Anheuser-Busch Inbev SA (BUD) 2025 Q1 法說會逐字稿

Welcome to AB InBev's first-quarter 2025 earnings conference call and webcast. Hosting on the call today from AB InBev's are Mr. Michel Doukeris, Chief Executive Officer; and Mr. Fernando Tennenbaum, Chief Financial Officer.

歡迎參加百威英博 2025 年第一季財報電話會議和網路廣播。百威英博今天主持電話會議的有執行長 Michel Doukeris 先生和財務長 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. Today's webcast will be available for on-demand playback later today. (Event Instructions)

要查看今天電話會議的幻燈片，請訪問百威英博的網站 www.ab-inbev.com，然後點擊「投資者」標籤以及報告和結果中心頁面。今天的網路直播將於今天稍晚提供點播播放。（活動須知）

Some of the information provided during the conference call may contain statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties.

電話會議期間提供的一些資訊可能包含未來預期和其他前瞻性陳述。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. 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 12, 2025.

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所示的預期業績和財務狀況有差異，甚至可能存在重大差異。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，請參閱公司於 2025 年 3 月 12 日向美國證券交易委員會提交的 20-F 表最新年度報告中的風險因素。

AB InBev assumes no obligation to update or revise any forward-looking information provided during the conference call, It 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中提供的任何前瞻性資訊的義務，也不對依賴此類資訊採取的任何行動承擔責任。

It is now my pleasure to turn the floor over to Mr. Michel Doukeris. Thank you. You may begin.

現在我很高興將發言權交給米歇爾·杜克里先生。謝謝。你可以開始了。

Thank you, and welcome everyone to our first-quarter 2025 earnings call. It is a great pleasure to be speaking with you all today. Today, Fernando and I will take you through our operating highlights, and provide you with an update on the progress we have made in executing our strategic priorities this quarter. After that, we'll be happy to answer your questions.

謝謝大家，歡迎大家參加我們 2025 年第一季財報電話會議。我很高興今天能與大家交談。今天，費爾南多和我將向您介紹我們的營運亮點，並向您介紹我們本季在執行策略重點方面取得的進展。之後，我們將很樂意回答您的問題。

Let's start with the key highlights. The global momentum of our business continued with the consistent execution of our strategy, delivering another quarter of reliable growth. EBITDA grew by 7.9% at the top end of our outlook range with continued margin expansion.

讓我們從主要亮點開始。隨著我們策略的持續執行，我們的業務全球勢頭得以延續，並實現了另一個季度的可靠成長。EBITDA 成長 7.9%，達到我們預期範圍的上限，利潤率持續擴大。

In the US, our portfolio is building momentum and has reached an inflection point, and we are increasing investments in our brands to fill this momentum. Our no-alcohol beer portfolio continues to outperform globally, increasing revenues by 34%.

在美國，我們的產品組合正在積聚勢頭並已達到轉折點，我們正在增加對我們品牌的投資以填補這一勢頭。我們的無酒精啤酒產品組合在全球範圍內繼續表現出色，收入增長了 34%。

This marketplace continued to scale, increasing GMV by 53% versus last year to reach USD645 million, and the ongoing optimization of our business drove a 7% increase in the underlying US dollar EPS, with 20% growth in constant current terms.

該市場繼續擴大規模，GMV 較去年同期增長 53%，達到 6.45 億美元，我們業務的持續優化推動基礎美元每股收益增長 7%，按當前固定匯率計算增長 20%。

Turning to our operating performance. Our overall volume performance was impacted by calendar-related factors such as cycling the leap year and the later timing of Easter, resulting in a volume decline of 2.2%. We estimate this technical calendar shifts accounted for a majority of our volume declined this quarter.

談到我們的經營績效。我們的整體交易量表現受到閏年週期和復活節時間較晚等日曆相關因素的影響，導致交易量下降了 2.2%。我們估計，技術日曆的變化是造成本季交易量下降的主要原因。

Despite these technical factors impacting volume, our revenue increased by 1.5% as the strength of our brand's portfolio and ongoing premiumization drove a revenue back to a liter increase of 3.7%. Our diversified geographic footprint enables us to deliver consistent results and has us well placed to drive long term value creation.

儘管這些技術因素影響了銷量，但由於我們品牌組合的強勁和持續的高端化推動收入回升至 3.7% 的增長，我們的收入仍增長了 1.5%。我們多元化的地理覆蓋範圍使我們能夠提供一致的成果，並使我們能夠推動長期價值創造。

Revenue increased in approximately 50% of our markets, and double digit bottom line growth in the Middle Americas, South America, Africa, and Europe drove overall a bidder at the top end of our outlook.

我們約 50% 的市場收入都有所成長，中美洲、南美洲、非洲和歐洲的兩位數利潤成長推動了我們預期最高水準的競標者。

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 US, our portfolio is building momentum, and has reached an inflection point, and we are increasing investments in our brands to feel growth.

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，首先是北美。在美國，我們的產品組合正在積聚勢頭，並已達到轉折點，我們正在增加對品牌的投資以實現成長。

We gained volume market share of both the beer industry in spirits-based ready to drink category. In beer, Michelob Ultra and Busch Light were the top two volume share gainers in the industry for the second quarter in a row. And in spirits-based RTD, our portfolio grew volumes by strong double digits led by Cutwater in Nutrl.

我們在啤酒行業和烈酒即飲類別中都獲得了市場份額。在啤酒領域，Michelob Ultra 和 Busch Light 連續第二季成為業界銷售份額增幅最大的兩大品牌。在烈酒類 RTD 領域，我們的投資組合銷售量實現了強勁的兩位數成長，其中以 Nutrl 的 Cutwater 為首。

While our portfolio continued to gain share, adverse weather in the later time of Easter impacted the overall industry performance in the first quarter. I thought it would be helpful to bring some data to the conversation so that we can look at it together.

雖然我們的投資組合份額持續增加，但復活節後期的惡劣天氣影響了第一季的整體產業表現。我認為在對話中提供一些數據以便我們一起查看會很有幫助。

According to Circana, off-premise sales to consumer volumes declined by 4.7% and dollar sales by 2.9% versus the historical range of around 1% to 2% in volumes and flattish dollar sales. When we disaggregate the industry growth on a week-by-week basis, our analysis indicates that the majority of the underperformance this quarter was driven by adverse weather and the later time of Easter.

據 Circana 稱，場外銷售給消費者的銷量下降了 4.7%，美元銷售額下降了 2.9%，而歷史上的銷量和美元銷售額分別下降了 1% 至 2% 和持平。當我們按週分解行業增長情況時，我們的分析表明，本季表現不佳的主要原因是惡劣天氣和復活節時間較晚。

When we look to April, we are encouraged that the industry has improved with better weather and the Easter shift contributing to volumes, aligning more closely with the historical trends. The summer season is an important period for the beer industry, and we look forward to building on the momentum of our portfolio and activating the category through our mega platforms.

展望四月，我們欣慰地看到，隨著天氣轉好和復活節假期的到來，行業形勢有所好轉，產量也隨之增加，與歷史趨勢更加接近。夏季是啤酒行業的重要時期，我們期待利用我們的產品組合的勢頭，透過我們的大型平台來啟動該類別。

Now moving to Middle Americas. In Mexico, the underlying industry momentum continued with our business delivering mid-single-digit revenue growth and double-digit EBITDA growth. Volumes declined by low single digits in line with the industry, which was impacted by calendar related factors. In Colombia, record high volumes and margin expansion drove double-digit EBITDA growth.

現在正移居中美洲。在墨西哥，行業基本勢頭持續，我們的業務實現了中等個位數的收入成長和兩位數的 EBITDA 成長。由於受到日曆相關因素的影響，交易量與行業水準一致下降了個位數。在哥倫比亞，創紀錄的高銷量和利潤率的擴大推動了兩位數的 EBITDA 成長。

In South America, our business in Brazil delivered record-high volumes for both beer and non-beer. Total volumes increased by [1.4%], with continued margin expansion, driving double-digit bottom line growth. In Europe, continued premiumization of our portfolio and further margin recovery drove double-digit EBITDA growth. Our premium and super premium brands contributed 60% of our revenue this quarter with performance led by Corona and Stella Artois.

在南美，我們在巴西的業務實現了啤酒和非啤酒銷量創歷史新高。總銷量成長了[1.4%]，利潤率持續擴大，推動了兩位數的底線成長。在歐洲，我們產品組合的持續高端化和利潤率的進一步回升推動了兩位數的 EBITDA 成長。本季度，我們的高端和超高端品牌貢獻了 60% 的收入，其中 Corona 和 Stella Artois 表現最為出色。

In South Africa, the underlying momentum of our business continued gaining share of both beer and Beyond Beer. Revenue and EBITDA grew by low single digits with our performance driven by our premium and super premium brands, which grew volumes by low teens. In China, the industry improved sequentially. However, we underperformed, primarily driven by softness in our key regions and the on-trade channel.

