Coca-Cola Femsa SAB de CV (KOF) 2025 Q1 法說會逐字稿

Hello, and welcome to the Coca-Cola FEMSA first quarter 2025 conference call. My name is George. I'll be a coordinator for today's event. Please note that this conference is being recorded. (Operator Instructions) I'd like to hand you over to your host today, Mr. Jorge Collazo, to begin today's conference. Please go ahead, sir.

您好，歡迎參加可口可樂 FEMSA 2025 年第一季電話會議。我的名字是喬治。我將擔任今天活動的協調員。請注意，本次會議正在錄製。（操作員指示）我想將您交給今天的主持人 Jorge Collazo 先生，開始今天的會議。先生，請繼續。

Thank you, George. Good morning to you all, and welcome to this webcast and conference call to review our first quarter 2025 results. Joining me this morning are Ian Craig, our Chief Executive Officer; Gerardo Cruz, our Chief Financial Officer; and the rest of the Investor Relations team. As usual, after prepared remarks, we will open the call for Q&A. Before we proceed, please allow me to remind all participants that this conference call may include forward-looking statements and should be considered as good faith estimates made by the company.

謝謝你，喬治。大家早安，歡迎參加本次網路廣播和電話會議，回顧我們 2025 年第一季的業績。今天早上與我一起出席的還有我們的執行長 Ian Craig；我們的財務長 Gerardo Cruz；以及投資者關係團隊的其他成員。像往常一樣，在準備好發言之後，我們將開始問答環節。在我們繼續之前，請允許我提醒所有參與者，本次電話會議可能包含前瞻性陳述，應被視為公司所做的善意估計。

These forward-looking statements reflect management's expectations and are based upon currently available data. The actual results are subject to future events and uncertainties that can materially impact the company's performance. For more details, please refer to the disclaimer in the earnings release that was published earlier today. And with that, let me turn the call over to our CEO.

這些前瞻性陳述反映了管理層的預期，並基於目前可用的數據。實際結果受未來事件和不確定因素的影響，這些事件和不確定因素可能會對公司業績產生重大影響。如欲了解更多詳情，請參閱今天稍早發布的收益報告中的免責聲明。說完這些，請允許我將電話轉給我們的執行長。

Please go ahead, Ian.

請繼續，伊恩。

Thank you, Jorge. Good morning, everyone. Thank you for joining us today. Let me begin by saying that despite increased uncertainty and a soft macroeconomic backdrop in key markets. I am very pleased with the capacity of our company to adapt to external headwinds and deliver results.

謝謝你，豪爾赫。大家早安。感謝您今天加入我們。首先我要說的是，儘管主要市場的不確定性增加且宏觀經濟背景疲軟。我對我們公司適應外部逆風並取得成果的能力感到非常滿意。

Our teams implemented several initiatives on commercial, financial and supply chain to rapidly adjust to the environment, ensuring we maintain on course towards our key objectives for the year. As I have mentioned in previous calls, we are fortunate to be participating in a vibrant beverage industry within a growing region. And Coca-Cola FEMSA's resilient profile becomes even more evident while navigating an environment of increased uncertainty as the one we are seeing today. Our resilience enables us to continue managing the business for the long term with a consistent strategy while adjusting initiatives in the short term. As such, the strategic playbook for 2025 remains focused on three key pillars: growing our core business; second, taking Juntos+ to the next level; and three, continue fostering a customer-centric and psychologically safe culture for Coca-Cola FEMSA.

我們的團隊在商業、金融和供應鏈方面實施了多項舉措，以快速適應環境，確保我們繼續朝著今年的關鍵目標前進。正如我在之前的電話會議中提到的，我們很幸運能夠參與一個不斷發展的地區中充滿活力的飲料行業。在當今不確定性日益增加的環境中，可口可樂 FEMSA 的韌性特徵變得更加明顯。我們的韌性使我們能夠以一致的策略繼續長期管理業務，同時調整短期舉措。因此，2025 年的策略劇本仍然集中在三大支柱上：發展我們的核心業務；第二，將 Juntos+ 提升到一個新的水平；三是繼續培育以客戶為中心、心理安全的可口可樂 FEMSA 文化。

During our call today, we intend to provide you with an update on the main developments of our business, diving deeper into the initiatives we are implementing to successfully navigate the current operating environment.

在今天的電話會議中，我們打算向您介紹我們業務的主要發展情況，深入了解我們為成功應對當前營運環境而實施的舉措。

Then Gerry will guide you through our division's performance and provide updates on sustainability following the recent publication of our integrated annual report. With that, let me begin by summarizing our consolidated results for the first quarter.

然後，Gerry 將向您介紹我們部門的業績，並在我們最近發布綜合年度報告後提供有關永續性的最新資訊。首先，我來總結一下我們第一季的綜合業績。

On the back of a more challenging macroeconomic backdrop, our consolidated volume declined 2.2% year-on-year to 986.5 million unit cases. This was driven mainly by declines in Mexico and Colombia, partially offset by growth in Brazil, Argentina, Uruguay and Guatemala.

在宏觀經濟情勢更加嚴峻的背景下，我們的綜合銷量較去年同期下降 2.2% 至 9.865 億箱。這主要是由於墨西哥和哥倫比亞的下降，但被巴西、阿根廷、烏拉圭和危地馬拉的成長部分抵消。

On the one hand, our sparkling beverage volume declined 3.3%, driven mainly by contractions in Mexico and Colombia. On the other hand, steel beverages grew 3.9%, driven by Mexico and Brazil, and bottled water grew 4.6%, driven by the positive performance achieved in most of our South America division. Despite the low single-digit volume contraction, our revenue management initiatives and favorable currency translation effects led our total revenues for the quarter to grow 10%, reaching MXN70.2 billion. On a currency-neutral basis, our total revenues increased 5.9%. Gross profit increased 12% to MXN31.8 billion, leading to a margin expansion of 80 basis points to 45.4%.

一方面，我們的碳酸飲料銷量下降了 3.3%，主要原因是墨西哥和哥倫比亞的萎縮。另一方面，受墨西哥和巴西市場推動，鋼鐵飲料增長了 3.9%，而受南美分部大部分產品表現良好推動，瓶裝水增長了 4.6%。儘管銷售量出現個位數低幅收縮，但我們的營收管理措施和有利的貨幣換算效應使本季總營收成長 10%，達到 702 億墨西哥比索。以貨幣中性計算，我們的總收入成長了 5.9%。毛利成長 12% 至 318 億墨西哥比索，利潤率擴大 80 個基點至 45.4%。

This increase was driven mainly by lower sweetener costs, top-line growth and raw material hedging initiatives. These factors were partially offset by higher fixed costs such as maintenance and the depreciation of most of our operating currencies as compared with the US dollar.

這一增長主要得益於甜味劑成本下降、營收成長和原材料對沖措施。這些因素被維護等較高的固定成本以及我們大多數營運貨幣相對於美元的貶值部分抵消。

Our operating income increased 7.3% to MXN9.2 billion, with operating margin contracting 30 basis points to 13.2%. This slight operating margin contraction was driven mainly by lower operating leverage, coupled with higher operating expenses such as freight, labor, depreciation and maintenance.

我們的營業收入成長 7.3% 至 92 億墨西哥比索，營業利潤率收縮 30 個基點至 13.2%。營業利益率略有下降，主要是因為營業槓桿率下降，加上運費、人工、折舊和維修等營業費用增加。

However, we mitigated margin pressures by implementing cost and expense controls across our operations. Adjusted EBITDA for the quarter increased 11% to reach MXN13.3 billion, and EBITDA margin expanded 20 basis points to 18.9%.

然而，我們透過在整個營運過程中實施成本和費用控制來減輕利潤壓力。本季調整後 EBITDA 成長 11%，達到 133 億墨西哥比索，EBITDA 利潤率擴大 20 個基點，達到 18.9%。

Finally, our majority net income increased by 2.7% to MXN5.1 billion. This increase was driven by operating income growth and a decrease in our comprehensive financial results, which was partially offset by a higher effective tax rate. Now expanding on our operations highlights for the first quarter.

