Anheuser-Busch Inbev SA (BUD) 2025 Q3 法說會逐字稿

Welcome to AB InBev's third 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. 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 in the reports and results center page.

歡迎參加百威英博2025年第三季財報電話會議和網路直播。今天主持百威英博電話會議的是執行長米歇爾·杜克里斯先生和財務長費爾南多·坦南鮑姆先生。如需查看今天電話會議的幻燈片，請造訪 AB InBev 網站 www.ab-inbev.com，然後點擊報告和業績中心頁面中的「投資者」標籤。

Today's webcast will be available for on-demand playback later today. (Operator Instructions) Some of the information provided during the conference call may contain statements of future expectations and other forward-looking statements.

今天的網路直播稍後將提供點播重播。（操作說明）電話會議期間提供的一些資訊可能包含對未來預期和其他前瞻性陳述。

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

這些預期是基於管理層目前的觀點和假設，並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聲明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 taken in 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，請參閱該公司於 2025 年 3 月 12 日向美國證券交易委員會提交的最新 20-F 表格年度報告中的風險因素部分。百威英博不承擔更新或修改電話會議期間提供的任何前瞻性資訊的義務，也不對依賴此類資訊而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. Sir, you may begin.

現在我很高興把發言權交給米歇爾·杜克里斯先生。先生，您可以開始了。

Thank you and welcome, everyone, to our third 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.

感謝各位參加我們2025年第三季財報電話會議。今天能和大家交流，我感到非常榮幸。今天，費爾南多和我將帶您了解我們的營運亮點，並向您報告我們在本季度執行策略重點方面的進展。之後，我們將很樂意回答您的問題。

Let's start with the key highlights. In the third quarter, we continue to navigate a dynamic operating environment with headwinds in China and unseasonable weather in the Americas, particularly in Brazil, constraining our results. After a slow start to the quarter in July and August, we saw improved performance in September. We remain focused on the consistent execution of our strategy and adapted where required.

讓我們先來看幾個關鍵點。第三季度，我們繼續在動態的經營環境中應對挑戰，中國市場面臨不利因素，美洲地區（尤其是巴西）天氣異常，這些都限制了我們的業績。7 月和 8 月季度開局緩慢，但 9 月份業績有所改善。我們將繼續專注於策略的貫徹執行，並根據需要進行調整。

We maintained our disciplined revenue management plan and continue to deliver on our productivity initiatives. Consistent investments in our brands and innovations drove increased portfolio brand power and continued market share gains in key markets. Despite the challenging environment, we delivered another quarter of top and bottom-line growth, margin expansion and US dollar EPS growth.

我們堅持執行嚴格的收入管理計劃，並持續推動提高生產力的各項措施。對品牌和創新持續投入，提升了我們產品組合的品牌實力，並在關鍵市場持續擴大了市場份額。儘管面臨充滿挑戰的環境，我們仍然實現了營收和利潤的連續第二個季度增長、利潤率的提升以及以美元計價的每股收益增長。

Our growth platforms of premium beer, non-alcohol beer and beyond beer continue to outperform and the quarterly GMV of Marketplace has reached nearly $1 billion. In the US, our portfolio is continuing to build momentum and gain share of the industry, led by Michelob ULTRA, which is now the number one brand in the industry by volume year-to-date.

我們的高級啤酒、無酒精啤酒和超越啤酒等成長平台持續表現優異，市場季度GMV已接近10億美元。在美國，我們的產品組合持續發展壯大，不斷擴大市場份額，其中 Michelob ULTRA 表現尤為突出，目前已成為今年迄今為止銷量排名第一的品牌。

Our solid financial results in the first nine months of the year reinforce our confidence in delivering our outlook for the year. Given our deleverage progress and strong free cash flow generation, the Board has approved a $6 billion share buyback program to be executed within the next 24-months as well as an interim dividend of EUR0.15 per share.

今年前九個月穩健的財務表現增強了我們對實現全年業績預期的信心。鑑於我們在去槓桿化方面取得的進展以及強勁的自由現金流生成能力，董事會已批准一項60億美元的股票回購計劃，該計劃將在未來24個月內執行，同時還將派發每股0.15歐元的臨時股息。

We also continue to proactively manage our debt portfolio and have announced the redemption of $2 billion of outstanding bonds. In summary, we are confident in the resilience of our strategy and ability to deliver consistent results. We are investing to provide superior value to our consumers, and we are winning in key markets and growth segments.

我們也將繼續積極管理我們的債務組合，並已宣布贖回 20 億美元的未償債券。總之，我們對自身策略的韌性和持續取得成果的能力充滿信心。我們正在增加投資，為消費者提供卓越的價值，並且在關鍵市場和成長領域取得了成功。

We are taking action where adjustments are required and are excited about the opportunities ahead to drive shareholder value creation through profitable growth and disciplined capital allocation decisions. Turning to our operating performance. While overall volumes were below potential, we grew revenue in 70% of our markets.

我們正在採取必要的調整措施，並對未來透過獲利成長和嚴謹的資本配置決策來推動股東價值創造的機會感到興奮。接下來談談我們的營運表現。雖然整體銷售低於預期，但我們在 70% 的市場實現了收入成長。

The combination of our disciplined revenue management choices and portfolio of mega brands that command a premium price drove a revenue per hectoliter increase of 4.8%, resulting in top line growth of 0.9%. Our productivity initiatives more than offset transactional FX headwinds to drive an EBITDA increase of 3.3% with margin expansion of 85 bps.

我們嚴謹的收入管理選擇和能夠獲得高價的超級品牌組合，推動每百升收入增長了 4.8%，從而實現了總收入增長 0.9%。我們的生產力提升措施足以抵銷交易外匯不利因素，進而推動 EBITDA 成長 3.3%，利潤率提高 85 個基點。

The strength of our diversified geographic footprint enables us to navigate the current environment and deliver profitable growth in the long term. Revenue increased in 70% of our markets this quarter, and we delivered bottom line growth in four of our five operating regions. 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.

我們多元化的地域佈局優勢使我們能夠應對當前的環境，並在長期內實現盈利成長。本季度，我們在 70% 的市場實現了收入成長，並在五個營運區域中的四個區域實現了淨利潤成長。現在我將花幾分鐘時間，帶大家了解我們主要地區（首先是北美）本季的營運亮點。

In the US, the momentum of our portfolio continued, and we are increasing investments in our brands to fuel growth. In Beyond Beer, our portfolio growth accelerated with a revenue increase in the mid-40s, led by Cutwater, which grew revenue in the triple digits. Cutwater is now one of the top 10 largest spirits brands in the US and was the number one share gainer brand in the total spirits industry in August and September.

在美國，我們的投資組合保持了成長勢頭，我們正在加大對旗下品牌的投資，以推動成長。在「啤酒之外」業務中，我們的投資組合成長加速，營收成長達到 40% 左右，其中 Cutwater 的營收成長達到三位數。Cutwater 現在是美國十大烈酒品牌之一，並且在 8 月和 9 月是整個烈酒行業市場份額增長最快的品牌。

And in beer, our market share momentum was led by Michelob ULTRA, the number one volume share gainer in the industry and now the largest brand year-to-date in both on and off-premise channels. ULTRA has gained market share in all 50 states this quarter. The brand has 16% share of the industry in its top state, an 8% average share nationally, but has less than 6% share of the industry in 20 states.

在啤酒領域，我們的市佔率成長動能主要由米凱羅 ULTRA 引領，它是業內銷售份額成長最快的品牌，也是今年迄今在餐飲通路和非餐飲通路中銷量最大的品牌。本季度，ULTRA 在美國所有 50 個州都獲得了市場份額。該品牌在其市場份額最大的州擁有 16% 的市場份額，全國平均市佔率為 8%，但在 20 個州的市佔率不足 6%。

So there remains a significant opportunity for further expansion and growth. Michelob ULTRA Zero was launched early this year and is already the second largest nonalcohol beer brand and the number one fastest-growing non-alcohol beer in the industry. ULTRA is the superior light beer made for those who seek an active lifestyle and balanced choices. Now let's turn to Middle Americas.

因此，仍有很大的擴張和成長空間。米凱羅 ULTRA Zero 於今年初推出，目前已成為第二大無醇啤酒品牌，也是業界成長速度最快的無醇啤酒品牌。ULTRA 是一款優質淡啤酒，專為追求積極生活方式和均衡飲食的人士打造。現在讓我們把目光轉向美國中部地區。

In Mexico, our revenue continued to grow, driven by disciplined revenue management choices. The industry was, however, impacted by a softer consumer environment and unseasonable weather, which resulted in our volumes declining by low single digits. With improved weather and consumer sentiment, our volumes improved sequentially throughout the quarter, gaining share and returning to growth in August and September.

在墨西哥，我們憑藉著嚴格的收入管理策略，實現了收入的持續成長。然而，受消費環境疲軟和反常天氣的影響，該行業銷量出現個位數下降。隨著天氣和消費者信心的改善，我們的銷量在本季度環比增長，市場份額擴大，並在 8 月和 9 月恢復增長。

In Colombia, record high volumes drove low teens top line and mid-single-digit bottom line growth with our portfolio estimated to have gained share of total alcohol beverages. In Brazil, market share gain and disciplined revenue and cost management offset a soft industry to deliver flat EBITDA with margin expansion.

