Fomento Economico Mexicano SAB de CV (FMX) 2024 Q3 法說會逐字稿

Hello, and welcome to FEMSA's third-quarter 2024 results conference call. My name is Melissa, and I will be your coordinator for today's event. (Operator Instructions)

您好，歡迎您參加 FEMSA 2024 年第三季業績電話會議。我叫梅麗莎，我將擔任今天活動的協調員。（操作員說明）

I'll now turn the call over to Juan Fonseca, Director of Investor Relations. Please go ahead.

我現在將把電話轉給投資者關係總監胡安·豐塞卡 (Juan Fonseca)。請繼續。

Good morning, everyone. Welcome to FEMSA's third-quarter 2024 results conference call.

大家早安。歡迎參加 FEMSA 2024 年第三季業績電話會議。

Today, we are joined by Jose Antonio Fernández Garza-Lagüera, CEO of our Proximity and Health Division; Martin Arias, our CFO; and Jorge Collazo, who heads Coca-Cola FEMSA's Investor Relations team.

今天，我們的近距離與健康部門執行長 Jose Antonio Fernández Garza-Lagüera 也加入了我們的行列。馬丁·阿里亞斯，我們的財務長；以及可口可樂 FEMSA 投資者關係團隊負責人 Jorge Collazo。

The plan for today is for Jose to open the conversation with some comments on the performance of Proximity and Health during the third quarter, and then to move on to a more strategic set of topics that follows and provides an update to some of the messages he shared with you six months ago during our first-quarter call, including some preliminary views on our expectations for 2025. After Jose's remarks, Martin will provide more detail on the broader business and our quarterly results. Finally, we will open the call for your questions.

今天的計劃是，何塞首先對第三季度 Proximity and Health 的表現發表一些評論，然後轉向一系列更具戰略性的主題，並提供他所傳達的一些信息的更新信息。第一季電話會議上與您分享了我們對2025 年預期的一些初步看法。在何塞發表講話後，馬丁將提供有關更廣泛業務和我們季度業績的更多詳細資訊。最後，我們將開啟電話詢問您的問題。

Jose, please go ahead.

何塞，請繼續。

Thank you, Juan. Good morning, everyone.

謝謝你，胡安。大家早安。

During the third quarter, Proximity and Health delivered a solid set of results. As you look at our financials, you see growth almost everywhere and margin expansion in all the right places. This is certainly positive and a testament to the strength of our business platform, the skill of our teams, and the permanent effort to grow and improve quarter after quarter, year after year. But Martin will go over the results in some detail in a few minutes.

在第三季度，Proximity and Health 交付了一系列可靠的業績。當您查看我們的財務數據時，您會發現幾乎所有地方都在成長，所有正確的地方都出現了利潤率擴張。這當然是正面的，證明了我們業務平台的實力、團隊的技能以及逐季、年復一年不斷成長和改進的努力。但馬丁將在幾分鐘內詳細討論結果。

I want to focus particularly on what did not go that well, particularly the dynamics of same-store sales at Proximity America, which came in flat for the quarter. First, let's discuss average traffic, which contracted 5.7%, reflecting a wetter and cooler third quarter, with its negative effects on some of our most important consumption locations, thirst and gathering. The greatest contraction was in key categories such as beer, soft drinks, and water.

我想特別關注那些進展不順利的事情，特別是 Proximity America 的同店銷售動態，該季度的銷售情況持平。首先，讓我們來討論平均客流量，平均客流量下降了 5.7%，反映出第三季更加潮濕和涼爽，這對我們一些最重要的消費地點、口渴和聚集產生了負面影響。收縮幅度最大的是啤酒、軟性飲料和水等關鍵類別。

Beyond weather, in the third quarter, we faced a demanding comparison base, as same-store sales grew over 15% and traffic increased a remarkable 8% in the same quarter of last year. Finally, a slowing consumer environment in Mexico also contributed to the weakness. This environment is typical for the second half of an electoral year. Offsetting the fall in traffic, average ticket grew 6.1%, reflecting revenue management initiatives while having a favorable effect on gross margins.

除天氣因素外，第三季我們還面臨嚴峻的比較基礎，去年同季同店銷售額成長超過 15%，客流量顯著成長 8%。最後，墨西哥消費環境放緩也導致了疲軟。這種環境在選舉年下半年是典型的。平均票價增加了 6.1%，抵消了客流量的下降，這反映了收入管理舉措，同時對毛利率產生了有利影響。

A careful review of pricing and market share data lead us to the conviction that these revenue management initiatives have been implemented without losing price competitiveness or market share in the relevant categories, relative to the traditional trade, as well as supermarkets. It goes without saying that we will continue to monitor the data to ensure that we maintain our competitiveness. As we look ahead, our comparison base gets easier, and we look forward to an improvement in the Mexican economy in general and the consumer environment in particular.

透過對定價和市場份額數據的仔細審查，我們確信這些收入管理措施的實施並沒有失去相關類別相對於傳統貿易和超市的價格競爭力或市場份額。不用說，我們將繼續監控數據，以確保我們保持競爭力。展望未來，我們的比較基礎變得更容易，我們期待墨西哥整體經濟，特別是消費者環境的改善。

Let me walk you through our longer-term plans for Proximity and Health. My team and I have taken the first year of my time as head of the division to carefully review the portfolio and to start adjusting our long-range plans, with a renewed emphasis on return on invested capital by format, line of business, and country. This has led us to sharpen our focus on the investments that we're making by accelerating, decelerating, or eliminating initiatives.

讓我向您介紹我們的近距離與健康長期計劃。我和我的團隊在擔任部門負責人的第一年仔細審查了投資組合併開始調整我們的長期計劃，並重新強調按格式、業務範圍和國家/地區劃分的投資資本回報率。這促使我們透過加速、減速或取消措施來更加關注我們正在進行的投資。

A significant portion of my presentation to the Board in the coming weeks will be focused on an in-depth review of the entire portfolio, with a specific focus on OXXO LatAm. This will complement the deep dive we undertook earlier in the year in the Health and Valora businesses. We expect from this session to finalize our medium and long-term plans.

未來幾週我向董事會所做的演講的很大一部分將集中在對整個投資組合的深入審查，特別是 OXXO LatAm。這將補充我們今年早些時候在健康和 Valora 業務方面進行的深入研究。我們期望在這次會議上最​​終確定我們的中長期計劃。

Although we must receive comments and final approval from the Board, I want to take the opportunity today to share some of the initial thoughts I have as to where we need to focus in the next few years. First and foremost, OXXO Mexico, where we believe the opportunity exists to continue to create significant value for the foreseeable future.

儘管我們必須收到董事會的意見和最終批准，但我想藉此機會分享我對未來幾年需要重點關注的一些初步想法。首先也是最重要的是 OXXO 墨西哥，我們相信這裡有機會在可預見的未來繼續創造重大價值。

The business has structural momentum and a very high ROI-WACC spread. The three core drivers of OXXO Mexico are sustained growth in same-store sales, sustained gross margin at the current level, and sustained high-quality store-based expansion.

該業務具有結構性動力和非常高的投資回報率-加權平均資本成本差。OXXO墨西哥的三大核心驅動力是同店銷售的持續成長、當前毛利率的持續水準以及持續的高品質門市擴張。

On that note, our preliminary store expansion target for 2025 is in line with the current trend of about 1,100 net new stores in Mexico, or more than 4% of the base. We will also continue to evolve OXXO's value proposition by developing and integrating additional value layers with a current focus on three projects: food service, price and store segmentation, and cash management initiatives to strengthen our service business.

有鑑於此，我們 2025 年的初步門市擴張目標符合目前墨西哥淨新開店約 1,100 家的趨勢，佔基數的 4% 以上。我們還將透過開發和整合額外的價值層來繼續發展 OXXO 的價值主張，目前重點關註三個項目：食品服務、價格和商店細分以及現金管理計劃，以加強我們的服務業務。

Beyond Mexico, we have several compelling opportunities, and as discussed six months ago, we have the benefit of being able to modulate the pace of investment given the organic nature of the growth process and according to the stage of development of each format. Let me briefly go over the various opportunities and where we are with our plans for each.

除了墨西哥之外，我們還有幾個引人注目的機會，正如六個月前所討論的那樣，考慮到成長過程的有機性質並根據每種業態的發展階段，我們的優勢是能夠調整投資節奏。讓我簡要回顧一下各種機會以及我們對每個機會的計劃。

In the US, we just closed our acquisition of the Delek retail assets. These are very early days, but we're excited to finally get to work in this attractive market. So expect more information regarding our tests around El Paso and the broader strategic path we expect to take.

在美國，我們剛完成了對 Delek 零售資產的收購。現在還處於早期階段，但我們很高興終於能在這個有吸引力的市場開展工作。因此，期待更多有關我們在埃爾帕索周圍的測試以及我們期望採取的更廣泛戰略路徑的資訊。

At Bara, we continue to optimize our discount value proposition while we meaningfully accelerate store build-up. With a preliminary target for 2025 of approximately 40% growth rate in the store base, we have also undertaken the decision to administratively and operationally segregate Bara from OXXO Mexico to ensure that it has the resources and focus it requires from what we expect to be a new stage of higher growth. This segregation may have a short-term impact on certain costs and expansion, but it will provide a solid foundation for the future.

在 Bara，我們繼續優化我們的折扣價值主張，同時有意義地加速商店建設。我們的初步目標是到 2025 年門市成長率約為 40%，我們還決定在行政和營運上將 Bara 與 OXXO Mexico 分開，以確保它擁有所需的資源和重點，而不是我們期望的那樣。高成長的新階段。這種隔離可能會對某些成本和擴張產生短期影響，但將為未來提供堅實的基礎。

At OXXO Colombia, our mature stores are already EBIT positive, even after allocating overhead to them. And we are confident that we have a winning format with convenience, reaching approximately 15% of revenues and average sales per store matching those in Mexico.

在 OXXO Columbia，我們成熟的商店即使在分配管理費用之後也已經實現了正息稅前利潤。我們相信，我們擁有一種便利且致勝的模式，可達到約 15% 的收入，每家商店的平均銷售額可與墨西哥相媲美。

We are excited with the evolution of this market, especially as we continue to develop specific capabilities and fine-tune our value proposition. Therefore, our preliminary target for 2025 is approximately 15% to 20% growth in store base, while we also build out our supply chain infrastructure and improve our processes in assortment, price segmentation, services, and food.

我們對這個市場的發展感到興奮，特別是當我們繼續開發特定功能並微調我們的價值主張時。因此，我們 2025 年的初步目標是門市數量增加約 15% 至 20%，同時我們也建造供應鏈基礎設施，並改善我們在品種、價格細分、服務和食品方面的流程。

For certain other LatAm Proximity operations, such as OXXO Chile and Peru, we are de-emphasizing expansion and we focus on improving their profitability drivers. This strategy will also help us reduce overhead in those markets. As a result of these initiatives, we expect to improve the results of OXXO LatAm generally and reduce the level of investment required in the short term.

對於某些其他 LatAm Proximity 業務，例如 OXXO 智利和秘魯，我們不再強調擴張，而是專注於提高其獲利能力。這項策略也將幫助我們減少這些市場的管理費用。透過這些舉措，我們預計整體上會改善 OXXO LatAm 的業績，並降低短期所需的投資水準。

In Europe, Valora continues to perform well, particularly retail and B2B food service, and we are working to improve traffic to B2C food service, which will depend in part on an improvement in German economic growth. We expect this improvement in the next 12 to 24 months. We are also making progress with our organic growth initiatives, particularly in German retail, but we have chosen to take a cautious approach in recognition of the complexities of that market. We're also driving continued capability sharing with the rest of Proximity by Valora, for example, in food service, and from Proximity to Valora, such as the use of data for price and promotion optimization and leveraging our scale to increase commercial income opportunities.

