Anheuser-Busch Inbev SA (BUD) 2024 Q3 法說會逐字稿

Welcome to AB InBev’s third-quarter 2024 earnings conference call and webcast.

歡迎參加百威英博 2024 年第三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 Center 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 a 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-F filed with the Securities and Exchange Commission on March 11, 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 3 月 11 日向美國證券交易委員會提交的最新 20-F 表格年度報告中的風險因素， 2024 年。

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負責。

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 third-quarter 2024 earnings call.

謝謝並歡迎大家參加我們的 2024 年第三季財報電話會議。

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 third-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三季度的營運亮點，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'll be happy to answer your questions.

之後，我們將很樂意回答您的問題。

Let's start with solid operating performance and the key highlights for the quarter.

讓我們從穩健的營運業績和本季的主要亮點開始。

The global momentum of our business continued this quarter with the consistent execution of our strategy, delivering revenue growth in more than 60% of our markets, and overall EBITDA growth of 7.1% with margin expansion of 169 basis points.

本季我們業務的全球動能持續維持，我們策略的持續執行，在超過 60% 的市場實現營收成長，整體 EBITDA 成長 7.1%，利潤率擴大 169 個基點。

Organic growth in the ongoing optimization of our business delivered another quarter of double-digit underlying dollar EPS growth.

我們業務持續優化的有機成長帶來了另一個季度兩位數的基礎每股收益成長。

As a result of our performance in the first nine months of the year and our continued momentum, we are raising our full-year EBITDA outlook to 6% to 8%.

由於我們今年前 9 個月的表現和持續的勢頭，我們將全年 EBITDA 預期上調至 6% 至 8%。

In addition, we have announced that we will be proceeding with a USD2 billion share buyback program to be executed within the next 12 months.

此外，我們也宣布將在未來 12 個月內實施 20 億美元的股票回購計畫。

While the operating environments remain dynamic in some of our markets, the strength of our global footprint, brand portfolio and our focus on disciplined resource allocation are enabling us to invest for the long term while delivering efficient and profitable growth.

雖然我們的一些市場的營運環境仍然充滿活力，但我們的全球足跡、品牌組合的實力以及我們對嚴格資源配置的關注使我們能夠進行長期投資，同時實現高效和盈利的成長。

Turning to our operating performance.

轉向我們的經營業績。

Total revenue grew by 2.1% this quarter.

本季總營收成長 2.1%。

We follow revenue management choices in the ongoing premiumization, driving revenue per hectoliter growth of 4.6%, Volumes increased [in] the 50% of our markets.

我們在持續的高端化中遵循收入管理選擇，推動每百升收入成長 4.6%，我們 50% 的市場銷售增加。

However, growth was offset by a soft consumer environment in China and Argentina, resulting in an overall volume decline of 2.4%.

然而，成長被中國和阿根廷疲軟的消費環境所抵消，導致整體銷量下降 2.4%。

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 23 年全年業績中指出的那樣，到 2024 年，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%。

We delivered broad-based growth this quarter.

本季我們實現了廣泛的成長。

We saw revenue increases in more than 60% of our markets and EBITDA growth and margin expansion in four of our five operating regions.

我們看到超過 60% 的市場收入成長，五個營運區域中的四個區域的 EBITDA 成長和利潤率擴大。

Our diversified geographic footprint enables us to deliver consistent results and has us well-placed to drive superior long-term value creation.

我們多元化的地理足跡使我們能夠提供一致的結果，並使我們有能力推動卓越的長期價值創造。

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, improving in both volume and revenue trends quarter over quarter.

在美國，啤酒產業保持彈性，銷售和收入趨勢逐季改善。

Our beer portfolio gained a volume share of the industry, driven by Michelob ULTRA and Busch light, which were two of the top three volume share gainers in the industry.

在 Michelob ULTRA 和 Busch light 的推動下，我們的啤酒產品組合在行業中獲得了銷售份額，這兩個啤酒是行業銷售份額增長前三名中的兩個。

Our improved market share trend and productivity initiatives drove EBITDA growth of 13.7% with a margin improvement of approximately 375 basis points.

我們改善的市佔率趨勢和生產力措施推動 EBITDA 成長 13.7%，利潤率提高約 375 個基點。

Our business in the US is regaining momentum and we are continuing to invest to fuel growth.

我們在美國的業務正在恢復勢頭，我們將繼續投資以推動成長。

Now, moving to Middle Americas.

現在，轉移到中美洲。

In Mexico, our volumes declined by low-single digits, outperforming the industry, which was negatively impacted by adverse weather and a slower economic environment.

在墨西哥，我們的銷售量下降了低個位數，表現優於受到惡劣天氣和經濟環境放緩負面影響的產業。

Revenue was flattish and EBITDA grew by mid-single digits with margin expansion.

營收持平，EBITDA 隨利潤率擴張而實現中個位數成長。

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

在哥倫比亞，我們的業務實現了高個位數的收入成長和兩位數的利潤成長以及利潤率的擴張。

Beer volumes were flattish, while total volumes declined by low-single digits as the industry was impacted by a week-long national trucking strike in September.

啤酒銷量持平，而由於該行業受到 9 月為期一周的全國卡車運輸罷工的影響，總銷量下降了低個位數。

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

我們的高端和超高端品牌引領了我們的業績，實現了高十位數的銷售成長。

In South America, our business in Brazil delivered mid-single digit top line and double-digit bottom-line growth with margin expansion of 174 basis points.

在南美洲，我們在巴西的業務實現了中個位數的營收成長和兩位數的淨利潤成長，利潤率擴大了 174 個基點。

Volume increased by 1.3%, led by our premium and super premium brands, which should deliver volume growth in the low 20s.

在我們的高端和超高端品牌的帶動下，銷量成長了 1.3%，預計銷量成長將在 20 左右。

Now, let's talk about EMEA.

現在，我們來談談 EMEA。

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

在歐洲，隨著利潤率進一步回升，我們的利潤實現了低個位數成長。

Volumes declined by low-single digits, estimated to have outperformance in a soft industry in the majority of our markets.

銷量下降了低個位數，估計在我們大多數市場的軟產業中表現出色。

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

我們的產品組合持續高端化，我們的優質和超優質產品組合約占我們收入的 57%。

Performance was led by Corona, which delivered another quarter of double-digit volume growth.

Corona 的業績表現領先，該公司的銷量又實現了四分之一的兩位數成長。

In South Africa, the momentum of our business continued, delivering double-digit top- and bottom-line growth with margin expansion.

在南非，我們的業務勢頭持續，實現了兩位數的營收和利潤成長以及利潤率的擴張。

Volumes increased by low-single digits with further performance driven by our above core brands, which grew volumes by high teens, led by Corona and Stella Artois.

銷售量以低個位數成長，並由我們上述的核心品牌推動業績進一步成長，其中以科羅納 (C​​orona) 和時代 (Stella Artois) 為首的銷售量以高十位數成長。

In APAC.

在亞太地區。

In China, a soft consumer environment continued to impact the overall beer industry in our performance, particularly from continued weakness in the on-premise channel.

在中國，疲軟的消費環境持續影響整個啤酒產業的業績，特別是自營通路的持續疲軟。

As a result, our revenue declined by 16.1% this quarter.

因此，本季我們的營收下降了 16.1%。

While the industry has had a challenging in nine months, we continue to focus on controlling what we can control.

儘管該行業在九個月內遇到了挑戰，但我們繼續專注於控制我們可以控制的事情。

The consistent execution of our strategy, investing in our brands in digital capabilities to drive value for our customers and consumers, remaining disciplined with our cost and revenue management initiatives, and agile with our commercial investments, 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.

透過一致地執行我們的策略，投資於我們品牌的數位化能力，為我們的客戶和消費者帶來價值，保持嚴格的成本和收入管理計劃，並靈活地進行商業投資，我們仍然有信心我們處於有利地位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，抓住未來的成長機會。

Now, let's discuss our strategic pillars.

現在，讓我們討論一下我們的策略支柱。

Let's start with pillar one of our strategy: lead and grow the category.

讓我們從我們策略的第一支柱開始：引領和發展這個類別。

While our overall growth was constrained by performance in China, our megabrands continued to lead our growth, increasing net revenue by 3.1%, led by Corona, which grew revenue by 10.2% outside of Mexico.

雖然我們的整體成長受到中國業績的限制，但我們的大品牌繼續引領我們的成長，淨收入成長了 3.1%，其中 Corona 領先，墨西哥以外地區的營收成長了 10.2%。

With a more focused portfolio, we are disproportionately investing in our megabrands to increase our brand power and drive efficient growth.

憑藉更集中的產品組合，我們對超級品牌進行了不成比例的投資，以增強我們的品牌力量並推動高效成長。

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

透過在五類擴張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地位、開發新的消費場合以及擴大我們的優質啤酒和其他啤酒產品組合來引領和發展該類別。

As part of our strategy to lead and grow the category, we viewed the non-alcohol beer segment as a key opportunity to develop new beer consumption occasions.

作為我們引領和發展該類別策略的一部分，我們將無醇啤酒細分市場視為開發新啤酒消費場合的關鍵機會。

The Olympics mega platform provided us with a unique opportunity to activate Corona Cero at scale across more than 40 markets.