在哥倫比亞，創紀錄的高銷量推動了營收實現兩位數左右的成長，淨利潤實現個位數中段的成長，據估計，我們的產品組合在酒精飲料市場中獲得了更大的份額。在巴西，市場佔有率的成長和嚴格的營收及成本管理抵消了疲軟的產業環境，實現了 EBITDA 持平，利潤率卻有所提高。

Our revenue declined by 1.9%, driven by volume performance, which was negatively impacted by unseasonable weather and a softer consumer environment. When we look at our performance across both South America and Middle Americas, it is clear that the industry has been impacted by a combination of cyclical and one-off factors this quarter.

受銷量下滑的影響，我們的營收下降了 1.9%，而銷量下滑又受到反常天氣和疲軟的消費環境的負面影響。當我們審視我們在南美洲和中美洲的業績時，很明顯，本季該行業受到了周期性因素和一次性因素的共同影響。

Cyclical factors include inflationary pressures and low consumer sentiment, which have impacted demand not only for beer, but all consumer categories to different degrees. What has perhaps been more acute for beer than other categories has been the unseasonable weather. Latin America accounts for 20% of the global beer volume, which is typically 1.5 times to 2 times the weight of other categories in the consumer goods area. And the region is even more relevant for our business.

週期性因素包括通膨壓力和低迷的消費者信心，這些因素不僅影響了啤酒的需求，而且在不同程度上影響了所有消費類別的需求。與其他類別相比，啤酒受到的影響可能更為嚴重，那就是反常的天氣。拉丁美洲佔全球啤酒銷售的 20%，通常是消費品領域其他類別銷售的 1.5 倍到 2 倍。而且，該地區對我們的業務來說更加重要。

While we are managing through the short-term headwinds, when we look ahead at the outlook for the category, the fundamental drivers are unchanged, and we see clear potential for industry volume growth as conditions normalize as evidenced by Mexico, where our volumes returned to growth in August and September.

儘管我們正在應對短期不利因素，但展望該品類的未來前景，基本驅動因素並未改變，隨著情況恢復正常，我們看到了行業銷量增長的明顯潛力，墨西哥就證明了這一點，我們在 8 月和 9 月的銷量已經恢復增長。

In Europe, continued market share gains and premiumization drove flattish volumes and margin recovery. We gained share of the industry in five of our six key markets with our performance driven by our mega brands and nonalcohol beer. In South Africa, the underlying momentum of our business continued, maintaining share of beer and gaining share of beyond beer.

在歐洲，市場佔有率的持續成長和高端化推動了銷售的平穩成長和利潤率的回升。憑藉我們的超級品牌和無酒精啤酒的出色表現，我們在六個主要市場中的五個都獲得了市場份額。在南非，我們業務的基本勢頭得以延續，保持了啤酒市場份額，並在啤酒以外的產品市場份額上有所增長。

Top line grew by mid-single digits and EBITDA grew by high single digits with margin expansion. Now moving to APAC. In China, revenue declined by 16.2% with our volumes underperforming the industry. While the overall industry has been impacted by a soft consumer environment, which has been even more pronounced in our footprint and key channels, we recognize that we have opportunities to enhance our execution and route to market to better align our results with our capabilities.

營收實現了中等個位數的成長，EBITDA實現了高個位數的成長，利潤率也隨之擴大。現在轉向亞太地區。在中國，由於銷量低於行業平均水平，收入下降了 16.2%。儘管整個行業都受到了疲軟的消費環境的影響，這種情況在我們業務覆蓋範圍和主要管道中更為明顯，但我們認識到，我們有機會加強執行力和市場管道，以更好地使我們的業績與我們的能力相匹配。

We are a company of owners who strive for operational excellence. We have been working in China to right size inventories in line with the channel shifts, allocate resources towards areas of growth and elevate our execution. We have a clear view of where to improve. And as we move forward, our priority is to reignite growth and rebuild our momentum.

我們是一家由所有者組成的公司，致力於追求卓越營運。我們一直在中國努力調整庫存規模，以適應通路變化，將資源分配到成長領域，並提高我們的執行力。我們清楚知道哪些方面需要改進。展望未來，我們的首要任務是重振成長勢頭，恢復發展動能。

To achieve this, we are focused on increasing investments in our mega brands, leading innovation within the industry across packaging and liquids, strengthening our route to market in the in-home channels with an increased focus on online to offline, continuing our geographic expansion and rebuilding our excellence in execution.

為了實現這一目標，我們專注於加大對旗下超級品牌的投資，引領包裝和液體領域的行業創新，加強我們在家庭通路的市場拓展，更加註重線上線下融合，繼續拓展我們的地域範圍，並重塑我們卓越的執行力。

We are moving with speed to ensure that our business emerges stronger and investing to be better positioned to outperform in the long term. Now let's take a look at the key highlights of our three strategic pillars, starting with leading and growing the category. Our mega brands continue to lead our growth with net revenue increasing by 3%.

我們正加快步伐，確保公司發展壯大，並加大投資，以期在長期發展中取得更好的業績。現在讓我們來看看我們三大策略支柱的關鍵亮點，首先是引領和發展品類。我們的明星品牌繼續引領公司成長，淨收入成長了 3%。

Corona continued to drive premiumization across our markets, growing revenue by 6.3% outside of Mexico and growing volumes by double digits in 33 markets. Through the consistent execution of our category expansion levers, we aim to increase 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.

新冠疫情持續推動我們各市場的高端化進程，在墨西哥以外的地區收入成長了 6.3%，在 33 個市場銷售了兩位數的成長。透過持續運用品類擴張策略，我們旨在透過提供卓越的核心品牌、創新均衡的選擇（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）以及擴展我們的高端啤酒產品組合，來提高我們在各個市場的參與度。

On a rolling 12-months, participation of legal drinking age consumers within our portfolio was stable. In nonalcohol beer, our portfolio momentum continued with net revenue growing by 27%, led by the growth of Corona Zero. We are now leaders in 8 of our top 14 nonalcohol beer markets and estimate to have gained share in 70% of them.

在過去 12 個月中，我們投資組合中達到法定飲酒年齡的消費者的參與度保持穩定。在無醇啤酒領域，我們的產品組合持續保持成長勢頭，淨收入成長了 27%，其中 Corona Zero 的成長尤為顯著。目前，我們在前 14 個無酒精啤酒市場中的 8 個市場處於領先地位，並估計已在其中 70% 的市場中獲得了市場份額。

Nonalcohol beer is a key opportunity to develop new consumption occasions and increase participation, and we are investing and innovating to lead the growth. This quarter, we announced the partnership with Netflix, which is the world's most popular streaming service. They are creating content that shapes culture and watching Netflix has become a new social occasion.

無醇啤酒是開發新的消費場景和提高參與度的關鍵機遇，我們正在投資和創新以引領成長。本季度，我們宣布與全球最受歡迎的串流服務 Netflix 建立合作夥伴關係。他們創造的內容正在塑造文化，觀看 Netflix 已成為新的社交活動。

Our iconic brands are part of the fabric of society in the markets in which we operate, and it is perfect pairing to bring together beer and entertainment in this unprecedented way. What makes our partnership with Netflix unique is its global reach and scale of activations across our portfolio of brands. Consumers will see this come to life through co-marketing campaigns, activations, title integration, limited edition packaging and even at live events.

我們的標誌性品牌已成為我們所在市場社會結構的一部分，以這種前所未有的方式將啤酒和娛樂結合起來，可謂是天作之合。我們與 Netflix 的合作之所以獨特，在於其全球影響力以及在我們旗下所有品牌中所進行的大規模推廣活動。消費者將透過聯合行銷活動、互動體驗、標題整合、限量版包裝，甚至在現場活動中看到這一點。

But what we are most excited about is how this partnership will create more meaningful experiences for consumers across their passion points, including comedy, music, cooking and live sport events. The beer and beyond beer category remains vibrant, and we are leading innovation to address emerging consumer needs, providing choice and superior value in different occasions.

但我們最興奮的是，此次合作將為消費者在其感興趣的領域（包括喜劇、音樂、烹飪和現場體育賽事）創造更有意義的體驗。啤酒及其他飲品類依然充滿活力，我們引領創新，以滿足消費者不斷變化的需求，在不同的場合提供更多選擇和卓越價值。

In balanced choices, we are innovating in liquids to provide consumers with different options to meet different lifestyles from the rollout of Stella gluten-free in Brazil to Harbin Zero Sugar in China to Michelob ULTRA Zero in the US and Cass Zero in South Korea. We are leading the category in liquid innovation. In beyond beer, Cutwater continues to expand, growing volumes by triple digits, approaching $0.5 billion in annualized retail sales and is now a top 10 spirits brand in the US.

在均衡的選擇方面，我們正在液體飲料領域進行創新，為消費者提供不同的選擇，以滿足不同的生活方式，從在巴西推出 Stella 無麩質啤酒，到在中國推出哈爾濱零糖啤酒，再到在美國推出 Michelob ULTRA Zero 啤酒，以及在韓國推出 Cass Zero 啤酒。我們在液體創新領域處於領先地位。除了啤酒之外，Cutwater 還在不斷擴張，銷量以三位數的速度成長，年零售額接近 5 億美元，現在已成為美國十大烈酒品牌之一。

And after a successful rollout in Africa, our flavored beer flying fish is now expanding to Europe and the Americas. In adjacent beverage categories, we are taking the learnings from developing a number of successful brands in the energy drink space in the US and have launched PHORM Energy to participate directly in this segment.