在歐洲，Valora 繼續表現良好，尤其是零售和 B2B 食品服務，我們正在努力改善 B2C 食品服務的流量，這在一定程度上取決於德國經濟成長的改善。我們預計未來 12 至 24 個月內會出現這種改善。我們的有機成長計畫也取得了進展，特別是在德國零售業，但考慮到該市場的複雜性，我們選擇採取謹慎的態度。我們也推動與 Proximity by Valora 的其他公司持續進行能力共享，例如在食品服務方面，以及從 Proximity 到 Valora，例如使用數據進行價格和促銷優化，以及利用我們的規模來增加商業收入機會。

At OXXO Gas, we're continuing to drive growth by increasing volume at our retail stations, as well as pursuing incremental growth with institutional clients, cautiously optimistic on our ability to obtain permits to increase our station-based organically and pursuing small bolt-on acquisitions in a very disciplined manner.

在 OXXO Gas，我們將繼續透過增加零售站的銷售來推動成長，並追求機構客戶的增量成長，對我們獲得許可證以有機地增加我們的加油站的能力持謹慎樂觀態度，並追求小型補充以非常有紀律的方式進行收購。

We have also launched a pilot truck stop concept, which combines an OXXO Gas and OXXO store with FEMSA and third-party food offerings, as well as specialized facilities for drivers, such as showers, a rest area, and mechanical services. These stops could be located in key highway areas, offering a compelling new value proposition that better addresses the needs of Mexican truck drivers.

我們還推出了試點卡車停靠站概念，將 OXXO Gas 和 OXXO 商店與 FEMSA 和第三方食品供應結合起來，以及為駕駛員提供的專門設施，如淋浴、休息區和機械服務。這些站點可以位於主要高速公路區域，提供引人注目的新價值主張，以更好地滿足墨西哥卡車司機的需求。

Regarding the traditional trade, after a careful analysis, we will recommend to the Board suspending our Pronto initiatives, both the franchise model and wholesale distribution. We may revisit these opportunities in the future, but given the many priorities in front of us, we have concluded that renouncing certain initiatives is as essential as identifying which ones we want to accelerate. Obviously, we will continue to leverage the Proximity and cost capabilities to pursue the opportunities to provide the traditional trade with services and payment platforms through our digital division.

對於傳統貿易，經過仔細分析後，我們將建議董事會暫停我們的Pronto計劃，包括特許經營模式和批發分銷。我們將來可能會重新審視這些機會，但考慮到我們面前的許多優先事項，我們得出的結論是，放棄某些舉措與確定我們想要加速哪些舉措同樣重要。顯然，我們將繼續利用鄰近性和成本能力，尋求透過我們的數位部門為傳統貿易提供服務和支付平台的機會。

Finally, at FEMSA Health, each of our four country operations are in different situations and require different strategies. For now, let me focus on two countries, the one that presents the most dynamic opportunities and the one that needs the most work.

最後，在 FEMSA Health，我們四個國家的業務都處於不同的情況，需要不同的策略。現在，讓我專注於兩個國家，一個提供最具活力的機會，一個最需要工作。

In Colombia, we are achieving rapid growth in retail as we de-emphasize exposure to the challenging institutional segment. We expect to continue growing our leadership position by expanding rapidly with a unique value proposition for Colombia in pharma and health and beauty. We have also identified an opportunity in the wholesale distribution business, where we will use our scale and logistics capabilities to serve the independent pharmacies, which still represent close to 50% of the market.

在哥倫比亞，我們正在實現零售業的快速成長，因為我們不再強調對具有挑戰性的機構市場的曝險。我們希望透過快速擴張，為哥倫比亞在製藥、健康和美容領域提供獨特的價值主張，從而繼續鞏固我們的領導地位。我們還發現了批發分銷業務的機會，我們將利用我們的規模和物流能力為獨立藥局提供服務，這些藥局仍然佔據近 50% 的市場份額。

In Mexico, we will continue rolling out our new flagship drugstores, with an important component of health and beauty, as we navigate an intense competitive environment. It is still early to determine the results of the new flagship stores, but we're optimistic that the dual format strategy will work as well in Mexico as it has elsewhere for us.

在墨西哥，我們將繼續推出新的旗艦藥局，以健康和美容為重要組成部分，以應對激烈的競爭環境。現在確定新旗艦店的結果還為時過早，但我們樂觀地認為，雙業態策略在墨西哥的效果將與其他地方一樣好。

Wrapping up, hopefully, the message we leave you today is one of ample opportunities for profitable growth in the short, medium, and long term of an organization that is highly focused on a management team that is determined to prioritize and allocate resources according to each project's potential to deliver the healthiest spread between ROIC and WACC in the long term.

希望我們今天留給您的總結是，對於一個高度關注管理團隊的組織來說，在短期、中期和長期內實現盈利增長的充足機會之一，該團隊決心根據每個人的情況確定優先級並分配資源。

And with that, I will now turn the call over to Martin to talk about FEMSA's third-quarter results. Martin, please go ahead.

現在，我將把電話轉給 Martin，討論 FEMSA 第三季的業績。馬丁，請繼續。

Thank you, Jose. Good morning, everyone, and thank you for joining us today.

謝謝你，何塞。大家早安，感謝您今天加入我們。

Let's begin with FEMSA's consolidated second-quarter results. In the third quarter, we achieved total revenue growth of 8.3%, while operating income was 14.6% compared to the same period last year, reflecting a strong performance across business units.

讓我們從 FEMSA 第二季綜合業績開始。第三季度，我們實現總營收成長8.3%，營業收入年增14.6%，反映出各業務部門的強勁表現。

Net consolidated income decreased 27.5% to MXN9.2 billion, driven by a higher interest expense of MXN4.4 billion net of interest gains, reflecting a tough comparison based on gains on derivative instruments in the third quarter of '23; a lower non-cash foreign exchange gain of MXN4.2 billion compared to last year related to FEMSA's US dollar-denominated cash position positively impacted by the depreciation of the Mexican peso, which was more than offset by a foreign exchange loss due to our debt positions in all of our currencies; and finally, a higher loss in net income from discontinued operations, which includes an impairment of MXN3.9 billion from our divestment in Solistica.

淨綜合收入下降 27.5%，至 92 億墨西哥比索，原因是扣除利息收益後的利息支出增加了 44 億墨西哥比索，反映出基於 2023 年第三季衍生工具收益的嚴格比較；與去年相比，非現金外匯收益減少了 42 億墨西哥比索，這與 FEMSA 以美元計價的現金頭寸受到墨西哥比索貶值的積極影響有關，但我們的債務造成的外匯損失足以抵消這一影響我們所有貨幣的頭寸；最後，終止經營業務帶來的淨收入損失增加，其中包括因撤資 Solistica 而造成的 39 億墨西哥比索減損。

Turning to our operational results. Jose already discussed the overall performance of Proximity America and the same-store sales figures, so let me take it from there.

轉向我們的營運表現。Jose 已經討論了 Proximity America 的整體表現和同店銷售數據，所以讓我從那裡開始。

Total revenues grew by 4.8%, driven primarily by steady growth in our store base. Gross margin once again expanded above trend by 300 basis points to reach 44.2%. As has been the case recently, this was driven by healthy dynamics in commercial income and a positive contribution from financial services.

總收入增長了 4.8%，主要是由於我們商店數量的穩定增長。毛利率再次高出趨勢300個基點，達到44.2%。正如最近的情況一樣，這是由商業收入的健康動態和金融服務的積極貢獻所推動的。

Operating income increased 5.9%, while the operating margin expanded 10 basis points to 9% of sales, reflecting a modest reduction in the growth in operating expenses relative to the first half of the year. This includes initiatives to mitigate the impact of higher labor costs and lower variable costs due to the slowdown in sales, partially offset by ongoing investments in capability building such as segmentation, revenue management, and data analytics.

營業收入成長 5.9%，營業利潤率擴大 10 個基點，佔銷售額的 9%，反映出營業費用增幅較上半年略有下降。這包括減輕因銷售放緩而導致的勞動力成本上升和可變成本下降的影響的舉措，部分抵消了對細分、收入管理和數據分析等能力建設的持續投資。

On the store expansion front, in the third quarter, OXXO added 367 net new stores during the quarter, with 273 openings in Mexico and 94 in South America, including 39 new stores in Brazil. Year to date, OXXO added 1,266 net new stores during the quarter, with 961 openings in Mexico and 305 in South America, including 124 new stores in Brazil. This puts us well on our way to meet our objective for the year, allowing us to reduce the pace of openings and focus on maximizing sales during the key fourth quarter.

門市擴張方面，第三季度，OXXO淨增367家新店，其中墨西哥新開273家，南美洲新開94家，其中巴西新開39家。年初至今，OXXO 在本季淨新增 1,266 家新店，其中墨西哥新開 961 家，南美洲新開 305 家，其中巴西新開 124 家店。這使我們能夠很好地實現今年的目標，使我們能夠在關鍵的第四季度減少開業速度，並專注於最大限度地提高銷售額。

Turning to Proximity Europe. Total revenues increased by 20.4% in pesos, driven by growth in our retail and B2B food service business, mitigated by still challenging traffic dynamics generally, particularly in our B2C food service, which is more exposed to German train service disruption and a weaker German economy.

轉向鄰近歐洲。總收入（以比索計算）成長了20.4%，這主要得益於我們的零售和B2B 食品服務業務的成長，但整體交通動態仍然充滿挑戰，尤其是我們的B2C 食品服務領域，該服務更容易受到德國火車服務中斷和德國經濟疲軟的影響。

Valora's results also reflect the impact from positive currency dynamics of a weaker Mexican peso, which accounted for three quarters of the total increase. Gross profit rose by 20.5% as well in pesos, with gross margin remaining stable year over year with a solid contribution from commercial income offsetting the weakness in the higher-margin B2C food service segment. At the operating income level, Valora delivered another strong performance, with a 52.2% increase and a 100-basis-point expansion in operating margin, reflecting solid cost containment.

Valora 的業績也反映了墨西哥比索疲軟的正面貨幣動態的影響，墨西哥比索佔總成長的四分之三。以比索計算的毛利也成長了 20.5%，毛利率年比保持穩定，商業收入的強勁貢獻抵消了利潤率較高的 B2C 食品服務領域的疲軟。在營業收入層面，Valora 再次表現強勁，成長 52.2%，營業利潤率擴大 100 個基點，反映出穩健的成本控制。

Moving on to the Health division, total revenues posted a 12.5% increase in pesos with same-store sales growth of 7.4%. This reflects a strong performance in Colombia's retail segment, complemented by steady results in Chile and with favorable currency dynamics, which contributed to approximately half of the overall result.

轉向健康部門，總收入以比索計算增加了 12.5%，同店銷售額成長了 7.4%。這反映出哥倫比亞零售業的強勁表現，輔以智利的穩定表現和有利的貨幣動態，這些因素約佔整體表現的一半。

Operating income increased by 7.2%, while the operating margin contracted by 20 basis points, reaching 4.3%. Although these figures reflect a sequential improvement from the first and second quarters, this does not diminish the need for strategic adjustments to navigate ongoing challenges, particularly in Mexico, as Jose described a few minutes ago.

營業收入成長 7.2%，而營業利益率下降 20 個基點，達到 4.3%。儘管這些數字反映了第一季和第二季的連續改善，但這並沒有減少策略調整的必要性，以應對持續的挑戰，特別是在墨西哥，正如何塞幾分鐘前所描述的那樣。

Turning to OXXO Gas. We continue to perform strongly, posting 7.6% increase in same station sales and 8.2% in total revenues. During the quarter, the gross margin was stable at 12.4%, while the operating margin expanded by 40 basis points and stood at 4.9%, reflecting effective cost management and operational efficiency. Income from operations grew a strong 17% relative to the same quarter in the prior year.

轉向 OXXO 氣體。我們持續表現強勁，同站銷售額成長 7.6%，總營收成長 8.2%。本季，毛利率穩定在12.4%，營業利潤率擴大40個基點，達到4.9%，反映有效的成本管理和營運效率。營運收入較去年同期強勁成長 17%。

Turning to digital expense side. We continue to work on our strategic initiatives to drive growth and capitalize on the large customer base we have captured in our platforms. The number of active users per spend by OXXO reached 8.2 million,, marking a 28% year-on-year growth and indicating still solid customer adoption trends.

