Anheuser-Busch Inbev SA (BUD) 2026 Q3 法說會逐字稿

Welcome to AB InBev's third 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.

歡迎收聽百威英博（AB InBev）2026 年第三季財報電話會議與網路直播。今日由百威英博的 Michel Doukeris 先生（執行長）與 Fernando Tennenbaum 先生（財務長）主持。如需取得今日電話會議隨附的簡報，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。

Today's webcast will be available for on-demand playback later today. (Operator Instructions)

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.

本次電話會議中提供的部分資訊可能包含對未來的預期以及其他前瞻性陳述。這些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成果與財務狀況可能與這些前瞻性陳述所示之預期成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 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 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.

關於可能影響百威英博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）提交之最新年度報告 Form 20-F 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.

現在我很榮幸將會議交給 Michel Doukeris 先生。先生，請開始。

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

謝謝，歡迎各位參加我們 2026 年第三季財報電話會議。今天，Fernando 與我將帶各位回顧我們的營運重點，並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 momentum of our business continued in the third quarter. Consistent execution of our strategy enabled us to deliver solid top and bottom line performance while investing in our brands and capabilities to fuel future growth. Volumes grew for a third consecutive quarter with market share growth globally and record high third quarter volumes in 15 markets, including Colombia, Peru, Ecuador, South Africa, India and Dominican Republic, amongst others.

先從關鍵亮點開始。我們的業務動能在第三季持續延續。透過一貫且到位的策略執行，我們在持續投資品牌與能力、以驅動未來成長的同時，交出穩健的營收與獲利表現。銷量連續第三季成長，全球市占提升，並在 15 個市場創下第三季銷量新高，包括哥倫比亞、秘魯、厄瓜多、南非、印度與多明尼加共和國等。

Revenue increased by 4.9% with solid revenue per hectoliter growth of 4.2%. Underlying EPS increased by 22% to reach $1.21. We stepped up sales and marketing investments to activate key mega platforms this quarter, strengthening our brand power and supporting increased participation with our portfolio. Our performance was driven by our replicable growth drivers with continued momentum across our megabrands, non-alcohol beer and Beyond Beer. BEES Marketplace continued to scale with GMV increasing by 45% to reach $1.4 billion.

營收成長 4.9%，每百升營收（revenue per hectoliter）穩健成長 4.2%。經調整每股盈餘（Underlying EPS）成長 22%，達到 1.21 美元。我們在本季加大銷售與行銷投資，以啟動關鍵大型平台（mega platforms），強化品牌力並支持消費者對我們產品組合的參與度提升。我們的表現由可複製的成長驅動因子所帶動，旗下巨型品牌（megabrands）、無酒精啤酒與 Beyond Beer 均維持動能。BEES Marketplace 持續擴張，商品交易總額（GMV）成長 45%，達到 14 億美元。

Given our strong balance sheet and increased capital allocation flexibility, the Board has approved an interim dividend of EUR0.40 per share. Turning to our operating performance. Total volumes grew by 0.4% in the third quarter, led by growth in our soft drinks business. Beer volumes were flattish as growth in 2/3 of our markets was offset by a challenging industry in China. Our best-in-class revenue management capabilities, combined with positive mix contribution from our megabrands, delivered a revenue per hectoliter increase of 4.2%.

鑑於我們強健的資產負債表與更高的資本配置彈性，董事會已核准每股 0.40 歐元的期中股利。接著看營運表現。第三季總銷量成長 0.4%，主要由我們的軟性飲料業務成長帶動。啤酒銷量大致持平；我們約 2/3 市場的成長，被中國市場具挑戰性的產業環境所抵銷。我們同業領先的收益管理能力，結合巨型品牌帶來的正向組合貢獻，使每百升營收提升 4.2%。

EBITDA increased by 3.9% with flattish margins as higher sales and marketing investments and commodity headwinds were partially offset by disciplined revenue and cost management. US dollar EBITDA increased by 6.5% in the third quarter and by 10% year-to-date. EBIT increased by 6% and underlying EPS grew by 22% as we continued to optimize the business and drove operating leverage through the P&L. Our geographic footprint and global scale continue to enable us to deliver consistent results across different operating environments.

EBITDA 成長 3.9%，利潤率大致持平；較高的銷售與行銷投資以及大宗商品成本逆風，部分被嚴謹的營收與成本管理所抵銷。以美元計，第三季 EBITDA 成長 6.5%，年初至今成長 10%。EBIT 成長 6%，經調整每股盈餘成長 22%，因我們持續優化業務並透過損益表（P&L）推動營運槓桿。我們的地理布局與全球規模，持續使我們能在不同營運環境下交付一致的成果。

Our footprint is both well diversified and balanced. With around 70% of our EBITDA generated in emerging and developing markets, we are well positioned to capture future industry growth with a mix of currencies.

我們的布局既多元分散，也相對均衡。約 70% 的 EBITDA 來自新興與發展中市場，使我們能以多元貨幣組合，掌握未來產業成長機會。

Now let's review our key regional highlights, starting with North America. In the US, our portfolio momentum continued with share gains in both beer and Beyond Beer. We have gained share of total alcohol for 10 consecutive quarters and are the number 1 share gainer year-to-date. Our beer performance was led by Michelob ULTRA and Busch Light, which were the top 2 volume share gainers in the industry. Our Beyond Beer portfolio continued to expand our total addressable market and delivered revenue growth in the low teens, led by Cutwater and Nutrl.

現在回顧各區域重點，先從北美開始。在美國，我們的產品組合動能持續，在啤酒與 Beyond Beer 皆取得市占成長。我們已連續 10 個季度提升在整體酒精飲料中的市占，且年初至今為市占成長第一名。啤酒表現由 Michelob ULTRA 與 Busch Light 帶動，兩者為產業中銷量市占成長前二名。我們的 Beyond Beer 產品組合持續擴大可服務市場（TAM），營收成長達低十位數百分比（low teens），主要由 Cutwater 與 Nutrl 帶動。

Now let's turn to Middle Americas. In Mexico, market share gain and margin expansion drove mid-single-digit volume growth and double-digit bottom line growth. We grew revenue in mainstream, premium, non-alcohol beer and Beyond Beer and continued to increase our portfolio brand power. In Colombia, record high third quarter volumes drove double-digit top and bottom line growth. Volume and revenue grew across all price segments with our portfolio gaining share of alcohol beverages.

接著看中美洲地區（Middle Americas）。在墨西哥，市占提升與利潤率擴張帶動銷量中個位數成長，以及獲利（bottom line）雙位數成長。我們在主流、優質、無酒精啤酒與 Beyond Beer 均實現營收成長，並持續提升產品組合的品牌力。在哥倫比亞，第三季銷量創新高，帶動營收與獲利雙位數成長。各價格帶的銷量與營收皆成長，我們的產品組合在酒精飲料中的市占亦提升。

In Brazil, market share momentum and volume growth drove a mid-single digit top and bottom line increase. Our premium and super premium beer portfolio led our performance and delivered high teens volume growth, strengthening our leadership position in the segment. In Europe, market share gains and premiumization drove continued top line growth. Volumes were flat, estimated to have gained or maintained share in the majority of our key markets with our performance driven by our megabrands and non-alcohol beer. In South Africa, record high volumes and premiumization drove high single-digit top line growth.

在巴西，市占動能與銷量成長帶動營收與獲利中個位數成長。我們的優質與超優質啤酒產品組合引領表現，銷量成長達高十位數百分比（high teens），進一步鞏固我們在該細分市場的領導地位。在歐洲，市占提升與高端化（premiumization）推動營收持續成長。銷量持平；我們估計在多數關鍵市場中市占提升或維持，表現主要由巨型品牌與無酒精啤酒帶動。在南非，銷量創新高與高端化推動營收高個位數成長。

Our premium beer portfolio led our performance, delivering mid-30s volume growth. Now moving to APAC. In China, revenue and volumes declined by 16.8% as we underperformed a challenging industry. We estimate the industry declined by low teens in our footprint, impacted by abnormal weather and continued weakness in the on-premise channel. While our overall results remained below potential, we made progress in areas of strategic focus.

我們的優質啤酒產品組合引領表現，銷量成長約 30% 多（mid-30s）。接著看亞太（APAC）。在中國，由於我們在具挑戰性的產業環境中表現不如預期，營收與銷量下滑 16.8%。我們估計在我們布局範圍內，產業下滑約低十位數百分比（low teens），受到異常天候與即飲通路（on-premise）持續疲弱影響。儘管整體結果仍未達潛力，我們在策略重點領域已取得進展。

We continued to invest in our megabrands, innovations and strengthen our portfolio brand power. Our in-home channel market share trend improved versus last year, supported by continued momentum in our core plus and super premium brands and growth in the O2O channel. There is more work to do, and we are investing to improve our execution and rebalance our portfolio towards growing segments, channels and geographies.

