Anheuser-Busch Inbev SA (BUD) 2025 Q2 法說會逐字稿

Welcome to AB InBev's Second Quarter 2025 Earnings Conference Call and Webcast. Hosting the call today from AB InBev are Mr. Michel Doukeris, Chief Executive Officer; and Mr. Fernando Tennenbaum, Chief Financial Officer.

歡迎參加百威英博 2025 年第二季財報電話會議和網路廣播。今天主持百威英博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. (Operator Instructions)

要查看今天電話會議的幻燈片，請訪問百威英博網站 www.ab-inbev.com，然後點擊「投資者」標籤和「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。（操作員指示）

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. 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.

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。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重大差異。

For a discussion of some of the risks and important factors that could affect AB InBev's future results, see risk factors in the company's latest annual report on Form 20-F filed with the Securities and Exchange Commission on March 12, 2025. AB InBev assumes no obligation to update or revise any forward-looking information provided during the conference call and shall not be liable for any action and reliance upon such information.

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。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，也不對任何基於此類資訊的行動和依賴承擔責任。

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

現在我很高興將發言權交給米歇爾·杜克里先生。先生，您可以開始了。

Thank you. and welcome, everyone, to our second 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 will be happy to answer your questions.

謝謝。歡迎大家參加我們 2025 年第二季財報電話會議。我很高興今天能與大家交談。今天，費南多和我將向大家介紹我們的經營亮點，並向大家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 consistent execution of our strategy delivered another quarter of solid results, with EBITDA increasing by 6.5% and continued margin expansion. The performance of our premium brands and the strategic choices we made in revenue management drove an acceleration in our revenue per hectoliter growth. increasing by 4.9% versus last year. In the US, our portfolio is continuing to build momentum and gain share of the industry. We are continuing to increase our investments in our brands to fuel growth. Our non-alcohol beer portfolio continued to outperform globally, increasing revenues by 33%.

讓我們從主要亮點開始。我們持續執行的策略又帶來了一個季度的穩健業績，EBITDA 成長了 6.5%，利潤率持續擴大。我們的高端品牌的表現以及我們在收入管理方面做出的策略選擇推動了我們每百升收入的成長，比去年增長了 4.9%。在美國，我們的投資組合正在持續增強勢頭並獲得行業份額。我們將繼續增加對品牌的投資以促進成長。我們的無酒精啤酒產品組合在全球範圍內繼續表現出色，收入成長了 33%。

The growth of BEES marketplace accelerated this quarter, increasing GMV by 63% versus last year to reach $785 million. And the ongoing optimization of our business drove an 8.7% increase in the underlying US dollar EPS and $0.5 billion increase in free cash flow.

本季 BEES 市場成長加速，GMV 較去年同期成長 63%，達到 7.85 億美元。我們業務的持續優化推動美元基礎每股收益成長 8.7%，自由現金流增加 5 億美元。

Turning to our operating performance. Volumes declined by 1.9%, impacted by soft industries and performance in China and Brazil. While overall volumes were below potential, the underlying momentum in markets representing the remaining two-third of our business continued with volume growth of 0.7% double clicking on these two markets. First, Brazil. The majority of our volume decline was driven by a soft industry, which was impacted by adverse weather conditions. During the second quarter, we made strategic revenue management choices to position the business well for the second half of the year. Second, in China, the quarter two industry volume trends were in line with the first quarter, declining by low single digits versus last year, but our volumes underperformed with continued weakness in our regions and channels.

談到我們的經營績效。受軟產業以及中國和巴西業績的影響，銷量下降了 1.9%。雖然整體銷售低於潛力，但占我們業務剩餘三分之二的市場的潛在勢頭仍在繼續，這兩個市場的銷售量成長了 0.7%。首先是巴西。我們的銷售下降主要是由於行業疲軟，受到惡劣天氣條件的影響。在第二季度，我們做出了策略性的收入管理選擇，為下半年的業務做好了準備。其次，在中國，第二季產業銷售趨勢與第一季一致，與去年相比下降了個位數，但由於我們所在地區和通路的持續疲軟，我們的銷售表現不佳。

Moving back to the global results. Top line growth accelerated with revenue increasing by 3% this quarter versus last year. EBITDA increased by 6.5% and the continued optimization of our business drove operating leverage through the P&L. resulting in EPS growth of 17.4% in constant currency and 8.7% in US dollar terms. Our diversified geographic footprint enables us to deliver consistent results. Revenue increased in 70% of our markets. And we delivered top and bottom line growth across 4 of our 5 operating regions.

回到全球結果。本季營收較去年同期成長 3%，營業收入加速成長。EBITDA 成長了 6.5%，我們業務的持續優化透過損益表推動了營運槓桿，導致每股盈餘以固定匯率計算成長 17.4%，以美元計算成長 8.7%。我們多元化的地理覆蓋範圍使我們能夠提供一致的成果。我們70%的市場收入都有成長。我們在 5 個營運區域中的 4 個區域實現了營收和利潤的成長。

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, the momentum of our portfolio continued, and we are increasing investments in our brands to fuel growth. led by Michelob ULTRA and Busch Light, the number one and number two volume share gainers in the industry. Our market share momentum accelerated and we delivered both top and bottom line growth. And in the spirits-based RTDs, our portfolio grew volumes by low teens, led by Cutwater and Nutrl.

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。從北美開始。在美國，我們的產品組合保持了良好的發展勢頭，我們正在加大對品牌的投資以促進成長。其中，Michelob ULTRA 和 Busch Light 分別位居業界銷售份額增幅第一和第二位。我們的市佔率成長動能加快，營收和利潤均實現成長。在烈酒類即飲飲料領域，我們的產品組合銷售量以低十幾個百分點的速度成長，其中以 Cutwater 和 Nutrl 為首。

Now moving to Middle Americas. In Mexico, our volumes grew by low single digits, is likely ahead of the industry, which benefited from Easter shipment phasing, but was negatively impacted by diverse weather in June. Revenue increased by mid-single digits, with growth led by our above core beer portfolio. In Colombia, record high volumes drove high single-digit top and bottom line growth, with our portfolio estimated to have gained share of total alcohol. In Brazil, our revenue declined by 1.9%, impacted by volume performance. EBITDA increased by 5.3% with margin expansion of 216 basis points as productivity initiatives more than offset the top line decline [and] transactional FX headwinds.

現在正移居中美洲。在墨西哥，我們的銷量增長了較低的個位數，可能領先於行業水平，這得益於復活節分階段的出貨，但受到了 6 月份惡劣天氣的負面影響。收入成長了中等個位數，成長主要得益於我們上述核心啤酒產品組合。在哥倫比亞，創紀錄的高銷售量推動了高個位數的營收和利潤成長，我們的產品組合預計在酒精總份額中有所增長。在巴西，受銷售量影響，我們的營收下降了 1.9%。由於生產力措施足以抵銷營業收入下滑和交易外匯逆風的影響，EBITDA 成長了 5.3%，利潤率擴大了 216 個基點。

In South Africa, the underlying momentum of our business continued gaining share of both beer and beyond beer. Revenue and EBITDA grew by mid-single digits with our performance driven by premium and super premium brands, which grew volumes by mid-teens.

在南非，我們業務的潛在勢頭繼續在啤酒和啤酒以外的領域獲得份額。營收和 EBITDA 實現了中等個位數成長，其中，高端品牌和超高端品牌的銷量實現了中等個位數成長，推動了我們的業績成長。

In Europe, an improved industry, continued premiumization of our portfolio and further margin recovery drove top and bottom line growth. Our volumes were [flat, outperforming] the industry in 5 of our 6 key markets, led by our mega brands and our non-alcohol beer portfolio.

在歐洲，產業的改善、產品組合的持續高端化以及利潤率的進一步回升推動了營收和利潤的成長。在我們 6 個主要市場中的 5 個市場中，我們的銷售量與行業持平，且優於行業，這主要得益於我們的超級品牌和無酒精啤酒組合。

While we are talking about Europe, I spent a lot of time with our team in the market over the last few months. And looking at the industry performance this quarter, we can see an interesting example of the resilience, momentum and relevance of the beer category. With more normalized weather, the industry delivered flattish volumes and revenue growth with beer gaining share of total alcohol. In our developed markets, we have the opportunity to innovate, prone increased category participation and be present in more occasions to deliver profitable growth.

在我們談論歐洲的同時，過去幾個月我花了很多時間和我們的團隊一起在市場上工作。縱觀本季的產業表現，我們可以看到啤酒類別的彈性、動力和相關性的一個有趣例子。隨著天氣逐漸正常化，該行業的銷量和收入成長持平，啤酒在酒精總產量中的份額不斷增加。在我們發達的市場中，我們有機會進行創新，傾向於增加品類參與度並出現在更多場合以實現盈利增長。

To mention just a few examples from Europe, consumers are enjoying the taste of [mules] in France and Italy, the perfect serve of Stella Artois during Roland-Garros and Wimbledon, celebrating 100 years of the refreshing taste of Corona during the summer. The perfect draft experience at home in the U.K. and our non-alcohol beer portfolio in more occasions with the right portfolio, innovation and focus on consumers and occasions. The category has attractive growth opportunities across our footprint.