奧運大型平台為我們提供了在 40 多個市場大規模啟動 Corona Cero 的獨特機會。

We gained market share of non-alcohol beer in over 60% of our key markets in the third quarter, with Corona Cero more than doubling both volumes and revenues.

第三季度，我們在超過 60% 的主要市場中獲得了無酒精啤酒的市場份額，Corona Cero 的銷量和收入均增加了一倍多。

While low alcohol beer is currently a small portion of our volume, we believe there is a significant opportunity for incremental growth, and we are committed to providing consumers with best-in-class liquids and brands to lead the development of the segments.

雖然低度啤酒目前只占我們銷售的一小部分，但我們相信存在巨大的增量成長機會，我們致力於為消費者提供一流的液體和品牌，以引領該細分市場的發展。

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

現在，讓我們轉向我們的第二個策略支柱：我們的生態系統的數位化和貨幣化。

This continued to expand usage and reach capturing approximately $12.1 billion in gross merchandising value, a 14% increase year over year and reaching 3.9 million monthly active users.

使用量持續擴大，銷售總額達約 121 億美元，較去年同期成長 14%，每月活躍用戶達 390 萬。

Customer satisfaction improved, with our net promoter score improving to plus 66.

客戶滿意度提高，我們的淨推薦值提高到+ 66。

This marketplace continue to grow, generating 9.5 million orders of known ABI products and delivering $630 million in GMV this quarter, an increase of 51% versus last year.

該市場持續成長，本季產生了 950 萬份已知 ABI 產品訂單，並實現了 6.3 億美元的 GMV，比去年增長了 51%。

This is the equivalent of approximately $2.5 billion on an annualized basis.

以年化計算，這相當於約 25 億美元。

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 11% 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 11%。

That 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'd like to hand it over to Fernando to discuss the third pillar of our strategy: optimize our business.

說到這裡，我想把它交給費南多來討論我們策略的第三個支柱：優化我們的業務。

Fernando, it's over to you.

費爾南多，交給你了。

Thank you, Michel.

謝謝你，米歇爾。

Good morning, good afternoon, everyone.

大家早安，下午好。

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

首先，讓我分享一下我們在 2024 年前 9 個月在實現部分 2025 年永續發展目標方面取得的進展。

In climate action, we continue to focus on reducing emissions across our operations globally.

在氣候行動中，我們持續致力於減少全球營運中的排放。

Our Scopes 1 and 2 emissions per hectoliter of production have improved by 46% versus our 2017 baseline.

與 2017 年基準相比，我們每百公升生產的範圍 1 和範圍 2 排放量減少了 46%。

In water stewardship, our water use efficiency ratio improved to 2.47 at hectoliters per hectoliter year to date versus 2.53 in the same period last year as we continue working towards our ambition to reach 2.50 hectoliters per hectoliter on an annual basis by 2025.

在水資源管理方面，我們的用水效率比去年同期的 2.53 提高至 2.47（以每百公升計算），我們將繼續努力實現到 2025 年達到每年每百升 2.50 的目標。

Moving to our financial performance.

轉向我們的財務表現。

Our EBITDA margin improved by 169 basis points this quarter with margin expansions in four of our five operating regions.

本季我們的 EBITDA 利潤率提高了 169 個基點，五個營運區域中的四個區域的利潤率均有所擴大。

Our leadership advantages, disciplined revenue management, continued premiumization, and efficient operating model creates 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創造了機會。

Turning to our debt profile.

轉向我們的債務狀況。

You can see that our debt maturities remain well-distributed with no relevant medium-term refinancing needs.

您可以看到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。

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

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，且沒有財務契約。

We delivered underlying EPS of $0.98 per share, a 14% increase versus last year.

我們的基本每股收益為 0.98 美元，比去年增長 14%。

Organic EBITDA growth accounted for $0.19 per share increase, which was mostly offset by translational FX headwinds.

有機 ITDA 成長導致每股成長 0.19 美元，但大部分被外匯不利因素所抵消。

As we continue to optimize our business, improvements in below EBITDA items drove the balance of our EPS growth, such as lower net interest expense from active net debt management and continued deleveraging as well as lower cost of hedging and reduced FX losses.

隨著我們不斷優化業務，以下 EBITDA 專案的改善推動了我們 EPS 成長的平衡，例如主動淨債務管理帶來的淨利息支出降低和持續去槓桿化，以及對沖成本降低和外匯損失減少。

Given our continued progress on deleveraging, we have additional flexibility in our capital allocation choices.

鑑於我們在去槓桿化方面不斷取得進展，我們在資本配置選擇上擁有更大的靈活性。

We remain disciplined with our capital allocation decisions, which we are dynamically balancing to maximize long-term value creation.

我們仍然嚴格遵守我們的資本配置決策，並動態平衡這些決策，以最大限度地創造長期價值。

We remain confident in the long-term growth of our business and have announced today that we'll be proceeding with a $2 billion share buyback program to be executed within the next 12 months.

我們對業務的長期成長仍然充滿信心，並於今天宣布，我們將在未來 12 個月內實施 20 億美元的股票回購計畫。

With that, I would like to hand 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，我想請米歇爾提供一些最後的評論。

Michel?

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.

在開始問答之前，我想花點時間回顧一下本季的情況。

We have a resilient strategy that like beer, works for all occasions.

我們有一個靈活的策略，就像啤酒一樣，適用於所有場合。

And 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 megabrands, we gained or maintained market share in delivered revenue growth in 60% of our markets.

在大品牌持續成長動能的推動下，我們在 60% 的市場中獲得或維持了營收成長的市場佔有率。

This marketplace continues to expand, increasing GMV of third-party products by 51% versus last year.

該市場持續擴張，第三方產品的 GMV 比去年成長了 51%。

EBITDA grew by 7.1%.

EBITDA 成長 7.1%。

In giving our performance year to date, we are raising our full-year outlook to 6% to 8%.As

在公佈今年迄今的業績時，我們將全年預期上調至 6% 至 8%。

we continue to optimize our business, underlying EPS increasing by double digits.

我們不斷優化業務，基本每股盈餘將達到兩位數成長。

And we are announcing the launch of a $2 billion share buyback program.

我們也宣布啟動 20 億美元的股票回購計畫。

Wrapping up, we continue to be encouraged by our operating results, and we are well-positioned to take advantage of the opportunities ahead of us to generate superior value for our stakeholders.

總而言之，我們的經營績效繼續令我們感到鼓舞，我們有能力利用眼前的機會為利害關係人創造卓越的價值。

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) Rob Ottenstein, Evercore ISI.

（操作員說明）Rob Ottenstein，Evercore ISI。

Great.

偉大的。

Thank you very much.

非常感謝。

So Michel, it looks like your market share in the US is stabilizing, maybe even improving, and the overall business is gaining momentum.

米歇爾，看起來你們在美國的市佔率正在穩定，甚至可能有所提高，整體業務正在獲得動力。

So I was just wondering, it's been a long and tough ordeal; could you assess your thinking about the progress of the US business?

所以我只是想知道，這是一次漫長而艱難的磨難；您能評估一下您對美國企業進展的看法嗎？

Any kind of tweaks or changes to strategy kind of looking forward?

未來有什麼策略上的調整或改變嗎？

Levers to pull, as well as key initiatives for 2025 to build on the momentum maybe touching on Michelob ULTRA Zero?

拉動的槓桿以及 2025 年推動這一勢頭的關鍵舉措可能會涉及 Michelob ULTRA Zero？

Thank you.

謝謝。

Hi, Robert.

嗨，羅伯特。

Good morning.

早安.

Thanks for the question.

謝謝你的提問。

Maybe I'll step back for a second in talking about the US.

也許我會退一步談美國。

We see that the industry remains resilient and actually improved in the quarter three versus quarter two.

我們看到該行業仍然保持彈性，並且第三季與第二季相比實際上有所改善。

Our latest data now that we see this month, we see further improvement.

我們本月看到的最新數據顯示，我們看到了進一步的改善。

So I think that this is a good signal for the US market.

所以我認為這對美國市場來說是一個很好的訊號。

In terms of our strategy, we continue to make progress, and we discussed this before.

在我們的策略方面，我們不斷取得進展，我們之前也討論過這一點。

In the US, it's all about rebalancing our portfolio towards growing segments while stabilizing our mainstream brands.

在美國，一切都是為了重新平衡我們的產品組合，以適應不斷成長的細分市場，同時穩定我們的主流品牌。

The consistent execution behind our brands are driving some very good outcomes.

我們品牌背後的一貫執行力正在帶來一些非常好的成果。

We saw this quarter, Michelob ULTRA and Busch Light, for example, amongst the top three brands.

例如，我們在本季看到 Michelob ULTRA 和 Busch Light 躋身前三大品牌之列。

In volume growth, Michelob ULTRA actually lagged in the quarter, that's number one.

在銷售成長方面，米獅龍 ULTRA 在本季度實際上落後了，排在第一位。

But if you think about Busch Light in the mainstream segment, leading growth as well.

但如果您考慮一下主流細分市場中的 Busch Light，它也會引領成長。

And for a while, we didn't see a brand in the mainstream gaining share in such a consistent way.

有一段時間，我們還沒有看到主流品牌以如此一致的方式獲得市場份額。

So very strong momentum for Busch Light.