在南非，我們業務的潛在勢頭繼續擴大，啤酒和 Beyond Beer 的份額均有所增長。營收和 EBITDA 均實現了低個位數成長，這得益於我們的高端和超高端品牌的業績，這些品牌的銷量實現了低十幾倍的成長。在中國，該產業表現持續改善。然而，我們的表現不佳，主要原因是我們主要地區和同業管道的疲軟。

We remain confident in our strategy, and we are focused on strengthening our execution by increasing discipline and excellence in our road to market, increasing investments in our mega brands, accelerating our expansion in the in-home channel and scaling up key innovations such as Harbin Zero Sugar.

我們對我們的策略充滿信心，並致力於加強執行力，在市場道路上加強紀律性和卓越性，增加對我們大品牌的投資，加速我們在家庭管道的擴張，並擴大哈爾濱零糖等關鍵創新。

Now let's look at the key highlights of our three strategic pillars, starting with leading and growing the category. We have evolved our portfolio management approach to focus our investments in our mega brands to drive efficient, profitable growth. We have around 50 mega brands globally. Typically five per market, and these brands continue to lead our growth with net revenue increasing by 4.4%.

現在讓我們來看看我們三大策略支柱的重點，首先是引領和發展產品類別。我們改進了投資組合管理方法，將投資重點放在我們的超級品牌上，以推動高效、有利可圖的成長。我們在全球擁有約 50 個大型品牌。每個市場通常有五個品牌，這些品牌繼續引領我們的成長，淨收入成長了 4.4%。

Our global mega brand, Corona, continue to drive premiumization across our markets, growing revenue by 11.2% outside of Mexico. 2025 marks the 100th year anniversary since Corona's launched. And we just kicked off the celebration with an event on Copacabana Beach with over 2 million fans in attendance. We are looking forward to execute a strong lineup of activations around the world throughout the entire year in recognition of the heritage, premiumness and quality of the brand.

我們的全球超級品牌 Corona 繼續推動我們各個市場的高端化，在墨西哥以外的地區收入成長了 11.2%。 2025 年是 Corona 推出 100 週年。我們剛剛在科帕卡巴納海灘舉行了慶祝活動，有超過 200 萬粉絲參加。我們期待全年在世界各地開展一系列強大的活動，以表彰品牌的傳統、高端和品質。

This quarter, Corona volumes grew by double digits in over 30 markets globally. In its home market of Mexico, Corona is the number one brand and volumes grew by mid-single digits. The brand power and consumer preference for Corona has earned the right for a premium price point. Corona sells on average a 20% premium to the nearest competitor. And to crown its 100-year anniversary, Corona was again named the most valuable beer brand in the world in 2025.

本季度，Corona啤酒在全球超過30個市場的銷量均實現了兩位數成長。在墨西哥本土市場，科羅納是第一大品牌，銷售成長率達到中等個位數。Corona 的品牌實力和消費者的熱愛為其贏得了高價位。Corona 的售價比最接近的競爭對手平均高出 20%。為了慶祝百年誕辰，科羅納啤酒於 2025 年再次被評為全球最有價值的啤酒品牌。

Through the consistent execution of our category expansion levers, we are increasing category participation across our markets by offering superior core brands, innovating in balanced choices to provide consumers with no and low alcohol, low carb, zero sugar, and gluten-free options and expanding our premium and Beyond Beer portfolios.

透過持續執行我們的品類擴展槓桿，我們透過提供優質核心品牌、創新均衡選擇為消費者提供無酒精和低酒精、低碳水化合物、零糖和無麩質的選擇以及擴大我們的優質和超越啤酒產品組合，增加了我們各個市場品類的參與度。

As a result, on a rolling 12-month basis, participation of legal drinking age consumers with our portfolio increased by 60 basis points across our key markets, the equivalent of adding 6 million new consumers to our ecosystem.

因此，在過去 12 個月內，我們主要市場的法定飲酒年齡消費者參與我們產品組合的比例增加了 60 個基點，相當於為我們的生態系統增加了 600 萬新消費者。

In non-alcohol beer, our portfolio momentum continued to accelerate with volumes growing by 34%, led by the triple-digit growth of Corona Cero. While no alcohol beer is current, a relatively small portion of our global volume, we are leaders in more than 50% of our key non-alcohol markets and estimate we, gaining share in 75% of them.

在無酒精啤酒方面，我們的產品組合勢頭繼續加速，銷量增長了 34%，其中 Corona Cero 的三位數增長最為顯著。儘管目前無醇啤酒僅占我們全球銷量的一小部分，但我們在 50% 以上的主要非酒精市場中處於領先地位，並且估計我們在其中 75% 的市場份額有所增長。

With 65% of the volume coming from new consumers and new occasions, we believe non-alcohol beer is a key opportunity to develop the category and drive incremental volume growth. Let's now turn to our second strategic pillar, digitize and monetize our ecosystem.

由於 65% 的銷售來自新消費者和新場合，我們認為無酒精啤酒是發展該類別和推動銷售成長的關鍵機會。現在讓我們轉向我們的第二個策略支柱，即數位化和貨幣化我們的生態系統。

In the first quarter, BEES captured $11.6 billion in GMV, a 10% increase versus last year with 32 million orders transacted through the platform. This marketplace continues to scale, with GMV increasing by 53% versus last year to reach $645 million.

第一季度，BEES 的 GMV 達到 116 億美元，比去年同期成長 10%，平台交易訂單量達 3,200 萬單。該市場規模持續擴大，GMV 較去年成長 53%，達到 6.45 億美元。

In DTC, our digital platforms are enabling a one-to-one connection with our consumers and the development of new consumption occasions. Our digital platforms generated 19.2 million orders with revenue increasing by 12% to reach $117 million.

在DTC領域，我們的數位平台正在實現與消費者的一對一聯繫，並開發新的消費場合。我們的數位平台產生了 1,920 萬份訂單，營收成長 12%，達到 1.17 億美元。

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

接下來，我想把主題交給費南多，討論我們策略的第三支柱，也就是優化我們的業務。

Thank you, Michel. Good morning, good afternoon, everyone. I'll take a few minutes to discuss the progress we have made in optimizing our businesses. Our EBITDA margins improved by 218 basis points this quarter with expansion in four of our five operating regions. We know that each year will be different, but we are confident the combination of our leadership advantages, disciplined revenue management, continued premiumization and efficient operating model create an opportunity for further margin expansion over time.

謝謝你，米歇爾。大家早安，下午好。我將花幾分鐘討論我們在優化業務方面的進展。本季度，我們的 EBITDA 利潤率提高了 218 個基點，我們的五個營運區域中有四個得到了擴張。我們知道每年的情況都會有所不同，但我們相信，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將為未來進一步擴大利潤率創造機會。

Moving on to EPS. We delivered underlying EPS of $0.81 per share. a 7.1% increase in US dollars and a 20.2% increase in constant currency versus last year. Organic EBITDA growth accounted for a $0.16 per share increase with translation effects and $0.09 per share headwind.

繼續討論 EPS。我們實現了每股 0.81 美元的基本每股收益，與去年相比，以美元計算增長 7.1%，以固定匯率計算增長 20.2%。有機 ITDA 成長導致每股收益增加 0.16 美元（包括翻譯影響）和每股收益增加 0.09 美元（不利因素）。

Lower net interest expense and the optimization of other below EBITDA items, such as cost of hedging and FX losses, drove the balance of our EPS growth. Let me take a moment to talk about our operations. Our business is local. We procure, produce, distribute and sell locally. In fact, more than 98% of the volumes we sell are locally produced.

較低的淨利息支出以及其他低於 EBITDA 項目（如對沖成本和外匯損失）的最佳化推動了我們的每股盈餘成長。讓我花點時間談談我們的營運。我們的業務是本地業務。我們在當地採購、生產、分銷和銷售。事實上，我們銷售的 98% 以上都是本地生產的。

If we look specifically at the US as an example, we have 18 breweries, over 700 American farmers and over 7,000 local suppliers with 99% of our volumes locally produced. As a result, we have limited direct exposure to tariffs.

如果我們具體以美國為例，我們有 18 家啤酒廠、700 多家美國農場主和 7,000 多家當地供應商，其中 99% 的產量都是在當地生產的。因此，我們直接受到的關稅影響有限。

Our results in the first quarter, the resilience of the beer category, the strength of our mega brands and the continued momentum of our businesses all reinforce our confidence in our ability to deliver on our 2025 outlook of 4% to 8% EBITDA growth.

我們第一季的業績、啤酒品類的韌性、我們超級品牌的實力以及我們業務的持續發展勢頭都增強了我們對實現 2025 年 4% 至 8% EBITDA 增長預期的能力的信心。

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

在我們開始問答環節之前，我想將其交還給 Michel 進行一些最後的評論。

Thanks, Fernando. Before opening for Q&A, I would like to take a moment to recap on the quarter and look ahead at the opportunities our brands have to activate the category this year. We are encouraged by our first quarter results, and we delivered EBITDA growth at the top end of our outlook.