轉向數位支出方面。我們繼續致力於我們的策略性舉措，以推動成長並利用我們在平台上捕獲的龐大客戶群。OXXO 每次支出的活躍用戶數量達到 820 萬，年增 28%，顯示客戶採用趨勢仍然強勁。

Our Spin Premia loyalty program also showed robust growth, with a 35% year-on-year increase, reaching 23.8 million active users. Approximately 38.5% of OXXO Mexico sales are now linked to Spin Premia. While year-over-year user growth has been impressive, sequentially, we are seeing a moderation in the pace of growth partly due to the scale we have achieved, but also as a result of a purposeful policy of reducing customer acquisition costs further, focusing more on driving engagement and usage from our existing base and, thus, generally increasing recurring revenues.

我們的 Spin Premia 忠誠度計畫也呈現強勁成長，年增 35%，活躍用戶達 2,380 萬。目前，OXXO Mexico 約 38.5% 的銷售額與 Spin Premia 相關。雖然用戶同比成長令人印象深刻，但我們看到成長速度有所放緩，部分原因是我們所達到的規模，但也是由於進一步降低客戶獲取成本的有目的政策的結果，重點關注更多地關注如何提高我們現有基礎的參與度和使用率，從而普遍增加經常性收入。

By leveraging data analytics, we are gaining valuable insights into consumer preferences, allowing us to better tailor our promotional offerings. We remain focused on building an omnichannel strategy that ensures we provide a seamless experience for our customers across platforms.

透過利用數據分析，我們獲得了有關消費者偏好的寶貴見解，使我們能夠更好地客製化我們的促銷產品。我們仍然專注於建立全通路策略，確保我們為跨平台的客戶提供無縫體驗。

Finally, Coca-Cola FEMSA reported a strong set of results with a 10.7% increase in top line, reflecting a solid revenue management strategy, while income from operations improved by 13.9%, spanning the margin and reflecting operational efficiencies across territories. A replay of KOF's quarterly call, which was held last Friday, is available on their website.

最後，可口可樂 FEMSA 公佈了一系列強勁的業績，收入成長了 10.7%，反映出穩健的營收管理策略，而營運收入則提高了 13.9%，涵蓋了利潤率並反映了跨地區的營運效率。KOF 上週五舉行的季度電話會議的重播可以在他們的網站上找到。

In terms of our capital allocation strategy, we remain committed to sustainable growth and shareholder value creation. Our approach involves strategically deploying capital across our business units while prioritizing return on invested capital in each initiative.

在我們的資本配置策略方面，我們仍然致力於永續成長和股東價值創造。我們的方法包括在我們的業務部門之間策略性地部署資本，同時優先考慮每個計劃的投資資本回報。

This quarter, we allocated MXN12.1 billion in CapEx, representing 6.2% of total revenues and a 26.4% increase compared to the same period last year. These investments are critical to keep growing our installed capacity and footprint, driving operational efficiency and maintaining our competitive advantage in the industries we serve.

本季度，我們在資本支出上分配了 121 億墨西哥比索，佔總收入的 6.2%，與去年同期相比成長了 26.4%。這些投資對於不斷增加我們的裝置容量和占地面積、提高營運效率並保持我們在所服務行業的競爭優勢至關重要。

Earlier this year, we announced our plan to return to shareholders capital in excess of our ordinary dividends totaling MXN60 billion over a two- to three-year period. In the first year, we allocated MXN30.7 billion in a combination of approximately MXN10.3 billion in extraordinary dividends and MXN20.4 billion in share buybacks. In this process, we repurchased 102.2 million shares equivalent to approximately 3% of our total shares outstanding, leading to an increase in our earnings per share of 2.8% to MXN6.14 year to date.

今年早些時候，我們宣布計劃在兩到三年內向股東返還超過普通股息的資本，總額達 600 億墨西哥比索。第一年，我們分配了 307 億墨西哥比索，其中約 103 億墨西哥比索用於特別股息，204 億墨西哥比索用於股票回購。在此過程中，我們回購了 1.022 億股股票，相當於我們已發行股票總數的約 3%，導致年初至今我們的每股盈餘增加 2.8% 至 MXN6.14。

As you know, we have set a leverage objective of 2 times net debt to EBITDA ex-Coca-Cola FEMSA by the end of 2026. At the end of the quarter, that ratio stood at 0.68 times, basically flat to where it stood three months before. So it is clear we have more work to do.

如您所知，我們設定的槓桿目標是到 2026 年底達到 EBITDA（不包括可口可樂 FEMSA）淨債務的 2 倍。截至本季末，該比率為0.68倍，與三個月前基本持平。所以很明顯我們還有更多的工作要做。

As we move forward, our focus remains on prioritizing investments that can deliver the best risk-adjusted returns within our three core verticals. We aim to balance our expenditures with prudent cash management, ensuring we retain the flexibility to seize growth opportunities, including potential acquisitions. Our ongoing capital allocation strategy exemplifies our dedication to driving long-term value for our shareholders.

隨著我們的前進，我們的重點仍然是優先考慮能夠在我們的三個核心垂直領域內提供最佳風險調整回報的投資。我們的目標是透過審慎的現金管理來平衡支出，確保我們保留抓住成長機會（包括潛在收購）的靈活性。我們持續的資本配置策略體現了我們致力於為股東創造長期價值。

And Martin, before we head out for questions, let me add just some comments on our joint venture in Brazil.

馬丁，在我們開始提問之前，讓我先對我們在巴西的合資企業補充一些評論。

In Brazil, we're expanding the store base in the state of São Paulo at a steady state. We continue to grow same-store sales for the almost fifth quarter in a row on double digits. And while we continue to fine-tune the value proposition and refine certain processes to reduce shrinkage and employee turnover, while these have yet to be presented to the Board of group on us, in terms of store base expansion, we will recommend to our partner an increase of approximately 20% during the next year.

在巴西，我們正在穩定地擴大聖保羅州的商店基地。我們的同店銷售額幾乎連續第五個季度維持兩位數成長。雖然我們繼續微調價值主張並完善某些流程以減少收縮和員工流動，雖然這些尚未提交給我們集團董事會，但在商店基礎擴張方面，我們將向我們的合作夥伴推薦明年將成長約20%。

And with that, we can open for questions.

這樣，我們就可以提出問題了。

(Operator Instructions) Ricardo Alves, Morgan Stanley.

（操作員指示）Ricardo Alves，摩根士丹利。

Hi, everyone. Thanks so much for the call. My first question on the OXXO same-store sales, kind of the hiccup that you saw in the third quarter, can you elaborate on that from a couple of different angles? First, maybe prospects for OXXO getting back to the mid-single-digit expansion, if that's something that we can expect already for the fourth quarter. If you have any expectations with regards to December, for example, a very key month, or if you see some of the headwinds that we saw in the third quarter, the weather improving in a better same-store sales direction.

大家好。非常感謝您的來電。我的第一個問題是關於 OXXO 同店銷售的，有點像你在第三季度看到的小問題，你能從幾個不同的角度詳細說明一下嗎？首先，如果我們可以預期第四季會出現這種情況，那麼 OXXO 的前景也許會回到中個位數的擴張。如果您對 12 月有任何期望，例如，這是一個非常關鍵的月份，或者如果您看到我們在第三季度看到的一些不利因素，那麼天氣會朝著更好的同店銷售方向改善。

And second, still related to OXXO, while the same-store sales came below what market expected, the 6% increase in average ticket was certainly a very positive highlight. Can you expand on that? We suspect that financial services is still there, but the preliminary remarks were quite interesting in terms of the management reiterating the new revenue management initiatives, revenue segmentation strategies. Can you talk about that, those pricing initiatives, revenue management? Can you give us some examples of the good stuff that you're implementing within OXXO -- retail, media, and so forth -- that is probably maybe misunderstood by the market at this point? Thank you so much.

其次，仍與OXXO有關，雖然同店銷售額低於市場預期，但平均票價6%的成長無疑是一個非常正面的亮點。能擴展一下嗎？我們懷疑金融服務仍然存在，但管理層重申新的收入管理措施、收入細分策略的初步言論非常有趣。您能談談那些定價措施、收入管理嗎？您能給我們舉一些您在 OXXO 中實施的好東西的例子嗎——零售、媒體等等——這些東西目前可能被市場誤解了？太感謝了。

Thank you, Ricardo. Let me start.

謝謝你，里卡多。讓我開始吧。

So first on the -- obviously, the third quarter had very disappointing traffic numbers in particular. It was our toughest quarter in terms of comparison. So in the fourth quarter, we do have better comparison numbers, but to me to make a prediction on how the market is going to behave, given so how uncertain the weather and how volatile the weather has been all this year, it's hard for me to say.

首先，顯然，第三季的流量數據尤其令人失望。相比之下，這是我們最艱難的季度。因此，在第四季度，我們確實有更好的比較數據，但對我來說，考慮到今年天氣的不確定性和天氣的波動性，對市場將如何表現做出預測對我來說很難說。

I do expect a better end of the year same-store sales comparison, but I'm not ready to give a prediction. I would say the team is working very hard on doing the various smart promotions, activating the stores the most for the December month, which always is obviously a key month. And there's a lot of plans to enhance promotions, offerings, and special offers using Spin Premia. So I think that will give us hopefully a better quarter, but without me expecting or being able to predict much better in terms of sales.

我確實期望年底的同店銷售比較會更好，但我還沒準備好給出預測。我想說的是，團隊正在非常努力地進行各種明智的促銷活動，在 12 月最大程度地激活商店，這顯然始終是一個關鍵的月份。還有很多計劃使用 Spin Premia 來增強促銷、產品和特別優惠。因此，我認為這有望為我們帶來一個更好的季度，但我預計或無法預測銷售方面的情況會更好。

As you know, we are in the midst of the end of a presidential calendar and the start of another. And that always -- the shift between the new team getting in and budgets approved, et cetera, always, there's some expectations of softer and common economic environment. It has always been the case after every (inaudible), so I'm still expecting it will be a softer economic development, hopefully with better weather for the rest of the year and especially next year.

如你所知，我們正處於一個總統日程的結束和另一個總統日程的開始。新團隊的加入和預算批准之間的轉變，等等，總是會有一些對更疲軟和共同的經濟環境的期望。每次都是如此（聽不清楚），所以我仍然預計經濟發展將會更加疲軟，希望今年剩餘時間，尤其是明年天氣會更好。

And in terms of the pricing initiatives and what we've been able to say, there's been some price taking for certain big categories. I think tobacco and beer in particularly have done some pricing initiatives, which helped a little bit on the pricing. And obviously, we are extremely excited about what we're seeing with our promotion on our price and segmentation capabilities. It's giving us very good results. And that's coupled with an expansion in vendor income by doing all these special promotions and flagship stores decorated with -- have been a good source of revenue. And we expect that revenue to keep going forward.

就定價措施和我們所說的而言，某些大類別的價格出現了一些變化。我認為菸草和啤酒尤其做了一些定價舉措，這對定價有所幫助。顯然，我們對我們在價格和細分能力方面的促銷所看到的結果感到非常興奮。它為我們帶來了非常好的結果。再加上透過進行所有這些特別促銷和裝飾的旗艦店來擴大供應商收入 - 一直是一個很好的收入來源。我們預計收入將繼續增長。

On the services level, we continue to ask -- it's still a source of growth. All these years has been a remarkable growth in financial services, and we expect that to continue as we expand our infrastructure in cash services so we can start playing in the remittances market and as we add other banks that are coming back into the corresponsalia or cash-out and cash-in capability. So I expect that financial services will continue to help us and be a tailwind.