Busch Light 的勢頭非常強勁。

The [back] that we have terms of new brands, Corona is doing fairly well, [Stella] is doing well, and especially when you look at beyond beer, both Cutwater and NÜTRL, driving very, very good growth.

[返回]我們有新品牌的條款，科羅納（Corona）做得相當好，[斯特拉（Stella）]做得很好，尤其是當你看看啤酒之外的品牌時，Cutwater 和NäTRL 都推動了非常非常好的成長。

So we have now this 1.8% share in this period segment, but just to make the point, it's two brands in the quarter represented more than one-third of the entire growth of the spirits industry in revenues in the US.

因此，我們現在在這段期間的細分市場中佔有 1.8% 的份額，但為了說明這一點，該季度的兩個品牌占美國烈酒行業收入成長的三分之一以上。

So as we move forward, we will continue to invest to accelerate this momentum.

因此，隨著我們前進，我們將繼續投資以加速這一勢頭。

Next year, you mentioned we have some new tools to play with.

明年，您提到我們有一些新工具可以使用。

One that everybody is excited about is Michelob ULTRA Zero.

每個人都感到興奮的是 Michelob ULTRA Zero。

Very good liquid.

非常好的液體。

The brand itself represents this trend in the segment.

該品牌本身就代表了該細分市場的這一趨勢。

And if we can and on Michelob ULTRA growth with this Zero proposition, then you can see how much contribution this can bring to the entire system.

而如果我們能夠透過這個零主張來推動 Michelob ULTRA 的成長，那麼你就可以看到這能為整個系統帶來多大的貢獻。

So I think that is increasing investments, keeping the focus on what's working, and further accelerate this momentum that we are building now throughout the year.

因此，我認為這就是增加投資，將重點放在有效的事情上，並進一步加速我們現在全年正在建立的勢頭。

Thanks for the question, Robert.

謝謝你的提問，羅伯特。

Thank you.

謝謝。

Edward Mundy, Jefferies.

愛德華‧蒙迪，傑弗里斯。

Morning, Michel.

早上好，米歇爾。

Morning, Fernando.

早上好，費爾南多。

So first question is around China.

第一個問題是關於中國的。

Michel, it's a market you're really familiar with.

米歇爾，這是一個你非常熟悉的市場。

Perhaps you can unpack a little bit -- what's happened in this quarter?

也許您可以稍微了解一下——本季發生了什麼？

Is your view of this [cyclical] or structural?

您對此的看法是[週期性]還是結構性的？

And when you think about potential recovery, what things would you be tracking for any signs of green shoots?

當您考慮潛在的復甦時，您會追蹤哪些方面來尋找復甦跡象？

And then Fernando, one on margins, and a pretty good margin recovery this year despite the challenges in Asia-Pac.

然後是費爾南多，儘管亞太地區面臨挑戰，但今年的利潤率恢復得相當不錯。

Based on what you're seeing on key line items going into 2025, are there any [flags] that suggest profits won't be able to grow ahead of sales into the next year?

根據您在 2025 年關鍵訂單項目上看到的情況，是否有任何[標誌]表明利潤將無法在明年的銷售之前增長？

Hi, Ed. Good afternoon.

嗨，艾德。午安.

Let me take the first one here and then I'll hand it over to Fernando.

讓我拿走第一個，然後交給費爾南多。

So in China, what we observed is a soft consumer environment that continues to impact the overall consumer goods, the beer market, and also our overall performance.

因此，在中國，我們觀察到的是疲軟的消費環境，持續影響整體消費品、啤酒市場以及我們的整體表現。

So we just spent a full week in China.

所以我們只在中國待了整整一週。

And at the end of the day, when you look at the overall conditions in the market, they are not deteriorating too bad, but they are not good because consumers are holding all locations and consuming less out of home.

歸根結底，當你看看市場的整體狀況時，你會發現它們並沒有惡化得太嚴重，但也不好，因為消費者保留了所有地點，並減少了外出消費。

So you know that's how our footprint is skewed towards the East Coast, but a lot towards out of home.

所以你知道，這就是我們的足跡如何偏向東海岸，但更偏向戶外。

And both the East Coast have some very bad weather conditions, but also people going less to restaurants, bars, and out-of-home occasions.

東海岸的天氣條件非常惡劣，人們去餐廳、酒吧和戶外活動的次數也減少了。

Our STWs lagged our STR sales because we keep an eye especially after the summer on the inventories.

我們的 STW 銷售落後於 STR 銷售，因為我們尤其在夏季之後密切關注庫存。

And then we also have -- always very fresh beer, very controlled inventories, and making sure that our role to market is very healthy.

然後我們還有——總是非常新鮮的啤酒，非常受控的庫存，並確保我們的市場角色非常健康。

So you know that we play the long-term game in China always, so controlling prices, controlling the route to market, controlling inventories.

所以你知道，我們在中國總是玩長期遊戲，所以控制價格，控制進入市場的路線，控制庫存。

So when conditions get better, our route to market in our brands can recover faster than competition.

因此，當情況好轉時，我們品牌的市場路線可以比競爭對手更快恢復。

We didn't see any an improvement in the short term, to be honest, other than the weather that looks more normal now as we face from summer to autumn.

老實說，除了現在從夏季到秋季的天氣看起來更加正常之外，我們沒有看到任何短期內的改善。

And we think that now in the short term, things will improve too fast.

我們認為，從短期來看，情況會改善得太快。

But power of our brands, consumer demand remains healthy when the conditions are appropriated.

但當條件合適時，我們品牌的力量和消費者需求仍然保持健康。

We have some innovation working well under Harbin, which is gaining momentum and growing.

我們在哈爾濱的領導下進行了一些創新工作，這些創新正在獲得動力並不斷發展。

So we are optimistic about that.

所以我們對此持樂觀態度。

And I think that we will take some time before we see the overall conditions in China improving.

我認為我們需要一段時間才能看到中國整體狀況的改善。

But brands are health, [grow-to-markets] health, inventories are health, and we have some good innovation playing in our favor there.

但品牌是健康的，[向市場成長]是健康的，庫存是健康的，而且我們有一些對我們有利的良好創新。

Hi, Ed. Fernando here.

嗨，艾德。費爾南多在這裡。

So on your second question, on your second question on costs, we don't give any specific guidance or outlook for costs into next year.

因此，關於你的第二個問題，關於成本的第二個問題，我們沒有給出任何具體的指導或明年的成本展望。

And we are -- the year, this year hasn't finished so there are some prices that is to open.

今年，今年還沒結束，所以有一些價格即將開放。

But if you look at the prices to date, 2025 seems like more of an ordinary year.

但如果你看看迄今為止的價格，2025 年似乎更像是平凡的一年。

So you should have some cost pressures like some things like aluminum, a little bit of pressure, some range kind of in your favor, different effects by market, but overall, some cost pressures, but a normal year out.

所以你應該有一些成本壓力，像是鋁之類的東西，一點點壓力，一些對你有利的範圍，市場的不同影響，但總的來說，有一些成本壓力，但這是正常的一年。

And if you look at like 2021, 2023, we have this massive cost swings.

如果你看看 2021 年、2023 年，我們會出現巨大的成本波動。

This is more of a normal year, more or less.

今年或多或少是正常的一年。

I don't know how to say, but more or less we're in line with inflation if you look at current prices.

我不知道該怎麼說，但如果你看一下當前的價格，我們或多或少與通貨膨脹是一致的。

But the one important thing, and we said that over and over again, without being too specific about 2025, we said that when you look at our margins, I see no reasons why our margins would not improve.

但有一件重要的事情，我們一遍又一遍地說過，但沒有對 2025 年說得太具體，我們說，當你看看我們的利潤率時，我認為我們的利潤率沒有理由不會提高。

They are kind of -- if you look at where they come from, and three years just pretty much, 2021 [to] 2023, very high commodity prices were above the inflation.

如果你看看它們的來源，從 2021 年到 2023 年的三年時間裡，大宗商品價格非常高，高於通膨率。

Now that it seems we are getting more normal, we definitely see a path for margins to continue to improve going forward.

現在我們似乎變得更加正常，我們肯定看到了利潤率繼續提高的道路。

And Ed, just complementing my answer because I think you put two questions: the short term and the long term in China, and I didn't mention the long term.

艾德，只是補充我的答案，因為我認為你提出了兩個問題：中國的短期和長期，而我沒有提到長期。

When you look at the fundamentals for the long term, the size of the industry, the premiumization, and the power of our brands commending both share gains in premium price, we don't see changes on that.

當你審視長期的基本面、產業規模、高端化以及我們品牌的力量時，我們會發現這些方面都沒有改變。

So when you talk to consumers, when you see how retailers are developing under the right conditions, how consumption is developing China, and we are gaining share of throat, which is a very interesting thing that happened in China over and over again.

所以當你跟消費者對話的時候，當你看到零售商是如何在合適的條件下發展的，中國的消費是如何發展的，我們正在奪取份額，這是中國一而再、再而三發生的非常有趣的事。

So long-term [momentums] for us, they remain in place and the size of the price remains big in China long term, okay?

因此，對我們來說，長期[勢頭]仍然存在，而且從長遠來看，中國的價格規模仍然很大，好嗎？

Thanks.