我們持續投資於巨型品牌、創新產品，並強化產品組合的品牌力。在核心加（core plus）與超優質品牌持續動能，以及 O2O 通路成長的支持下，我們的居家通路（in-home）市占趨勢較去年改善。仍有更多工作要做；我們正投資以提升執行力，並將產品組合重新平衡至成長中的細分市場、通路與地理區域。

Let's now turn to our strategic pillars, starting with Lead and Grow the Category. Our megabrands continue to drive profitable growth across our markets with net revenue increasing by 7.7% during the quarter. Corona continued to drive premiumization, growing revenue by 20% outside of Mexico and growing volumes by double digits in 37 markets. The combination of our megabrands and platforms is a powerful opportunity to connect with consumers through key moments of culture and celebration. Following successful activations in the first nine months of the year, we have a strong lineup for quarter four and into 2027.

接著談我們的策略支柱，首先是「引領並壯大品類」（Lead and Grow the Category）。我們的巨型品牌持續在各市場推動獲利性成長，本季淨營收成長 7.7%。Corona 持續帶動高端化，在墨西哥以外市場的營收成長 20%，並在 37 個市場實現銷量雙位數成長。巨型品牌與平台的結合，是透過文化與慶祝等關鍵時刻與消費者連結的強大機會。在今年前九個月成功啟動多項活動後，我們已為第四季以及邁入 2027 年準備了強勁的活動陣容。

These mega platforms, including our partnerships with Live Nation and Netflix, are placing beer and our brands at the center of culturally relevant moments for consumers. Our strategic investments strengthened the connection with consumers and supported a continued increase in our portfolio brand power. Consistent execution of our category expansion levers drove increased consumer participation with our portfolio this quarter with growth across our core, premium, Balanced Choices and Beyond Beer brands.

這些大型平台（包括我們與 Live Nation 及 Netflix 的合作夥伴關係）正將啤酒與我們的品牌置於對消費者具文化相關性的時刻核心。我們的策略性投資強化了與消費者的連結，並支持我們的產品組合品牌力持續提升。我們一貫落實品類擴張槓桿，帶動本季消費者對我們產品組合的參與度提升，並在核心、優質、均衡選擇（Balanced Choices）及超越啤酒（Beyond Beer）品牌上皆實現成長。

In non-alcohol beer, our portfolio outperformed the industry and delivered a 35% revenue increase led by Corona Cero and Michelob ULTRA Zero. With an estimated 60% of the volume coming from new occasions and new consumers, non-alcohol beer is an opportunity to develop the category and drive incremental volume growth.

在無酒精啤酒方面，我們的產品組合表現優於產業，營收成長 35%，主要由 Corona Cero 與 Michelob ULTRA Zero 帶動。

Let's now turn to our second strategic pillar, Digitize and Monetize our Ecosystem. In the third quarter, BEES captured $15.9 billion in gross merchandising value, a 12% increase versus last year. BEES Marketplace continued to scale with GMV from third-party products increasing by 45% versus last year to reach $1.4 billion. Our digital D2C business is growing and enabling us to further monetize our ecosystem. Our digital platforms served 13 million consumers and generated $158 million in revenue.

接下來讓我們談第二個策略支柱：將我們的生態系數位化並加以變現。第三季，BEES 取得 159 億美元的商品交易總額（GMV），較去年成長 12%。BEES Marketplace 持續擴張，第三方產品的 GMV 較去年成長 45%，達到 14 億美元。我們的數位 D2C（直達消費者）業務正在成長，並使我們能進一步將生態系變現。我們的數位平台服務了 1,300 萬名消費者，並創造 1.58 億美元營收。

We are also commercializing third-party products on our D2C platforms and now have a growing marketplace with annualized GMV of $200 million.

我們也在 D2C 平台上商業化第三方產品，目前已建立一個持續成長的市集，年化 GMV 為 2 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，請他說明我們策略的第三個支柱：優化我們的業務。

Thank you, Michel. I'll take a few minutes to discuss the progress we have made on three areas in optimizing our business: superior profitability, compounding EPS growth and increased capital allocation flexibility. Let's start with superior profitability. Our margins are best-in-class, reflecting the fundamental strength of our business: our brands, scale, leadership positions, efficient operating model and ownership culture.

謝謝你，Michel。我將用幾分鐘說明我們在優化業務三個面向所取得的進展：卓越獲利能力、每股盈餘（EPS）複利成長，以及資本配置彈性提升。先從卓越獲利能力談起。我們的利潤率為同業最佳，反映出我們業務的根本實力：品牌、規模、領導地位、高效率的營運模式，以及所有權文化。

Disciplined revenue and cost management enable us to offset commodity cost headwinds and maintain our margins while we're stepping up investments in key mega platforms this year. Over the last 12 months, we have invested $8.1 billion in sales and marketing to support our growth priorities as we move into the next phase of our strategy. While each year has unique dynamics, we are confident we have opportunities for further margin expansion over time.

嚴謹的營收與成本管理，使我們得以抵銷大宗商品成本上升的不利因素並維持利潤率，同時我們今年也加大對關鍵大型平台的投資。過去 12 個月，我們在銷售與行銷方面投資 81 億美元，以支持我們在進入策略下一階段時的成長優先事項。雖然每一年都有其獨特動態，但我們有信心，隨時間推進仍有進一步擴大利潤率的機會。

Moving on to EPS. Top line growth, effective cost management and the continued optimization of our business drove constant currency EPS growth of 13.9%. With translational FX tailwinds, dollar EPS increased by 22.4% to reach $1.21 per share. We have a strong balance sheet. Given the proactive management of our bond portfolio, our last 12 months free cash flow is greater than any of our annual bond maturities, putting us in a position where we have no relevant refinancing needs.

接著談 EPS。營收成長、有效的成本管理，以及持續優化業務，帶動以固定匯率計算的 EPS 成長 13.9%。在外幣換算（translational）匯率順風帶動下，以美元計的 EPS 成長 22.4%，達到每股 1.21 美元。我們擁有強健的資產負債表。由於我們主動管理債券投資組合，過去 12 個月的自由現金流高於任何一年到期的債券金額，使我們處於幾乎沒有重要再融資需求的位置。

98% of our debt is fixed rate with an average coupon of around 4%, and there are no financial covenants on our bonds.

我們 98% 的債務為固定利率，平均票面利率約 4%，且我們的債券不含任何財務契約條款（financial covenants）。

Given the strength of our balance sheet and free cash flow generation, we have increased flexibility on our capital allocation choices. The objective of our capital allocation framework is to maximize value creation for our shareholders. Consistent with our ambition for a progressive dividend over time, we have announced an interim dividend of EUR0.40 per share compared to an interim dividend of EUR0.15 per share last year.

鑑於我們資產負債表的強度與自由現金流的產生能力，我們在資本配置選擇上具備更高彈性。我們資本配置框架的目標，是為股東創造最大價值。符合我們長期推動漸進式股利的企圖，我們宣布中期股利為每股 0.40 歐元，較去年每股 0.15 歐元的中期股利提高。

We also continue to execute on the 24-month $6 billion share buyback program announced last year. And to date, we have repurchased $2.6 billion of shares. Looking ahead, the strength of our ownership culture and execution, together with our best-in-class brands and solid year-to-date results, reinforce our confidence in our ability to deliver our 2026 outlook.

我們也持續執行去年宣布的 24 個月 60 億美元庫藏股回購計畫。截至目前，我們已回購 26 億美元的股份。展望未來，我們強大的所有權文化與執行力，加上同業最佳的品牌與今年迄今穩健的成果，進一步強化我們對達成 2026 年展望的信心。

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

接下來我把時間交還給 Michel，請他做一些最後的補充。

Thanks, Fernando. Before opening for Q&A, let me recap on our performance this quarter and the opportunities we have ahead of us. Our continued momentum reflects the resilience of our strategy and our ability to deliver reliable compounding growth across different operating environments. We continue to invest to strengthen our capabilities and brand power to lead and grow the category. Revenue grew by 4.9% with continued volume growth and a revenue per hectoliter increase of 4.2%.

謝謝你，Fernando。在進入問答之前，讓我回顧本季表現以及我們面前的機會。我們持續的動能反映出策略的韌性，以及我們在不同營運環境下交付可靠複利成長的能力。我們持續投資以強化能力與品牌力，帶領並推動品類成長。營收成長 4.9%，在銷量持續成長的同時，每百升營收（revenue per hectoliter）提升 4.2%。

Underlying EPS momentum continued, increasing by 22% in both the third quarter and year-to-date. With our strong balance sheet and increased capital allocation flexibility, we announced an interim dividend of EUR0.40 per share. As we progress through the next phase of our strategy, we are well positioned to deliver superior value creation.

基礎 EPS 動能持續，第三季與今年迄今均成長 22%。憑藉我們強健的資產負債表與提升的資本配置彈性，我們宣布中期股利為每股 0.40 歐元。隨著我們推進策略下一階段，我們已具備良好條件以交付更優異的價值創造。

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

接下來我把時間交回給主持人，進行問答。

(Operator Instructions)

（主持人指示）

Edward Mundy, Jefferies.

Edward Mundy，Jefferies。

So my first question is a pretty big picture question, if that's okay. So in 2026, you've got a pretty healthy balance between volumes, price and mix and the replicable growth drivers are clearly working. I'm not looking for explicit guidance for 2027, but how are you thinking about those three buckets going into next year, especially as there's a bit more commodity pressure sort of creeping in? And then my follow-up question is really around non-alcohol, which accelerated in the quarter. What is it do you think you're doing differently relative to your peers that's driving this outperformance? And do you really feel like you're at the tipping point now where zero alcohol can really scale and become a meaningful growth engine?