在服務層面，我們繼續要求——它仍然是成長的來源。這些年來，金融服務業取得了顯著的成長，我們預計，隨著我們擴大現金服務基礎設施，以便我們可以開始涉足匯款市場，並且隨著其他銀行重新回歸通訊或現金業務，這種成長勢頭將繼續下去。因此，我預計金融服務將繼續為我們提供幫助並成為推動力。

Does that answer you, Ricardo?

這能回答你嗎，里卡多？

That does answer. Super helpful. I just had a final follow-up on the digital side.

這確實回答了。超有幫助。我剛剛在數字方面進行了最後的跟進。

When we look at the others, I think that the negative contribution on EBITDA was actually lower than expected, so meaning the number was better. I suspect that some of that could be driven by lower cash consumption at digital. I just wanted to confirm if that's the case, if digital is already turning the corner. I think that that will take a little bit longer.

當我們看看其他人時，我認為 EBITDA 的負面貢獻實際上低於預期，因此意味著數字更好。我懷疑其中部分原因可能是數位領域現金消耗減少所致。我只是想確認情況是否如此，數位化是否已經迎來轉機。我認為這需要更長的時間。

But given how much we've been talking about digital, the loyalty program, new fintech capabilities, we have been talking about credit, for example. There's a lot going on at digital that we, analysts, in the market, we don't have enough visibility. I just wanted to understand if there's a relevant new update that you care to share with the market, or if maybe indeed it's consuming less cash. Thank you very much again.

但考慮到我們一直在談論數位化、忠誠度計畫、新的金融科技功能，我們一直在談論信貸等議題。數位領域發生了很多事情，我們分析師在市場上沒有足夠的知名度。我只是想了解您是否願意與市場分享相關的新更新，或者它是否確實消耗了更少的現金。再次非常感謝。

Thank you for your question, Ricardo.

謝謝你的提問，里卡多。

Yes, and in fact, on a sequential basis, the cash burn from digital has been lower. As I mentioned in my statement, there's a renewed focus on the part of digital on leveraging and taking advantage of the scale we already have and focusing a little bit less on simply customer acquisitions, particularly on some of the more expensive digital channels that have been used last year and at the beginning of this year.

是的，事實上，從環比來看，數位化所消耗的現金較低。正如我在聲明中提到的，人們重新關注數位化部分，即利用和利用我們已經擁有的規模，並減少對簡單客戶獲取的關注，特別是在一些更昂貴的數位管道上。過。

So generally, the EBITDA has had a better improvement in terms of its cash burn. And again, one of the challenges of measuring digital is that there are a lot of the benefits from digital that are hard to measure. For example, despite our clear conviction that the loyalty program has had a significant improvement in sales at both OXXO Gas and at OXXO, reality is very difficult to measure in a scientific, precise way. Obviously, we do measure it, but it's a little bit hard to publish those numbers because of the lack of any accounting standard to them.

所以整體來說，EBITDA 在現金消耗方面有了更好的改善。再說一遍，衡量數位化的挑戰之一是數位化帶來的許多好處難以衡量。例如，儘管我們明確相信忠誠度計畫對 OXXO Gas 和 OXXO 的銷售額都有顯著改善，但現實很難以科學、精確的方式衡量。顯然，我們確實對其進行了衡量，但由於缺乏任何會計標準，發布這些數字有點困難。

And so what you see in digital and its burn rate really is just the cost of all the initiatives that they're doing. There is some revenues that they charge OXXO and so on, but it does not reflect the increase in sales at both OXXO Gas. And if you calculate the breakeven point of what you would have to believe in terms of improved sales, it's actually quite low. So we're highly confident that digital is doing its job and it's quite productive and that it's making progress.

因此，您在數位領域看到的及其消耗率實際上只是他們正在採取的所有舉措的成本。他們向 OXXO 等收取了一些收入，但這並沒有反映出 OXXO Gas 的銷售額成長。如果你計算你必須相信的銷售改善的損益平衡點，它實際上相當低。因此，我們非常有信心數位化正在發揮其作用，而且非常富有成效，並且正在取得進展。

You still don't see in these numbers any big numbers associated with the credit opportunity. We're still at the very early stages of that. And our expectation is that that be included within the total cash burn and that that be rolled out as we make progress on some of the other initiatives.

在這些數字中您仍然看不到與信貸機會相關的任何大數字。我們仍處於早期階段。我們的期望是，將其納入現金消耗總額中，並隨著我們在其他一些措施上取得進展而推出。

I hope that answers your question.

我希望這能回答你的問題。

It does, Martin. Thank you so much.

確實如此，馬丁。太感謝了。

Bob Ford, Bank of America.

鮑伯福特，美國銀行。

Thank you. Good morning, everybody, Jose, Martin, Juan.

謝謝。大家早安，何塞、馬丁、胡安。

How do you feel about your activation capabilities within Premia? And how does Premia change the way you're thinking about further upside in terms of commercial revenue?

您對 Premia 的啟動能力有何看法？Premia 如何改變您對商業收入進一步成長的思考方式？

And Martin, you were talking a little bit about the focus on expenses and digital. But in the press release, you also mentioned a greater focus on transaction-based, or I should say on greater profitability on recurring revenue. And how do you think about the balance between fee- and transaction-based revenue over the coming year? And where do you think the monetization opportunities will be over the next 12 months?

馬丁，您剛才談到了對支出和數位化的關注。但在新聞稿中，您也提到更加專注於基於交易的業務，或者我應該說是提高經常性收入的獲利能力。您如何看待來年收費收入和交易收入之間的平衡？您認為未來 12 個月的變現機會在哪裡？

So I got your first part on Premia, but I didn't get your second. Can you repeat that?

我在 Premia 上得到了你的第一部分，但沒有得到你的第二部分。你能再說一次嗎？

Sure. I apologize for that, Jose. It was long. In the press release, there was a reference to a greater focus at digital on recurring revenue. And I was wondering how we should think about Spin and the balance between fee- and transaction-based revenue over the coming year. And you mentioned remittances in your comments, but I was wondering you're thinking about the monetization opportunities there within the financial services over the next 12 months.

當然。我為此道歉，何塞。時間很長。在新聞稿中，提到了數位化對經常性收入的更多關注。我想知道我們應該如何考慮旋轉以及來年基於費用和交易的收入之間的平衡。您在評論中提到了匯款，但我想知道您是否正在考慮未來 12 個月金融服務領域的貨幣化機會。

Oh, that's a great question. Thank you.

哦，這是一個很好的問題。謝謝。

I would start with -- so for Spin Premia, I would say we're still on very early days on understanding the amount of power that data that is delivering us. We are very -- we're shifting our capability of understanding elasticity by SKU with our analytics in a very dramatic way on a store-by-store basis. With Spin Premia, we will be able to do it on a per-person basis, and that really keeps me excited about the ability to tailor promotions and really bring the best of OXXO to each consumer.

我首先要說的是，對於 Spin Premia，我想說我們仍處於了解數據為我們提供的力量的早期階段。我們正在透過我們的分析以非常戲劇性的方式在逐家商店的基礎上改變我們理解 SKU 彈性的能力。借助 Spin Premia，我們將能夠針對每個人進行促銷，這讓我對能夠自訂促銷活動並真正將 OXXO 最好的東西帶給每個消費者感到興奮。

And so we have a lot of work to do yet, but the early show -- the early promises is very promising. Already this year, it's still a small fraction of our retail media efforts, most of it is still the digital screens that we're putting in OXXO, but already almost a 10% or so of the revenues is coming from Spin Premia initiatives. And that should take a much bigger share in the next few years. So I'm very excited about that.

所以我們還有很多工作要做，但早期的表現——早期的承諾是非常有希望的。今年，這仍然只是我們零售媒體工作的一小部分，其中大部分仍然是我們在 OXXO 中放置的數位螢幕，但已經有近 10% 左右的收入來自 Spin Premia 計劃。在接下來的幾年裡，這應該會佔據更大的份額。所以我對此感到非常興奮。

On Spin, and obviously Juan Carlos, my colleague, could comment much more and hopefully he'll be here in another call, but I do see and what we've been talking together about the evolution of Spin and Spin by OXXO, a big chunk of his recurring revenue comes with more financial services. A big chunk of it would be remittances, but there's many other things that we see in the pipeline, obviously credit being one regardless -- or I mean, still, I think Juan Carlos is analyzing many alternatives of how to start credit within Spin by OXXO. So it's still early to comment on a specific route, but I do know it's part of the plan for him in the next medium term or 12 to 18 months, I would say.

關於Spin，顯然我的同事胡安·卡洛斯(Juan Carlos) 可以發表更多評論，希望他能在另一次電話會議中參加，但我確實看到了，我們一直在討論Spin 的演變，以及OXXO 的Spin 的演變，OXXO 是一家大型公司。其中很大一部分是匯款，但我們在管道中看到了許多其他事情，顯然信用是一個無論如何 - 或者我的意思是，我認為胡安·卡洛斯正在分析如何在 Spin 中啟動信用的許多替代方案OXXO。因此，現在評論具體路線還為時過早，但我確實知道這是他下一個中期或 12 至 18 個月計劃的一部分。

Very exciting, Jose. Thank you so much.

非常令人興奮，何塞。太感謝了。

Antonio Hernández, Actinver.

安東尼奧·埃爾南德斯，Actinver。

Hi. Good morning. Thanks for taking my question. My question is regarding the Health division. Same-store sales outperformed our estimate, so if you could please provide some light on the drivers, also maybe a little bit on the same-store sales trend in Mexico, that would be really helpful. Thanks.

你好。早安.感謝您提出我的問題。我的問題是關於衛生部門的。同店銷售超出了我們的估計，因此，如果您能提供一些有關驅動因素的信息，也許還可以提供一些有關墨西哥同店銷售趨勢的信息，那將非常有幫助。謝謝。

Yes. So Antonio, as you know, Health, it's a business that operates in four markets, and each market has very different dynamics. I would say, first of all, there's some currency dynamics that really helped the division this quarter. So some of that revenue growth comes from currency dynamics, although there's some interesting things that are coming in.

是的。安東尼奧，如你所知，健康是一家在四個市場經營的企業，每個市場都有非常不同的動態。我想說，首先，本季的一些貨幣動態確實對該部門有所幫助。因此，收入成長的一部分來自於貨幣動態，儘管也出現了一些有趣的事情。

One is Colombia. Colombia, the health sector -- the government health sector is going through some tough issues, and the private sector is taking a much bigger share of the market. And with that, we are the, I would say, best pharmacy chain in terms of the amount of growth in same-store sales, the amount of expansion of stores that we are overseeing all over the country, and the results have been outstanding. That, coupled with our business in wholesale distribution, which we've done it in Chile very successfully, is really helping us offset our struggles with the institutional business.

一是哥倫比亞。哥倫比亞的衛生部門—政府衛生部門正在經歷一些棘手的問題，而私營部門正在佔據更大的市場份額。因此，我想說，就同店銷售額增長量、我們在全國範圍內監管的商店擴張量而言，我們是最好的藥房連鎖店，而且結果非常出色。再加上我們在智利非常成功的批發分銷業務，確實幫助我們抵消了機構業務的困境。

Chile is seeing some moderate growth. We're stable in share. We're already by far the largest players and we haven't lost share in Chile. And we are still growing same-store sales. We're growing in some store expansion as we begin to see more competition, but we're confident that Chile will continue to be a very healthy source of profits.

智利出現了一些溫和的成長。我們的份額穩定。我們已經是迄今為止最大的參與者，我們在智利的份額沒有丟失。我們的同店銷售額仍在成長。隨著我們開始看到更多的競爭，我們正在擴張一些商店，但我們相信智利將繼續成為一個非常健康的利潤來源。

Ecuador is doing well. Unfortunately, the country is going through some issues. We have some energy disruptions that were not only for us, all through the country, and that affected some of our last few weeks sales. Other than that, Ecuador has been performing well. We have a small chain business, or SanaSana chain, which we're converting to franchise to lower our capital invested in Ecuador as much as possible.