謝謝。

Sanjeet Aujla, UBS.

桑吉特‧奧吉拉，瑞銀。

Good morning, Michel and Fernando.

早上好，米歇爾和費爾南多。

A couple from me, please.

請從我這裡來幾張。

Firstly, Michel, can you just dig into the Middle Americas region and give us a view of the consumer kind of broader macro landscape and how you're thinking about that into 2025?

首先，米歇爾，您能否深入了解中美洲地區，讓我們了解消費者更廣泛的宏觀格局，以及您如何看待 2025 年的情況？

And my second question for Fernando.

我要問費南多的第二個問題。

I'm just coming on to capital allocation with the share buyback announcement today.

我今天剛宣布股票回購，以進行資本配置。

I just wanted to get your view on how you're thinking about dividends versus buybacks.

我只是想了解您如何看待股利與回購。

And I think in the past you had rebalanced your dividend -- the interim dividend as well.

我認為過去你們已經重新平衡了股息——還有中期股息。

Is that something you could potentially look to in the fullness of time?

在時間充裕的情況下，您可能會注意這一點嗎？

Thanks.

謝謝。

Hi, Sanjeet.

嗨，桑吉特。

Good afternoon.

午安.

So I'll take the first one, and then Fernando, the second.

所以我會選擇第一個，然後是費爾南多，第二個。

So Middle Americas, if you look at the year so far, we are seeing strength in the industry, very good performance in demand for our brands and very good performance across all markets.

因此，在中美洲，如果你看看今年到目前為止，我們看到了該行業的實力，我們品牌的需求表現非常好，並且所有市場都表現出色。

If you look at the short term, the short term was a little bit abnormal and you had a little bit of everything, okay, so if you think about the weather, all this colder weather over the summer was [realized] across Middle Americas, especially Mexico.

如果你看短期，短期有點不正常，你什麼都有一點，好吧，所以如果你考慮一下天氣，整個夏天的寒冷天氣都在美洲中部[實現了]，尤其是墨西哥。

If you think about the election's impacts, you also saw an imbalance of money and government spend during Mexico on the first half of the year.

如果您考慮選舉的影響，您還會發現今年上半年墨西哥期間的貨幣和政府支出不平衡。

So quarter three, quarter four will suffer a little bit more on these less government investments in Mexico.

因此，第三季、第四季將因墨西哥政府投資減少而遭受更多損失。

But then, you can make cuts like in markets such as Colombia, where we have like record-high volumes in sales to retailers again on the quarter three, you'll see market share healthy across majority of markets.

但是，你可以像哥倫比亞這樣的市場一樣進行削減，第三季我們對零售商的銷售量再次創下歷史新高，你會看到大多數市場的市場份額都保持健康。

And even if you look at Mexico now, we will see the phasing of these different government investments in the quarter four, quarter one next year, but a normalization moving forward.

即使你現在看看墨西哥，我們也會看到這些不同的政府投資將在第四季、明年第一季分階段進行，但正常化正在向前邁進。

Remittances in dollars remains strong.

美元匯款依然強勁。

The fundamentals of the markets are very good because participations are going up, the brands are very healthy.

市場的基本面非常好，因為參與度正在上升，品牌也非常健康。

Inflation is moving down across majority of the markets.

大多數市場的通貨膨脹率正在下降。

Salaries and purchasing power is normalizing.

工資和購買力正在正常化。

So short term, a little bit of turbulence.

所以短期來看，有點動盪。

When you look at the full year, impacted diluted because the year looks very good and moving forward, most of the fundamentals in place look very good for us.

當你看看全年時，影響會被稀釋，因為這一年看起來非常好，並且向前邁進，大多數現有的基本面對我們來說都非常好。

So we just think that there is some normalization happening now and these markets remain very strong.

因此，我們認為現在正在發生一些正常化，而這些市場仍然非常強勁。

And Sanjeet, Fernando here.

還有桑吉特、費南多。

On your second question, I would like to give a step back before discussing any specific trade off.

關於你的第二個問題，在討論任何具體的權衡之前，我想先退後一步。

What do we need to do with our capital allocation choices?

我們需要如何選擇資本配置？

And the key thing here is that the objective of our cash capital allocation choices is to maximize value creation.

這裡的關鍵是我們現金資本配置選擇的目標是最大化價值創造。

And that's kind of the most important kind of background.

這是最重要的背景。

Without it, it's harder to understand.

沒有它，就很難理解。

And what I'm talking about is we have different options.

我所說的是我們有不同的選擇。

We can deleverage, we can buy back.

我們可以去槓桿化，我們可以回購。

You can make different M&As, you can make the trust between dividends and share buyback.

你可以進行不同的併購，你可以在股利和股票回購之間建立信任。

But you can be sure that we remain very disciplined in our capital allocation decisions.

但可以肯定的是，我們在資本配置決策上仍然非常嚴格。

And even though -- given where we are, we are having added flexibility.

儘管如此，考慮到我們所處的位置，我們的靈活性正在增加。

I think the share buyback speaks to that.

我認為股票回購說明了這一點。

If you look last year, we had a $1 billion share buyback.

如果你看看去年，我們就進行了 10 億美元的股票回購。

This year, we have a $2 billion share buyback that's twice as much.

今年，我們回購了 20 億美元的股票，是原來的兩倍。

So that speaks for the added flexibility deleveraging is giving to us.

這說明去槓桿化給我們帶來了更大的彈性。

And we continue to make these decisions on a dynamic basis, because at a different moment in time you're going to have a different optimal combination.

我們繼續在動態的基礎上做出這些決定，因為在不同的時刻你會有不同的最佳組合。

Deleveraging remains a priority for us.

去槓桿仍然是我們的首要任務。

And even if this added a share buyback, we remain confident in our ability to continue deleveraging.

即使這增加了股票回購，我們仍然對繼續去槓桿化的能力充滿信心。

And I think the overall -- it's kind of -- I think the businesses continues to perform well, very good cash flow and allow us the confidence to distribute and share buyback.

我認為總體而言，我認為業務繼續表現良好，現金流非常好，讓我們有信心進行分配和股票回購。

On your second part of the question, which is interim dividend.

關於問題的第二部分，即中期股利。

Interim dividend, it's much more of our cash management discussion than a payout of discussion.

中期股息，更多的是我們現金管理的討論，而不是支付的討論。

We tend to look at the dividend on the full amount for the overall year.

我們傾向於關注全年的全額股息。

And in the past, when we were having higher payouts in order to balance the cash flows, we had interim dividend.

過去，當我們為了平衡現金流而支付更高的股利時，我們會發放中期股利。

I think at some point in time we've had different dividend -- we might reintroduce the interim dividend, but of course, nothing to share as of now.

我認為在某個時間點我們有不同的股息——我們可能會重新引入中期股息，但當然，目前還沒有什麼可以分享的。

Thank you very much.

非常感謝。

Laurence Whyatt, Barclays.

勞倫斯·懷亞特，巴克萊銀行。

Thanks very much.

非常感謝。

A couple of questions from me as well.

我也有幾個問題。

Just following on from that one about the share buyback.

緊接著關於股票回購的那一件事。

You mentioned that the buybacks could be $2 billion now from $1 billion last year.

您提到回購額可能從去年的 10 億美元增加到 20 億美元。

I was wondering, could you be precise as to why you chose that number specifically?

我想知道，您能具體說明為什麼專門選擇這個數字嗎？

You could have gone with $1.5 billion, you could have gone with $2.5 billion.

你可以花 15 億美元，也可以花 25 億美元。

Why specifically for that $2 billion this year?

為什麼今年專門投入這 20 億美元？

And then secondly, we've seen a bit of weakness across the European markets at ABI and across a number of other consumer staples companies.

其次，我們看到 ABI 的歐洲市場和許多其他必需消費品公司都有些疲軟。

Do you think there's anything structurally going wrong within European countries with regards to why the consumers are behaving more weakly recently?

您認為歐洲國家內部是否存在結構性問題，導致消費者最近表現更為疲軟？

Thank you.

謝謝。

Hi, Laurence.

嗨，勞倫斯。

Fernando here.

費爾南多在這裡。

On your first question on the share buyback, I think the key thing here is our capital allocation is dynamic.

關於你關於股票回購的第一個問題，我認為這裡的關鍵是我們的資本配置是動態的。

So we balance the different priorities at a given moment in time, aiming to create value for shareholders.

因此，我們在特定時刻平衡不同的優先事項，旨在為股東創造價值。

And as you continuously deleverage, we have added flexibility.

隨著您不斷去槓桿化，我們增加了靈活性。

So I think $2 billion speaks to that added flexibility and kind of -- it's twice as much as we had last year, and we have more flexibility here.

所以我認為 20 億美元意味著增加了靈活性，是去年的兩倍，我們在這裡有更多的靈活性。

So I wouldn't try to elaborate a lot.

所以我不會嘗試詳細說明。

That can have a lot of different numbers.

那可以有很多不同的數字。

We can have $1 billion, $1.5 billion, $2 billion, but I think $2 billion is twice as much.

我們可以有 10 億美元、15 億美元、20 億美元，但我認為 20 億美元是兩倍。

I think it speaks to the added flexibility and speaks to the confidence in our ability to continue to generate strong cash flows in our business.