舉幾個歐洲的例子，消費者在法國和義大利享受著[騾子]的美味，在法國網球公開賽和溫布頓網球公開賽期間享用著完美的時代啤酒，在夏天慶祝科羅納啤酒的清爽口味誕生100週年。在英國的家中即可享受完美的生啤酒體驗，而我們的無酒精啤酒產品組合則在更多場合中擁有合適的產品組合、創新並專注於消費者和場合。該類別在我們的整個業務範圍內都具有誘人的成長機會。

Now moving to APAC. In China, revenue declined by 6.2% with our volumes underperforming the industry. We are committed to our strategy and are taking action to strengthen our execution by increasing discipline and excellence in our role to market, increasing investments in our mega brands, accelerating our expansion in the in-home channel and scaling up key innovations such as having 0 sugar.

現在轉向亞太地區。在中國，我們的收入下降了 6.2%，銷量低於行業水平。我們致力於我們的策略，並採取行動加強我們的執行力，包括提高我們在市場中的紀律性和卓越性，增加對我們大品牌的投資，加速我們在家庭管道的擴張，並擴大零糖等關鍵創新。

Now let's look at the key highlights of our 3 strategic pillars, starting with leading and growing the category. We continue to invest in our mega brands and mega platforms. In the first half of the year, we invested $3.6 billion in sales and marketing and have averaged more than $7 billion on an annualized basis over the last 6 years. Focused portfolio management, increasing market investments and improved effectiveness drove an increase in brand power of our portfolio, led by our mega brands. These consistent investments in our brands are reinforcing the strength of our portfolio.

現在讓我們來看看我們的三大策略支柱的重點，首先是引領和發展產品類別。我們繼續投資我們的大型品牌和大型平台。今年上半年，我們在銷售和行銷方面投資了 36 億美元，過去 6 年平均每年投資超過 70 億美元。集中的產品組合管理、不斷增加的市場投入和不斷提升的效率推動了我們產品組合的品牌實力的提升，其中以我們的超級品牌為首。對我們品牌的持續投資正在增強我們產品組合的實力。

According to Kantar BrandZ, we own 8 of the top 10 most valuable beer brands in the world. Michelob ULTRA and Stella Artois, two of our global mega brands moved up in the rankings by 1 position to reach number five and number 9, respectively, and Corona Budweiser continued to lead at the top 2 brands globally. 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 5 per market, and these brands continue to lead our growth. with net revenue increasing by 5.6%.

根據 Kantar BrandZ 的調查，全球最有價值的 10 個啤酒品牌中，有 8 個是我們擁有的。我們的兩個全球超級品牌 Michelob ULTRA 和 Stella Artois 的排名上升了 1 位，分別位居第五和第九位，而科羅娜百威繼續在全球前兩名品牌中領先。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 個超級品牌，通常每個市場有 5 個，這些品牌繼續引領我們的成長，淨收入成長了 5.6%。

Our global mega brand, Corona, continued to drive premiumization across our markets, growing revenue by 7.7% outside of Mexico and growing volumes by double digits in more than 30 markets. 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, 0 sugar and gluten-free options. And we are expanding our premium and beyond beer portfolios.

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增長了 7.7%，在 30 多個市場的銷量實現了兩位數增長。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、創新均衡選擇來增加整個市場品類的參與度，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。我們正在擴大我們的高端啤酒及其他啤酒產品組合。

As a result, on a rolling 12 months basis, participation of legal drinking age consumers with our portfolio increased across our markets. In non-alcohol beer, our portfolio momentum continued with net revenue growing by 33%, led by the growth of Corona Cero. We are now leaders in 7 of our top 13 non-alcohol beer markets and estimate to have gained share in 70% of them. 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.

因此，在過去 12 個月中，我們各個市場上法定飲酒年齡消費者對我們產品組合的參與度都有所增加。在無酒精啤酒方面，我們的產品組合持續保持成長勢頭，淨收入成長 33%，其中 Corona Cero 的成長最為顯著。目前，我們在前 13 個非酒精啤酒市場中的 7 個市場中處於領先地位，並且預計已在其中 70% 的市場中佔據份額。其中 65% 的銷售來自新消費者和新場合。我們相信無酒精啤酒是發展該類別和推動銷售成長的關鍵機會。

Innovation is a key component of our ambition to drive increased participation and develop new occasions. Two good examples of our innovation capabilities this year are both from our US business, where we are leading the industry in innovation year-to-date. Busch Light Apple is a seasonal offering that provides consumers with a crisp, refreshing taste and was brought back to the market by popular demand after a three-year absence. Since launch in May, the brand is now the number one innovation in the industry, driven primarily by 21- to 24-year-old consumers who have a 6x higher rate of purchase for Busch Light Apple versus the industry average. Michelob ULTRA Zero, with only 29 calories, is brewed for those consumers looking for a great tasting, 0 alcohol, low-calorie beer. Since launch early this year, the brand is the #2 innovation in the industry and is the number six volume share gainer in the overall beer category year-to-date.

創新是我們推動更多參與和開拓新機會的宏偉目標的關鍵組成部分。我們今年創新能力的兩個很好的例子都來自我們的美國業務，今年迄今為止，我們在創新方面一直處於行業領先地位。Busch Light Apple 是一款季節性產品，為消費者提供清脆、清爽的口感，在缺席三年後應大眾需求重新回到市場。自 5 月推出以來，該品牌已成為業界首屈一指的創新品牌，主要由 21 至 24 歲的消費者推動，他們對 Busch Light Apple 的購買率是該行業平均水平的 6 倍。Michelob ULTRA Zero 僅含 29 卡路里，專為那些尋求美味、0 酒精、低卡路里啤酒的消費者釀造。自今年年初推出以來，該品牌已成為業界第二大創新品牌，並且是今年迄今為止整個啤酒類別中銷售份額增長第六大的品牌。

Let's turn to our second strategic pillar: digitize and monetize our ecosystem. In the second quarter, this captured $12.2 billion in gross merchandising value, a 10% increase versus last year. The growth of this marketplace accelerated with GMV increasing by 63% versus last year to reach $785 million. In DTC, our digital platforms continue to enable a one-to-one connection with our consumers and help us in developing new consumption occasions. Our digital platforms generated $134 million in revenue, an increase of 6%.

讓我們轉向第二個策略支柱：數位化和貨幣化我們的生態系統。第二季度，其商品交易總額達 122 億美元，比去年同期成長 10%。該市場的成長加速，GMV 較去年成長 63%，達到 7.85 億美元。在DTC領域，我們的數位平台繼續實現與消費者的一對一聯繫，並幫助我們開發新的消費場合。我們的數位平台創造了 1.34 億美元的收入，成長了 6%。

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：優化我們的業務。

Thank you, Michel. Good morning. Good afternoon, everyone. I will take a few minutes to discuss the progress we have made in optimizing our business. Our EBITDA margins improved by 116 basis points this quarter with expansion in four of our five operating regions. We know that each quarter will be different, but we are confident that 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。早安.大家下午好。我將花幾分鐘時間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 116 個基點，我們的五個營運區域中有四個得到了擴張。我們知道每季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 $0.98 per share, an 8.7% increase in US dollars and a 17.4% increase in constant currency versus last year. EBITDA growth accounted for a $0.16 per share increase; with translational effects, [an] $0.08 per share headwind. Lower net interest expense and the optimization of other below EBITDA line items drove the balance of our EPS growth.

繼續討論 EPS。我們實現每股收益 0.98 美元，以美元計算比去年同期增長 8.7%，以固定匯率計算增長 17.4%。EBITDA 成長導致每股收益增加 0.16 美元；加上轉換效應，每股收益減少 0.08 美元。較低的淨利息支出和其他低於 EBITDA 項目的最佳化推動了我們的每股盈餘成長。

As we continue to focus on optimizing our business, in the first 6 months of this year, we increased our free cash flow by $0.5 billion versus last year through a combination of driving organic EBITDA growth, reducing our net interest expense through deleveraging, optimizing our net working capital and improving the efficiency of our CapEx through disciplined resource allocation.

隨著我們繼續專注於優化業務，在今年前六個月，我們透過推動有機 EBITDA 成長、透過去槓桿減少淨利息支出、優化淨營運資本以及透過嚴格的資源配置提高資本支出效率等方式，使自由現金流比去年增加了 5 億美元。

With this increase in cash generation, we continue to make progress on our deleveraging journey. Our net debt-to-EBITDA ratio reached 3.27x, an improvement from 3.42x year-over-year. As is typical, the ratio increased versus the full year given the seasonality of our cash generation and increased cash outflow from our full year dividend and completion of our share buyback program.

隨著現金產生的增加，我們的去槓桿進程持續取得進展。我們的淨負債與 EBITDA 比率達到 3.27 倍，較去年同期的 3.42 倍有所改善。通常情況下，考慮到我們現金產生的季節性以及全年股息和股票回購計劃完成帶來的現金流出增加，該比率相對於全年有所增加。

In the first half, we continue to strengthen our debt maturity profile by executing a bond redemption and issuance, allowing us to extend our average maturity while maintaining our weighted average coupon. Our bond portfolio remains well distributed with no relevant near- and medium-term refinancing needs. We have approximately USD 3 billion worth of bonds maturing through 2026 and no financial covenants.