厄瓜多表現不錯。不幸的是，該國正在經歷一些問題。我們遇到了一些能源中斷，這不僅影響到我們，也影響到整個國家，也影響了我們過去幾週的一些銷售。除此之外，厄瓜多表現也不錯。我們有一家小型連鎖企業，或稱為 SanaSana 連鎖店，我們正在將其轉變為特許經營，以盡可能減少我們在厄瓜多爾的資本投資。

And as we've been very upfront, Mexico has been a struggle for us. It's been a very intense competition. And I think we needed to have a much stronger value proposition. I'm optimistic of what we're doing with our new flagship stores. We have some in Mexico City, and we're doing in our core regions in the Southeast and in the Pacific region, and the results so far have been -- it's too early. We've opened maybe 40, and we are set to open a few hundred. But the results so far are promising -- I would say cautiously optimistic.

由於我們一直非常坦率，墨西哥對我們來說一直是一場鬥爭。這是一場非常激烈的競爭。我認為我們需要有一個更強大的價值主張。我對我們新旗艦店所做的事情感到樂觀。我們在墨西哥城有一些，我們正在東南部和太平洋地區的核心地區做，到目前為止的結果是——現在還為時過早。我們已經開設了大約 40 家，並且計劃開設數百家。但迄今為止的結果是有希望的——我想說的是謹慎樂觀。

Does that answer you, Antonio?

這能回答你嗎，安東尼奧？

Yes, that's very helpful. [Thanks for the comment, I think.]

是的，這非常有幫助。[我想，謝謝你的評論。

Ben Theurer, Barclays.

本‧瑟雷爾，巴克萊銀行。

My question is related to the plans of breaking out some of the other formats, particularly Bara in Mexico. Help us understand a little bit the size of the business right now. How many stores within that 20,000-plus OXXO stores is actually already a Bara format? And what's the value proposition? What's the differentiating factor of Bara versus OXXO? And how should we think about the drivers -- the consumer drivers into those stores? What's different, in particular, to kind of understand this as we think about how to model it going forward? Thank you.

我的問題與突破其他一些格式的計劃有關，特別是墨西哥的巴拉。幫助我們了解目前業務的規模。在這 20,000 多家 OXXO 商店中，有多少商店實際上已經是 Bara 格式了？價值主張是什麼？Bara 與 OXXO 的差異因素是什麼？我們應該如何考慮驅動因素——消費者驅動進入這些商店？當我們思考如何對其進行建模時，理解這一點有何不同？謝謝。

Well, I wish I could -- I would try to hide Bara as a secret for longer, but the honest answer is Bara has been performing incredibly well the last two or three years, I would say. For the last at least six quarters, we've been outgrowing other players in the space in terms of same-store sales. Today, Bara is a 420-store count. It's not counting in Proximity America. We don't count it when we give you the number of OXXOs. That's not in the number.

好吧，我希望我可以——我會嘗試將巴拉作為秘密隱藏更長時間，但誠實的答案是巴拉在過去兩三年裡表現得非常好，我想說。在過去至少六個季度中，我們的同店銷售額成長超過了該領域的其他參與者。如今，Bara 已擁有 420 家商店。這在鄰近美國不算。當我們給你OXXO的數量時，我們並沒有計算在內。那個不在數字裡。

And Bara, it's really transforming into going from a soft to a hard there. I wouldn't say it's still a hard, hard discount, but going to a harder discount type of format. And we're very pleased with the evolution of Bara so far. We've been bringing talent from the hard discount place into the concept, and we've been slowly adapting the concept very well.

巴拉，真的正在從軟到硬的轉變。我不會說這仍然是硬折扣，而是採用更硬折扣類型的格式。到目前為止，我們對 Bara 的發展感到非常滿意。我們一直在將硬折扣領域的人才引入這個概念，並且我們一直在慢慢地很好地適應這個概念。

So far, it has grown mainly in the Bajio region, with some expansion in Jalisco. And I would say Bara has the help of that still about 25% of its revenue comes from convenience categories. And that gives it an extra set of margin that compensates the hard discount growth margin that we tend to have in the rest of the categories, especially grocery and food and frozen food, et cetera.

到目前為止，它主要在巴希奧地區發展，在哈利斯科州也有一些擴張。我想說的是，Bara 仍然有大約 25% 的收入來自便利品類。這給了它額外的利潤，補償了我們在其他類別中往往擁有的硬折扣成長利潤，特別是雜貨、食品和冷凍食品等。

It's been a very pleasant surprise how big is -- how fast it's growing in same store sales. And we are planning to accelerate the store expansion of Bara, but being very careful, as you know, as we go out of the Bajio region, the stores are less well known. So we need to prove ourselves that we can expand geographically outside of that region with very good results so far in Jalisco. But I expect the Pacific and the North eventually to be a very good source of growth.

令人非常驚訝的是它的規模有多大——同店銷售額的成長速度有多快。我們正計劃加速 Bara 的商店擴張，但要非常小心，正如你所知，當我們走出 Bajio 地區時，商店的知名度就不那麼高了。因此，我們需要證明自己，我們可以向該地區以外的地區擴張，迄今為止在哈利斯科州取得了非常好的成果。但我預期太平洋地區和北方地區最終將成為非常好的成長源。

The big challenge for Bara the next couple of years, it's still the same POS as OXXO. It is the same Sociedad Anónima, or it's still the whole infrastructure of OXXO operationally and not in talent. It has its own CEO, but we need to be able to separate all the systems and the processes out of Bara. That will cost us a little bit, the next, especially in cost, in extra layer of cost, but I'm very excited about the future of Bara in the coming years.

Bara 未來幾年面臨的巨大挑戰是，它仍然是與 OXXO 相同的 POS。它還是同一個 Sociedad Anñima，或者說它仍然是 OXXO 的整個基礎設施，但在運營上而不是在人才方面。它有自己的首席執行官，但我們需要能夠將所有系統和流程從 Bara 中分離出來。接下來，這將讓我們付出一些代價，特別是在成本方面，在額外的成本方面，但我對巴拉未來幾年的未來感到非常興奮。

Perhaps just to add, Ben -- this is Juan -- some of the differences that drive this decision to segregate the organizations having to do with supply chain, the SKUs are not the same as OXXO. The mix of products that comes from DSD suppliers that go to the store versus people that go to distribution centers is different.

也許只是補充一下，Ben，我是 Juan，一些差異促使我們決定將與供應鏈相關的組織分開，SKU 與 OXXO 不同。前往商店的 DSD 供應商的產品組合與前往配送中心的人的產品組合是不同的。

And to the part of your question about get a headroom or potential size of this business, we definitely think that it will be measured in the thousands. So early days still, but as Jose said, it's looking very promising.

對於您關於獲得該業務的發展空間或潛在規模的問題，我們絕對認為它將以數千為單位進行衡量。現在還處於早期階段，但正如何塞所說，它看起來非常有希望。

Great. Fantastic. Thank you very much.

偉大的。極好的。非常感謝。

Thiago Bortoluci, Goldman Sachs.

蒂亞戈·博爾托魯奇，高盛。

Good morning, everyone. Thanks for taking the questions. We have two here.

大家早安。感謝您提出問題。我們這裡有兩個。

The first one, operationally, regarding traffic at OXXO, we understand there's some seasonality and all the election stuff, but this is the second quarter in a row that we're delivering negative traffic. Obviously, there is this ongoing tailwind from all the changes and improvements you have done into the operation. But my question is, assuming your traffic base remains where it is lower, do you see any risks of having more challenges to drive operating leverage going forward on a 12-month horizon? This is the first one.

第一個是營運方面的，關於 OXXO 的流量，我們知道存在一些季節性和所有選舉因素，但這是我們連續第二季出現負流量。顯然，您在營運中所做的所有改變和改進都會帶來持續的推動力。但我的問題是，假設您的流量基礎仍處於較低水平，您是否認為未來 12 個月內面臨更多挑戰來推動營運槓桿存在風險？這是第一個。

And the second one, on capital allocation, you just completed your second ASR. Your leverage is below 1 times EBITDA. When should we expect more news regarding capital allocation? Is there a chance you could do something prior to the Annual Shareholders Meeting, or should we expect this to be a milestone to define what you'll do next? Thank you very much.

第二個是關於資本配置，您剛完成了第二個 ASR。您的槓桿低於 EBITDA 的 1 倍。我們什麼時候應該期待更多有關資本配置的消息？您是否有機會在年度股東大會之前做一些事情，或者我們是否應該期望這是一個里程碑來定義您下一步要做什麼？非常感謝。

So I will answer the first, and I'll pass to Martin for the second one.

所以我會回答第一個問題，然後我會把第二個問題交給馬丁。

Obviously, the traffic is a very big concern of mine. I do -- I mean, as much as I hate that excuse from my team, it's been raining here. I don't have official numbers and I don't want to use it, but it's been one of the most rainiest years in a long time, at least in the north of Mexico. And that had really had a big impact on us.

顯然，交通是我非常關心的問題。我確實——我的意思是，儘管我討厭我的團隊的這個藉口，但這裡一直在下雨。我沒有官方數據，也不想使用它，但這是很長一段時間以來降雨最多的年份之一，至少在墨西哥北部是這樣。這確實對我們產生了很大的影響。

So I don't think it's structural. And as you see, most of our decline is in cold beverages, almost half of it. However, obviously, I think there's a lot of things that we need to work in terms of making sure our stores are well-staffed, ships are open, and that the team has been doing fantastic job in making sure no corner of the region has an off so that it's not servicing properly. But obviously, we will be fighting in terms of supply chain in operations to make sure it's not on us, but it's just on the consumer demand.

所以我不認為這是結構性的。正如您所看到的，我們的下降大部分來自冷飲，幾乎佔一半。然而，顯然，我認為我們需要做很多事情來確保我們的商店配備充足的人員，船舶開放，並且團隊在確保該地區沒有任何角落有關閉，使其無法正常維修。但顯然，我們將在營運中的供應鏈方面進行鬥爭，以確保這不是我們的責任，而是消費者需求的責任。

I don't see any structural. I do think it will be medium term because next year is still part of the election, and the election aftermath always create some softening of demand. But I'm convinced that certain of the -- some of the value levers that we're playing and putting in place will get us back to traffic growth.

我沒有看到任何結構性的東西。我確實認為這將是中期的，因為明年仍然是選舉的一部分，而選舉的後果總是會造成需求的疲軟。但我相信，我們正在發揮和實施的某些價值槓桿將使我們恢復流量成長。

I would add one thing, Thiago. Hi, this is Juan.

我想補充一件事，蒂亞戈。嗨，這是胡安。

Sometimes, it's hard to look at traffic, especially when you look at the long-term series, and look at it in isolation from the number of stores that we've been adding every year. So you're adding close to 5% new store base every year, and that has to play a role in the equation, because at the end of the day, consumers are satisfying their needs. If you would have gone five times to a store in a week, now maybe you go the same five times or maybe you go six times, except you split it between the two stores, the old one and the new one.

有時，很難查看流量，尤其是當您查看長期系列時，並與我們每年增加的商店數量分開來查看它。因此，每年都會增加近 5% 的新商店基數，這必須在方程式中發揮作用，因為最終消費者會滿足他們的需求。如果您一周內去一家商店五次，那麼現在您可能會去同樣的五次，也可能會去六次，只不過您將其分配給新舊兩家商店。

So we're going to start looking into ways to try to come up with an aggregate measure as well. Because the part of your question that talks about operating leverage, I mean, at the end of the day, we are getting a lot bigger every day. From a transactional standpoint, the absolute traffic number gets bigger every day, regardless of what happens at the average store level. So anyway, we'll keep talking about this going forward with you guys and you love to pick your brains. But you can't just not bring into the equation the fact that the speed at which we add stores because it plays a role.