我的第一個問題是比較宏觀的問題，如果可以的話。在 2026 年，你們在銷量、價格與組合之間有相當健康的平衡，而且可複製的成長驅動因素顯然正在發揮作用。我不是要你們對 2027 年給出明確指引，但你們如何看待明年這三個面向的走勢，特別是在大宗商品壓力似乎開始逐步浮現的情況下？接著我的追問是關於無酒精品類，本季其成長加速。你認為相較同業，你們做了哪些不同的事情，促成這樣的超越表現？你們是否真的覺得現在已到達臨界點，讓零酒精能夠真正擴大規模並成為有意義的成長引擎？

Michel here. So 2 questions there. I think that they interconnect in a way. But I think you mentioned and just to reinforce that we are not providing any guidance so far for 2027. During the Capital Markets Day, we talked about this midterm outlook evolving from EBITDA 4% to 8% to become EBIT 5% to 9% as we now get into what we call the second phase of our 10-year plan.

我是 Michel。這裡有兩個問題。我認為它們在某種程度上彼此相連。不過你也提到，我想再強調一次：目前我們不提供任何 2027 年的指引。在資本市場日（Capital Markets Day）上，我們談到中期展望將從 EBITDA 4% 至 8% 演進為 EBIT 5% 至 9%，因為我們正進入所謂 10 年計畫的第二階段。

And as we look at the components of the results this year, year-to-date, now nine months gone, volume is growing, very healthy net revenue per hectoliter.

當我們檢視今年迄今、也就是九個月的成果構成時，銷量正在成長，每百升淨營收（net revenue per hectoliter）也非常健康。

Of course, it comes from 2 different areas. We've been pricing as we always do in line with inflation and our revenue management capabilities, which we discussed during the Capital Markets Day is something that we are investing a lot. They continue to evolve. And due to the strong brands that we have and the capabilities that we have, we are topping up what we put in terms of price with very healthy mix, mix that's coming from premiumization, right pack price strategy, and also from the growth engines that we referred to because non-alcohol is at the premium margins for us. Ready-to-drink beverages, higher price per hectoliter, incremental net revenue there.

當然，這來自兩個不同面向。我們一如既往依通膨進行定價，並運用我們的營收管理能力；我們在資本市場日也提到，這是我們投入大量資源的領域。這些能力持續演進。憑藉我們強大的品牌與能力，我們在價格之外，還透過非常健康的組合來加乘成果；這些組合來自高端化、正確的包裝價格策略，以及我們提到的成長引擎，因為無酒精產品對我們而言具有較高的利潤率。即飲（Ready-to-drink）飲品每百升價格更高，也帶來額外的淨營收增量。

And we continue to, of course, in a very detailed way, using all the tech capabilities that we have to optimize the way that we promote, discount and go to market. So as we look forward, this type of algorithms, which is positive volume, healthy net revenue per hectoliter, gains in mix, optimization of the cost lines and the right growth engines is what we anticipate will drive our momentum moving forward.

當然，我們也持續以非常細緻的方式，運用我們所有的科技能力，來最佳化促銷、折扣以及上市路徑（go-to-market）。因此展望未來，我們預期這套「演算法」——正向的銷量、健康的每百升淨營收、組合改善、成本線最佳化，以及正確的成長引擎——將持續推動我們的動能向前。

On the non-alcohol, I think that we've been investing on this now for five years, and we've been very clear on why we are investing. The key reason is because it brings new consumers to the category, and we are seeing today participation for our overall portfolio growing globally across the vast majority of the markets. It brings new occasions because it's very flexible as a liquid. It can be during the day, during the night, weekend, weekday, and it covers a very wide range of consumers from LDAs to adults that want to continue to entertain, enjoying beer, but want to try in some occasions, non-alcohol beer.

關於無酒精產品，我認為我們已經在這方面投資了五年，而且我們非常清楚為什麼要投資。關鍵原因是它能為品類帶來新的消費者，而我們今天看到，在全球絕大多數市場，我們整體產品組合的參與度都在提升。它也帶來新的飲用情境，因為作為液體產品它非常有彈性。不論白天、夜晚、週末、平日都適用，並且涵蓋非常廣泛的消費者族群，從法定飲酒年齡（LDA）到希望持續社交、享受啤酒、但在某些場合想嘗試無酒精啤酒的成年人。

And what we are doing, I think that it is investing in the right brands and platforms. You remember, we made a massive investment with the Olympics. Our technology for the liquids is huge breakthrough. So today, the taste and the quality of the liquids that we are putting in the market is second to none and the best that we have had so far, but we don't stop investing in fine-tune the technology and improve taste and quality. And this, of course, is getting traction.

而我們正在做的，我認為就是投資在正確的品牌與平台上。你還記得，我們在奧運上做了大規模投資。我們在液體技術方面取得了重大突破。因此今天，我們投放到市場上的產品風味與品質無與倫比，是我們迄今為止最好的，但我們不會停止投資，會持續微調技術並提升風味與品質。而這當然正在獲得市場動能。

It used to be less than 1% of our business. Today is more than 1.5%, approaching 2% on a run rate.

過去它在我們業務中占比不到1%。如今已超過1.5%，按目前運行速度（run rate）正接近2%。

And the growth rates are very good across the globe, double digits in most every market. We are taking leadership on this segment in many markets, but now we're stretching this leadership up, and we see this continue to grow. It's very early stage. We'll continue to see more coming there. I think that the third component on this question on the same lines is how we are leveraging the business beyond this growth.

而且全球各地的成長率都非常不錯，多數市場都是雙位數成長。我們在許多市場在這個細分領域取得領先，但現在我們正在把這個領先優勢進一步拉開，我們也看到它會持續成長。這仍處於非常早期的階段。我們會繼續看到更多進展。我認為同一脈絡下，這個問題的第三個部分是：我們如何在這項成長之外進一步槓桿化（leveraging）這門生意。

You just saw the EPS growth of 22%. I think that Fernando can add a little bit on that because the optimizing the business is also a component on how this strategy is coming to life.

你剛剛看到每股盈餘（EPS）成長22%。我想Fernando可以補充一些，因為優化業務也是這項策略落地的一個組成部分。

Thank you, Michel. Ed, you mentioned volume, price and mix. But at the end of the day, it's all connected. We are investing more into our business. You saw our sales and marketing.

謝謝你，Michel。Ed，你提到了銷量、價格與組合。但歸根結底，這些都是相互連結的。我們正在加大對業務的投資。你也看到了我們在銷售與行銷方面的投入。

We're investing behind the mega platforms and doing all of that while managing to maintain the EBITDA margins. And then when you start going below the line kind of all the things that we've been doing this, for example, you are improving cash flow, improving cash flow, you have a higher average cash balance on your bank accounts. You have better interest income that helps net interest income.

我們在大型平台（mega platforms）上加大投資，同時也能維持EBITDA利潤率。接著當你往損益表（P&L）「線下」（below the line）看，我們所做的各種事情，例如改善現金流；現金流改善後，你在銀行帳戶上的平均現金餘額更高。你會有更好的利息收入，這有助於淨利息收入。

Some of the different mix of countries that are performing, we see like Middle Americas, very strong performance. Just to give some examples, countries like Peru or Colombia, they are bigger than China today, and they come with a higher EBITDA margin and very good profitability. So when you start adding all these components, we make sure that we are investing enough to support the strategy. Top line is in a healthy place. Price is in a healthy place because we're investing behind our brands.

另外，表現較好的國家組合也有所不同；例如我們看到中美洲（Middle Americas）表現非常強勁。舉例來說，像秘魯或哥倫比亞這些國家，如今規模都比中國更大，而且它們的EBITDA利潤率更高、獲利能力也非常好。因此當你把所有這些要素加總起來，我們確保投入足夠資源來支持策略。營收端（top line）處於健康狀態。價格也處於健康狀態，因為我們在品牌上持續投資。

And then you have a lot of leverage through your P&L, then you can deliver a solid EPS.

然後你在損益表上有很大的營運槓桿，因此就能交出穩健的EPS。

Of course, this year, you had some tailwinds from FX on your EPS. But even without the FX, we are growing at 13.9% at constant currency, which tells a lot about the efforts that we are doing to optimize our business. And then again, we see still opportunities to do more as we continue to delever, as we continue to further optimize our business.

當然，今年你的EPS受到匯率（FX）帶來的一些順風影響。但即使不考慮匯率，我們以固定匯率（constant currency）計算仍成長13.9%，這充分說明我們在優化業務方面所做的努力。而且同樣地，隨著我們持續去槓桿（delever），並進一步優化業務，我們仍看到還有更多機會可以做。

Sanjeet Aujla, UBS.

Sanjeet Aujla，瑞銀（UBS）。

A couple from me, please. I'd like to dig into China a little bit. I think on the call, Michel, you referenced the category down low teens in your footprint. Can you help us disaggregate how much of that is weather-related versus underlying consumer? And do you think the destocking will be done by the end of this fiscal year? That's my first question.