上半年，我們繼續透過債券贖回和發行來加強我們的債務期限結構，使我們能夠延長平均期限，同時保持加權平均票面利率。我們的債券投資組合分佈良好，沒有相關的近期和中期再融資需求。我們有價值約 30 億美元的債券將於 2026 年到期，並且沒有任何財務契約。

Our results in the first half of the year, the resilience of our strategy and the strength of our mega brands all reinforce our confidence in our ability to deliver on our 2025 outlook of 4% to 8% EBITDA growth.

我們上半年的業績、我們策略的韌性以及我們超級品牌的實力都增強了我們對實現 2025 年 4% 至 8% EBITDA 成長目標的能力的信心。

With that, I would like to hand it back to Michel for some final comments.

最後，我想將發言權交還給米歇爾，請他發表一些最後的評論。

Thanks, Fernando. Before opening for Q&A, I would like to take a moment to recap on the first half of the year, and look ahead at the opportunities our brands have to activate the category. We are encouraged by our first half results as we delivered EBITDA growth at the upper end of our outlook. Underlying EPS increased by high single digits in US dollars and by 19% in constant currency. The performance of our premium brands and our revenue management decisions drove an acceleration in our revenue per hectoliter growth.

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今年上半年的情況，並展望一下我們的品牌激活該類別的機會。我們對上半年的業績感到鼓舞，因為我們實現了 EBITDA 成長，達到了預期的上限。以美元計算，基礎每股收益成長了高個位數，以固定匯率計算，基本每股盈餘成長了 19%。我們的高端品牌的表現和我們的收入管理決策推動了我們每百升收入的加速成長。

Our diversified footprint is proving to be a strength as our developed markets across the US, Canada and Europe, showed a resilient performance, growing top and bottom line in the second quarter of 2025. And as Fernando just mentioned, our first half performance and the strategic choices we have made position us well to deliver on our outlook for the year.

我們多元化的業務佈局已被證明是一種優勢，因為我們在美國、加拿大和歐洲的已開發市場表現出色，在 2025 年第二季度實現了營收和利潤的成長。正如費爾南多剛才提到的，我們上半年的業績和所做的策略選擇使我們能夠很好地實現今年的預期。

In the first half of this year, our brands met consumers in some of the most iconic events in sports and culture, developing new occasions and creating moments of celebration and cheers. Looking ahead to the second half, we are uniquely positioned to activate the category. From the NBA and NFL, to celebrating 100 years of Corona around the world. To the buildup of the Winter Olympics, we will be focused on connecting with consumers and bringing to life our purpose of creating a future with more cheers.

今年上半年，我們的品牌在一些最具代表性的體育和文化活動中與消費者見面，開拓了新的場合，創造了慶祝和歡呼的時刻。展望下半年，我們擁有獨特的優勢來啟動該類別。從 NBA 和 NFL，到世界各地慶祝科羅納病毒爆發 100 週年。在冬奧籌備期間，我們將致力於與消費者建立聯繫，並實現「創造更歡呼的未來」的目標。

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

說完這些，我將把它交還給操作員進行問答。

Thank you. (Operator Inst4ructions)

謝謝。（操作員指令）

Michel, Fernando, I've got two questions, please. So firstly, given the volume decline in the first half and some of the headwinds you've seen that might persist into the second half. I guess it looks unlikely that you'll see volume growth in fiscal '25. But how comfortable are you without with not achieving volume growth this year? And how do you think about volume growth longer term? I appreciate you won't guide on fiscal '26 today, but how confident do you feel about volume growth going into fiscal '26 based on what you know today?

米歇爾、費爾南多，我有兩個問題請問。首先，考慮到上半年交易量的下降以及您所看到的一些不利因素，這些因素可能會持續到下半年。我猜 25 財年不太可能出現銷售成長。但是，如果今年沒有實現銷量成長，您會感到如何舒適呢？您如何看待長期銷售成長？我知道您今天不會對 26 財年做出指導，但根據您今天所了解的情況，您對 26 財年的銷售成長有多大信心？

And then the second question, I guess, is linked. Given those temporary headwinds to volume this quarter, you've actually had a pretty decent organic EBITDA growth delivery and you're in the top half of your range. So to what extent is that margin improvement permanent? And how should we think about organic EBITDA growth in a better volume context?

然後我想第二個問題是相關的。考慮到本季銷售暫時面臨的阻力，你們的有機 EBITDA 實際上實現了相當不錯的成長，並且處於區間的上半部。那麼利潤率的提高在多大程度上是永久性的呢？那麼，在更好的銷售背景下，我們應該如何看待有機 EBITDA 成長？

Thank you.

謝謝。

Hi Mitch. Good morning. Thanks for the question. So I think that to start answering this question and talk about volume, it's always good to remember, the business that we have, which is a large one globally with operations in over 50 countries selling beer in over 100 countries. And as we always say, this is a great footprint. Because it allows us to navigate different environments and continue to deliver on a consolidated basis. But of course, this can also time to time, expose us toward different countries, specific challenge. We are all aware of the slowdown in China, the reset in Argentina, just to mention a few of them.

你好，米奇。早安.謝謝你的提問。因此，我認為，在開始回答這個問題並談論銷售時，最好記住，我們的業務規模很大，遍布全球 50 多個國家，在 100 多個國家銷售啤酒。正如我們常說的，這是一個偉大的足跡。因為它使我們能夠在不同的環境中導航並繼續在合併的基礎上交付。但當然，這有時也會讓我們面臨不同國家的具體挑戰。我們都知道中國經濟放緩、阿根廷經濟重啟等等。

In a business that is as large as this one, difficult to draw conclusions on a quarter or just taking one KPI, volume, for example. You can look at the volume this quarter, I can look at the volume evolution over the last five years. Since pre-COVID, our volumes have been growing 0.5% on average. And this quarter, specifically, driven by especially Brazil and the industry, where both countries had tough industries, but also our performance in China and in Brazil were below our expectation.

對於像這樣規模的企業來說，很難根據一個季度或僅僅採用一個 KPI（例如數量）來得出結論。您可以查看本季的交易量，我可以查看過去五年的交易量變化。自新冠疫情爆發以來，我們的交易量平均成長 0.5%。本季度，特別是受到巴西和巴西兩國工業的艱難推動，但我們在中國和巴西的業績低於預期。

This volume was not where we would like to be. But if you go to other KPIs and you look at what we deliver, of course, revenue, all-time high EBITDA has been growing over and over in each quarter within the range that we have for the market. This is a year outlook, and we've been delivering EPS growth very consistent in constant currency but also in dollars, growing 8% this quarter, 7% since 2021. And we continue to make progress on our cash flow that continues to improve year-on-year.

這個數量並不是我們想要的。但如果你查看其他 KPI 並看看我們提供的服務，當然，收入、歷史最高水平的 EBITDA 在每個季度都在我們針對市場的範圍內不斷增長。這是年度展望，我們一直保持著非常穩定的每股盈餘成長，以固定匯率和美元計算均是如此，本季成長了 8%，自 2021 年以來成長了 7%。我們的現金流持續取得進展，逐年改善。

I think that -- all of that to say, we remain confident on the footprint that we have and the advantage of this footprint globally. The forecasts for the industry in the long run does not change, this industry will continue to grow, is gaining share of growth, and we are confident on the business and the strategy that we are executing. I will leave Fernando with the second part of your question.

我認為——所有這些都表明，我們仍然對我們現有的足跡以及這種足跡在全球範圍內的優勢充滿信心。對該行業的長期預測不會改變，該行業將繼續成長，獲得成長份額，我們對正在執行的業務和策略充滿信心。我將把您問題的第二部分留給費爾南多。

Thank you.

謝謝。

Fernando here. So when you ask about margins, if you look like in the second quarter, the margin expanded by 116 points, and we expanded in four of our five operating regions. We don't provide margin outlook, but we said several times before that 2025 looks to be more like a normal year of cost inflation, somewhat in line with inflation are [core markets] for the year. But then when you double click and you said that several times, when you look at the FX curves, we always hedge 1 year out. So we have a very good visibility on what is happening. We expect the -- specifically Mexican pesos and Brazilian real, the phasing of cost inflation to be weighted from Q2 onwards.

費爾南多在這裡。因此，當您詢問利潤率時，如果您看一下第二季度，利潤率擴大了 116 個百分點，並且我們在五個營運區域中的四個區域實現了擴大。我們沒有提供利潤率前景，但我們之前多次說過，2025 年看起來更像是成本通膨的正常年份，與當年[核心市場]的通膨情況大致一致。但是當您雙擊並多次說過這一點時，當您查看外匯曲線時，我們總是對沖一年後的情況。因此，我們對正在發生的事情有很好的了解。我們預計，特別是墨西哥比索和巴西雷亞爾，成本通膨的階段性影響將從第二季開始顯現。

And then taking like one step back and a broader picture. We also said several times that the EBITDA performance that we have, especially during the COVID years has been driven by transaction effects and record high commodity prices. But none of these headwinds were structured. So the fundamental drivers of our industry-leading margins, they remain intact. So that's to say that we are controlling what we can control. And when we look forward, not specifically quarter-by-quarter and look forward, we still see a lot of opportunities to improve margins.