因此，我們將開始尋找方法來嘗試提出一個整體措施。因為你問題中涉及營運槓桿的部分，我的意思是，歸根結底，我們每天都在變得更大。從交易的角度來看，無論商店平均水平發生什麼情況，絕對客流量每天都在增加。所以無論如何，我們將繼續與你們討論這個問題，你們喜歡開動腦筋。但你不能不考慮我們添加商店的速度這一事實，因為它發揮了作用。

As to your second question relating to capital allocation, as I mentioned, of the MXN50 billion that we committed to distributing in the form of extraordinary capital return to shareholders, we've done about 60% of that, about MXN30 billion. Our expectation is -- as a matter of discipline, all I can speak to is as to our current plans and our current plans is not to launch another ASR, in part because just discipline would tell you we should pace this out over time and not get ahead of ourselves.

至於你提到的有關資本分配的第二個問題，正如我所提到的，我們承諾以特別資本回報的形式向股東分配的500 億墨西哥比索中，我們已經完成了其中的約60%，即約300 億墨西哥比索。我們的期望是——作為紀律問題，我能說的就是我們當前的計劃，而我們當前的計劃不是啟動另一個ASR，部分原因是紀律會告訴你我們應該隨著時間的推移調整這一計劃，而不是超越我們自己。

We have a US election coming up. So if that were to cause volatility, we will reserve the right and the flexibility to move or to launch something. That's not our current plan. We don't expect anything significant to happen associated with the elections, other than as everyone, we're curious to what the result will be.

我們即將舉行美國大選。因此，如果這導致波動，我們將保留移動或推出某些東西的權利和靈活性。這不是我們目前的計劃。我們預計選舉不會發生任何重大事件，除了每個人都對結果感到好奇之外。

And then I would expect towards the first quarter, the end of the first quarter of next year, that we'll start thinking about what we need to do with regards to the shareholders meeting to announce any additional extraordinary dividends. And as we've said in the past, we're always -- we're agnostic as to whether we return capital through extraordinary dividends or through buyback of shares. It's really just a function of where we may see opportunities, and for the most part, they're small opportunities.

然後我預計到明年第一季末，我們將開始考慮在股東大會上需要做什麼來宣布任何額外的特別股息。正如我們過去所說，我們始終不知道我們是透過特別股利還是透過股票回購來返還資本。這實際上只是我們在哪裡可以看到機會的函數，而且在大多數情況下，它們都是小機會。

It's not like all of these questions are easy to answer at any given moment because we have to take into account a whole bunch of information. So I don't expect any announcements until then.

所有這些問題在任何特定時刻都不容易回答，因為我們必須考慮一大堆資訊。所以我預計在那之前不會有任何公告。

That's clear. Thank you very much, everyone.

很清楚。非常感謝大家。

Alvaro Garcia, BTG Pactual.

阿爾瓦羅·加西亞，BTG Pactual。

Hi. Two questions. One, just a pretty easy follow-up on -- you mentioned you want to de-emphasize some OXXO LatAm markets. If you could just clarify which ones, I wasn't able to catch which ones.

你好。兩個問題。一，只是一個非常簡單的後續行動 - 您提到您想不再強調一些 OXXO 拉丁美洲市場。如果你能澄清哪些，我就無法捕捉到哪些。

And then the second question, a bigger picture question on your payments business, sort of in the context of Cofece's fintech report from last week and your great banking correspondence business, what sort of pushback, if any, have you seen from banks that pay you for access to your platform? Given the growth of Spin, given your aspirations there, how do you envision these agreements to evolve over time? Thank you.

然後是第二個問題，一個關於您的支付業務的更大問題，有點像Cofece 上週的金融科技報告和您出色的銀行信函業務，您從向您付款的銀行看到了什麼樣的阻力（如果有的話）造訪您的平台？考慮到 Spin 的發展，考慮到您的願望，您認為這些協議將如何隨著時間的推移而發展？謝謝。

So yeah, thank you for your questions, Alvaro. I would say, first, on the LatAm markets, we remain very excited on the region in general, but we are much closer to accelerated growth and profitability in Colombia, and we want to emphasize Colombia, and Brazil. Brazil, the evolution of the store and with same-store sales growth on the double digits over the last -- at least through the year, keeps me excited that we're close to have a good plan.

是的，謝謝你的提問，阿爾瓦羅。我想說，首先，在拉丁美洲市場，我們對該地區總體而言仍然非常興奮，但我們更接近哥倫比亞的加速成長和獲利能力，我們想強調哥倫比亞和巴西。巴西，商店的發展和同店銷售額在過去一年中以兩位數的速度增長——至少在這一年裡，讓我很興奮，因為我們即將製定一個好的計劃。

Obviously, that has to be aligned with our partner, but I think continue to evolve the value proposition, especially in Brazil, fix some operational stuff in terms of filling out the stores well, reducing turnover in the stores, reducing shrinkage. So we will do it by not expanding outside of São Paulo and concentrating on expanding maybe 100 to 125 stores. Again, this has to be approved and agreed with our partner, but Brazil and Colombia are the ones that keep us excited.

顯然，這必須與我們的合作夥伴保持一致，但我認為繼續發展價值主張，特別是在巴西，修復一些營運問題，以充分充實商店，減少商店營業額，減少損耗。因此，我們將不會在聖保羅以外擴張，而是專注於擴張 100 到 125 家商店。同樣，這必須得到我們的合作夥伴的批准和同意，但巴西和哥倫比亞是讓我們興奮的國家。

Chile and Peru are much behind in the curve towards profitability, and particularly, Chile has been going through -- the whole country through some economic strain. So we are reducing the velocity of growth there, and by that, we may do some overhead adjustments as well to reduce the amount of cash burn and be able to concentrate much more on the ones that are very, very close to success. So that's Colombia and Brazil.

智利和秘魯在獲利能力方面遠遠落後，特別是智利，整個國家都在經歷一些經濟壓力。因此，我們正在降低那裡的成長速度，這樣，我們也可能會進行一些管理費用調整，以減少現金消耗量，並能夠更專注於那些非常非常接近成功的領域。這就是哥倫比亞和巴西。

And in terms of the fintech evolution, I have no comments on the Cofece thing. Obviously, we're always monitoring and cautious on whatever recommendations from authorities provide. We provide a fantastic service throughout the country. Most banks that have left us are coming back, so we are very eager to provide services to all banks and to all communities.

就金融科技的發展而言，我對 Cofece 的事情沒有任何評論。顯然，我們始終對當局提供的任何建議進行監控和謹慎。我們在全國範圍內提供優質的服務。大多數離開我們的銀行都回來了，所以我們非常渴望為所有銀行和所有社區提供服務。

And everywhere we go, we love and welcome to have much more players servicing the communities. We don't like being the only guy in a region or in a town. It's good for us that financial services are serviced by many, many people. We like to see other convenience store players in Oaxaca, in Chiapas, and I hope to see much more corresponsalia players throughout the country. So I have no worries about that. I hope that that will expand.

無論我們走到哪裡，我們都喜歡並歡迎有更多的玩家為社區提供服務。我們不喜歡成為一個地區或一個城鎮中唯一的人。金融服務由許多人提供服務，對我們有好處。我們希望在瓦哈卡、恰帕斯州看到其他便利商店玩家，我希望在全國各地看到更多的 corresponsalia 玩家。所以我對此不擔心。我希望這種情況能夠擴大。

Yeah, and I would just add to that. I mean, people regularly underestimate the cost and complexity of what it involves for OXXO -- administering, transporting, counting, depositing the money, the complexity it adds to lines in the store and so on. So I would generally say, and emphasizing what Jose said, we're providing an amazing service to the community. We're very proud of it. And just check the return on equity of the financial institutions to see they're doing just fine.

是的，我想補充一點。我的意思是，人們經常低估 OXXO 所涉及的成本和複雜性——管理、運輸、計數、存錢、增加商店排隊的複雜性等等。所以我通常會說，並強調何塞所說的，我們正在為社區提供令人驚嘆的服務。我們對此感到非常自豪。只要檢查一下金融機構的股本報酬率，就可以知道它們的表現是否良好。

Totally agree, by the way, and I just had to ask and super hopeful. And thank you for those answers.

順便說一句，完全同意，我只需要問並且非常有希望。感謝您的回答。

Rodrigo Alcantara, UBS.

羅德里戈·阿爾坎塔拉，瑞銀集團。

Hi. Good morning, guys. Hi, Martin, Juan, [Pam]. So my question would be here for Jose. If you can perhaps comment on the price and income elasticity of OXXO, please, and how comfortable you are with current OXXO's price competitiveness relative to the mom-and-pops and the self-service formats in Mexico. That would be my first question on price competitiveness.

你好。早安，夥計們。嗨，馬丁，胡安，[帕姆]。所以我的問題是針對何塞的。如果您可以評論一下 OXXO 的價格和收入彈性，以及您對當前 OXXO 相對於墨西哥夫妻店和自助服務業態的價格競爭力的滿意程度。這是我關於價格競爭力的第一個問題。

And a second one, very quickly, also, if you can comment more on what you mentioned in the press release about commercial capabilities driving higher OpEx at OXXO. If you can comment more about that, that would be also very, very helpful. Thank you very much.

還有第二個問題，也很快，如果您能對您在新聞稿中提到的有關推動 OXXO 提高營運支出的商業能力的內容發表更多評論。如果您能對此發表更多評論，那也會非常非常有幫助。非常感謝。

Yes, these are great questions. So I think on pricing, when we are proud of our pricing and using our AI model to optimize price, we are not talking about raising prices. It's actually a blended mix. We are reducing prices on certain categories, that have high elasticity, and increasing prices in others. So pricing is up and down, and we monitor the share on the other channels and we want to remain a significant portion of the fulfillment of the Mexican consumer.

是的，這些都是很好的問題。所以我認為在定價方面，當我們為自己的定價感到自豪並使用我們的人工智慧模型來優化價格時，我們並不是在談論提高價格。它實際上是一種混合的混合物。我們正在降低某些具有高彈性的類別的價格，並提高其他類別的價格。因此，定價有漲有跌，我們會監控其他管道的份額，我們希望繼續在墨西哥消費者的滿意度中佔據很大一部分。

And I would say, we've been seeing very healthy growth in share for the traditional trade. A big chunk of it is recovering after COVID. I think pre-COVID, they had a higher share and they lost a bunch of it during COVID, and they are slowly recovering and we welcome that. I think it's a very healthy channel. It's healthy for the FMCGs. We like to have a healthy traditional trade.

我想說的是，我們看到傳統貿易的份額非常健康地增長。其中很大一部分在新冠疫情之後正在恢復。我認為在新冠疫情之前，他們擁有更高的份額，但在新冠疫情期間他們失去了很多份額，他們正在慢慢恢復，我們對此表示歡迎。我認為這是一個非常健康的管道。這對快速消費品來說是健康的。我們希望擁有健康的傳統貿易。

In Mexico, we are not concerned. We have not been losing share on the measurements we've made. We've been seeing that evolution of the traditional trade growing competitiveness against supermarkets mainly, big supermarkets especially. So I'm still not concerned. Obviously, I monitor that very closely, and if that requires a change, or we need to be more aggressive on pricing, we will do it. But so far, we see opportunities for us to raise some prices and to lower some prices, and we will continue to do that.

在墨西哥，我們並不擔心。我們所做的測量並沒有失去市場份額。我們已經看到傳統貿易的演變主要是針對超市，尤其是大型超市的競爭力不斷增強。所以我還是不擔心。顯然，我非常密切地關注這一點，如果需要改變，或者我們需要在定價上更加積極，我們就會這樣做。但到目前為止，我們看到了提高一些價格和降低一些價格的機會，我們將繼續這樣做。

And then we are -- segmentation and all our analytics in segmentation, it's a wide spectrum of projects that we're being able to do it much more granular. One is the space segmentation and how we accommodate the store, but there's things in variety, where we should put more SKUs, more high-end SKUs, more lower-end SKUs. Furniture, a lot of things we're studying, and we have more and more learning about -- in certain stores, you put up a big bench where people sit down and foodvenience grow dramatically.

