Anheuser-Busch Inbev SA (BUD) 2026 Q1 法說會逐字稿

Welcome to AB InBev's first quarter 2026 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 and the Reports and Results Center page. Today's webcast will be available for on-demand playback later today. (Operator Instructions)

歡迎收聽百威英博（AB InBev）2026年第一季財報電話會議與網路直播。今日由百威英博的米歇爾・杜克里斯（Michel Doukeris）先生，執行長；以及費爾南多・特南鮑姆（Fernando Tennenbaum）先生，財務長，主持本次會議。如需取得今日會議隨附簡報，請造訪百威英博網站 www.ab-inbev.com，點選「Investors」分頁並進入「Reports and Results Center」頁面。今日的網路直播將於稍晚提供隨選回放。（接線員指示）

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.

本次電話會議期間所提供的部分資訊，可能包含對未來預期的陳述及其他前瞻性陳述。此等預期係基於管理層目前的觀點與假設，並涉及已知與未知的風險與不確定性。百威英博的實際經營結果與財務狀況，可能與這些前瞻性陳述所示之預期結果與財務狀況有所不同，且差異可能重大。

For a discussion of some of the risks and important factors that could affect AB Invest'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 3, 2026. 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.

關於可能影響 AB Invest 未來業績的部分風險與重要因素之討論，請參閱公司於2026年3月3日向美國證券交易委員會（SEC）提交之最新 Form 20-F 年報中的「風險因素」。百威英博不承擔更新或修訂本次電話會議所提供任何前瞻性資訊之義務，亦不對任何依賴該等資訊而採取之行動承擔責任。

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

現在我很榮幸把時間交給米歇爾・杜克里斯先生。先生，您可以開始。

Thank you, and welcome, everyone, to our first quarter 2026 earnings call. 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. After that, we'll be happy to answer your questions.

謝謝，並歡迎各位參加我們2026年第一季財報電話會議。今天，Fernando 和我將帶各位回顧我們的營運重點，並向各位更新我們在執行策略優先事項方面所取得的進展。之後，我們也很樂意回答各位的問題。

Let's start with the key highlights. The global momentum of our business continued to start the year. The consistent execution of our consumer-centric strategy drove solid top and bottom line performance. Beer volumes increased by 1.2% with record high first quarter volumes in Mexico, Colombia, Brazil, South Africa and Peru, amongst others.

我們先從關鍵亮點開始。我們的業務在年初延續全球動能。以消費者為中心策略的持續落地，帶動營收與獲利表現穩健。啤酒銷量成長1.2%，其中墨西哥、哥倫比亞、巴西、南非與秘魯等市場第一季銷量創歷史新高。

Revenue increased by 5.8% with a disciplined revenue management and positive mix from premiumization and beyond beer. Underlying EPS increased by 20.8% to reach $0.97, an all-time high first quarter EPS for our business. Our momentum was driven by our mega brands non-alcohol beer and beyond beer.

在嚴謹的營收管理，以及高端化與「超越啤酒」（beyond beer）帶來的正向組合效益推動下，營收成長5.8%。經調整每股盈餘（Underlying EPS）成長20.8%至0.97美元，創下公司第一季EPS歷史新高。我們的動能主要由我們的巨型品牌、無酒精啤酒與「超越啤酒」所帶動。

In the US, our sales to retailer volumes grew, and we were the number 1 share gainer in total alcohol as we continue to gain share in both beer and spirits. We increased our portfolio brand power, driven by increased market investments and estimate that we gained or maintained share in 75% of our markets.

在美國，我們對零售商的出貨量（sales to retailers）成長；隨著我們在啤酒與烈酒兩大品類持續提升市占，我們成為全酒精飲料品類市占提升幅度第1名的公司。在加大市場投資的帶動下，我們提升了產品組合的品牌力，並估計在75%的市場中取得或維持市占。

This marketplace continues to scale with GMV increasing by 55% to reach more than $1 billion in quarterly GMV. In summary, our business delivered another quarter of reliable compounding growth. We are winning in key markets and growth segments, and we are confident in the resilience of our strategy and ability to deliver consistent results.

此電商平台持續擴張，商品交易總額（GMV）成長55%，單季GMV超過10億美元。總結而言，我們的業務再度交出一季可靠的複利式成長。我們在關鍵市場與成長區隔持續勝出，並對我們策略的韌性與持續交付穩健成果的能力充滿信心。

Turning to our operating performance. Total volumes increased by 0.8% and EBITDA increased by 5.3%, with flattish margins as disciplined revenue and cost management enabled increased sales and marketing investments and offset transactional FX headwinds. The strength of our diversified geographic footprint has continued to enable us to deliver consistent results through different operating environments. Our footprint is both well diversified and balanced. With 70% of our EBITDA generated in emerging and developing markets, we are well positioned to capture future industry growth with a mix of currencies.

接著看我們的營運表現。總銷量成長0.8%，EBITDA成長5.3%；在嚴謹的營收與成本管理下，我們得以增加銷售與行銷投資，並抵銷交易性匯率（FX）逆風，使利潤率大致持平。我們多元化的地理布局持續讓我們能在不同營運環境下交付一致的成果。我們的布局既多元也均衡。由於70%的EBITDA來自新興與發展中市場，我們以多元貨幣組合，具備良好條件把握未來產業成長。

Now I will take a few minutes to walk you through the operational highlights for the quarter from our key regions, starting with North America. In the US our business continues to build momentum with STR volume growth driven by share gains in both beer and beyond beer and an improved the industry. Michelob ULTRA and Busch Light continue to lead our beer performers and were top 2 volume share gainers. Our Beyond beer portfolio delivered revenue growth in the high 60s, led by Cutwater, which grew revenue in the triple digits and was the number 1 share gaming brand in total spirits industry in the first quarter of 2026.

接下來我將用幾分鐘時間，從北美開始，帶各位回顧本季各主要區域的營運亮點。在美國，隨著我們在啤酒與「超越啤酒」的市占提升，以及產業環境改善，我們對零售商出貨量（STR）成長帶動業務動能持續增強。Michelob ULTRA 與 Busch Light 仍是我們啤酒品類的領先品牌，並為銷量市占提升幅度前2名。我們的「超越啤酒」產品組合營收成長達60%多，主要由 Cutwater 帶動；Cutwater 營收呈三位數成長，並在2026年第一季成為整體烈酒產業市占提升幅度第1名的品牌。

Now let's turn to Middle Americas. In Mexico, record high volumes drove high single-digit top and mid-single-digit bottom line growth as we continue to outperform the industry. In Colombia, record high volumes drove double-digit top and bottom line growth. In Brazil, market share gain and an improved industry drove record high beer volumes and double-digit bottom line growth. Our premium and super premium beer brands led our performance and delivered low 20s volume growth, strengthening our leadership position in the segment.

接著看中美洲地區（Middle Americas）。在墨西哥，銷量創歷史新高，帶動營收高個位數成長、獲利中個位數成長，我們持續優於產業表現。在哥倫比亞，銷量創歷史新高，帶動營收與獲利皆呈雙位數成長。在巴西，市占提升與產業環境改善帶動啤酒銷量創歷史新高，並帶來獲利雙位數成長。我們的高端與超高端啤酒品牌引領表現，銷量成長約20%出頭，進一步鞏固我們在該區隔的領導地位。

In Europe, volumes grew by low single digits as market share gains and premiumization offset the soft industry to deliver both top and bottom-line growth. In South Africa, our momentum continued with record high volumes driving mid-single-digit top line growth. Our performance was driven by our premium and super premium beer brands, which grew volumes by mid-20s.

在歐洲，銷量以低個位數成長；市占提升與高端化抵銷產業疲弱，帶動營收與獲利雙雙成長。在南非，我們的動能延續，銷量創歷史新高，帶動營收中個位數成長。我們的表現主要由高端與超高端啤酒品牌帶動，其銷量成長達20%多的中段水準。

Now moving to APAC. In China, our volume trend improved as we increased investments to rebuild momentum. Volumes declined by 1.5%, estimated to have underperformed a slightly growing industry. While we have seen some initial signs of improving performance, we still have work to do to strengthen our execution, expand our in-home channel presence and increase our participation in the growing segments of the industry.

接著看亞太地區（APAC）。在中國，隨著我們加大投資以重建動能，銷量趨勢有所改善。銷量下滑1.5%，估計落後於略有成長的產業。雖然我們已看到一些初步的改善跡象，但我們仍需加強執行力、擴大居家通路（in-home channel）布局，並提高我們在產業成長區隔中的參與度。

Now I would like to give you an update on the industry and the beer category and progress we have made in executing our strategy. First, how we start with the industry and the beer category. According to IWSR, the beer category gained 60 basis points in share of alcohol beverage in 2025. And an additional 10 basis points when including the fast-growing beyond beer category. Combined, beer and beyond beer have now gained more than 300 basis points of share since 2019.

