一和範圍二排放量較去年同期減少了 4%。

In water stewardship, our water use efficiency ratio improved to 2.5 hectoliters per hectolitre versus 2.54 in the first half of 2023, progressing towards our ambition to reach 2.5 on an annualized basis by 2025.

在水資源管理方面，我們的用水效率從 2023 年上半年的 2.54 提高至 2.5 百升/百升，朝著 2025 年年化計算達到 2.5 的目標邁進。

Moving to our financial performance, our EBITDA margin improved by 236 basis points this quarter, with margin expansion in all five of our operating regions.

轉向我們的財務業績，本季我們的 EBITDA 利潤率提高了 236 個基點，所有五個營運區域的利潤率均有所擴大。

Our leadership advantages, disciplined revenue management, continued premiumization and efficient operating model, create an opportunity for further margin expansion over time.

我們的領導優勢、嚴格的收入管理、持續的高端化和高效的營運模式，為隨著時間的推移進一步擴大利潤率創造了機會。

As we continue to focus on optimizing our business.

我們繼續專注於優化我們的業務。

In the first six months of this year, we improved our free cash flow versus the first half of last year by $1.4 billion through driving revenue growth and margin expansion, reducing our net finance costs to deleveraging, optimizing our net working capital through more efficient inventory management and improving the efficiency of our CapEx through discipline resource allocation.

今年前六個月，透過推動收入成長和利潤率擴張、降低去槓桿化的淨財務成本、透過更有效率的庫存優化淨營運資本，我們的自由現金流比去年上半年增加了 14 億美元管理並透過紀律資源分配提高資本支出效率。

With improving free cash flow generation, we made progress on our deleveraging journey through both net debt reduction and EBITDA growth.

隨著自由現金流產生的改善，我們透過淨債務削減和 EBITDA 成長在去槓桿化過程中取得了進展。

Our net debt to EBITDA ratio reached 3.4 times, an improvement from 3.7 times year-over-year, even with an increase of dividend and completion of our $1 billion share buyback program.

即使增加了股息並完成了 10 億美元的股票回購計劃，我們的淨債務與 EBITDA 比率仍達到 3.4 倍，較去年同期的 3.7 倍有所改善。

As you can see on the next page, in the first half of the year, we continued to actively manage our bond portfolio.

正如您在下頁看到的，上半年，我們繼續積極管理我們的債券投資組合。

Our debt maturities remain well distributed, with no relevant medium term refinancing needs.

我們的債務期限仍然分佈均勻，沒有相關的中期再融資需求。

To date, we have approximately USD3 billion worth of bonds maturing through 2026, a weighted average maturity of 14 years and no financial covenants.

迄今為止，我們有價值約 30 億美元的債券將於 2026 年到期，加權平均期限為 14 年，且沒有任何財務契約。

99% of our bonds have a fixed rate, insulated from interest rate volatility and inflation.

我們 99% 的債券具有固定利率，不受利率波動和通貨膨脹的影響。

And now, let me take you through the drivers of our underlying EPS this quarter.

現在，讓我帶您了解本季基本每股收益的驅動因素。

We delivered EPS of $0.9 per share, a 25% increase versus last year.

我們的每股收益為 0.9 美元，比去年增長 25%。

Nominal EBITDA growth accounted for a $0.21 per share increase.

名目 EBITDA 成長導致每股成長 0.21 美元。

Gross debt reduction, combined with proactive cash flow management, resulted in lower net interest expenses, which contributed a $0.03 per share increase.

總債務減少加上積極的現金流管理，導致淨利息支出降低，每股收益增加 0.03 美元。

With that, I would like to hand it back to Michel for some final comments before we start our Q&A session.

因此，在我們開始問答環節之前，我想將其交還給米歇爾以徵求一些最終意見。

Michelle?

米歇爾？

Thanks, Fernando.

謝謝，費爾南多。

Before opening for Q&A, I would like to take a moment to recap on the quarter and look ahead and the unique opportunity that our megabrands have to activate the category in the second half.

在開始問答之前，我想花點時間回顧一下本季並展望未來，以及我們的大品牌必須在下半年激活該類別的獨特機會。

We continue to make progress in executing across each of our three strategic pillars.

我們在執行三大戰略支柱方面繼續取得進展。

Driven by the continued momentum of our mega brands, we delivered the revenue growth in 65% of our markets.

在大型品牌持續成長的推動下，我們在 65% 的市場實現了營收成長。

We progressed our digital transformation, generating approximately $11.7 billion of GMV rhrough BEES, we've $530 million in GMV of third party products through BEES marketplace.

我們推動數位轉型，透過 BEES 創造了約 117 億美元的 GMV，透過 BEES 市場創造了 5.3 億美元的第三方產品 GMV。

EBITDA grew by 10.2% with 236 basis points of margin expansion.

EBITDA 成長 10.2%，利潤率擴大 236 個基點。

As we continue to optimize our business underlying EPS increases by 25% in the second quarter and free cash flow improving by $1.4 billion versus the first half of 2023.

隨著我們繼續優化業務，第二季每股收益將成長 25%，自由現金流將比 2023 年上半年增加 14 億美元。

Looking ahead to the rest of the year, we are uniquely positioned to activate the category.

展望今年剩餘時間，我們處於激活該類別的獨特地位。

The combination of our mega brands with key global platforms that consumers love and that bring people together is a powerful opportunity to lead and grow the category.

我們的大型品牌與消費者喜愛的、將人們聚集在一起的主要全球平台的結合，是引領和發展該類別的強大機會。

From the Olympics to NFL and UFC, will be focused on doing what we do best connecting for consumers and bringing to life our purpose of creating a future with more cheers.

從奧運會到 NFL 和 UFC，我們將專注於做我們最擅長的事情，與消費者建立聯繫，並實現我們創造更多歡呼未來的目標。

We have a resilient scrappage, which like beer, works for all occasions.

我們有彈性的廢料，就像啤酒一樣，適用於所有場合。

The beer category is large and growing and our unique global leadership advantage, implementation of our replicable growth toolkits, and our superior profitability position us well to take advantage of the opportunities ahead of us and to generate value for our stakeholders.

啤酒類別規模龐大且不斷增長，我們獨特的全球領導優勢、可複製增長工具包的實施以及卓越的盈利能力使我們能夠充分利用面前的機遇，為我們的利益相關者創造價值。

With that, I'll hand it back to the operator for the Q&A.

這樣，我會將其交還給接線員進行問答。

(operator instructions) Edward Mundy, Jefferies.

（操作員說明）Edward Mundy，Jefferies。

Afternoon Michel.

下午米歇爾.

Afternoon, Fernando.

下午好，費爾南多。

I've got one question, one follow up.

我有一個問題，一個後續問題。

The first is for Fernando, it's very encouraging to see the sequential margin improvement coming through this quarter.

首先對於費爾南多來說，看到本季利潤率連續改善是非常令人鼓舞的。

Does that give you confidence that margin recovery is not just a 2024 one-off phenomenon, but something that can sustainably come over the next coming years?

這是否讓您相信利潤率恢復不僅僅是 2024 年的一次性現象，而是在未來幾年內可持續出現的現象？

And if this is the case, do you think the drivers are more at gross margin level or the SG&A level?

如果是這種情況，您認為驅動因素更多的是毛利率水準還是SG&A水準？

That's the first question.

這是第一個問題。

The follow-up, perhaps for Michel, you showed us in Mexico the importance of BEES in improving execution and consistency of delivery.

後續，也許是 Michel，您在墨西哥向我們展示了 BEES 在提高執行力和交付一致性方面的重要性。

I'd love to understand if you didn't have BEES, what are the two or three things from execution standpoint on the core business or that you wouldn't be able to do?