最後，我們的大部分淨收入成長了 2.7%，達到 51 億墨西哥比索。這一增長是由營業收入成長和綜合財務業績下降所推動的，但部分被更高的有效稅率所抵消。現在擴大我們第一季的營運亮點。

In Mexico, our volumes declined 5.4%, cycling a high comparison base from the previous year, which grew by 6.9%. This performance was driven mainly by a deceleration in economic activity, geopolitical tensions that affected consumer sentiment and more challenging weather.

在墨西哥，我們的銷量下降了 5.4%，與前一年 6.9% 的成長相比，基數較高。這一表現主要是由於經濟活動放緩、地緣政治緊張局勢影響了消費者情緒以及天氣更加惡劣。

In this environment, we swiftly adjusted our tactical calendar and activated targeted promotional activities in single-serve and multi-serve across both modern and traditional trade channels. Additionally, our team implemented an execution plan focused on increasing exhibitions at the point of sale. These initiatives are showing encouraging results.

在這種環境下，我們迅速調整了戰術日程，並在現代和傳統貿易管道中針對單一服務和多服務開展了有針對性的促銷活動。此外，我們的團隊實施了一項以增加銷售點展覽為重點的執行計劃。這些措施正在取得令人鼓舞的成果。

For instance, we improved coverage by close to 8% in brand Coca-Cola and more than 12% in flavors by the end of the quarter. Our coverage of exhibition space increased from 50% to 60% with modern trade showing faster signs of recovery.

例如，截至本季末，我們已將可口可樂品牌的覆蓋率提高了近 8%，並將口味的覆蓋率提高了 12% 以上。展覽面積覆蓋率由50%提高到60%，現代貿易復甦步伐加快。

Regarding customer service, our capacity investments and supply chain adjustments have contributed to improve order fulfillment by 1.4 percentage points and a 2.1 percentage point increase in geo efficiency, the metric we use to measure the accuracy of our sales. Finally, as a result of a softer macro backdrop, our team in Mexico has identified potential savings, mainly from supply chain, procurement and IT. All these initiatives underscore our capabilities to record positive momentum and deliver results despite a softer-than-anticipated start to 2025.

在客戶服務方面，我們的產能投資和供應鏈調整有助於提高訂單履行率 1.4 個百分點，地理效率（我們用來衡量銷售準確性的指標）提高 2.1 個百分點。最後，由於宏觀經濟背景疲軟，我們在墨西哥的團隊發現了潛在的節約機會，主要來自供應鏈、採購和 IT。儘管 2025 年開局不如預期，但所有這些舉措都凸顯了我們有能力保持積極勢頭並取得成果。

Now moving on to Guatemala. Our volumes increased 1.9%, reaching 46.8 million unit cases. The deceleration in the pace of volume growth is explained by what we believe were temporary macro factors. On the one hand, inflation in the food basket remains high, affecting consumer sentiment. On the other hand, despite a 10% increase in remittances year-on-year, the uncertain environment resulted in a higher propensity to save instead of flowing through to consumption with saving deposits increasing 24% year-on-year in Guatemala.

現在前往瓜地馬拉。我們的銷量成長了1.9%，達到4680萬箱。我們認為，銷售成長速度的放緩是由暫時的宏觀因素造成的。一方面，食品價格上漲動能依然強勁，影響了消費者的情緒。另一方面，儘管匯款年增10％，但由於環境不確定，人們更傾向於儲蓄而不是消費，危地馬拉的儲蓄存款比去年同期增長了24％。

We are maintaining the course of our long-term plan while implementing short-term initiatives focused on recovering our positive momentum. Among our portfolio initiatives, we are leveraging the successful Share a Coke campaign to continue improving our competitive position in brand Coca-Cola.

我們將繼續執行長期計劃，同時實施旨在恢復積極勢頭的短期舉措。在我們的投資組合舉措中，我們正在利用成功的「分享可樂」活動來繼續提高我們在可口可樂品牌中的競爭地位。

Regarding our sales force and route to market, we are strengthening training while adding more than 80 additional routes. With this route increase, we expect to take our frequency from 1.32 to 1.45 average visits per week by the end of 2025.

關於我們的銷售團隊和市場管道，我們正在加強培訓，同時增加 80 多個管道。隨著這條航線的增加，我們預計到 2025 年底，每周平均航班班次將從 1.32 班增加到 1.45 班。

Regarding commercial enablers, we are levering Juntos+ and Juntos+ Premia. We have now more than 90,000 monthly active users, a 32% increase versus previous year, with more than 50% of these users active on the app. Finally, our team in Guatemala has also identified savings initiatives focusing on rigorous cost and expense controls.

關於商業推動者，我們正在利用 Juntos+ 和 Juntos+ Premia。我們現在每月有超過 90,000 名活躍用戶，比去年增加了 32%，其中超過 50% 的用戶在該應用程式上活躍。最後，我們在瓜地馬拉的團隊也確定了以嚴格成本和費用控制為重點的節約措施。

Now moving on to discuss our South America division. In Brazil, a resilient consumer environment drove 2.5% volume growth year-on-year despite facing a challenging comparison base driven by the temporary suspension of our plant in Porto Alegre and a 10.4% volume growth achieved last year. We continue focusing on growing our core business, achieving a healthy performance across categories and channels.

現在繼續討論我們的南美洲分部。在巴西，儘管由於我們位於阿雷格里港的工廠暫時停產而面臨嚴峻的比較基數，且去年銷量增長了 10.4%，但強勁的消費環境仍推動銷量同比增長 2.5%。我們繼續專注於發展核心業務，在各個類別和管道上取得健康的表現。

For example, Coca-Cola Zero Sugar maintained an impressive pace, growing 65% year-on-year, while Powerade grew 36% and Monster grew 17.6%. Notably, our single-serve mix increased 1.9 percentage points versus the previous year, reaching 26%. On the digital front, Juntos+ in Brazil added another 10,000 monthly active buyers with a 17% higher average ticket than the prior year. Furthermore, we completed the rollout of Juntos+ adviser, our state-of-the-art sales force enabler. We see this tool as a game changer to the environment of our sales force.

例如，零度可口可樂保持了令人印象深刻的成長速度，年成長 65%，而 Powerade 成長了 36%，Monster 成長了 17.6%。值得注意的是，我們的單份飲料組合比前一年增加了 1.9 個百分點，達到 26%。在數位方面，巴西的 Juntos+ 增加了 10,000 名月活躍買家，平均票價比上一年高出 17%。此外，我們也完成了 Juntos+ 顧問的推出，這是我們最先進的銷售團隊推動者。我們認為這個工具將徹底改變我們的銷售團隊的環境。

Finally, regarding our plant in Porto Alegre, we expect to reach full production capacity next quarter, which should help improve our customer service metrics as well as our freight costs. We are also making important progress in the development of an ambitious engineering project designed to protect our plant. This additional project is expected to be completed in March 2026.

最後，關於我們位於阿雷格里港的工廠，我們預計下個季度將達到滿載生產，這將有助於改善我們的客戶服務指標以及運費成本。我們在旨在保護工廠的雄心勃勃的工程項目的開發方面也取得了重要進展。該附加項目預計將於2026年3月完工。

Moving on to Colombia. In Colombia, we faced a more challenging macro geopolitical context to begin the year. Inflation remains stubborn, while consumer confidence deteriorated during the quarter. Against this backdrop, our volumes for the quarter declined 8.1%.

繼續前往哥倫比亞。在哥倫比亞，我們今年年初面臨更具挑戰性的宏觀地緣政治環境。通膨依然頑固，而本季消費者信心惡化。在此背景下，我們本季的銷量下降了 8.1%。

However, our commercial initiatives enabled us to improve our competitive position in key segments such as sparkling beverages, juices, energy and flavored water. As is the case across Coca-Cola FEMSA, our team in Colombia has identified cost and expense efficiencies that will help us navigate the current operating environment, focusing mainly on procurement and supply chain.

然而，我們的商業措施使我們能夠提高在碳酸飲料、果汁、能量和調味水等關鍵領域的競爭地位。與可口可樂 FEMSA 的情況一樣，我們在哥倫比亞的團隊已經確定了成本和費用效率，這將有助於我們應對當前的營運環境，主要專注於採購和供應鏈。

Finally, in Argentina and Uruguay, our volumes increased 9.1% and 6%, respectively. In Argentina, the sharp adjustment experienced last year led to a deep decline in consumer spending. However, the macroeconomic indicators have improved and remain under control with monthly integration below 3% and a disciplined financial surplus policy.