接下來我想向各位更新產業與啤酒品類的情況，以及我們在執行策略方面取得的進展。首先，從產業與啤酒品類談起。根據 IWSR，啤酒品類在2025年於酒精飲料中的占比提升了60個基點。若納入快速成長的「超越啤酒」品類，則另增加10個基點。合計而言，自2019年以來，啤酒與「超越啤酒」的占比已提升超過300個基點。

The number of consumers participating in the alcohol category remained stable year-over-year. And with our data, we estimate that beer participation has also remained broadly stable. Beer plays an important role in bringing people together and creating moments of celebration, and we believe beer has a long runway for future volume growth across our footprint, supported by favorable demographics, economic growth and opportunities to increase the category participation.

參與酒精品類的消費者人數與去年同期相比維持穩定。根據我們的數據，我們估計啤酒的參與度也大致維持穩定。啤酒在凝聚人們、創造慶祝時刻方面扮演重要角色；我們相信在我們的布局市場中，啤酒未來仍有很長的銷量成長跑道，並將受惠於有利的人口結構、經濟成長，以及提升品類參與度的機會。

Turning now to the first pillar of our strategy, lead and grow the category. Our mega brands continued to outperform with net revenue increasing by 8.2%. Corona continued to drive premiumization across our markets, growing revenue by 16% outside of Mexico and growing volumes by double digits in 32 markets.

接著談我們策略的第一支柱：引領並擴大品類。我們的巨型品牌持續優於市場，淨營收成長8.2%。Corona 持續在各市場推動高端化，在墨西哥以外市場的營收成長16%，並在32個市場實現銷量雙位數成長。

The combination of our leading mega brands and platforms is a powerful opportunity to lead and grow the category. In quarter-one, we share golden moments with consumers at the Winter Olympics, and we are ready to celebrate the shared passion of beer and football during the FIFA World Cup.

我們領先的巨型品牌與平台的結合，是引領並擴大品類的強大機會。在第一季，我們於冬季奧運與消費者共享黃金時刻，並已準備好在FIFA世界盃期間，慶祝啤酒與足球的共同熱情。

The consistent execution of our category expansion levers are driving momentum across our key initiatives as we continue to offer superior core brands. innovate in balanced choices and expand our premium and on beer portfolios. Led by the growth of Corona Cero globally and Nikola Ultra Zero in the US our non-alcohol beer portfolio outperformed the industry and delivered a 27% revenue increase. With an estimated 60% of volume coming from new occasions and new consumers, we believe non-alcohol beer is a key opportunity to develop the category and drive incremental volume growth.

我們持續一致地執行品類擴張的槓桿，正推動我們關鍵倡議的動能，同時我們持續提供卓越的核心品牌、在均衡選擇上創新，並擴大我們的高端與無酒精啤酒產品組合。在全球 Corona Cero 與美國 Nikola Ultra Zero 成長帶動下，我們的無酒精啤酒產品組合表現優於產業，營收成長 27%。由於估計有 60% 的銷量來自新飲用情境與新消費者，我們相信無酒精啤酒是發展品類並帶動增量銷量成長的關鍵機會。

Let's turn now to our second strategic pillar. Digitize and monetize our ecosystem. The customer behavior and purchase trends captured by this enable us to leverage AI capabilities to execute our commercial strategy. On an annualized basis, we have over 20 billion AI driven touch points. Each one is an opportunity to use AI to provide superior service, progress our revenue management agenda and supply leading brands and innovations.

接下來讓我們談第二個策略支柱。數位化並變現我們的生態系。透過此所捕捉的客戶行為與購買趨勢，使我們能運用 AI 能力來執行我們的商業策略。以年化基礎計算，我們擁有超過 200 億個由 AI 驅動的觸點。每一個觸點都是運用 AI 提供更優質服務、推進我們的收益管理議程，並供應領先品牌與創新的機會。

In the first quarter, this captured $14.6 billion in gross merchandising value, a 15% increase versus last year. This marketplace continues to scale with GMV from sales of third-party products increasing by 55% versus last year to reach $1.1 billion. Our D2C business continues to grow and is enabling us to monetize our ecosystem. Our digital platforms serve 12 million consumers and generated $139 million in revenue.

第一季，這帶來 146 億美元的商品交易總額（GMV），較去年增加 15%。此市集持續擴張，第三方產品銷售的 GMV 較去年增加 55%，達到 11 億美元。我們的 D2C（直面消費者）業務持續成長，並使我們得以將生態系變現。我們的數位平台服務 1,200 萬名消費者，並創造 1.39 億美元營收。

As we continue to digitize and monetize our ecosystem, we have started to commercialize third-party products on our D2C platforms. While we are in the early stages of exploring this opportunity, we're now having a growing D2C marketplace with annualized GMV of $160 million.

隨著我們持續將生態系數位化並變現，我們已開始在 D2C 平台上商業化第三方產品。雖然我們仍處於探索此機會的早期階段，但我們目前已擁有一個成長中的 D2C 市集，年化 GMV 為 1.6 億美元。

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

接下來，我想把時間交給 Fernando，討論我們策略的第三個支柱：優化我們的業務。

Thank you, Michel. Hello, everyone. I'll take a few minutes to discuss the progress we have made on four key areas in optimizing our business. Superior profitability, compounding dollar EPS growth, capital allocation flexibility and the sustainability and resilience of our supply chain.

謝謝你，Michel。各位好。我將用幾分鐘說明我們在優化業務方面四個關鍵領域所取得的進展：卓越獲利能力、每股盈餘（EPS）美元金額的複利成長、資本配置的彈性，以及供應鏈的永續性與韌性。

Through disciplined resource allocation and overhead management, we were able to offset transactional FX headwinds to maintain our superior margins while increasing our sales and marketing investments to accelerate momentum. While each year has unique dynamics, 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.

透過嚴謹的資源配置與間接費用管理，我們得以抵銷交易性外匯逆風，在提高銷售與行銷投資以加速動能的同時，維持我們卓越的利潤率。雖然每一年都有其獨特的動態，我們有信心，憑藉我們的領導優勢、嚴謹的收益管理、持續的高端化，以及高效率的營運模式，將隨時間推進帶來進一步的利潤率擴張機會。

Moving on to EPS, top line growth, effective cost management and translational FX tailwinds drove underlying EPS of $0.97 per share, a 20.8% increase in dollars. EBITDA growth accounted for an $0.11 per share increase, partially offset by below-the-line items. Our bond portfolio remains well distributed with no relevant medium-term refinancing it. We have no bonds maturing in 2026, a weighted average maturity of 13 years and no financial covenants.

接著談 EPS：營收成長、有效的成本管理以及換算性外匯順風，推動基本 EPS 達到每股 0.97 美元，以美元計成長 20.8%。EBITDA 成長帶來每股增加 0.11 美元，但部分被損益表下方項目所抵銷。我們的債券投資組合仍維持良好分散，且中期並無重大再融資需求。我們在 2026 年沒有到期債券，加權平均到期年限為 13 年，且沒有財務契約限制（financial covenants）。

In recognition of our consistent financial performance and the strength of our balance sheet, Moody's recently upgraded our credit rating from A3 to A2. As we continue to strengthen the sustainability and resilience of our supply chain, we remain focused on improving operational efficiencies in the following key areas; agriculture, water and energy and nations. Please refer to our website for further details of our goals.

鑑於我們一貫的財務表現與資產負債表的強勁，穆迪（Moody's）近期將我們的信用評等由 A3 調升至 A2。在持續強化供應鏈的永續性與韌性之際，我們仍聚焦於在以下關鍵領域提升營運效率：農業、水與能源，以及包裝。更多目標細節請參閱我們的網站。

Our results in the first quarter, the strength of the beer category and the continued momentum of our business all reinforce our confidence in our ability to deliver on our 2026 outlook of 4% to 8% EBITDA growth.

第一季的業績、啤酒品類的強勁表現，以及我們業務持續的動能，都進一步強化我們對達成 2026 年展望（EBITDA 成長 4% 至 8%）的信心。

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

接下來，我把時間交還給 Michel 做最後的總結。

Thanks, Fernando. Before opening for Q&A, I would like to take a moment to recap on the quarter, the momentum of our business and the opportunities we have ahead of us. Our momentum continued to start the year, and we delivered solid top and bottom-line results. Our performance this quarter is another proof point of the resilience of our strategy and our ability to deliver reliable growth through different operating environments.

謝謝你，Fernando。在開放問答之前，我想花一點時間回顧本季表現、我們業務的動能，以及未來的機會。我們的動能在年初持續延續，並交出穩健的營收與獲利表現。本季的表現再次證明我們策略的韌性，以及我們在不同營運環境下交付可靠成長的能力。

The combination of our diversified geographical footprint, global scale and superior local execution, disciplined revenue and cost management, consistent investment in our leading mega brands and platforms, best-in-class digital capabilities and momentum behind our initiatives and innovation in growing segments, position us well to deliver compounding growth and superior value creation for our shareholders.

