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

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. After that, we'll be happy to answer your questions.

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。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. 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.

讓我們從穩健的營運業績和本季的主要亮點開始。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. 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%.

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。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. Total revenue grew by 2.1% this quarter. 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.

轉向我們的經營業績。本季總營收成長 2.1%。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% 的市場銷量有所增加。

However, growth was offset by a soft consumer environment in China in Argentina, resulting in an overall volume decline of 2.5%.

然而，成長被中國疲軟的消費環境所抵消，導致阿根廷整體銷售下降 2.5%。

As we noted at our full year 23 results for 2020, for the definition of organic growth in Argentina has be amended to cap the price growth to a maximum of 26.8% year-over-year.

正如我們在 2020 年 23 月全年業績中指出的那樣，阿根廷的有機成長定義已進行修改，將價格同比增長上限限制在 26.8%。

We delivered broad based growth.

我們實現了基礎廣泛的成長。

This quarter, we saw revenue increases in more than 60% of our markets in the EBITDA growth and margin expansion in four of our five operating regions.

本季度，我們的 5 個營運區域中有 4 個區域的 EBITDA 成長和利潤率擴張，超過 60% 的市場收入成長。

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 in the U.S., beer industry remains resilient, improving in both volume and revenue trends.

現在，我將花幾分鐘時間向您介紹我們主要地區本季的營運亮點，從美國的北美地區開始，啤酒行業仍然保持彈性，銷售和收入趨勢均有所改善。

Quarter over quarter.

季度又季度。

Our beer portfolio gaining volume share of the industry, driven by a nickel of Ultra in Bush light, which were two of the top three volume share gainers in the industry.

我們的啤酒產品組合在該行業中的銷售份額不斷增加，這主要得益於布希淡味啤酒（Ultra in Bush light）的一分錢的推動，該啤酒是行業銷量份額增長前三名中的兩個。

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

我們不斷提高的市佔率趨勢和提高生產力的舉措推動 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 committed we need to invest to fuel.

我們在美國的業務正在恢復勢頭，我們承諾需要投資來推動業務。

Moving to Americas.

搬到美洲。

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 in EBITDA grew by mid-single digits with margin expansion.

EBITDA 營收持平，隨著利潤率擴張，實現中個位數成長。

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

在哥倫比亞，我們的業務實現了兩位數的高個位數營收成長、利潤成長和利潤率擴張。

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 there, delivering high 10s volume growth in South America.

我們的高端和超高端品牌引領了我們的業績，在南美洲實現了數十年的銷售成長。

Our business in Brazil delivered mid single digit top line and double digit bottom line growth with margin expansion of 174 basis points.

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 India.

現在我們來談談印度。

In Europe, we grew bottom line by low single digits.

在歐洲，我們的利潤實現了較低的個位數成長。

We further margin recovery volumes declined by low single digits, estimated to have outperformance a soft industry in the majority of our markets.

我們的利潤率恢復量進一步下降了低個位數，估計在我們的大多數市場中表現優於軟產業。

Our portfolio continues to premiumize with our premium and super-premium portfolio, making up approximately 57% of our revenue performance was led by Corona, which delivered another quarter of double digit volume growth in South Africa.

我們的產品組合繼續高端化，我們的高端和超高端產品組合占我們收入業績的約57%，其中Corona 引領了我們的銷售業績，該產品在南非的銷量又實現了四分之一的兩位數增長。

The momentum.

勢頭。

Some of our business continued, delivering double digit top and bottom line growth with margin expansion volumes increasing by low single digits.

我們的一些業務仍在繼續，實現了兩位數的頂線和底線成長，利潤率擴張量以較低的個位數成長。

We follow performance, driven by our above core brands, which grew volumes by high-teens, led by Corona and Stella Artois in the pack in China, a soft consumer environment continued to impact the overall beer industry and our performance, particularly from continued weakness in the on-premise channel by 16.1% this quarter.

在上述核心品牌的推動下，我們專注於業績，這些品牌的銷量增長了十幾倍，其中以中國的科羅納(Corona) 和時代啤酒(Stella Artois) 為首，疲軟的消費環境繼續影響整個啤酒行業和我們的業績，尤其是持續疲軟的情況下本季本地通路成長了 16.1%。

While the industry has had a challenge in nine months, we continue to focus on controlling what we can control 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, 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 in our unwavering commitment to invest for the long term.

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策略的一致執行，投資於我們的品牌的數位能力，為我們的客戶和消費者創造價值，同時保持我們的成本和收入紀律考慮到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，我們仍然有信心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.

讓我們從我們策略的支柱之一開始，發展這個類別。

While our our overall growth was constrained by performance in China, our mega brands 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，但我們的大型品牌繼續引領我們的成長，淨收入成長了 3.1%，其中 Corona 領先，墨西哥以外地區的收入成長了 10.2%。

With a more focused portfolio.

擁有更專注的投資組合。

We are disproportionately investing in our mega brands to increase our brand power and drive efficient growth through the consistent execution of our replicable growth drivers.

我們對大型品牌進行了不成比例的投資，以增強我們的品牌力量，並透過持續執行可複製的成長動力來推動高效成長。

In our five category expansion levers.

在我們的五個類別擴展槓桿中。

We have leading and growing the category by offering superior corporate positions, developing new consumption occasions in expanding our premium and beyond DLP performance.

我們透過提供卓越的企業地位、開發新的消費場合、擴大我們的溢價和超越 DLP 績效，引領並發展了這個類別。

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。

Building Index mega platform provided us with a unique opportunity to active quarter in the saddle at scale across more than 40 markets.

Building Index 大型平台為我們提供了一個獨特的機會，可以在 40 多個市場上大規模活躍。

We are gaining market share of non-alcohol beer in over 60% of our key markets in the third quarter, with corona saddle 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 Saddle 的銷售和收入都增加了一倍多。

While low alcohol beer is small volume, we believe that 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.

雖然低度啤酒銷量較小，但我們相信這是增量成長的重要機會，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，即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 in reaching 3.9 million monthly active users.

使用量持續擴大，商品銷售總額約 121 億美元，較去年同期成長 14%，每月活躍用戶數達 390 萬。

Customer subsection proven, we follow our Net Promoter Score improving to plus 66.

經過客戶分段驗證，我們的淨推薦值提高到+ 66。

These marketplace continued to grow, generating 9.5 million orders of known HBA products in delivering $630 million in GMV this quarter, an increase of 51% versus last year.