最後，在阿根廷和烏拉圭，我們的銷售量分別成長了9.1％和6％。在阿根廷，去年經歷的急劇調整導致消費支出大幅下降。然而，宏觀經濟指標已經改善並保持可控，月度積分低於3％，財政盈餘政策有紀律。

Since the second half of 2024, we continue to see gradual sequential recovery across different sectors, including beverages, with durable and tradable goods leading that way. We anticipate that this recovery is paving the way for long-term growth in Argentina. Disposable income in the Greater Buenos Aires area has improved by 15% as compared to the previous year.

自 2024 年下半年以來，我們繼續看到包括飲料在內的不同行業逐步連續復甦，其中耐用品和可貿易品處於領先地位。我們預計，此次復甦將為阿根廷的長期成長鋪平道路。大布宜諾斯艾利斯地區的可支配收入比前一年提高了15％。

To continue outperforming, we maintain the same strategy that has allowed us to deliver results, providing affordability and fostering single-serve growth, driving cost and express controls. And on the digital front, we're excited by the rollout of Juntos+ version 4.0 in Argentina, which we anticipate will be an enabler for continued business growth.

為了繼續保持優異表現，我們堅持相同的策略，該策略使我們能夠取得成果，提供可負擔的價格並促進單一服務的成長，推動成本和快速控制。在數位領域，我們對 Juntos+ 4.0 版在阿根廷的推出感到非常興奮，我們預計這將推動業務的持續成長。

In Uruguay, we strengthened our competitive position by leveraging growth enablers. For instance, our focus on single-serve allowed us to increase our single-serve volumes by 13.4% and expand our mix by 1.5% to reach 23.5%. We're also focusing on growing in hydration, strengthening Powerade to continue growing our position in profitable noncarbonated beverage segment.

在烏拉圭，我們利用成長推動因素增強了我們的競爭地位。例如，我們專注於單份飲料，這使我們的單份飲料銷量增加了 13.4%，並且我們的產品組合擴大了 1.5%，達到 23.5%。我們也致力於提升補水能力，增強 Powerade 的實力，持續提升我們在獲利非碳酸飲料領域的地位。

Finally, our team in Uruguay has implemented significant initiatives to strengthen our customer-centric culture, resulting in improved customer service metrics. During the first quarter, our commercial and distribution service metrics improved by 1% and 1.3%, respectively, as compared to the previous year. As I previously mentioned, Coca-Cola FEMSA's resilience is even more evident today.

最後，我們在烏拉圭的團隊已經實施了重大舉措來加強我們以客戶為中心的文化，從而提高了客戶服務指標。第一季度，我們的商業和分銷服務指標與前一年相比分別提高了 1% 和 1.3%。正如我之前提到的，可口可樂 FEMSA 的韌性在今天更加明顯。

We remain focused on our long-term objectives and are optimistic about our capabilities to leverage our long-term strategy while fine-tuning our plans, generating efficiencies to deliver results and continue making Coca-Cola FEMSA an even more adaptive organization.

我們仍然專注於我們的長期目標，並對我們利用長期策略的能力充滿信心，同時調整我們的計劃，提高效率以取得成果，並繼續使可口可樂 FEMSA 成為一個更具適應性的組織。

Together with our partners at the Coca-Cola Company, we're implementing a playbook that has enabled us to successfully navigate uncertainty and emerge a stronger system, prioritizing long-term sustainable growth, collaboration and relentless execution.

我們與可口可樂公司的合作夥伴一起實施了一套策略，使我們能夠成功應對不確定性並建立更強大的系統，優先考慮長期可持續成長、合作和堅持不懈的執行。

With that, I will hand over the call to Gerry.

說完這些，我就把電話交給格里了。

Thank you, Ian, and good morning to you all. Let me begin by summarizing our division's results for the first quarter. In Mexico and Central America, volumes declined 4.6% to 553.3 million unit cases, driven by volume declines in Mexico, Panama and Costa Rica, that were partially offset by growth in Guatemala and Nicaragua. Revenues increased 4.8% to MXN39.7 billion, driven mainly by our revenue management initiatives and the favorable currency translation that was driven by the depreciation of the Mexican peso. On a currency-neutral basis, revenues increased 0.8%.

謝謝你，伊恩，大家早安。首先，我來總結我們部門第一季的業績。在墨西哥和中美洲，銷量下降 4.6% 至 5.533 億箱，原因是墨西哥、巴拿馬和哥斯達黎加的銷量下降，但危地馬拉和尼加拉瓜的成長部分抵消了這一下降。營收成長 4.8% 至 397 億墨西哥比索，主要得益於我們的收入管理措施以及墨西哥比索貶值帶來的有利的貨幣換算。以貨幣中性計算，收入增加了 0.8%。

Gross profit increased 5.6% to reach MXN18.9 billion, resulting in a gross margin of 47.6% and expansion of 30 basis points year-on-year. This margin expansion was driven mainly by our revenue management initiatives and improving sweetener costs. These effects were partially offset by unfavorable mix effects, higher fixed costs such as maintenance and the depreciation of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs. Operating income decreased 5% to MXN5.4 billion, and our operating margin contracted 140 basis points to 13.6%.

毛利成長 5.6%，達到 189 億墨西哥比索，毛利率達 47.6%，比去年同期擴大 30 個基點。利潤率的成長主要得益於我們的收入管理措施和甜味劑成本的改善。這些影響被不利的組合效應、更高的固定成本（如維護）以及大多數營運貨幣因以美元計價的原材料成本而貶值所部分抵消。營業收入下降 5% 至 54 億墨西哥比索，營業利潤率收縮 140 個基點至 13.6%。

This contraction was driven mainly by lower operating leverage, coupled with higher operating expenses, such as maintenance, depreciation and an operating foreign exchange loss. However, these effects were partially offset by expense efficiencies, coupled with the recognition of insurance claim payments in Mexico. Finally, our adjusted EBITDA in the division grew 2.1% with a 60 basis point margin contraction to 19.9%.

造成此收縮的主要原因是經營槓桿降低，加上維護、折舊和營業外匯損失等營運費用增加。然而，這些影響被費用效率以及墨西哥保險索賠支付的確認部分抵消。最後，我們該部門的調整後 EBITDA 成長了 2.1%，利潤率收縮了 60 個基點，至 19.9%。

Moving on to South America. Volumes increased 1% to 433.2 million unit cases. This increase was driven by the growth achieved in Brazil, Argentina and Uruguay, that was partially offset by a volume decline in Colombia. Our revenues in South America increased 17.4% to MXN30.5 billion, driven mainly by our revenue management initiatives, favorable mix and favorable currency translation effects into Mexican pesos. On a currency neutral basis, total revenues in South America increased 13.2%. Gross profit in South America increased 22.8%, leading to a margin expansion of 190 basis points to 42.5%. This margin expansion was driven mainly by top line growth, operating leverage and the decrease in sweetener costs.

繼續前往南美洲。銷量成長 1% 至 4.332 億箱。這一增長主要得益於巴西、阿根廷和烏拉圭的增長，但被哥倫比亞的銷售下降部分抵消。我們在南美的營收成長了 17.4%，達到 305 億墨西哥比索，這主要得益於我們的營收管理措施、良好的產品組合以及對墨西哥比索有利的貨幣兌換效應。以貨幣中性計算，南美地區的總收入增加了 13.2%。南美地區的毛利成長了22.8%，導致利潤率擴大了190個基點，達到42.5%。利潤率的成長主要得益於營業額的成長、經營槓桿、甜味劑成本的下降。

These effects were partially offset by the currency depreciation from most of our operating currencies as compared to the U.S. dollar. Operating income for the division increased 31.1% to MXN3.8 billion, and operating margin expanded by 130 basis points to 12.6%. This margin expansion was driven mainly by operating leverage, coupled with cost and expense controls across our operations. These effects were partially offset by higher fixed costs and expenses, such as freight and maintenance.

與美元相比，我們的大多數營運貨幣的貶值部分抵消了這些影響。該部門的營業收入成長 31.1%，達到 38 億墨西哥比索，營業利益率擴大 130 個基點，達到 12.6%。利潤率的成長主要得益於經營槓桿，以及整個營運過程中的成本和費用控制。這些影響被運費和維護等更高的固定成本和費用部分抵消。

Finally, adjusted EBITDA in South America increased 27.3% to MXN5.3 billion for a margin expansion of 130 basis points to reach 17.5%. Shifting gears to our comprehensive financial results, which recorded an expense of MXN1.1 billion as compared to an expense of MXN1.2 billion during the same period of the previous year. This 5.2% reduction was driven mainly by a gain in financial instruments of MXN135 million as compared to a loss of MXN46 million in the same period of the previous year, mainly driven by the quarterly reduction in floating interest rates.