我認為這說明了靈活性的增加，也說明了我們對繼續在業務中產生強勁現金流的能力的信心。

Michel here, Laurence.

米歇爾在這裡，勞倫斯。

On Europe, I think that if you look at the quarter three, similarly to the comments I made on Mexico, you see everybody talking -- whoever was in Europe over summer.

關於歐洲，我認為如果你看看第三季度，就像我對墨西哥所做的評論一樣，你會看到每個人都在談論——無論夏天誰在歐洲。

Summer was a little bit strange, so it was a weaker summer in terms of weather than what we have expected.

夏天有點奇怪，所以就天氣而言，這是一個比我們預期的要弱的夏天。

Nevertheless, we delivered flattish top line and regained share in majority of our markets.

儘管如此，我們的營收仍持平，並重新奪回了大部分市場的份額。

If you look to the full our combination year to date, Europe looks good in terms of share, good in terms of financials.

如果你全面審視我們今年迄今為止的合併，歐洲在份額方面看起來不錯，在財務方面也不錯。

And across some of the markets we see consumers trading up in terms of beer, which is very good for our portfolio because more than half of our brands are in the premium and super premium segments.

在一些市場上，我們看到消費者對啤酒的購買量增加，這對我們的產品組合非常有利，因為我們一半以上的品牌屬於高端和超高端細分市場。

You are seeing some other markets, competitors chasing volume, so increasing promotional activities, downgrade their brands and competing core minus value.

你會看到其他一些市場，競爭對手追逐銷量，因此增加促銷活動，降級其品牌和競爭核心減值。

We are more in the long-term gain for premium, super premium.

我們更看重的是溢價、超溢價的長期收益。

And therefore, our net revenue press release, it is above competition and we are benefiting from channel shifts, gaining share on the premium, super premium segments.

因此，我們的淨收入新聞稿顯示，它高於競爭，我們正受益於通路轉變，在高端、超高端細分市場中獲得份額。

So we are not really competing on this core minus value, chasing volumes at this moment in Europe.

因此，我們目前並沒有真正在這個核心負價值上競爭，而是在歐洲追逐銷售。

And I think that as weather normalizes, then fundamentally purchased power continues to recover in Europe.

我認為，隨著天氣正常化，歐洲購買的電力將繼續恢復。

It's gaining share of throat and gaining share of throat in some very relevant markets.

它正在贏得市場份額，並在一些非常相關的市場上獲得市場份額。

And our brands continue to have power above share and therefore, the consumer demand is there as we continue to activate these brands.

我們的品牌繼續擁有高於份額的力量，因此，隨著我們繼續激活這些品牌，消費者的需求就存在。

We expect to have positive results in Europe moving forward.

我們預計歐洲將取得積極成果。

Mitch Collett, Deutsche Bank.

米奇·科利特，德意志銀行。

Thank you.

謝謝。

Hi, Michel.

嗨，米歇爾。

Hi, Fernando.

嗨，費爾南多。

Two questions on the US, please.

請教兩個關於美國的問題。

You talked earlier about the success you're having with Busch Light.

您之前談到了 Busch Light 所取得的成功。

So can you provide a bit more color on what's driving the strength of that brand?

那麼您能否提供更多關於推動該品牌實力的因素？

And how should we think about its growth and share gain opportunity going forward?

我們應該如何看待其未來的成長和份額成長機會？

And then my follow up.

然後是我的後續行動。

Again, you mentioned the success of spirits-based RTD which grew at mid teens.

您再次提到了以烈酒為基礎的 RTD 的成功，該酒在青少年時期就開始流行。

How big do you think that the spirits-based RTD segment can become for you?

您認為以烈酒為基礎的 RTD 細分市場對您來說能有多大？

Are there any particular production constraints that we should be mindful of?

我們應該注意哪些特定的生產限制嗎？

Hi, Mitch.

嗨，米奇。

Thank you for the question.

謝謝你的提問。

So our US business is regaining momentum and we are investing to fuel growth, where we have the biggest opportunities to grow our business and our brands in the US.

因此，我們的美國業務正在恢復勢頭，我們正在投資以推動成長，這是我們在美國發展業務和品牌的最大機會。

So talking specifically about Busch Light.

所以具體來說說Busch Light。

Busch Light is growing for many quarters in a row.

Busch Light 連續多個季度成長。

It was the third fastest growing brand in the industry this quarter.

它是本季產業成長第三快的品牌。

And again, looking at the mainstream segment, also leading growth within mainstream.

再說一次，看看主流細分市場，也引領主流市場的成長。

When you think about Busch Light, you can think like on these [middle] states in the US.

當您想到布希萊特時，您可以像美國的這些[中部]州一樣思考。

The brand is like a fair share grant.

該品牌就像公平份額授予。

So think about the Great Lakes Midwest, the Corn Belt in the US.

想想中西部五大湖區和美國的玉米帶。

If you look the rest of the country, the brand has 2% to 3% share.

如果你看看全國其他地區，該品牌的市佔率為2%至3%。

So in half of the country, 10% share; in the other half of the country, 2% to 3% share.

那麼半個國家，10%的份額；在該國的另一半，則有2%至3%的份額。

And this in itself represents a massive opportunity.

這本身就代表著一個巨大的機會。

The second point, this brand over-indexes a lot amongst legal drinking age to 24, 25 consumers.

第二點，該品牌在法定飲酒年齡上對24、25歲消費者的指數過高。

So it's an up-and-coming brand amongst young consumers, legal drinking age consumers.

因此，它是年輕消費者、法定飲酒年齡消費者中的一個新興品牌。

And this is also very important because it shows that the brand has headroom that is very big outside of the core states, but also has a profile of consumers that can carry the brand for a very long term.

這也非常重要，因為它表明該品牌在核心州之外擁有很大的發展空間，而且還擁有可以長期攜帶該品牌的消費者形象。

And it's very well-distributed when you go down older than that because the platforms that the brand activates are very interesting platforms; outdoor, lifestyle, and the brand continues to strengthen with this consumer cohorts from these consumer occasions and around these platforms.

當你比這更老的時候，它的分佈非常均勻，因為該品牌激活的平台是非常有趣的平台；戶外、生活方式以及品牌在這些消費場合和平台周圍的消費者群體中不斷增強。

And we continue to see very strong growth in both off-trade, but also in the old trade.

我們繼續看到非貿易和舊貿易的強勁增長。

So consistent growth, consistent shelf gains, consistent tech gains, and the brand is just like building from strength to strength.

如此持續的成長、持續的貨架成長、持續的技術成長，品牌就像不斷成長。

And as I said before, we continue to invest on this very, very good brands.

正如我之前所說，我們將繼續投資這個非常非常好的品牌。

And then changing from beer to the spirits-based, ready-to-drink propositions.

然後從啤酒轉向以烈酒為基礎的即飲產品。

As I said, we have just 1.8% share in the spirits industry, but these two brands combined represented more than one-third of the growth.

正如我所說，我們在烈酒行業的份額僅為 1.8%，但這兩個品牌加起來就佔了成長的三分之一以上。

So they're punching well above their weight, so far.

所以到目前為止，他們的出拳量遠遠超出了他們的體重。

Production, of course, there is some small differences between the beer production that we will do for ready-to-drinks to then ready-to-drink spirits, but we have like a very good installed capacity to do that.

當然，我們生產的即飲啤酒和即飲烈酒的啤酒生產之間存在一些細微的差異，但我們擁有非常好的裝置容量來做到這一點。

Formulations are superior on our products and this is what consumers are saying and that's why the pool is very strong for those brands.

我們的產品配方優越，這就是消費者的評價，這就是為什麼這些品牌的優勢非常強大。

They are growing more rate of sales today than distribution, but the distribution opportunities are massive because we are still in very small distribution, selected states.

如今，他們的銷售成長率高於分銷，但分銷機會巨大，因為我們仍處於非常小的分銷、選定的州。

And when you look, for example, just to give one point, you go to California, and Cutwater has a massive 40%-plus market share there, but we are expanding California west to east.

舉個例子，如果你看一下加州，Cutwater 在那裡擁有 40% 以上的巨大市場份額，但我們正在將加州從西向東擴展。

And when you think about NÜTRL, NÜTRL in some states in the Southeast has like 20%-plus share of ready-to-drink seltzers, but then we are expanding from the Southeast to the center to the west.

當你想到 NäTRL 時，NäTRL 在東南部一些州擁有約 20% 以上的即飲蘇打水份額，但我們正在從東南部向中部再向西部擴張。

So there is huge headroom for growth for both brands.

因此，這兩個品牌都有巨大的成長空間。

They are very healthy with consumers.

他們對消費者來說非常健康。

Distribution gaps today are massive and production is not an issue.

如今的分配差距巨大，生產不是問題。

So we're going to continue to deliver while the brands grow in a healthy path with shares, rate of sales growing ahead of distribution.

因此，我們將繼續提供服務，同時品牌將在健康的道路上成長，份額、銷售率的成長先於分銷。

Thank you.

謝謝。

Great color.

顏色很棒。

Chris Pitcher, Redburn Atlantic.

克里斯皮徹，雷德本大西洋月刊。

Thanks very much for the question.