在非洲成功推出後，我們的風味啤酒飛魚現在正擴展到歐洲和美洲。在鄰近的飲料類別中，我們吸收了在美國能量飲料領域成功打造多個品牌的經驗，並推出了 PHORM Energy，直接參與這個細分市場。

Let's now turn to our second strategic pillar, digitize and monetize our ecosystem. In the second quarter, BEES captured $13.3 billion in gross merchandising value, an 11% increase versus last year. The growth of BEES marketplace accelerated with more than 500 partners on the platform. Quarterly GMV increased by 66% versus last year and now approaching $1 billion.

現在讓我們轉向第二個策略支柱：實現生態系統的數位化和貨幣化。第二季度，BEES 的總商品交易額為 133 億美元，比去年同期成長 11%。BEES市場發展迅速，平台上的合作夥伴超過500家。本季GMV較去年同期成長66%，目前已接近10億美元。

And in D2C, our digital platforms continue to enable a one-to-one connection with our consumers and help us in developing new occasions. Our digital platforms generated $138 million in revenue, serving 11.9 million consumers and generating close to 18 million orders online.

在 D2C 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銷售場景。我們的數位平台創造了 1.38 億美元的收入，服務了 1,190 萬消費者，並在線上產生了近 1,800 萬份訂單。

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，我想把發言權交給費南多，讓他來討論我們策略的第三個支柱——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 85 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, creates an opportunity for further margin expansion over time.

謝謝你，米歇爾。各位早安，各位下午好。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 85 個基點，這得益於我們五個營運區域中四個區域的擴張。我們知道每個季度都會有所不同，但我們相信，憑藉我們的領導優勢、嚴格的收入管理、持續的高端化和高效的營運模式，隨著時間的推移，這將創造進一步擴大利潤率的機會。

Moving on to EPS. We delivered underlying EPS of $0.99 per share, a 1% increase in US dollars and a 0.3% increase in constant currency versus last year. EBITDA growth accounted for a $0.09 per share increase, partially offset by higher other financial results, which increased due to a higher cost of FX movements and cost of hedging.

接下來是每股盈餘（EPS）。我們實現了每股基本收益 0.99 美元，以美元計算成長 1%，以固定匯率計算成長 0.3%。EBITDA 成長使每股收益增加 0.09 美元，但部分被其他財務表現的成長所抵消，其他財務表現的成長是由於外匯波動成本和對沖成本的增加。

The objective of our capital allocation framework is to maximize value creation for our shareholders. Given the progress we have made on our deleveraging and our solid year-to-date financial results, we have increased flexibility on our capital allocation choices. We remain confident in the long-term growth and value of our business and have announced today a new $6 billion share buyback program to be executed within the next 24-months.

我們的資本配置框架的目標是最大限度地為股東創造價值。鑑於我們在去槓桿化方面取得的進展以及今年迄今為止穩健的財務業績，我們在資本配置選擇方面擁有了更大的靈活性。我們對公司業務的長期成長和價值仍然充滿信心，並於今日宣布了一項新的 60 億美元股票回購計劃，該計劃將在未來 24 個月內執行。

In addition, we have announced an interim dividend of EUR0.15 per share, our first interim dividend since 2019. We also continue to proactively manage our debt portfolio and have announced a bond redemption of $2 billion. Our bond portfolio remains well distributed with no relevant near- and medium-term refinancing needs.

此外，我們宣布派發每股 0.15 歐元的期中股息，這是我們自 2019 年以來首次派發期中股息。我們也將繼續積極管理我們的債務組合，並已宣布贖回 20 億美元的債券。我們的債券投資組合仍分佈均衡，近期和中期內沒有相關的再融資需求。

Upon completion of the bond redemption announced today, we will have no bonds maturing through 2026, and we have no financial covenants. Our results in the first nine-months 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.

在今天宣布的債券贖回完成後，我們將沒有債券將於 2026 年到期，且我們沒有任何財務契約。今年前九個月的業績、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 成長預期的信心。

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

最後，我想把發言權交還給米歇爾，請他做最後的總結。

Thanks, Fernando. Before opening for Q&A, I would like to take a moment to recap on our performance year-to-date. We are encouraged by our results for the first nine months of the year as we delivered EBITDA growth at the midpoint of our outlook range. Underlying EPS increased by mid-single digits in US dollar and by 12% in constant currency.

謝謝你，費爾南多。在正式進入問答環節之前，我想花點時間回顧一下我們今年迄今為止的表現。今年前九個月的業績令我們感到鼓舞，因為我們的 EBITDA 成長達到了預期範圍的中點。以美元計，基本每股收益成長了中等個位數；以固定匯率計，成長了 12%。

While our volume performance has been below potential due to a combination of cyclical and short-term factors, we remain confident in the long-term fundamentals of our business. With strong free cash flow generation, we have increased capital allocation flexibility and announced a $6 billion share buyback program, an interim dividend of EUR0.15 and a bond redemption of $2 billion.

儘管由於週期性和短期因素的共同作用，我們的銷售表現低於預期，但我們對公司業務的長期基本面仍然充滿信心。憑藉強勁的自由現金流，我們提高了資本配置靈活性，並宣布了一項 60 億美元的股票回購計劃、每股 0.15 歐元的臨時股息以及 20 億美元的債券贖回計劃。

And as Fernando just mentioned, our performance year-to-date and the strategic choices we have made position us well to deliver on our outlook for the year. Our brands have met consumers in some of the most iconic events in sports and culture this year, creating moments of celebration and cheers. But as we look to 2026, there is an incredible opportunity to activate the beer category because next year, on top of our powerful lineup of mega platforms, we have the FIFA World Cup in North America.

正如費爾南多剛才提到的，我們今年迄今為止的業績以及我們所做的戰略選擇，使我們能夠很好地實現今年的預期目標。今年，我們的品牌在一些最具標誌性的體育和文化活動中與消費者見面，創造了慶祝和歡呼的時刻。但展望 2026 年，我們迎來了一個激活啤酒類別的絕佳機會，因為明年，除了我們強大的超級平台陣容之外，我們還將在北美舉辦 FIFA 世界盃。

This iconic event encompasses 104 games across three countries, and each game is an opportunity to bring beer and sports together and create unforgettable moments for our consumers.

這項標誌性賽事涵蓋三個國家的 104 場比賽，每場比賽都是將啤酒和運動結合起來，為我們的消費者創造難忘時刻的機會。

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

這樣，我就把電話交還給接線生進行問答環節了。

(Operator Instructions) Edward Mundy, Jefferies.

（操作說明）愛德華‧蒙迪，傑富瑞。

So two questions for me, please. The first is around the Board's thinking around the shift to a two-year buyback program of $6 billion given the balance sheet repair. Is it to signal clearer capital allocation priorities from here or is there also a practical reason insofar as that gives you a little bit more flexibility in the pace of buybacks given that historically, you've tended to get your buybacks done ahead of schedule?

請容許我問兩個問題。第一個問題是，鑑於資產負債表的修復，董事會對於轉向為期兩年、金額達 60 億美元的股票回購計畫的看法。這樣做是為了表明更清晰的資本配置優先事項，還是也有實際原因，因為從歷史上看，你們往往提前完成股票回購，這樣做能讓你們在股票回購的速度上擁有更大的靈活性？

That is my first question. And then my second question is around the broader category, the broader beer category. And one of your peers recently highlighted a medium-term outlook for global beer of about 1% volumes. And putting the external environment to one side, how important is it that the rate of pricing required across the broader industry could start to moderate after the huge extremes over the last few years given inflation and negative transaction?

這是我的第一個問題。我的第二個問題是關於更廣泛的類別，也就是更廣泛的啤酒類別。你的一位同行最近指出，全球啤酒的中期銷售前景預計只會下降約 1%。撇開外部環境不談，考慮到通貨膨脹和負交易量，過去幾年整個產業的價格波動幅度極大，那麼價格在整個產業所需的價格水準開始趨於緩和，這究竟有多重要？

How important is it that the pricing going forward might become less meaningful in helping to stimulate volume growth?

未來定價對刺激銷售成長的作用可能會減弱，這種現象的重要性究竟有多大？

Ed, Fernando here. Let me take the first question, and then I'll transition to Michel. When we talk about capital allocation, I think it's always important to put in context that the objective of the capital allocation is to create long-term shareholder value. The framework is unchanged, and we remain very disciplined within our choices. What is evolving is that now that we have an improved balance sheet, we have increased flexibility and what you see that we are exercising some flexibility.

艾德，我是費南多。讓我先回答第一個問題，然後我再把話題交給米歇爾。當我們談論資本配置時，我認為始終要強調資本配置的目標是創造長期股東價值。框架保持不變，我們在選擇上依然非常自律。目前正在發生的是，隨著我們資產負債表的改善，我們的靈活性也得到了提高，你們可以看到我們正在運用一些彈性。

So the share buyback in itself, it's an effective use of capital for shareholder value creation. If you think about it, as we move from an inorganic to organic transition, I think the first thing that was important for us was to give a framework so people understand the sort of growth that we can deliver. That's the medium-term outlook that we provided four years ago.