我們多元化的地理布局、全球規模與卓越的在地執行力、嚴謹的收益與成本管理、對領先超級品牌與平台的持續投資、同級最佳的數位能力，以及在成長型區隔中推動倡議與創新的動能，讓我們具備良好條件，為股東帶來複利成長與卓越的價值創造。

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

接下來，我把時間交回給接線員進行問答。

(Operator Instructions)

（接線員指示）

Edward Mundy, Jefferies.

Edward Mundy，Jefferies。

Good morning, Michelle. Good morning, Fernando. So my first question is about the future momentum of the portfolio. It looks like you're now at a different point where the core is stable and the growth part of the portfolio now scaled well integrated into the playbook and they've got pretty decent momentum. How are you thinking about the portfolio from here, Michelle.

早安，Michelle。早安，Fernando。我的第一個問題是關於產品組合未來的動能。看起來你們現在處於不同階段：核心業務穩定，而產品組合中的成長部分已經具備規模、也已很好地整合進作戰手冊，並且有相當不錯的動能。Michelle，你們接下來如何看待產品組合？

And then my follow-up question is on your revenue palette of 4.5% in the first quarter. Are you able to split out in the broader terms, what your extinction was mix versus traditional revenue growth management levers like pricing.

接著我的追問是關於第一季 4.5% 的營收表現。你們能否用較宏觀的方式拆分一下，其中有多少來自組合（mix），以及多少來自像定價等傳統的收益成長管理槓桿？

Good morning. Thanks for the questions. I will start with the portfolio momentum and I think if you step back for a second, and you put things in context beyond the quarter only, we are very well positioned to continue to deliver compounding growth and value creation.

早安。謝謝你的提問。我先從產品組合動能談起。我認為如果你先退一步，不只把焦點放在單一季度，而是把事情放在更大的脈絡下來看，我們非常有利於持續交付複利成長與價值創造。

And this starts, of course, with our strategy. We talked a lot about this over the last four years. We've built a strategy that's both is resilient but it's also one that we can adapt for different occasions. I always say like beer work in different occasions. And this strategy is based on the footprint we have on the growth areas that we did find for the business and the investment choices that we made, so it could accelerate growth and create options on these areas.

而這當然首先來自我們的策略。過去四年我們談了很多。我們建立了一套既具韌性、也能因應不同情境調整的策略。我常說，啤酒適用於不同的飲用情境。這套策略建立在我們在成長區域的布局、我們為業務找到的成長領域，以及我們所做的投資選擇之上，讓它能加速成長並在這些領域創造選項。

And of course, most of the options that we created was focusing on improving our portfolio. You see this coming strongly in the US, while we are rebalancing our portfolio towards growing segments, but we are also using this at a global level, investing on the right brands and investing on the right areas where we think that both of the brands that we have and innovation can meet consumer demand and accelerate the growth for both for the category and for our business.

當然，我們所創造的大多數選項都聚焦在改善我們的產品組合。你可以在美國清楚看到這點：我們正將產品組合重新平衡至成長型區隔；同時我們也在全球層面運用這套做法，投資於正確的品牌與正確的領域，在我們認為既有品牌與創新能滿足消費者需求之處加碼，並加速品類與我們業務的成長。

And I think that as we keep building on that, today, we have over 40% of our revenues when you think about premium, balanced choices and young beer that is growing at double-digit revenues. And we think that this is the main driver behind our momentum.

我認為，隨著我們持續在此基礎上建構，如今若你從高端、均衡選擇與無酒精啤酒來看，這些合計已占我們營收超過 40%，且其營收以雙位數成長。我們認為這是推動我們動能的主要驅動因素。

And of course, the more we feel and the more fuel we give to this momentum, the more we can continue to accelerate this in the future. And when you think about the revenue, this is almost like those two things are combined, right, because stronger brands and a stronger portfolio allow us to keep building on the revenue management agenda that we have. And if you look at the quarter-one, for example, mix was a very important component on our revenue per hectoliter growth.

當然，我們越能感受到這股動能、也越能為其提供燃料，未來就越能持續加速。而當你談到營收時，這兩件事幾乎是結合在一起的，對吧？因為更強的品牌與更強的產品組合，使我們能持續推進我們的收益管理議程。例如就第一季而言，組合（mix）是推動我們每百升營收成長的一個非常重要的組成部分。

You give or take inflation 3% to 3.5% and what is built on top of that is the impact of the growing segments and growing brands and in a component that's very structural for our revenue product liter as we move forward, which is mixed. Thank you for the question.

通膨大約在 3% 到 3.5% 之間上下浮動，而在此之上所疊加的是成長品類與成長品牌的影響；此外，隨著我們往前推進，在一個對我們每公升營收（revenue per liter）產品而言非常結構性的組成要素上，也就是組合（mix）。謝謝你的提問。

Rob Ottenstein, Evercore.

Rob Ottenstein，Evercore。

Great. Thank you very much. So Michel, you've really delivered terrific results for a couple of years now, a strong start to '26, you've held gained share in most markets. As you mentioned, you're getting strong price mix. you're showing some volume growth. And importantly, pretty much every quarter, almost every quarter, you've hit your medium-term algorithm. And you answered part of this in the prior question in terms of improving the portfolio.

很好。非常感謝。所以 Michel，你這幾年確實交出了非常出色的成果，'26 年開局強勁，你在多數市場都維持並提升了市占。如你所提到的，你取得了強勁的價格/組合（price mix），也展現了一些銷量成長。而且重要的是，幾乎每一季、幾乎每一個季度，你都達成了你的中期演算法（medium-term algorithm）。你在前一題也部分回答了關於改善產品組合的部分。

But in addition to that, can you talk about maybe one or two, three other things that you're doing differently today than maybe five years ago that is allowing for such strong and consistent results. And do you believe this is sustainable going forward.

但除此之外，你能否談談也許一到兩點、或三點，你們今天做得不同於五年前的地方，讓你們能有如此強勁且一致的成果？以及你是否相信這在未來是可持續的？

Thank you, Robert. So I like the question because we always say that every quarter will be different, right? So we have different dynamics impacting the quarter and quarter-one happens to be one on the positive side, and we are very encouraged by the way that we started the year with solid top and bottom-line performance, but it's also reassuring that over the last four years, we have been seeing different operating environment.

謝謝你，Robert。我喜歡這個問題，因為我們總是說每一季都會不一樣，對吧？所以每一季都有不同的動態因素在影響，而第一季剛好偏正面；我們對今年以穩健的營收與獲利表現開局感到非常振奮，但同時也令人安心的是，在過去四年，我們面對的是不同的營運環境。

Nevertheless, the strategy remains solid, and the execution is gaining momentum. And this momentum can be received on the portfolio momentum, on the total revenue momentum, on the growth path that we have, the choices that we made and how these choices now are playing out.

儘管如此，我們的策略依然穩健，而執行力正在累積動能。這個動能可以從產品組合的動能、總營收的動能、我們所走的成長路徑、我們做出的選擇，以及這些選擇如今如何逐步展現成效中看得出來。

And I think that this long-term point of view is one of the big changes that we have made because you could not do what we are aiming to do, which is our organic and growth strategy, work on a given quarter only, it needs to be to the long term. So one of the things that -- I think we are all very proud in the choices we made and the investments that we have been making to the long-term investments in portfolio, investments in digital capabilities, investments on the brands that we choose to support and grow which are the mega brands.

我認為這種長期視角是我們做出的重大改變之一，因為你不可能只著眼於單一季度就達成我們想做的事——也就是我們的有機成長策略與成長策略——它必須是長期的。所以其中一件事——我想我們都對自己所做的選擇以及我們一直在進行的投資感到非常自豪：對產品組合的長期投資、對數位能力的投資、以及對我們選擇支持並推動成長的品牌（也就是超級品牌，mega brands）的投資。

I also think that the execution has been enabled by both a very strong culture and the way that the team is focused on growing the business and the additional benefits of our digital capabilities. So today, the fact that we wired the whole system and that data is driving a lot of the decisions we make, but also supporting the decision-making in the front line is a very important component of our growth algorithm in the way we do business today.

我也認為，執行之所以能到位，來自於非常強的企業文化、團隊專注於推動業務成長的方式，以及我們數位能力所帶來的額外效益。所以今天，我們把整個系統都「連線」起來，數據驅動我們做出許多決策，同時也支援第一線的決策制定；這是我們成長演算法以及我們今天經營方式中非常重要的一環。

And last, I think I talked a little bit about this, but the team has been working very hard in doing everything that we do with a high level of physicians, which is traditional into the company's operational efficiencies but also commercial efficiencies. So the work that we do is making the money that we invest, worked very hard for us and the brands are growing forward. We are gaining share on the key markets that we operate and the choices we made to invest for the future portfolio are gaining momentum and paying off.