我很想了解，如果您沒有 BEES，從核心業務的執行角度來看，有哪兩三件事是您無法做到的？

What would you really miss if you didn't have BEES?

如果沒有蜜蜂，您會真正懷念什麼？

Hello, Ed. Fernando here.

你好，艾德。費爾南多在這裡。

Thanks for your question.

謝謝你的提問。

So you you pointed very well that in Q2, our margin improved by 236 basis points and improved in five out of our five operating regions.

所以你很好地指出，在第二季度，我們的利潤率提高了 236 個基點，並且在我們的五個營運區域中的五個區域都有所改善。

And if you remember already in Q1, we have a margin expanding.

如果您還記得第一季度，我們的利潤率正在擴大。

Our margin expanded by like 90 basis points, but it was in four of our five operating regions.

我們的利潤率擴大了約 90 個基點，但這是在我們五個營運區域中的四個區域。

So definitely Q2, an improvement on that.

所以肯定是第二季度，對此有所改進。

We don't provide any specific outlook or guidance on margins, but we've been we've been seeing over and over again that the EBITDA margin compression that we've seen over the last several years was driven by variable cost escalations, and it's mostly explained by transactional effects and commodity prices, the very high commodity prices that went way above CPI in most of our markets.

我們沒有提供任何具體的利潤率展望或指導，但我們一再看到，過去幾年我們看到的 EBITDA 利潤率壓縮是由可變成本升級驅動的，並且這主要是由交易效應和大宗商品價格來解釋的，在我們的大多數市場中，大宗商品價格非常高，遠高於消費物價指數。

And we will send also several times that none of these headwinds are structural, and the fundamental drivers of our industry leading margins, they remain intact.

我們也將多次指出，這些不利因素都不是結構性的，我們產業領先利潤率的基本驅動因素仍然完好無損。

We have already connected megabrands, we have a unique global footprint, we have meaningful leadership positions, we have a very efficient operating model, and we have a financial discipline and ownership culture.

我們已經連結了多個超級品牌，我們擁有獨特的全球足跡，我們擁有有意義的領導地位，我們擁有非常高效的營運模式，我們擁有財務紀律和所有權文化。

We continue to control what we can control, but maybe to add something to your question, if you look historically, you'll see that our SG&A, if anything, is being flattish and improving as a percentage of net revenues, and all the margin contraction we've been seeing over the last few years, what is the gross profit level.

我們繼續控制我們能控制的事情，但也許要為你的問題添加一些內容，如果你回顧歷史，你會發現我們的銷售及管理費用（如果有的話）佔淨收入和所有利潤的百分比持平並有所改善過去幾年我們看到的收縮，毛利水準是多少？

We continue to work, we continue to work in SG&A as well, but probably if you if you look going forward, you should be looking at more more changes in the gross profit level than kind of on the SG&A, which simulates historical behavior.

我們繼續工作，我們也繼續在SG&A方面工作，但如果你展望未來，你可能應該看到毛利水準的更多變化，而不是模擬歷史行為的SG&A。

Michel?

米歇爾？

Hi Ed, good afternoon.

嗨艾德，下午好。

Maybe just taking the first question opportunity instead of good morning, good afternoon to everybody, see cheers to everybody, because today's International Beer day, so depending on your time zone, please remember to drink one at the end of the day, so cheers.

也許只是利用第一個問題的機會而不是大家早上好，下午好，祝大家乾杯，因為今天是國際啤酒日，所以根據您所在的時區，請記得在一天結束時喝一杯，所以乾杯。

And addressing your question on BEES, of course, I prefer to talk much more about what we are doing, since we have this, but it is intriguing question on things that perhaps would not happen if we would not have this operating system today.

當然，在回答您關於BEES 的問題時，我更願意更多地談論我們正在做的事情，因為我們有這個，但這是一個有趣的問題，如果我們今天沒有這個操作系統，這些事情可能不會發生。

So this is a product that our customers use, but for us as a kind of operating system.

所以這是我們的客戶使用的產品，但對我們來說是一種作業系統。

And maybe very quickly, I think that one, we are today much better at communicating with our points of sales and measuring EPS, like the satisfaction with our service, because we can do this online every week and the customer directly input their satisfaction on the system, we consolidate this a global level.

也許很快，我認為，今天我們在與銷售點溝通和衡量EPS 方面做得更好，例如對我們服務的滿意度，因為我們可以每週在線進行此操作，客戶可以直接在上面輸入他們的滿意度系統，我們將其鞏固到全球水準。

To date, 3.8 million customers, our connected on this and we know very well how satisfied they are with our service.

到目前為止，我們已與 380 萬客戶建立了聯繫，我們非常清楚他們對我們的服務有多滿意。

So direct communication and a very good feedback loop, so they can give feedback for those all the time.

如此直接的溝通和非常好的回饋循環，因此他們可以隨時提供回饋。

I also think that the second important development is our ability to personalize sales proposals that are both, like they are individual sales propositions for our customers one-to-one, but they also benefit from the massive amount of data that we have, so we can group customers by geography by size, but their profile, their proximity to sports events, the regions where they are and personalize the sales proposal for us.

我還認為第二個重要的發展是我們個性化銷售建議的能力，就像它們是為我們的客戶一對一的單獨銷售建議一樣，但他們也受益於我們擁有的大量數據，所以我們可以按地理位置、規模、個人資料、與體育賽事的距離、所在地區將客戶分組，並為我們提供個人化的銷售建議。

You know that today 75% of the orders it orders generated by machine learning, so neither us nor the customer is creating the order, the customer is just accepting the sales proposal that he receives and very efficient way very productive way.

您知道，今天 75% 的訂單是由機器學習產生的，因此我們和客戶都沒有建立訂單，客戶只是接受他收到的銷售建議，這是一種非常有效率的方式。

And maybe the last, just to give three, I think that we've been optimizing our promotional activities at a very large scale.

也許最後一點，僅舉三點，我認為我們一直在大規模優化我們的促銷活動。

What does the ability to be all tool to see, so we go online, offline to consumer when we gather the data of our direct-to-consumer platforms, these, our brands, and we activate the campaigns in an integrated way to the box, to the consumers and using [proceeds] or ring-fencing areas in which we can get a much more efficient way to spend our dollars and either create more sales or having a better revenue management, like three shots very quickly, communication with the box, personalization of the sales proposal, and optimization of our campaigns.

當我們收集直接面向消費者的平台、這些平台、我們的品牌的數據時，我們可以透過線上、線下的方式向消費者展示什麼能力，並且我們以整合的方式激活行銷活動，對消費者來說，並使用[收益]或圍欄區域，在這些區域中，我們可以獲得更有效的方式來花費我們的資金，並創造更多的銷售額或更好的收入管理，例如快速三槍，與盒子的溝通、個人化銷售建議以及優化我們的活動。

Thanks for the question.

謝謝你的提問。

Rob Ottenstein, Evercore ISI.

羅布·奧滕斯坦，Evercore ISI。

Great.

偉大的。

So Michel, Fernando cheers.

所以米歇爾，費爾南多歡呼。

Nice quarter.

不錯的季度。

Wondering if you could go into a bit more detail on the US business, maybe starting with how the US beer market developed throughout the year through Q2 ended July maybe, than as that's all happening, what progress you've made in rebalancing your portfolio, any goals along those lines for the second half of the year and then lastly, as you're doing all of this, how have you adjusted your cost base and your investment priorities?

想知道您是否可以更詳細地了解美國業務，也許可以從截至7 月結束的第二季度美國啤酒市場全年的發展情況開始，也許，比這一切發生的情況，您在重新平衡投資組合方面取得了哪些進展，下半年的任何目標，最後，當你做這一切的時候，你是如何調整你的成本基礎和你的投資優先事項的？

Thank you.