我這邊有兩個問題。我想更深入談談中國。我記得在電話會議上，Michel，你提到在你們覆蓋的區域內，品類下滑約十幾個百分點（low teens）。你能否幫我們拆解一下，其中有多少是天氣因素、多少是消費者基本面所致？另外你認為去庫存（destocking）會在本財年結束前完成嗎？這是我的第一個問題。

My second question is on the strength in Middle Americas. You saw a nice acceleration there in Q3. I think the whole region is on track to deliver the strongest volume growth outside of COVID in the last decade. And so I'm just trying to understand how much of a -- how material is the World Cup impact there in the quarter versus what's just an underlying strong consumer backdrop?

第二個問題是關於中美洲（Middle Americas）的強勁表現。你們在第三季看到那裡有不錯的加速。我認為整個區域有望交出過去十年（不含COVID期間）最強的銷量成長。所以我想了解，在該季度中，世界盃的影響有多大、相較之下有多少只是消費者基本面本來就很強？

Sanjeet, thanks for the question. Two very different parts of the world there in terms of not only geography, but momentum for the category and for our business. I will start with China. And when you look at the results in China, one can take this in a way that's very hard to understand like 16% volume down. But when you dig into the numbers, and we have like several sources to check these numbers in China.

Sanjeet，謝謝你的提問。這確實是世界上兩個非常不同的區域，不僅地理不同，品類與我們業務的動能也不同。我先從中國開始。當你看中國的結果時，可能會覺得很難理解，例如銷量下滑16%。但當你深入看數據，而且我們在中國有多個來源可以交叉驗證這些數字。

And one, we always say that the sources do not align 100% always, but you have production, you have production reported by the companies, which is different from the statistics bureau and you have Nielsen. And I think that they all converge on the quarter three to an industry that is high single digits down at national average. So depending on the source between 8% and 9% down for the industry.

第一，我們一直說各來源不一定能100%對齊，但你有產量數據、公司上報的產量（與統計局不同），以及尼爾森（Nielsen）。我認為它們在第三季的結論大致一致：以全國平均來看，行業下滑為高個位數。因此依不同來源，行業下滑約8%到9%。

When you take this industry on our footprint because, again, we are more in the East Coast of China, expanding inland, in a faster way now, but still very concentrated. We were very exposed to all this incredibly bad weather that landed in China and in the region over the summer. So our footprint, considering the channels, geographies and the overall industry was north of 10% down. So in this context, our performance, if you look through the quarters, just as an example, quarter one, the industry was flattish. It was not too different in the quarter three than what it was in the quarter one in relative terms performance.

當你把這個行業表現放到我們的覆蓋區域（footprint）來看，因為再說一次，我們更多集中在中國東部沿海，現在也在更快向內陸擴張，但仍然相當集中。我們在夏季遭遇中國及該區域極端惡劣天氣時，曝險非常高。因此就我們的覆蓋區域而言，考量渠道、地理分布與整體行業情況，下滑幅度超過10%。在這樣的背景下，如果你按季度來看我們的表現，舉例來說，第一季行業基本持平。相對表現而言，第三季與第一季並沒有太大差異。

If you go to the share, was actually better because we started the year with a negative market share 1 point, 1 point something down. And this share is getting closer to 0 as we go through the months and was below 0.5% in the quarter three. So the actions that we have in place in China in innovation, the investments that we're making on the key brands being on the brand equity, power is growing, but also in distribution. Distribution is in good place, evolving. They are working.

如果看市占，其實更好，因為我們年初市占為負，下降1個點、1點多。隨著月份推進，這個市占缺口逐步接近0，在第三季已低於0.5%。因此我們在中國所採取的行動——包括創新、對關鍵品牌的投資（不論是品牌資產、品牌力的提升），以及通路鋪貨——通路狀況良好並在演進。這些措施正在發揮作用。

We are growing in the O2O channel. We are growing with the key innovations that we did in brands and packs, but the industry was really the big deal.

我們在O2O渠道成長。我們在品牌與包裝（packs）上的關鍵創新也帶來成長，但行業整體才是真正的關鍵因素。

And you are right on your question because take any market of ours where you have wholesalers more than one tier like China and the retailers after the wholesalers, when you get on the summer, a 10% industry down, you are confronted with a choice that is not easy many times, which is you either leave your channels stuffed and then with too much inventory as you head towards the winter on an industry that is very negative or you need to adjust your inventories. And a drop in an industry like 10% will push you to get inventories two to three days down in a month, you know that this is another big component on your shipments, which is after all what we report.

而你的問題很對，因為在我們任何一個市場，只要像中國這樣有多層級批發商（wholesalers）以及批發商之後的零售商，當夏季遇到行業下滑10%，你就會面臨一個很多時候都不容易的選擇：要麼讓渠道塞滿貨，帶著過多庫存進入冬季，而行業又非常疲弱；要麼就必須調整庫存。而像10%這樣的行業下滑，會迫使你在一個月內把庫存天數降低2到3天；你知道這也是你出貨量（也就是我們最終所報告的數字）的另一個重要組成部分。

So majority of the decline in China was industry and inventories driven, while we continue to underperform in sales to consumers, this industry that was very negative. I don't see a reason that is consumer-driven for this industry to be too bad in China. Again, you go through the quarters, quarter one was (inaudible), quarter two was mid -- like yes, less than mid-single digits down, was like between 2% and 4%, depending on the source. And then on the third quarter, we saw this big deceleration. We need to look more into the fourth quarter now and the comps for next year because after all, it's hard to believe that something like this will repeat itself.

因此，中國下滑的大部分是由產業與庫存所驅動；同時，我們在對消費者的銷售上仍然表現落後，而這個產業面向非常負面。我看不出有任何由消費者驅動的理由，會讓這個產業在中國變得那麼糟。再說一次，你回顧各個季度：第一季是（聽不清），第二季是中段——像是，對，跌幅低於中個位數，大約介於2%到4%之間，取決於資料來源。然後到了第三季，我們看到明顯的減速。我們現在需要更深入看第四季，以及明年的比較基期，因為說到底，很難相信這樣的情況會再度重演。

And we need to continue to make the right investments and continue to make progress there on what we want to do. The inventory thing is a moving target because if the industry is up, then you have, of course, a benefit on your inventory. If the industry is moving down as we saw in the third quarter, you need to adjust anyway, but we are planning and we're working very hard to get to the end of this year with normal inventories in China. That's our objective. So we can have a more clean cut in everything that we do for next year.

而且我們需要持續做出正確的投資，並在我們想做的事情上持續取得進展。庫存這件事是一個移動的目標，因為如果產業上行，你的庫存當然會受惠。如果產業像我們在第三季看到的那樣下行，你無論如何都需要調整；但我們正在規劃，並且非常努力地工作，希望在今年年底讓中國的庫存回到正常水位。這是我們的目標。如此一來，我們明年在所有事情上都能更乾淨俐落地推進。

When you think about MAZ, I think this is just like fantastic performance. We hosted our Capital Markets Day there three years ago. So we could give you a picture of how relevant this industry is and how exciting the opportunities that we had ahead of us were in MAZ. And I'm really happy to see how these opportunities are becoming not only reality, but the materiality of these opportunities are becoming even bigger than what we shared over there. So I think that the team in Middle Americas, together with Jean Jereissati there, are doing a fantastic job.

談到MAZ，我認為這就是非常出色的表現。我們三年前在那裡舉辦了資本市場日。因此，我們可以讓各位看到這個產業有多麼重要，以及我們在MAZ面前有多麼令人振奮的機會。我很高興看到，這些機會不僅正在成為現實，而且其重要性（規模性）甚至比我們當時分享的還要更大。所以我認為，中美洲團隊與Jean Jereissati一起，做得非常出色。

We saw participation growth across all the markets. We saw industry growth, the underlying trends that are driving that such as the economy, the health of consumer, the LDA population, all playing in our favor, and this was boosted by a very good weather. You remember that we talked a lot about the bad weather last year in MAZ. So this year was the opposite of that. We had some tailwinds coming from the comps and the weather, gaining share across majority of the markets where we have space in the beer share and gaining share of total alcohol beverage in the markets where our share in beer is already very high.

我們看到所有市場的參與度成長。我們看到產業成長；驅動這些成長的基本趨勢，例如經濟、消費者健康狀況、LDA人口（法定飲酒年齡人口），都對我們有利，而這也受到非常好的天氣所推升。你們記得我們去年在MAZ談了很多惡劣天氣的影響，所以今年正好相反。我們從比較基期與天氣中獲得一些順風，在我們啤酒市占仍有空間的多數市場中提升市占；而在我們啤酒市占已經很高的市場中，則提升我們在整體酒精飲料的市占。

So the beer category is moving ahead of the other categories.

因此，啤酒品類的表現正領先於其他品類。

What's driving that? So very consistent execution of our strategy. All the growth levers being non-alcohol, Beyond Beer, premium, are growing well ahead of the industry, and the growth was broad-based. So in an interesting way, the overall consumer environment in this region is better than the average at global level. The inflation there is moving on the opposite direction than what we see across the globe, especially in Europe, Asia and North America.