謝謝，費爾南多。在開始問答環節之前，我想花點時間回顧一下本季的情況，並展望一下我們品牌今年激活該類別的機會。我們對第一季的業績感到鼓舞，並且實現了 EBITDA 成長，達到了預期的最高水準。

Underlying EPS increased by high single digits in US dollars and by 20% in constant currency, driven by organic growth and the ongoing optimization of our business. And as Fernando just mentioned, our first quarter results position us well to deliver on our outlook for the year.

在有機成長和業務持續優化的推動下，每股盈餘以美元計算成長了高個位數，以固定匯率計算成長了 20%。正如費爾南多剛才提到的，我們的第一季業績使我們能夠實現今年的預期。

Looking ahead to the summer and the rest of the year, we are uniquely positioned to activate the category. The combination of our mega brands with the key global platforms that consumers love and that bring people together is a powerful opportunity to lead and grow the category from the NBA to celebrating 100 years of Corona around the world to the FIFA Club World Cup to the buildup of the Winter Olympics in music platforms like Tomorrowland and Lollapalooza.

展望夏季以及今年剩餘時間，我們擁有獨特的優勢來啟動該類別。我們的超級品牌與消費者喜愛並將人們聚集在一起的關鍵全球平台的結合，為引領和發展該類別提供了一個強大的機會，從 NBA 到在世界各地慶祝科羅納 100 週年，從國際足聯俱樂部世界杯到在 Tomorrowland 和 Lollapalooza 等音樂平台上籌備冬季奧運會。

We will be focused on connecting with consumers and bringing to life our purpose of creating a future with more cheers. With that, I'll hand it back to the operator for the Q&A.

我們將專注於與消費者建立聯繫，並實現創造更多歡樂未來的目標。說完這些，我將把它交還給操作員進行問答。

(Operator Instructions)

（操作員指示）

Rob Ottenstein, Evercore ISI.

Rob Ottenstein，Evercore ISI。

Great, thank you very much, and congratulations on a strong quarter. So I was wondering if, Michel, if you could discuss your US strategy and maybe put it in the context of the overall company. So kind of first, it looks like you've gained share now for the second or third quarter in a row.

太好了，非常感謝，並祝賀您本季業績強勁。所以我想知道，米歇爾，您是否可以討論一下您的美國策略，並將其放在整個公司的背景下。首先，看起來你們的市佔率已經連續第二或第三季成長。

What's driving that? And does that look sustainable? Second, can you give us any color on your productivity programs that you put in place? And will they build over the year so that you can get to more flat EBITDA? And then kind of tying it all together, you noted in the press release that you continue to increase investment in the US.

是什麼原因導致的呢？這看起來可持續嗎？其次，您能否向我們詳細介紹您所實施的生產力計劃？他們會在一年內不斷擴張，以便獲得更平穩的 EBITDA 嗎？然後把所有這些結合起來，您在新聞稿中指出，您將繼續增加對美國的投資。

Why does that make sense in what looks like a mature and declining market given the other opportunities that you have around the world to invest? Thank you very much.

考慮到您在世界各地擁有的其他投資機會，為什麼在一個看似成熟但正在衰退的市場中這樣做是有意義的？非常感謝。

Hi, Robert. Good morning, and thank you for the question. The neatest one that is -- there is a couple of components, I will try to cover all of them. I think that first, the US is one of our key markets. It represents over 20% of the business that we have. And we always talk about this as a mature market, very big, profitable, very big headroom for growth for us as our portfolio reached an inflection point.

你好，羅伯特。早安，感謝您的提問。最簡潔的是——有幾個組件，我會嘗試涵蓋所有組件。我認為首先，美國是我們的關鍵市場之一。它占我們業務的20％以上。我們總是說這是一個成熟的市場，非常大，利潤豐厚，我們的投資組合達到一個轉折點，成長空間非常大。

And I think that this covers the part of the market share gain. We talked about this on quarter four last year, and we saw this momentum building. And as a matter of fact, if you look to the latest weeks, the momentum continues to build as our balanced choices portfolio with Michelob Ultra, Michelob Ultra Zero, and Busch Light as the number two brand continues to gain momentum and the innovation pipeline that we've been launching to the summer will further support that.

我認為這涵蓋了市場佔有率成長的部分。我們在去年第四季度討論過這個問題，並且我們看到了這種勢頭的增強。事實上，如果你看一下最近幾週的情況，你會發現這種勢頭還在繼續增強，因為我們均衡的選擇組合，Michelob Ultra、Michelob Ultra Zero 和 Busch Light 作為第二大品牌，繼續獲得發展勢頭，而我們今年夏天推出的創新管道將進一步支持這一點。

And in the RTD, the choices we made behind neutral and Cutwater, they continue to build momentum and accelerate with strong double digits. In terms of productivity, this is always on for us. So we don't -- we made the decision of not coming in launching new productivity initiatives, but we are working very steady on improving productivity quarter after quarter, and this is kicking in into our results, the SG&A, you can see that we continue to improve.

在 RTD 中，我們在中性和 Cutwater 之後做出的選擇，繼續增強勢頭並以強勁的兩位數加速。就生產力而言，這對我們來說始終是重要的。因此，我們決定不推出新的生產力舉措，但我們正在穩步地逐季提高生產力，這對我們的業績、銷售、一般及行政費用產生了影響，您可以看到我們正在繼續改進。

And in terms of investments, I think that is very logical. One, as the portfolio is that this inflection point we are fueling the growth. And as I said before, there is a lot of headroom for growth for our portfolio. Second, we are in the business for the long term. right? So three years ago, we said we would get into this multiyear investment growth in marketing, that would fill the growth of our brands, and that's not a one-year program. It's a multiyear program.

就投資而言，我認為這是非常合乎邏輯的。首先，由於投資組合處於這個轉折點，我們正在推動成長。正如我之前所說，我們的投資組合還有很大的成長空間。第二，我們做這個生意是要長期的，對嗎？所以三年前，我們說過我們將在行銷方面進行多年的投資成長，這將滿足我們品牌的成長需求，而這不是一個一年的計畫。這是一個多年的計劃。

And we have massive upside as these brands that are growing continue to gain scale and more reach and penetration with consumers. So it only makes sense to continue to support the growing part of the portfolio and the sustaining part of the portfolio.

隨著這些成長型品牌的規模不斷擴大、消費者的覆蓋率和滲透率不斷提高，我們也擁有巨大的優勢。因此，繼續支持投資組合中成長的部分和維持的部分才是有意義的。

Momentum is good for our team now in the US. Summer, we'll have a lot of activation. So from FIFA Clubs Road Cup to the finals of the NBA that are on fire now to them, the innovation that we have in the pipeline and then that's going to connect with NFL and later in the year, with Olympics.

目前我們在美國團隊的勢頭很好。夏天，我們會有很多活動。因此，從國際足總俱樂部客場杯到現在正熱火朝天的 NBA 總決賽，我們正在籌備的創新將與 NFL 聯繫起來，並在今年晚些時候與奧運會聯繫起來。

So it's a very good lineup for the year in the US. We are encouraged by the results we're seeing share. Industry in April, as I shared in the call, much more normal, and we know that summer is going to be intense and good for the industry because last year was subdued. Thanks for the question.

所以這對美國今年來說是一個非常好的陣容。我們所看到的成果令我們感到鼓舞。正如我在電話會議中分享的那樣，四月份的行業狀況更加正常，而且我們知道，由於去年的行業表現較為低迷，因此今年夏天的行業形勢將會十分嚴峻，這對行業來說將是利好消息。謝謝你的提問。

Sanjeet Aujla, UBS

瑞銀集團 Sanjeet Aujla

Hey, Michel, Fernando, a couple for me, please. Firstly, on China, it seems like the beer industry is sequentially less negative. You're clearly some underperforming. But can you give us a sense of where your channel mix is today? You've had a reset presumably in the on-trade channel? Is the off-trade now a bigger part of your mix or is the on-trade still bigger?

嘿，米歇爾，費爾南多，請給我一對。首先，就中國而言，啤酒產業的負面情緒似乎逐年減少。你顯然表現得有些不佳。但是您能告訴我們您目前的通路組合情況嗎？您可能已經在現場交易管道進行了重置？現在，非現場消費佔您產品組合的比重更大嗎？還是現場消費仍然更大？

And then just taking a step back, clearly, you've had some big macro challenges in a couple of markets over the last 12 months. But how are you thinking about your ability to get back to positive volume growth going into Q2 and the second half of the year at the group level? Thank you.

然後退一步來看，顯然，在過去的 12 個月裡，你們在幾個市場遇到了一些重大的宏觀挑戰。但是，您如何看待集團層級在第二季和下半年恢復銷售量正成長的能力？謝謝。

Hey Sanjeet, good morning. Thanks for the question. First on China, I think that you are right. The industry has been improving sequentially. And I think that the more we go towards summer, back end of the year, the more we see a normalized industry. China wise remains a weaker on-trade with a good off-trade.