因此，股票回購本身就是一種有效利用資本來創造股東價值的方式。仔細想想，隨著我們從無機成長轉型為有機成長，我認為對我們來說，首先重要的是提供一個框架，讓人們了解我們可以實現的成長類型。這是我們四年前給予的中期展望。

Then if you look at what we did in the beginning of this year, we provide a framework which is the ambition for a progressive dividend. And I think now with the share buyback is just another natural evolution on that, a two-year share buyback of $6 billion. But that should not be seen on a stand-alone. It's the share buyback, it's also the interim dividend, which is consistent with our ambition of progressive dividend over time and also the debt reduction that we announced, which is consistent with our capital allocation priorities.

那麼，如果你看看我們今年年初所做的工作，我們提供了一個框架，那就是逐步提高股利的目標。我認為現在的股票回購只是這一趨勢的另一個自然發展，這是一項為期兩年、金額達 60 億美元的股票回購計畫。但這不應該被單獨看待。這是股票回購，也是中期股息，這與我們逐步提高股息的目標一致；同時，這也符合我們宣布的債務削減計劃，這符合我們的資本配置優先事項。

So much more of an evolution and kind of the consequence of the additional flexibility that we have nowadays. Michel?

這更多的是一種演變，也是我們如今擁有的更多彈性所帶來的結果。米歇爾？

Thanks for the question. I think that just building on the share buyback point, I think that there is a lot of consistency on the capital allocation choices. And this, of course, there is the return to shareholders, the debt, but there is the number one priority that we have, which is organic growth. And we'll continue to invest for this number one priority, which is drive the category and the company forward in an organic basis.

謝謝你的提問。我認為，僅就股票回購這一點而言，我認為在資本配置選擇方面有很多一致性。當然，這其中也包括股東回報和債務問題，但我們最優先考慮的是內生成長。我們將繼續投資於這項首要任務，以有機成長的方式推動品類和公司向前發展。

And in terms of the category overall, I think that we shared with you during the capital markets day, the view that we have around the category and the potential that we see for future growth coming from structural tailwinds related to economic growth, demographics, and where this growth most likely will come from developing and emerging markets where we have a strong footprint, strong route to market and scale.

至於整個類別，我認為我們在資本市場日上已經和大家分享了我們對該類別的看法，以及我們認為未來成長的潛力，這些潛力來自與經濟成長、人口結構相關的結構性利好因素，而這種成長最有可能來自我們擁有強大業務基礎、強大市場管道和規模的發展中市場和新興市場。

Therefore, we are in the same line where the full potential of the category today would be around 1% growth in normal conditions. And the more we increase the addressable market with the beyond beer propositions, there are opportunities for us to further stretch this growth, right? Looking at the short term, I think that we see this Latin America impact on the beer category overall.

因此，我們目前的情況與此類似，在正常情況下，該類別的全部潛力只能達到約 1% 的成長。我們透過啤酒以外的產品組合不斷擴大目標市場，就越有機會進一步擴大這種成長，對吧？從短期來看，我認為我們會看到拉丁美洲對整個啤酒產業產生影響。

So Latin America is very important for CPGs, but it's much more important for the beer category to the range of almost twice the size that it represents for beer versus other CPGs. We saw some pressure across CPGs overall in Latin America, but this is more impactful for beer and even more for us because Latin America is much bigger for us than it is for beer overall and for other CPGs.

因此，拉丁美洲對消費品產業非常重要，但對啤酒類別而言，其重要性更高，啤酒在拉丁美洲的市佔率幾乎是其他消費品產業的兩倍。我們看到拉丁美洲的消費品產業整體上都面臨一些壓力，但這對啤酒產業的影響更大，對我們來說影響更大，因為拉丁美洲對我們來說比啤酒產業整體以及其他消費品產業的市場都要大得多。

And when you think about price, so there are, I think that two components on that. One is that beer is an affordable category and affordability is very important for beer. And after three, four years of high-cost pressure, high inflation for us and for consumers in general, of course, we had to be very disciplined in revenue management and to recover our margins as, of course, you just saw during the webcast to continue to recover our margins over time because of revenue, but also cost discipline.

當你考慮價格時，我認為價格包含兩個面向。一是啤酒是一種價格適中的飲品，而價格適中對於啤酒來說非常重要。經過三四年的高成本壓力和高通膨，對我們和廣大消費者來說，當然，我們必須在收入管理方面非常自律，以恢復我們的利潤率，正如您在網絡直播中看到的那樣，隨著時間的推移，由於收入和成本控制，我們的利潤率將繼續恢復。

And as we look forward, inflation is normalized coming down. So we would expect less pressure on the prices coming from inflation. But I'm on the view that we should be very disciplined as category leaders to continue to build over time the capabilities to move prices with inflation so we can continue to recover our margins, but also have a good category and ability to deliver on the investments and everything that we want to do for the future.

展望未來，通膨將趨於正常下降。因此，我們預期通貨膨脹對物價帶來的壓力會較小。但我認為，身為品類領導者，我們應該非常自律，隨著時間的推移不斷提升自身能力，以應對通貨膨脹，從而繼續恢復利潤率，同時也要擁有良好的品類和能力，以實現我們未來想要進行的投資和所有目標。

And how you do that? So you need to balance, as we always do, the affordability with the ability to build brands because premium brands, they command premium price, use the right revenue management capabilities. So a good revenue management strategy needs to deliver at least with inflation, and this is in the long run because in the long run, we need to capture the cost increase and the opportunities that we have to premiumize in the market.

那你是怎麼做到的呢？所以，你需要像我們一直以來所做的那樣，在價格承受能力和品牌建立能力之間取得平衡，因為高端品牌可以收取高價，要運用正確的收益管理能力。因此，一個好的收益管理策略至少需要跟上通貨膨脹，而且這指的是長期收益，因為從長遠來看，我們需要抓住成本上漲的機會，以及在市場上實現產品高端化的機會。

So nothing changed on our side there. I think that what's going to change is a little bit of the environment because inflation is coming down. Therefore, less pressure will hit consumers.

所以，我們這邊沒有任何變化。我認為環境方面會有一些變化，因為通貨膨脹正在下降。因此，消費者面臨的壓力會減輕。

Mitch Collett, Deutsche Bank.

米奇‧科萊特，德意志銀行。

I've also got two questions. I think one for each of you. So the first one is on longer-term volume growth. I mean you've cited some of the external factors that have impacted not just this quarter, but overall 2025. So how do you think about volume growth longer term for the category, particularly in your footprint? And you gave the comment that 2026 offers an incredible opportunity to activate the beer category.

我還有兩個問題。我認為你們每人一份。所以第一個問題是關於長期銷售成長。我的意思是，你列舉了一些外部因素，這些因素不僅影響了本季度，而且影響了 2025 年全年。那麼，您如何看待該品類，特別是您所在地區的銷售長期成長？您曾評論說，2026 年為激活啤酒類別提供了絕佳的機會。

Do you think you can get back to volume growth in 2026? And then my second question, which I think is for Fernando, is, can you give us any color at this stage? I know it's early on the potential impact of input costs in 2026. And I'm specifically thinking about the impact of FX and the timing of your FX hedges.

你認為到 2026 年你能恢復銷售成長嗎？那麼我的第二個問題，我認為是問費爾南多的，在這個階段你能給我們透露一些資訊嗎？我知道現在判斷投入成本對 2026 年的潛在影響還為時過早。我特別想了解外匯波動的影響以及您進行外匯對沖的時機。

So I think that you're right, like 2025 has being very typical, and there is this combination of the pressure that inflation has been built over consumer and the consumer basket. We see this overall across many markets, reduction on the total basket, while beer and alcohol have been maintaining the share of basket. So it's really about a little bit of pressure on consumption.

所以我認為你是對的，2025 年非常典型，通貨膨脹給消費者和消費籃子帶來了壓力。我們看到，在許多市場中，整體購物籃中的商品和服務總量都在減少，而啤酒和酒精飲料在購物籃中的份額則保持穩定。所以，這其實是對消費施加一些壓力。

There is this big one-off of this change in the weather pattern because of the La Nina that is impacting the Americas and some countries such as Brazil were heavily impacted by that. But the fundamentals behind the category growth, they remain the same. And as we said before, a lot of this growth projected to be over 80% will come from developing and developed markets.

由於拉尼娜現象，美洲出現了一次巨大的氣候模式變化，一些國家，例如巴西，受到了嚴重影響。但推動品類成長的基本因素依然不變。正如我們之前所說，預計超過 80% 的成長將來自發展中市場和已開發市場。

Our footprint is very strong in these regions, and I see no reason today why this will change over time. Next year then becomes a very special year. And while you know that we don't guide for volume, we see the outlook as positive. one, because less pressure on consumers coming from lower inflation. So as salaries rebuild, purchase power rebuilds, prices tend to normalize, so consumers tend to be in a better position.

我們在這些地區的影響力非常強大，而且我認為目前沒有任何理由表明這種情況會隨著時間的推移而改變。那麼，明年就將成為非常特別的一年。雖然您也知道我們不提供銷售指引，但我們認為前景樂觀。原因有二：一是通膨下降減輕了消費者的壓力。隨著薪資水準的恢復，購買力的恢復，物價趨於正常化，消費者的處境也隨之改善。

But I'm not making any forecast on the consumer sentiment, neither the purchase power for next year. Consumer sentiment is impacting this year. And as everybody else, we hope that things will normalize over time. If this bounces back, should be a positive as well overall for CPGs. Weather, hard to believe that's going to be worse than what we saw this year.