這些市場持續成長，本季已知 HBA 產品產生了 950 萬份訂單，GMV 達到 6.3 億美元，比去年成長了 51%。

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

按年計算，這相當於約 25 億美元。

Now let's talk about our direct relationship with our consumers through our digital direct-to-consumer platforms.

現在讓我們來談談我們透過數位直接面向消費者的平台與消費者的直接關係。

We generated approximately 19 million unique orders in the 11% revenue growth this quarter.

本季我們產生了約 1,900 萬個獨立訂單，營收成長了 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 bid.

說到這裡，我想把它交給費爾南多來討論我們策略的第三個支柱，優化我們的出價。

This is Fernando silver to you.

這是給你的費爾南多銀器。

Thank you, Michelle, and good morning.

謝謝你，米歇爾，早安。

Good afternoon, everyone.

大家下午好。

First, let me share how we have progressive on some of our 2025 sustainability goals.

首先，讓我分享我們如何在 2025 年永續發展目標方面取得進展。

In the first nine months of 2024.

2024 年前 9 個月。

In Climate Action.

在氣候行動中。

We continue to focus on reducing emissions across our operations globally, our Scopes one and two emissions per hectolitre of production having proven 2017 baseline in water stewardship, our water use efficiency ratio improved to two point 47 at two liters per hectolitre year to date versus 2.53 in the same period last year as we continue working towards our ambition to reach 2.502 liters per hectolitre on an annual basis by 2025.

我們持續致力於減少全球營運的排放，我們每百升產品的範圍一和範圍二排放量已在2017 年水資源管理基準上得到證實，我們的用水效率比年初至今已提高至兩點47，每百升為2 公升，而之前的水準為2.53去年同期，我們繼續努力實現到 2025 年每年達到每百升 2.502 公升的目標。

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

轉向我們的債務狀況，您可以看到我們的債務到期日分佈良好，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 as we continue to optimize our business.

有機 ITDA 成長佔每股 0.19 美元的成長，隨著我們繼續優化業務，這大部分被轉化外匯不利因素所抵消。

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 REDUCE-IT FX losses.

以下 EBITDA 項目的改善推動了我們 EPS 成長的平衡，例如主動淨債務管理和持續去槓桿化帶來的淨利息支出降低，以及對沖成本降低和 REDUCE-IT 外匯損失。

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 will we are dynamically balance sheet to maximize remain confident in the long term growth of our business and have announced today that we'll be proceeding with 2 billion share buyback program to be executed within the next 12 months.

我們仍然遵守我們的資本分配決策，我們將動態調整資產負債表，以最大限度地保持對我們業務的長期增長的信心，並今天宣布我們將繼續進行20 億股股票回購計劃，並將在未來幾年內執行12個月。

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。

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.

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, and we continue to make progress in executing across each of our three strategic pillars, driven by the continued momentum of four megabrands, we gained or maintained its market share in delivered revenue growth in 60% of our markets.

我們有一個彈性策略，就像啤酒適用於所有場合一樣，我們在三個戰略支柱的執行方面繼續取得進展，在四個超級品牌持續增長勢頭的推動下，我們在實現收入增長方面獲得或保持了市佔率60% 的市場。

These marketplace continues to expand increasing Gen Z of third party products by 51% versus last year.

這些市場持續擴大，Z 世代第三方產品比去年增加了 51%。

Ebitda grew by 7.1%.

息稅折舊攤提前利潤 (Ebitda) 成長 7.1%。

In giving our performance year to date, we are raising our full year outlook to 6% to 8% as we continue to optimize our business underlying EPS increasing by double digits.

在今年迄今的業績公佈時，我們將全年預期上調至 6% 至 8%，因為我們將繼續優化業務，使每股收益以兩位數的速度成長。

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，我們的經營業績繼續令我們感到鼓舞，我們有能力利用眼前的機遇，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。

Our summer Shell, it it looks like your market share in the US is stable and the euro business is gaining momentum.

我們的夏季殼牌，看起來你們在美國的市佔率很穩定，歐元業務正在成長。

So I was just wondering, you know, it's been a long and tough for deal on.

所以我只是想知道，你知道，這是一個漫長而艱難的交易。

Could you assess and your major you're thinking about the progress of the U.S. business, any kind of tweaks or changes strategy kind of looking forward in our levers to pull as well as key initiatives for 2025 to to build on the momentum, maybe touching on the global trade zero.

您能否評估您正在考慮的美國業務的進展情況、任何形式的調整或改變策略、展望我們的槓桿以及 2025 年的關鍵舉措，以鞏固這一勢頭，也許會觸及關於全球貿易歸零。

Thank you.

謝謝。

Robert money for the question, maybe step back for a second and talking about the U.S., we see that the industry remains resilient and actually improve it in the quarter three versus quarter two.

羅伯特·錢（Robert Money）回答這個問題，也許退一步談談美國，我們看到該行業仍然保持彈性，並且實際上在第三季度比第二季度有所改善。

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 in the US is all about rebalancing our portfolio towards growing segments while stabilizing our mainstream brands from them.

就我們的策略而言，我們不斷取得進展，我們之前在美國討論過這一點，就是針對不斷增長的細分市場重新平衡我們的產品組合，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 mix, tolerable drug in Bush, like, for example, amongst the top three brands in volume growth, Michelob Ultra actually lab in the quarter as number one one.

我們在本季度看到了布希的混合藥物，例如，在銷售成長排名前三的品牌中，Michelob Ultra 實際上在本季度實驗室中排名第一。

But do you think about Bush light in the mainstream segment leading growth as well?

但您是否認為布希光在主流領域也引領成長？

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

有一段時間，我們沒有看到一個品牌能夠以如此一致的方式在主流市場中獲得份額。

So very strong momentum for Bush liked the fact that we have terms of new brands corner doing fairly well in Australia and do well in especially when you look at their beyond beer, both Cutwater neutral, rising very, very good growth.

因此，布希非常強勁的勢頭喜歡這樣一個事實，即我們的新品牌在澳大利亞表現得相當好，尤其是當你看看他們的超越啤酒時，它們都是中性的，增長非常非常好。

So we have now this 1.8% share in this period segment, but just to make the point is to 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，但要強調的是，本季品牌在美國烈酒產業收入成長中所佔的比例超過三分之一。

So we'll continue to invest to accelerate this momentum into next year.

因此，我們將繼續投資，以加速這一勢頭到明年。

Here are you mentioned we have some new tools to play with one that has, but is that excited?