是什麼在驅動這一點？就是我們策略非常一致的執行。所有成長槓桿——無酒精、Beyond Beer、高端化——都以遠高於產業的速度成長，而且成長是廣泛分布的。因此，有趣的是，這個區域的整體消費者環境比全球平均更好。那裡的通膨走勢與我們在全球、特別是歐洲、亞洲與北美所看到的方向相反。

And this is bringing a little bit more affordability to the category when you compare the disposable income to the prices that are moving with inflation, and this is all supportive to the underlying momentum that we see in both the category and our brands. Thank you, Sanjeet.

與可支配所得相比，價格隨通膨變動的幅度，使得這個品類的可負擔性略有提升；這些因素都支持我們在品類與品牌上看到的基本動能。謝謝你，Sanjeet。

Andrea Pistacchi, Bank of America.

美國銀行（Bank of America）的Andrea Pistacchi。

My first question is on Brazil, please, where the industry, I think you said grew mid-single digit in sell-out based on Nielsen and you gained share, but your beer volume was up 0.5%. So could you possibly help us bridge the gap here between sell-in and sell-out? And with the comps becoming a bit more demanding going forward, how do you see the consumer and the industry environment evolving over the next few quarters with the elections also now behind?

我第一個問題想請教巴西：我想你提到，根據尼爾森（Nielsen）的消費端（sell-out）資料，產業成長為中個位數，而且你們提升了市占，但你們的啤酒銷量只成長0.5%。你們能否協助我們釐清這裡sell-in與sell-out之間的落差？另外，隨著未來比較基期變得更具挑戰，在選舉也已經結束的情況下，你如何看待未來幾季消費者與產業環境的演變？

And then I'll have a follow-up question for Fernando on the dividend, which you obviously increased the interim dividend quite meaningfully, as you said. Previously, I think you'd indicated that dividend increases would likely be relatively gradual over time. So should we see today's increase mainly as a rebalancing between interim and final dividend? Or does a stronger balance sheet give you -- you say it gives you more options, but does it give you scope to accelerate the increase in the overall payout?

接著我會有一個關於股利的追問要問Fernando：你們如你所說，顯著提高了期中股利。先前我記得你們曾表示，股利的增加可能會隨時間相對逐步進行。那麼，我們是否應將今天的調升主要視為期中與期末股利之間的重新平衡？或者，更強健的資產負債表確實讓你們——你說它給了你們更多選項——但它是否也讓你們有空間加速整體配息率的提升？

Andrea, Fernando here. Let me start by your second question, and then I'll move to Michel. So on the dividend, we said before that we have this ambition to grow for a progressive dividend over time. We also said that our cash flow is skewed towards the second half of the year. So you're right, with the strong balance sheet, now we have increased capital allocation flexibility. So as business performing, you see our EPS continues to perform. We announced this dividend -- this interim dividend with EUR0.40, which compares to EUR0.15 in 2025. And I think this is, at the end of the day, consistent with our stated ambition of a progressive dividend over time. And Michel?

Andrea，我是Fernando。我先回答你的第二個問題，然後再交給Michel。關於股利，我們之前說過，我們的目標是在時間推移中實現逐步提高（progressive）的股利。我們也說過，我們的現金流偏向於下半年。所以你說得對，隨著資產負債表強勁，我們現在提高了資本配置的彈性。隨著業務表現，你也看到我們的每股盈餘（EPS）持續表現良好。我們宣布這次期中股利為0.40歐元，相較於2025年的0.15歐元。我認為，歸根結底，這與我們所宣示的、隨時間推進的逐步提高股利目標一致。Michel？

Andrea, on Brazil, I think that is not that complicated to triangulate the numbers. But of course, it demands clarification on the sources in how we look at each of these components, right? So you have in Brazil, the supply data, let's say, what goes out of the production in the breweries. And when you look at this data in the year-to-date, we are gaining share and the industry is performing relatively well. And then I'm not using the comps of last year here, but the year only.

Andrea，關於巴西，我認為把這些數字對起來其實不算太複雜。但當然，需要釐清我們看待各個組成部分時所使用的資料來源與口徑，對吧？在巴西，你有供應端資料——也就是從啤酒廠生產端出貨的數據。當你看今年截至目前（year-to-date）的這份資料，我們正在提升市占，而且產業表現相對不錯。而且我這裡不是用去年的比較基期，而是只看今年。

When you look at the sales to consumer data, Nielsen, the industry on the quarter was also relatively good. Perhaps one would say under expectations versus the comps last year, but the weather that impacted Brazil last year was not really much better this year, and the economic situation in Brazil is still resilient, but it's not one at least on the middle of the year that was supportive for the overall consumer and consumption power. And in this environment, the difference between production shipments and sales to consumer is the way that people ship and control inventories through the channels and the comps.

當你看消費者端銷售資料（Nielsen）時，該季度的產業表現也相對不錯。也許有人會說，相較於去年比較基期，低於預期；但去年影響巴西的天氣，今年其實也沒有好多少，而巴西的經濟狀況仍具韌性，但至少在年中並不是那種能支持整體消費者與消費力的環境。在這樣的環境下，生產出貨與消費者端銷售之間的差異，來自於通路中出貨方式與庫存控管，以及比較基期的影響。

When you look at all of that, so the underlying demand for the brands and the market share in the different sources is positive. It's being driven by our premium brands that are growing well ahead of the industry, but a very strong performance from the Balanced Choices portfolio that we have and the core, and the market share is very healthy. Nielsen and production data also have a mismatch in terms of when you do the cut for the data, right? So a little bit of the Nielsen quarter three data is skewed towards the World Cup period. And therefore, in production would be more second quarter than third quarter.

綜合來看，品牌的基本需求以及不同資料來源所反映的市占都是正向的。這主要由我們的高端品牌所帶動，其成長遠高於產業；同時，我們的Balanced Choices產品組合與核心品牌也有非常強勁的表現，而市占非常健康。Nielsen與生產資料在資料截點（cut-off）時間上也存在不一致，對吧？因此，Nielsen第三季的一部分數據會偏向世界盃期間。而在生產端，相關出貨可能更多落在第二季而非第三季。

But at the end of the day, when you look at the accumulated of the nine months and the cut only of the quarter three sales to consumer, they are both very healthy. I think that as we look to the fourth quarter in Brazil, we will see a little bit of the consumer environment, on your question, improving because you are aware that we had the elections this year in Brazil in October, right at the first month of the quarter four. And usually, during this period, there is more money into the economy. So people received some of the adjustments in the salaries and the benefits that go to the overall population.

但歸根結底，當你看九個月累計，以及只看第三季的消費者端銷售截點，兩者都非常健康。我認為，展望巴西第四季，針對你問的消費者環境，我們會看到一些改善，因為你也知道，今年巴西在10月舉行選舉，正好在第四季的第一個月。而通常在這段期間，會有更多資金流入經濟體系。因此，人們會收到一些薪資調整與福利，這些會惠及整體人口。

And we are now phasing from the winter period towards the summer in Brazil, where if all the forecast is correct, we're going to have a little bit of the bounce back from the El Nino that was more on the negative side from half year last year to half year this year, and that should be a little bit of an inversion now as we go to the summer in Brazil. It's going to be a little bit hotter. It's going to be drier. We will see a little bit of better weather to the big regions in Brazil, especially Southeast and the Northeast regions in Brazil that should benefit for our industry from better weather than what we saw last year. So after that, then we need to see how the year ends and the next year starts to then measure how the consumer environment will be for next year.

而我們現在正從巴西的冬季逐步過渡到夏季；如果所有預測都正確，我們將會看到先前厄爾尼諾帶來的反彈效應。去年下半年到今年上半年，厄爾尼諾的影響偏負面；隨著巴西進入夏季，這種情況現在應該會出現一些反轉。天氣會稍微更熱。也會更乾燥。我們將會看到巴西主要地區的天氣略有改善，特別是巴西東南部與東北部地區；相較於去年，較佳的天氣應可讓我們的產業受益。因此，在那之後，我們需要觀察今年如何收尾、以及明年如何開局，才能衡量明年的消費者環境會是什麼樣子。

But this is for quarter three and what we are seeing now as we face from quarter three to quarter four.

但這是針對第三季，以及我們目前在第三季走向第四季時所看到的情況。

Robert Ottenstein, Evercore ISI.

Robert Ottenstein，Evercore ISI。

My first question is on the cost outlook. It's changed a lot since the beginning of the year. So I was wondering if you could touch on the incremental pressures that you're seeing going into Q4 and '27? And how comfortable are you that you have the operating levers to deal with that environment and still hit your medium-term guidance? Maybe touch on what actions you're doing now to meet those challenges. So that's the first question.

我的第一個問題是關於成本展望。自年初以來變化很大。所以我想請你談談在進入第四季以及到2027年時，你們看到的新增壓力有哪些？以及你們有多大把握擁有足夠的營運槓桿來應對那樣的環境，同時仍能達成你們的中期指引？也請談談你們現在正在採取哪些行動來迎接這些挑戰。這是第一個問題。

The second question, a little bit longer term, is fairly recently, you've added Michelob ULTRA to your global brands. And I'd love to get a sense of a little bit more detail on the strategy there, what kind of traction you're seeing and reasons to believe that Michelob ULTRA deserves to be a global brand and can make a meaningful difference to the top line longer term.