非常感謝您的提問。

Apologies, I missed a bit of the call back, but I got two questions.

抱歉，我錯過了一些回電，但我有兩個問題。

Firstly, on China again, looking at the impact of the volumes has had on EBITDA.

首先，再次關注中國，看看銷售量對 EBITDA 的影響。

How flexible are you in terms of your [media] investment there?

您在那裡的[媒體]投資有多靈活？

Are you able to course correct quite quickly and redeploy investment from China, elsewhere in the region, which helped soften some of that negative operating leverage that would have been expected?

您是否能夠迅速糾正方向，並重新部署來自中國和該地區其他地方的投資，這有助於緩解一些預期的負面營運槓桿？

And then secondly, could you give us a bit more detail on the BEES rollouts in some of those markets where you don't have the big market shares that you do in Latin America, how well it's being received by retailers in Europe or the US?

其次，您能否向我們詳細介紹一下 BEES 在一些市場的推出情況，這些市場中您沒有像拉丁美洲那樣擁有較大的市場份額，歐洲或美國零售商對 BEES 的接受程度如何？

Thanks very much.

非常感謝。

Thank you, Chris.

謝謝你，克里斯。

So two interesting questions.

這是兩個有趣的問題。

And I'll take the China one.

我會選擇中國的。

First, in twofold.

首先，是雙重的。

I think that the main message in China, as I said before, is that long term, we see fundamental things for the industry continue to be very good.

我認為，正如我之前所說，中國的主要訊息是，從長遠來看，我們看到該行業的基本面仍然非常好。

So premiumization is in place.

因此，高端化已經到位。

Our brands have very strong power and consumer demand and our route to market remains very healthy, which is very important for us.

我們的品牌擁有非常強大的力量和消費者需求，我們的市場路線仍然非常健康，這對我們來說非常重要。

That's why I mentioned that our STRs are moving ahead of STW because we want to keep fresh beer, we want to be as we always are with very healthy inventories in China.

這就是為什麼我提到我們的 STR 正在領先 STW，因為我們想要保留新鮮的啤酒，我們希望一如既往地在中國擁有非常健康的庫存。

So if you look at the second message.

所以如果你看第二條訊息。

It might be we are controlling what we can control, right?

也許我們正在控制我們能控制的事情，對吧？

Which means investing on our brands for the long term, having financial discipline costs, reallocating investments to the right brands, right regions.

這意味著對我們的品牌進行長期投資，承擔財務紀律成本，將投資重新分配到正確的品牌、正確的地區。

And that includes outside of China, which is a very interesting part of your question.

這包括中國以外的地區，這是你問題中非常有趣的部分。

And when you look at South Korea, for example, we are gaining share, having strong top line, very strong bottom line.

例如，當你看看韓國時，我們正在獲得份額，擁有強勁的營收和利潤。

It's a more developed market where we are innovating a lot, leading the industry there and having very good results.

這是一個更發達的市場，我們進行了大量創新，引領產業並取得了非常好的成果。

And that is also true in India where the industry is growing health.

印度也是如此，該產業正在健康發展。

It has a lot of headroom to grow, we have an incredible performance in the premium segment, very strong brands with Budweiser and Corona, and we continue to support and invest on these brands.

它有很大的成長空間，我們在高端市場有著令人難以置信的表現，百威和科羅納等非常強大的品牌，我們將繼續支持和投資這些品牌。

Of course, the size of India versus China to date, when China industry doesn't come, that is impossible to compensate within APAC.

當然，如果中國工業不來，印度與中國迄今的規模在亞太地區是不可能彌補的。

But again, long term, it remains very solid.

但從長遠來看，它仍然非常穩固。

So making the comment on BEES there.

所以在那裡對 BEES 發表評論。

So BEES today has a massive reach in China.

因此，BEES 如今在中國擁有巨大的影響力。

It makes our route to market even stronger.

它使我們的市場之路更加強大。

It gives us visibility that most of companies do not have in China today because of the multiple tiers.

它為我們提供了當今大多數中國公司由於多層而沒有的可見性。

And just to give you a reference, we have over 300 cities that operate with BEES in China today in over 70% of our total revenues.

僅供參考，目前我們在中國有 300 多個城市與 BEES 合作，占我們總收入的 70% 以上。

They come to BEES.

他們來到蜜蜂。

So very massive implementation there.

那裡的實施非常大規模。

Very good view of that.

對此的看法非常好。

In the second point, we always talk about BEES being important for us because it makes our business better.

在第二點中，我們總是談論 BEES 對我們很重要，因為它使我們的業務變得更好。

And this is true across any markets where we have direct distribution or even where we have indirect distribution such as US, Europe, China.

在我們有直接分銷甚至有間接分銷的任何市場（例如美國、歐洲、中國）都是如此。

And of course, when you have indirect distribution, the pace of implementation is lower than when you have direct distribution.

當然，當採用間接分配時，實施速度會低於採用直接分配時的速度。

But when you think about the second leg of this, which is very exciting.

但當你想到第二站時，這是非常令人興奮的。

I mentioned during the call that our marketplace in BEES has a run rate today that's already above $2.5 billion in [non-ABI] products.

我在電話會議中提到，我們的 BEES 市場目前的[非 ABI] 產品運作率已經超過 25 億美元。

And this is growing at a rate of over 50%.

而且這個數字還在以超過 50% 的速度成長。

And this in itself is an incredible opportunity as we continue to gain share of wallet on what is sold for the point of sales.

這本身就是一個令人難以置信的機會，因為我們不斷獲得銷售點銷售的錢包份額。

And there is a lot of headroom there.

而且那裡有很大的空間。

So big acceleration on the 3P model, meaning other companies selling through this to the retailers.

3P 模式的巨大加速意味著其他公司透過這種模式向零售商銷售產品。

And this is a very profitable model for us that's growing and is accelerating our total GMV that goes through this.

這對我們來說是一個非常有利可圖的模式，它正在不斷增長，並且正在加速我們的總 GMV。

So it continues to expand.

所以它繼續擴大。

It works in both areas where we have direct distribution, but also in indirect distribution and China has already a massive coverage.

它既適用於我們直接分銷的地區，也適用於間接分銷的地區，而且中國已經有了很大的覆蓋範圍。

And we are very excited about the acceleration in marketplace that is already meaningful, about $2.5 billion in GMV and growing 50%.

我們對市場的加速發展感到非常興奮，這已經是有意義的，GMV 約為 25 億美元，成長了 50%。

Thanks for the question.

謝謝你的提問。

Simon Hales, Citi.

西蒙‧黑爾斯，花旗銀行。

Thanks.

謝謝。

Hi, Michel.

嗨，米歇爾。

Hi, Fernando.

嗨，費爾南多。

So just a couple for me then.

那麼對我來說只有幾個。

Sorry to come back again to the comments around the share buyback program.

很抱歉再次回到有關股票回購計劃的評論。

I just want to understand, Fernando, does the planned $2 billion buyback as it stands include any capacity to potentially buy back stock from Altria if they were to choose to place again?

我只是想了解，費爾南多，計劃中的 20 億美元回購是否包括如果奧馳亞選擇再次配售，是否有可能回購股票？

Or would any participation in a further placing come on top of that $2 billion buyback?

或者說，除了 20 億美元的回購之外，是否還會參與進一步配售？

And then the second question.

然後是第二個問題。

I want to, maybe Michel, could you just talk a little bit more about what you're seeing from a pricing and competitive environment standpoint in Brazil at the moment?

我想，也許米歇爾，你能多談談你從目前巴西的定價和競爭環境的角度看到的情況嗎？

What you've seen in Q3 and most importantly, are we seeing any signs at all of easing price pressures, particularly from metropolis as we head into the back end of the year?

您在第三季度看到了什麼，最重要的是，我們是否看到任何價格壓力緩解的跡象，特別是在我們進入今年年底時來自大都市的價格壓力？

Hi, Simon.

嗨，西蒙。

Fernando here.

費爾南多在這裡。

So on your first question, I cannot speak to Altria's intention.

所以關於你的第一個問題，我無法說出奧馳亞的意圖。

So I don't know what the intentions are, what they plan to do.

所以我不知道他們的意圖是什麼，計劃做什麼。

We'll continue to be -- execute our capital allocation and the whole framework, as I said, is to maximize value for our shareholders.

正如我所說，我們將繼續執行我們的資本配置和整個框架，旨在為我們的股東實現價值最大化。

And we remain very disciplined with our capital allocation priorities.

我們對資本配置優先事項仍然非常嚴格。

But having said all that, and I repeated more than once that we have adequate flexibility given where we are in leverage.

但話雖如此，我不只一次重申，鑑於我們所處的槓桿地位，我們擁有足夠的靈活性。

But of course, nothing else to share here.

當然，這裡沒有其他可以分享的了。

And talking about Brazil, let me start by coming back to the quarter.

談到巴西，讓我先回到本季。

So, solid quarter.

所以，季度表現穩健。

EBITDA grew double-digit margin expansion and of course, the margin expansion is a product of a health top line, health net revenues per hectoliter coming from both price and premiumization and discipline on cost management.