但我不會對明年的消費者信心或購買力做出任何預測。消費者情緒對今年產生了影響。和所有人一樣，我們也希望隨著時間的推移，一切都能恢復正常。如果這種情況能夠反彈，對消費品產業整體來說也應該是個利好消息。天氣方面，很難相信今年的情況會比今年更糟。

The worst-case scenario should be the same, but we think that can be better. And then we have FIFA. FIFA over time is being 0.2 to 0.25 impact on the category in the years that we have the games. The fact that's going to happen in North America is great for the category, because it's going to impact the overall Americas, of course, but then has great viewership time across Europe and Africa.

最壞的情況應該是一樣的，但我們認為可以做得更好。然後還有國際足總。隨著時間的推移，FIFA 對我們擁有這些遊戲的這些年來說，對該類別的影響為 0.2 到 0.25。北美地區即將發生的這件事對該類別來說是一件好事，因為它不僅會影響整個美洲地區，而且還會在歐洲和非洲獲得極高的收視率。

And of course, in Asia, people always adapt. The nightlife is much stronger as a consumer occasion in APAC. So I think that's going to be a great year for FIFA. Everybody is very excited. The games will be longer next year because more teams, so more people participating. So we can't wait to see the fans across the globe gathering and gathering over a beer to watch for that.

當然，在亞洲，人們總是能夠適應環境。在亞太地區，夜生活作為一種消費活動較為活躍。所以我認為這將是國際足總輝煌的一年。大家都非常興奮。明年的比賽時間會更長，因為參賽隊伍更多，人數也更多。所以我們迫不及待地想看到世界各地的粉絲們聚集在一起，一邊喝著啤酒一邊觀看比賽。

So continue to work hard. focusing on what we can control. You see that the growth of nonalcohol is a great opportunity for us. Our beyond beer portfolio continues to accelerate, and we continue to innovate in the balanced choices. So we are providing more options for consumers in more occasions. So we are doing our part, and we are looking forward to see how consumers will react next year. Thanks for the question.

所以，繼續努力，專注於我們所能控制的事情。您可以看到，無酒精飲料的成長對我們來說是一個絕佳的機會。除了啤酒之外，我們的產品組合還在不斷加速發展，我們也在均衡的選擇方面不斷創新。因此，我們正在為消費者在更多場合提供更多選擇。所以我們正在盡自己的一份力，並期待看看消費者明年會有什麼反應。謝謝你的提問。

Mitch, Fernando here. So your question on COGS. So we don't provide any specific guidance on cost of goods sold. But you know our hedging policy we always hedge 12-months ahead. So if you look at where FX is today and what it was one-year ago, you can get a good sense on that. From the -- where the market is it's kind of more like a normal year once again. I think we said a normal year in 2025.

米奇，我是費爾南多。所以，你關於成本的問題。因此，我們不提供關於銷售成本的具體指導。但您也知道我們的對沖策略，我們總是提前 12 個月進行對沖。所以，如果你看看FX現在的匯率和一年前的匯率，你就能對此有個大致的了解。從市場情況來看，今年的情況又和往年差不多了。我想我們之前說過，2025年會是正常的一年。

I think 2026 is more of a normal year. Different dynamics in different markets. I think next year, probably given where you see Midwest premium today, probably a little bit more pressure on the US. But then again, this is based on current market prices. They can always move around. And FX, a little bit the other way around as we saw in 2025.

我認為2026年更像一個正常的年份。不同市場的發展動態各不相同。我認為明年，考慮到目前中西部地區的溢價水平，美國可能會面臨更大的壓力。但話說回來，這是基於當前市場價格的。它們隨時可以移動。而 FX 的情況則略有不同，正如我們在 2025 年所看到的。

In 2025, we saw more pressure in the first half, given the currency behavior in 2024 and less -- more pressure in the second half, I'm sorry, and less pressure in the first half in 2026, given how things are evolving, things continue to be the same way, likely to be the other way around. But then again, this is basically on current FX. We still have two months to go, but let's keep monitoring that.

2025 年上半年，鑑於 2024 年的貨幣走勢，我們看到壓力更大；而下半年壓力較小——抱歉，是更大；2026 年上半年壓力較小，鑑於事態的發展，情況將繼續如此，但很可能會反過來。但話說回來，這基本上是基於當前的外匯市場趨勢。還有兩個月的時間，但讓我們繼續關注情況。

Laurence Whyatt, Barclays.

勞倫斯·懷亞特，巴克萊銀行。

A couple for me as well, please. Firstly, you kind of gave some information on the exit rate in Mexico, suggesting that was improving throughout the quarter. I was wondering if you had a similar view on what was happening in both Brazil and Colombia, just to see if we're getting a similar consumer improvement in other parts of Latin America?

也給我兩份。首先，您提供了一些關於墨西哥出境率的信息，表明該出境率在本季度有所改善。我想知道您對巴西和哥倫比亞的情況是否有類似的看法，想看看拉丁美洲其他地區的消費者狀況是否也有類似的改善？

And then secondly, perhaps for Fernando, historically, you would say that going below two times net to EBITDA was value destructive for AB InBev. Just wondering if you continue to share that view and what steps you could take if that metric were to be getting close to being hit?

其次，對於費爾南多來說，從歷史角度來看，你會說淨利潤率低於 EBITDA 的兩倍對百威英博來說是具有破壞性的。我想知道您是否仍然堅持這種觀點，以及如果該指標接近峰值，您會採取哪些措施？

Laurence, thanks for the question. Yes, we made a comment on the exit rate for Mexico because I think that was very telling the fact that once the price environment normalized a little bit, the weather was slightly better, we could see not only our market share bouncing back, but also volumes improving through August and September.

勞倫斯，謝謝你的提問。是的，我們對墨西哥的退出率發表了評論，因為我認為這非常能說明問題，一旦價格環境稍微正常化，天氣也略有好轉，我們不僅可以看到我們的市場份額反彈，而且8月和9月的銷量也有所改善。

Unfortunately, in Brazil, is a tale of two stories. I think that the industry overall remains very impacted by this very unseasonable weather. And at this point, we can really say that it's unseasonable because the winter was cold. And yes, winters can be cold. But you see September is usually much better weather in Brazil, even October and still cold and wet in a very strange way.

可惜的是，在巴西，情況卻截然不同。我認為整個行業仍然受到這種反常天氣的嚴重影響。而現在，我們確實可以說這是反常現象，因為今年冬天很冷。是的，冬天確實很冷。但你會發現，巴西九月的天氣通常要好得多，即使到了十月份，天氣依然寒冷潮濕，這很奇怪。

So Brazil didn't improve a lot for the weather. But of course, we've been adjusting our execution. Relative prices in the market improved after more than a year of prices being very open on the gap. And our share bounced back strongly, which reinforces the strength of our portfolio, the way that our mega brands are growing in Brazil and the share gains on the premium segment that continue to accelerate.

所以巴西的天氣並沒有太大改善。當然，我們一直在調整執行方式。經過一年多的價格差距較大之後，市場相對價格有所改善。我們的市佔率強勁反彈，這鞏固了我們產品組合的實力，也證明了我們的超級品牌在巴西的成長勢頭以及我們在高端市場市佔率持續加速成長的勢頭。

When you look at Colombia, Colombia is not getting all this impact. So Colombia volumes continue to grow. Share of alcohol beverage continue to improve, very strong performance. Consumer confidence is not that high, but not as low. Inflationary pressures in Colombia more moderate. So consumer is in a better shape there than it is in some other parts in Latin America.

看看哥倫比亞，你會發現哥倫比亞並沒有受到這麼大的影響。因此，哥倫比亞的銷量持續增長。酒精飲料市佔率持續提升，表現非常強勁。消費者信心指數不算很高，但也不算很低。哥倫比亞的通膨壓力較為溫和。因此，那裡的消費者狀況比拉丁美洲其他一些地區的消費者好。

But of course, this all is being bouncing back, and now we are looking at the summer, so we can see really where the industry is going to land overall and how the weather is going to be. And as we said, as we look forward for 2026, some of these one-offs can actually be positive as we build back in 2026. Thanks for the question.

當然，這一切都在逐漸恢復，現在我們展望夏季，所以我們可以真正看到整個行業的最終走向以及天氣狀況。正如我們所說，展望 2026 年，其中一些一次性事件實際上可能會帶來正面影響，幫助我們在 2026 年重建。謝謝你的提問。

And Laurence, it's Fernando here. So your question on leverage, we've been very consistent in saying that our optimal capital structure is around two times. But it's also fair to say that most of the benefit of leverage you get once you get to three times. And so the long-term goal is still two times, but you have less of an urgency to go there, and you can have more flexibility once we are below this level, which we reached at the end of last year.

勞倫斯，我是費爾南多。關於槓桿率的問題，我們一直堅持認為，我們最佳的資本結構約為兩倍。但公平地說，槓桿的大部分好處只有在槓桿倍數達到三倍時才能反映出來。因此，長期目標仍然是成長兩倍，但你不再那麼迫切地想要達到這個目標，一旦我們低於這個水平（我們在去年年底達到了這個水平），你就可以有更大的靈活性。

Of course, every year is going to be slightly different. Sometimes you have FX fluctuations, but the resilience of our business gives us the consistency to be more on the -- as I can say, more on the offense now. Bear in mind that the priority number one is always organic growth. We keep investing. We keep -- if you see this quarter, sales and marketing, we continue to invest there, but definitely way more flexibility and kind of two times is the optimal capital structure.