第二個問題，稍微偏長期一點：相當近期你們把 Michelob ULTRA 納入你們的全球品牌。我很想更深入了解你們在這方面的策略細節、你們看到的推進成效，以及為什麼你們相信 Michelob ULTRA 值得成為全球品牌，並且在較長期能對營收端帶來有意義的貢獻。

Rob, it's Fernando here. I'm going to take the first question. If you recall, in the beginning of the year, we said that we are always fully hedged on the things that we can hedge. There are things that we cannot hedge, and we should have a cost more skewed towards the first half than the second. Then on our update on the last earnings call, we said that the non-hedged piece, we saw some further pressure.

Rob，我是 Fernando。我來回答第一個問題。如果你還記得，年初我們說過，對於我們能避險的項目，我們一向都是完全避險。也有一些項目我們無法避險，因此成本原本會更偏向上半年高於下半年。接著在上一次財報電話會議的更新中，我們提到未避險的部分又看到一些進一步的壓力。

So our expectation is for the cost to be more balanced between half 1 and half 2. And I think this still stands. So we are seeing -- and this is what we saw in Q3 that costs were more balanced between half 1 and half 2.

因此，我們的預期是成本在上半年與下半年之間會更為均衡。我認為這個判斷仍然成立。所以我們看到——而這也是我們在第三季看到的——成本在上半年與下半年之間更為平衡。

Having said that, we have our proactive -- we've been proactive in our revenue and cost management agenda to make sure we balance the profitability. And I think Q3 clearly shows that. When we look for next year, we are not providing any guidance or any outlook so far. But what we -- if you look at the current market prices and kind of knowing that we have this 12-month hedging policy, so we are pretty much not 100%, but almost fully hedged for next year, you have some sort of visibility and it's looking like more of a normal year. More to be updated when we have the final hedge, but it's looking more like another normal year with the levers that we have in revenue management, cost management, we should be able once again to continue being consistently delivering.

話雖如此，我們在營收與成本管理議程上一直採取主動作為——我們一直很積極——以確保能在獲利能力上取得平衡。我認為第三季已清楚展現這一點。至於明年，我們目前尚未提供任何指引或展望。但如果你看目前的市場價格，並且考量我們有12個月的避險政策，我們對明年幾乎已不是100%，但接近完全避險，因此能有一定程度的能見度；看起來會更像是一個正常年份。待我們完成最終避險後會再更新更多資訊，但目前看起來更像是另一個正常年份；憑藉我們在營收管理與成本管理上的槓桿，我們應該能再次持續穩定地交付成果。

We don't have an outlook for next year yet. We are going to disclose the outlook for next year during our Q1 -- our full year earnings in February, but so far, looking more like another normal year.

我們目前還沒有明年的展望。我們會在第一季——也就是在2月公布全年財報時——揭露明年的展望；但到目前為止，看起來更像是另一個正常年份。

Robert, Michel here. On your question on the global brands strategy, and more specifically ULTRA playing a role here. I think that one of the main things that we are doing and we communicated a lot during the Capital Markets Day is this idea of consistent compounding growth today while investing for the future. And we are investing in very specific platforms that we call growth levers that are aligned with the consumer trends that we see that are both relevant, but also global trends.

Robert，我是 Michel。關於你對全球品牌策略的問題，特別是 ULTRA 在其中扮演的角色。我認為我們正在做、而且在資本市場日也大量溝通的一個核心概念，是在今天持續複利式成長的同時，也為未來投資。我們投資在一些非常特定的平台上，我們稱之為成長槓桿；這些槓桿與我們觀察到的消費者趨勢一致，這些趨勢不僅具相關性，而且是全球性的趨勢。

And one of these trends is what we call Balanced Choices. So consumers that love the category, that love the experiences around beer and want to do this regularly, more often, consistently, but they want to balance this with other choices and activities that they had. In this area, our portfolio has been growing way ahead of what we are growing on average or the industry is growing. And this idea of low calories, low carbs, low sugar and in some cases, as we said before, non-alcohol beers, they are leading this trend and reshaping, in a way, the way that the category interact with consumers and the way that consumers see our category because after all, beer is very social, it's very enjoyable, refreshing.

其中一個趨勢是我們所稱的「均衡選擇」（Balanced Choices）。也就是喜愛這個品類、喜歡啤酒周邊體驗的消費者，想要更規律、更頻繁、更持續地享受，但同時也希望在其他選擇與活動之間取得平衡。在這個領域，我們的產品組合成長速度遠高於我們的平均成長或產業成長。而低熱量、低碳水、低糖，以及在某些情況下如我們先前所說的無酒精啤酒，正在引領這股趨勢，並在某種程度上重塑這個品類與消費者互動的方式，以及消費者看待我們品類的方式；畢竟，啤酒非常社交、非常愉悅、也很清爽。

And when you adapt the process and the formulation, you end up having less sugar, less calories, less carbs, less alcohol than other competing categories. And in this sense, Michelob ULTRA is the most successful brand that we have in this portfolio. We don't need to talk here about the momentum in the US and how the brand became the number 1 brand, the fastest growing. We started the expansion where it was very logical, Canada, Mexico, but we saw an unbelievable opportunity to invest and align this with our mega platforms during the FIFA World Cup, and we made the push for the Americas.

當你調整製程與配方後，最終就會比其他競爭品類含有更少的糖、更少的熱量、更少的碳水，以及更少的酒精。在這個意義上，Michelob ULTRA 是我們在這個產品組合中最成功的品牌。我們不需要在這裡談美國市場的動能，以及這個品牌如何成為第一名、成長最快的品牌。我們從非常合乎邏輯的地方開始擴張：加拿大、墨西哥；但我們看到一個難以置信的機會，能在FIFA世界盃期間加大投資，並把它與我們的超級平台（mega platforms）對齊，因此我們推動了美洲市場的擴張。

So if you look at the quarter three, 60% of all the growth that the brand had globally came from outside of the US So during the World Cup, we said was 40%. This quarter was 60%, which shows an acceleration and a long-term legacy that this investment will leave to the company because the brand across all markets outside the US is either core plus as it is in the US or it is even premium.

所以如果你看第三季，該品牌在全球的成長中，有60%來自美國以外的市場。世界盃期間我們說是40%。這一季是60%，顯示出加速，以及這項投資將為公司留下的長期資產效應；因為在美國以外的所有市場，該品牌不是像在美國一樣屬於核心加（core plus），就是甚至定位為高端（premium）。

So it's even more profitable on a relative basis than the price positioning that we have here.

因此，相對而言，它的獲利能力甚至高於我們在這裡的價格定位。

And the momentum is huge. So you look at markets like Brazil, Argentina, Colombia, Mexico, the brand is doing very well and accelerating, and we are very confident that it's the right positioning, it's the right liquid. It has the right platforms. So it just connected now FIFA with NBA that Michelob ULTRA sponsors. So you can talk about the benefits and the key assets of the brand year long.

而且動能非常強。你看像巴西、阿根廷、哥倫比亞、墨西哥等市場，品牌表現非常好且正在加速；我們非常有信心，這是正確的定位、正確的酒液（產品）。它擁有正確的平台。因此它現在把FIFA與 Michelob ULTRA 贊助的NBA連結起來。所以你可以全年都在談這個品牌的效益與關鍵資產。

So it's a great brand, right at the center of a megatrend that is global for consumers. We are expanding now through Americas. This is working very well, and we will continue to do in a very organized and disciplined way the expansion and the investments to grow this brand further. It's very incremental for our portfolio. Thank you for the question.

所以這是一個很棒的品牌，正位於一個對消費者而言屬於全球性超級趨勢的核心。我們目前正透過美洲市場擴張。這運作得非常好，我們也會以非常有組織且自律的方式，持續推進擴張與投資，進一步壯大這個品牌。這對我們的產品組合而言是非常增量的貢獻。謝謝你的提問。

Mitch Collett, Deutsche Bank.

Mitch Collett，德意志銀行。

My first question is for Fernando, I think. So Fernando, at the Q2 stage, you talked about a relatively balanced year in terms of EBITDA growth from 1H to 2H. Is that still your expectation with just one quarter to go because it implies a step-up in Q4? And can you talk about the puts and takes as you see it for 4Q? I appreciate you've just said that you expect COGS to be reasonably balanced. And then my second question is a broader question on pricing. One of your bigger competitors yesterday talked about taking pricing below CPI yesterday. I'm conscious that you just said that it's going to be a relatively normal year for COGS. But ABI has always aimed for pricing to be roughly at CPI. Are you seeing any change in the industry pricing environment?

我想我的第一個問題是問 Fernando。Fernando，在第二季的階段，你提到就 EBITDA 成長而言，上半年到下半年會是一個相對均衡的一年。現在只剩下一季，你仍然這麼預期嗎？因為這意味著第四季會有一個躍升。另外，你能談談你對第四季的增減因素（puts and takes）的看法嗎？我理解你剛才也提到，你預期 COGS 會相當均衡。我的第二個問題是關於定價的更廣泛問題。你們一個較大的競爭對手昨天談到，將把定價調整到低於 CPI。我知道你剛才說今年的 COGS 會相對正常。但 ABI 一向的目標是定價大致與 CPI 持平。你是否看到產業定價環境有任何變化？

Mitch, Fernando here. Just repeating what we said in Q1, we said that this year would be more or less balanced between first half and second half. I think given what we are looking in the market, it still holds kind of -- of course, we have puts and takes, but again, business is resilient, kind of -- we continue to be proactive in revenue management and cost management. So it still holds.