嘿，Sanjeet，早安。謝謝你的提問。首先關於中國，我認為你是對的。該行業一直在持續改善。我認為，越接近夏季和年底，我們就越能看到產業正常化。就中國而言，現場貿易仍然較弱，而場外貿易則表現良好。

And of course, the more you cycle on-trade, the more is going to be a less negative impact. And then the more you cycle it, the more the strength of the off-trade will add to the industry overall. We're still facing a less positive impact on the footprint that we have because the Center West part of the market in China is still performing better than the Eastern part.

當然，您循環的現場交易次數越多，負面影響就越小。然後，循環越頻繁，場外交易對整個產業的影響力就越大。我們的業務範圍仍然受到較不正面的影響，因為中國中西部市場的表現仍優於東部市場。

But of course, this will also cycle as we go through the summer. And we have a lot to do in China ourselves because we continue to believe that our business can perform better than what is performing now despite of negative footprint impact.

但當然，隨著夏天的到來，這種情況也會循環。我們自己在中國也有很多事情要做，因為我們仍然相信，儘管有負面影響，但我們的業務表現可以比現在更好。

And we are increasing the execution, focused with more discipline on our roll to market and overall execution. We increased investments behind our mega brands, especially Budweiser and Harbin, and preference power is moving in the right direction, STRs on these brands moving in the right direction, but more to do.

我們正在加強執行力度，更加重視產品上市和整體執行的規範。我們增加了對超級品牌，特別是百威和哈爾濱的投入，偏好力量正在朝著正確的方向發展，這些品牌的 STR 正在朝著正確的方向發展，但還有很多工作要做。

We are accelerating the expansion in the off-trade, massive opportunity there. And as we focus more on our execution on the off-premise, we're going to get better results. And then, of course, innovation is key in China, Harbin Zero Sugar is scaling up very fast, and I think we're going to have a great summer with Harbin and with this innovation.

我們正在加速非貿易領域的擴張，那裡有巨大的機會。當我們更加關注場外執行時，我們將會獲得更好的結果。當然，創新是中國的關鍵，哈爾濱零糖正在迅速擴大規模，我認為憑藉著哈爾濱和這項創新，我們將度過一個美好的夏天。

When you think macro, look at the quarter one volume performance. If you take the leap year out, this is north of 1%. If you think about Easter shift, this can be anywhere from 0.3 to 0.5. So the underlying volume momentum looks good. And as we head into quarter two and the rest of the year, I think that we will see volume performance improving meaningfully.

當你思考宏觀問題時，請看一下第一季的銷售表現。如果除去閏年，這個數字將超過 1%。如果考慮到復活節的波動，這個數字可能在0.3到0.5之間。因此，潛在的成交量動能看起來不錯。隨著我們進入第二季和今年剩餘時間，我認為我們將看到銷售表現顯著改善。

Right, thank you.

好的，謝謝。

Thank you. Thank you for the question.

謝謝。謝謝你的提問。

Simon Hales, Citi.

花旗銀行的西蒙‧黑爾斯 (Simon Hales)。

I appreciate your performance was certainly very different in Q1, and there's probably a number of specific factors that are impacting their business for the full year. But I wonder how you're viewing just the broader consumer environment now as we look forward into sort of the rest of 2025, given the increased macro uncertainty we've seen over the last sort of couple of months.

我知道你們第一季的業績確實有很大不同，而且可能有許多特定因素影響他們全年的業務。但考慮到過去幾個月宏觀不確定性的增加，我想知道當我們展望 2025 年剩餘時間時，您如何看待現在更廣泛的消費環境。

How are you thinking on that as perhaps evolved since you last updated us with the Q4 in February? And then maybe just following on from that and specifically going back to the US, I wonder if you could just talk a little bit more about the momentum you've seen around some of your new launches like Michelob Ultra Zero in Q1? How we should think about that as we head into the more important summer months? And any other key innovations you're excited about for the US business, specifically in Q2 and Q3?

自從您上次在二月向我們更新第四季度業績以來，您對此有何看法？然後也許只是接著這一點，具體回到美國，我想知道您是否可以再多談談您在第一季度推出的一些新產品（例如 Michelob Ultra Zero）的勢頭？當我們進入更重要的夏天時，我們應該如何思考這個問題？您對美國業務（特別是在第二季和第三季）的其他重要創新感到興奮嗎？

Hi Simon, good morning. Thanks for the question, and I got like a couple of questions within this one, and I will take them one by one here, and maybe Fernando wants to comment as well on the outlook. But overall, we didn't change our outlook. Our outlook remains the same. And I think that we are encouraged by the quarter one delivery.

你好，西蒙，早安。感謝您的提問，我對此有幾個問題，我將在這裡逐一回答，也許費爾南多也想對前景發表評論。但總體而言，我們並沒有改變我們的觀點。我們的觀點保持不變。我認為第一季的交付情況令我們感到鼓舞。

So 4% to 8% is our outlook for the year with what we know now. Macro, and when you think about consumer, which is the portion on your question that I can address in more details. I think that we are actively monitoring the consumer environment.

因此，根據我們目前掌握的信息，我們對今年的成長預測是 4% 至 8%。宏觀方面，當你考慮消費者時，這是關於你的問題的部分，我可以更詳細地回答。我認為我們正在積極監控消費者環境。

And I always like to make this differentiation between consumer sentiment and consumer behavior. While a lot was already said about the consumer sentiment, and we kind of see the same across the globe, it's almost like the same sentiment that you have in elections here, it goes a little bit down because there is a lot of news coming each and every day, consumer is more cautious.

我總是喜歡區分消費者情緒和消費者行為。雖然關於消費者信心已經有很多討論，而且我們在全球範圍內也看到了同樣的情況，但它幾乎就像你們在這裡選舉時的情緒一樣，只是略有下降，因為每天都有大量新聞傳來，消費者更加謹慎。

For us, it's very important to see and to monitor consumer behavior as well. And on the consumer behavior part, what we see is that beer is more resilient than some other categories. And of course, it's an everyday affordable category.

對我們來說，觀察和監控消費者行為也非常重要。從消費者行為來看，我們發現啤酒比其他一些類別更有彈性。當然，這是一個每天都能負擔得起的類別。

We've been activating the category in the key moments and what we see is participation holding on very well. And as I said, our participation, our brands grew and grew the equivalent of 6 million consumers within the last quarter.

我們一直在關鍵時刻激活該類別，我們看到參與度保持得很好。正如我所說，我們的參與度、我們的品牌都在不斷成長，上個季度的消費者數量達到了 600 萬。

So beer remains, as a category, resilient and the underlying demand for our brands is very positive. We are growing participation. And part of that, I think you are right to complement the question like this is a good question in this sense, comes from innovation.

因此，啤酒作為一個類別仍然具有彈性，並且對我們品牌的潛在需求非常積極。我們的參與度正在不斷提高。其中一部分，我認為你對這個問題的補充是正確的，從這個意義上來說，這是一個好問題，源自於創新。

So non-alcohol is being an important driver for us, with growth coming on the portfolio north of 30%. Corona Cero globally, triple digits and Michelob Ultra Zero in the US as the number one innovation in the category this year. So we are north of 0.12, I think, in share in the last few weeks, which is great.

因此，非酒精飲料對我們來說是一個重要的驅動力，產品組合的成長率超過 30%。在全球範圍內，Corona Cero 以三位數的銷售量位居第一，而在美國，Michelob Ultra Zero 則成為今年該類別中排名第一的創新產品。所以我認為，過去幾週我們的份額已經超過了 0.12，這非常好。

We are the number one player in the US this year. Michelob Ultra Zero just started now media because the first quarter was distribution. So we expect to see some acceleration now. Ultra Zero is now the number five brand in Zero in the US and we think that we soon will go up on this ranking.

我們是今年美國排名第一的球員。Michelob Ultra Zero 現在才剛開始媒體，因為第一季是分銷。因此我們預計現在會看到一些加速。Ultra Zero 目前是美國 Zero 領域排名第五的品牌，我們認為我們很快就會在這個排名上上升。

And the other innovation that the team is very excited and very excited to see in the US is this in and out with Busch Light Apple. If you didn't see yet on the Instagram, Twitter, so people are traveling through the country, queuing inside the stores, volume is slowing very quickly out of the shelves and Busch Light Apple will for sure be one thing that people talk about during the summer. So watch for that because it's going to be big.

團隊非常興奮並且很高興在美國看到的另一項創新是 Busch Light Apple 的進出。如果你還沒有在 Instagram、Twitter 上看到，那麼人們正在全國各地旅行，在商店內排隊，貨架上的商品數量正在迅速減少，而 Busch Light Apple 肯定會成為人們在夏天談論的一件事。所以要注意這一點，因為它將會變得很大。

And Simon, Fernando here. If I could add, you asked on the outlook. So on the outlook, I think Michel covered very well the top line. On our costs, two comments here. The first one is that you have hedges in place.