最後，南美洲的調整後 EBITDA 成長 27.3% 至 53 億墨西哥比索，利潤率擴大 130 個基點至 17.5%。轉向我們的綜合財務業績，本期支出為 11 億墨西哥比索，而去年同期的支出為 12 億墨西哥比索。減少 5.2% 的主要原因是金融工具收益為 1.35 億墨西哥比索，而去年同期則虧損 4,600 萬墨西哥比索，這主要歸因於浮動利率的季度下降。

And we recorded a higher gain in hyperinflationary subsidiaries. However, these effects were partially offset by a foreign exchange loss of MXN59 million as compared to a gain in the same period of the previous year, driven by the quarterly appreciation of the Brazilian real as applied to our US dollar-denominated cash position.

我們在惡性通貨膨脹子公司中獲得了更高的利益。然而，這些影響被 5,900 萬墨西哥比索的外匯損失部分抵消，而去年同期則為收益，這是由於巴西雷亞爾季度升值，對我們的美元計價現金頭寸產生影響。

Our interest expense net increased 9.7%, driven by higher interest expense due to new financing in Argentina and higher interest rates in Brazil, coupled with lower interest income mainly related to decreases in interest rates in Argentina.

我們的淨利息支出增加了 9.7%，因為阿根廷的新融資和巴西的利率上升導致利息支出增加，再加上主要由於阿根廷利率下降導致的利息收入減少。

Finally, I'd like to take a moment to comment on sustainability. As we've highlighted in previous calls, fostering a sustainable future remains one of our six strategic priorities. Earlier this month, we published our 2024 integrated annual report, showcasing key progress across our sustainability agenda.

最後，我想花點時間評論一下永續性。正如我們在先前的呼籲中所強調的那樣，培育可持續的未來仍然是我們的六大戰略重點之一。本月初，我們發布了 2024 年綜合年度報告，展示了我們永續發展議程的主要進展。

Over the past year, we strengthened our sustainability framework and completed our first double materiality assessment, resulting in a more closely integrated strategy into our long-term planning and reinforcing our ambitions to amplify our positive impact across the value chain.

在過去的一年裡，我們加強了永續發展框架，並完成了首次雙重重要性評估，從而使策略與我們的長期規劃更加緊密地結合起來，並加強了我們擴大整個價值鏈積極影響的雄心。

As part of our sustainability efforts, we made meaningful progress across several key areas. We increased renewable energy use to 84%. Last August, we reached our intermediate water efficiency target of 1.36 liters per liter of beverage produced, positioning us as industry benchmark, diverted 99% of operational waste from landfills. We improved workplace safety.

作為永續發展努力的一部分，我們在幾個關鍵領域取得了有意義的進展。我們將再生能源利用率提高到84%。去年 8 月，我們實現了每生產一公升飲料耗水 1.36 公升的中期用水效率目標，成為產業標桿，並將 99% 的營運廢棄物從垃圾掩埋場轉移。我們提高了工作場所的安全性。

We increased the share of women and leadership roles, and we strengthened community support through water access and climate response programs aligned with our social bond. For further details, I invite you to explore our 2024 integrated annual report available on our website. With that, operator, we're ready to take questions.

我們增加了女性和領導角色的比例，並透過符合我們社會紐帶的供水和氣候響應計畫加強了社區支持。欲了解更多詳細信息，請訪問我們網站查看 2024 年綜合年度報告。接線員，現在我們可以回答問題了。

(Operator Instructions) Mr. Rodrigo Alcantara, UBS.

（操作員指示）瑞銀集團 Rodrigo Alcantara 先生。

Yeah. The first one would be on Mexico. Ian, would like to explore a bit better on your commentary on adjusting rapidly to the uncertain environment, right? You mentioned about promotions, right, about launching promotions for multi-serve, if I understood correctly. So I wanted to explore more about this?

是的。第一個是關於墨西哥的。伊恩，我想進一步探討你對快速適應不確定環境的評論，對嗎？如果我理解正確的話，您提到了促銷，對，關於推出多服務促銷活動。所以我想進一步探索這一點？

And how are you adjusting to this uncertain environment? And also, if you can share a bit about what you expect in terms of price elasticity, right? I mean perhaps to reduce price, you expect to increase volumes, right? Any number you can share regarding a potential elasticity we may see from these adjustments that you're doing in Mexico? That would be my question to you, Ian.

您如何適應這種不確定的環境？另外，可以分享一下您對價格彈性的期望嗎？我的意思是也許透過降低價格，你希望增加銷量，對嗎？您能分享一些關於我們可以從您在墨西哥進行的這些調整中看到的潛在彈性的數字嗎？這就是我要問你的問題，伊恩。

And the other one would be to Gerry, right? All in all, full year 2025, if you can comment on the quantified savings that you have projected for this year? Would they come on from a lower cost to serve would be more OpEx? Any guidance that you can give us on the cost savings for the full year would be very helpful.

另一個是給格里的，對嗎？總而言之，到 2025 年全年，您能否評論一下您預計的今年的量化節省金額？他們是否會以較低的成本提供服務，從而增加營運支出？如果您能為我們提供任何關於全年成本節約的指導，那將會非常有幫助。

Rodrigo, yes, let me give first a little broader context of Mexico for our industry and in general, and then I'll tell you what I referred to as adjusting rapidly and what we saw -- seeing in the short term. So if you remember just in general last year, in the first half of the year, there was a lot of cash on the street from social programs that have been anticipated, let's say, the outlays and probably in connection with the elections. And then we had a heat wave that coupled with a dry spell as well that started around April, peaking in May, June. Remember, it was very high heat. And then the contrary happening in the second half.

羅德里戈，是的，首先讓我稍微介紹一下我們這個行業以及墨西哥的整體情況，然後我會告訴你我所說的快速調整以及我們在短期內看到的情況。所以，如果你還記得去年上半年的情況，街頭有很多來自社會計畫的現金，這些資金是預期支出，可能與選舉有關。然後，我們遭遇了一股熱浪，伴隨而來的是乾旱，始於四月左右，在五月和六月達到頂峰。請記住，當時溫度非常高。但下半場卻發生了相反的情況。

We had a lot of rain in the third quarter, a lot of floods, hurricane as well by the end. And we have the hangover from the elections with less cash on the street. So that was the general background. So going into this year, we knew we were going to have tougher comps for the first half of the year. So that was, let's say, sort of factored into our plans.

第三季雨水充沛，到最後還發生了洪水和颶風。我們也受到選舉的影響，街頭現金減少。這就是整體背景。因此，進入今年，我們知道上半年的競爭將會更加激烈。所以，可以說，這已經納入我們的計劃中了。

January started off reasonably well within that backdrop. And then in February, we started seeing a slowdown. Remember there were more geopolitical tensions around more uncertainty, and we started seeing an increase -- really a spike in promotional activities. And this is not limited to the beverage industry at all. So when you go out there today and visit the market in Mexico, you see a lot of brands doing 2-for-1 promotions.

在這樣的背景下，一月的開局相當不錯。而到了二月份，我們開始看到經濟放緩。請記住，地緣政治緊張局勢加劇，不確定性增加，我們開始看到促銷活動的增加——確實出現了激增。而這根本不僅限於飲料業。因此，當您今天去墨西哥市場時，您會看到很多品牌都在進行買一送一的促銷活動。

You see bread makers doing -- seeking magic price points, the doughnuts that are very profit here for MXN10, less content for the same packages. So you see an intensity in the competitive environment across CPG markets in general, Rodrigo. So that's what I mean by when we started seeing that and the volumes getting soft, we very quickly reacted. And to this day, in our territories in this environment, we need to be at a very accessible price point with an intense promotional calendar. Otherwise, you're not in the ball game.So that's what I mean today. So in that environment, yes, price elasticity is higher, okay? So I don't know if that context helped in general.