您提到我們有一些新工具可以使用，但很興奮嗎？

We are Phil Mickelson, Volterra's zero, very good liquid.

我們是菲爾米克森，Volterra 的零，非常好的液體。

The brand itself represents this trend and the segment.

該品牌本身就代表了這一趨勢和細分市場。

And if we can and on the Kellogg Volterra growth growth, which is zero proposition than you can see how much contribution this can bring to the entire system.

如果我們能夠和 Kellogg Volterra 的成長成長（這是零命題）比，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 out 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，並進一步加速我們全年建立的勢頭。

Thanks for the question, Robert.

謝謝你的提問，羅伯特。

Thank you.

謝謝。

Thank you.

謝謝。

Edward Mundy, Jefferies.

愛德華‧蒙迪，傑弗里斯。

Morning, Fernando seven.

早安，費爾南多七點。

First question is on around China, Amazon, Alibaba market.

第一個問題是關於中國、亞馬遜、阿里巴巴市場。

You're very familiar with how to come back a little bit below what some would happen in this quarter.

您非常熟悉如何稍微低於本季可能發生的情況。

Is your view of the structural?

您的觀點是結構性的嗎？

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

當您考慮潛在的復甦時，哪些因素會追蹤綠色萌芽的跡象？

And then final one on margins in a pretty good margin recovery this year, despite the challenges in Asia-Pac comment, based on what you're seeing on key line by line item going into 2025, already flagged some adjusted profit will be able to grow ahead of sales and next year.

然後，最後一個關於利潤率的問題是，儘管亞太地區的評論面臨挑戰，但今年的利潤率恢復得相當不錯，根據您在進入2025 年的關鍵逐行項目中看到的情況，已經標記了一些調整後的利潤將能夠成長領先於銷售和明年。

Hiab, Gluster?

希博、格魯斯特？

No, let me take the first one here and then I'll hand it over to Fernando.

不，讓我把第一個拿過來，然後交給費爾南多。

So in China, what we observe this soft consumer environment that continues to impact the overall consumer goods, the beer market and also our over farmers.

因此，在中國，我們觀察到這種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農民。

So we just have a full week in China.

所以我們在中國只有整整一週的時間。

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.

歸根究底，當你觀察市場的整體狀況時，你會發現它們並沒有惡化得太嚴重，但情況也不好，因為消費者保留了所有地點，並減少了外出消費。

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

所以你知道我們的足跡偏向東岸，但更多的是偏向戶外。

And both these calls have some very bad quarter from the less apt to restaurants, bars and out of home occasions, our STWs laggards, our STAR sales because we keep an eye space after the summer on the foundries.

這兩通電話都有一些非常糟糕的季度，因為不太適合餐廳、酒吧和戶外場合，我們的 STW 落後者，我們的 STAR 銷售，因為我們在夏季之後密切關注鑄造廠。

And we also have always very fresh beer, very controlled inventories and making sure that our route to market is very health.

我們也一直擁有非常新鮮的啤酒，非常控制庫存，並確保我們的市場路線非常健康。

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

所以你知道，我們在中國玩的是長期遊戲，總是降低價格，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。

Wyndham has seen an improvement in the short term, to be honest, other than the weather that looks more normal now as we face from summer to Alto.

老實說，溫德姆在短期內已經看到了改善，除了我們面臨從夏季到阿爾託的天氣看起來更正常。

And we think that not in the short term, things will improve to fast.

我們認為，短期內情況不會很快改善。

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

但在條件適當的情況下，我們品牌的力量和消費者需求仍然保持健康。

And 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 overall conditions in China, improving both brands are health, volatile markets, health inventories on health, and they have some good innovation at play in our favor.

我認為我們需要一段時間才能看到中國的整體狀況，改善兩個品牌的健康狀況，波動的市場，健康庫存，以及他們有一些對我們有利的良好創新。

There and high end segment of the year.

還有今年的高端市場。

So on your second question, on your second question on costs, we 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，我們不會對明年的成本給予任何具體的指導或展望。

And we are the year this year hasn't finished.

而我們這一年今年還沒結束。

So there are some prices that is to open.

所以有一些價格是開放的。

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 some 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 like 2010 were 22 and three, but have this massive cost swings this more of a normal year, MultiPlan's, I don't know how to say, but more or less in line with inflation.

如果你看起來 2010 年是 22 和 3，但今年的成本波動很大，這更像是正常的一年，MultiPlan 的，我不知道怎麼說，但或多或​​少與通貨膨脹一致。

If you look at current prices, but the one important thing, and we said that over and over again, without being too specific about that going to get our margins, I see no reasons why our margins would not improve.

如果你看看目前的價格，但重要的是，我們一遍又一遍地說過，沒有太具體地說明我們的利潤率，我認為我們的利潤率沒有理由不提高。

They are kind of issue, Luca, where they come from.

他們是一個問題，盧卡，他們來自哪裡。

And three years just pretty much, 2021 and 2020 of very high commodity prices were above the inflation.

2021 年和 2020 年的三年時間裡，大宗商品價格非常高，都高於通膨率。

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

既然您已經變得更加正常，我們肯定會看到利潤率繼續提高的道路。

And then just thinking momentum, I guess just complement my answer because I think you put two questions the short term and long term in China, and I didn't mention the long term.

然後只是考慮動力，我想只是補充我的答案，因為我認為你提出了中國的短期和長期兩個問題，而我沒有提到長期。

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

當你長期觀察基本面、行業規模、高端化和我們品牌的力量時，讚揚溢價的份額增長，我們沒有看到這方面的變化。

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

所以當你跟消費者交談的時候，當你看到零售商是如何在合適的條件下發展的，消費是如何發展中國、印度並奪取份額的咽喉，這是在中國一遍又一遍發生的非常有趣的事情。

So long term from the mountains for those they remain in place in the size of the price remains big in China long-term.

因此，從長遠來看，對於那些留在原地的山區來說，價格的規模在中國仍然很長一段時間。

Okay.

好的。

Thanks.

謝謝。

Thank you.

謝謝。

Our next questions come from the line of Sanjeet Aujla with UBS.

我們的下一個問題來自瑞銀集團的桑吉特‧奧吉拉 (Sanjeet Aujla)。

Please proceed with your questions.

請繼續回答您的問題。

Morning, Michel and Fernando for me, please.

早安，米歇爾和費爾南多，請幫幫我。

Firstly, Michelle, can you just dig into the middle Americas region and gives 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，您能否深入了解美洲中部地區，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 of just wanted to get your view on how you're thinking about dividends versus buybacks.