當然，每年都會略有不同。匯率有時會出現波動，但我們業務的韌性賦予了我們持續發展的能力，使我們能夠——正如我所說，現在能夠更加積極主動。請記住，首要任務始終是自然成長。我們持續投資。我們保持－如果你看看本季的銷售和行銷，我們會繼續投資於此，但肯定需要更大的靈活性，兩倍的資本結構才是最佳的。

Rob Ottenstein, Evercore ISI.

Rob Ottenstein，Evercore ISI。

Two questions from me as well. So the first one is I want to focus on the announcement that you've won the Champions League that came as a bit of a surprise to me. So maybe put that in the context of how you're looking at sports and some of these big assets, how that's evolving? And most importantly, obviously, I mean, there's a lot of big numbers on this.

我也有兩個問題。首先，我想談談你們贏得歐冠冠軍的消息，這讓我有點驚訝。所以，或許可以把這一點放在你看待運動和一些重要資產的背景下考慮，看看它們是如何演變的？最重要的是，很明顯，這裡面有很多龐大的數字。

So maybe I don't know if you can talk about the numbers on this, but maybe talk about the ROIC, how you see that being an efficient use of marketing investment and also a little bit about timing. My understanding is that Heineken still has it for the next couple of years. So that's the first question on the Champions League. And then the second question, arguably, in the US, perhaps the greatest success this year has been Cutwater.

所以，我不知道你是否可以談論這方面的數字，但或許可以談談投資回報率（ROIC），你認為這如何能有效地利用行銷投資，以及一些關於時機的問題。據我了解，喜力啤酒在未來幾年內仍將擁有這項權益。這是關於歐冠聯賽的第一個問題。那麼第二個問題，可以說，在美國，今年最成功的或許就是 Cutwater 了。

That's a brand that you've had for a number of years, and it's just exploded this year. So maybe kind of talk a little bit about the success that Cutwater is having this year, what you think the drivers are for that, whether you think that's sustainable, what you've learned from it? And can you take that model to other countries?

這是一個你已經擁有多年的品牌，但今年卻突然爆發式成長。那麼，能否稍微談談 Cutwater 今年的成功，您認為其驅動因素是什麼，您認為這種成功是否可持續，以及您從中吸取了哪些經驗教訓？你們能把這種模式推廣到其他國家嗎？

Rob, thanks for the questions. So starting with the recent announcement and the role of this events, sports and occasions. I would start by talking about consumers, and this is the main reason why we do the investments and why we are lining up into mega platforms. So consumers are behaving different and consumers are, as usual, evolving.

羅布，謝謝你的提問。因此，首先要從最近的公告以及這些事件、體育賽事和場合的作用說起。我想先談談消費者，這也是我們進行投資以及進軍大型平台的主要原因。因此，消費者的行為發生了變化，而且消費者的消費習慣也一如既往地在不斷變化。

And as such, was very important as we build our strategy and we fine-tune our execution to make sure that we are leading and moving fast to where consumers are and will be more and more. And that's why when we start leading in terms of execution with this concept of mega platforms and mega brands, integrating our brands with big partner, big partnerships, big events and relevant cultural moments is key for our brands to win in the long term.

因此，在製定策略和完善執行方案時，確保我們能夠引領潮流並快速發展，以滿足消費者日益增長的需求，這一點至關重要。因此，當我們開始在執行層面引領「超級平台和超級品牌」這個概念時，將我們的品牌與大型合作夥伴、大型合作關係、大型活動和相關的文化時刻相結合，對於我們的品牌取得長期成功至關重要。

And as I said before, these winning brands that command premium price and premium positioning are very important on our strategy. And this works for FIFA, this works for Netflix, this will also work for UEFA, which is an important component as we build this integration with platforms and cultural relevant moments that consumers are looking for, are talking about and are experiencing.

正如我之前所說，這些能夠獲得高價位和高端定位的成功品牌對我們的策略至關重要。這對於國際足總有效，對於 Netflix 有效，對於歐足總也有效，這是我們建立與平台和文化相關時刻的整合的重要組成部分，這些時刻是消費者正在尋找、談論和體驗的。

So it's all about the consumer. how we integrate our brands in the relevant cultural moments and how our brands over execute competitors and within the category. So that's a great addition. We could not be more excited with the opportunity. And as everything moves, 2027 is the right timeline for us to start executing on that. The second part on the US and cut water, I think that you've been following.

所以一切都以消費者為中心。我們如何將品牌融入相關的文化時刻，以及我們的品牌如何在同類產品中超越競爭對手。那真是個很棒的補充。我們對這個機會感到無比興奮。隨著情況的發展，2027 年是我們開始執行該計劃的合適時間節點。關於美國和斷水問題的第二部分，我想你一直在關注。

So we've been talking about this portion of the consumer and consumption occasions where better is not the choice, where more refreshing is not the choice, where people want to indulge a little bit more, where the pallets is a little bit more set, right, and more mixed. And we decided to bet on that back in 2018. We've cut water.

所以我們一直在討論消費者和消費場合中的這一部分，在這些場合中，更好的選擇不再是選擇，更清爽的選擇不再是選擇，人們想要更多地享受，口味更加固定，對吧，而且更加多樣化。於是我們在 2018 年決定押注於此。我們已經停止供水。

We've been building this brand very patiently, but we've built the brand in a very high-quality way. So consistency, right distribution, right price is a premium brand, right investments, right consumer occasions. And as the brand improves availability, as consumers get to know the higher quality that we have on this proposition, and we position very right for the right occasion, I think that the brand is gaining relevance.

我們一直非常有耐心地打造這個品牌，但我們以非常高品質的方式打造了這個品牌。因此，保持品牌的一致性、正確的通路、適當的價格、正確的投資、適當的消費場景，才能打造出優質品牌。隨著品牌的普及程度提高，消費者逐漸了解我們產品的高品質，我們在合適的場合中精準定位，我認為品牌正在獲得認可。

So what we saw over the summer now is consistent brand building and relevance getting to a tipping point. And then this brand is now the number one share gainer in spirits, triple digits over the summer, becoming one of the top 10 spirits brands in the US and built from scratch. So if one would say what we learned from that is that, yes, we can build brands in a very relevant way.

因此，我們在夏季看到的是持續的品牌建立和相關性提升達到了一個臨界點。而如今，這個品牌已成為烈酒市場份額增長最快的品牌，夏季期間市場份額增長了三位數，躋身美國十大烈酒品牌之列，並且是從零開始打造起來的。所以，如果要說我們從中學到了什麼，那就是，是的，我們可以用非常相關的方式來建立品牌。

Yes, we can build this beyond beer segment to be what we expect to be for us, so incremental and something that will increase our addressable market. And we've been rolling out this notion of the beyond beer and how to tap into more occasions across many markets. So I gave here during the webcast the example of us rolling out now flying fish across many different markets from Africa to Europe to Americas.

是的，我們可以將這個領域拓展到啤酒以外的領域，達到我們預期的目標，實現漸進式成長，並擴大我們的目標市場。我們一直在推廣「超越啤酒」的概念，以及如何在多個市場中開拓更多消費場景。所以，我在網路直播中舉了一個例子，說明我們現在正在從非洲到歐洲再到美洲的許多不同市場推廣飛魚產品。

And the early results and indicators are very positive as well. So there is more to come. And we continue to build cut water. We are just at the beginning. So I think that the brand is still very small for us, is accelerating, and we have a big ambition to drive not only cut water, but neutral and the other propositions that we've been betting on this beyond beer space. Thank you for the question.

初步結果和指標也非常正面。所以，還有更多精彩內容即將到來。我們繼續建造截水設施。我們才剛起步。所以我覺得，對我們來說，這個品牌仍然很小，但正在加速發展，我們雄心勃勃，不僅要推動淡水業務，還要推動中性飲品以及我們一直在啤酒領域之外押注的其他產品。謝謝你的提問。

Andrea Pistacchi, Bank of America.

安德里亞·皮斯塔基，美國銀行。

I have two also, please. This is the first one. So your volumes have been more challenging this year. But after nine-months, you're still very much on track in fact, you're at the middle of your 4% to 8% EBITDA guidance range. So I wanted to ask whether you had to make any adaptations to the plans that you would have had at the beginning of the year, maybe more agile revenue management or something more tighter cost control?

我也有兩個，謝謝。這是第一個。所以今年你們的銷售量受到了更大的挑戰。但九個月過去了，你們仍然進展順利，事實上，你們的 EBITDA 成長率達到了 4% 到 8% 的目標區間的中點。所以我想問一下，您是否需要對年初制定的計劃進行任何調整，例如更靈活的收入管理或更嚴格的成本控制？

And again, then you would have had at the beginning of the year. If you could discuss this a touch? And then just on the MAZ, the Middle America zone, there's a question earlier on Colombia, I just wanted to broaden it slightly. So Middle Americas ex Mexico is very profitable for you. It continues to deliver solid volume growth. So could you just discuss a bit on how the environment is in these markets, why you think it's different from, say, Mexico, Brazil?