你會看到麵包製造商在尋找神奇的價格點，這裡的甜甜圈利潤很高，售價 10 墨西哥比索，但同樣的包裝，內容卻更少。因此，您將看到整個 CPG 市場競爭環境的激烈程度，羅德里戈。所以我的意思是，當我們開始看到這種情況並且交易量變得疲軟時，我們會很快做出反應。時至今日，在我們所處的市場環境下，我們需要以非常容易接受的價格提供產品，並安排密集的促銷活動。否則，你就沒有參與這場球賽中。這就是我今天要說的。所以在那種環境下，價格彈性確實更高，好嗎？所以我不知道這種情況是否有幫助。

Yeah. That was awesome. And would be the other one for Gerry.

是的。太棒了。這也是 Gerry 的另一個選擇。

Regarding savings, Rodrigo, for this year, building on what we did last year, we have identified about MXN90 million in savings distributed fairly equally between cost to make, cost to serve and T1 and portfolio savings. Having said that, we're especially making an effort in the two operations where we are seeing a softer consumer sentiment, Mexico and Colombia, looking for other savings initiatives that can help us run through this short-term expectation of softer consumer environment.

關於節省，羅德里戈，今年，在去年所做的基礎上，我們發現節省了約 9000 萬墨西哥比索，這些節省在製造成本、服務成本以及 T1 和投資組合節省之間分配得相當均勻。話雖如此，我們尤其在墨西哥和哥倫比亞這兩個消費者情緒較為疲軟的國家做出了努力，尋找其他節約舉措，以幫助我們度過短期內消費環境疲軟的預期。

Understood. And those MXN90 million would in be Mexico mainly or --

明白了。這 9,000 萬墨西哥比索主要來自墨西哥，或者--

In all of our operations, Rodrigo, but certainly, Mexico is an important portion of the savings that we're looking to achieve.

羅德里戈，在我們所有的業務中，墨西哥無疑是我們希望實現的節約的重要組成部分。

Felipe Ucros, Scotiabank.

費利佩·烏克羅斯（Felipe Ucros），豐業銀行。

A couple on my side. Perhaps starting with Latin America, pretty good volume performance in the Southern cone and then a nice uplift in EBITDA. Just wondering if you could comment on the profitability by country. I imagine that the volume recovery in Argentina was a key driver for improving the margins, but I wanted to make sure if that's where most of the margin improvement came from. And then on operating leverage, I recognize that volumes have had a lower absorption effect this quarter.

我這邊有一對夫婦。也許從拉丁美洲開始，南錐體的銷售表現相當不錯，然後 EBITDA 也會大幅提升。只是想知道您是否可以評論一下各個國家的盈利能力。我認為阿根廷的銷售復甦是提高利潤率的關鍵驅動力，但我想確定利潤率的成長是否主要源自於此。然後，關於經營槓桿，我意識到本季銷售的吸收效應較低。

But even when we look at the prior 2 quarters, it looks like consolidated SG&A as a percentage of sales have been coming in a little harder than in 2022 and 2023. So I'm wondering if you think this is something that you can lower back to those levels? Or if we should think of this expense inflation as simply a reset to a new level and think of this new level is the appropriate one for modeling going forward?

但即使我們看一下前兩個季度，合併銷售、一般及行政費用佔銷售額的百分比似乎也比 2022 年和 2023 年要困難一些。所以我想知道您是否認為可以將其降低到這些水平？或者我們應該將這種費用通膨簡單地視為重新設定到一個新的水平，並認為這個新水平適合於未來的建模？

Felipe, if you want, I'll give you a broader context and then Gerry, you can go and enter into the specific margins and SG&A points that Felipe raised. So LatAm had a very good response, and the margin expansion was not limited to Argentina. I would say a big, big driver was Brazil as well, which continues to fire on all cylinders, notwithstanding a tough comp for us because we still didn't have the Porto Alegre plant fully operational. We barely closed the quarter around 60%. We are today at around 80%.

費利佩，如果你願意，我會給你一個更廣泛的背景，然後格里，你可以去了解費利佩提出的具體利潤率和銷售、一般及行政費用點。因此，拉丁美洲的反應非常好，利潤率的擴大並不僅限於阿根廷。我想說，巴西也是一個很大的推動因素，儘管我們面臨嚴峻的競爭形勢，因為我們的阿雷格里港工廠尚未全面投入運營，但巴西仍繼續全速發展。我們本季的業績勉強在 60% 左右。目前我們的完成率已達到 80% 左右。

But even with that, we had nice margin expansion in Brazil, very good expansion in Argentina. So in general, things are looking good for us in those operations. Gerry, do you want to get into the specifics?

但即便如此，我們在巴西的利潤率仍然取得了不錯的成長，在阿根廷的成長也非常好。所以整體來說，這些行動對我們來說進展順利。格里，你想了解具體細節嗎？

I'll start with the first part of your question, Felipe, regarding the performance in our South America division, all of our operations actually contributed to margin expansion. To highlight, obviously, Argentina that you mentioned. But also we saw an improvement in profitability margins in Colombia. And our largest operation in the South America division, Brazil, also is showing an expansion in EBIT margins of 100 basis points for the period as compared to last year. So across the board, margin expansion, as you know, and we've highlighted before, we have opportunities to continue expanding profitability in both our operations in Brazil and Colombia. So we expect that to continue to be the case as we move forward. But this is the case for this quarter.

費利佩，我先從你問題的第一部分開始，關於我們南美分部的業績，我們所有的業務實際上都為利潤率的擴大做出了貢獻。顯然，要強調的是您提到的阿根廷。但我們也看到哥倫比亞的獲利率有所提高。我們南美洲分部最大的業務巴西的息稅前利潤率與去年同期相比也擴大了 100 個基點。因此，正如您所知，我們之前也強調過，從整體利潤率來看，我們有機會繼續擴大在巴西和哥倫比亞的業務的盈利能力。因此，我們預計這種情況在未來將繼續存在。但本季的情況就是如此。

Regarding SG&A, our expenses for our Mexico, South America -- for our Mexico and Central America division, we have seen pressure, especially in Mexico related to labor. Also, maintenance was an important issue, and we expect that this will continue to be an issue as we continue building our capacity. But we do have a very important focus, especially this year and the first half of this year to try to look for efficiencies in expenses, especially in our Mexico operation to help with the numbers when we're seeing softer market conditions.

關於銷售、一般及行政費用，我們在墨西哥、南美洲——墨西哥和中美洲分部的開支，我們看到了壓力，尤其是在墨西哥與勞動力相關的壓力。此外，維護也是一個重要議題，我們預計，隨著我們繼續建立能力，這將繼續成為一個問題。但我們確實有一個非常重要的重點，特別是今年和今年上半年，試圖提高費用效率，特別是在我們的墨西哥業務中，以便在我們看到較弱的市場條件時幫助提高數字。

Got it. That's very clear. And if I can do a very short follow-up. I wanted to see if you could comment on changes in the mix. Are you seeing consumers kind of gearing towards returnables, given the deceleration and a little bit more of a conservative stance from the consumer?

知道了。這非常清楚。我是否可以做一個非常簡短的後續跟進。我想看看您是否可以對混音中的變化發表評論。考慮到消費放緩以及消費者採取較保守的立場，您是否看到消費者對可退貨商品有某種傾向？

Felipe, it's Jorge here. Yeah, I would say we see mixed across Coca-Cola FEMSA mix performance with regards to presentations in terms of size, I would say, from single-serve and multi-serve. So for example, in Mexico, in particular, we have seen that in terms of mix moving more towards multi-serve. On the other hand, I would say that in South America, as Ian mentioned, Brazil is performing very well, growing on top of very tough comps. It was double-digit growth in the first quarter of 2024.

費利佩，我是豪爾赫。是的，我想說，就尺寸展示而言，我們看到可口可樂 FEMSA 混合飲料的表現參差不齊，我想說，從單份到多份。例如，特別是在墨西哥，我們看到產品組合越來越傾向於多種服務。另一方面，我想說，在南美洲，正如伊恩所提到的，巴西的表現非常好，在非常艱難的競爭中實現了成長。2024年第一季實現了兩位數成長。

And on top of that, Brazil is growing. Ian mentioned during his prepared remarks that single-serve mix, in particular, in Brazil is growing. So I would say it depends on the market and what we're seeing. But I would say that in most parts of South America -- in South America division, we're seeing a trend of single-serve mix growth. While in Mexico, we have seen a little bit more of performance from multi-serve presentations in particular.