謝謝。

Hi, Robert.

嗨，羅伯特。

Michel here.

米歇爾在這裡。

Thanks for the question.

謝謝你的提問。

Good morning.

早安.

Thanks for waking up very early there to be with us.

感謝您很早就起床來和我們在一起。

So I think that the industry, to start with the first part of your question in the US remains very resilient.

因此，我認為，從你問題的第一部分開始，美國的產業仍然非常有彈性。

In the quarter two, we saw, despite of the overall weather impact in alcoholic beverages in beverages in total, beer performance well ahead of the competitors in terms of wine and spirits, so gaining share of throat in the off trade, in the data that we saw on Cercana, but as you see, the other companies releasing results as well, is clear that beer is a little bit ahead of the other propositions.

在第二季度，我們看到，儘管酒精飲料總體受到天氣影響，但在葡萄酒和烈酒方面，啤酒的表現遠遠領先於競爭對手，因此在場外貿易中獲得了主導地位，數據顯示，我們在Cercana 上看到了這一點，但正如你所看到的，其他公司也發布了結果，很明顯，啤酒稍微領先於其他產品。

When you think about rebalancing, our portfolio is where we continue to invest to the long term, so very clear direction, and we saw that our portfolio above core continues to grow, so it take like close to 2% more revenues, around 45.5% this quarter, and we continue to grow brands such as Michelob ULTRA, Kona, Stella, but also our beyond beer propositions, such as Nutrl and Cutwater.

當你考慮再平衡時，我們的投資組合是我們繼續長期投資的地方，所以方向非常明確，我們看到我們核心之上的投資組合繼續增長，因此收入需要增加近 2%，大約 45.5%本季度，我們繼續發展Michelob ULTRA、Kona、Stella 等品牌，以及Nutrl 和Cutwater 等啤酒以外的產品。

When you combine the two, we are now 1.5% of the spirits industry, but we delivered close to 20% of all the growth that's happened in this spirits in the H1 of the year, according to the data in Cercana.

根據 Cercana 的數據，當你將兩者結合起來時，我們現在佔烈酒行業的 1.5%，但我們在今年上半年實現了該烈酒所有增長的近 20%。

And I think that we are, we've shared in the quarter stable, and you have the public data, so April was still below last year, but growing positive in May and June.

我認為，我們在本季度保持穩定，並且您有公開數據，因此 4 月份仍低於去年，但 5 月和 6 月呈正增長。

We got Michelob ULTRA, we got Bush Light, both are close to all-time high share on the three months and closing the quarter amongst the top three brands in growth and both reaching all-time high share in market share.

我們有Michelob ULTRA，我們有Bush Light，這兩個品牌在三個月內的份額都接近歷史最高水平，並且在本季度結束時躋身增長前三大品牌之列，並且都達到了歷史最高的市場份額。

And we continue to invest on these mega platforms in which we can get very large execution together with our wholesalers.

我們繼續投資這些大型平台，在這些平台上我們可以與批發商一起獲得非常大的執行力。

That was true when we think about Copa America that happened more at the beginning of the quarter and now with the Team USA and Michelob ULTRA in the US, very strong execution which we expect to see results continue to build for the brand.

當我們想到本季初發生的美洲杯，以及現在美國隊和 Michelob ULTRA 在美國舉行的美洲杯時，情況確實如此，我們希望看到該品牌繼續取得非常強大的執行力。

As you then go from the end of the quarter, that was tough June in terms of weather to July, you start seeing some improvements.

從季度末（天氣條件惡劣的 6 月）到 7 月，您開始看到一些改善。

The first weeks of July were much better and I think that you have of course, the impact of the 4 of July, but also you see that the weather changed very quickly in July in the US and we've been seeing good sales, good STRs coming out of that and good turnover in the box so sales to consumer also are doing well.

7 月的前幾週好多了，我認為當然受到了 7 月 4 日的影響，而且你也看到美國 7 月的天氣變化很快，我們看到了很好的銷售，很好STR 的出現和盒子裡的良好週轉，因此對消費者的銷售也表現良好。

In terms of productivity, this is a never-ending game, so we have had so far with what we've been doing, but much more to be done there.

就生產力而言，這是一場永無止境的遊戲，所以到目前為止，我們已經完成了我們一直在做的事情，但還有很多工作要做。

Thanks for the question.

謝謝你的提問。

Sanjeet Aujla, UBS.

桑吉特‧奧吉拉，瑞銀。

Hi, Michel, Fernando, a couple from me please.

嗨，米歇爾、費爾南多，請介紹我的兩位。

Firstly, on China, can you just give us a sense of how you're thinking about the outlook there, particularly going into Q3?

首先，關於中國，您能否向我們介紹您如何看待中國的前景，特別是第三季的前景？

I think you start to lap some of the industry weakness so I'd love to gauge your confidence levels on getting back to volume growth in China in the back half of the year and then just picking up again on the US productivity measures you referenced there, there's still much more to be done, Michelle, is a sort of 9% SG&A decline we saw in Q2, a good way to think about the back half of the year there?

我認為你開始克服一些行業的弱點，所以我很想衡量你對今年下半年中國恢復銷量增長的信心水平，然後再次考慮你在那裡提到的美國生產力指標，還有很多工作要做，米歇爾，我們在第二季度看到的SG&A 下降9% 是一個思考下半年的好方法嗎？

Thank you.

謝謝。

Hi, Sanjeeth, thanks for the question.

你好，桑吉斯，謝謝你的提問。

I think that on China first, we have discussed this when we were together last time and if you look at last year was really like a tale of two stories in China.

我認為首先是關於中國，我們上次在一起時已經討論過這個問題，如果你看看去年，這真的就像是中國的兩個故事。

The first half of the year, a lot of excitement about the reopening, one would say almost like the euphoria that we saw in many countries after COVID and the first half of the year was was strong in the second half of the year was less exciting, let's say, in a word, more concerning in terms of the overall economy and consumer sentiment.

今年上半年，人們對重新開放感到非常興奮，有人會說，這幾乎就像我們在新冠疫情之後在許多國家看到的欣快感一樣，上半年很強勁，下半年就不那麼令人興奮了總而言之，更值得關注的是整體經濟和消費者信心。

So you're right, when you say that it looks like easier comps in the H2.

所以，當你說 H2 中的比賽看起來更容易時，你是對的。

I think that what we saw this year, first half was a kind of a continuation of the second half of last year with a more normal [CNY] at the beginning of February, but down some dropped and many categories not only beer feeling this economic pressure after CNY.

我認為我們今年上半年看到的是去年下半年的延續，二月初的[CNY]更加正常，但下降了一些，而且許多類別不僅是啤酒感受到了這種經濟性農曆新年後的壓力。

I think that the second half of this year will follow a little bit this logic which is easier comps.

我認為今年下半年將遵循這樣的邏輯，即更容易進行比賽。

I don't think that much about the outcomes, but easier comps definitely and I think that we will I need to have more data and see more on the second half of the year to know when volumes in the industry will start to turn in China and then have a more normal comp, let's say for next year.

我不太關心結果，但肯定會更容易進行比較，我認為我們需要更多的數據並在下半年看到更多的信息，以了解該行業的銷量何時開始在中國出現轉變然後有一個更正常的比賽，比如說明年。

While on our side, focusing on what we control, we continue to invest for the long term.

而我們這邊，專注於我們所控制的領域，並持續進行長期投資。

Our brands are very healthy, consumer demand for premium, super-premium brands remain a strong driver for the long term and we are committed to continue to operate and invest with the eyes on the long term in China.