最後，我想我也稍微提過：團隊一直非常努力，以高度的精準度來做我們所做的一切——這在公司傳統上體現在營運效率上，也體現在商業效率上。因此，我們所做的工作，讓我們投入的每一分錢都為我們更努力地「工作」，而品牌也持續向前成長。我們在所營運的關鍵市場持續提升市占，而我們為未來產品組合所做的投資選擇正在累積動能並開始回收成果。

So very thankful to the team all the work that they are doing. They're working hard to earn this every day and one more quarter that we delivered on our outlook, and we are very encouraged to see what the summer is going to bring, especially with FIFA around the corner. That's going to be an interesting moment in the year. Thanks for your questions.

所以非常感謝團隊所做的一切工作。他們每天都在努力爭取這些成果，而我們又一季達成了我們的展望；我們也非常期待今年夏天會帶來什麼，尤其是 FIFA 即將到來。那將會是今年一個很有意思的時刻。謝謝你的提問。

Olivier Nicolai, Goldman Sachs.

Olivier Nicolai，高盛（Goldman Sachs）。

Hi, good morning, Michel, Fernando. Two questions, please, both related to the US first, I mean, momentum in the US scalimproved year-to-date. Could you give us perhaps a bit your sentiment on the current consumer demand in light of higher gas prices over the last month? And also, is it fair to assume that STWs are going to be well ahead of SCR in Q2 as you probably build up some inventories for the FIFA World Cup coming up in June.

嗨，早安，Michel、Fernando。我有兩個問題，都與美國相關。首先，我是說，美國的動能在今年迄今有所改善。在過去一個月汽油價格上升的背景下，你能否分享一下你對目前消費需求的看法？另外，是否可以合理假設，第二季 STWs 將明顯領先 SCR，因為你們可能會為 6 月即將到來的 FIFA 世界盃建立一些庫存？

And then secondly, it's been only a couple of months since you got a bid box now part of the portfolio. what -- can you give us a bit more details on what does that brand bring to your existing portfolio of spirit RTDs? And if you would expect the same growth trajectory that you had on neutral water, we adesacannibalizing those.

第二點，距離你們把 bid box 納入產品組合也才幾個月——你能否再多提供一些細節，這個品牌能為你們現有的烈酒 RTD（即飲）產品組合帶來什麼？以及你是否預期它會有和 neutral water 相同的成長軌跡，還是我們在某種程度上會看到彼此的排擠（cannibalizing）？

Hi, Olivier. Good morning, and thanks for the questions. I will try to answer all of them. I got like -- I think three or four questions in there. Let's see how we do on that. The first one, I think that the overall consumer sentiment is well known by everybody in the industry and in the consumer sector. I think we had a tough year last year for consumers as inflation was still building and people are trying to build back the disposable income.

嗨，Olivier。早安，謝謝你的問題。我會盡量把它們都回答到。我聽起來——我想你裡面大概有三到四個問題。我們看看能回答得如何。第一個，我想整體消費者情緒大家在產業內與消費品領域都很清楚。我認為去年對消費者來說是艱難的一年，因為通膨仍在累積，而人們正試著重建可支配所得。

The beginning of the year, fair to say that it was more benign, let's say, in the quarter. And of course, everything that's going on now with energy costs and potential inflation into locations will have somehow a delayed impact. So we have seen some costs going up to date, but we know that it takes anywhere from three to six months for this really hit on consumers.

今年年初，可以說在本季相對溫和一些。當然，現在能源成本以及可能在某些地區再度出現的通膨，會以某種方式帶來滯後影響。所以我們已經看到一些成本上升，但我們也知道，通常需要三到六個月才會真正反映到消費者身上。

So at this point, I would say that things are manageable for everybody, for consumers and for the companies. But we know that as we build towards the end of the year, depending on the direction that we see for inflation, these things will start to compound again and will be once again a factor for both consumers to manage and for the CPGs to manage.

所以在這個時間點，我會說對所有人而言——不論是消費者或企業——情況仍是可控的。但我們也知道，當我們走向年底時，取決於通膨的走向，這些因素會再次疊加，並再度成為消費者需要管理、以及 CPG（民生消費品公司）需要管理的因素。

Fair to say that if you look at the last four, five years, we've been managing one difference each and every year or each and every quarter. On the question on STWs and STRs, if you look for the over time or during the full year, they always tend to converge. And this has been true for the last many, many years and will not be different this year.

可以說，如果你回顧過去四、五年，我們每一年、甚至每一季都在管理不同的變數。關於 STWs 與 STRs 的問題，如果你看長期或全年，它們通常都會趨於收斂。這在過去很多很多年都成立，今年也不會不同。

The difference on what you said, if I got correctly your question, is that we should expect on the quarter-two an inversion on that. And this never happens because of this summer, we often sell more during the summer than what we can ship. So the conversion that you see on STRs and STWs, historically is more towards the back end of the year, not towards the sun. Right?

你提到的差異，如果我正確理解你的問題，是我們是否應該預期第二季會出現相反的情況。但這通常不會發生，因為在夏季，我們往往賣得比我們能出貨的還多。所以你看到 STRs 與 STWs 的收斂，歷史上更多發生在年底，而不是在夏季。對吧？

So I think that we will continue to see some mismatch as we go for quarter-two and then quarter-three. And then for quarter-three to quarter four is when things tend to converge. And on the ready-to-drink, I think that we have a great portfolio globally. We have global brands that we are growing in the local market and scaling up globally.

所以我認為，當我們進入第二季、再到第三季時，仍會持續看到一些不匹配。而從第三季到第四季，通常才是它們開始收斂的時候。至於即飲（ready-to-drink），我認為我們在全球擁有很強的產品組合。我們有一些全球品牌，正在本地市場成長，並在全球範圍內擴大規模。

Just think, for example, at the expansion that we are doing now with fine fish. So fine fish from Africa traveled to Europe to South America and is growing today in many different markets. This is true for third quarter that we are starting to expand as well, and big box will add to this portfolio and is very complementary. So it's not cannibalistic to any of the other brands that we have, and it complements our portfolio, bringing an option that is noncarbonated, more convenient more flavorful and therefore, suits for some different consumer locations and consumer profiles.

舉例來說，想想我們現在正在推動的 Fine Fish 擴張。因此，來自非洲的 Fine Fish 走向歐洲、南美洲，如今在許多不同市場成長。這同樣適用於我們也開始擴張的第三季品類，而 Big Box 會加入這個組合，且高度互補。因此，它不會侵蝕我們現有的任何其他品牌，反而能補強我們的產品組合，帶來一個非碳酸、更便利、風味更佳的選擇，因此適用於一些不同的消費場景與消費者輪廓。

So it's our portfolio. Now if you look at the top 10 brands, we have cut water, we have neutral, we have bid box. If you look at the top 5 brands growing in the US, then we also have a strong set delicate and deep box and as you combine the power of what the team built and bid box with the AB distribution and focus on the US, for sure, we will see some good opportunities come to the table. So thanks for the question.

所以這就是我們的產品組合。現在如果你看前 10 大品牌，我們有 Cutwater、我們有 Neutral、我們有 Big Box。如果你看美國成長最快的前 5 大品牌，我們也有 Strong Set、Delicate 和 Deep Box；當你把團隊打造的 Big Box 的力量，與 AB 的通路能力並聚焦美國市場結合起來，我們肯定會看到一些很好的機會浮現。所以謝謝你的提問。

Thank you.

謝謝。

Sanjeet Aujla, UBS.

Sanjeet Aujla，瑞銀（UBS）。

Hey, morning, Michelle, Fernando. Just following up on the US again, please. It looks like the underlying business in Q1 is growing around 4.7%. How much of that is coming from the Beyond Beer portfolio? Is that portfolio gross margin accretive to the US operations or not? And I guess, finally, as we sat here in 12 months' time, what gives you the confidence that brands like Cutwater can keep growing despite lapping what's going to be a really high base?

嗨，早安，Michelle、Fernando。我想再追問一下美國市場。看起來第一季的基礎業務成長約 4.7%。其中有多少是來自 Beyond Beer 產品組合？該產品組合對美國營運的毛利率是增厚（accretive）還是不增厚？最後我想問，假設 12 個月後我們再坐在這裡，什麼讓你有信心像 Cutwater 這樣的品牌在面對很高的比較基期之下仍能持續成長？

Sanjay, and thank you for the question. On the first point, I think that the math is very straightforward. So STRs were positive, and the revenue per hectoliter was very good, building on inflation and mix very similar to the global business, as we said before. And this momentum, if we step back and we remember many times that I answered this question and our conversations here.

Sanjay，謝謝你的提問。第一點我認為計算方式非常直接。所以 STR（零售銷售趨勢）為正，而每百升收入表現非常好，受惠於通膨與組合（mix）的推動，與我們先前所說的全球業務非常相似。而這股動能，如果我們退一步回顧，並想起我多次回答過這個問題，以及我們在這裡的討論。

So we are on the mission to rebalance our portfolio in the US because of the nature of the market, the 3-tier system, this rebalance would never happen overnight. but it's something that we have been building over time. And today, we have over 40%, 45% of our business that is already above core, both mainstream in the US. And if you think about the brands that are growing pretty much the same number, they are approaching 50%.