然後退一步，看更廣闊的景象。我們也多次表示，我們的 EBITDA 業績，尤其是在 COVID 期間，是受到交易效應和創紀錄的高商品價格所推動的。但這些不利因素都不是結構性的。因此，我們產業領先利潤率的根本驅動力依然保持不變。也就是說，我們正在控制我們能夠控制的事情。當我們展望未來時，不是具體逐季展望未來，我們仍然看到許多提高利潤率的機會。

Understood. Thank you both.

明白了。謝謝你們兩位。

Rob Ottenstein with Evercore ISI.

Evercore ISI 的 Rob Ottenstein。

Great. Michel, the results in the US are really impressive. And it's really -- it's an incredible turnaround story and quite a success. As you kind of stand back and reflect on what you've accomplished in the US, what are the key learnings. And are there things from the US that you can transport learnings that you can transport to other regions to help improve performance in those areas as well.

偉大的。米歇爾，美國的成績確實令人印象深刻。這確實是一個令人難以置信的轉變故事，而且相當成功。當你回顧並反思你在美國所取得的成就時，你學到了什麼？您是否可以從美國學習到一些東西，並將其傳播到其他地區，以幫助提高這些地區的績效？

Thank you.

謝謝。

Robert, thanks for the question. So US is being a topic in our calls and conversations over the last several years. And I think that we always need to start with the idea that we proposed back that in 2017, this rebalance on our portfolio. And we have been since investing on the brands that we thought had potential for acceleration and that were in line with what we saw is emerging and consolidating consumer trends. And our share momentum on this quarter 2 improved. So we are -- any cut you take from Circana to [BIR] on the 60 to 70 bps. This growth so far has been led by Michelob ULTRA and Busch Light.

羅伯特，謝謝你的提問。因此，美國一直是我們過去幾年通話和對話中的一個話題。我認為我們始終需要從 2017 年提出的想法開始，對我們的投資組合進行重新平衡。自那時起，我們一直在投資那些我們認為具有加速潛力並符合我們所看到的新興和鞏固的消費趨勢的品牌。本季我們的股價動能有所改善。因此，我們 — — 您從 Circana 到 [BIR] 的任何削減都是 60 到 70 個基點。迄今為止，這一增長主要由 Michelob ULTRA 和 Busch Light 引領。

And because the intentionality of the innovations that we had during the year, so less innovations, but more meaningful innovations. You get a boost on this share, especially on the quarter 2 because we launched Michelob ULTRA Zero on the quarter 1, but really hit the sets on the quarter 2. And Busch Light Apple came in too as a seasonal in the quarter 2.

由於我們在這一年中所進行的創新具有目的性，因此創新較少，但有意義的創新較多。這一份額將得到提升，尤其是在第二季度，因為我們在第一季度推出了 Michelob ULTRA Zero，但真正達到高峰是在第二季度。Busch Light Apple 也在第二季作為季節性產品上市。

The learnings from this is consistency. We've been talking a lot about this. So a long-term plan a very consistent view on the category on our portfolio choices and the investments we made for the long term. We called somehow last year this inflection point because we've been following a lot this percentage of brands on our portfolio growing and where the industry is going.

從中我們可以學到一致性。我們已經多次討論過這個問題。因此，長期計劃對我們的投資組合選擇類別和我們為長期進行的投資有著非常一致的看法。去年我們以某種方式稱之為轉折點，因為我們一直在關注我們投資組合中這個比例的品牌的成長以及產業的發展方向。

We see now a further acceleration that you don't capture on this share on the beyond beer space because a lot of our choices were in the ready-to-drink cocktails and the vodka seltzer, but both Cutwater and Nutrl, very consistent growth. And some of those things, of course, they are embedded in our plans globally.

我們現在看到了進一步的加速，這是你在啤酒以外的領域無法捕捉到的，因為我們的許多選擇都是即飲雞尾酒和伏特加蘇打水，但 Cutwater 和 Nutrl 都實現了非常穩定的增長。當然，其中一些事情已經融入我們的全球計劃中。

When you think about the 10-year plan that we have in the company, the mega brand choices and the consistency on the investment behind these choices, but also for innovation and expansion of tools to increase penetration, such as the non-alcohol, the gluten-free, the 0 sugar and the beyond beer choices that we have.

當你想到我們公司的 10 年計劃、超級品牌選擇以及這些選擇背後的投資一致性時，同時也為了創新和擴展工具以增加滲透率，例如我們擁有的無酒精、無麩質、0 糖和超越啤酒的選擇。

So I think that there is more for us to see in the US There is much more for us to do. But so far, we are pleased with the current momentum and especially with the demand for the brand. So ULTRA continues to accelerate. Busch Light, very well positioned and innovations are working hard to help and to support this growth.

所以我認為美國還有更多值得我們去看到，還有更多值得我們去做的事。但到目前為止，我們對當前的勢頭感到滿意，尤其是對該品牌的需求。因此 ULTRA 繼續加速。Busch Light 的定位非常明確，並且正在努力透過創新來幫助和支持這一成長。

Olivier Nicolai with Goldman Sachs.

高盛的 Olivier Nicolai。

Hi, good morning, Michel, Fernando, first of all, I've got a follow-up on Mexico. I think in the press release you commented that Mexico grew in the quarter, but in June, it was weak, blaming the weather. Is there any consumer slowdown in Mexico that you're seeing at the end of the quarter, which could have an impact in H2. And then the question is going back to the Brazil volumes decline.

嗨，早上好，米歇爾，費爾南多，首先，我要跟進墨西哥的情況。我認為您在新聞稿中評論說墨西哥本季度實現了增長，但 6 月卻表現疲軟，這歸咎於天氣原因。您是否發現本季末墨西哥的消費成長放緩，這可能會對下半年產生影響？然後問題又回到巴西產量下降的問題。

So beyond the weather, could you perhaps break down the key elements to explain the underperformance? Have you been increasing prices perhaps a bit too much or more than what your -- way more than the rest of the market? And would you believe that volumes could bounce in H2 when it comes to mainstream beer? Or is there something a bit more structural there?

那麼，除了天氣因素之外，您能否分析出導致業績不佳的關鍵因素？你們的價格漲幅是不是有點過高，或者說漲幅遠遠超過市場其他公司？您相信下半年主流啤酒的銷售會反彈嗎？或者那裡有更結構化的東西嗎？

Thank you.

謝謝。

Good morning, Olivier. Michel here. I'll take, I think that the 2 questions. They are -- one more specific, one more broad, feel free to follow up if I didn't cover both of them. So I think that in Mexico, again, great industry, great business that we have in Mexico. Volumes during the quarter increased low single digits, outperformed the industry. Results were good top to bottom. We had different components during the quarter.

早上好，奧利維爾。我是米歇爾。我會回答，我認為這是兩個問題。它們是一個更具體，一個更廣泛，如果我沒有涵蓋它們兩個，請隨時跟進。所以我認為，在墨西哥，我們擁有偉大的工業和偉大的商業。本季的銷售成長了個位數，表現優於同業。從上到下，結果都很好。本季我們有不同的組成部分。

So I think you can remember several of them, so Easter shifting from quarter 1 to quarter 2 comparables because last year was a very strong quarter in Mexico. I think we all remember that the government, because of the elections had more spending on the first half of the year, and this helped the quarter 2, was a great quarter last year in terms of weather, as a matter of fact.

所以我想你可以記住其中的幾個，所以復活節從第一季轉移到第二季度，因為去年是墨西哥非常強勁的季度。我想我們都記得，由於選舉，政府在上半年增加了支出，這對第二季度有所幫助，事實上，就天氣而言，去年第二季度表現非常好。

I'm not sure if I captured it well, but he said something like blaming the industry. We actually just state the fact. We are not blaming the weather, right? So I was just saying it was cold, was rainy. There was some storms in Mexico this quarter. So the back end of the quarter was rather slow versus the beginning of the quarter because of Easter. But all in all, we delivered a great quarter, outperforming the industry. Underlying demand for our brands remain very strong.

我不確定我是否理解清楚了，但是他說了一些類似於指責行業的話。我們其實只是陳述事實。我們不會怪罪天氣吧？所以我只是說天氣很冷，下著雨。本季墨西哥出現了一些風暴。因此，由於復活節的原因，本季末的業績與本季初相比相當緩慢。但總體而言，我們本季的業績表現優異，超越了整個產業。我們品牌的潛在需求依然非常強勁。

As in many markets, and I think that this somehow connects the first part of the question with the second. What we see is that the economy continues to progress. But across the board, we see consumer confidence, not at the high levels that we saw back that in '22, for example. And one would expect that at one point, as the economy continues to progress, consumer confidence will converge. But we are not there yet. And more specifically, if you look at the different consumer cohorts by socioeconomic level, the more value-seeking consumers because of inflation we see are under pressure in some specific markets.