我們的品牌非常健康，消費者對高端、超高端品牌的需求仍然是長期的強勁驅動力，我們致力於繼續著眼於中國的長期營運和投資。

Talking about the US productivity, when I talk about productivity, I talk in general.

談到美國的生產力，當我談到生產力時，我談論的是一般性的。

Of course, there is always more to do and we have this DNA of optimization, continuous improvement in our operations and in the US because of the disruption last year.

當然，我們總是有更多的事情要做，而且由於去年的中斷，我們擁有優化、持續改進我們的營運和美國業務的基因。

Of course, we are doing many things at the same time, this year more normal, so we are focused on continuing to get the productivity in place and optimize our business without many more guidance for the long term because we don't give any specific guidance by market in terms of overheads or SG&A.

當然，我們正在同時做很多事情，今年比較正常，所以我們專注於繼續提高生產力並優化我們的業務，沒有更多的長期指導，因為我們沒有給出任何具體的指導管理費用或銷售管理費用方面的市場指導。

Thank you.

謝謝。

Olivier Nicolai, Goldman Sachs.

奧利維爾·尼科萊，高盛。

Good afternoon.

午安.

Michel, Fernando.

米歇爾、費爾南多.

Two question please.

請教兩個問題。

I mean actually, one question first on marketing.

實際上，我的意思是，首先有一個關於行銷的問題。

You showed in the slide but marketing spend is roughly $7.2 billion.

您在幻燈片中展示了行銷支出約為 72 億美元。

It's been constant for the last the last five years, but obviously down as a percentage of sales.

過去五年來一直保持穩定，但佔銷售額的百分比明顯下降。

Now you did flag the effectiveness of your marketing and we can see that in terms of your market share gain in many regions but as you push premium more going forward, should we expect marketing spend as a percent of sales to essentially to grow ahead of net sales?

現在，您確實標記了行銷的有效性，我們可以看到，就您在許多地區的市場份額增益而言，但隨著您進一步推高溢價，我們是否應該預期行銷支出佔銷售額的百分比基本上會超過淨利成長銷售量？

So to go back up to the previous years which was more arround 14%.

回到前幾年，這一數字約為 14%。

And then just a follow up on the previous questions about margins.

然後是對之前有關利潤率問題的跟進。

How concerned should we be about the weakening of the Brazilian real and the Mexican peso and the potential negative transactional effects, which could impact your payment next year?

我們應該如何關注巴西雷亞爾和墨西哥比索的疲軟以及潛在的負面交易影響，這可能會影響您明年的付款？

And is there a way for you to mitigate that?

有什麼辦法可以減輕這種情況嗎？

Thank you.

謝謝。

Cheers.

乾杯。

Thank you, Olivier.

謝謝你，奧利維爾。

I'll take the first one, maybe Fernando take the second.

我會選擇第一個，也許費南多會選擇第二個。

I think that in terms of marketing, we discussed this a couple of times before and we've been consistently investing around $7 billion in sales and marketing activities and we of course, don't lack of resources and it's a high priority on our capital allocation invest for the long term and invest for organic growth.

我認為在行銷方面，我們之前討論過幾次，我們一直在銷售和行銷活動上投資約 70 億美元，當然，我們不缺乏資源，這是我們資本的高度優先事項長期配置投資和有機成長投資。

I always say that many metrics that we use to check the business for example, sales and marketing as a percentage of net revenue, they are good metrics.

我總是說，我們用來檢查業務的許多指標，例如銷售和行銷佔淨收入的百分比，它們都是很好的指標。

They cannot dictate what we do and how we allocate resources.

他們無法決定我們做什麼以及如何分配資源。

So we are happy one with the amount of resources we have, two, we don't lack resources, three we've been using this in a very effective way as you described growing revenues in 65% of our markets, market share gains in the majority of the markets and creativity boosting the quality of the investments, but also, as I said many times talked about before the usage of digital both BEES for TaDa and Ze Delivery they are helping us to increase the effectiveness of our marketing.

因此，我們對我們擁有的資源數量感到高興，第二，我們不缺乏資源，第三，我們一直在以非常有效的方式利用這一點，正如您所描述的，我們65% 的市場收入不斷增長，市場份額不斷增加大多數市場和創造力提高了投資的質量，正如我在使用數位 BEES for TaDa 和 Ze Delivery 之前多次談到的那樣，它們正在幫助我們提高行銷的有效性。

When we combine this with the ability to have our mega brands so a portfolio that we've very selective in invest behind because of that scale and how effective this portfolio is with the mega platforms that we have globally.

當我們將這一點與擁有大型品牌的能力結合時，我們會非常有選擇性地進行投資，因為其規模以及該投資組合與我們在全球擁有的大型平台的有效性。

Just think about Copa America that was activated through Americans in most of our key markets and now with Olympics globally activated in 42 countries.

想想美洲杯吧，美洲杯是由美國人在我們大多數主要市場發起的，現在又在全球 42 個國家發起了奧運會。

This gives us leverage and the scale that makes our investments more effective.

這為我們提供了槓桿和規模，使我們的投資更加有效。

So happy with the amount of investment, no lack of resources and always working to be more effective and more productive by using our megabrands, using our technology platforms and using our mega platforms as a way to get more scale on our activations.

我們對投資金額非常滿意，不缺乏資源，並且始終致力於透過使用我們的大品牌、使用我們的技術平台和使用我們的大型平台來提高我們的活動規模，從而提高效率和生產力。

I'll hand it over to Fernando to talk more about the margins now.

現在我將把它交給費爾南多來更多地討論利潤。

Thanks for the question.

謝謝你的提問。

Hello Olivier, thanks for your question.

你好奧利維爾，謝謝你的問題。

We don't tend to provide any specific outlook on costs.

我們不傾向於提供任何具體的成本展望。

What we can say is that over the last few years it's been quite volatile.

我們可以說的是，在過去的幾年裡，它的波動相當大。

We had several years which cost was FX and commodities was a big headwind.

我們有好幾年的成本是外匯，大宗商品是一個很大的阻力。

Probably for 2024, it's more of a tailwind, and we talk about it.

可能到 2024 年，這更像是順風，我們會討論它。

When you look at 2025, we are still in the process of putting the hedges in places.

展望 2025 年，我們仍在設定對沖措施。

But you know, that's kind of the recent devaluation took place in June.

但你知道，這就是最近六月發生的貶值。

So it's going to have different impacts.

所以它會產生不同的影響。

We are still building the positions.

我們仍在建立職位。

It's still too early to say.

現在說還太早。

But if you look at markets today, I think it looks more like an ordinary year rather than a kind of massive swings like we had in the past.

但如果你看看今天的市場，我認為這看起來更像是平常的一年，而不是像過去那樣的大幅波動。

But again, too early to say, I think we need to wait a little bit more and see how things evolve.

但同樣，現在說還為時過早，我認為我們需要再等待一段時間，看看事情會如何發展。

Thank you very much.

非常感謝。

Andrea Pistacchi, Bank of America.

安德里亞·皮斯塔基，美國銀行。

Yeah.

是的。

Hi, Michel, Fernando, thanks for the question.

嗨，米歇爾，費爾南多，謝謝你的提問。

Two please, including the follow-up.

請兩位，包括後續行動。

So the first one is is about how you're thinking about the outlook.

所以第一個是關於你如何看待前景。

You're confirming your 4% to 8% EBITDA guidance.

您正在確認 4% 至 8% 的 EBITDA 指導。

You've delivered very close to 8% in the first half.

上半年您的交貨率非常接近 8%。

The comparison base will be easier in the second half.

下半年的比較基礎會比較容易。

And there's clearly good momentum in large parts of the business.

很明顯，大部分業務都呈現出良好的勢頭。

So what do you see as the main areas of uncertainty or risks in the business that could that would hold you back from a continued good performance in the second half?.