那麼，年初的時候你就會擁有它了。能否稍微討論一下這個問題？然後，關於中美洲地區（MAZ），之前有人問過關於哥倫比亞的問題，我想稍微擴大討論範圍。所以，除墨西哥以外的中美洲地區對你來說非常有利可圖。其銷售量持續穩健成長。那麼，您能否談談這些市場的環境，以及您認為它與墨西哥、巴西等市場有何不同？

How confident you are in your ability to continue to deliver volume growth in these high-margin countries in the next 12 months-or-so?

您有多大信心在未來 12 個月左右的時間裡，繼續在這些高利潤國家實現銷售成長？

Thanks for the question. I think that in a way, they are in the same vicinity, right, on volume and how performance and our execution is adjusting, adapting on this environment. So I think that the environment is one that's very dynamic. And we've been seeing this, of course, over the last few years. But every year, there is some extra components -- as I said before, to me, the extra component on this dynamic operating environment this year was the unseasonable weather in the Americas, but more pronounced in Latin America.

謝謝你的提問。我認為在某種程度上，它們在數量、表現以及我們執行方式如何調整、適應這種環境方面，都處於同一水平。所以我認為，目前的環境非常瞬息萬變。當然，過去幾年我們已經看到了這種情況。但每年都會有一些額外的因素——正如我之前所說，對我而言，今年這種動態營運環境的額外因素是美洲地區反常的天氣，尤其是在拉丁美洲地區更為明顯。

And I think that we've been adjusting. So we often say here in-house that our strategy is just like beer can be used in many different occasions. So we've been adapting the execution. We are very agile in reallocating resources. Our portfolio has breadth that is useful for us in this moment because we have from premium brands to value propositions that they can adapt and be used to accelerate a little bit our execution when it's needed.

我認為我們一直在調整。所以我們公司內部常說，我們的策略就像啤酒一樣，可以在許多不同的場合使用。所以我們一直在調整執行方式。我們在資源重新分配方面非常靈活。我們目前擁有廣泛的產品組合，這對我們很有幫助，因為我們擁有從高端品牌到各種價值主張的產品，這些產品可以根據需要進行調整和利用，從而加快我們的執行速度。

And of course, the discipline in cost management. The discipline in revenue management was very, very important for us and a differentiator, I would say, during this period because despite a very challenging consumer environment, we are able to deliver margin expansion, EBITDA growth, EPS growth. So very solid financial results that are a product of our very solid operational capabilities and delivers through the quarter.

當然，還有成本管理的紀律。在此期間，收入管理的紀律對我們來說非常非常重要，也是我們的一項差異化優勢，因為儘管消費者環境充滿挑戰，我們仍然能夠實現利潤率成長、EBITDA成長和EPS成長。因此，我們取得了非常穩健的財務業績，這得益於我們非常強大的營運能力，並在整個季度中持續保持了這一業績。

And when you look at MA is not only very important for us and very relevant for our performance during the quarter and in the long run. But of course, this quarter specifically because over weights in the beer category versus other CPGs and over weights for us ABI was a big impact on the volume. So it's relevant. We are adapting. Brands are performing very well. We continue to invest.

而且，MA 不僅對我們來說非常重要，而且與我們本季的業績以及長期業績都密切相關。當然，本季尤其如此，因為啤酒類別相對於其他消費品類的權重過高，以及我們 ABI 的權重過高，對銷售量產生了很大影響。所以它是相關的。我們正在適應。品牌表現非常出色。我們將繼續投資。

We continue to manage the portion of the business that we control. And of course, in the long term, we continue to see this as a very relevant growth driver for the industry. And of course, we are best positioned to capture this growth over time with the operations, scale and brands that we have in the region. So thank you for the question.

我們將繼續管理我們控制的業務部分。當然，從長遠來看，我們仍然認為這是推動產業成長的一個非常重要的因素。當然，憑藉我們在該地區的營運、規模和品牌，我們最有能力抓住這一成長機會。謝謝你的提問。

Celine Pannuti, JPMorgan.

Celine Pannuti，摩根大通。

So my first question, could you -- coming back maybe on the Cutwater question, but on a broader sense, how big is beyond beer now for you in terms of the portfolio? You said it grew, I think, 27%. Where do you see the capabilities outside or the opportunities outside of North America? And if you could help us a bit frame the growth journey and as well the profitability of that category, both in North America and outside of North America?

所以我的第一個問題是——也許可以回到 Cutwater 的問題上來，但從更廣泛的意義上講，就您的產品組合而言，啤酒以外的業務現在有多大？你說它成長了，我想，27%。您認為北美以外的地區有哪些發展潛力或機會？如果您能幫我們大致介紹一下該品類在北美和北美以外地區的成長歷程和獲利能力，那就太好了？

And my second question, I mean, I think it was an impressive performance in gross margin despite some of the FX headwinds that you were facing. Could you give us a view on the building block on the gross margin performance in the quarter, please?

我的第二個問題是，我認為儘管面臨一些外匯方面的不利因素，但毛利率的表現仍然令人印象深刻。能否請您談談本季毛利率表現的關鍵因素？

Thanks for the question. So I think that I will hit some numbers quickly here to cover the points that you asked about. So I think that the last time that we talked about that, I mentioned that beyond beer is a great opportunity for us because it cuts across this interaction of the different alcohol beverage and is very incremental for us, right?

謝謝你的提問。所以我想我會快速列舉一些數字來回答你提出的問題。所以我覺得上次我們談到這個問題的時候，我提到過，啤酒以外的飲品對我們來說是一個很好的機會，因為它跨越了不同酒精飲料之間的互動，而且對我們來說是一個非常大的增量，對吧？

So 2/3 plus of the volume that we capture in these occasions from these consumers is incremental to our portfolio. I also remember that the last time that we talked about this, this was around 1% of our overall volume. So this today for us is around 2%. So -- and it's growing 27%. So the opportunity here is huge because the addressable market outside of the beer category, you know is very relevant and is bigger than the beer category itself.

因此，在這些情況下，我們從這些消費者獲得的銷售量中有超過 2/3 是我們產品組合的增量。我還記得上次我們討論這個問題時，這大約占我們總交易量的 1%。所以今天對我們來說，這個數字大約是 2%。所以——而且成長了 27%。因此，這裡的機會非常巨大，因為啤酒類別以外的潛在市場非常重要，而且比啤酒品類本身還要大。

So it's a huge addressable market. Today, it's a very small portion of our volumes, but it is growing very fast. And again, it's all about the consumers. So there is a group of consumers that they indulge in different occasions with different liquid profiles. And we've been learning a lot about that, and we've been having some very successful launch and scale-up products in this area.

所以這是一個巨大的潛在市場。目前，這部分業務在我們業務量中所佔比例很小，但成長速度非常快。再說一遍，一切都與消費者有關。因此，有一部分消費者會在不同的場合享用不同種類的飲品。我們在這方面學到了很多，並且在這個領域取得了一些非常成功的產品發布和規模化發展。

So Cutwater, Nutrl, Brutal Fruit, Flying Fish, Busch Light, Apple to mention a few of them. And they, on average, are sold at higher prices than the beer equivalent products that we have. So they have profitability per hectoliter per SKU that is higher than the profitability that we have with equivalent beer SKUs. And I think that we continue to work hard on that.

例如 Cutwater、Nutrl、Brutal Fruit、Flying Fish、Busch Light、Apple 等等。而且，它們的平均售價比我們銷售的同類啤酒產品還要高。因此，他們的每百公升每SKU利潤率都高於我們同等啤酒SKU的利潤率。我認為我們將繼續在這方面努力。

Again, it's small for us today, 2% of the portfolio, but it's big in our opportunity to grow with more consumers in more occasions and in a very large addressable market of consumer occasions and volume pool. So I'll hand over to Fernando to the second question.

再次強調，就目前而言，這部分業務規模很小，僅占我們投資組合的 2%，但它為我們提供了一個絕佳的機會，讓我們能夠在更多場合與更多消費者互動，並在一個擁有巨大消費場景和銷量潛力的龐大市場中實現增長。那麼，我將把第二個問題交給費爾南多來回答。

Ken, on the gross margin side, I think the gross margin side, one is a function of your health brand portfolio. So you see the net revenues per hectoliter. As Michel said, premium brands command premium pricing, so you can move with the revenue management agenda. The second component of that is, of course, the cost of goods sold.

Ken，就毛利率而言，我認為毛利率一方面取決於你的健康品牌組合。所以你可以看到每百升的淨收入。正如米歇爾所說，高端品牌理應享有高價，因此你可以按照收益管理策略行事。第二個組成部分當然是銷售成本。

And the cost of goods sold, you have one component that is the effect in commodities, which is market price. But you have the other components, which is the efficiencies, the kind of fixed costs, and there is always kind of opportunities for us to keep driving on that. So for me, it's a combination of strong portfolio with premium brands and also driving efficiency on the cost of goods sold.

銷售成本中，有一部分是商品價格的影響，也就是市場價格。但還有其他因素，例如效率、固定成本等等，我們總有機會繼續在這方面取得進展。對我來說，關鍵在於擁有強大的產品組合（包括高端品牌）以及提高銷售成本效率。

And if you remember, we talked about it several times that we -- when we look kind of our margins, we still see opportunities for us to improve our operations, to improve our margins and a lot of that will be coming from gross profit. It's just delivering on what we already mentioned several times in the past.