這是西蒙和費爾南多。如果我可以補充的話，您問的是前景。因此，從前景來看，我認為米歇爾很好地涵蓋了收入。關於我們的成本，這裡有兩則評論。第一個就是你已經設定了對沖。

So we have very good visibility in our cost of goods sold. And it's always a one-year delay. So you know that last year, we had kind of the devaluation of emerging markets happening towards the second half of the year, which means that first quarter is probably the easiest comp. And then later on, you will start adding some pressure onto that. But then again, it's expected, there is no news here.

因此，我們對銷售成本有非常清楚的了解。而且總是要延遲一年。所以你知道，去年下半年新興市場出現了貶值，這意味著第一季可能是最容易比較的。然後稍後，您將開始對其施加一些壓力。不過話說回來，這也是意料之中的事，這裡沒有消息。

On the translation side is the opposite effect, more pressure in the first half and then in the second quarter, probably easier comps because the devaluation happened in the second half of last year, mostly Mexican pesos and Brazilian real.

翻譯方面則產生了相反的效果，上半年和第二季度的壓力更大，可能更容易比較，因為去年下半年發生了貶值，主要是墨西哥比索和巴西雷亞爾。

And then always important to highlight that we talked about it during the initial remarks, but it's always important to remark that even our very local nature of the business, very little impact, if any, from tariffs. So that kind of combining the top line with all this kind of cost comments leave us to kind of maintain the same outlook we had since the beginning of the year.

然後始終需要強調的是，我們在最初的評論中討論過這個問題，但始終需要注意的是，即使我們的業務性質非常本地化，關稅的影響也很小，甚至沒有。因此，將營收與所有此類成本評論結合起來，我們可以保持與今年年初相同的展望。

Thank you. That's great. Thanks so much.

謝謝。那太棒了。非常感謝。

Edward Mundy, Jefferies.

愛德華蒙迪，傑富瑞集團。

Morning, Michel, Morning, Fernando. So two questions please. Just in your wording around the priority to lead and grow the category. There's a bit of a nuance in your wording from occasions development to balanced choices in one of your bullets. Could you perhaps provide a bit of context into this nuance? And does this sort of reflect any change in your strategy, perhaps a bit more focused, a bit more resourced behind some of these new growth streams?

早安，米歇爾，早安，費爾南多。請問有兩個問題。您的措辭只是優先考慮引領和發展該類別。您的措辭從場合發展到要點中的平衡選擇有一些細微差別。您能否提供一些關於這種細微差別的背景資訊？這是否反映了您的策略的任何變化，也許更加專注，為這些新的成長流提供更多資源？

And then second of all, just a question around perhaps to Fernando, about driving leverage through the P&L. There's been a pretty decent drop through from EBITDA to dollar EPS despite the FX headwind in the first quarter, below depreciation, lower financial charges. Could you perhaps talk about the sustainability of this overall shape due to the P&L?

其次，我想問費南多一個問題，關於如何透過損益表來提高槓桿率。儘管第一季面臨外匯逆風，EBITDA 與美元 EPS 之間仍有相當大的下降，低於折舊額，財務費用較低。您能否談談損益表顯示的整體形態的可持續性？

Okay, Ed. Let me start, Fernando here, from your question. I feel that we've been talking about it, but some of these things, there is a little bit of a delayed effect. We've been working on optimizing our business, one of the KPIs that you can see is CapEx and CapEx is coming down. But the first CapEx is coming down, and you see that happening on cash flow, and there is a little bit of a delayed effect when you see that coming through depreciation. So that's one of the components of the leverage throughout the P&L.

好的，艾德。我是費爾南多，先從你的問題說起。我覺得我們一直在談論它，但其中一些事情有一點延遲效應。我們一直在努力優化我們的業務，您可以看到的關鍵績效指標 (KPI) 之一是資本支出 (CapEx)，而且資本支出正在下降。但是第一筆資本支出正在下降，你會看到這發生在現金流上，當你看到它透過折舊實現時，會有一點延遲效應。這是整個損益表中槓桿的組成部分之一。

And the second one which is kind of a function of our efforts on deleveraging. As you deleverage, you have less debt. As you have less debt, you have less interest. And if you have less interest, that flows through the EPS as well. So to maybe add to your question.

第二個是我們去槓桿努力的成果。隨著去槓桿化，你的債務就會減少。由於債務減少，因此利息也減少。如果您的興趣較少，那麼這也會影響 EPS。所以也許可以補充你的問題。

As some of these benefits of lower CapEx, it still needs to come to depreciation. And as we continue to make progress on our leverage, as we continue to generate more cash flow, you should see this kind of operational leverage happening going forward.

儘管這些較低資本支出的好處有些仍然需要折舊。隨著我們繼續在槓桿方面取得進展，隨著我們繼續產生更多的現金流，你應該會看到這種營運槓桿在未來繼續發生。

Now we'll turn to Michel for the -- your first question.

現在我們請米歇爾回答您的第一個問題。

Hey Michel here, thanks for the question and good catch. So we are not less focused on the occasions, but we did this fine-tuning because as we interact with consumers and as our innovation pipeline comes to play on the actions that we have put in place in the market, we have been seeing a massive interaction on these balanced choices that we have, which today are a big business for us, over $5 billion, and occasions for consumers. Let me just cover this a little bit more.

嘿，我是 Michel，謝謝你的提問，你講得很好。因此，我們並沒有減少對場合的關注，而是進行了微調，因為當我們與消費者互動時，隨著我們的創新管道對我們在市場上採取的行動產生影響，我們看到了對這些平衡選擇的大規模互動，這些選擇如今對我們來說是一筆大生意，價值超過 50 億美元，也是消費者的場合。讓我再多講一下這一點。

So non-alcohol is one that we've been talking and it's becoming very obvious because 60% are either new consumers coming into the category or the same current beer consumer having beer in more occasions because now the non-alcohol opens up this opportunity to them.

因此，非酒精飲料是我們一直在談論的一個話題，而且這一點變得非常明顯，因為 60% 要么是進入該類別的新消費者，要么是相同的現有啤酒消費者在更多場合喝啤酒，因為現在非酒精飲料為他們打開了這個機會。

But this goes beyond only the non-alcohol because we see these barriers for consumers to interact with beer. And when we solve for these barriers, they actually prefer our balanced choices rather than other alcoholic beverage.

但這不僅限於非酒精飲料，因為我們看到了消費者與啤酒互動的障礙。當我們解決這些障礙時，他們實際上更喜歡我們均衡的選擇，而不是其他酒精飲料。

And there, in some markets, is gluten-free, in some markets is zero sugar, for some consumers is the low alcohol organic proposition, and one very broad barrier that we broke for a while already is the carbs and calories that's why Michelob Ultra go so well in the US.

在某些市場上，它是無麩質的，在某些市場上是零糖的，對於一些消費者來說，它是低酒精有機食品，而我們已經打破的一個非常大的障礙是碳水化合物和卡路里，這就是 Michelob Ultra 在美國如此受歡迎的原因。

So this balanced choices that we have is over $5 billion today, is growing high single digits net revenue, is being very positive for innovation everywhere, and we are betting a lot as one of our main platforms to continue to grow the category as we remove barriers for consumers and we meet them on this healthier lifestyle, balanced choices, ideas that they have as they make their decisions every day.

因此，我們目前擁有的平衡選擇業務價值已超過 50 億美元，淨收入保持高個位數增長，這對各地的創新都產生了積極影響，而且我們押注於作為我們主要平台之一的平衡選擇業務，繼續擴大該類別，為消費者消除障礙，並滿足他們更健康的生活方式、平衡選擇以及他們每天做決定時所持有的想法。

So from non-alcohol to low alcohol to low sugar, no gluten, low carbs, low calories. It's very fertile. We are very advanced. It's already a very big business for us. And we are investing big here to grow more occasions and to grow the category and our brands with consumers on the needs that they are attacking and tackling, and we are providing them a portfolio that is important for them on the needs that they have for their consumption occasions. Thank you.

因此，從無酒精到低酒精到低糖、無麩質、低碳水化合物、低卡路里。它非常肥沃。我們非常先進。對我們來說這已經是一項很大的生意了。我們在這裡投入了巨額資金，以拓展更多的消費場合，並根據消費者所攻擊和解決的需求來擴大產品類別和品牌，並且我們為他們提供對他們來說很重要的產品組合，以滿足他們在消費場合的需求。謝謝。

Great, thank you.

太好了，謝謝。

Sarah Simon, Morgan Stanley.

摩根士丹利的莎拉·西蒙。

Yes, thanks for taking my questions. I've got two. First one was on Mexico. A lot of consumer companies have been talking about Mexico being worse. You haven't really flagged that up other than the calendar effect. I wonder if you could talk about how you're seeing the market there?