那麼，您認為業務中哪些主要的不確定性或風險領域可能會阻礙您下半年的持續良好業績？

And then the follow-up is on, we haven't talked about Brazil yet, the environment there.

然後後續進行，我們還沒有談到巴西，那裡的環境。

There's been a lot of discussion about Petropolis coming back, the pricing environment.

關於 Petropolis 的回歸和定價環境有很多討論。

Yet you've had another very solid quarter on volume.

然而，您又經歷了一個非常穩定的季度銷售。

Your pricing improve, too.

您的定價也會提高。

So can you maybe give some perspective on what you're seeing in Brazil via the health of the consumer, whether you're actually seeing a more competitive pricing environment or not, and how you are responding and adapting to that?

那麼，您能否透過消費者的健康狀況對您在巴西看到的情況提供一些看法，您是否真的看到了更具競爭力的定價環境，以及您如何應對和適應這種情況？

Thank you.

謝謝。

Hi, Andrea.

嗨，安德里亞。

Fernando here.

費爾南多在這裡。

Let me take the first question on outlook.

讓我回答第一個問題，關於前景。

It's always helpful to remember the context which we provided our outlook.

記住我們提供觀點的背景總是有幫助的。

When we had our our Investor Day 2021, it was important for us as we're moving from an inorganic strategy to an organic strategy, it was important to provide some kind of certainty that we'll be able to grow organically on a consistent basis at 4% to 8%.

當我們舉辦 2021 年投資者日時，這對我們來說很重要，因為我們正在從無機戰略轉向有機戰略，提供某種確定性，讓我們能夠在一致的基礎上有機增長，這一點很重要為4% 至8%。

And this would create value despite the kind of the investments that you have to do to lead and grow the beer category, to advance our digital transformation.

儘管您需要進行大量投資來領導和發展啤酒類別，以推進我們的數位轉型，但這仍會創造價值。

So it was it was an important kind of direction so we can provide investors and analysts.

因此，這是一個重要的方向，因此我們可以為投資者和分析師提供幫助。

We don't like to be updating and adjusting this number on a quarter by quarter.

我們不喜歡一個季度一個季度地更新和調整這個數字。

I think this is more of a low medium term outlook.

我認為這更多的是一個較低的中期前景。

Every quarter is going to be different.

每個季度都會有所不同。

Some quarters are going to be easier.

有些季度會更容易。

Some quarters are going to be more challenging.

有些季度將更具挑戰性。

We can say that we are confident in the ability of the business to deliver this 4% to 8% long term, but don't expect us to be kind of adjusting the outlook every quarter or to be commenting on what we need to take top of the quarter, on the bottom of the quarter.

我們可以說，我們對業務實現 4% 至 8% 長期成長的能力充滿信心，但不要指望我們每季都會調整前景或評論我們需要採取哪些措施季度的底部。

I don't think this is productive.

我認為這沒有成效。

Andrei, Michelle here.

安德烈，米歇爾在這裡。

I'll take the second question on Brazil.

我將回答關於巴西的第二個問題。

Every time that I talk about Brazil, I always try to bring a little bit of the perspective.

每次我談論巴西時，我總是試著帶來一些觀點。

So if you allow me to step back for a second, Brazil is forever a very competitive market.

因此，如果您允許我退後一步，巴西永遠是一個競爭非常激烈的市場。

And this market competition has been going on for many, many years.

而這種市場競爭已經持續了很多很多年。

And when you think with this perspective of time, I see today, the industry in Brazil is structurally better.

當你從這個時間的角度思考時，我今天看到，巴西的產業結構更好。

So there is more competition on the premium core-plus side of the industry with players are going on the on the right place in terms of investment on their brands.

因此，該行業的高端核心+方面的競爭更加激烈，參與者在品牌投資方面進行了正確的選擇。

I think that, of course, when you when you are after consumers, it's all about your value proposition to consumers and your ability to sustain this value proposition over time.

當然，我認為，當你追求消費者時，最重要的是你對消費者的價值主張以及隨著時間的推移維持這種價值主張的能力。

The structure of the market being better, you look at our portfolio today in Brazil, it's very strong, is as good as never before, where we have this powerful combination of physical brands.

市場結構變得更好，你看看我們今天在巴西的產品組合，它非常強大，比以往任何時候都好，我們擁有強大的實體品牌組合。

So very good brands from Brahma, Spaten, Stellar, Artois, Budweiser, Corona in the super premium, but also the digital brands with BEES and Ze Delivery, which has a massive coverage and penetration in Brazil and allows us to have very good consumer insights and being very quickly in adjusting the way we go with our go to market and route to consumer in Brazil.

來自 Brahma、Spaten、Stellar、Artois、Budweiser、Corona 的超優質品牌，還有 BEES 和 Ze Delivery 等數位品牌，它們在巴西擁有廣泛的覆蓋範圍和滲透率，使我們能夠獲得非常好的消費者洞察我們正在迅速調整我們進入巴西市場和消費者路線的方式。

And at the end of the day, when you look at this portfolio we have today in Brazil, we are less exposed to the various segments, where I think that your question is about, and you see more activity, even though if you look at the relative price by segments and across the segments, there is no meaningful change in the last months and quarters in Brazil.

歸根結底，當你看看我們今天在巴西擁有的這個投資組合時，我們對各個細分市場的接觸較少，我認為你的問題是關於這些細分市場的，並且你會看到更多的活動，即使如果你看看從各細分市場和跨細分市場的相對價格來看，巴西過去幾個月和幾個季度沒有發生有意義的變化。

So the relative price by segment and within the segments remains somehow the same, more competition on the bottom end, where we have less exposure.

因此，按細分市場和細分市場內部的相對價格在某種程度上保持不變，低端競爭更加激烈，而我們的曝光度較低。

And while we have a very strong momentum, gaining share on the premium, super premium and growing our business with the strong value proposition that we have for consumers in the overall markets

雖然我們的勢頭非常強勁，但我們在高端、超高端市場上獲得了份額，並透過我們為整個市場的消費者提供的強大價值主張來發展我們的業務

Thank you.

謝謝。

Very clear on both.

兩者都非常清楚。

Chris Pitcher, Redburn.

克里斯皮切爾，雷德伯恩。

Thank you very much, everyone.

非常感謝大家。

A question on South Africa, where in the bear market you appear to have had a very strong quarter.

關於南非的問題，在熊市中，南非的季度表現似乎非常強勁。

Can you talk about how much you've invested in your commercial execution in terms of salespeople and marketing, particularly at the premium end, where the portfolio really seems to be working?

您能否談談您在銷售人員和行銷方面的商業執行方面投入了多少，特別是在高端領域，該產品組合似乎確實發揮了作用？

Thanks so much.

非常感謝。

Hi, Chris.

嗨，克里斯。

Thanks for the question.

謝謝你的提問。

And maybe if we just take this a little bit on the on the answer first.

也許如果我們先稍微考慮一下答案。

We have a great portfolio in South Africa, and we continue to see a very strong consumer demand for our brands being on the mainstream, on the premium segment and on the beyond beer segment.

我們在南非擁有豐富的產品組合，我們繼續看到消費者對我們的品牌在主流、高端和超越啤酒領域的需求非常強勁。

So we are growing across all segments, and we'll be investing, of course, across the whole portfolio to make sure that again, this value proposition for the consumers is being delivered across the different brands that we have from Carling, Black Label, to Stella Artois, to corona, to Brutal Fruit, to Flying Fish.

因此，我們在所有細分市場中都在成長，當然，我們將在整個產品組合中進行投資，以確保我們的 Carling、Black Label、到Stella Artois、Corona、Brutal Fruit、Flying Fish。

And consumers are responding because those are great brands, great liquids, and the execution that our team has put in place on the trade is being also justifying the momentum that we have behind the business there.