正如在許多市場中一樣，我認為這以某種方式將問題的第一部分與第二部分聯繫起來。我們看到的是經濟在持續進步。但整體而言，我們看到消費者信心沒有達到例如 1922 年那樣的高水準。人們可以預期，隨著經濟的持續發展，消費者信心最終會趨於穩定。但我們還沒有到達那裡。更具體地說，如果你根據社會經濟水平來觀察不同的消費者群體，我們會發現，由於通貨膨脹，追求價值的消費者在某些特定市場面臨壓力。

And when we look at the basket, I'll give an example of the US, the consumer basket, a different consumer cohorts and economic -- socioeconomic levels are being somehow stable like they are buying on average the same dollars than they usually buy. But we all know that the same dollars with inflation will be less units being bought in the basket.

當我們看籃子時，我會舉一個美國的例子，消費者籃子，不同的消費者群體和經濟 - 社會經濟水平在某種程度上是穩定的，就像他們平均購買的美元與他們通常購買的美元相同。但我們都知道，隨著通貨膨脹，同樣的美元在籃子裡購買的單位就會減少。

And this is a point that we all need to be carefully monitoring and following. And beer, alcohol so far has been keeping the share of these baskets stable. And in markets where the purchase power is already rebuilding. You take Europe, for example, that suffered more after COVID because of the cost of electricity and fuel and energy because of these costs [that] are normalizing, purchase power is recovering then you see the industry recovery in line, not only on the euros that people is spending, but also in quantity.

這是我們所有人都需要仔細監控和關注的一點。到目前為止，啤酒和酒精一直保持著這些購物籃的穩定份額。並且，在購買力已開始重建的市場。以歐洲為例，在新冠疫情之後，歐洲因電力、燃料和能源成本而遭受了更大的損失，因為這些成本正在正常化，購買力正在恢復，然後你會看到行業復甦，不僅是在人們支出的歐元數量上，而且在數量上。

So I think that situation globally for the consumer is economy continues to progress, consumer confidence below historical levels. At one point, we all expect that this will converge baskets somehow stable in dollars, euros, but where there is more inflation, consumers, of course, are much choiceful in their quantities. So we need to continue to monitor economy, do our job on the parts that we can control, and then we will see, as we move forward, those things converging like purchase power, consumer confidence and volumes. Thank you.

因此我認為全球消費者的狀況是經濟持續發展，消費者信心低於歷史水準。在某種程度上，我們都期望這將使美元、歐元等貨幣籃子趨於穩定，但在通貨膨脹加劇的情況下，消費者在購買數量方面當然會更加謹慎。因此，我們需要繼續監控經濟，做好我們能夠控制的部分，然後，隨著我們前進，我們就會看到購買力、消費者信心和數量等因素逐漸趨於一致。謝謝。

Sanjeet Aujla with UBS

瑞銀的 Sanjeet Aujla

Hey, Michel, Fernando, a couple from my side, please. Firstly, on China, can you talk us through how you're seeing the on-premise channel progressed through the quarter? On the one hand, you're cycling some of the macro headwinds from last year. However, it feels like the government has really stepped up the anti-extravaganza campaign. And maybe talk us through how you're thinking about that into the second half of the year. So the first question on China. Second question on Brazil. I think one of your peers confirmed they had taken a price increase in July. Have you noticed an improvement in your market share trends as you're going into Q3 on the back of that?

嘿，米歇爾，費爾南多，請帶我這邊的一對夫婦過來。首先，關於中國，您能否向我們介紹一下本季內部通路的進展？一方面，你正在經歷去年的一些宏觀逆風。然而，感覺政府確實已經加強了反奢華運動的力道。也許您可以跟我們談談您對今年下半年的看法。第一個問題是關於中國的。第二個問題關於巴西。我認為您的一位同事已經確認他們在七月已經漲價了。隨著第三季的到來，您是否注意到您的市佔率趨勢有所改善？

Thank you.

謝謝。

Sanjeet, good morning, Michel here again. So 2 points on the question there. First, China, I think that is not new on our conversations that the industry had a big slowdown. And as we look at quarter 1, quarter to this year, as anticipated, comps not easy for the industry and the industry continue to perform slightly negative. So that was the picture on first quarter of the year remained the picture on the second quarter. Of course, the size of the underperformance now is much smaller relative to what we saw last year. And we continue to think that as we move through the quarters, we will see this impact reducing, the comps becoming more in favor of the industry. And at one point, this industry should start -- fire on the right direction, but not there yet on quarter 2.

Sanjeet，早安，我是 Michel。所以這個問題有 2 點。首先，中國，我認為我們談話中提到的中國產業大幅放緩並不是什麼新鮮事。當我們回顧今年第一季時，正如預期的那樣，行業表現並不容易，而且行業表現繼續略微不佳。因此，今年第一季的情況與第二季的情況相同。當然，與去年相比，現在表現不佳的程度要小得多。我們仍然認為，隨著各季度的推進，我們將看到這種影響逐漸減少，可比數據將更有利於該行業。在某個時候，這個行業應該開始朝著正確的方向發展，但第二季還沒有達到這個目標。

The on-trade channel which is an important component of that stubbornly continues to be very weak. So the on-trade is not rebounding. The growth that we see in the industry is more in the off-premise. So a big portion of our plants in China now are improving the role to market, improving the propositions that we have for the off-premise. The good part is that we under-index in sharing the off-premise.

作為其中重要組成部分的現場交易管道仍然十分薄弱。因此，現場消費並未反彈。我們看到的產業成長更多的是在場外。因此，我們在中國的大部分工廠現在都在提高市場地位，改善我們的場外業務。好的部分是我們在共享場外資源時索引不足。

So there is a lot of space for us to capture and to grow, but it demands adjustments on the execution. I can tell a lot about any new measures from the government on the on-trade because it's new. I was in China a couple of weeks ago, and I heard a lot about that. And you could see that there was less traffic in the on trade, especially Chinese restaurants. But I think that we need some more time to see where this will land.

因此，我們還有很大的發展空間，但需要在執行上做出調整。我可以透露許多有關政府在現場消費領域採取的新措施，因為這些都是新措施。幾週前我去過中國，聽到了很多關於這方面的事情。你會發現，網上購物的客流量減少了，尤其是中餐館。但我認為我們還需要更多時間才能看到結果。

While on the other hand, we all see growth on the off-premise. The off-premise looks to be already beyond the declining of the industry, already turned into growth and it's a big opportunity for us, given the fact that we under-indexed there. Second, Brazil, I think that we commented a little bit on the press release and during the call now. But in Brazil, industry was soft in quarter 2.

另一方面，我們都看到了場外業務的成長。場外業務看起來已經超越了行業衰退的階段，已經轉為成長，考慮到我們在那裡的指數較低，這對我們來說是一個巨大的機會。第二，巴西，我想我們在新聞稿和電話會議中發表了一些評論。但在巴西，第二季工業表現疲軟。

So the same weather conditions that we saw in the US, in Mexico, they extended throughout the Americas. To be honest, Brazil, Argentina, but because the nature, the size of Brazil, that's a tropical country, so you have tough winters in the south but mild weather in the Southeast, when the weather is too bad across the whole country, then this has a big impact. That was the main adverse impact that we saw in the industry in Brazil in the quarter, too.

因此，我們在美國、墨西哥看到的相同天氣狀況延伸到了整個美洲。說實話，巴西、阿根廷，但由於巴西的自然環境和麵積，它是一個熱帶國家，所以南部的冬天很冷，而東南部的天氣卻很溫和，當全國的天氣都很糟糕時，就會產生很大的影響。這也是我們在本季看到巴西產業面臨的主要不利影響。

But we also have our revenue management calendar. We discussed this the second half of last year hedge that we have transactional effects, have a component on cost that are big for Brazil this year, and the revenue management had to follow our plans. So we had prices as we have every year in our calendar. Relativity in terms of price was rather tough during the first half of the year for Brazil team. And we see the market somehow adjusting throughout the year. Prices are moving and we expect to have better relativity as we move forward. But of course, we only control our own agenda, our own revenue management. So we are monitoring, executing preparing the business for the good second half of the year.

但我們也有收入管理日曆。我們在去年下半年討論過這個問題，對沖我們的交易效應，對今年巴西來說成本有很大的影響，收入管理必須遵循我們的計劃。因此，我們的日曆上的價格與每年相同。對巴西隊來說，上半年的價格相對比較困難。我們看到市場全年都在進行某種調整。價格正在變動，我們期望隨著前進會有更好的相對性。但當然，我們只控制自己的議程，我們自己的收入管理。因此，我們正在監控並執行為今年下半年業務的良好表現做準備。

Andrea Pistacchi with Bank of America.

美國銀行的安德里亞‧皮斯塔基 (Andrea Pistacchi)。

Yes. Michel, Fernando, two questions, please. The first one on the US I mean you had a very solid performance, particularly on profit in the US But the industry -- the rate of decline of the industry in the last couple of months seems to have got a bit worse.

是的。米歇爾、費爾南多，請問兩個問題。第一個關於美國的問題，我的意思是你們的表現非常穩健，特別是在美國的利潤方面，但該行業——過去幾個月該行業的下滑速度似乎變得更糟了。

Clearly, weather impact, pressure on the low-income consumer which we know. But should the industry continue to decline at a greater pace than it has been historically, that historic 1%, 2%, do you think you have enough levers to continue to at least hold profit flat or maybe grow it a bit in the US? And what are these levers?