我今天只是透過股票回購公告來談談資本配置，只是想了解一下您對股利與回購的看法。

And I think in the past you had on the balance that your dividend interim dividend as well.

我認為過去你也有股息中期股息。

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？

Hi, Sanjiv.

嗨，桑吉夫。

With ethanol.

用乙醇。

So I'll take the first one of them, Fernando, the shackles.

所以我會拿第一個，費南多，枷鎖。

So Mid-America's, 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，如果你看看今年迄今為止的情況，我們會看到該行業的實力，對我們品牌的需求表現非常好，以及所有市場的表現都非常好。

If you look at the short term, the short term was a little bit abnormal and of the weather.

如果你看短期，短期內的天氣有點不正常。

All this colder weather over the summer was real it across Middle America, especially Mexico.

整個夏季的寒冷天氣在中美洲都是真實存在的，尤其是墨西哥。

If you think about the elections impacts, you also saw an imbalance of money and government spend, Chile, Mexico on the first half of the year.

如果你考慮一下選舉的影響，你會發現今年上半年智利、墨西哥的貨幣和政府支出不平衡。

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

因此，四分之三季度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 do 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進行削減，第三季度我們對零售商的銷售量再次達到創紀錄的高水平，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 max for now, we will see the phasing of cost.

即使你現在看看最大成本，我們也會看到成本的階段性。

There's different governments investments in the quarter for quarter one next year, but the normalization moving forward, remittances in dollars remains strong.

明年第一季度，政府將有不同的投資，但隨著正常化的推進，美元匯款依然強勁。

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

市場基本面非常好，因為參與量增加，品牌也非常健康。

Inflation is moving down across the majority of the markets.

大多數市場的通膨率正在下降。

Salaries and purchased power is normalizing.

工資和購買的電力正在正常化。

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.

當你看到全年受到的影響被稀釋時，因為這一年看起來非常好並且在向前發展，大多數現有的基本面看起來對我們來說非常好。

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

因此，我們認為現在正在發生一些正常化，而這個市場仍然非常強勁。

And so it's a tremendous year.

所以這是偉大的一年。

On your second question, I would like to give a step back before discussing any specific trade off, why do we what do we need to do with our capital allocation choices?

關於你的第二個問題，在討論任何具體的權衡之前，我想退後一步，為什麼我們需要對我們的資本配置選擇做什麼？

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 without it's harder to understand.

這是最重要的背景，但也更難理解。

And when I talk about, it's what we have different options, we can deleverage, we can buy back.

當我談論時，我們有不同的選擇，我們可以去槓桿化，我們可以回購。

You can make different M&A as you can make the trust between dividends and share buyback.

您可以進行不同的併購，因為您可以在股利和股票回購之間建立信任。

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

但我們可以確保我們在資本配置決策中保持嚴格的紀律。

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

儘管我們給出了目前的情況，但我們還是增加了靈活性。

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，我們回購了 10 億股股票。

This year.

今年。

We have a $2 billion share.

我們有20億美元的股份。

Buyback is twice as much.

回購金額是原來的兩倍。

So that speaks for the added flexibility.

這說明了靈活性的增加。

The deleveraging is giving to us and that base because it a different moment in time is going to have a different optimal combination.

去槓桿化為我們帶來了基礎，因為不同的時刻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 these added a share buyback, we remain confident in our ability to continue to deleveraging.

即使這些增加了股票回購，我們仍然對繼續去槓桿化的能力充滿信心。

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

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

關於問題的第二部分，即中期股息、中期股息，這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 we have in the past when we were having a 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，我們就發放了中期股利。

I think at some point in time we've had different dividend.

我認為在某個時間點我們有不同的股息。

We may I reintroduce the interim dividend, but of course, nothing to share as of now.

我們可能會重新引入中期股息，但當然，目前還沒有什麼可分享的。

Thank you very much.

非常感謝。

Thank you.

謝謝。

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 that share buyback.

緊接著關於股票回購的那一篇。

You mentioned that the buybacks could be $2 billion now from EUR1 billion last year.

您提到回購額可能從去年的 10 億歐元增加到 20 億美元。

I was wondering, could you be precise as to why you chose that number specifically, you could have come at one point if you could accommodate 2.55 specifically for that 2 billion this year?

我想知道，你能否準確地解釋為什麼你專門選擇了這個數字，如果你今年能專門為這 20 億容納 2.55，你可能會在某一時刻來？

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

其次，我們在 Aveanna 的歐洲市場上看到了許多其他消費必需品公司的疲軟。

Do you think and I think structurally going wrong within European countries with regards to why the consumers are behaving more weakly recently?

您認為（我認為）歐洲國家內部的結構性問題是否導致消費者最近的表現更加疲軟？

Thank you.

謝謝。

I noticed on your Fernando here on your first question on the share buyback.

我注意到費爾南多關於股票回購的第一個問題。

I think the key thing here is our capital allocation dynamic.

我認為這裡的關鍵是我們的資本配置動態。

So we balance the different priorities at a given moment in time, seeing 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 leverage, we have added flexibility.

隨著您不斷利用，我們增加了靈活性。

So I think 2 billion speaks to that added flexibility and 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 億說明了靈活性的增加，是去年的兩倍，而且我們在這裡有更多的靈活性。

So out and tried to to elaborate a lot that can have a lot of different levers.

因此，我們試圖詳細闡述可以有很多不同槓桿的內容。

We can have one 1.5 to, but I think 2 billion was twice as much I think is fixed and indexed to the confidence in our ability to continue to generate strong cash flows in our business.

我們可以有 1.5 倍，但我認為 20 億是兩倍，我認為這是固定的，並且與我們對繼續在業務中產生強勁現金流的能力的信心掛鉤。

I'm Michelle here, Lawrence, a whole new look, I think that if you look at the quarter three, similarly to the comments I made on Mexico, we see everybody talk EL. park level was in Europe over summer.

我是米歇爾，勞倫斯，一個全新的面貌，我想如果你看看第三季度，就像我對墨西哥所做的評論一樣，我們看到每個人都在談論 EL。夏天的歐洲公園水平。

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

夏天有點奇怪，所以夏天的天氣比預想的要弱。

Nevertheless, we delivered flattish top line and regain its share immature of our markets.