然後我們——細分和細分中的所有分析，這是一個廣泛的項目，我們能夠更精細地進行。一是空間的劃分，以及我們如何容納商店，但是事情是多種多樣的，我們應該在哪裡放更多的SKU，更多的高端SKU，更多的低端SKU。家具，我們正在研究的很多東西，我們有越來越多的了解——在某些商店，你放了一個大長凳，人們可以坐下來，食品便利設施急劇增加。

And so where is it worth to invest in bench for people to eat? Where is -- it doesn't make sense because people have elsewhere options? So that also plays into that and promotions. People in our stores love promotions and ask for it. And now, with what we're learning with Spin Premia, we're being able to do them much more granular.

那麼，哪裡值得投資購買供人吃飯的長凳呢？在哪裡——這沒有意義，因為人們還有其他選擇？這也影響到促銷活動。我們商店裡的人們喜歡促銷並要求促銷。現在，根據我們在 Spin Premia 中學到的知識，我們能夠更精細地進行這些工作。

I would say it's a complex team, but that requires some investment in people, in capabilities. It's a big, big team, and growing, but we will continue to do that because so far, it's been worth the investment. Hopefully, we will offset that overhead with maybe other initiatives that can -- we can be much tougher in overhead expansion and control that line item.

我想說這是一個複雜的團隊，但這需要對人員和能力進行一些投資。這是一個非常非常大的團隊，並且正在不斷成長，但我們將繼續這樣做，因為到目前為止，它的投資是值得的。希望我們能夠透過其他措施來抵銷這項開銷——我們可以在開銷擴張和控制該行專案方面更加嚴格。

Awesome. Thanks for the answers, Jose.

驚人的。感謝您的回答，何塞。

Carlos Laboy, HSBC.

卡洛斯·拉博伊，匯豐銀行。

Good morning, everyone. Jose, maybe you can take a step back and give us some historic context on the strategy for bringing traffic into the OXXO stores over time. How has this evolved? And how much of a re-acceleration that you see, looking forward over the medium term, can be digitally enabled? If you can help us with some granular examples, it would help. Thank you.

大家早安。Jose，也許您可以退後一步，為我們提供一些關於隨著時間的推移為 OXXO 商店帶來流量的策略的歷史背景。這是如何演變的？展望中期內，您認為有多少重新加速可以透過數位化實現？如果您可以幫助我們提供一些具體的範例，那將會有所幫助。謝謝。

Thank you, Carlos. I'll try not to extend myself to many decades in the past, but you know the story of OXXO as well as me, and obviously, OXXO started as a beverage-first channel, and that was a big value lever for many years. Then, it got into more and more value levers in grocery, tobacco expansion.

謝謝你，卡洛斯。我盡量不把時間延伸到過去幾十年，但你和我一樣都知道 OXXO 的故事，顯然，OXXO 最初是一個飲料優先的管道，多年來這是一個很大的價值槓桿。然後，它進入了雜貨、菸草擴張領域越來越多的價值槓桿。

And it has always been this fantastic machine of adding levers and extracting levers. And some things have -- we used to sell the -- a big chunk of our business was selling LADATEL or the phone cards, and that moved away, and other services came. Then, financial services started with municipal permits and paying your fines, and then that evolved into a fantastic business, and that business obviously is evolving faster than other ones.

它一直是添加槓桿和提取槓桿的奇妙機器。有些東西——我們曾經銷售過——我們業務的很大一部分是銷售 LADATEL 或電話卡，後來這些服務消失了，其他服務出現了。然後，金融服務從市政許可和支付罰款開始，然後發展成為一項出色的業務，而且該業務顯然比其他業務更快發展。

I'm not too concerned about the financial services. Obviously, a big chunk of them will eventually go digital, but we see a very interesting evolution of more services coming in and others -- so maybe people are buying less airtime in OXXO, but people are buying -- paying their online shopping with all these e-commerce, not only the Amazons and Mercado Libres, but the Temu and SHEIN are growing dramatically, and people love to go and pay at the OXXO.

我不太關心金融服務。顯然，其中很大一部分最終將走向數位化，但我們看到了一個非常有趣的演變，更多服務的出現和其他服務的出現——所以也許人們在OXXO 上購買的通話時間減少了，但人們正在購買——用所有的錢來支付他們的線上購物。

People that are banked and they just don't want to lose their financial services and rather pay cash, and I see there it's too early, but I've always been doing numbers on when we can really become a part of the fulfillment sector. And the OXXO team is studying that hard, and we see an interesting evolution of becoming a much more omnichannel presence where we can help on the first and the last mile of products.

擁有銀行帳戶的人們只是不想失去金融服務，而寧願支付現金，我認為現在還為時過早，但我一直在計算我們何時才能真正成為履行行業的一部分。OXXO 團隊正在努力研究，我們看到了一個有趣的演變，成為更全通路的存在，我們可以在產品的第一英里和最後一英里提供幫助。

We're already doing incredibly well with Amazon. We are starting to do some stuff with Mercado Libre, but I'm much more eager to be able to help the Facebook Marketplaces and people and use the OXXO for pick-up or drop or pick-up or for reverse logistics. I would say that's one that's too early to say if it's going to come, but I'm very eager on that.

我們已經與亞馬遜合作得非常好。我們開始與 Mercado Libre 合作，但我更渴望能夠為 Facebook Marketplaces 和人們提供幫助，並使用 OXXO 進行提貨或投遞或提貨或逆向物流。我想說，現在說它是否會到來還為時過早，但我對此非常渴望。

And I would say the other one that's obviously a big one that we need to upgrade dramatically is foodvenience. We've been playing a good role in Mexico with food, but I wouldn't say a fantastic role. We still have a much better role to play. And I'm very eager from what we've been able to do in Colombia, in Brazil, and in Chile, I would say as well.

我想說的另一個顯然是我們需要大幅升級的重大問題是食品便利。我們在墨西哥的食物方面一直發揮著良好的作用，但我不會說這是一個出色的角色。我們仍然可以發揮更好的作用。我也對我們在哥倫比亞、巴西和智利所做的事情感到非常渴望。

But in Colombia in particular, almost 15% of our business is food. We got a big share in the cities where we operate, especially in Bogota. We own the breakfast category. We own the lunch for the office worker category, and we'll continue to grow share on that.

但尤其是在哥倫比亞，我們幾乎 15% 的業務都是食品。我們在我們開展業務的城市中獲得了很大的份額，尤其是在波哥大。我們擁有早餐類別。我們擁有辦公室職員類別的午餐，我們將繼續增加這方面的份額。

And I think in Mexico, obviously Mexico has a food dynamic that's very different. People like to eat in the street and compete with that. It's a tough, tough market. We have street vendors winning Michelin stars, so that's the type of competition you face. But I do see an evolution to more food on the go, easy to carry food. And I think maybe evolving from the taco to the burrito or things that you can carry in your hand, start working with more other types of food is something we're beginning to try. In OXXO, we're encouraging results with much less shrinkage, and I do hope that we can start winning in certain categories like breakfast, snacking, dinners. So that's something that also excites me.

我認為在墨西哥，顯然墨西哥的食物動態非常不同。人們喜歡在街上吃飯並與之競爭。這是一個艱難、艱難的市場。我們有贏得米其林星級的街頭小販，所以這就是您面臨的競爭類型。但我確實看到了更多便攜式食物、易於攜帶食物的演變。我認為也許從玉米餅演變為墨西哥捲餅或你可以拿在手上的東西，開始使用更多其他類型的食物是我們開始嘗試的事情。在 OXXO 中，我們取得了令人鼓舞的成績，並且收縮幅度大大減少，我確實希望我們能夠在某些類別上開始獲勝，例如早餐、零食、晚餐。這也是令我興奮的事。

And I would say the third one that we're just scratching the surface is we're finally putting a lot of cash infrastructure that would allow us to do big cash-out deposits. We were the kings of cash-in, but not so big on cash-out. In Oaxaca and Guanajuato, where we installed all this cash infrastructure, we are beginning to try remittances, and the results are -- it's too early, but encouraging.

我想說的第三個，我們只是觸及了表面，我們最終建立了大量現金基礎設施，使我們能夠進行大量現金存款。我們是兌現之王，但在兌現方面卻不是那麼大。在瓦哈卡州和瓜納華托州，我們安裝了所有這些現金基礎設施，我們開始嘗試匯款，結果是——雖然還為時過早，但令人鼓舞。

And hopefully with the US, we're also -- I mean, obviously, in El Paso, we can play a bigger role of connecting the two ends and do Delek to OXXO or eventually OXXO to OXXO payments. But I would say we're also learning a lot about the remittances market on the other side and how we can gain share by convincing the easiness to send to the OXXO or to the Spin, and then cash-out in OXXO is something that could bring us some value of growth.

希望在美國，我們也 - 我的意思是，顯然，在埃爾帕索，我們可以在連接兩端方面發揮更大的作用，並進行 Delek 到 OXXO 或最終 OXXO 到 OXXO 的支付。但我想說的是，我們也對另一邊的匯款市場有了很多了解，以及我們如何通過說服匯款到 OXXO 或 Spin 的便利性來獲得份額，然後在 OXXO 中兌現是可以的給我們帶來一些成長的價值。

I would just add -- hey, Carlos, it's Juan -- to Jose's reference to the cash infrastructure just for the benefit of everybody listening. We are rolling out these cash recycling machines. We've had the conversation with many of you, but these machines allow us to increase significantly the amount of cash that can be disbursed at the store without increasing the risk profile.

我想補充一下——嘿，卡洛斯，我是胡安——何塞提到的現金基礎設施，只是為了讓每個聽眾受益。我們正在推出這些現金循環機。我們已經與你們中的許多人進行了交談，但這些機器使我們能夠在不增加風險狀況的情況下顯著增加可以在商店支付的現金量。

And that's how we can play in remittances where the average remittances is somewhere between $400, $500, which is way more than what we have in the till in a traditional store. So the cash machines so far are looking really good in the places where we've rolled them out.

這就是我們可以進行匯款的方式，平均匯款金額在 400 至 500 美元之間，這比傳統商店的收銀台裡的金額要多得多。因此，到目前為止，自動提款機在我們推出的地方看起來都非常好。

And I will also make just one kind of reflection on your question and everything that Jose just said. I think at the end of the day, what OXXO has done remarkably well over the decades is identifying consumer needs and finding a way to serve them. Obviously, in the past, all of them required physical exchange of cash or exchange of goods. Now, obviously, some of those are spilling over to the digital realm.

我也會對你的問題和何塞剛才所說的一切做出一種反思。我認為歸根結底，OXXO 幾十年來做得非常出色的是識別消費者需求並找到服務他們的方法。顯然，在過去，它們都需要現金或貨物的實體交換。現在，顯然其中一些已經蔓延到數位領域。

But the capillarity of the store base, the trust level, what the brand means now for people, if you think about a lot of what Jose said, none of that would be happening if we weren't just everywhere and kind of a part of people's lives. And so it's really been a story of people doing more. From our side of the equation, it's making their lives easier, but it really is about finding other things. Jose talked about Temu and SHEIN and those e-tailers that weren't present in Mexico a couple of years ago, and now they're everywhere and we have found a way to play a role and make it easier for people to buy from them without increasing their risk, if you will.

但是，商店基礎的毛細作用、信任程度、品牌現在對人們意味著什麼，如果你考慮何塞所說的很多內容，如果我們不是無處不在並且是其中的一部分，那麼這一切都不會發生。所以這確實是一個人們做得更多的故事。從我們的角度來看，這讓他們的生活變得更輕鬆，但這實際上是為了尋找其他東西。Jose 談到了 Temu 和 SHEIN 以及幾年前墨西哥還沒有的電子零售商，現在它們無處不在，我們找到了一種發揮作用的方法，讓人們更容易從他們那裡購買商品如果你願意的話，不會增加他們的風險。

So I think that's part of the story, Carlos. It's kind of a through line from beer to soft drinks to tobacco to snacks to services to e-commerce. It's just being everywhere and finding a way to make people's lives easier every day.