消費者的反應是因為這些都是偉大的品牌、優質的液體，而我們團隊在貿易上的執行力也證明了我們在當地業務背後的動力。

And we will continue to invest for the long term.

我們將繼續進行長期投資。

It's a great market, a lot of opportunity to premiumize and gain share in the premium, to elevate and gain share in the beyond beer space, which is happening in the last few quarters.

這是一個巨大的市場，有很多機會實現高端化並獲得高端市場份額，提升並獲得超越啤酒領域的份額，這些都是在過去幾個季度發生的。

So we continue to invest for the long term there.

因此，我們繼續在那裡進行長期投資。

Thank you.

謝謝。

Laurence Whyatt, Barclays.

勞倫斯·懷亞特，巴克萊銀行。

Cheers to Michel and Fernando.

為米歇爾和費爾南多乾杯。

Thanks very much for the question.

非常感謝您的提問。

I guess a long-time one in two parts for me.

我想這對我來說是一個很長的故事，分成兩個部分。

The US consumer has seen quite a lot of per-capita consumption, the growth of alcohol in the past few decades.

在過去的幾十年裡，美國消費者的人均酒精消費量出現了相當大的成長。

But that's sort of come unstuck over the past few years, sort of since the middle of the middle of the pandemic.

但在過去幾年裡，從疫情中期開始，這種情況就有點不穩定了。

We've seen a decline in total beverage alcohol consumption per capita in the US.

我們看到美國人均飲料酒精消費總量下降。

I'm just wondering if you think there's any structural reasons behind why that might peak or is there any reason why we shouldn't go back to that sort of gradual growth TBA consumption per capita in the US.

我只是想知道您是否認為這可能會達到頂峰背後是否有任何結構性原因，或者是否有任何理由我們不應該回到美國人均TBA消費的逐步增長狀態。

And I guess kind of linked to that, do you have any strong reasons as to why American consumers drink less alcohol per capita and some of that Western European counterparts, given the cultural similarities between the various countries in Western Europe and the U.S.?

我想與此相關的是，考慮到西歐和美國各國之間的文化相似性，您是否有任何強有力的理由來解釋為什麼美國消費者的人均飲酒量比西歐消費者的人均飲酒量要少？

Thanks you.

感謝您。

Hi, Lawrence.

嗨，勞倫斯。

Michelle here.

米歇爾在這裡。

Cheers.

乾杯。

I think that in the US we saw during the pandemic a growth in the alcohol per capita and a lot through the pandemic because of different occasions at home.

我認為在美國，我們在大流行期間看到人均酒精攝取量有所增長，並且由於國內情況不同，在大流行期間也出現了許多增長。

I think that the industry in the US is growing value over the years.

我認為美國這個行業的價值多年來一直在增長。

And if you go much longer in terms of the analysis then just like one year or two years, you see that there is different developments over time.

如果你進行更長時間的分析，例如一年或兩年，你會發現隨著時間的推移會有不同的發展。

There was a time in which beer is growing more than growing less than coming back to growth than growing a little bit less, than accelerating again with the seltzers.

曾經有一段時間，啤酒的成長速度是快於成長，而不是恢復成長，而不是成長稍微少一點，而不是透過蘇打水再次加速成長。

So I think that the industry is moving in a good direction.

所以我認為這個行業正在朝著好的方向發展。

And even if you look inside the U.S. as in many other countries or regions, you see that there are differences that are regional differences.

即使你看看美國內部和其他許多國家或地區一樣，你也會發現有地區差異。

So the US is just too big for us to compare the average of the U.S. with some countries in Europe.

因此，美國太大了，我們無法將美國的平均值與歐洲一些國家進行比較。

We have some of these benchmarks and you see some countries that are at the top of the benchmark, some countries that are more in the mid range.

我們有一些基準，你會看到一些國家處於基準的頂部，有些國家處於基準的中間範圍。

I don't have a very good answer, to be honest, on why some of these countries have much higher or less consumption.

老實說，對於為什麼其中一些國家的消費量更高或更低，我沒有一個很好的答案。

But the US is quite developed.

但美國已經很發達了。

We see some good premiumization in the industry.

我們看到該行業出現了一些良好的高端化。

We see beer in terms of dollars consistently growing.

我們看到啤酒的美元價值持續成長。

And now in the last quarters, we see beer gaining share of value.

現在在最後幾個季度，我們看到啤酒的價值份額不斷增加。

And we see that when you combine with the RTD.s, that is a very good momentum there for the brewers in terms of capturing volume and dollars in industry.

我們看到，當您與 RTD.s 結合時，這對於啤酒製造商來說在獲取行業銷售和收入方面是一個非常好的動力。

But we might come back to you on of these days, to have a a different conversation around European countries, Asian countries and the differences in terms of occasion and consumption.

但這些天我們可能會回來找你，圍繞歐洲國家、亞洲國家以及場合和消費方面的差異進行不同的對話。

That is a good question.

這是一個好問題。

Thank you

謝謝

Appreciate it.

欣賞它。

Thanks you very much.

非常感謝你。

Mitch Collett, Deutsche Bank.

米奇·科利特，德意志銀行。

Thank you.

謝謝。

Hi, Michelle.

嗨，米歇爾。

Hi, Fernando.

嗨，費爾南多。

Hi, Sean.

嗨，肖恩。

I know you've already talked about some of these markets, but three of your bigger markets, Brazil, Colombia and also South Africa achieved record volumes for a Q2 this quarter.

我知道您已經討論過其中一些市場，但您的三個較大市場，巴西、哥倫比亞和南非，本季第二季的銷售量創歷史新高。

I just wondered, is there a common reason why those three markets are achieving new highs?

我只是想知道，這三個市場創下新高是否有一個共同的原因？

And then my unrelated follow-up is you had negative revenue per hectoliter in Europe, which I think you said in the release is due to combination of negative geographic mix and the phasing of promotional activities.

然後我不相關的後續行動是您在歐洲每百升的收入為負，我認為您在新聞稿中所說的這是由於負地理組合和分階段促銷活動的結合。

Can you talk about those two components and whether you expect that pressure on revenue per hectoliter?

您能否談談這兩個組成部分以及您是否預計每百升收入會面臨壓力？

Thank you.

謝謝。

Hi, Mitch.

嗨，米奇。

Good afternoon.

午安.

Thanks for the question.

謝謝你的提問。

So starting first with Brazil, Colombia, South Africa commonality or common places in terms of growth and record high volumes.

因此，首先從巴西、哥倫比亞、南非在成長和創紀錄的高產量方面的共同點或共同點開始。

So we discussed this before, and we shared with you.

所以我們之前討論過這個問題，並與大家分享。

I think we have a resilient strategy, which like beer is working well in many occasions.

我認為我們有一個有彈性的策略，就像啤酒一樣，它在許多情況下都很有效。

And as we continue to execute this strategy and having our replicable toolkits being executed and perfected in the market, we aim to lead but also grow the industry.

隨著我們繼續執行這項策略並在市場上執行和完善我們的可複製工具包，我們的目標是引領產業並發展產業。

And I think that these three markets that you just mentioned are a good representation of these toolkits working and working at scale.

我認為您剛才提到的這三個市場很好地代表了這些工具包的運作和規模化運作。

So when you think about the mega brands, the mega platforms, the digital products, they are all present in these markets and is being executed very well by our teams.

因此，當你想到大型品牌、大型平台、數位產品時，它們都存在於這些市場中，並且由我們的團隊很好地執行。

And in the right conditions, I mean consumer confidence, consumer purchase power, economic environment, the execution of this strategy is leading to volume growth, very good revenue growth and profitability.