儘管如此，我們的營收仍持平，並重新獲得了未成熟市場的份額。

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

如果你全面審視我們今年迄今為止的合併，歐洲在財務方面的股票表現看起來不錯，在一些市場上，我們看到消費者在啤酒方面的交易量上升，這對我們的投資組合非常有利，因為超過我們一半的品牌屬於高端和超高端細分市場。

You are seeing some other markets, our competitors chasing volume, so increasing promotion of David downgrade their brands and competing car minus value.

你會看到其他一些市場，我們的競爭對手追逐銷量，因此大衛加大促銷力度，降低了他們的品牌，而競爭對手的汽車則降低了價值。

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

從長遠來看，我們更看重的是溢價超溢價。

And therefore, our net revenue press release, it is above competition and we are benefiting from channel shifts are 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，正在獲得高端超高端細分市場的份額。

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

因此，我們目前在歐洲並沒有真正在本季的減值追擊上進行競爭。

And I think that as weather normalizes, then fundamentally purchased power continues to recover in Europe, here is gained share of throat and gain share absorbing some very relevant markets.

我認為，隨著天氣正常化，歐洲購買的電力將繼續恢復，從而贏得了市場份額，並吸收了一些非常相關的市場。

And our brands continue to have power above share in there for the consumer demand is there.

由於消費者的需求就在那裡，我們的品牌繼續擁有高於市場份額的力量。

As we continue to activate this brands, we expect to have positive results in Europe moving forward benefit.

隨著我們繼續激活這些品牌，我們預計將在歐洲取得積極的成果，推動利益向前發展。

Thank you.

謝謝。

Mitch Collett, Deutsche Bank.

米奇·科利特，德意志銀行。

Thank you.

謝謝。

Hi, Mr. Fernando.

你好，費爾南多先生。

At two questions on the US phase, and you talked earlier about the success you're having with Bush light.

在關於美國階段的兩個問題中，您早些時候談到了布希之光所取得的成功。

So can you provide a bit more color on what Stride we think growth and share gain opportunity going forward?

那麼，您能否提供更多關於我們認為未來成長和分享機會的跨步內容？

And then my follow.

然後是我的跟隨。

So up again, you mentioned the success of spirits based RTD., which grew at a mid 10s.

再次，您提到了以烈酒為基礎的 RTD 的成功，它的增長速度為 10 多歲。

How big do you think that the spirits BayStar TD. the segment can become for you?

你認為BayStar TD的烈酒有多大。該細分市場適合您嗎？

And 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, for the question.

嗨，米奇，有個問題。

So our US business is regaining momentum and we are investing to fuel growth, where do 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，我們在美國哪裡有最大的機會來發展我們的業務和品牌。

So talking specifically about Bush light Bush light is growing for many quarters in a row.

因此，具體討論布希光，布希光連續多個季度都在成長。

It was the third fastest growing brands in the industry.

它是該行業成長第三快的品牌。

Straight this quarter.

本季直接。

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

再次，看看主流細分市場，也與主流一起引領成長。

When you think about Bush light, you can think like on the made those states in the U.S., the brands is like a fair share grants.

當你想到布希之光時，你可以想到美國那些州的品牌就像公平份額補助金。

So think about the Great Lakes Midwest, the corn belt in the US, if you look the rest of the country, brand has 2% to 3% share.

所以想想五大湖中西部地區，美國的玉米帶，如果你看看全國其他地區，品牌有2%到3%的份額。

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

所以在一半的國家，10%的份額，在另一半的國家，2%到3%的份額。

And this in itself represents a massive opportunity for the second point, this brand over-indexes, a lot more bonds, legal drinking age with up-and-coming brands amongst young consumers are legal drinking age consumers.

這本身就為第二點提供了巨大的機會，該品牌過度索引，更多的債券，合法飲酒年齡與年輕消費者中的新興品牌是合法飲酒年齡消費者。

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 tumors that can carry the brand for a very motor and is very well distributed when you go down older than that because the platforms that the brand activates are very interesting plateaus, outdoor lifestyle and the brand continues to strengthen with this consumer cohorts from this consumer occasions and around this platforms.

這也非常重要，因為它表明該品牌在核心狀態之外擁有非常大的發展空間，而且還具有腫瘤輪廓，可以承載該品牌的動力，並且當您年齡下降時分佈得非常好不僅如此，因為該品牌活化的平台是非常有趣的高原、戶外生活方式，而該品牌透過來自該消費場合和圍繞該平台的消費者群體不斷增強。

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

我們繼續看到非貿易領域以及所有培訓領域的強勁成長。

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

因此，持續的貨架成長、持續的上限成長和品牌的持續成長就像不斷成長一樣。

As I said before, we continue to invest on this very, very good brands here to there is space bays are ready to drink propositions.

正如我之前所說，我們繼續投資於這個非常非常好的品牌，這裡有空間海灣準備好喝的主張。

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 there punching well above their weight so far our production, of course, there is some small differences between the beer production that we will do for ready-to-drinks to them ready to drink is periods.

因此，到目前為止，我們的生產量遠高於他們的重量，當然，我們為即飲啤酒生產的啤酒與他們為即飲啤酒生產的啤酒生產之間存在一些細微的差異。

But we have like a very good installed capacity to do that.

但我們擁有非常好的裝置容量來做到這一點。

Our 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.

我們的配方優於我們的產品，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, Dan distribution, but the distribution opportunities, massive because there is still in there small distribution selected states.

今天，丹分銷的銷售額正在增長，但分銷機會很大，因為仍然有小分銷選定的州。

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

舉個例子，如果你去加州的話，Cutwater 在那裡擁有超過 40% 的巨大市場份額，但我們正在將加州從西向東擴展。

And where do you think about neutral neutral 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.

你認為中性在東南部一些州有大約 20 多份即飲蘇打水，但我們正在從東南部擴展到中部再到西部。

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.

所以我們將繼續交付。

Why are the brands grow in a healthy path with shares rate of sales growing ahead of distribution.

為什麼品牌能夠以健康的方式發展，股價的成長速度快於分銷速度？

Thank you.

謝謝。

Great color.

顏色很棒。

Thank you.

謝謝。

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。

And apologies, I missed the benefit of the call back over to questions.

抱歉，我錯過了回電提問的好處。

May I mean, firstly on China, again, looking at the impact of the volumes has had on on EBITDA of how flexible are you in terms of your meet your investment there?

我的意思是，首先是在中國，再看看銷售量對 EBITDA 的影響，看看你們在滿足在那裡的投資方面有多靈活？

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

當然，您是否能夠迅速糾正並重新部署來自中國或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 therapies rollouts and some of those markets where you don't have a big market shares that you do, how retailers in Europe or the U.S.?