是的，感謝您回答我的問題。我有兩個。第一個是關於墨西哥的。許多消費品公司一直在談論墨西哥的情況更糟。除了日曆效應之外，您還沒有真正標記出這一點。我想知道您是否可以談談您如何看待那裡的市場？

And the second question was a rather one for Fernando. Can you just help us with scope because I was expecting sort of positive contribution in Europe from San Miguel in terms of volume, but we had a negative. And obviously, that goes through the segment. So just if you could help on that, please. Thanks.

第二個問題對費南多來說是一個相當棘手的問題。您能否幫助我們確定範圍，因為我原本期望聖米格爾在歐洲的銷售方面做出積極貢獻，但我們卻得到了負面結果。顯然，這貫穿了整個部分。所以如果您能幫忙的話，請幫忙。謝謝。

Okay. So Sarah, let me take the first one and then Mexico, take the second one. On the scope, there are a few things here, somewhat kind of between financial line and EBITDA, some to do with the hedges, and I think San can go into more detail with you. But to an essence, San Miguel, it has just started, it's more a little bit of a phasing, you should expect some difference on other quarters.

好的。那麼莎拉，讓我回答第一個問題，然後墨西哥回答第二個問題。在範圍上，這裡有一些事情，有點介於財務線和 EBITDA 之間，有些與對沖有關，我認為 San 可以與您更詳細地討論。但從本質上講，聖米格爾才剛開始，還處於一個階段性階段，你應該預料到其他方面會有所不同。

But these are kind of the main one is this financial one, which is the carry cost on some commodities and then on some self-phasing.

但這些主要是金融方面的，也就是某些商品的持有成本，然後是一些自我階段的成本。

On the industry in Mexico and consumer sentiment, I think that I will start with the point I raised on the previous question, which is there is consumer sentiment and consumer behavior. So the behavior purchase penetration, everything looks very normal in Mexico.

關於墨西哥的工業和消費者情緒，我想我將從上一個問題中提出的觀點開始，即消費者情緒和消費者行為。因此，就行為購買滲透率而言，在墨西哥一切看起來都很正常。

Consumers are interacting well with the category and the underlying trends remain very positive. Of course, in the quarter one, when you look at the Mexico volumes in the industry, there was the last one trading day and there was Easter, which is very relevant for the Mexican market. The same weather pattern that we saw hitting the US was somehow extended to Mexico.

消費者與該類別的互動良好，潛在趨勢仍然非常積極。當然，在第一季度，當你查看該行業的墨西哥交易量時，你會發現最後一個交易日和復活節對墨西哥市場非常重要。我們看到襲擊美國的相同天氣模式以某種方式延伸到了墨西哥。

So there was some impact on weather as well. But if you discount for that, the underlying trend was very good. And as a matter of fact, I think that we will see this shift on Easter from quarter one to quarter two, adding some good momentum to Mexico.

所以天氣也受到了一定的影響。但如果不考慮這一點，潛在的趨勢是非常好的。事實上，我認為我們會在復活節看到這種轉變，從第一季到第二季度，為墨西哥增添一些良好的勢頭。

So I think that we continue to monitor consumer environment, category moving well, underlying demand for our brands, very strong in Mexico. And at this point, there is not much more that we are concerned with Mexico. So we continue to activate the brands, work hard each and every day toward the business that we have there.

因此我認為我們會持續監控消費者環境，類別走勢良好，我們品牌的潛在需求在墨西哥非常強勁。目前，我們對墨西哥的關注已經不多了。因此，我們將繼續激活品牌，每天努力開展我們在那裡的業務。

Great, thanks a lot.

太好了，非常感謝。

Thank you.

謝謝。

Chris Pitcher, Redburn Atlantic.

克里斯‧皮徹 (Chris Pitcher)，雷德伯恩大西洋公司 (Redburn Atlantic)。

Hi, good morning. Thank you. A couple of -- sorry, good afternoon. A couple of questions, for me. One follow-up. On China, you're talking about the importance to focus on the off-trade and build premium there. I mean that's a very different proposition to building Budweiser, et cetera, in the night club channel. Have you got the resources on the ground?

嗨，早安。謝謝。幾點——抱歉，下午好。我有幾個問題。一次後續行動。關於中國，您談到了關注非現場交易市場和打造高端產品的重要性。我的意思是，這與在夜總會管道中建立百威等品牌的主張截然不同。你們有實地資源嗎？

I mean, clearly, you can borrow experiences from other markets. I just wanted to understand how easy it is to transfer volume into that channel. And then secondly, we don't often talk about the underlying business in Argentina, but it certainly sounds like things are starting to improve.

我的意思是，顯然你可以藉鏡其他市場的經驗。我只是想了解將音量轉移到該頻道有多麼容易。其次，我們並不常談論阿根廷的基礎業務，但聽起來情況確實開始好轉。

And potentially, it could -- if inflation keeps falling, you could start to have a better backdrop there. I mean how healthy is the Argentinian business? You've done a good job to protect dollar profitability given everything. Is that a market we should be getting more encouraged about in the coming quarters, years? Thanks.

並且有可能，如果通膨持續下降，那麼就會開始出現更好的背景。我的意思是阿根廷的業務狀況如何？綜合考慮各方面因素，你們在保護美元盈利能力方面做得很好。在未來的幾季或幾年裡，我們是否應該對這個市場更加樂觀？謝謝。

Hey, Chris, good morning. Thanks for the question. So first on China. In China, we will continue to have a very good business in the on-trade. Our brands are very strong. And they'll trade will rebound with time as consumer confidence gets recovered. So that business is a good business. We continue to support and will rebound over time.

嘿，克里斯，早安。謝謝你的提問。首先談談中國。在中國，我們的現場消費業務將繼續保持良好勢頭。我們的品牌非常強大。隨著消費者信心的恢復，他們的交易將會隨著時間的推移而反彈。所以這門生意是一門好生意。我們將繼續提供支持，並將隨著時間的推移而反彈。

The growth in the off-trade is something that we actually see in all markets as the markets mature. Consumers tend to have more occasions, more in-home occasions. And the off-trade growth I think that in China, it's just that as many other things, is happening very fast.

隨著市場逐漸成熟，我們實際上可以看到所有市場的非現場消費都在成長。消費者傾向於擁有更多的場合，更多的在家的場合。我認為，中國的非貿易成長與許多其他事物一樣，正在迅速發展。

And the number one asset that we need to have to have the off-trade consumption and volume is really strong brands. And when you think about Corona, Budweiser, Blue Girl, Harbin Ice, they are all very strong brands.

而為了獲得非現場消費和銷售，我們需要擁有的首要資產就是強大的品牌。想想科羅娜、百威、藍妹、哈爾濱冰，它們都是非常強大的品牌。

But there is, of course, some tweaks on the sales force, on the road to market and this is where the team is working now. So we need now to see how the year will play, second quarter, third quarter, to see where our volumes will start to rebound and the rate of success and speed in which we can capture this opportunity on the off-trade. But the most important asset, strong brands we have in China.

但當然，在銷售團隊和市場推廣方面也進行了一些調整，目前團隊正在這方面開展工作。因此，我們現在需要看看今年、第二季、第三季的情況如何，看看我們的銷售何時會開始反彈，以及我們在場外交易中抓住這一機會的成功率和速度。但最重要的資產是我們在中國擁有的強大品牌。

In Argentina, that's a good point. We talked about that last year a lot. It was a very abnormal disruption for the industry in Argentina that was unrelated to the category itself, but much more based on the macros. Macro is improving in Argentina, and as a consequence, sequentially, the industry is getting better. And I think that we'll see further improvement through the year.

在阿根廷，這是一個很好的觀點。我們去年多次談論這個話題。這對阿根廷的行業來說是一次非常不正常的混亂，與類別本身無關，而更多地基於宏觀因素。阿根廷的宏觀經濟正在改善，因此，整個產業也隨之改善。我認為今年我們會看到進一步的改善。

The business itself, very good cash flow brands, very strong. Market share remains positive. And I think that now is a matter of giving time to the macroeconomics to improve, consumer purchase power to return, and we will see gradually an improvement on volume. And as you said, because margins are in the right place, profitability is in the right place, brands remain strong, we will see this flowing through the P&L for sure. Thanks for the question.

業務本身，品牌的現金流非常好，非常強勁。市場佔有率仍保持正值。我認為現在的問題是給宏觀經濟時間去改善，讓消費者購買力恢復，然後我們將看到銷售量逐漸改善。正如您所說，由於利潤率處於正確位置，因此獲利能力處於正確位置，品牌保持強勁，我們肯定會看到這些流入損益表。謝謝你的提問。

Thank you.

謝謝。

Trevor Stirling, Bernstein.

特雷弗·斯特林，伯恩斯坦。

Hi Michel, Fernando. Just one from my side, please. And probably a bigger picture one. There's been a big huge debate going in the USA, about the extent to which younger people drink less alcohol, participate less in the category and what that has implications for category growth. But if you think about your big emerging markets, about Mexico, about Brazil, about Colombia, do you see any similar trends emerging there may be amongst more elite users perhaps more being more influenced by the US or is it business as usual?