顯然，我們知道天氣影響會對低收入消費者造成壓力。但是，如果該行業繼續以比歷史上更快的速度下滑，即歷史性的 1%、2%，您是否認為您有足夠的槓桿來繼續至少保持利潤平穩，或者在美國略有增長？這些槓桿是什麼？

And then the follow-up will be, I think, for Fernando. So I wanted to ask about share buybacks. You completed the EUR2 billion finished back in June. Free cash flow in H1 was very solid. Yes, most of the cash is generated in H2, but H1 very solid. The end currency is relatively stable. So what held you back from increasing the buyback already at this point? I know over the past couple of years, you announced a buyback in October, but particularly given the attractive level of the share price, why not increase the buyback earlier?

然後我認為接下來的事情將由費爾南多來做。所以我想問一下股票回購的情況。你們在六月就完成了 20 億歐元的任務。上半年的自由現金流非常穩健。是的，大部分現金是在 H2 產生的，但 H1 非常穩健。最終貨幣相對穩定。那麼，目前是什麼阻礙了您增加回購呢？我知道過去幾年，你們都在十月宣布回購，但考慮到現在的股價如此具有吸引力，為什麼不早點增加回購？

Andrea, Michel. I'll take the first one here and hand it over to Fernando to follow up on your second question, okay? So I think that the US industry and our own performance, we discussed it a little bit on the question before from Robert, but we see this good momentum on our portfolio. good brands for us leading this. So Michelob ULTRA is a premium brand in our portfolio. So it's one of the levers for us not only to continue to grow share, but to improve our financials. Busch Light and innovation continue to fire, and this is very positive.

安德烈亞，米歇爾。我將在這裡提出第一個問題並將其交給費爾南多來回答您的第二個問題，好嗎？因此，我認為，美國的行業和我們自己的表現，我們之前就羅伯特提出的問題進行了一些討論，但我們看到我們的投資組合呈現良好的勢頭。好的品牌為我們引領了這個趨勢。因此，Michelob ULTRA 是我們產品組合中的高端品牌。因此，這不僅是我們繼續擴大市場份額的槓桿之一，也是我們改善財務狀況的槓桿之一。Busch Light 和創新持續火熱，這是非常積極的。

When you look into the industry, you are right, like remain below the long-term trend. And as you mentioned, we mentioned this before as well. So very strange weather with many, many different events over the first half of the year impacting the industry. So mathematically, we see this in the states where these events and the weather was worse versus the other states. So a big portion of what makes the difference between historical trends and what we see today.

當你觀察這個行業時，你是對的，就像仍然低於長期趨勢。正如您所說，我們之前也提到過這一點。因此，今年上半年的天氣非常奇怪，許多不同的事件對該行業產生了影響。因此從數學上講，我們發現，與其他州相比，發生這些事件和天氣狀況更糟糕的州也存在這種情況。因此，歷史趨勢和我們今天所見的趨勢之間存在很大差異。

The second topic, pockets of consumer constraint, as we said, baskets pretty much stable in consumption, but because of the food inflation, of course, quantities are impacted. The share of alcohol beer on these baskets remain stable. Therefore, as economy continues to progress as purchase power rebuilds for the consumers, one can only expect normalization. And we keep working hard on productivity as we always do, so we are managing costs, improving productivity. Those are very important levers together with mix and the growth of the beyond beer to continue to yield for us the top and the bottom line that we have seen on this quarter 2.

第二個主題，消費限制的領域，正如我們所說，籃子消費基本上穩定，但由於食品通膨，數量當然受到影響。這些購物籃中的酒精啤酒份額保持穩定。因此，隨著經濟的持續發展和消費者購買力的增強，我們只能期待經濟恢復正常。我們一如既往地努力提高生產力，因此我們正在管理成本，提高生產力。這些都是非常重要的槓桿，加上混合和超越啤酒的成長，繼續為我們帶來我們在第二季度看到的最高和最低收入。

But let me take your question and use a little bit of the call that we have now the material. Just to give you one example, which I think that could be very useful for everybody that's why I brought, which is Europe. So you don't take a market that's more developed than Europe in the beer industry. You don't take a more diverse and dynamic economic environment than we see across Europe. And we talked a lot last year was a little bit of the reverse of this Americas weather that we are seeing, how complicated the weather was last year in Europe.

但是，請允許我回答您的問題，並利用我們現在掌握的一些材料。我僅舉一個例子，我認為這對每個人都非常有用，這就是我提到它的原因，那就是歐洲。因此，你不會選擇比歐洲更發達的啤酒產業市場。我們在整個歐洲看到的經濟環境都是如此多樣化和充滿活力。我們去年談論了很多與我們現在看到的美洲天氣有點相反的事情，以及去年歐洲的天氣有多複雜。

So this year, we are having a very good summer, sunny, a little bit dry than average. We monitor consumer purchase power, which has been restoring in Europe to what was before 2021. And the industry is in growth in dollars, pretty much stable in volume. And our portfolio is outperforming the industry. So you get all the components that we discuss in every call about all the trends and headwinds to the industry, good weather, consumers in good shape, and then the industry is growing dollars; euros, in this case, in Europe, and our portfolio is performing.

今年，我們度過了一個非常好的夏天，陽光明媚，比往年稍微乾燥。我們監控消費者的購買力，歐洲的購買力已恢復到2021年之前的水準。該產業以美元計算呈現成長態勢，規模也基本穩定。我們的投資組合表現優於產業。因此，您可以了解我們在每次電話會議中討論的所有因素，包括行業的所有趨勢和不利因素、良好的天氣、良好的消費者狀況，以及行業正在增長的美元；在本例中，是在歐洲的歐元，我們的投資組合表現良好。

So I think that the long-term trends to the industry will not change. What we need to cycle is this more dynamic environment and getting to see consumers in a better place. So the industry will continue to grow as Euromonitor, IWSR forecast for the years to come. So every quarter will be different, but the long-term trends, I don't think that are too different.

所以我認為該行業的長期趨勢不會改變。我們需要的是這種更具活力的環境，並在更好的地方看到消費者。因此，正如 Euromonitor 和 IWSR 預測的那樣，未來幾年該行業將繼續成長。因此每季都會有所不同，但長期趨勢，我認為不會有太大差異。

And Andrea, Fernando here. So on your question, what I can tell you is that our capital allocation plans are unchanged. We are always very disciplined how we use our cash. But what is fair to say and you made this point is that with the increased cash generation and the lower leverage, we have increased flexibility in our capital allocation choices. The main goal of our capital allocation policies, we stated several times, is creating value for our shareholders.

還有安德烈亞和費南多。關於您的問題，我可以告訴您的是，我們的資本配置計劃沒有變化。我們總是非常自律地使用現金。但公平地說，正如您所說的那樣，隨著現金產生的增加和槓桿率的降低，我們在資本配置選擇方面更加靈活。我們多次表示，我們的資本配置政策的主要目標是為股東創造價值。

And as you said, well, cash flow is [weighted] towards the second half of the year. Although first quarter was strong, it was $0.5 billion better than the previous year. So we have, of course, nothing to announce at this time, but if there is one key takeaway is that plans are unchanged, and we have increased the flexibility as we continue to progress on our stronger balance sheet and very good cash flow generation.

正如您所說，現金流主要集中在下半年。儘管第一季表現強勁，但比去年同期僅好出 5 億美元。因此，我們目前當然沒有什麼可宣布的，但如果有一個關鍵的收穫，那就是計劃沒有改變，而且隨著我們繼續在更強勁的資產負債表和非常好的現金流產生方面取得進展，我們增加了靈活性。

Edward Mundy with Jefferies.

傑富瑞 (Jefferies) 的愛德華蒙迪 (Edward Mundy)。

Morning, Michel, Fernando, so first question is coming back to the concept of volume growth where you're growing probably below your potential. I think historically, some of the developed markets have probably held you back a little bit, but you're [standing] much more assured on Europe, and we've seen outperformance for a couple of quarters now in the US Does this give you more reassurance in your ability to grow group volumes over the medium term as you get through some of these short-term issues in Brazil and China?

早安，米歇爾，費爾南多，第一個問題是回到數量增長的概念，你們的增長可能低於你們的潛力。我認為，從歷史上看，一些已開發市場可能對你們造成了一些阻礙，但你們對歐洲更有信心，而且我們已經看到美國市場連續幾個季度表現優異。在你們解決了巴西和中國市場的一些短期問題之後，這是否讓你們對中期成長集團銷售的能力更有信心？

And then second question is on your plans to activate category. I think Slide 31 shows some of the sports properties against which you activate. Thinking about FIFA 2026 and probably some of your learnings from the FIFA Club World Cup this year. I think relative to three or four years ago, it's fair to say that you're getting sharp on marketing. Do you see there's a bigger opportunity for the business and the category as you look out to next year?