Mitch，我是 Fernando。重申我們在第一季所說的，我們表示今年上半年與下半年大致會是均衡的。我想以我們目前看到的市場情況來看，這個判斷仍然成立——當然會有一些增減因素，但整體而言，業務具韌性——我們也持續在收益管理與成本管理上保持主動。所以這個看法仍然成立。

Mitch, Michel here. On the pricing part, I think that, first and foremost, we stated this before, and there's no change on our view that we price in line with CPI on average, and we do this every year with a very simple calendar across the countries. And when we do that, we are always assessing, as I always say, the different realities across markets because we want to price with the right discipline and carefully balance the consumer environment, the competitive environment and the ability that our brands have to charge a higher price or a premium price in each and every market.

Mitch，我是 Michel。關於定價部分，我認為首先，我們之前已經說過，而且我們的觀點沒有改變：我們平均而言會讓定價與 CPI 同步，而且我們每年都會以一個非常簡單的跨國家時程來執行。在這麼做的同時，我們也會一如我常說的，持續評估各市場不同的現實情況，因為我們希望以正確的紀律來定價，並在消費者環境、競爭環境，以及我們品牌在每一個市場收取更高價格或溢價的能力之間，謹慎取得平衡。

We discussed a lot during the Capital Markets Day, how much we are investing in capabilities, best-in-class capabilities. And one of these capabilities is revenue management. So I could talk about this, but I think that the results, they speak louder than that. If you look at the year-to-date revenue per hectoliter is up 4.3%. If you look at the quarter, was up 4.2%.

我們在資本市場日（Capital Markets Day）討論了很多，我們在能力建設、同級最佳（best-in-class）能力上投入了多少。其中一項能力就是收益管理（revenue management）。我可以就此多談，但我認為結果比言語更有說服力。如果你看今年迄今每百升收入（revenue per hectoliter）上升了 4.3%；如果你看單季，則上升了 4.2%。

We said that a portion of that is coming from healthy mix, which is part of our revenue management agenda, but the price part is robust, and is earned given the quality and the investments we are making on our brands that they continue to grow participation, they continue to grow power. And of course, because of that, we earn the right for the premium price that we have in the markets, but also to follow inflation.

我們說過，其中一部分來自健康的組合（mix），這是我們收益管理議程的一部分；但價格部分也很強勁，而且這是憑藉我們在品牌上的品質與投資所「賺得」的——品牌持續提升市占參與度，持續增強定價力。當然，也正因如此，我們在市場上既能維持溢價定價的權利，也能跟上通膨。

While, of course, not talking specifically about any competitor, the industry overall tends to price around inflation. And I have said before, it's still the reality. If you look pre-COVID to post-COVID, the industry took a lot of costs and did not price it all into the price to consumer. So the margins are not where they used to be or should be if you just go back to before COVID. So it would be, I think, a little bit different to believe that the industry overall will continue to take more costs without passing on prices.

當然，我不會特別談任何競爭對手，但整體產業通常會在通膨附近進行定價。我之前也說過，現在仍是如此。如果你看從 COVID 前到 COVID 後，產業承擔了很多成本，但並沒有把所有成本都反映到對消費者的價格上。因此，利潤率不在過去的水準——如果你回到 COVID 之前就會看到差異。所以我認為，要相信整體產業會在不轉嫁價格的情況下繼續承擔更多成本，這個看法會有點不太符合現實。

But of course, for you to be able to keep up with inflation, you need to have the right capabilities and in this case, revenue management capabilities. You need to have healthy brands and you need to have these brands performing. And those two things, they come only with quality management and teams that have the experience and the ability to manage the brands and the business that they have. So I can't comment on the capabilities and the management teams of any other competitor, but we are very confident on what we are doing at ABI. So we're going to keep up with our policy.

但當然，要能跟上通膨，你需要具備正確的能力——在這裡就是收益管理能力。你需要健康的品牌，也需要這些品牌有良好表現。而這兩件事只能來自高品質的管理，以及具備經驗與能力、能管理其品牌與業務的團隊。所以我無法評論其他競爭對手的能力與管理團隊，但我們對 ABI 正在做的事情非常有信心，因此我們會持續遵循我們的政策。

Laurence Whyatt, Barclays.

Barclays 的 Laurence Whyatt。

A couple of questions from me as well, please. Firstly, you've had BeatBox for nearly a year now. And so I just wanted to check in on the progress against your expectations when you acquired that brand, how it's fitted into your wider portfolio of the Beyond Beer portfolio and whether you think that portfolio is now sufficiently diverse to be able to deal with the continued growth in the Beyond Beer space, particularly in the US, but also in other markets?

我也有幾個問題。首先，你們擁有 BeatBox 已經將近一年了。我想確認一下，該品牌在你們收購時的預期之下，目前進展如何；它如何融入你們更廣泛的 Beyond Beer 產品組合；以及你是否認為該產品組合現在已足夠多元，能夠應對 Beyond Beer 領域持續成長——特別是在美國，但也包括其他市場？

And then secondly, I guess, a bit more technical for Fernando. Just noticed the SG&A line in Asia Pacific was quite a bit lower as a percent of sales in this quarter. I wonder if you could just give any explanations. Of course, that division had a few challenges this quarter. But is there any specific reason why the SG&A line was quite a bit lower?

第二個問題，我想對 Fernando 來說會比較技術性一些。我注意到亞太地區本季的 SG&A 佔銷售額百分比明顯較低。想請你說明一下原因。當然，該事業部本季面臨一些挑戰。但 SG&A 這一行為何會明顯較低，是否有任何特定原因？

Laurence, it's Michel here. Thanks for the question. BeatBox, if you would like follow how we do the integrations of the other brands being Cutwater, Nutrl and now BeatBox. After the acquisition, we always partner big time with the founders. They often stay in the business for many years with us.

Laurence，我是 Michel。謝謝你的問題。BeatBox，如果你想了解我們如何整合其他品牌，包括 Cutwater、Nutrl，以及現在的 BeatBox。在收購之後，我們一向會與創辦人進行非常深度的合作。他們通常會在公司裡與我們一起待很多年。

And the idea of the year one of any integration is really a learning experience. And we get together with the founders. We learn about the brand. We learn about the operations. We organize with them the integration of the key areas.

而任何整合的第一年，其實就是一段學習的過程。我們會與創辦人一起合作。我們了解品牌。我們了解營運。我們也會與他們一起把關鍵領域的整合安排好。

And we plan for what we call the year two full integration of the commercial plans. So BeatBox is going through the year one of the integration. And next year is the year where it's going to be fully integrated on the commercial plans, on the [sell] and resets with retailers and probably we'll take the stage in the US on our meeting with our wholesalers, our SAMCOM, we call, and it's going to, for sure, have a big push from the team because we have opportunities in distribution, household penetration, innovation and probably pack and price that will be integrated into the commercial plans.

並且我們會規劃我們所稱的第二年：商業計畫的全面整合。所以 BeatBox 正在經歷整合的第一年。而明年將是它在商業計畫上全面整合的一年，包括與零售商的[銷售]與貨架重置（resets）；而且它很可能會在美國、我們與批發商的會議（我們稱為 SAMCOM）上登場。團隊肯定會大力推進，因為我們在通路分銷、家庭滲透率、創新，以及可能的包裝與定價方面都有機會，這些都會被納入商業計畫中。

So I think that's going to be a good addition for next year. The integration so far is doing well, no surprises. And the contribution that we are looking forward for next year is the big thing. I think that when you combine the portfolio that we have today in the US in Beyond Beer is a fantastic portfolio that will allow us to interact with a broad-based group of consumers, cover very well channels and occasions.

所以我認為這會成為明年的一項很好的增量。到目前為止，整合進展良好，沒有意外。而我們期待明年的貢獻才是重點。我認為，當你把我們目前在美國 Beyond Beer 的產品組合放在一起看，這是一個非常出色的組合，能讓我們與廣泛的消費者族群互動，並且在通路與飲用情境上都有很好的覆蓋。

And because of that, we are very optimistic about continuing to grow and further strengthen our position on this segment.

也因此，我們對於持續成長並進一步強化我們在這個細分領域的地位，感到非常樂觀。

On Asia here, between Fernando and I, please add on, Fernando, if you want. But a lot of our expenses in SG&A in Asia are variable with volumes. So we've been, of course, because of the industry performance, adjusting this through the quarter. And I think that is just like linked to the overall industry performance because the expenses they follow in a way how much we sell, ship and execute on the channels. So I just think that is like-for-like.