除此之外，巴西還在不斷發展。伊恩在準備好的發言中提到，單份混合飲料，尤其是在巴西，正在成長。所以我想說這取決於市場和我們所看到的情況。但我想說，在南美洲的大部分地區——在南美洲分部，我們看到了單一服務混合成長的趨勢。在墨西哥，我們看到了更多服務演示的更多表現。

Mr. Enrique Morillo, Morgan Stanley.

恩里克‧莫里洛先生，摩根士丹利。

I just wanted to explore a bit your market share trends in Mexico. So I wonder if coupled with the volume decline, you also saw meaningful changes in the market share trends during the quarter. You already mentioned that you adjust your price in the end of the quarter. But if you could comment if you still perhaps saw customers migrating to brands with lower price points or something like that would be helpful. And still in the market share topic, if you could just also remind us quickly what are your priorities in terms of categories and products you want to recover market share and how that's been evolving when you -- your additional capacity comes online, that would be very helpful as well.

我只是想稍微了解一下你們在墨西哥的市佔率趨勢。所以我想知道，除了銷量下降之外，您是否還看到本季市佔率趨勢發生了顯著變化。您已經提到您會在季度末調整價格。但如果你能評論是否仍然看到客戶轉向價格較低的品牌或類似情況，那將會很有幫助。仍然在市場份額話題上，如果您可以快速提醒我們，就類別和產品而言，您希望恢復市場份額的優先事項是什麼，以及當您的額外產能上線時，市場份額是如何發展的，這也會非常有幫助。

Enrique, yeah, like I said, we were transiting January more or less in line with what we expected. And then we saw an adjustment to our volumes and a softer environment and softer share in February. And that is when we reacted very, very swiftly and adjusted our plans, increased our tactical calendar, both for single-serve and multi-serve and in both traditional and modern channel.

恩里克，是的，就像我說的，我們一月份的狀況基本上符合我們的預期。然後，我們看到 2 月份銷量有所調整，環境和市佔率均有所下降。那時，我們反應非常迅速，調整了計劃，增加了戰術日程，包括單份和多份服務，也包括傳統和現代管道。

In modern channel, it's much easier to have very good price compliance, have all of the calendar follow through. So I would say from the impact that we saw in February, share trended very well in the right direction throughout the rest of the quarter in the modern channel. So we're confident that, that's going to start to show.

在現代通路中，實現良好的價格合規性並遵循所有日曆變得更加容易。因此我想說，從我們在二月看到的影響來看，在本季度剩餘時間內，現代通路的份額趨勢非常好，朝著正確的方向發展。因此，我們相信，這一點將會開始顯現。

And then in the traditional channel, it took us a little bit more time to get everything in place with our revised calendar because you have to make sure that the resources you put in are going to flow through to the consumer. Otherwise, it's just increased trade margin. So that took us more time, a couple of weeks. And once we were able to adjust that, then the share recovery is starting there as well. It's trending in the right direction. It's not at the modern channel levels where we've seen being able to recuperate the impact that we had in February, but we're trending in the right direction.

然後在傳統管道中，我們花了更多時間根據修改後的日曆完成所有安排，因為你必須確保投入的資源能夠流向消費者。否則，這只是增加了貿易利潤。所以這花了我們更多時間，幾週的時間。一旦我們能夠調整這一點，那麼份額就會開始恢復。它正朝著正確的方向發展。雖然我們還沒有在現代通路層面上恢復 2 月造成的影響，但我們正朝著正確的方向發展。

And Enrique, regarding capacity and the focus that we have across categories, remember that the first strategic priority that we have is growing the core business. So the vast majority of the capacity that we are adding across our markets is focused on that core.

恩里克，關於產能和我們在各個類別的重點，請記住，我們的首要策略重點是發展核心業務。因此，我們在各個市場增加的產能絕大多數都集中在這個核心。

So that means that it's going to the sparkling category. We're adding different sizes, different presentations. And that, as is obvious, it's going to help us not only with brand Coca-Cola, but with flavors as well because when we were facing the capacity constraints at some point, as you know, when there was unavailability, we had to prioritize brand Coca-Cola, and we started having some weakness in flavors that happened in various fronts.

這意味著它將進入閃亮類別。我們正在添加不同尺寸、不同的演示。顯然，這不僅對可口可樂品牌有幫助，而且對口味也有幫助，因為當我們在某個時候面臨產能限制時，如你所知，當沒有庫存時，我們必須優先考慮可口可樂品牌，而我們開始在各個方面出現口味方面的弱點。

I would say, I mean, the large investments that we put in together with the supply chain initiatives, we don't have unavailability issue in Mexico anymore. That has been solved, not only for CSDs, but for steels as well. So it's a large improvement in order fulfillment, almost 1.4, 1.5 points there. We're much better prepared to enter into the high season today.

我想說的是，我們投入的大量投資以及供應鏈計劃，使我們在墨西哥不再面臨供應不足的問題。這個問題已經解決，不僅適用於 CSD，也適用於鋼材。因此，訂單履行率有了很大的提高，幾乎提高了 1.4 到 1.5 個百分點。今天我們已經做好了更充分的準備來進入旺季。

That being said, like I mentioned, last year's high season was coupled with a heat wave. So it was very intense. This year's high season, our weather forecast is going to be more normal weather. So you couple the fact that we have more capacity online, we're better prepared and it will be a more normal weather if the models pan out. I mean, we should have a good benchmark in terms of customer service this year vis-a-vis last year.

話雖如此，正如我所提到的，去年的旺季伴隨著熱浪。所以氣氛非常緊張。今年的旺季，我們的天氣預報將會是更正常的天氣。因此，如果模型正確的話，我們擁有更多的線上容量，我們就能做好更充分的準備，而且天氣也會更加正常。我的意思是，與去年相比，我們今年的客戶服務方面應該有一個良好的基準。

Alejandro Fuchs, Itau.

亞歷杭德羅·福克斯，伊塔烏。

I have two quick ones from my side, if I may. The first one is for Ian. Wanted to see now with the full rollout in Brazil of Juntos+ Advisors. I wanted to ask you when should we expect this to come to Mexico and maybe what readthroughs could you see coming from Brazil to Mexico that could be comparable? And the second one for Gerardo, real quick.

如果可以的話，我這裡有兩個簡短的問題。第一個是給伊恩的。現在想看 Juntos+ Advisors 在巴西的全面推出情況。我想問您，我們什麼時候可以預期這種情況會發生在墨西哥，以及您認為從巴西到墨西哥的解讀有何可比性？第二個是給傑拉爾多的，非常快。

We saw material worsening of working capital dynamics, especially on days of payables this quarter. I wanted to see if you can give us some color on what is driving this? And what do you expect this to continue going forward?

我們發現營運資本動態大幅惡化，尤其是在本季的應付帳款天數。我想看看您是否可以告訴我們造成這種情況的原因？您期望這種情況在未來如何發展？

Alex, so yes, in Brazil, you know you're on to something that works very well for that team when they accelerate the rollout because they're really seeing the benefits of the implementation of the tool. So what happened in Brazil is we already finished the full rollout and that team is very happy there. We increased geo efficiency almost 4 points, combined coverages, which go directly to share, and you see that in the Brazil numbers, almost 3.6 points in CSD, it's over 1 point in steel. So I mean, the -- for us, Juntos+ adviser is a game changer. We're now ready to start the rollout in Mexico.

亞歷克斯，是的，在巴西，你知道當他們加速推出時，你正在做一些對那個團隊非常有效的事情，因為他們確實看到了實施該工具的好處。因此，在巴西發生的事情是，我們已經完成了全面推廣，並且那裡的團隊非常高興。我們將地理效率提高了近 4 個百分點，綜合覆蓋率直接轉化為份額，您可以看到，在巴西的數據中，CSD 提高了近 3.6 個百分點，鋼鐵提高了 1 個百分點以上。所以我的意思是，對我們來說，Juntos+ 顧問是遊戲規則的改變者。我們現在已準備好開始在墨西哥推出產品。

The Mexico team is heading down to Brazil to see all of the processes that are necessary behind the implementation of the tool because it's not only the tool that you put in there, but the processes between the trade marketing teams, the sales service structure in commercial and then you roll it out. We should be doing that, I think, around June, July of this year. So like I stated in the prior call, we expect to have both Mexico and Brazil fully rolled out this year. So that for us, it's a very, very good tool. It's right now without the order entry module.