我們的任務是在美國重新平衡產品組合，因為市場特性與三層分銷體系（3-tier system），這種再平衡不可能一夕之間完成，但我們一直在長期建構。而今天，我們已有超過 40%、45% 的業務位於核心（core）之上，涵蓋主流與美國市場。如果你再想想那些正在成長的品牌，這個比例幾乎接近 50%。

And when you get the pace of this growth versus how we've been stabilizing the other brands that we have in the declining segments, then the product of this is a product that is very encouraging for the quarter, but also to the mid, long term in the US. So we have a better portfolio today than what we had a couple of years ago. And when you think about the beyond beer contribution on that, this was a back that we took to the heart back then in 2017. We learned it a lot. It didn't happen over time. So people like to think about this overnight successes this not. This is 10 years in the making.

當你把這個成長速度，與我們如何讓其他處於下滑區隔的品牌趨於穩定相對照時，最終的結果對本季令人鼓舞，對美國的中長期也同樣正面。所以我們今天的產品組合，比幾年前更好。至於 Beyond Beer 的貢獻，這是我們早在 2017 年就認真投入的一個方向。我們從中學到很多。這不是短時間內發生的。所以人們喜歡把它想成一夜成功，但並不是。這是 10 年累積的成果。

And this portfolio today is very strong. So we have pure play brands that they enjoy a very special space in consumers' minds. They are building distribution is still all of them have very low distribution, very low household penetration. We are at early stage on the S curve to continue to develop and grow this brand. They all have momentum. Some of them have accelerated momentum like triple digits, but they are all growing double digits some more, and we think that they have room to continue to grow this brand is huge, because, again, low penetration, low household penetration, low participation in consumers, but very, very strong propositions.

而今天這個產品組合非常強。我們有純粹型（pure play）的品牌，在消費者心中占有非常獨特的位置。它們正在建立通路——目前所有品牌的通路覆蓋仍然很低、家庭滲透率也很低。我們仍處於 S 曲線的早期階段，可以持續培育並推動這些品牌成長。它們都有動能。其中一些動能加速到三位數成長，但它們全部都是雙位數成長或更高；我們認為仍有空間持續成長，因為滲透率低、家庭滲透率低、消費者參與度低，但產品主張非常、非常強。

The margins we talked before about that, like on a gross margin, percentage speaking, they are smaller than beer because they have higher cost base, smaller volumes to date but they are enjoying operating leverage because, of course, they are growing strongly. Margins are only improving. But from absolute dollars, they are way more profitable, let's say, 20% to 30% more profitable than our premium beers. So very good business for us to be in.

關於毛利率我們之前談過：以毛利率百分比來看，它們比啤酒低，因為成本基礎較高、目前量體較小，但由於成長強勁，它們正在享受營運槓桿。毛利率只會持續改善。但若以絕對金額來看，它們的獲利能力要高得多，譬如比我們的高端啤酒高出 20% 到 30% 的獲利。所以這對我們而言是非常好的業務。

And third quarter, as you said, at this point, we are concerned with the quality. We are concerned with our message on delivering superior experience ready-to-drink cocktails for consumers, and we are working to supply the demand, which has been very strong to date. So good brand, good place being number 1 share gainer in the spirits industry, the fastest-growing brand in that space, so contributing immensely to our momentum in the US. Thanks for the question.

至於第三季，如你所說，在這個時間點我們關注的是品質。我們關注的是傳遞「為消費者提供更卓越的即飲（ready-to-drink）雞尾酒體驗」的訊息，同時我們也在努力供應需求，而迄今需求一直非常強勁。所以這是一個好品牌、處在很好的位置——在烈酒產業中是市占提升（share gainer）第一名、也是該領域成長最快的品牌，對我們在美國的動能貢獻巨大。謝謝你的提問。

Celine Pannuti, JPMorgan.

Celine Pannuti，摩根大通（JPMorgan）。

Good afternoon, good morning, thank you for taking my question. My first question would be on FIFA activation. Can you talk about when we should see the step-up in growth for the Q2 and Q3, whether there's anything you can help us in terms of quantification? And likewise, in terms of the step-up in A&P that we should expect in Q2, Q3 on that point, what was the Q1 step-up in SG&A spend on, please?

午安、早安，謝謝讓我提問。我的第一個問題是關於 FIFA 行銷啟動（activation）。你能談談我們何時應該會在第二季與第三季看到成長的加速（step-up），以及是否能在量化方面提供一些指引嗎？同樣地，就第二季、第三季 A&P（廣告與促銷）加碼的幅度而言，第一季 SG&A（銷售、一般及行政費用）增加的支出主要用在哪些方面？

And my follow-up question would be on the price mix. So you said, Michel, that around a 3% or 3.5% inflation and on top of the mix. it feels like inflation CPI globally is not going to decelerate given what's going to happen or the invent unfolding. Would it be fair therefore, that this kind of growth in price mix is resilient throughout the year.

我的追問是關於價格/組合（price mix）。Michel，你提到大約 3% 或 3.5% 的通膨再加上組合效應。看起來全球 CPI 通膨不太可能減速，考量接下來將發生或正在展開的事件。因此，是否可以說這種價格/組合的成長在全年具有韌性？

Thank you for the questions. I'll take sure, three of them here, and then Fernando can add at the end a little bit on the cost side. And first, I think that the FIFA numbers, we have a good history on that. So every four years happens is visible for everybody. And the numbers that we usually globally based on the data that we have suggests that FIFA contributes historically anywhere from 20 bps to 30 bps of the year volume.

謝謝你的問題。我先回答這裡的三個問題，然後 Fernando 最後可以在成本端補充一些。首先，我認為我們在 FIFA 的數據上有很好的歷史可循。每四年一次，大家都看得到。而我們通常掌握的全球數據顯示，FIFA 歷史上對全年銷量的貢獻大約在 20 個基點到 30 個基點之間。

And of course, this depends on the location of the games and the time of the games, and this can vary by country. I think it's natural to think that if you go to Germany or Brazil or Argentina is a more relevant event than it is, for example, in some of the Asian countries. I think like 20 bps to 30 bps globally uplift, and it happens on the months of June and July. So it's a concentrated impact during this month.

當然，這取決於比賽舉辦地點與比賽時間，且各國會有所不同。很自然地，如果是在德國、巴西或阿根廷，這會比在某些亞洲國家更具相關性。我認為全球大約有 20 到 30 個基點的提振（uplift），而且主要發生在 6 月與 7 月。所以影響會集中在這兩個月份。

And we will see normally this coming through in the quarter-two, quarter-three as we approach the games and now, we are on the cut down. So we are really ready with the execution. The execution should be hitting the market as we speak in some of the markets, we're already advancing a little bit of that. In some of the markets, we are waiting the final stage that we are approaching now to start kicking off the campaigns.

而我們通常會看到這在第二季、第三季逐步反映出來，隨著我們接近賽事，而現在我們已進入縮減階段。所以我們在執行面其實已經準備就緒。就執行而言，此刻應該已在部分市場開始落地，在一些市場我們已經稍微提前推進了一點。在另一些市場，我們正在等待目前正接近的最後階段，以開始啟動各項活動。

And the SG&A is the same. So this year, on top of being during the summer, which is often a moment that we invest more. We're going to have on top of that FIFA World Cup, and this will somehow spread equally through quarter-two and quarter-three, quarter-two a little bit heavier of course because you have the anticipation campaigns and everything that happens.

而SG&A也是一樣。所以今年，除了是在夏季期間（通常是我們投資較多的時點）之外，我們還會疊加FIFA世界盃，這將在第二季與第三季之間大致平均分布，當然第二季會稍微重一些，因為有前期預熱活動以及所有相關安排。

On the price side, very clear, like our poly is to price with inflation. And if inflation accelerates, we will be to then cover that and adjust our plans to this point, we feel good where we are and with the plans that we have and mix, which is a very important part of our revenue strategy is compounded on these numbers. So we look at the last quarter-one was very good. Quarter-three was good as well.

在定價方面，非常清楚，我們的政策是隨通膨定價。如果通膨加速，我們就會去覆蓋並調整我們的計畫；就目前而言，我們對我們所在的位置、我們的計畫以及產品組合感到良好，而組合（這是我們營收策略非常重要的一部分）也已反映在這些數字之中。所以我們看，上一個第一季表現非常好。第三季也同樣不錯。

And this is a structural benefit on our revenue management the fact that we are investing on the mega brands, our investment choices on growing segments that are more profitable, such as nonalcohol premium and beyond beer. Of course, they add to our revenue that should continue to move with inflation.