如果你還記得的話，我們曾多次談到，當我們審視我們的利潤率時，我們仍然看到改善營運、提高利潤率的機會，而其中許多機會將來自毛利。這只是兌現了我們過去多次提到的事情。

Simon Hales, Citi.

西蒙‧黑爾斯，花旗銀行。

So my first question, I wonder, Michel, could you talk a little bit more about China, again? I wonder if you could quantify how big the destock was in Q3 in the context of the little over 11% fall in volumes? And should we expect some further destocking do you think in Q4? And is there any reason to believe in overall terms that your Q4 volumes in China will be less bad than they have been in Q3?

所以我的第一個問題是，米歇爾，您能否再多談談中國？我想知道，在銷量下降略超過 11% 的情況下，您能否量化一下第三季去庫存的規模？您認為第四季是否應該預期庫存會進一步下降？那麼，從整體來看，是否有任何理由相信貴公司第四季在中國的銷售量會比第三季好？

And perhaps just associated with that, you highlight some new innovations that you've got coming in the market, but Magnum and some one-liter cans. Are they in market yet or will they be in market in Q4? So that's the first question. And then second one, a little bit more briefly. On -- I wonder if you could talk a little bit about the early consumer and retailer reaction to the launch of PHORM Energy in the US and maybe highlight what really differentiates that brand from other competitors in the energy space?

或許正因如此，您也重點介紹了一些即將上市的新創新產品，例如 Magnum 冰淇淋和一公升裝的罐裝產品。它們現在已經上市了嗎？還是要到第四季才會上市？這是第一個問題。然後是第二個問題，這個問題會比較短一些。關於——我想請您談談美國消費者和零售商對 PHORM Energy 上市的早期反應，並重點介紹該品牌與其他能源領域競爭對手的真正區別？

Simon, thanks for the question. So on China, I think that we highlighted in prior quarters is a kind of 1/3 of what we see in the volumes is coming from really geographical footprint, channel footprint. 1/3 comes from the adjustments on the inventories. And you give me here an opportunity I'll take to talk about this. So I think that just so I'm clear about the adjustments on the inventories.

西蒙，謝謝你的提問。關於中國市場，我認為我們在前幾個季度已經強調過，銷售成長的三分之一主要來自地域和通路覆蓋，另外三分之一則來自庫存調整。你給了我一個機會，我會藉此機會談談這件事。所以，我想確認一下庫存調整的相關情況。

Of course, when regions start to decline, we need to adjust our inventories with the wholesalers, so we can have a healthy operating environment. And this is what we are doing this year. As channels shift as well, you have a second adjustment that needs to be done, so we keep the channels healthy. And once they rebound, so we can then grow with the channels without stressing the ecosystem.

當然，當某些地區開始下滑時，我們需要與批發商調整庫存，以便我們能夠擁有健康的經營環境。這就是我們今年要做的事。隨著頻道的變化，還需要進行第二次調整，以保持頻道的健康運作。一旦它們恢復正常，我們就可以隨著通路的發展而發展，而不會對生態系統造成壓力。

And 1/3 is really the shift that happened between on and off-premise where the off-premise started growing faster. The propositions that grew in the off-premise are more on the core plus sub premium and then this caused a share loss for us because we were more on the off-premise, and we are, of course, smaller and less distributed in the off-premise. Here is where we are making most of the adjustments.

而 1/3 其實是店內消費和店外消費之間發生的轉變，其中店外消費開始成長得更快。非現場銷售的成長主要體現在核心產品加上次級溢價上，這導致我們市場份額下降，因為我們更依賴非現場銷售，而我們在非現場銷售領域的規模當然較小，覆蓋範圍也較窄。我們主要在這裡進行調整。

So when we look at China, mostly of this adjustment is being already done. There is still, of course, a little bit to be done as we go through October, November, December, but should not be beyond the fourth quarter. But at the same time, because we start expanding distribution in the off-premise, adjusting innovation, adjusting execution, that will be a combination of continuing to right size the inventories, but then having acceleration on our STRs.

所以當我們觀察中國時，會發現這種調整大部分都完成了。當然，在十月、十一月、十二月期間，還有一些工作要做，但應該不會超過第四季。但同時，由於我們開始擴大非現場銷售管道的分銷，調整創新，調整執行，這將是繼續調整庫存規模，同時加快短期銷售的結合。

And some of the innovations that we launched and tested, you mentioned B Magnum. So very successful in India, very successful where we launched in China and we will start to roll it out now, not only the product itself, but some very interesting new packaging that are making a big strike in China will come to Bud Magnum.

我們推出和測試的一些創新產品，你提到了 B Magnum。這款產品在印度非常成功，在中國也取得了巨大成功，現在我們將開始推廣，不僅是產品本身，還有一些在中國引起轟動的非常有趣的新包裝也將應用於 Bud Magnum。

We had a new Corona can, it's called Drop line can, which is a full lead opening can that's very interesting. So we launched it first in was a big success, and now we're going to expand distribution on this packaging. And we have some new meals coming in Harvey as well, not only the expansion of Zero Sugar, but some new propositions there that will be helpful as we further enhance our route to market in the off-premises.

我們推出了一款新的科羅納啤酒罐，它叫做 Drop line 罐，這是一款全鉛開口的罐子，非常有趣。我們首先推出的這款產品取得了巨大成功，現在我們將擴大這種包裝的分銷範圍。我們哈維餐廳也將推出一些新餐點，不僅包括零糖系列的擴展，還有一些新的產品，這些都將有助於我們進一步加強非現場銷售管道。

So inventory adjustments, 1/3, channel shifted 1/3. This both should phase out as we go through the quarter 4. And then we have increased availability in the off-premise, increased investments for execution and innovation that will start to kick in, in the quarter 4 and will be very relevant for us in the next year. Form is interesting because in a way, we've been participating in the energy drink in the US for over a decade.

因此，庫存調整了 1/3，渠道轉移了 1/3。這兩個問題都應該在第四季逐步解決。此外，我們在非現場銷售方面也增加了供應，加大了執行和創新方面的投資，這些投入將在第四季度開始顯現成效，並對我們明年的發展起到非常重要的作用。形式很有意思，因為從某種意義上說，我們參與美國能量飲料市場已經超過十年了。

And we have had some very successful scale-up of brands in our network, but we were never majority owners of any of these brands. So while we were an important component of the scale up and growth of these brands. We were not the owners. So the latest one we divested at the beginning of this year, end of last year was a good divestment, was a good run of the brand.

我們網路中的一些品牌已經取得了非常成功的規模化發展，但我們從未持有過這些品牌的多數股權。因此，我們曾是這些品牌規模擴大和發展的重要組成部分。我們並非房主。所以，我們今年年初（去年年底）剝離的最新一筆資產剝離是一筆不錯的交易，該品牌運作狀況良好。

But now we have a brand that we are majority owners committed to the long-term incredible partners that are with us in the journey from our wholesalers to the foreign partners to the UFC, not UFC, but Dan White partner with us in building that. So brand launch has been very exciting. The product is great because I think that the most differentiated thing is the fact that we are focused on a very specific consumer cohort, those who do the work and need this energy every day.

但現在我們擁有一個我們控股的品牌，致力於與長期的、了不起的合作夥伴攜手共進，從批發商到海外合作夥伴，再到 UFC（不是 UFC，而是丹懷特）與我們共同打造這個品牌。所以，品牌發表會非常令人興奮。這款產品很棒，因為我認為它最大的獨特之處在於，我們專注於一個非常特定的消費群體，也就是那些工作繁忙、每天都需要能量的人。

The product brings this clean energy approach, very balanced elements. And I think that the proposition is a strong one, is getting good traction, and we are just at the beginning. So I think that there will be a nice upside coming next year because the launch was this year, distribution is building, awareness is building, and we have some flavors that we are expanding on the back end of this year and will be fully available next year.

本產品秉承清潔能源概念，成分非常均衡。我認為這個提議很有說服力，也獲得了良好的迴響，而我們才剛起步。所以我認為明年會有不錯的成長，因為今年是產品上市的一年，分銷管道正在建立，知名度也在提高，而且我們還有一些口味將在今年晚些時候擴大供應，明年將全面上市。

And most important thing here is our commitment and investment to the long term because now we are majority owners of the brand, and we have incredible partners that are with us on the journey. So thanks for the question.

最重要的是我們對長期發展的承諾和投資，因為我們現在是該品牌的控股股東，而且我們還有非常棒的合作夥伴與我們攜手共進。謝謝你的提問。

These were the final questions. 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.

這是最後幾個問題。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·杜克里斯先生，請他作總結發言。

So thank you very much. Thank you, everyone, for joining, for the ongoing partnership and support for our business. I hope that you are all doing well. Remember to drink a beer for Halloween, and we'll talk soon. Thank you.

非常感謝。感謝各位的參與，感謝你們一直以來對我們業務的合作與支持。希望你們一切都好。萬聖節記得喝杯啤酒，我們回頭再聊。謝謝。

Thank you. This does conclude today's earnings conference call and webcast. Please disconnect your lines at this time, and enjoy the rest of your day.

謝謝。今天的財報電話會議和網路直播到此結束。請暫時斷開您的線路，祝您今天餘下的時間愉快。