其次，您能否給我們更多有關療法推出的詳細信息，以及您沒有像歐洲或美國那樣擁有較大市場份額的一些市場的信息？

I charge.

我收費。

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 first in twofold.

我將首先考慮中國。

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

因此，正如我之前所說，我認為中國的主要訊息是，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 in our route to market remains very healthy, which is that in Q4, it is that's why I mention that our STRs are moving ahead of vested absolute because we want to keep fresh being one of the as we always are with very healthy inventories in China.

我們的品牌擁有非常強大的力量，消費者在我們進入市場的過程中的需求仍然非常健康，這就是第四季度，這就是為什麼我提到我們的STR 正在領先於既得絕對，因為我們希望保持新鮮感，成為最優秀的品牌之一。

So if you look at the second message might be, we are controlling what we can control rights.

因此，如果您查看第二條訊息，可能會發現我們正在控制我們可以控制的權利。

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

每一個都意味著對我們的品牌進行長期投資，遵守財務紀律，控製成本，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 are very interesting part of your question.

這包括中國以外的地區，這是你的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.

例如，當你看看韓國時，我們正在獲得份額，擁有強勁的營收，非常強勁。

Bottom line is a more developed markets where we are innovating a lot leading the industry there and having very good results.

底線是一個更發達的市場，我們在那裡進行了大量創新，領先於該行業，並取得了非常好的結果。

And that is also true in India where the industry is growing health, it has a lot of headroom to grow, have an incredible performance.

印度也是如此，該產業正在健康發展，有很大的成長空間，有令人難以置信的表現。

And the premium segment, very strong brands with Budweiser, Corona pandemic continued to support and invest on just brands.

在高端市場，百威啤酒等非常強大的品牌，電暈大流行繼續支持和投資於品牌。

Of course, the size of India versus China to date, when China industry does it come, that is impossible to compensate with them back.

當然，到目前為止，印度與中國的規模相比，當中國工業到來時，這是不可能用它們來彌補的。

But let me again, long term, it remains very solid.

但讓我再說一遍，從長遠來看，它仍然非常穩固。

So making the comment on base there.

所以在那裡發表評論。

Sobeys' today has a massive reach in China.

如今，索貝斯在中國擁有巨大的影響力。

It makes our route-to-market even stronger.

它使我們的市場路線更加強大。

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

你們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 beast in China today, they in over 70 countries, so very massive implementation.

僅供參考，目前中國有 300 多個城市在使用野獸，它們遍布 70 多個國家，所以實施規模非常大。

They're very good view of that.

他們對此有很好的看法。

In the second point, we always talk about this being important for those because makes our business better.

在第二點中，我們總是說這對那些人來說很重要，因為它可以讓我們的業務變得更好。

And this is true across in 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 where you have direct distribution.

當然，當您採用間接分銷時，實施速度會低於直接分銷的情況。

But when you think about the second leg of this, which is very exciting, I mentioned during the call that our marketplace in base has a run rate today that's already above $2.5 billion in not only be I products.

但當你想到第二階段時，這是非常令人興奮的，我在電話會議中提到，我們的基地市場今天的運作率已經超過 25 億美元，不僅是 I 產品。

And this is growing at a rate of over 50% in this in itself is an incredible opportunity as we continue to gain share of wallet or what is sold for the point of sales.

而且這個成長速度超過 50%，這本身就是一個令人難以置信的機會，因為我們不斷獲得錢包或銷售點銷售的份額。

And there is a lot of headroom there.

而且那裡有很大的空間。

So big acceleration of 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.

這對我們來說是一個非常有利可圖的模式，並且正在加速成長。

Our both through be it works in both areas where we have direct distribution, but also in indirect distribution in China has already a massive coverage.

我們不僅在直接分銷領域開展工作，而且在間接分銷領域，在中國已經有很大的覆蓋範圍。

And we are very excited about the acceleration in marketplace that has already been for 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，GMV 已經達到約 25 億美元，並且成長了 50%。

Thanks for your question.

謝謝你的提問。

Thank you.

謝謝。

Simon Hales, Citi.

西蒙‧黑爾斯，花旗銀行。

Please proceed with your questions.

請繼續回答您的問題。

Our Thanks.

我們的感謝。

Hi, Michel has been under such a couple for me than firstly.

嗨，米歇爾對我來說已經是這樣的一對了。

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

很抱歉再次回到有關股票回購程式設計師的評論。

Want to understand, Fernando, just the plan $2 billion buyback as it stands include any capacity to potentially buy back stock from Altria if they were to choose to place again, would any participation in a further placing come on top of that 3 billion buyback?

費爾南多，想了解一下，目前的20 億美元回購計畫包括如果奧馳亞選擇再次配股，有可能從奧馳亞回購股票的能力，除了30 億美元的回購之外，是否還會參與進一步配售？

Then the second question I want to wish I could just talk a little bit more about what you're seeing from a pricing and competitive environment standpoint in Brazil that it does what you've seen in Q2 three.

然後，我想希望我能更多地談談您從巴西的定價和競爭環境的角度所看到的第二個問題，它的作用與您在第二季度第三季度所看到的一樣。

And perhaps more 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?

也許更重要的是，我們是否看到任何價格壓力緩解的跡象，尤其是在進入今年年底時來自大都會的價格壓力？

Actimel, Fernando here.

阿克蒂梅爾，費爾南多在這裡。

So on your first question, I cannot speak to Altra's invention.

所以關於你的第一個問題，我不能談論Altra的發明。

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 is it 12 capital allocation?

我們會繼續是12資本配置嗎？

And the whole framework, as I said, is to maximize value for our shareholders.

正如我所說，整個框架是為了股東的價值最大化。

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 the modern was that we have adequate flexibility to given where we added leverage, but of course, money us through what nothing else to shed here.

但話雖如此，我重申了現代的觀點，即我們有足夠的靈活性來考慮我們增加槓桿的情況，但當然，我們可以透過這裡沒有其他東西來為我們提供資金。

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

談到巴西，讓我先回到本季。

So a solid quarter.

這是一個堅實的季度。

Ebitda grew double digit margin expansion and of course, demising stations, a product of a house top-line Health Net's revenues per liter coming from both price and premiumization and discipline on cost management.

稅息折舊及攤銷前利潤 (Ebitda) 實現了兩位數的利潤率增長，當然，還有死亡站，這是一家頂級健康網每升收入的產品，來自價格、高端化以及成本管理紀律。

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

如果你退後一步來審視這個行業，你會發現這個行業的健康狀況正在成長，並繼續走向高端化。

So structurally Good.