EBITDA 實現了兩位數的利潤率擴張，當然，利潤率擴張是健康頂線的產物，每百升健康淨收入來自價格和高端化以及成本管理紀律。

If you step back down and you look at the industry, the industry is health, is growing, and continues to premiumize.

如果你退一步審視這個產業，你會發現這個產業很健康，正在成長，並且持續高端化。

So structure of the industry looks very good.

所以產業結構看起來非常好。

If you look at the share of throat in Brazil, it's at historical levels.

如果你看看巴西的喉嚨份額，你會發現它處於歷史水平。

Brazil gained share of throat over the last few years and is very, very healthy because not only gaining share of growth, but it's also premiumizing.

巴西在過去幾年中獲得了主導地位，並且非常非常健康，因為不僅獲得了成長份額，而且還實現了高端化。

Talking about the competitive environment.

談論競爭環境。

I always repeat that Brazil is a very competitive market and is being competitive forever.

我總是重複說，巴西是一個競爭非常激烈的市場，而且競爭將永遠存在。

Competition, though, today is in two very specific areas and I think that you are referring more to the low end of the market and where we under-index, and our competitors, as a consequence, over-index.

不過，今天的競爭是在兩個非常具體的領域，我認為您更多地指的是低端市場，我們索引不足，而我們的競爭對手因此索引過高。

So we see a lot of activity there and share exchange amongst the competitors on the low end of the value segments.

因此，我們看到低端價值領域的競爭對手之間存在大量活動和份額交換。

And the second part where there is a lot of competition today in the market is on the premium and our brands are competing very well there.

第二部分是當今市場競爭激烈，我們的品牌在那裡競爭非常激烈。

We are gaining share in the premium side of the segments.

我們正在擴大該細分市場的高端市場份額。

Very healthy growth with Budweiser, more on the core plus side.

百威啤酒的成長非常健康，更多的是核心優勢。

Very healthy growth for Spaten and original on the premium and Corona on that on the super premium is having like an incredible year in Brazil.

Spaten 和 Original 的溢價以及 Corona 的超溢價增長非常健康，在巴西度過了令人難以置信的一年。

The brands are performing very well, has a lot of headroom for growth and is gaining across all cohorts of consumers.

這些品牌表現非常好，有很大的成長空間，並且在所有消費者群體中都獲得了認可。

And we know how strong the brand is.

我們知道這個品牌有多強大。

So once you put production in place, once we normalize the supply, so the brand has a lot of headroom to continue to gain share on the super premium, while our brands on the premium are doing very well.

因此，一旦生產到位，一旦我們使供應正常化，那麼該品牌就有很大的空間繼續在超高端市場上獲得份額，而我們的品牌在高端市場上表現得非常好。

And when you've got this very strong portfolio of physical brands, as I call, plus the superior digital products that we have in Brazil is there in these, then our revenue management capabilities come to play in a very strong fashion.

當你擁有非常強大的實體品牌組合（正如我所說），加上我們在巴西擁有的優質數位產品時，我們的收入管理能力就會以非常強大的方式發揮作用。

So our prices in Brazil are healthy and this is not being a constraint for us to grow volumes and continue to have health market shares in Brazil.

因此，我們在巴西的價格是健康的，這並不會成為我們增加產量並繼續在巴西健康市場佔有份額的限制。

So competition on the bottom where competitors are trading share; competition on the top, we are gaining share.

所以競爭是在底層，競爭對手在交易份額；在頂部的競爭中，我們正在獲得份額。

And we have a lot of momentum with our portfolio, especially with Corona, Spaten, and Budweiser.

我們的產品組合勢頭強勁，尤其是 Corona、Spaten 和 Budweiser。

Thanks for the question.

謝謝你的提問。

Andrea Pistacchi, Bank of America.

安德里亞·皮斯塔基，美國銀行。

Yes, thank you.

是的，謝謝。

I also have two, please.

我也有兩個，拜託。

This first one is a general one on SG&A.

第一個是關於 SG&A 的一般性問題。

So probably for certain numbers of besides in the US where your SG&A is down this year.

因此，除了美國以外，今年的銷售管理費用 (SG&A) 可能會下降。

So probably for Fernando.

對於費爾南多來說可能也是如此。

So besides in the US where your SG&A is down this year, Also in other regions, your SG&A has grown at a pretty modest level this year and completely below the levels of recent years.

因此，除了今年 SG&A 下降的美國之外，在其他地區，今年 SG&A 的成長也相當溫和，完全低於近年來的水平。

Are there any specific factors behind this, like some more conscious cost control efforts across the group this year or efficiencies in any specific functional areas?

這背後是否有任何具體因素，例如今年整個集團更加有意識地進行了成本控制，或者任何特定職能領域的效率提高？

Or I don't know, distribution costs are increasing less because most of the upfront investment for BEES and B2C is in the base now?

或者我不知道，分銷成本增加得較少，因為BEES和B2C的大部分前期投資現在都在基地？

Then the second question is on the US.

那麼第二個問題是關於美國的。

Just coming back to recent share gainst this year on the portfolio rebalancing.

剛回到今年投資組合再平衡的近期股價漲幅。

Michel, do you feel there was a portfolio rebalancing that you've had?

米歇爾，您認為您進行了投資組合再平衡嗎？

I'm not sure if you discussed.

我不確定你是否討論過。

Do you think the portfolio is now at a point or close to the point where you can continue to hold on even grow slightly going forward, even once you've [lapped] the easy comps next year?

您認為投資組合現在是否處於或接近您可以繼續持有甚至未來略有增長的點，即使您已經[超越]了明年的簡單比較？

Andrea, Fernando here.

安德里亞，費爾南多在這裡。

So before I go into the specifics on SG&A, I probably would step back and look at our strategy.

因此，在詳細討論 SG&A 之前，我可能會退後一步，看看我們的策略。

So pillar three of our strategy is optimize our business.

因此，我們策略的第三支柱是優化我們的業務。

And we've been doing a very strong effort to make sure that whatever money we're expanding in the business is due to the desired return.

我們一直在做出非常大的努力，以確保我們在業務中擴張的任何資金都是由於期望的回報而產生的。

So it's not about saving money, but it's about driving decisions to get better returns and this cuts across SG&A.

因此，這不是為了省錢，而是為了推動決策以獲得更好的回報，這涉及SG&A。

And then you can see across all regions.

然後你就可以看到所有地區。

But this also could cross CapEx, for example, you can look that our outlook for this year, the $4 million to $4.5 million is lower than the outlook we had the year before, and it's lower than the CapEx we spent two years before.

但這也可能跨越資本支出，例如，你可以看看我們今年的預期，400萬至450萬美元，低於我們前一年的預期，也低於我們兩年前花費的資本支出。

So I think we are doing a lot of efforts on that.

所以我認為我們正在這方面做很多努力。

Then of course, with new technologies on the digital, you can always drive more efficiency on the business.

當然，借助數位新技術，您始終可以提高業務效率。

I think this definitely helps us on that.

我認為這絕對對我們有幫助。

But of course, there are other things on the back office, artificial intelligence, and all other things that we can do.

當然，後台還有其他事情，人工智慧，以及我們可以做的所有其他事情。

So for me, more than any specific initiative, it's a mindset and I wouldn't point to any specific silver bullets.

因此，對我來說，這比任何具體舉措更重要的是一種心態，我不會指出任何特定的靈丹妙藥。

Of course, you can point in the US.

當然，你可以指向美國。

In the US, you have some kind of comps from previous years like wholesale incentives that we don't have any more.

在美國，你有一些前幾年的補償，例如批發激勵措施，但我們現在沒有了。

That can explain a little bit of that.

這可以解釋一點。

But the vast majority is really the mindset and looks from incremental opportunities rather than kind of any silver bullet or any major initiative.

但絕大多數實際上是心態，並著眼於增量機會，而不是任何靈丹妙藥或任何重大舉措。

Okay.

好的。

So in the second part of your question, Andrea.

安德里亞，在你問題的第二部分。

As I said before, we continue to make progress on this strategy in the US.

正如我之前所說，我們在美國的這項戰略繼續取得進展。

We have a massive business in the mainstream segments and having these brands to stabilize and even grow like Busch Light is an important part of the job.

我們在主流細分市場擁有龐大的業務，讓這些品牌穩定甚至像 Busch Light 一樣成長是這項工作的重要組成部分。

And then we need to continue to develop our brands in the segments of the industry where there is more growth.

然後我們需要繼續在成長更快的行業領域發展我們的品牌。

As of today, we have close to 45% of our portfolio [above] core segments.

截至今天，我們的投資組合中有近 45% 屬於核心細分市場。

And this above part is growing, which is important, and we will continue to invest to drive growth there.

上述部分正在成長，這一點很重要，我們將繼續投資以推動那裡的成長。

The brands that we have in these segments that are contributing a lot are gaining scale.

我們在這些細分市場中做出巨大貢獻的品牌正在擴大規模。

So think about Michelob ULTRA.

因此，請考慮 Michelob ULTRA。

That continues to grow.

這種情況還在持續增長。

And as the brand gets bigger, we continue to have growth that feeds from a bigger base.

隨著品牌變得越來越大，我們的成長也將持續得益於更大的基礎。

So that's a very important component.

所以這是一個非常重要的組成部分。

We see -- what's very interesting as well, very good momentum in on-premise.