在適當的條件下，我的意思是消費者信心、消費者購買力、經濟環境，該策略的執行將帶來銷售成長、非常好的收入成長和獲利能力。

So I think that the Carmel line that connects all these markets, there are many other markets, because as I said, we grew revenues in 65% of our markets, is our strategy, which is solid and being executed with our two kits across the globe by our teams.

因此，我認為卡梅爾系列連接所有這些市場，還有許多其他市場，因為正如我所說，我們在65% 的市場中實現了收入成長，這是我們的策略，該策略是可靠的，並且透過我們在整個市場的兩個套件來執行由我們的團隊打造的全球。

If I change gears down to the Europe, I think that car in Europe we had the summer, beginning of summer, let's say quarter two, that was different this year in many senses.

如果我換檔到歐洲，我認為歐洲的汽車我們度過了夏天，夏初，比如說第二季度，今年在很多方面都不同。

But one, we had weather that was colder and wetter than normal.

但第一，我們的天氣比平常更冷、更潮濕。

So on top of having the Summer of Sports and concentrated like facing promotional activities during the summer, we saw also that there was 2% more volume being sold in promotion because the overall volume of the industry was weaker in the quarter.

因此，除了夏季運動和集中面對夏季促銷活動之外，我們還看到促銷活動的銷量增加了 2%，因為該季度行業整體銷量較弱。

So this impacted the net revenue.

所以這影響了淨收入。

We've been growing a lot in some geographies where do we have partnerships, think about Spain and Greece, we are going to market with partners and they are growing faster than the overall European volume.

我們在一些有合作夥伴的地區取得了很大的成長，例如西班牙和希臘，我們將與合作夥伴一起行銷，他們的成長速度比整個歐洲的成長速度還要快。

And this brings a little bit of geographical mix to our net revenue.

這為我們的淨收入帶來了一點地理混合。

I think that as we go through the second quarter to the third quarter, we'll continue to see this fast growth in these geographies, concentration of activities because we face that promotional activity to the summer of sport and most likely a normalization towards the end of the year, because in terms of price and rate, we continue to move, which inflation was really a geographical mix. weather impact on the sales volume outside of the promotional activities and phasing of promotional activities.

我認為，當我們從第二季度到第三季度時，我們將繼續看到這些地區的快速增長，活動的集中，因為我們面臨著體育夏季的促銷活動，並且很可能在年底時實現正常化今年，因為就價格和利率而言，我們繼續移動，而通貨膨脹實際上是一個地理組合。天氣對促銷活動以外的銷售量以及促銷活動的階段性影響。

Thanks for the question.

謝謝你的提問。

Sarah Simon, Morgan Stanley.

莎拉‧西蒙，摩根士丹利。

Yeah, morning.

是的，早上。

I have two.

我有兩個。

One is RTDs, the spirits companies say it's taking from beer.

其中之一是RTD，烈酒公司稱其是從啤酒中提取的。

Do you think it's taking from beer?

你認為它是從啤酒中提取的嗎？

Or is it taken from spirits?

還是從靈裡取來的？

And then on US gross margin, it obviously expanded a lot in the first half, even though you still have on the second quarter, sorry, even though you still had the volume pressure.

然後就美國毛利率而言，上半年顯然擴大了很多，儘管第二季仍然如此，抱歉，儘管仍然面臨銷售壓力。

Can you just give us a couple of concrete examples of what you did and that drove that?

您能否給我們舉幾個具體的例子來說明您所做的事情及其推動因素？

Thanks.

謝謝。

Hi, good morning, Sarah.

嗨，早上好，莎拉。

So on the first question, I prefer to avoid the day said we said, and I would stick with data.

所以關於第一個問題，我寧願避免我們所說的那一天，我會堅持使用數據。

So when you look at data from home panel, from any of the sources being Cercan, Kantar, any many different places globally, what the data SaaS is 80%, eight zero, 80% of the volume of ready to drinks sources from hard liquor and wine and 20% from beer.

因此，當你查看來自 Cercan、Kantar 等全球許多不同地方的 Home panel 的數據時，數據 SaaS 是 80%、80%、80% 的即飲飲料來自烈性酒和葡萄酒，20%來自啤酒。

So the ratio is ratio is four to one.

所以比例是四比一。

And it's not what I say is what data says.

這不是我所說的，而是數據所說的。

To give you maybe one example that's public data.

舉一個例子，那就是公共資料。

If you look at the US, as I was saying before, we have two brands, Nutrl and Cutwater.

如果你看看美國，正如我之前所說，我們有兩個品牌：Nutrl 和 Cutwater。

These two brands today are 1.5%, give or take share of value share of dollars in the US.

如今，這兩個品牌的市佔率為 1.5%，相當於美國美元的價值份額。

And these two brands combined represented 25% of the total growth for the spirits in the off trade in Cercana data.

根據 Cercana 數據，這兩個品牌加起來佔場外貿易烈酒總成長的 25%。

These two brands now they are ranking among the top 25, top 30 brands in terms of total dollars sales.

這兩個品牌目前在總銷售額方面躋身前 25 名、前 30 名品牌之列。

And the data in the US 75% of the volumes sold with Nutrl and Cutwater is sourced from spirits and wine.

美國的數據顯示，Nutrl 和 Cutwater 銷售量的 75% 來自烈酒和葡萄酒。

So I'll leave it there.

所以我會把它留在那裡。

And again, I don't want to be into they said, we said, I prefer to stick with data.

再說一遍，我不想陷入他們所說的，我們說的，我更喜歡堅持數據。

And when you think about productivity, as I said before, we first said that on their EBITDA -- and EBITDA margin.

當你考慮生產力時，正如我之前所說，我們首先談到他們的 EBITDA 和 EBITDA 利潤率。

Last year, 30% was productivity, 70% was volume related.

去年，30% 與生產力相關，70% 與數量相關。

And of course, as we continue toward the stabilize the volume, the share is already stable.

當然，隨著我們繼續穩定數量，份額已經穩定。

We continue to work as well as doing productivity.

我們繼續工作並提高生產力。

And this productivity comes in many different areas.

這種生產力體現在許多不同的領域。

But we have programs and benchmarks that we apply globally, in which we adjust our breweries, we adjust our back office, we make sure that everything is tight in terms of logistics and production.

但我們有在全球範圍內應用的計劃和基準，其中我們調整我們的啤酒廠，我們調整我們的後台，我們確保物流和生產方面的一切都緊張。

So we can be as productive as we can and with our scale in the US, we continued to optimize this positive at that reflects, of course, in margin and EBITDA growth.

因此，我們可以盡可能提高生產力，並且憑藉我們在美國的規模，我們繼續優化這一積極因素，這當然反映了利潤率和 EBITDA 的成長。

Thank you for the question.

感謝你的提問。

Trevor Stirling, Bernstein.

特雷弗·斯特林，伯恩斯坦。

I'm Michel and Fernando.

我是米歇爾和費爾南多。

So two questions from me, please.

請我問兩個問題。

First for, Michel, looking at the US, you reference the the recoveries.

首先，米歇爾，看看美國，你提到了復甦情況。

Bud Light -- Busch Light and Michelob ULTRA.

Bud Light——Busch Light 和 Michelob ULTRA。

But when I look at the data, it looks like Bud Light is not really responding to the increased investments.

但當我查看數據時，百威淡啤酒似乎並沒有真正對增加的投資做出反應。

So maybe if you can give us any color on what you think is going on with Bud Light.

所以也許你可以告訴我們你對百威淡啤酒的看法。

And the second one, probably for Fernando.