所以結構上很好。

If you look at the share of throat in Brazil is at historical levels, Brazil gain in share of throat over the last few years and is very, very healthy because not only gain share of growth, but he's also penalizing we are talking about the competitive environment.

如果你看看巴西的喉嚨份額處於歷史水平，巴西的喉嚨份額在過去幾年中獲得了增長，並且非常非常健康，因為不僅獲得了增長份額，而且還懲罰了我們正在談論的競爭環境。

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

我總是重複說，巴西是一個競爭非常激烈的市場，並且永遠具有競爭性。

Our competition, though today using two very specific areas and the thing that you are referring more to the low end of the market and we under index and our competitors as a consequence over-index.

我們的競爭對手，儘管今天使用兩個非常具體的領域，而且您更多地指的是低端市場，我們在指數之下，而我們的競爭對手因此指數過高。

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 pretty new and our brands are competing very well.

第二部分是當今市場競爭非常激烈，而且我們的品牌競爭非常激烈。

Data.

數據。

We have gained share in the premium side of the segments, very healthy growth with Budweiser morning, the corporate side, very healthy growth for Spartan and audition now of the premium in color on that on the super premium is having like an incredible year in Brazil, the brands performing very well has a lot of headroom for growth and is gaining across all cohorts of consumers.

我們在細分市場的高端市場上獲得了份額，百威早晨非常健康地增長，企業方面，斯巴達非常健康地增長，現在在超級高端的顏色上試鏡，在巴西度過了令人難以置信的一年表現良好的品牌有很大的成長空間，並且在所有消費者群體中都獲得了成長。

And we know how how strong the brand is.

我們知道這個品牌有多強大。

So one support production in place once we normalize in the supply.

因此，一旦我們供應正常化，就會支持生產到位。

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，該品牌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 supply, clearly, our digital products that we have in Brazil is there in these than our revenue management capabilities come to play in a very strong fashion.

當你擁有這個非常強大的實體品牌組合時，正如我所說的加上供應，顯然，我們在巴西擁有的數位產品就在那裡，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 be 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 bottle where competitors are trading share competition on the top, we had a gain for four new, especially with color on the Spartan and Budweiser.

因此，在瓶子上的競爭中，競爭對手在頂部進行份額競爭，我們獲得了四種新酒的收益，特別是斯巴達和百威啤酒的顏色。

Thanks for the question.

謝謝你的提問。

Thank you.

謝謝。

Andrea Pistacchi, Bank of America.

安德里亞·皮斯塔基，美國銀行。

Yes, not banking.

是的，不是銀行業。

I also have two, please.

我也有兩個，拜託。

This one is a general one on SG&A.

這是關於 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。

Also in other regions, direct channel has grown at a pretty modest level this year and completely below the levels of recent news.

同樣在其他地區，今年直接管道的成長相當溫和，完全低於最近新聞報道的水平。

Are there any specific factors behind this, like some more conscious cost control efforts across the Group this year or efficiencies and 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有意識的成本控制工作或效率和任何特定職能領域？

Or I don't know, distribution costs are increasing.

或者我不知道，分銷成本正在增加。

That's because most of the upfront investment for for these and B-to-C is in the base now.

這是因為這些和 B2C 的大部分前期投資現在都在基礎上。

Then the second question is on the U.S.

那麼第二個問題是關於美國的。

Just come back to them, for instance, share gains this year on the portfolio rebalancing, I think, Michel, do you feel that with a portfolio rebalancing that you've had, how much you discussed?

回到他們身上，例如，今年投資組合再平衡的股票收益，我想，米歇爾，您是否認為您已經進行了投資組合再平衡，您討論了多少？

We think the portfolio is now accounting for close to the point where you can continue to hold on growth slightly going forward, even once you lap easy comps next year.

我們認為，該投資組合現在的佔比接近這樣的水平：即使明年你的業績比較輕鬆，你也可以繼續保持小幅成長。

Sandra, Fernando here.

桑德拉，費爾南多在這裡。

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

因此，在我討論 SG&A 的具體細節之前，我可能會退後一步，看看我們的策略。

So Pillar three of our strategy to 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 we've been being a very strong effort to make sure that whatever money about expanding the business due to the desired return.

我們一直在非常努力地確保無論用於擴展業務的資金都能獲得預期的回報。

So it's not about saving money, but it's about driving decisions to get a 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.

但這也可能影響資本支出。

For example, you can look to that our outlook for this year, the five to $4.5 million is lower than the outlook we had the year before, and it's lower than the CapEx to spend two years before.

例如，你可以看看我們今年的預期，500 到 450 萬美元比我們前一年的預期要低，而且比兩年前花費的資本支出要低。

So I think we lost three floors of the digital.

所以我認為我們失去了三層數位空間。

This, you can always drive more efficient on the business.

這樣，您始終可以提高業務效率。

I think these definitely help us on that.

我認為這些肯定對我們有幫助。

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

但當然，後台還有其他事情、人工智慧和其他我們可以做的事情。

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

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 in the US that you have some kind of a quote from previous years like wholesale incentives that it will have any more that can explain a little bit of that.

當然，你可以在美國指出，你有前幾年的某種報價，例如批發激勵措施，它將有更多可以解釋其中的一點。

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

但絕大多數其實是心態，是從增量機會角度出發，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 on that, as I said before, we continue to make progress on this strategy.

因此，正如我之前所說，在你問題的第二部分，我們將繼續在這個策略上取得進展。

In the U.S.

在美國

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

我們在主流細分市場擁有龐大的業務，讓這些品牌穩定下來，甚至像幻燈片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 of both core segments.

截至今天，我們的投資組合中近 45% 屬於兩個核心領域。

On this.

關於這一點。

These are both part is growing, which is important, and we will continue to invest to drive growth there.

這兩個部分都在成長，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 the segments that are contributing a lot of gains scale.

我們在細分市場中擁有的品牌為規模收益做出了巨大貢獻。

So think about Michelob Ultra that continues to grow.

因此，請考慮一下持續成長的 Michelob Ultra。

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

隨著品牌變得越來越大，我們從一開始就繼續實現成長。

So that's a very important components.

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 your premise.

我們也看到了非常有趣的事情，你們的前提勢頭非常好。

As I said before, Bush like is again, a lot of momentum in the on-premise, accelerating its momentum in the on-premise.