所以我認為這就是故事的一部分，卡洛斯。這是從啤酒到軟性飲料、菸草、零食、服務到電子商務的一條直通線。它只是無處不在，並找到一種讓人們每天的生活更輕鬆的方法。

Thank you. And just to comment, Juan, Martin, Jose, the step-up in the quality and the insight of these calls is really phenomenal. Thank you for helping us with all the insights you're giving us.

謝謝。只是要評論一下，胡安、馬丁、何塞，這些電話的品質和洞察力的提高確實是驚人的。感謝您為我們提供的所有見解為我們提供協助。

Hector Maya, Scotiabank.

赫克托·瑪雅，豐業銀行。

Hi. Thank you very much for taking my questions. First, if you could please go deeper on details regarding the line of non-cash charges at OXXO that helped drive the EBITDA margin. Just to confirm, what was the main change in the digital platform that resulted in the lower cash burn there and how sustainable this could be going forward?

你好。非常感謝您回答我的問題。首先，請您更深入了解 OXXO 有助於提高 EBITDA 利潤率的非現金費用項目的詳細資訊。只是為了確認一下，數位平台的主要變化是什麼導致了現金消耗的減少以及這種情況未來的可持續性如何？

And also, if you could give us more details on the decision to suspend the Pronto initiative. Would be interesting to know what plans remain in place to empower the traditional channels with the digital platform, particularly to understand if the company is still thinking about being a supplier of the channel or if this is over and FEMSA will just focus on B2B payments. Thank you.

另外，您是否可以向我們提供有關暫停 Pronto 計劃的決定的更多詳細資訊。我們很想知道還有哪些計劃透過數位平台為傳統管道提供支持，特別是了解該公司是否仍在考慮成為該管道的供應商，或者這是否已經結束，FEMSA 將只專注於 B2B 支付。謝謝。

Thank you, Hector. Give us just one minute.

謝謝你，赫克托。請給我們一分鐘。

Hi. On the non-cash charges, because of the automization process that we did with regards to the reporting from the different operations, we found that there were certain non-cash charges that were being treated as cash expenses in the past. And so we tightened a little bit more the definitions and the classifications and so on. And so what you're seeing really is just a more detailed and a better way of classifying cash versus non-cash charges. And this happened not only in Proximity Health, there was a little bit of that also in Coc-Cola FEMSA.

你好。關於非現金費用，由於我們對不同業務的報告進行了自動化流程，我們發現某些非現金費用在過去被視為現金費用。因此，我們進一步收緊了定義和分類等。因此，您所看到的實際上只是一種更詳細、更好的現金與非現金費用分類方法。這種情況不僅發生在 Proximity Health 中，在可口可樂 FEMSA 中也有一些類似的情況。

On Pronto, I could comment on that, Hector. So I would say we have many initiatives to serve the traditional trade. The ones that are most exciting and we think much more promising are two. One is the one that our Coca-Cola FEMSA is doing with using their Coca-Cola trucks to supply other categories. That's evolving from what I hear, interestingly, coupled with their Juntos+ program, which uses the loyalty infrastructure that Digital FEMSA provides. So that will continue.

在 Pronto 上，我可以對此發表評論，赫克托。所以我想說我們有很多措施來服務傳統貿易。最令人興奮且我們認為更有希望的有兩個。其中之一是我們的可口可樂 FEMSA 正在使用他們的可口可樂卡車來供應其他類別的產品。有趣的是，這是從我聽到的情況演變而來的，再加上他們的 Juntos+ 計劃，該計劃使用 Digital FEMSA 提供的忠誠度基礎設施。所以這將繼續下去。

Secondly, Digital FEMSA has very interesting projects still on pilot, I would say, but evolving interestingly, of using their payment infrastructure, the Spin Premia initiative, to create a network of -- it's working on the traditional trade, but more informed than small restaurants, flower shops, et cetera. I think, if I'm not mistaken, the trial is in Puebla and it's evolving interestingly well.

其次，我想說，Digital FEMSA 有非常有趣的項目仍在試點中，但正在有趣地發展，利用他們的支付基礎設施，Spin Premia 計劃，創建一個網絡——它致力於傳統貿易，但比小型企業更了解情況餐廳、花店等。我想，如果我沒記錯的話，審判是在普埃布拉進行的，而且進展得非常有趣。

The one where we were performing well, but we had a good traction on that, but we saw the distance to profitability was so high that we thought we needed to refocus was the Pronto initiative. I mean, the Pronto initiative, the main business was creating routes where we would take certain OXXO products to the traditional trade. And I would say the cost to serve of that business was too high.

我們表現良好，但我們對此有很大的吸引力，但我們看到實現盈利的距離如此之遠，以至於我們認為我們需要重新關注 Pronto 計劃。我的意思是，Pronto 計劃的主要業務是創建路線，讓我們將某些 OXXO 產品引入傳統貿易。我想說的是，該業務的服務成本太高了。

And these traditional trades are served by other wholesalers that have an infrastructure and costs that are much different than the ones we would need to provide a good service. I would see a service where we could provide an interesting service, but I would see -- I don't want to get ahead of myself, but eventually, I think the cost to serve would need to be served on a cash-and-carry type of system where we leverage our distribution centers to create something different.

這些傳統貿易由其他批發商提供服務，這些批發商的基礎設施和成本與我們提供優質服務所需的基礎設施和成本有很大不同。我會看到一項服務，我們可以提供有趣的服務，但我會看到 - 我不想超越自己，但最終，我認為服務成本需要以現金和 -攜帶類型的系統，我們利用我們的配送中心來創造不同的東西。

But so for now, we are so encouraged by the Bara evolution that we much rather concentrate our resources in where we see a good opportunity to become a significant player in the market. And that is Bara and our other avenues, Caffenio and et cetera. So we decided to put Pronto on hold, and we're stopping that business, reducing the cash burn of Proximity significantly through that. And so hopefully in the future, we can come back with a business that's not so high cost to serve.

但就目前而言，我們對巴拉的演變感到非常鼓舞，因此我們寧願將資源集中在我們認為有機會成為市場重要參與者的地方。這就是 Bara 和我們的其他途徑，Caffenio 等等。因此，我們決定暫停 Pronto，並停止該業務，從而顯著減少 Proximity 的現金消耗。因此，希望在未來，我們能夠帶著服務成本不那麼高的業務回來。

And then you had, I believe, a question about the cash burn of digital and what was causing improvements. And just to get a little bit more specific than I did in my statement, one, now the digital ecosystem is connecting directly to [FEY], which is the Mexican payment system. That has allowed us to save significantly on fees of third parties that we were using to make that connection.

我相信，然後你會問一個關於數位化的現金消耗以及是什麼導致了改進的問題。只是為了比我在聲明中更具體一點，第一，現在數位生態系統正在直接連接到 [FEY]，即墨西哥支付系統。這使我們能夠大大節省用於建立連接的第三方費用。

Number two, we're negotiating better with credit card companies on some of the fees they were charging us. And number three, we're using less some of the more expensive customer acquisition channels where, with the guidance from Juan Carlos, he had made the cost benefit analysis of some of those channels in terms of churn and the quality of customers you were acquiring wasn't as good. And so there was a decision made to de-emphasize those channels.

第二，我們正在與信用卡公司就他們向我們收取的一些費用進行更好的談判。第三，我們減少使用一些更昂貴的客戶獲取管道，在胡安·卡洛斯的指導下，他對其中一些管道的客戶流失率和品質進行了成本效益分析沒那麼好。因此，我們決定不再強調這些管道。

I would tell you those are the three biggest things that have helped reduce the cash burn.

我想告訴你，這些是有助於減少現金消耗的三件最重要的事情。

Perfect. Very, very clear. Thank you very much.

完美的。非常非常清楚。非常感謝。

Ulises Argote, Santander.

烏利塞斯·阿爾戈特，桑坦德銀行。

Hi, guys. Thanks for the space for questions. I just want to hear from my side to Jose Antonio. So on your remarks, you mentioned there the kind of organic growth re-ignition for Valora. I was wondering if you could give us a little bit more detail on what kind of potential are you seeing for openings and maybe on what formats or regions -- you mentioned something there around Germany. But maybe if you could be a bit more specific on what the plans entail for this part of the business. Thank you.

嗨，大家好。感謝您提供提問的空間。我只想聽聽我這邊對何塞·安東尼奧的看法。因此，在您的演講中，您提到了 Valora 的有機成長重燃。我想知道您是否可以向我們提供更多詳細信息，說明您認為職位空缺有哪些潛力，以及可能的形式或地區 - 您提到了德國周圍的一些情況。但也許您可以更具體地說明這部分業務的計畫內容。謝謝。

Thank you, Ulises. Yes, that's a good question.

謝謝你，尤利塞斯。是的，這是一個好問題。

So we are very happy with the development of Valora. I think by now, it's not post-COVID recovery. The team has been doing a very solid set of results. In the three businesses, but more importantly, obviously, the B2B business has been very healthy, and I would say the Swiss convenience business as well.

所以我們對 Valora 的發展感到非常高興。我認為現在還不是新冠疫情後的復甦。該團隊已經取得了非常紮實的成果。在這三個業務中，但更重要的是，顯然，B2B業務一直非常健康，我想說的是瑞士便利業務也是如此。

Our long-range plan in Valora considers that we will expand in Germany, and we see an opportunity to serve through convenience stores outside of the high-traffic areas like airports and train stations. We see two avenues to do that: one is to partner with fuel providers that do not have a convenience platform or have an underserved convenience offering, and there's a lot of them. I forget the number off the top of my head, but a big chunk of fuel providers need to enhance the value, and we're talking to big ones, medium ones, and small ones about expanding convenience stores in their fuel stations. And hopefully, we will have some updates soon, some relevant info there.

我們在瓦羅拉的長期計劃考慮到我們將在德國擴張，我們看到了在機場和火車站等人流量大的地區之外透過便利商店提供服務的機會。我們認為有兩種途徑可以做到這一點：一是與沒有便利平台或便利服務不足的燃料供應商合作，而且這樣的燃料供應商有很多。我忘記了這個數字，但是很大一部分燃料供應商需要提高價值，我們正在與大、中、小型供應商討論擴大其加油站內的便利商店。希望我們很快就會有一些更新，一些相關資訊。

And the other one is in high street areas. And we are taking a longer time to really evaluate where do we put ourselves, given the softening of the German consumer. But we believe a big chunk of our projection to grow that business. We are opening certain stores in cities that are not as affected economically, especially in the south of Germany. But so far, we're opening much less than what we thought. But eventually, we hope we can be able to open maybe 50 to 100 stores a year and have positive momentum. But it's early, and we are more eager to see what we can do with fuel stations, which have proven demand and we know how to run them.

另一個是在商業街地區。鑑於德國消費者的疲軟，我們需要更長的時間來真正評估我們的定位。但我們相信我們的預測很大一部分是為了發展這項業務。我們正在經濟受影響較小的城市開設某些商店，特別是在德國南部。但到目前為止，我們的開放程度比我們想像的要少得多。但最終，我們希望每年能開設 50 到 100 家商店，並擁有積極的勢頭。但現在還為時過早，我們更渴望看看我們能用加油站做些什麼，這些加油站已經證明了需求，而且我們知道如何運作它們。

That's very clear. Perfect. Thank you very much.

這非常清楚。完美的。非常感謝。

Thank you very much. I would like to turn the call back over to Mr. Fonseca for any closing remarks.

非常感謝。我想將電話轉回給豐塞卡先生，請他發表結束語。

Thank you. And obviously, we're around, my team and I, for follow-ups. You all know where to find us. Thanks for participating in the call, and have a great week.

謝謝。顯然，我和我的團隊都在進行後續行動。你們都知道在哪裡可以找到我們。感謝您參與通話，祝您有個愉快的一週。

Thank you very much. That concludes today's conference. You may now disconnect.

非常感謝。今天的會議到此結束。您現在可以斷開連線。