而這是我們營收管理上的結構性利多：我們正在投資於超級品牌（mega brands），並把投資選擇放在更高獲利的成長區隔上，例如無酒精高端（nonalcohol premium）以及超越啤酒（beyond beer）。當然，這些也會貢獻我們的營收，而營收應會持續隨通膨變動。

And Celine, Fernando here, just to add on Michel's comments, Michel mentioned the SG&A, the advertisement expenses. Every year is unique in a sense. But given our hedging policy, we always have good visibility when we go into the year. So we knew that this year, we're going to have more sales and market concentrated around the World Cup.

Celine，我是Fernando，補充一下Michel的評論；Michel提到了SG&A，也就是廣告費用。每一年在某種意義上都是獨特的。但基於我們的避險政策，我們在進入年度時一向有很好的能見度。所以我們知道今年我們會有更多銷售與市場活動集中在世界盃周邊。

And we also knew that given the hedging policy and FX movements, we know that from a cost of goods sold standpoint, to have more pressures on the H1, particularly in Mexico and Brazil rather than H2. But given that we know of that when we start the year, we took some proactive measures in both revenue and cost management agenda to better balance the year. What I mean better balance of the year is H1 versus H2. So on the things that we can control, we try to smooth out some of the impacts that we already anticipate going to the year.

我們也知道，基於避險政策與匯率（FX）變動，從銷貨成本（COGS）的角度來看，上半年（H1）的壓力會更大，特別是在墨西哥與巴西，而不是下半年（H2）。但因為我們在年初就知道這點，我們在營收與成本管理議程上採取了一些前瞻性的措施，以更好地平衡全年。我所說的更好平衡，是指上半年相對於下半年。因此，對於我們能控制的事項，我們會嘗試平滑一些我們在進入年度前就已預期到的影響。

Mitch Collett, Deutsche Bank.

Mitch Collett，德意志銀行。

My first question, I guess, follows on from that last comment. So how should we think about the phasing of 1H and 2H EBITDA growth, given what you just said about the phasing of transactional FX, but also maybe some of the other factors like the Midwest premium and also your sales and marketing investment, which sounds like it's going to be still reasonably concentrated in Q2 and Q3, which is I think what you said at the full year call.

我的第一個問題，我想，是延續你剛才最後的評論。那麼，考量你剛才提到交易性匯率（transactional FX）的時點分布，以及可能還有其他因素，例如中西部高端化（Midwest premium），再加上你們的銷售與行銷投資聽起來仍會相當集中在第二季與第三季（我記得你在全年電話會議上是這麼說的），我們應該如何看待上半年與下半年EBITDA成長的節奏？

And then my second question is on the five markets that you call out, where you've reached record high first quarter volumes. I appreciate there may be some phasing within that, but it certainly seems very counter to the prevailing narrative of alcohol consumption and beer being under pressure. So -- are there any commonalities between those markets that you haven't already covered in your answers to the other questions?

然後我的第二個問題是關於你們點名的五個市場，在那裡你們第一季的銷量達到歷史新高。我理解其中可能存在一些時點分布的因素，但這看起來確實與目前市場上關於酒精消費與啤酒承壓的主流敘事非常相反。所以——這些市場之間是否有任何共通點，是你們在回答其他問題時尚未涵蓋到的？

Mitch, Fernando here. Let me start with the first one. what I said, and maybe it's good to reinforce is that we understand kind of COGS dynamics, given our hedging and we know more or less how they are going to behave. We know that probably the biggest pressures in half-one maybe even more a little bit towards Q1 and then they start easing off as the months go by. Knowing that you can already be proactive in revenue and cost management initiatives to counterbalance some of these effects.

Mitch，我是Fernando。我先回答第一個。我剛才說的，或許值得再強調一下：基於我們的避險安排，我們理解COGS的動態，並且大致知道它們會如何表現。我們知道上半年最大的壓力可能會更偏向第一季，之後會隨著月份推進而開始緩解。在知道這些之後，你就可以在營收與成本管理措施上更主動，以抵銷其中一些影響。

To the same token, we know that as the cost pressures on the cost will start easing up, you know that you are ramping up sales and marketing because of the World Cup. So all in all, we expect kind of a more balanced year when you go all the way to the end, even though the lines, you should see different components between the lines, which are the dynamics that we are ready new once we started the year.

同樣地，我們也知道，當成本端的壓力開始緩解時，你們會因為世界盃而加大銷售與行銷投入。因此整體而言，我們預期全年走到年底會是一個更均衡的一年，儘管在各項目之間你會看到不同的組成變化；這些動態在我們年初開始時就已經準備就緒並且了解。

Yeah. And taking on your second question, Helmich, thanks for the question. So first, I think that we mentioned this because we believe it is an important data point for investors and for all of you guys. And those are meaningful markets like Brazil, Colombia, South Africa, Peru, Mexico, and we have many others that reached an all-time high volume. You are right. So there is a benefit from Easter.

是的。再來回答你的第二個問題，Helmich，謝謝你的提問。首先，我們之所以提到這點，是因為我們相信這對投資人以及在座各位而言是一個重要的數據點。而這些都是重要市場，例如巴西、哥倫比亞、南非、秘魯、墨西哥；此外還有許多其他市場也達到歷史最高銷量。你說得沒錯。所以復活節確實帶來了一些助益。

So think about invest from 30 bps to 50 bps of the growth coming from the shift of Easter in quarter-one versus quarter-two last year. Nevertheless, all these markets grew north of that. So they grew more than the thesis. And what is common across this market twofold. One, as we keep saying, is structurally, the key fundamentals behind the beer category that are demographics that are economic growth and the opportunities for the category to have higher participation, they remain in place.

所以可以把約30到50個基點（bps）的成長，視為來自復活節從去年第二季移到今年第一季的時點移轉。儘管如此，所有這些市場的成長都高於這個幅度。也就是說，它們的成長超過了這個假設。而這些市場的共通點有兩個。第一，如同我們一直在說的，從結構面來看，啤酒品類背後的關鍵基本面——人口結構、經濟成長，以及品類提高參與度的機會——仍然存在。

And even though the dynamics of each quarter will always be different, and we have seen everything in the last four years. those fundamental dynamics do not change. Second, our strategy is a growth strategy, and we keep working on the key elements of our growth strategy, invest to the long term, and this is obviously paying off as our portfolio gets stronger on the areas that have more growth.

即便每一季的動態總會不同，而過去四年我們也見過各種情況，但這些基本面動態並不會改變。第二，我們的策略是一個成長策略，我們持續在成長策略的關鍵要素上努力、以長期為導向投資，而這顯然正在見效，因為我們的產品組合在更具成長性的領域變得更強。

So in all these areas, you see strong core brands, maintaining or gaining participation in the category. You see premium brands growing and improving access to consumers in different occasions. You see our beyond beer brands, expanding the set of consumers that we bring into our portfolio.

因此在所有這些領域，你會看到強勢的核心品牌在品類中維持或提升參與度。你會看到高端品牌成長，並在不同飲用情境中改善消費者可及性。你會看到我們的超越啤酒（beyond beer）品牌，擴大我們帶入產品組合的消費者群。

And last but not least, in nonalcohol as a new avenue for growth, a strong growth across all these markets. So it's a global strategy that has been well executed locally on our markets that has long-term investments and choices that we make, so we optimize these investments. And while every quarter, we'll have its own dynamics, it's good to see that back end of last year was good. Quarter-one was solid.

最後但同樣重要的是，無酒精作為新的成長途徑，在所有這些市場都呈現強勁成長。所以這是一個全球策略，在我們各市場由在地端良好執行；我們做出長期投資與選擇，並因此優化這些投資。而雖然每一季都有其自身動態，但很高興看到去年下半年表現良好。第一季也很穩健。

And this, I think, that helps to neutralize or to put in context what we call different narratives around the category because at the end of the day, beer is bits, is growing, is gaining share of growth globally -- it's a category that's part of people's life for every moment of celebration for more than 5,000 years and is not going anywhere, to be honest. If you look towards the summer now, it's going in a very good direction, we see FIFA being celebrated globally.

而我認為，這有助於中和或把所謂圍繞品類的不同敘事放回脈絡中，因為歸根結底，啤酒就是啤酒，它在成長、在全球成長中取得份額——這是一個已經陪伴人們超過5,000年、在每個慶祝時刻都存在的品類，坦白說不會消失。如果你現在展望即將到來的夏季，方向非常正面，我們看到FIFA在全球被慶祝。

Simon Hales, Citi.

Simon Hales，花旗。

My first question was just a quick clarification really on the Q1 volume shipments that we saw. I just wanted just to check that within those numbers, there wasn't any shipments ahead of the World Cup into some of your key markets, I think particularly some of the strength we saw in Latin America. There was nothing -- there's no trade loading. I suppose is the underlying question there.

我的第一個問題其實只是想快速釐清一下我們看到的第一季出貨量。我只是想確認，在那些數字裡，是否包含了在世界盃之前，提前向你們一些主要市場出貨的情況，我想特別是我們在拉丁美洲看到的部分強勁表現。沒有任何——沒有通路壓貨。我想這才是背後的問題。

And then secondly, I just wonder if you could just talk a little bit more about the performance of Brazil in the quarter, how the business evolved through the period and how you exited Q1. And particularly given that strength of volume growth in the premium segment, how confident are you in your ability to sustain growth at those sort of levels going forward given that's quite a competitive any sort of category you're involved in that?