墨西哥團隊正前往巴西，了解實施該工具背後所需的所有流程，因為這不僅是您在那裡安裝的工具，還包括貿易行銷團隊之間的流程、商業銷售服務結構以及隨後推出的工具。我認為我們應該在今年六月或七月左右這樣做。因此，正如我在之前的電話會議中所說的那樣，我們預計今年將在墨西哥和巴西全面推出。所以對我們來說，這是一個非常非常好的工具。目前還沒有訂單輸入模組。

So it's all of the modules that are out there to help the presellers be more productive and more effective. And we're starting in Brazil with the order entry functionalities. And those are also going very well. So once we add the order into functionalities, it just takes it to an additional level because we won't only be using the adviser tool as, let's say, sales force enabler, but also as an order entry tool. So it's moving very well, Alex.

所以所有的模組都是為了幫助預售商提高生產力和效率。我們將從巴西開始提供訂單輸入功能。這些都進展得很順利。因此，一旦我們將訂單添加到功能中，它就會提升到額外的級別，因為我們不僅會將顧問工具用作銷售隊伍推動者，還會將其用作訂單輸入工具。所以一切進展順利，亞歷克斯。

I don't remember the other part of the question.

我不記得問題的其他部分。

Working capital. Alejandro, regarding working capital, we have two main factors impacting working capital this year, and this is from our budget. It's not a surprise. It's by design, and it's connected to something that Ian has talked about during the call. And this is -- as you remember, last year, we had high unavailability in most of our markets, but especially in our two largest operations, Mexico and Brazil.

營運資金。亞歷杭德羅，關於營運資金，今年影響營運資金的主要因素有兩個，來自我們的預算。這並不奇怪。這是設計好的，並且與伊恩在通話中談到的事情有關。而且，正如您所記得的，去年，我們在大多數市場上都出現了高缺貨率，尤其是在我們最大的兩個市場中——墨西哥和巴西。

This resulted in consuming inventories way more than usual below our regular safety inventories to be able to reduce as much as we could that unavailability this year. We're replenishing those inventories throughout the year. We expect that this will continue to be an important effect for the remainder of the year. And the other impact is in accounts payable. As you know, we're in the process of migrating our ERP to S/4HANA version of SAP.

這導致我們消耗的庫存遠低於正常安全庫存，以便今年盡可能減少供應不足的情況。我們全年都在補充這些庫存。我們預計這將在今年剩餘時間內繼續產生重要影響。另一個影響是應付帳款。如您所知，我們正在將 ERP 遷移到 SAP 的 S/4HANA 版本。

And during this process, during this year, we have higher payables -- we have lower payables as compared to last year with the regular development of that project. And also, that will continue to be a case for the remainder of the year.

在此過程中，今年我們的應付款項更高——與去年相比，隨著該專案的正常發展，我們的應付款項有所降低。而且，今年剩餘時間這種情況仍將持續。

Lucas Ferreira, JPMorgan.

摩根大通的盧卡斯費雷拉。

I have two questions. The first one is if you already see some positive results of these changes you're conducting Mexico's, let's say, go-to-market and pricing mix strategies to adjust for the tougher environments, if you already see kind of improving results in the month of April. And if you think that sort of a lower start of the year changes the whole year budget? Or is something that you think you can catch up later, like you mentioned second half should be of easier comps?

我有兩個問題。第一個是，如果您已經看到這些變化的一些積極成果，那麼您就可以實施墨西哥的市場進入和定價組合策略，以適應更嚴峻的環境，如果您已經看到 4 月份的結果有所改善。您是否認為年初的較低預算會改變全年預算？或者您認為您可以稍後趕上，就像您提到的下半場應該更容易一些？

And the second question on Brazil. You guys mentioned that you see still opportunities to improve margins. So if you can give more details on this, if it's just like fixed cost dilution, increasing volumes or if there is any other initiative or mix changes? And if you see, in Brazil, any deceleration of the consumer, given sort of here the inflation, inflationary environment, food inflation going up. So if you think there could be also some maybe deceleration in the consumption in the region.

第二個問題是關於巴西的。你們提到仍然看到提高利潤率的機會。因此，您能否就此提供更多細節，這是否只是固定成本稀釋、產量增加，或者是否有任何其他舉措或組合變化？如果你看到巴西的消費減速，考慮到這裡的通貨膨脹、通貨膨脹環境、食品通貨膨脹的上升。因此，如果您認為該地區的消費可能也會放緩。

I'll give a broad context and then Jorge, you can enter into the specifics on the views for the year. So like I mentioned to Enrique, the share impact that we saw in February with the adjustments that we did, we have fully recovered that in the modern trade, and we are on our way if things keep trending as they are to recover that in the traditional channel.

我將給出一個廣泛的背景，然後 Jorge，你可以具體了解今年的觀點。因此，就像我向恩里克提到的那樣，我們在 2 月看到的調整對股價的影響，我們已經在現代貿易中完全恢復了，如果情況繼續保持目前的趨勢，我們也正在透過傳統管道恢復股價。

That being said, Lucas, this has come about, like I said, under an environment of increased competitive intensity. So that has not changed. So what I mean is you see a lot of offers and promotions out there in the marketplace.

話雖如此，盧卡斯，正如我所說，這是在競爭日益激烈的環境下發生的。所以這並沒有改變。我的意思是，你會在市場上看到很多優惠和促銷活動。

And that was something that we did not have factored into the year. So we had factored in a tougher first half comp, but we did not factor in this level of competitive intensity. So we're adjusting for that. And I think it's prudent for us with the level of uncertainty that's out there in general, in the world, I'm not saying specific about Mexico, but it certainly spills over to Mexico, especially given where the geopolitical tensions are right now, that we think there will be this type of uncertainty and increased competitive intensity at least for the full of the first half. So that's what we're preparing for.

這是我們今年沒有考慮到的事情。因此，我們已經考慮到了上半場比賽中更加激烈的因素，但沒有考慮到這種程度的競爭強度。因此我們正在對此進行調整。我認為，考慮到全球普遍存在的不確定性，我們採取謹慎的行動是明智的，我不是專門針對墨西哥，但它肯定會蔓延到墨西哥，特別是考慮到目前的地緣政治緊張局勢，我們認為至少在整個上半年都會存在這種不確定性和日益激烈的競爭。這就是我們正在準備的事情。

We're not foreseeing a respite in competitive intensity for the whole of the first half. And that was not in the initial, let's say, plans. In terms of -- but like I mentioned, our share is trending -- is recovered in the modern trade and it's trending in the right direction in the traditional channel. It's much trickier to have a tactical calendar 360 plans flow through there. So it takes more time.

我們預計整個上半場的競爭強度不會有所緩解。而這並非最初的計劃。就我所提到的而言，我們的份額正在呈現趨勢——在現代貿易中恢復，並且在傳統管道中朝著正確的方向發展。讓戰術日曆 360 計畫流經那裡要困難得多。所以需要更多時間。

In terms of Brazil, the margin expansion and improvements are coming like you anticipated a lot from operating leverage, fixed cost absorption, but there's also benefits flowing through from where we're installing our capacity. So the lines that are coming online in Brazil are where we need them to be are in the most profitable segments, which are CSDs.

就巴西而言，利潤率的擴大和改善正如您所預期的那樣，來自經營槓桿、固定成本吸收，但我們安裝產能的地方也帶來了好處。因此，巴西上線的線路正是我們需要它們進入的最賺錢的領域，即中央儲存系統 (CSD)。

So all of that is going to be adding and we expect accretive and helpful in margins in Brazil. We are not seeing a slowdown in our territories in the consumer, but it's also, I think, prudent to say that weather has been good in Brazil. So I don't know, maybe in other regions, we are seeing softer volumes in Brazil, still growth, but softer volumes.

因此，所有這些都將會增加，我們預計巴西的利潤率將會增加並有幫助。我們沒有看到我們所在地區的消費市場出現放緩，但我認為，謹慎地說巴西的天氣很好。所以我不知道，也許在其他地區，我們看到巴西的銷量較弱，仍然在成長，但銷量較弱。

But in our region, we are not seeing that. I can't account for the fact that how much of that is due to weather or whether our consumer is still very resilient. And in the case for us in Brazil, I'm not saying that this is an easier year because I don't want my operators to slack off there. But they have a very good comp starting May, just accounting for what happened, losing one plant, which was 10% of our volume, having to buy cases from other bottlers, having to ship those cases very large distances. So it's just an easier comparison for us in Brazil in starting May as well, okay?