第二個可能是費爾南多。

As you look forward to the second half, Fernando what are the factors you think could mean you either move lower to the lower end of guidance in terms of EBITDA growth or the high end of guidance on EBITDA growth?

當您展望下半年時，費爾南多，您認為哪些因素可能意味著您要么降低到 EBITDA 增長指導的下限，要么降低到 EBITDA 增長指導的高端？

Hi, Trevor.

嗨，特雷弗。

Good afternoon, Michel, Taking the first part here.

下午好，米歇爾，這是第一部分。

I think in terms of the US, we continue to make progress on our commercial strategy and focus on rebalancing our portfolio.

我認為就美國而言，我們的商業策略繼續取得進展，並專注於重新平衡我們的投資組合。

And we saw this this 45% of revenue now in the quarter, two above core.

我們看到該季度收入佔收入的 45%，比核心收入高出兩個。

As you said, Michaelob ULTRA, all-time high market share.

正如您所說，Michaelob ULTRA，市場佔有率創歷史新高。

Very good growth, growth accelerated now during the quarter with the Copa America execution.

成長非常好，隨著美洲盃的執行，本季成長加速。

Bush Light, very interesting proposition that is growing top three brands in terms of growth in the US, a lot of talk in the US about your value proposition to consumers at this moment.

Bush Light，非常有趣的主張，它正在美國成長方面排名前三的品牌，目前在美國有很多關於你對消費者的價值主張的討論。

And this is a good reminder to the strength of our portfolio.

這很好地提醒了我們投資組合的實力。

So we have brands and propositions across all segments to consumers.

因此，我們向消費者提供涵蓋所有細分市場的品牌和主張。

If you think about value, we have 65% share in value.

如果你考慮價值，我們擁有 65% 的價值份額。

Busch is the largest brand, multiple times bigger than the largest competitor in the segment and is growing and performing very well.

Busch 是最大的品牌，比該細分市場中最大的競爭對手大數倍，並且正在成長且表現良好。

In terms of Bud Light, what we see is stabilization, all brand indicators getting better.

就百威淡啤酒而言，我們看到的是穩定，所有品牌指標都在改善。

The brand is regaining consideration.

該品牌正在重新獲得關注。

Brand continues to have very high penetration.

品牌仍然具有很高的滲透率。

Brand has the largest distribution and we continue to invest in the properties and activations that our consumers love.

品牌擁有最大的分佈，我們繼續投資於消費者喜愛的屬性和活化。

So we're going to see that most of the investments and activity around Bud Light will be concentrated in the back end of the year with NFL.

因此，我們將看到圍繞百威淡啤酒的大部分投資和活動將集中在今年年底的 NFL。

And when you think about the overall portfolio, we are gained share in the months of May and June, which is good signal stabilization.

當你考慮整體投資組合時，我們在五月和六月的份額有所增加，這是良好的穩定訊號。

We are activating very strong now in the summer with the Team USA, and we have a very good amount of activations towards the end of the year, which can lead us to a strong finish of the year.

現在，我們在夏天與美國隊的激活非常強勁，並且在年底我們有大量的激活，這可以使我們在今年取得強勁的成績。

Thank you.

謝謝。

I'll hand over to Fernando, so he can talk about your second question.

我將把時間交給費爾南多，以便他可以談談你的第二個問題。

Hello, Trevor, We normally don't provide a quarter-by-quarter outlook, but as any quarters, you always have puts and takes.

你好，特雷弗，我們通常不提供逐季度的展望，但與任何季度一樣，你總是有看跌和看跌。

If you look like gains to date or what is going on around the world. you can see that there is continued momentum across Africa and Latin America.

如果你看起來像迄今為止的收穫或世界各地正在發生的事情。你可以看到非洲和拉丁美洲的勢頭持續強勁。

We talked about it.

我們討論過。

There is some softness in some currencies that could be a translational headwind, but the markets continue to be in a good place.

某些貨幣的疲軟可能會帶來轉換阻力，但市場仍處於良好狀態。

Consumer continues to be in a good place.

消費者繼續處於良好狀態。

So we see continued momentum, which is kind of a the majority of our markets.

因此，我們看到了持續的勢頭，這在我們的大多數市場中都是如此。

Europe that in talking about July industry trends, the improvement versus June, which was weather impacted, but is to see whether it is a key component when you compare versus 2023, so it's still a little bit short of 2023, the industry overall in the U.S., Michelle mentioned that the industry could improve and our sales, but then again, we don't have the full data for the month.

歐洲在談論7 月行業趨勢時，與6 月相比有所改善，這是受到天氣影響的，但與2023 年相比，這是為了看看它是否是一個關鍵組成部分，所以與2023 年相比仍然有點短，整個行業在美國，米歇爾提到該行業和我們的銷售額可能會改善，但話又說回來，我們沒有本月的完整數據。

It's public data.

這是公開數據。

You have available, everyone has available, we don't have for the full months.

你有空，每個人都有空，我們整個月都沒有空。

And China, we mentioned that contours are easier, but macro remain challenging.

至於中國，我們提到輪廓更容易，但宏觀仍然具有挑戰性。

So I think we need to see how it plays.

所以我認為我們需要看看它是如何發揮作用的。

Then again, long term studies impacted short-term macros, somewhat challenging.

不過，長期研究會影響短期宏觀經濟，這有些挑戰性。

And in Argentina, which is another market that is important, inflation is improving, but the consumer is too challenging.

在另一個重要市場阿根廷，通膨正在改善，但消費者面臨的挑戰太大。

Maybe the only only thing worthwhile mentioning is that from a sales and marketing perspective, given the summer of sports, probably we are investing a little bit more phasing on Q3.

也許唯一值得一提的是，從銷售和行銷的角度來看，考慮到夏季的體育賽事，我們可能會在第三季進行更多的投資。

Shouldn't change the picture for the full year, but probably a little bit more of a heavier weighting on Q3, given Olympics, Copa America and everything that and everything that is going on.

不應該改變全年的情況，但考慮到奧運、美洲盃以及正在發生的一切，第三季的權重可能會更大一些。

So I think the only two things to highlight, kind of a more different would be the summer of spots, and maybe on the translational side, a little bit of a headwind or some effects.

所以我認為唯一需要強調的兩件事，有點不同的是夏天的景點，也許在翻譯方面，有一點逆風或一些影響。

But the trends that we've been seeing since the beginning of the year, they continue like momentum in most of our markets, I could quote Africa and Latin America and the similar dynamics everywhere else around the world.

但我們自今年年初以來看到的趨勢，在我們的大多數市場中都保持著強勁的勢頭，我可以引用非洲和拉丁美洲以及世界其他地方的類似動態。

Super.

極好的。

Thank you.

謝謝。

Fernando, and thank you, Michel.

費爾南多，謝謝你，米歇爾。

Thank you.

謝謝。

This was the final question.

這是最後一個問題。

If your question has not been answered, please feel free to contact the Investor Relations team.

如果您的問題尚未得到解答，請隨時聯繫投資者關係團隊。

I will now turn the floor back over to Mr. Michel Doukeris for closing remarks.

現在我將請米歇爾·杜克里斯先生致閉幕詞。

Thank you all for your time today and for your ongoing partnership and support of our business.

感謝大家今天抽出寶貴的時間，感謝你們一直以來的合作關係以及對我們業務的支持。

Stay safe and well.

保持安全和健康。

Remember to drink your beer today and celebrate the Beer Day.

記得今天喝啤酒並慶祝啤酒日。

Cheers everyone.

大家乾杯。

Thank you.

謝謝。

This concludes today's earnings conference call and webcast.

今天的收益電話會議和網路廣播到此結束。

Please disconnect your lines and have a wonderful day.

請斷開您的線路，祝您有美好的一天。