第二個問題，我想請你再多談一點巴西在本季的表現，業務在期間內如何演變，以及你們第一季結束時的狀況。特別是考量到高端品類的銷量成長如此強勁，鑑於你們所處的品類競爭相當激烈，你們對於未來能否維持這種水準的成長有多大信心？

Simon, thanks for the questions. So in terms of shipments, the answer is very clear. No, And to make this more clear, we disclosed that, for example, in the US, we undership, so we sold more than what we ship it to wholesalers. And the buildup for the World Cup will really happen more towards June, then we could have done anything in the quarter-one. So no shipments ahead of time. This buildup should really be at the back end of quarter-two, not sooner than that.

Simon，謝謝你的提問。就出貨而言，答案非常明確。沒有。而且為了更清楚說明，我們也揭露了例如在美國，我們是少出貨，也就是我們賣出的量高於我們出給批發商的量。而世界盃的備貨其實會更接近6月才會發生，不可能在第一季就做得到。所以沒有提前出貨。這個備貨應該會發生在第二季後段，不會更早。

And in terms of Brazil, I always go back to the point in Brazil that is a very competitive market, and we have very strong operations in Brazil, but we've been adjusting our portfolio over the last four years. And we are very confident that we have strong brands now being executed in the right way. As we rebalance a bit more having a strong mainstream business, but also strong premium brands. These brands now are growing and gaining share with accelerated momentum.

至於巴西，我總是回到同一點：巴西是一個競爭非常激烈的市場，我們在巴西的營運也非常強，但過去四年我們一直在調整產品組合。我們非常有信心，現在我們擁有強勢品牌，且以正確的方式在執行。我們在重新平衡：既有強大的主流業務，也有強大的高端品牌。這些品牌現在正在成長並提升市占，動能加速。

So the quarter-one had a little bit of everything because the quarter-one in Brazil had like an excellent carnival, but then a very wet period at beginning of January and during March. So it was more really market share gains in the right segments, especially premium and super premium. And I think that this now as we look forward in Brazil, we'll come to same momentum behind our brands, and we are investing to continue to gain share and solidify our position there in premium.

所以第一季可說是各種因素都有，因為巴西第一季有一個非常成功的嘉年華，但1月初以及3月又遇到非常潮濕的天氣。因此更主要的是在正確的細分市場取得市占成長，尤其是高端與超高端。我認為展望未來，巴西市場我們的品牌仍會延續同樣的動能，我們也在投資以持續提升市占並鞏固我們在高端領域的地位。

The calendar for Brazil is very supportive for the year. So there is many holidays that are extended holidays in Brazil this year. And at the middle of the year, we're going to have the World Cup, so let's hope for the best with the Brazilian team, so we can have some good moments of celebration there in Brazil. And we'll continue to work to make this portfolio stronger. To maintain the level of execution that we have there, which has been very good in the last couple of quarters.

巴西今年的行事曆對全年非常有利。今年巴西有很多連假。而在年中我們將迎來世界盃，也希望巴西隊能有好表現，讓巴西有一些值得慶祝的美好時刻。我們也會持續努力讓這個產品組合更強。維持我們在當地的執行水準，過去幾季的表現一直非常好。

And innovation has been playing a big role in Brazil. So we have some very strong products that we innovated in the last couple of quarters and years that are doing very well, and we are rolling out Fine Fish in Brazil, which is a big bet as well in the beer that can add plenty of consumers to the portfolio of brands that we have and even more occasions for us to be close to consumers and to moments of celebration there. So we feel good, of course, we need to continue to monitor the industry while controlling what we can control, which is our own agenda and portfolio that in Brazil. Thank you.

此外，創新在巴西扮演了很重要的角色。我們在過去幾季與幾年推出了一些非常強的創新產品，表現非常好；我們也正在巴西推廣Fine Fish，這同樣是一個重大押注，作為啤酒品類的一部分，它能為我們的品牌組合帶來更多消費者，也帶來更多讓我們貼近消費者與慶祝時刻的場合。所以我們感覺良好；當然，我們需要持續監測產業，同時把能控制的事情控制好，也就是我們在巴西自身的策略與產品組合。謝謝。

Richard Withagen, Kepler.

Richard Withagen，Kepler。

I have a question on Corona. I mean the activation appears to have been very solid around your Olympics. So maybe can you explain a bit what has worked well in execution and what was less solid than you expected? And what takeaways do you have from this to also execute well during the World Cup?

我有一個關於Corona的問題。我的意思是，你們在奧運期間的行銷啟動看起來非常扎實。所以也許你可以解釋一下，哪些執行做得特別好、哪些沒有如你預期那麼穩健？以及你們從中得到哪些經驗，能在世界盃期間也同樣執行得好？

Thank you, Richard. So the Olympics was very important for us as a platform to launch globally and really grow the Corona set proposition globally. And this so far is working very well for both sides. for the Corona brand because we now are present in many countries. Corona Cero is growing globally very well.

謝謝你，Richard。奧運對我們而言非常重要，是一個用來在全球推出並真正推動Corona整體主張在全球成長的平台。到目前為止，這對雙方都運作得非常好：對Corona品牌而言，因為我們現在已經進入許多國家。Corona Cero在全球成長非常好。

And we just this quarter now became leaders in value globally, and we took the leadership now in 7 out of the top 14 market, and we continue to grow the portfolio overall double digits and is working very well in Corona as well as Mike of Ultra in the US, which is the brand we are using for Olympics in the US.

而且就在本季，我們現在成為全球價值（value）領導者，我們在前14大市場中的7個取得領先地位；我們也持續讓整體產品組合維持雙位數成長，這在Corona上運作得非常好；在美國的Michelob Ultra也是如此，這是我們在美國用於奧運的品牌。

One of the most astonishing statistics from all of that was to see during the winter Olympics in Italy, Corona and our alcohol, the regular and alco having 60% share of all beverages being sold in the concessionaries around the events. So 60% when you include everything from water to softer drinks to coffee, and that was during the winter index. So it's one more proof point that people really enjoy that beer and sports go well together and offering choices to consumers. Regular Corona and zero (inaudible) is a winning proposition for everybody out there.

其中一個最令人驚訝的統計數據是：在義大利冬季奧運期間，Corona以及我們的無酒精產品（一般款與無酒精款）在賽事周邊攤位所售出的所有飲料中占了60%的份額。也就是說，當你把從水、軟性飲料到咖啡全部算進去，仍然有60%，而那是在冬季奧運期間。這再次證明，人們確實喜歡啤酒與運動的搭配，也喜歡有更多選擇。一般版Corona與零（聽不清）對所有人而言都是一個成功的主張。

When you think about that with the World Cup, I think that it goes back to the point that we are leveraging global scale. So we activated the Dometic globally as we always did FIFA and we'll do again during the summer now with FIFA. We want to be on the anticipation of the games, so people can prepare for cut for those that will watch the game at home with family and friends.

談到世界盃，我認為這回到我們正在運用全球規模這一點。我們像以往一樣在全球啟動相關活動，過去一直與FIFA合作，今夏也會再次與FIFA合作。我們希望在賽事開始前就先帶動期待感，讓人們能為比賽做準備，特別是那些會在家與親友一起看球的人。

We want to make a huge push on part because the bars will be the places where people will get together to watch the games, and there is nothing like watching your team around friends and family on a nice bar over a cold one. So we're going to make a big push to support our partners so they can offer the best experience on the bars.

我們也希望在通路端大力推進，因為酒吧會是大家聚在一起看球的地方；沒有什麼比和親友在舒服的酒吧裡，配上一杯冰涼的飲品一起看自己支持的球隊更棒的了。所以我們會大力支持我們的合作夥伴，讓他們能在酒吧提供最好的體驗。

And of course, we'll be working in the local markets from Mexico to the US and Canada to make sure that everybody that's coming to watch the games, we have a great experience in these states. and make sure that the concessions are well equipped to deliver great experience there on the part that we can control, which is the year.

當然，我們也會在各個在地市場運作，從墨西哥到美國與加拿大，確保所有前來觀賽的人都能在這些地區獲得很棒的體驗；並確保販售點的設備與供應都到位，在我們能控制的範圍內，提供很好的體驗，也就是今年的（相關）工作。

So it's great to see the mega platforms working, the key behind that is the scale that we have, the ability to execute globally and the ROI and business been very good because the brands are executing very well and consumers are giving their hope to the brands that we are using. So thanks for the question.

所以看到這些大型平台發揮作用非常好；其背後的關鍵是我們的規模、全球執行能力，以及投資報酬率與業務表現都非常好，因為品牌執行得很到位，消費者也把他們的期待寄託在我們所使用的品牌上。謝謝你的問題。

Chris Pitcher, Roth Charles & Company.