關於亞洲這邊，我和 Fernando 之間——Fernando，如果你想補充也請加入。我們在亞洲的 SG&A 很多費用會隨銷量變動。因此，當然，因應產業表現，我們在本季持續做了調整。我認為這只是與整體產業表現相關，因為費用在某種程度上會跟著我們在通路上銷售、出貨與執行的量而變動。所以我認為這是同口徑（like-for-like）的。

Yes. Just to add on top of that, there is always the ongoing overhead management that we always do try to be more efficient, but it was mostly driven by sales and marketing.

是的。再補充一點，我們一直都有持續進行間接費用（overhead）管理，努力提升效率，但這次主要是由銷售與行銷所驅動。

Our final questions will come from the line of Olivier Nicolai with Goldman Sachs.

我們最後的提問將來自高盛（Goldman Sachs）的 Olivier Nicolai 專線。

I got a follow-up and a question. But before I start, I was just wondering what was the mix component within revenue per hectoliter in Q3? Is it similar to the 1% you had in H1? And so the questions are on a follow-up, could we go back to the EBITDA decline that you had in the US in Q3? And how much of a drag was actually linked to the extra marketing investments related to the World Cup versus the input cost inflation and transportation costs that you mentioned? And then lastly, on Brazil, taxation is apparently set to increase in February '27 from what I've read. But there's also an online gambling ban coming up. I was just wondering, how do you assess those two elements and the potential impact on volume for both of them? And how much of a headwind has online gambling been historically in terms of share of wallet?

我有一個追問和一個問題。不過在開始之前，我想先請教一下，第三季每百升營收（revenue per hectoliter）中的組合（mix）因素占比是多少？是否與上半年（H1）你們提到的 1% 類似？接著是追問，我們能否回到你們第三季在美國的 EBITDA 下滑？其中有多少拖累其實與你們提到的、因世界盃而增加的額外行銷投資有關，相較於投入成本通膨與運輸成本？最後關於巴西，根據我讀到的資訊，稅負似乎將在 2027 年 2 月上調。但同時也將推出線上賭博禁令。我想請問你們如何評估這兩個因素，以及它們各自對銷量可能造成的影響？另外，從歷史來看，線上賭博在「錢包份額」（share of wallet）方面對你們造成了多大的逆風？

That was a nice buildup on the last question. I'll try to take the parts here if I can get all of them right, okay? So mix, very similar contribution. We don't disclose each and every quarter what is one thing, what is the other. But we are pricing roughly with inflation.

最後那個問題鋪陳得很好。我會盡量把各個部分都回答到，如果我能把它們都說對的話，好嗎？先談組合（mix），貢獻非常相近。我們不會每一季逐一揭露每個因素各占多少。但我們的定價大致是跟著通膨走。

In a way, you can say that 25% to one-third of the revenue per hectoliter is a contribution from mix, mix of premiumization, mix of the right categories, think about RTD, non-alcohol and brands, okay? So 25% to 30% is mix. 70% -- around 70% is pure price rate.

某種程度上你可以說，每百升營收中約 25% 到三分之一的貢獻來自組合（mix），也就是高端化（premiumization）的組合、正確品類的組合，例如 RTD、無酒精與品牌等，好嗎？所以 25% 到 30% 來自組合。70%——大約 70% 是純粹的價格（price）因素。

The EBITDA in the US, I think that we talked a lot about this during the call, and we even showed a little bit of this on the press release and the presentation. But delivery overall, very broad-based growth for the company, very solid. And we are investing on our next phase of the 10-year plan. So the US as a host of FIFA had costs linked to that.

至於美國的 EBITDA，我想我們在這通電話中已經談了很多，我們甚至在新聞稿與簡報中也稍微呈現了一些。但整體交付（delivery）表現非常好，公司層面是廣泛性的成長，十分穩健。而我們正在投資於 10 年計畫的下一階段。因此，美國作為 FIFA 的主辦國，會有與此相關的成本。

Mega platform, very important for the business globally, but also for the US. And this cost is a big component on the quarter three. But the US is also having costs related to unhedged commodities.

這是一個大型平台（mega platform），對全球業務很重要，對美國也同樣重要。而這項成本在第三季占了很大一部分。但美國同時也承擔了與未避險（unhedged）的原物料相關的成本。

The simplest one for you to understand is transportation because of oil, diesel costs is a cycle of higher transportation costs on the US, which is not abnormal because every x years, the US has these cycles of higher cost in transportation. So I think we are in the middle of one. In this case is diesel oil-driven, and it is impacting the business because this is not 100% hedged in most of our geographies, especially in the US.

最容易理解的例子是運輸：因為油價、柴油成本上升，美國出現一個運輸成本較高的週期；這並不罕見，因為每隔若干年，美國就會出現這種運輸成本上升的週期。所以我認為我們正處於其中。這次是由柴油驅動的，而它正在影響業務，因為在我們多數地區這並非 100% 避險，尤其是在美國。

But other than that, business, normal course, gain share in total alcohol, gain share in beer, healthy growth on the key brands, leading growth in RTDs and in beer, and with number 1 and number 2 brands in beer at this point. So costs from FIFA marketing, costs from transportation. When you think about Brazil, we talked a little bit about this overall consumer environment. So it's stable, resilient, but it's not at the same pace of other Latin American countries. It's a little bit under pressure.

除此之外，業務運作正常：在整體酒精飲品中提升市占、在啤酒中提升市占，關鍵品牌維持健康成長，在 RTD 與啤酒領域引領成長，而且目前在啤酒品類擁有第 1 與第 2 大品牌。所以成本來自 FIFA 行銷，以及運輸成本。談到巴西，我們也稍微提過整體消費者環境。它是穩定、有韌性的，但成長步調不如其他拉丁美洲國家。它有一點壓力。

And the pressure comes from inflation, interest rates, and there is always something else.

壓力來自通膨、利率，而且總是還會有其他因素。

I think that gambling was a big discussion in Brazil. It was biting into the disposable income, especially for low-income consumers. It grew very fast and was impacting not only the debt that these consumers are carrying, but also their available income for consumption in general. It was not only beer, was across all categories. I'm not following this 100% close, but there was like a ban on this gambling that came before the elections.

我認為賭博在巴西曾是很大的討論議題。它正在侵蝕可支配所得，尤其是低收入消費者。它成長非常快，不僅影響這些消費者背負的債務，也影響他們一般消費可用的收入。影響的不只是啤酒，而是所有品類。我沒有 100% 緊密追蹤，但在選舉前似乎就有一項針對這類賭博的禁令。

People are trying to recover their money that was into these platforms. And I think that the overall speech that you listen in Brazil is that, that was very important to recover disposable income and purchase power of the families because it was a little bit off control.

人們正試圖把投入這些平台的錢拿回來。而我認為你在巴西聽到的整體論述是：這對於恢復家庭的可支配所得與購買力非常重要，因為之前有點失控。

And because of that, the government made the decision that they made. On the tax reform, still very early. Things are evolving. We continue to say that, of course, any efforts to simplify taxes in Brazil are welcome. The watch out is that the tax burden in Brazil is very high.

也因為如此，政府做出了他們所做的決定。至於稅制改革，現在仍然非常早期。事情仍在演變中。我們持續強調，當然，任何簡化巴西稅制的努力都是受歡迎的。需要注意的是，巴西的稅負很高。

If you look at beer specifically, it's one of the highest tax burden globally. So we are following. I think that, again, with the elections, there will be more money in the economy.

如果特別看啤酒，它是全球稅負最高的品類之一。所以我們正在持續關注。我認為同樣地，隨著選舉，經濟體系中會有更多資金。

With the gambling, if this is contained, there will be more disposable income. The tax reform is a watch out, but it's still too early. The overall speech from the government is a neutral tax burden when you combine everything. And if anything is beyond what it is the rate today, I would assume that the different categories and companies will need to price this into the final price to pay for that, and to keep their margins under control.

若賭博受到抑制，將會有更多可支配所得。稅制改革需要留意，但現在仍然太早。政府的整體說法是：把所有項目合併來看，稅負將維持中性（neutral）。如果最終稅率高於目前水準，我會假設不同品類與公司都需要把這部分反映到最終售價中，以支付這些成本並讓利潤率維持在可控範圍。

So there's more to come. I think that on the back end of the year, beginning of next year, if anything, is more supportive from the consumer standpoint, given the injection of money coming from the election plus the control on gambling, but then the tax reform is going to be a chapter for us to discuss next year. Thanks for the questions.

所以後續還會有更多進展。我認為在今年下半年、明年初，從消費者角度看，如果有什麼影響的話，會更偏向支持性：因為選舉帶來的資金注入，加上對賭博的管控；但稅制改革將會是我們明年要討論的一個章節。謝謝你的提問。

That 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.

以上是最後一個問題。如果你的問題尚未獲得解答，歡迎隨時聯絡投資人關係（Investor Relations）團隊。接下來我把時間交回給 Michel Doukeris 先生作結語。

Thank you. Thank you, everyone. Thank you for your time today and ongoing partnership and support for the business. And don't forget to drink some beer. Cheers.

謝謝。謝謝各位。感謝大家今天撥冗參與，以及長期以來對本業務的合作與支持。也別忘了喝點啤酒。乾杯。

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

謝謝。今天的財報電話會議與網路直播到此結束。請各位現在掛斷電話線，祝各位有美好的一天。