你好，米歇爾，費爾南多。請只說一句我這邊的話。或許還有更宏大的圖景。美國正在就年輕人飲酒量減少、參與度降低的程度以及這對酒類增長有何影響展開一場激烈的辯論。但是，如果你考慮大型新興市場，例如墨西哥、巴西、哥倫比亞，你是否看到類似的趨勢出現？也許更多的精英用戶會受到美國的影響更大，還是一切照舊？

Hi, Trevor, thank you for the question. And as you know, in our business, there is never a day when business is just business as usual. So it's fast, good consumer goods. We work very hard to earn the business every day. And we discussed in some different occasions, these COVID generation.

你好，特雷弗，謝謝你的提問。如你所知，在我們的業務中，從來沒有哪一天是一切如常的。所以它是快速、優質的消費品。我們每天都非常努力地贏得生意。我們在不同的場合討論過這些 COVID 世代。

And the fact that many, many of the behaviors that are naturally evolving when you are 21, 22, 23 years old for this generation was a little bit later, right? So from the college that you had to be one year or two years out of your home or from the dorms to participating in sports events, music events, gatherings with friends.

事實上，對我們這一代來說，很多行為在 21、22、23 歲時自然形成，這有點晚了，對吧？因此，從大學開始，你必須離開家或宿捨一兩年的時間才能參加體育賽事、音樂活動、與朋友聚會。

And I think that when we look at that, it's somehow the same everywhere, but its recovering and moving everywhere as well because behaviors, they normalize a lot as we look at the 24, 25 cohorts. And then there are idiosyncratic issues that are different in each and every market. So in some markets, very fast penetration of non-alcohol beer.

我認為，當我們觀察這一點時，會發現所有地方的情況都是一樣的，但它也在各個地方恢復和發展，因為當我們觀察 24、25 個隊列時，它們的行為已經正常化了很多。每個市場都有不同的特殊問題。因此在某些市場，無酒精啤酒的滲透速度非常快。

In some other markets, you see economic disruptions like we just spoke about in China or in Argentina. But overall, participation is okay across the globe, it's smaller on these younger cohorts, but normalizing as you go from 21 to 24 to 27.

在其他一些市場，你會看到經濟混亂，就像我們剛才談到的中國或阿根廷的情況一樣。但整體而言，全球的參與度都還可以，年輕族群的參與度較小，但從 21 歲到 24 歲再到 27 歲，參與度逐漸恢復正常。

We see on the other side the same thing. So participation is stronger on the older cohorts because people are just like living longer, going out more often, spending more money. So there is puts and takes on the participation, but there is a big normalization on the core of the category from 24 to 35 looks very normal.

我們在另一邊也看到了同樣的事情。因此，老年人群的參與度更高，因為人們的壽命更長、外出更頻繁、花費更多。因此，在參與度方面存在差異，但從 24 到 35 的類別核心有一個很大的正常化，看起來很正常。

And we, of course, we are monitoring this very carefully. We are working on our balanced choices portfolio because it resonates very well with consumers from zero sugar to gluten-free, to low carb to non-alcohol. So we are offering a proposition that caters for every different taste in the moment. Thank you.

當然，我們正在非常密切地監視此事。我們正在致力於打造均衡的選擇組合，因為它從零糖到無麩質、從低碳水化合物到無酒精，非常能引起消費者的共鳴。因此，我們提供的方案可以滿足每個人當下的不同口味。謝謝。

Thank you

謝謝

Gen Cross from BNP Paribas.

法國巴黎銀行的 Gen Cross。

Hi, Michel, Fernando, Thank you for the questions. Just a couple on costs from me. So SG&A looks like it declined by roughly mid-single digit organically in both South America and Middle America regions in Q1. Obviously, you've got organic revenue growth in both of those regions.

你好，Michel，Fernando，謝謝你們的提問。我只想談幾點關於成本的問題。因此，第一季南美洲和中美地區的銷售、一般及行政費用似乎都有機下降了大約個位數。顯然，這兩個地區的有機收入都實現了成長。

So I was just wondering if there's any color you could share in how you've managed to achieve a decent reduction in your SG&A expenses in those two regions? And the second one is kind of going back to actually an earlier question on finance costs, which saw quite meaningful reduction year-on-year.

所以我只是想知道您是否可以分享一下您是如何成功大幅削減這兩個地區的銷售、一般和行政費用的？第二個問題實際上回到了先前關於財務成本的問題，財務成本比去年同期大幅下降。

And recurring net finance costs being below about -- below the $1 billion mark in the past couple of quarters now. And as you've commented on, Fernando, debt levels continue to come down. Do you expect to stay below the $1 billion mark per quarter going forward? Thank you.

過去幾個季度，經常性淨財務成本一直低於 10 億美元。正如費爾南多您所評論的，債務水平持續下降。您預計未來每季的銷售額會低於 10 億美元嗎？謝謝。

Hi again. So on the first piece of the question, SG&A, it's the ongoing optimization. I think we have this kind of ongoing effort, as Michel mentioned, it's not that we announced that we're going to do an effort or this or that. But on a recurring basis, we always look at our cost base and see how we can further optimize. So this is kind of part of our day-to-day.

大家好。因此，對於問題的第一部分，銷售、一般和行政費用 (SG&A)，這是一個持續的最佳化。我認為我們正在進行這種持續的努力，正如米歇爾所提到的那樣，並不是我們宣布要做某項努力或某件事。但我們總是會定期審視我們的成本基礎，並研究如何進一步優化。這是我們日常生活的一部分。

On the second question on finance costs, it's a function of same kind of rational ongoing optimization. And as you kind of reduce your leverage, you can start having kind of this benefit of lower interest expense kind of -- you just keep getting momentum on that.

關於財務成本的第二個問題，它是同類理性持續最佳化的函數。隨著你降低槓桿率，你就可以開始享受到降低利息支出的好處——你只需繼續獲得這種動力。

So we'll continue to work on that. We don't provide any guidance kind of on what is our next quarter finance expense is. We just provide the guidance on some of our cruise. But definitely, we mentioned that on the fourth quarter last year on the full year, the step change on the free cash flow helps, It helps because you have less debt and helps because you have more cash, which also an interest on it.

因此我們會繼續努力。我們沒有提供任何有關下一季財務支出的指導。我們只是為部分遊輪提供指導。但毫無疑問，我們提到，去年第四季和全年自由現金流的階躍變化是有幫助的，這是因為您的債務減少了，也是因為您擁有了更多的現金，這也是一種利息。

But definitely, the two topics that you mentioned is part of the pillar three of our strategy to optimize our business. Thank you.

但毫無疑問，您提到的兩個主題是我們優化業務策略的第三大支柱的一部分。謝謝。

Thank you.

謝謝。

Olivier Nicolai, Goldman Sachs..

奧利維爾·尼科萊，高盛..

Hi, good morning, Michel, Fernando. Just two questions, please. Just a follow-up on the US, first of all. You have a very detailed database in the US by consumer, by post code. You flagged that April is effectively better, thanks to the weather and then the Easter timing.

嗨，早上好，米歇爾，費爾南多。請問我有兩個問題。首先，我只是對美國進行跟進。您擁有一個按消費者和郵政編碼劃分的非常詳細的美國資料庫。您指出，由於天氣和復活節的到來，四月的情況實際上會更好。

But do you see any consumer demographics or any specific states where you are seeing any sign of consumer weakness there, considering the overall lower consumer confidence since the beginning of the year? That's the first question.

但是，考慮到今年年初以來消費者信心整體較低，您是否看到任何消費者人口統計或任何特定州出現消費者疲軟的跡象？這是第一個問題。

Then secondly, you had a very strong margin improvement in Q1 that was driven by gross margin being up strongly. Could you give us perhaps a bit more details on the driver behind this increase and if you think that will continue at this pace for the rest of the year? Thank you.

其次，第一季的利潤率大幅提升，這得益於毛利率的強勁成長。您能否向我們詳細介紹一下這一增長背後的驅動因素，以及您是否認為今年剩餘時間內這一增長速度還會繼續保持下去？謝謝。

Hi Olivier, let me start by your second question on the margin improvement. I think the margin improvement and the gross margin improvement, as I said, the hedge kind of we have very good visibility on our costs. And given the dynamics of FX and commodities last year, which has a delayed effect on us, first quarter is the one that will have more of a tailwind.

你好，奧利維爾，首先我想問你的第二個問題，關於利潤率的提高。我認為利潤率和毛利率的提高，正如我所說，透過對沖，我們對成本有了很好的了解。考慮到去年外匯和大宗商品的動態對我們的影響具有延遲性，第一季將會更加順風。

As you navigate throughout the year, probably you're going to have some more pressures on the cost of goods sold, starting already in Q2, but more pronounced in half two of the year. But having said that, we have our outlook, the 4% to 8%, kind of nothing changes here.