Chris Pitcher，Roth Charles & Company。

Thanks very much. I can ask about South Africa. There's been a lot of focus today on the strength of your portfolio and the mix that's coming through, particularly from revenue management. But in South Africa, it looks like revenue per hectoliter was below the rate of inflation despite, I believe, a stronger performance from beyond bar products, which should, in theory, be accretive to mix. Can you give a bit more detail on why revenue per hectoliter was a bit more subdued in South Africa?

非常感謝。我想問一下南非。今天大家很聚焦在你們產品組合的強勁以及組合結構的改善，特別是來自收益管理的部分。但在南非，看起來每百升收入低於通膨率，儘管我認為酒吧以外（beyond bar）產品的表現更強，理論上應該對組合結構有正向貢獻。你能否更詳細說明，為什麼南非的每百升收入會相對較為疲弱？

And then could I just confirm India looks like it was up about 30%. It was probably 1 of your top 3 volume contribution markets. it gets a specific reference from Bud Asia, but not from you guys yet, but it looks like it could well be into a period now where it's contributing to group growth, and it looks like it's moved into profit. Could I confirm both of those?

那麼我可以確認一下，印度看起來是成長了大約30%嗎？它可能是你們前三大銷量貢獻市場之一。Bud Asia 有特別提到，但你們這邊還沒有提到；不過看起來它現在很可能正進入一個開始對集團成長做出貢獻的階段，而且看起來也已經轉為獲利。我可以確認這兩點嗎？

Yes, Chris, thank you for the question. So South Africa, great momentum, all-time high volume for the quarter-one with beer. Our Beyond beer portfolio is growing very well. We have our revenue genes that are working well around phasing through the year. on the pricing and the investments that we've been making, both in terms of sales and marketing.

是的，Chris，謝謝你的提問。所以南非動能很強，第一季啤酒銷量創下歷史新高。我們的 Beyond Beer 產品組合成長得非常好。我們的營收基因在全年節奏推進上運作良好，包括定價以及我們所做的投資，無論是在銷售端或行銷端。

So we are very confident that the agenda will continue to work well there and have been working over the years. As a matter of fact, our prices are in place, and there is a health revenue coming from this price there.

因此我們非常有信心，這個策略議程會持續在那裡發揮良好效果，而且多年來一直如此。事實上，我們的價格已經到位，並且這些價格帶來了健康的營收。

When you think about India, we comment about that in some of the calls, and I thank you for asking the question because given the opportunity to talk a little bit more about India here, too many countries that we often talk about. So India has been a great story in which the industry has been growing consistently, some ups and downs.

談到印度，我們在一些電話會議中有提到；也謝謝你問這個問題，因為這讓我們有機會在這裡多談一點印度，而不是只談我們經常提到的那些國家。印度一直是一個很好的故事，產業持續成長，雖然有些起伏。

But when you look more and you take the long-term is an industry that's been growing high single digits, almost double digits. Quarter-one happened to be a double-digit industry is a place where we have an incredible portfolio of brands is today a top 5 market for Budweiser globally and becoming like a top 3 this year probably. But wise, it has strong growth momentum there our share is approaching 20% of the market with organic growth mostly on the premium and super premium segments.

但如果你拉長時間來看，這個產業一直以高個位數、接近雙位數的速度成長。第一季剛好是雙位數成長；而我們在那裡擁有非常強大的品牌組合。就百威而言，印度目前是百威在全球的前五大市場，今年可能會成為前三大。百威在那裡的成長動能很強，我們的市占率正接近20%，主要透過有機成長，集中在高端與超高端細分市場。

So the brands are working very well. Our growth was really strong, was above 30%, as you mentioned, and we keep investing to the long term. And as the industry continues to expand per capita is very low, so the heavy room for growth is immense, and the strength of our portfolio there is something that we have been building for over 10 years now. So we are really playing the long-term gains there, and we are happen execution. That's way more that we can do to improve the industry collectively because it's not a one player game for this industry to unlock there.

所以品牌運作得非常好。如你所提到，我們的成長非常強勁，超過30%，而且我們會持續以長期為導向投資。隨著產業持續擴張，人均消費仍然很低，因此成長空間非常巨大；我們在那裡的產品組合優勢，是過去10多年持續打造出來的。所以我們確實是在那裡布局長期收益，而且我們的執行到位。整個產業要在那裡解鎖更多成長，還有很多可以共同改善的地方，因為這不是單一玩家就能完成的遊戲。

But on our side, portfolio is strong. Momentum is good. Execution is very good, and the team is locked in pursuing our 10-year plan ambition there and transform this in a meaningful market for EVA. So good business, good portfolio, profitability improving but a very long game that we're playing there because per capita is still very low. And as people get welfare as the barriers around the industry is starting to be unlocked that's a huge future growth opportunities for all of us. Thanks for the question.

但就我們而言，產品組合很強。動能良好。執行力非常好，團隊也全力投入，追求我們在那裡的10年計畫願景，並把它轉變為對 EVA 具有重要意義的市場。所以這是一門好生意、好產品組合，獲利能力也在改善，但我們是在打一場很長期的仗，因為人均消費仍然很低。而隨著民眾福祉提升、產業相關障礙開始被解除，這將為我們所有人帶來巨大的未來成長機會。謝謝你的提問。

Trevor Stirling, Bernstein.

Trevor Stirling，Bernstein。

Just one from my side, please. I was really struck by the continued very strong growth in Bs in particular on the platform and the 3P side of the business. And I'm just wondering, maybe one more for Fernando. Is that starting to be a meaningful contributor to your revenue per hectoliter growth in Brazil? Or is it still a little bit too small to move the needle?

我這邊只有一個問題。我對於 BEES（特別是在平台端）以及業務的 3P 端持續非常強勁的成長印象深刻。我想再問 Fernando 一個問題。這是否開始對你們巴西每百升營收（revenue per hectoliter）的成長做出有意義的貢獻？還是規模仍然有點太小，還不足以帶來明顯影響？

Trevor. So yes, it's a good growth kind of the business is growing well. It's -- as we said, it's a business that is positive in EBITDA, positive in cash flow. But is it still -- I think all the other components are far more relevant so far as contributors to the net revenues per antitrade, Michel?

Trevor。所以是的，這是一個成長良好的業務。正如我們所說，它的 EBITDA 為正、現金流也為正。但它是否仍然——我認為到目前為止，其他所有組成項對每百升淨營收的貢獻要更為重要，Michel？

Yes. Just maybe to add on your point, Trevor. The growth continues to accelerate on this marketplace. And just to ground but around that bit which is selling through the platform, third-party products is where we see most of the growth. And in this case, we are still scratching the surface, we know that the total addressable market is a multiple of what we are capturing today.

是的。Trevor，我補充一下你的觀點。這個市場平台的成長仍在加速。而為了更具體地說，透過平台銷售的第三方（3P）產品是我們看到成長最多的部分。在這方面，我們其實還只是觸及表面；我們知道可服務的總市場（TAM）是我們目前所捕捉規模的好幾倍。

And of course, this 50%, 60% growth that we have is a way for us to continue to get more of that. As Fernando said, cash is positive, abuses positive and the margin of the 3P is very big. But today, it's a small component of the overall business and growing one over time. So it's -- the most mix that we see today is mix from brands that comes from premiumization and from tone. But as time goes by, this will become a more meaningful contributor on this mix components of our revenue growth.

當然，我們目前50%、60%的成長，能讓我們持續取得更多份額。如 Fernando 所說，現金流為正、EBITDA 為正，而且 3P 的毛利率非常高。但就今天而言，它在整體業務中仍是較小的一部分，並會隨時間逐步成長。所以——我們今天看到的主要組合變化，仍來自品牌組合的變化，也就是高端化以及其他因素帶動的組合提升。但隨著時間推進，這將在我們營收成長的組合因素中，成為更有意義的貢獻來源。

Thank you. Very helpful context.

謝謝。這些背景資訊非常有幫助。

Thank you. 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.

謝謝。這是最後一個問題。如果你的問題尚未獲得解答，歡迎聯絡投資人關係團隊。我現在把時間交回給 Michel Doukeris 先生做結語。

Thank you, and thank you, everyone, for your time today for the ongoing partnership and support of our business. I hope that you are doing well for those in the north preparing for summer and grabbing some beer to cheers. And for everybody else, of course, join us on the excitement for FIFA, that's right around the corner and for a great summer, great gains and great moments of celebrations. So cheers.

謝謝，也謝謝各位今天撥冗參與，並持續與我們的業務合作與支持。希望大家都一切安好；北半球的朋友正準備迎接夏天，拿起啤酒乾杯。至於其他所有人，當然也歡迎和我們一起期待即將到來的 FIFA 賽事，以及一個美好的夏天、亮眼的成果與精彩的慶祝時刻。所以，乾杯。

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

謝謝。今天的財報電話會議與網路直播到此結束。請現在掛斷您的線路，祝您有美好的一天。