正如我之前所說，布希再次在內部部署中發揮了很大的動力，並加速了其在內部部署的勢頭。

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

如今，內部品牌的成長速度比中立等外部品牌的成長速度更快。

They have like a massive way for us in the on-premise switches, net interest as well.

他們在本地交換機方面為我們提供了巨大的優勢，也帶來了淨利益。

As I said, the brand is zoned and distributed nationally zoned and distributed in the off premise, but is growing faster than the average on the on premise in the up-and-coming brands such as co-owner.

正如我所說，該品牌在全國範圍內進行分區和分銷，在場外進行分區和分銷，但在共同所有者等新興品牌中，其增長速度高於場內平均水平。

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.

他們在內部的索引也過高，這很好地表明了品牌在外部的潛力。

So we remain laser focused on executing our strategy was very important component of our strategy in the U.S. has rebalanced the portfolio.

因此，我們仍然專注於執行我們的策略，這是我們在美國戰略中非常重要的組成部分，已經重新平衡了投資組合。

Today, 45% of our portfolio is above core in 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% 處於成長的核心之上，我們擁有讓品牌穩定和成長所需的主流業務。

We have today Bush light top three growth in the US and we continue to invest on the other brands to get down to the right place.

今天，布希光是美國成長前三名的品牌，我們將繼續投資其他品牌，以達到正確的位置。

Still think for the question.

還是想想問題吧。

Thank you.

謝謝。

Celine Pannuti, J.P. Morgan.

席琳潘努蒂 (Celine Pannuti)，摩根大通。

Good morning.

早安.

Good afternoon.

午安.

And my question in fact, it's one question and maybe I can handle to come back on your point about and the opportunity for margin upside in the short and midterm and candidly did one year to date.

事實上，我的問題是，這是一個問題，也許我可以回答你的觀點，以及短期和中期利潤率上升的機會，坦率地講了一年以來的情況。

And I want to add, if you could give me and the specific point.

我想補充一點，如果你能給我具體的觀點。

First of all in terms of and the passionate and enrich that you've seen from volume impact this year.

首先，您從今年的銷售影響中看到了熱情和豐富。

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

你能訓練嗎？

And as we look into next year as thinking about what you said and I know normalized environment in terms of cost inflation and can you and specifically help us understand and your ability to price and we discuss China mix and we discussed as well pricing.

當我們展望明年時，考慮您所說的，我知道成本通膨方面的正常環境，您能否特別幫助我們了解您的定價能力，我們討論了中國組合，我們還討論了定價。

Is there any other any region at and as you look into next year?

明年還有其他地區嗎？

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

然後，如果您也可以的話，請提醒我您的投資組合中的這種突變有多大以及表現如何？

Thank you.

謝謝。

Isolated.

孤立。

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 de-leverage margins, what is normalized means?

那麼讓我從你的第一部分開始，例如交易量去槓桿保證金，標準化意味著什麼？

I think there's a whole bunch of things.

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, optimizing distribution.

即使我們的銷售出現一些小幅波動，您也可以優化您的網絡，優化分銷。

Kind of a you can do with that.

你可以用它來做。

If there is a massive volume one way or another.

如果以某種方式存在大量體積。

That's a different question.

這是一個不同的問題。

But within the range that we are talking about, definitely we can 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 21, 22, 2021, 2022 and 2023 because they grew way ahead of inflation, they go.

關於我所說的標準化成本，如果你還記得 21、22、2021、2022 和 2023 年，因為它們的成長遠遠領先通貨膨脹，那麼它們就會消失。

It's something that we never seen before.

這是我們以前從未見過的。

When I need a more normal, what year you mean that you should have some cost pressures, but London is not anything that we cannot do is not anything that is massively different than inflation.

當我需要更正常的時候，你的意思是你應該有一些成本壓力，但倫敦並不是我們不能做的事情，也不是與通貨膨脹有很大不同的事情。

So similar to inflation.

與通貨膨脹非常相似。

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

再說一遍，根據目前的數字，我們沒有明年的全部成本，Loqate。

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

但有了這個，如果定價動態正常，您肯定可以繼續發展您的業務，我們將繼續尋找提高效率的機會。

So that's what I mean by normalized.

這就是我所說的標準化的意思。

Okay.

好的。

And on your second part of the question was more on the pricing side than when I when I move to Michel.

你的問題的第二部分更多是在定價方面，而不是當我搬到米歇爾時。

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 gain.

我們始終著眼於長期利益。

And what I mean by that.

我的意思是。

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 their message and a question that we, as average of these mega brands portfolio and we combine this with the mango platforms, 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.

我認為這補充了他們的訊息和一個問題，即我們作為這些大型品牌組合的平均水平，我們將其與芒果平台、我們擁有的大型激活計劃相結合，我們可以在系統中提高很多效率，同時繼續達到目標我們的消費者以更有意義的方式。

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, it is growing and achieve the very high levels during the quarter three and as we continue to play is long-term game, we believe that we should continue to command prices on our products, in line with inflation and in line with our view, leads to price for the long term.

因此，全球對我們品牌的偏好正在增長，並在第三季度達到非常高的水平，隨著我們繼續進行長期遊戲，我們認為我們應該繼續根據通貨膨脹控制我們產品的價格與我們的觀點一致，這會導致長期價格。

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 held on an annualized basis.

正因為如此，一些市場發生了一些正常的變化，從而在本季度實施了我們的價格行動，而我們的市場份額仍然按年化計算。

So prices long term, if 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 own core segments.

因此，如果通膨淨收入是這個價格與溢價的結合，那麼從長遠來看，我們的價格仍然低於我們目前的 40% 的銷售在他們自己的核心領域。

So there is a lot of headroom to continue to pay and on a nice and of course, as the mega brands grow ahead of the entire portfolio, this also drives a lot of efficiencies, efficiencies in the sales and marketing efficiencies on the production costs that will yield better margins for us.

因此，有很大的空間可以繼續支付，當然，隨著大型品牌的成長領先於整個產品組合，這也提高了生產成本的銷售效率和行銷效率，將為我們帶來更好的利潤。

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

因此，本地遊戲品牌非常健康，健康品牌應該收取溢價，因為我們在大型品牌組合背後的行銷活動存在溢價低效，我們應該提高利潤率。

So it's a long-term gain.

所以這是一個長期收益。

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。

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 to Karen's for closing remarks.

現在我將把發言權轉回給米歇爾先生，由凱倫先生致閉幕詞。

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 into OXO.

確保安全並順利進入 OXO。

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。