隨著您全年的前進，您可能會面臨更多的銷售成本壓力，這種壓力從第二季開始，但在下半年會更加明顯。但話雖如此，我們有自己的預測，4%到8%，這沒什麼改變。

We think kind of a while, you should have a little bit more pressure on the transactional cost of goods sold. If you look from a translation standpoint, that should be quite the opposite, you should have harder comps in the first half of the year and easier comps in the second half of the year. And on your first question, Michel?

我們認為，一段時間後，您應該對銷售商品的交易成本施加更大的壓力。如果從翻譯的角度來看，情況應該恰恰相反，上半年的考試應該更難，而下半年的考試應該更容易。米歇爾，您第一個問題怎麼樣？

Michel. Hi Olivier, Michel here. So on the US, I think that we included this page on the webcast because we thought would be very helpful for us to look at this together. It's public data from Circana that shows better industry in April.

米歇爾。你好，Olivier，我是 Michel。因此，對於美國來說，我認為我們在網路廣播中加入了這個頁面，因為我們認為這對我們一起研究這個問題非常有幫助。Circana 的公開數據顯示，四月產業表現較好。

The industry in January was rather more normal and the weather patterns being cold weather and precipitation being the main factors for this tough industry that we saw during the quarter one, that was the main, explains majority of what we saw in terms of deviation from normal.

一月份的產業狀況比較正常，寒冷天氣和降水是造成第一季產業艱難局面的主要因素，這也是我們看到的偏離正常水準的主要原因。

If you think about consumer, what we see is participation, normal. Our brands are gaining participation in the US, which is very positive for us at the beginning of the year. And we have a portfolio that covers all price points.

如果你考慮消費者，我們看到的是參與，這是正常的。我們的品牌正在美國獲得越來越多的參與，這對我們年初來說是一個非常積極的訊號。我們擁有涵蓋所有價格點的產品組合。

So during the course of last year, there were several questions about inflation, where consumers were going and what we were seeing in other categories. And I emphasized this idea that we have, Stella premium brands, Michelob Ultra, premium core plus, mainstream brands and a very strong value portfolio is not a surprise for us that Busch Light is the number two brand now for two, three quarters in a row.

因此，在去年期間，出現了一些關於通貨膨脹、消費者去向以及我們在其他類別中看到的情況的問題。我強調了這個想法，我們擁有 Stella 高端品牌、Michelob Ultra、高端核心 plus、主流品牌和非常強大的價值組合，Busch Light 連續兩三個季度成為第二大品牌，這對我們來說並不令人意外。

so our portfolio is well positioned to cover the current environment because we offer and spend that goes from strong value brands to premium brands, and we cover nationwide all channels and regions. So I think that is weather impacting the quarter one. Let's see now the quarter two. We are positioned with a good portfolio, and we see that this portfolio is gaining participation in the US. Thank you.

因此，我們的產品組合能夠很好地適應當前環境，因為我們提供的產品和支出涵蓋從強勢價值品牌到高端品牌，並且涵蓋全國所有通路和地區。所以我認為天氣影響了第一季。現在讓我們看看第二季。我們擁有良好的投資組合，我們看到該投資組合在美國正在獲得越來越多的參與。謝謝。

Thank you very much.

非常感謝。

Mitch Collett, Deutsche Bank.

德意志銀行的米奇·科萊特。

(Operator Instructions)

（操作員指示）

Hi Michel. Hi Fernando. Just a quick question on Beyond Beer which accelerated to I think 16% growth, this quarter from low single digits in 2024. What drove that acceleration and can you sustain it? And you're clearly a beneficiary of the growth, in the ready to drink cocktails in the US. I'm sure that's a contributor, but where else are you excited about the opportunity and Beyond Beer? Thank you.

你好，米歇爾。你好，費爾南多。關於 Beyond Beer 的一個簡單的問題，我認為其成長率將從 2024 年的個位數低點加速到本季的 16%。是什麼推動了這種加速？您能維持這種加速嗎？顯然，您是美國即飲雞尾酒市場成長的受益者。我確信這是一個因素，但是您對這個機會和 Beyond Beer 還有什麼其他興奮之處嗎？謝謝。

Hi Mitch. Thank you for the question. So I will start by stating something that three years ago when we discussed our strategy and the opportunities for growth as we aim to lead and grow the category. I mentioned this Beyond Beer space. And this interesting intersection between hard liquor wine and beer that was very incremental for beer.

你好，米奇。謝謝你的提問。因此，我首先要說明的是，三年前我們討論我們的策略和成長機會時，我們的目標是引領和發展這個類別。我提到了這個超越啤酒的空間。烈酒和啤酒之間的這種有趣的交集對於啤酒而言具有很大的進步意義。

So we know like two-third of the volume there adds to the beer category. The capabilities that we have because people want convenience, and they want small packs, cans, and we as brewers are well positioned for that. And we said that we would go after this opportunity and use this as a driver for our growth. And this is what we are doing, right?

因此我們知道那裡大約三分之二的產量屬於啤酒類別。我們擁有這些能力是因為人們想要方便，他們想要小包裝、小罐裝的啤酒，而我們作為釀酒商已經準備好了。我們表示，我們將抓住這個機會，並將其作為我們成長的動力。這就是我們正在做的事情，對嗎？

So on the strategy, a clear view on where to play. And on the how to win, we discussed it many times. Brands because people want to buy brands here. They don't want generic liquids. And they like brands that are new to the world.

因此，從策略上來說，對於在哪裡發揮作用有一個清晰的認識。關於如何取勝，我們也討論過多次。品牌，因為人們想在這裡購買品牌。他們不要普通的液體。他們喜歡新品牌。

That's why Nutrl does well, that's why Cutwater does well or Flying Fish. And we had to reorganize our portfolio here because we had too many offers. So you're familiar with this idea that we streamlined our portfolio globally by 30% in terms of SKUs.

這就是 Nutrl 表現出色的原因，也是 Cutwater 或 Flying Fish 表現出色的原因。由於我們收到的報價太多，因此我們必須重新組織我們的投資組合。所以您熟悉這個想法，我們在全球範圍內將 SKU 方面的產品組合精簡了 30%。

Now we have clearly five global brands on this space, Flying Fish, BEES, Cutwater, Nutrl, and Brutal Fruit. We are rolling these brands to more countries, but in each country where these brands were born and we operate, they are gaining momentum. That's the case for Cutwater in the US, for Nutrl the US, for Flying Fish in Africa and so on and so forth.

現在我們在這個領域有五個全球品牌，分別是 Flying Fish、BEES、Cutwater、Nutrl 和 Brutal Fruit。我們正在將這些品牌推廣到更多國家，但在每個品牌誕生和我們經營的國家，它們都在獲得發展勢頭。美國的 Cutwater 就是這種情況，美國的 Nutrl 就是這種情況，非洲的 Flying Fish 就是這種情況，等等。

So because we first streamline the portfolio, we had a very clear view that this is a growing segment and that we can win big globally. Now we are in full execution mode. And because of that, volumes are accelerating, top line is accelerating, the rollouts, they open a huge opportunity for us to be in more markets because consumers want this proposition across the globe and the brands that we have now, they fit for each of the needs that the consumers have there for more light and refreshing to more complex and full taste.

因此，由於我們首先精簡了投資組合，我們非常清楚地認識到，這是一個不斷增長的領域，我們可以在全球範圍內取得巨大成功。現在我們已進入全面執行模式。正因為如此，銷售和營收都在加速成長，新產品的推出為我們進入更多市場提供了巨大的機會，因為全球消費者都希望獲得這種產品，而我們現有的品牌可以滿足消費者對從更清淡、更新鮮到更複雜、更飽滿的口味的各種需求。

So from Nutrl to Cutwater and everything between, we can cover with these five brands. So it's an exciting space. It's a growing opportunity, and we think that we are well positioned to continue to drive the growth of this segment with our portfolio and to be, of course, increasing our volumes and penetration with our brands as these propositions, they resonate somehow globally. Thank you.

因此，從 Nutrl 到 Cutwater 以及介於兩者之間的所有產品，我們都可以透過這五個品牌進行覆蓋。這是一個令人興奮的領域。這是一個不斷增長的機會，我們認為我們已做好準備，透過我們的產品組合繼續推動這一領域的成長，當然，隨著這些主張在全球範圍內產生共鳴，我們也會提高品牌的銷量和滲透率。謝謝。

Thank you. We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

謝謝。我們的問答環節已經結束。我想再次請大家發表進一步的評論或結束語。

Thank you. Thanks, everybody. Thank you for your time today, for the ongoing partnership and support for our business. Stay safe and well, and we'll talk soon. Thank you.

謝謝。謝謝大家。感謝您今天抽出時間，感謝您對我們業務的持續合作和支持。保持安全和健康，我們很快就會再談。謝謝。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。