我們看到——也很有趣，內部部署的勢頭非常好。

As I said before, Busch Light is gaining lot of momentum in the on-premise.

正如我之前所說，Busch Light 在內部部署中獲得了巨大的發展勢頭。

We have Michelob ULTRA accelerating its momentum in the on-premise.

我們讓 Michelob ULTRA 在內部加速其發展勢頭。

Today, it's growing faster in the on-premise than it is in the off-premise brands such as NÜTRL.

如今，它在內部的成長速度比 NäTRL 等外部品牌的成長速度更快。

They have like a massive way for us in the on-premise, which is very interesting as well.

他們在本地為我們提供了一種巨大的方式，這也非常有趣。

As I said, the brand is under-distributed nationally.

正如我所說，該品牌在全國範圍內的分佈不足。

It's under-distributed in the off-premise, but is growing faster than the average -- on the on-premise.

它在外部的分佈不足，但在內部的成長速度高於平均值。

And the up-and-coming brands such as Corona, they also disproportionately over-index in the on-premise, which is a very good indication of the potential of the brand for the off-premise.

Corona 等新興品牌在店內的索引也過高，這很好地表明了該品牌在店外的潛力。

So we remain laser focused on executing our strategy.

因此，我們仍然專注於執行我們的策略。

One very important component of our strategy in the US is rebalance the portfolio.

我們在美國的策略的一個非常重要的組成部分是重新平衡投資組合。

Today, 45% of our portfolio is above core and growing, and we have the mainstream business that we need to get brands to stabilize and grow.

如今，我們的產品組合中有 45% 處於核心且不斷成長，我們擁有讓品牌穩定和發展所需的主流業務。

We have today, Busch Light; top three growth in the US and we continue to invest on the other brands to get down to the right place.

我們有今天，布希燈；在美國成長前三名，我們繼續投資其他品牌，以達到正確的位置。

So thank you for the question.

謝謝你的提問。

Celine Pannuti, J.P. Morgan.

席琳潘努蒂 (Celine Pannuti)，摩根大通。

Good morning.

早安.

Good afternoon.

午安.

My question, in fact, it's just one question.

我的問題，其實只是一個問題。

And maybe Fernando, to come back on your point about the opportunity for margin upside in the short and midterm.

也許費爾南多，回到你關於短期和中期利潤率上升機會的觀點。

And clearly, you did well year to date.

顯然，今年迄今為止你表現得很好。

I wanted to -- if you could give me two specific points.

我想——如果你能給我兩點具體的觀點的話。

First of all, in terms of the operational deleverage that you've seen from volume impact this year.

首先，就今年銷售影響所看到的營運去槓桿化而言。

Could you help us quantify what has been the headwind in the nine months?

您能幫助我們量化這九個月的逆風是什麼嗎？

And as we look into next year, thinking about what you said in a normalized environment in terms of cost inflation.

當我們展望明年時，考慮一下您在正常化環境下就成本通膨所說的話。

Can you specifically help us understand your ability to price?

您能具體幫助我們了解您的定價能力嗎？

We discussed China mix and we discussed as well Brazil.

我們討論了中國組合，也討論了巴西。

Is there any other any region where you feel that, I think maybe tough as you look into next year?

當您展望明年時，您認為還有其他地區的情況可能會很艱難嗎？

And then if you could as well remind me how big premiumization is in your portfolio and what has been the performance?

那麼您能否提醒我您的投資組合中的高端化程度有多大以及表現如何？

Thank you.

謝謝。

Hi, Celine.

嗨，席琳。

So a lot of questions into one.

所以很多問題合而為一。

So let me start kind of on your first piece, like volume deleverage margins, what is normalized, it means I think there's a whole bunch of things.

讓我從你的第一部分開始，例如成交量去槓桿化利潤，什麼是標準化，這意味著我認為有很多事情。

Of course, more volume helps, but we have a meaningful scale.

當然，更多的數量會有所幫助，但我們有一個有意義的規模。

And even if we scale some small swings on volumes, you can optimize your network, optimize your distribution; you can do with that.

即使我們在數量上進行一些小幅波動，您也可以優化您的網絡，優化您的分銷；你可以這樣做。

If there is a massive volume one way or another that's a different question.

如果以某種方式存在大量的數據，那就是另一個問題了。

But within the range that we are talking about, definitely we can optimize within that.

但在我們談論的範圍內，我們絕對可以在其中進行最佳化。

On what I mean by normalized costs, if you remember 2001, 2002, 2021, 2022, and 2023 -- the costs, they grew way ahead of inflation.

關於我所說的標準化成本，如果你還記得 2001 年、2002 年、2021 年、2022 年和 2023 年的成本，它們的成長遠遠超過了通貨膨脹。

They go -- it's something that we've never seen before.

他們走了——這是我們以前從未見過的。

When I mean a more normal year, you mean that you should have some cost pressures, but not anything that we cannot deal with, not anything that is massively different than inflation, so similar to inflation.

當我指的是更正常的一年時，你的意思是你應該承受一些成本壓力，但不是任何我們無法應對的事情，不是任何與通貨膨脹有很大不同、與通貨膨脹非常相似的事情。

And then again, using current numbers, we don't have the full cost for next year locked.

話又說回來，使用目前的數字，我們並沒有鎖定明年的全部成本。

But with that and if there's normal pricing dynamics, you definitely can continue to grow your business, you continue to find opportunities to be more efficient in that.

但有了這個，如果有正常的定價動態，你肯定可以繼續發展你的業務，你會繼續尋找提高效率的機會。

So that's what I mean by normalized, okay?

這就是我所說的標準化的意思，好嗎？

And on your second part of the question which was more on the pricing side, I'm going to move to Michel.

關於問題的第二部分，更多的是定價方面，我將轉向米歇爾。

Hi, good morning.

嗨，早安。

Let me start answering the question in a way that I think is helpful to get the full picture.

讓我開始以一種我認為有助於全面了解情況的方式來回答這個問題。

We are always playing the long-term game.

我們總是在玩長期遊戲。

And what I mean by that?

我的意思是什麼？

So we continue to invest a lot of brands and make these investments in a very efficient way.

因此，我們繼續投資許多品牌，並以非常有效的方式進行這些投資。

I think that this complements the SG&A question that we had before.

我認為這補充了我們之前提出的 SG&A 問題。

As we leverage all these mega brands portfolio and we combine this with the mega platforms in big activation programs that we have, we can build a lot of efficiencies into the system while continuing to reach more in a more meaningful way, our consumers.

當我們利用所有這些大型品牌組合，並將其與我們擁有的大型激活計劃中的大型平台相結合時，我們可以提高系統的效率，同時繼續以更有意義的方式接觸更多的消費者。

And because of that, the brand power of our brands globally continues to grow.

正因為如此，我們品牌在全球的品牌力持續成長。

So the preference for our brands globally is growing and achieved very high levels during the quarter three.

因此，全球對我們品牌的偏好正在成長，並在第三季達到了非常高的水平。

And as we continue to play this long-term game, we believe that we should continue to command prices on our products, in line with inflation and in line with our abilities to price for the long term.

當我們繼續玩這個長期遊戲時，我們認為我們應該繼續根據通貨膨脹和我們的長期定價能力來控制我們產品的價格。

And because of that, there was some normal shifts in some markets, has implemented our price actions during this quarter, while our market share continues to be healthy on an annualized basis.

正因為如此，一些市場出現了一些正常的變化，我們在本季度實施了價格行動，而我們的市場份額按年化計算仍然保持健康。

So prices, long-term inflation, net revenue will be a combination of this price with the premiumization, and we still have less than 40% of our volumes today in their above core segments.

因此，價格、長期通膨、淨收入將是該價格與溢價的結合，而我們目前上述的核心細分市場的銷售量仍不足 40%。

So there is a lot of headroom to continue to premiumize and of course, as the mega brands grow ahead of the entire portfolio, this also drives a lot of efficiencies.

因此，繼續高端化還有很大的空間，當然，隨著大型品牌的成長領先於整個產品組合，這也提高了效率。

Efficiencies in the sales and marketing, efficiencies on the production costs that will yield better margins for us.

銷售和行銷的效率以及生產成本的效率將為我們帶來更好的利潤。

So playing the long-term game, brands are very health, and health brands should command premium price as we have premium price inefficiencies on our marketing activations behind the mega brands portfolio, which should drive margins up.

因此，從長遠來看，品牌非常健康，健康品牌應該獲得溢價，因為我們在大型品牌組合背後的行銷活動存在溢價低效，這應該會推高利潤率。

So it's a long-term game.

所以這是一場長期的遊戲。

We are executing our strategy and we are encouraged by the outcomes because we see all components coming together very well.

我們正在執行我們的策略，我們對結果感到鼓舞，因為我們看到所有組件都很好地結合在一起。

So thanks for the question.

謝謝你的提問。

Thank you.

謝謝。

This was the final questions.

這是最後的問題。

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.

謝謝。

So thank you for all your time today.

感謝您今天抽出寶貴的時間。

Thank you for the ongoing partnership and support for our business.

感謝您對我們業務的持續合作與支持。

Stay safe and well.

保持安全和健康。

And talk soon.

並很快說話。

Thank you.

謝謝。

This concludes today's earning 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。