第二個問題是關於您啟動類別的計劃。我認為幻燈片 31 顯示了一些您可以啟動的運動屬性。思考一下 FIFA 2026，或許還可以從今年的 FIFA 俱樂部世界盃中學到一些東西。我認為相對於三、四年前，可以說你們在行銷方面變得更加敏銳了。展望明年，您是否認為該業務和類別將面臨更大的機會？

Morning, good afternoon. Thank you for the question. So twofold, I talked a little bit about this before. That is the gift of our global footprint and then the idiosyncratic issues that we face in challenging environments in some countries time to time. And we keep the focus on the things that we can control. So you look at our EBITDA growth, EBIT growth with leverage. And then EPS, while we manage the specific conditions on volumes here and there.

早安，下午好。謝謝你的提問。所以是雙重的，我之前已經談過一點這個了。這是我們全球足跡的饋贈，也是我們在某些國家充滿挑戰的環境中時常面臨的特殊問題。我們將注意力集中在我們能夠控制的事情上。因此，您可以看看我們的 EBITDA 成長、帶槓桿的 EBIT 成長。然後是 EPS，同時我們管理這裡和那裡的具體數量條件。

The long-term perspective is that we continue to focus on this optimized portfolio, we continue to focus on the advantages of our footprint for the long term, the growth that the developing and emerging countries can add to the category. And we are very pleased to see this quarter that our developed markets, you can cut from Canada, US, Europe, the share gains in South Korea, they are all building on our full potential.

從長遠來看，我們將繼續關注這項優化的投資組合，我們將繼續關注我們長期足跡的優勢，以及發展中國家和新興國家可以為該類別帶來的成長。我們非常高興地看到，本季我們的已開發市場，包括加拿大、美國、歐洲、韓國的份額成長，都在充分發揮我們的潛力。

So we will continue to see specific events in each and every market differences in the quarters but we continue to believe that the long-term category opportunity in our business because of our footprint remains in place for us to deliver growth in the long term.

因此，我們將繼續看到每個季度中每個市場差異的具體事件，但我們仍然相信，由於我們的足跡，我們業務中的長期類別機會仍然存在，這使我們能夠實現長期成長。

2026, this question is an interesting one. So FIFA and the event in itself is always a great opportunity for the category. So our models show that in the years that we have the World Cup, there is a bump in volume, both in the month of the World Cup as well as for the whole year, given the magnitude of the event. Curious to see what's going to happen next year is a larger event. So there will be more countries, more excitement, more weeks on there. And this will, of course, be part of the buildup for the category for our business next year.

2026，這個問題很有趣。因此，國際足總及其賽事本身對於該類別來說始終是一個絕佳的機會。因此，我們的模型顯示，在舉辦世界盃的年份，考慮到世界盃的規模，無論是在世界盃當月還是全年，觀看人數都會激增。好奇地想看看明年會發生什麼更大的事件。因此，將會有更多的國家、更多的精彩、更多的時間。當然，這將成為我們明年業務類別建設的一部分。

In our case, the location, meaning US and the fact that this will span across the Americas could not be better, it's where most of our footprint sits. So it's going to be very welcome to see the time of the games, the participation of the countries from the continents and what's going to happen here. And if you take the momentum that we built with Michelob ULTRA this year as a sponsor of the FIFA Club World Cup. There is a lot of excitement building for next year.

就我們而言，地理位置非常好，即美國，而且橫跨美洲，這是我們大部分業務所在地。因此，我們非常樂意了解奧運的時間、各大洲國家的參與情況以及這裡將要發生的一切。如果你注意到我們今年作為國際足總俱樂部世界盃贊助商與 Michelob ULTRA 共同打造的勢頭。人們對明年充滿期待。

And just as a reminder, in between now and there, we also have Winter Olympics that will be very interesting because it's going to cut from the back end of this year into the first quarter of next year, and we have now more experienced, more knowledge on how to activate the Olympics. So we will continue to invest on these mega platforms. They have very good ROI for us and very helpful for the momentum of our brands.

提醒一下，從現在到那時，我們還有一場非常有趣的冬季奧運會，因為它將從今年年底縮短到明年第一季度，我們現在對如何啟動奧運會有了更多的經驗和更多的知識。因此我們將繼續投資這些大型平台。它們為我們帶來了非常好的投資報酬率，並且對我們品牌的發展非常有幫助。

Laurence Whyatt with Barclays.

巴克萊銀行的勞倫斯‧懷亞特 (Laurence Whyatt)。

Morning, Michel. Morning, Fernando. Thanks very much for the questions. A couple from me, if that's okay. Firstly, on the US business, you [happily] showed the slide showing the very strong brands you have across the world and included in the Bud and Bud light. I think over the recent years, those brands have struggled, as you pointed out that mainstream beers been outperformed by some of the premium brands and imports. But of course, recently, you've shown a success with Busch Light, which sort of holds a similar category. Do you think there's any opportunity to reinvigorate those two brands? Or do you think there's simply the potential for other brands to take your marketing spend and make better use -- or better returns?

早上好，米歇爾。早上好，費爾南多。非常感謝您的提問。如果可以的話，我可以送你幾件。首先，關於美國業務，您（很高興地）展示了幻燈片，其中展示了您在全球擁有的非常強大的品牌，其中包括百威和百威淡啤酒。我認為近年來這些品牌一直在苦苦掙扎，正如您所指出的，主流啤酒的表現不如一些高端品牌和進口啤酒。當然，最近，您推出的 Busch Light 取得了成功，它屬於類似的類別。您認為還有機會重振這兩個品牌嗎？或者您認為其他品牌有可能接受您的行銷支出並得到更好的利用——或者獲得更好的回報？

And then secondly, on Europe, you've highlighted almost the perfect conditions across that market, excellent weather. You've taken share in a number of 5 out of 6 of your markets. But of course, volume growth, you said was flat. Sort of going back to a couple of the earlier questions, are you surprised by that? Do you think there's better opportunity to grow volumes in Europe? Or is it just going to be a very difficult market to be able to get volume growth in future?

其次，關於歐洲，您強調了該市場幾乎完美的條件，極佳的天氣。您已在 6 個市場中的 5 個市場中佔據了一定份額。但當然，您說銷量成長持平。回到之前的幾個問題，你對此感到驚訝嗎？您認為歐洲有更好的機會增加銷售嗎？或者說，未來這個市場很難實現銷售成長？

Thank you very much.

非常感謝。

Thank you, Laurence. So US on the portfolio, again, the key for us is to continue to rebalance this portfolio and making sure that the offers we have are aligned with the main consumer trends. So Michelob ULTRA, very well positioned there, gaining both scale and momentum. And it's a brand that is just sitting on a very important place with many opportunities to continue to grow, like just to give you a couple of numbers there for you to reflect the bond. So Michelob ULTRA is growing this year in all 50 states in the US, all 50 states. I don't think that there is many brands in the industry or outside the industry that are having growth across all states.

謝謝你，勞倫斯。因此，對於美國而言，產品組合的關鍵在於繼續重新平衡產品組合，並確保我們提供的產品與主要的消費趨勢保持一致。因此，Michelob ULTRA 在那裡佔據了非常有利的地位，既獲得了規模，又獲得了發展動力。這個品牌正處於一個非常重要的位置，擁有許多繼續發展的機會，就像給你幾個數字來反映這種聯繫一樣。因此，Michelob ULTRA 今年在美國所有 50 個州都實現了成長。我認為，無論是行業內還是行業外，沒有多少品牌能夠在所有州實現成長。

When you think at the brand in some states, the brand is as big as 11% share. If you take the entire West Coast or the Northeast of the US, the brand is only 6% share. So it's half the size in the Northeast and West Coast, that it is in the leading states for the brand in the US So there is much more that we can invest and continue to expand ULTRA there.

當你考慮某些州的品牌時，你會發現品牌的份額高達 11%。如果拿整個西岸或美國東北部來說，該品牌的市佔率只有 6%。因此，它的規模只有美國東北部和西海岸的一半，而這裡是美國品牌的領先州，因此我們可以在那裡進行更多投資並繼續擴大 ULTRA 的規模。

The case is similar to Busch Light. So in the Busch Light strongholds, the brand is very big. So the brand is the leading brand in the mainstream and has share above 10% in some of the strongholds. It's the second fastest-growing brand now in the US, but the distribution is still very limited. So the brand can continue to find growth areas across most of the US because it's very concentrated in the inland and is now expanding South, West North and Northeast from there. So we continue to increase. And same statistic for Busch Light, leading states, 11% share of the industry. In the rest of the US, as I was mentioning, is less than 3%. So a lot of headroom there.

該案與 Busch Light 的情況類似。因此，在 Busch Light 的據點中，該品牌影響力非常大。因此該品牌是主流市場的領導品牌，在一些據點的市佔率超過 10%。它是目前美國成長速度第二快的品牌，但分銷範圍仍然非常有限。因此，該品牌可以繼續在美國大部分地區找到成長區域，因為它非常集中在內陸地區，現在正從那裡向南部、西部、北部和東北部擴張。因此我們繼續增加。Busch Light 的統計數據相同，其領先州佔有 11% 的行業份額。正如我所提到的，美國其他地區的比例不到 3%。因此，那裡有很大的餘地。

And when you think about Bud Light, Budweiser, the other brands, the answer for your question is yes. But we have choices, priorities and work to be done across all these brands. We are more advanced with ULTRA, more advanced with Busch Light while we continue to work on the other brands and make, of course, the right choices in terms of allocation of capital and investments for these brands.

當你想到百威淡啤酒、百威啤酒和其他品牌時，你的問題的答案是肯定的。但我們在所有這些品牌上都有選擇、有優先事項，也有工作要做。我們在 ULTRA 和 Busch Light 方面都取得了更大的進步，同時我們繼續致力於其他品牌，當然，我們在為這些品牌分配資本和投資方面做出了正確的選擇。

Thinking about Europe. The question is also very interesting. So conditions were good. Industry was flat, growing in dollars. We know that the underlying trend of the industry in the last few years was not that. So there is an improvement that we can see under the good conditions.

思考歐洲。這個問題也很有趣。所以條件很好。工業保持平穩，但美元有所增長。我們知道過去幾年行業的基本趨勢並不是這樣。因此，在良好的條件下，我們可以看到有所改善。

And because the industry is a much bigger thing, of course, the improvements are never overnight, but it's good to see the industry, but also the share of throat. So part of the trip that I had in Europe, went to countries like Italy, France, and beer is gaining share of throat in these countries.

當然，由於這個行業規模更大，改進絕非一朝一夕之功，但看到這個行業以及市場份額的成長，我們感到很高興。我在歐洲旅行的部分時間去了義大利、法國等國家，啤酒在這些國家的市佔率正在擴大。

You see beer growing a lot in new occasions in Italy, for example, led by Leffe. You see the positioning of our brands, plus the portfolio that we have in France, working very well from south to north of France, different occasions, different brands but all of them increasing penetration and gaining more occasions in the country. So markets move, consumers move, the innovation that we have, the portfolio that we have is working for consumers across the continent. And I think that we'll continue to see under the right conditions this industry to progress in Europe, but also as we see in other markets.

你會看到，在義大利，啤酒在新場合中成長迅速，例如，以萊福 (Leffe) 為首。您可以看到我們的品牌定位，加上我們在法國的產品組合，從法國南部到北部，在不同場合、不同品牌中都表現良好，但它們都在提高滲透率並在該國獲得更多機會。因此，市場在變化，消費者在變化，我們的創新、我們的產品組合正在為整個非洲大陸的消費者服務。我認為，在適當的條件下，我們將繼續看到這個行業在歐洲取得進步，同時也看到它在其他市場取得進步。

Thank you.

謝謝。

Chris Pitcher with [Rothschild & Co]

克里斯·皮徹[羅斯柴爾德公司]

Thank you very much, Michel, Fernando, just a couple of quick questions. Just following up on the China question. There's a lot of talk about it being a cyclical shift by category. But do you think given how long it's been going on now that there may be a more fundamental change in the way beer is being consumed. And have you had to weight your sales force to target that off-trade opportunity? Or do you still generally believe the economy comes back, people go back to night clubs, it will return to normal. And then secondly, it looks like you're sort of stabilizing and growing share in India, which is encouraging. How much are you investing in that market for the next sort of 10-, 20-year story?

非常感謝，米歇爾、費南多，我只想問幾個簡單的問題。我只是在跟進中國問題。有許多討論認為這是一個按類別進行的周期性轉變。但考慮到這種情況已經持續了很長時間，您是否認為啤酒消費方式可能會發生更根本的變化？您是否必須調整您的銷售團隊來瞄準非現場銷售機會？或者您仍然普遍相信經濟會復甦，人們會重返夜總會，一切都會恢復正常。其次，看起來你們在印度的市佔率正在趨於穩定和成長，這是令人鼓舞的。為了未來 10 年、20 年的發展，您將在該市場投資多少？

Chris, thank you. So on China, as we said before and addressing in a very straight way, your question, I think it's both. So we need to continue to protect the strength that we have on the on-trade, the share that we have and look for the bounce back of the channel. While with no doubt rewinding the whole business, not only the sales force for the off-premise is key. And what I mean by that the SKUs that we sell in the on-trade are different from the SKUs that we sell on the off-trade.

克里斯，謝謝你。因此，關於中國，正如我們之前所說，並以非常直接的方式回答您的問題，我認為兩者兼而有之。因此，我們需要繼續保護我們在現場交易方面的優勢和份額，並尋求管道的反彈。雖然毫無疑問會倒退整個業務，但不僅僅是場外銷售人員才是關鍵。我的意思是，我們在店內銷售的 SKU 與我們在場外銷售的 SKU 不同。

And we need to improve our portfolio assortment. We are doing that and our offers and our distribution in the off brands, the execution of the off-premise is very different than the execution of their on-trade. We need to have the right people, the right supply can harvest the high equity that we have on average of consumers by being present and executed in the right channels.

我們需要改善我們的投資組合。我們正在這樣做，我們在非品牌中的報價和分銷，場外執行與現場執行有很大不同。我們需要擁有合適的人才，合適的供應可以透過在正確的管道中出現和執行來收穫我們在消費者中平均擁有的高資產。

And of course, because our business was over [SKUd] in the east in the on-trade channel, making these adjustments in China takes time, but we are working very hard on that. The team there is pretty focused on rebalancing our presence on these channels and building the distribution. As I said before, the exciting part of that is that we're under-indexed by a lot in the off-prem. So the headroom for growth is very good. We did just need to realize that.

當然，由於我們的業務主要集中在東部地區的同店銷售管道，因此在中國進行這些調整需要時間，但我們正在為此努力。那裡的團隊非常注重重新平衡我們在這些管道上的存在並建立分銷。正如我之前所說，令人興奮的是，我們在場外的指數表現不佳。因此成長空間非常好。我們確實需要意識到這一點。

And then back -- sorry?

然後再回來——對不起？

So just to clarify because the margin's holding up in China quite well despite the volume declines. That's happening at the same time as you're doing this investment. It's not being delayed. That's quite encouraging.

因此需要澄清的是，儘管銷量下降，但中國的利潤率仍然保持得相當好。這與您進行投資同時發生。它並沒有被拖延。這非常令人鼓舞。

Yes. And the premium products are premium regardless the channel. We sell more premium products, and we have a very efficient business in China. So we have space to invest as we are investing now and we will continue to invest. And in India, the story of India is a sort of like vitality in the growth of the industry because the industry is really growing but it's also a little bit of volatility, right? So our business is a national business, but it's not the same across all states.

是的。無論透過哪個管道，優質產品都是優質的。我們銷售更多優質產品，並且我們在中國的業務非常有效率。因此，我們有投資空間，因為我們現在正在投資，我們將繼續投資。在印度，印度的故事就像是產業成長的一種活力，因為這個產業確實在成長，但也有點波動，對嗎？因此，我們的業務是全國性的，但在各州並不相同。

The states have their own rules the idiosyncratic issues that you deal with time to time. But what is really important for us there is the size of our premium business. So we lead in premium and super premium with a very high share. We broke into double-digit share now with Budweiser as a brand in India overall. And of course, in the premium, the share is very high.

各州都有自己的規則，您需要不時處理一些特殊問題。但對我們來說真正重要的是我們的高端業務的規模。因此，我們在高端和超高端領域佔有很高的份額，並處於領先地位。目前，百威作為印度的品牌，我們的市佔率已突破兩位數。當然，在保費方面，份額非常高。

The growth there is good. We keep improving our business from systems, footprint, brand equity and capabilities -- and this is a market that has [for sure of] any long-term growth prospect because the beer industry is still very underdeveloped. And as more states improve flexibility in distribution, adjust the structure of the market in taxes and access we will continue to have many opportunities to grow in India. So we are pleased so far with the quarter 2 and the momentum we have there. But that's a story that's just at the beginning. So there is much more to come. Thank you.

那裡的發展很好。我們不斷從系統、足跡、品牌資產和能力等方面改進我們的業務——這個市場肯定具有長期成長前景，因為啤酒產業仍然非常不發達。隨著越來越多的邦提高分銷靈活性、調整稅收和准入方面的市場結構，我們將繼續在印度擁有許多發展機會。因此，到目前為止，我們對第二季度的表現以及發展勢頭感到滿意。但這個故事才剛開始。因此，未來還會有更多。謝謝。

This was the final question. If your question has not been answered, please feel free to contact the Investor Relations team. I will now turn the floor back over to Mr. Michel Doukeris for closing remarks.

這是最後一個問題。如果您的問題尚未得到解答，請隨時聯繫投資者關係團隊。現在我將把發言權交還給米歇爾·杜克里先生，請他作最後發言。

Thank you, and thank you all for your time today and for your ongoing partnership and support of the business. So tomorrow, Friday, International Beer Day. So I hope that you have the time to grab friends, drink some beer and celebrate. So cheers. Thank you, and stay well. .

謝謝大家，也謝謝大家今天抽出時間以及對公司一直以來的合作與支持。明天，星期五，是國際啤酒日。所以我希望你有時間與朋友一起喝點啤酒慶祝一下。所以歡呼吧。謝謝，祝您一切安好。。

Thank you. This does conclude today's earnings conference call and webcast. Please disconnect your lines at this time and have a wonderful day.

謝謝。今天的收益電話會議和網路廣播到此結束。請此時斷開您的線路並祝您度過美好的一天。