但在我們地區，我們並沒有看到這種情況。我無法解釋其中有多少是由於天氣原因，或者我們的消費者是否仍然具有強大的適應力。就我們在巴西的情況而言，我並不是說今年是比較輕鬆的一年，因為我不希望我的運營商在那裡懈怠。但從 5 月開始，他們的業績表現非常好，考慮到之前發生的情況，他們失去了一家工廠，這佔了我們產量的 10%，不得不從其他瓶裝商那裡購買貨箱，並把這些貨箱運送到很遠的地方。所以對於我們五月初在巴西的人來說，這也更容易比較，好嗎？

Do you want to get into--

你想進入——

Yeah. I think -- Lucas, I think the answer from Ian is quite comprehensive. I think he mentioned the view of definitely a softer start of the year, in particular in Mexico to the expectations. And we do see that the tactical calendar and the initiatives that we are implementing are starting to drive some results. And especially when we move towards the second half, we should go back to our positive momentum.

是的。我認為——盧卡斯，我認為伊恩的回答非常全面。我認為他提到了今年開局肯定較為疲軟的觀點，尤其是墨西哥，符合預期。我們確實看到，我們正在實施的戰術日程和舉措開始取得一些成果。尤其是當我們進入下半場時，我們應該恢復積極的勢頭。

On the other hand, offsetting part of the slower start that we saw in Mexico and Central America, we saw a very positive performance from South America. So that, I would say, give us a cautiously optimistic about the budget. I wouldn't say we are materially adjusting anything. What I would say is that we -- what we did at just is finding those initiatives, efficiencies where they are. And in case things continue uncertain, we can rapidly activate those efficiency initiatives.

另一方面，南美洲的表現非常積極，抵消了墨西哥和中美洲部分較慢的開局。因此，我想說，我們對預算持謹慎樂觀的態度。我不會說我們正在進行任何實質的調整。我想說的是，我們所做的只是找到那些措施和效率所在。如果情況持續不確定，我們可以迅速啟動這些效率措施。

Renata Cabral, Citibank.

花旗銀行的雷娜塔‧卡布拉爾 (Renata Cabral)。

So my question is regarding the Mexican consumption environment. Was that possible to understand if some of the weaknesses in terms of volumes in Mexico is related to the Coca-Cola brand sentiment against the United States because of the current scenario environment on tariffs? So I'd like to have your view on that.

我的問題是關於墨西哥的消費環境。是否可以理解，墨西哥銷售方面的一些疲軟是否與可口可樂品牌因當前的關稅環境而對美國的反感有關？所以我想聽聽你對此的看法。

And the second question is still related to Mexico. Regarding the calendar shift for the Easter holidays, for us, it's more clear to understand the impact on the retailers. But I would like to hear if that is also meaningful for you in terms of impact in volumes.

第二個問題仍然與墨西哥有關。關於復活節假期日曆的轉變，對我們來說，更清楚地了解其對零售商的影​​響。但我想聽聽這對您在數量影響方面是否也有意義。

Yeah. I would say that what we saw in Mexico during the first quarter, we believe it's a result of several factors. We saw that competitiveness that Ian referred to. When you tour the market in Mexico, you see a lot of competitiveness, a lot of promotional activity from many, many brands. On top of that, geopolitical tension, softer consumer sentiment, the tougher weather that we also saw.

是的。我想說，我們在第一季看到墨西哥的情況，我們認為這是由多種因素造成的。我們看到了伊恩提到的競爭力。當你參觀墨西哥市場時，你會看到許多品牌的競爭非常激烈，促銷活動也非常多。除此之外，我們也看到了地緣政治緊張、消費者信心疲軟以及惡劣天氣等影響。

I think that those were that mix of factors. The calendar effects that you mentioned, and I will connect that to the second part of your question, also play a role, but I wouldn't say that for us are as relevant as for retail, for example. But what we do see, for example, in years like this, when the shift of Easter happens like in mid-April because sometimes Easter moves to the second quarter, but is at the beginning of the month of April. So you still see all of the orders and the loading of inventories during the first quarter, which is not something that we saw in years like this.

我認為這些都是由多種因素造成的。您提到的日曆效應（我會將其與您的問題的第二部分聯繫起來）也發揮了一定作用，但我不會說這對我們來說與零售業一樣重要。但是，我們確實看到，例如，在像今年這樣的年份，復活節的轉變發生在四月中旬，因為有時復活節會移到第二季度，但卻是在四月初。因此，您仍然會看到第一季的所有訂單和庫存裝載情況，這是我們在過去幾年中從未見過的。

But I wouldn't say, as I mentioned, that is a very relevant factor. It's -- for us, it's less than -- I would say, less than 1% of our volume shift. So it's not that material because usually, what happens is that people move from big cities, but you catch that volumes from people moving to resort cities and all. But as I mentioned, I think what happened in Mexico was more of a combination of factors and it's something that we have been seeing since the second half of 2024. That slower consumption environment, a little bit of a deceleration that continued into the first quarter. And if anything, uncertainty increase.

但正如我所提到的，我不會說這是一個非常相關的因素。對我們來說，我想說，這還不到我們交易量轉移的 1%。所以這並不是那麼重要，因為通常發生的情況是人們從大城市搬走，但你會發現，人們搬到度假城市的數量也在增加。但正如我所提到的，我認為墨西哥發生的事情更多是多種因素共同作用的結果，而且自 2024 年下半年以來我們就一直在看到這種情況。消費環境放緩，略有減速的趨勢持續到了第一季。如果有的話，不確定性就會增加。

Mr. Antonio Hernandez, Actinver.

安東尼奧·埃爾南德斯先生，Actinver。

Just a quick one regarding your performance in Mexico on a regional basis. Are you seeing perhaps more pressure on the South because of tough comps, I don't know, because of the competitive environment, macro conditions? What are you seeing from a regional perspective in Mexico?

我只想簡單介紹一下您在墨西哥地區的表現。您是否認為南方面臨更大的壓力，因為競爭環境和宏觀條件比較困難？從墨西哥的區域角度來看，您看到了什麼？

Yeah, I think that you're right, the performance is not the same across regions, specifically in the Southeast with some of the projects, the infrastructure projects nearing completion, that in itself has a lower amount of cash and consumer circling back. So you're right that the impact or the softer environment is not even across all of our territories. But in general, there is this softer environment and increased competitive intensity. So it's a bit tougher in the Southeast. I think that's a precise appreciation, yeah.

是的，我認為你是對的，不同地區的表現並不相同，特別是在東南部，一些項目、基礎設施項目即將完工，這本身就意味著現金量較少，消費者回流也較少。所以您說得對，影響或較軟的環境甚至沒有覆蓋到我們所有的領土。但整體而言，環境更加溫和，競爭強度增加。所以東南部的情況稍微困難一些。是的，我認為這是一個準確的評價。

Okay. And the same comments that you provided regarding Mexico on a month-to-month basis, does that apply also on a regional perspective or maybe trending a little bit better in some regions or states?

好的。您就墨西哥逐月情況做出的評論是否也適用於區域視角，或者在某些地區或州的趨勢可能更好一些？

Yeah. Antonio, I would say on monthly performance, it's mixed. For example, just to give you a sense, in Mexico and Central America, definitely, March was tougher, as Ian referred to, Guatemala as well. But then if you move to South America, Argentina is trending even better in March than at the beginning of the quarter. But what I would highlight perhaps is that the two markets where we saw a tougher quarter, Mexico, Colombia, we did see a March that towards the end of the quarter was tougher.

是的。安東尼奧，我想說，就月度表現而言，情況好壞參半。例如，只是為了讓你了解，在墨西哥和中美洲，三月肯定更加艱難，正如伊恩所提到的，危地馬拉也是如此。但如果你轉向南美洲，阿根廷 3 月的趨勢甚至比本季初還要好。但我想強調的是，我們在本季經歷了更艱難的兩個市場——墨西哥和哥倫比亞，我們確實看到，在接近本季末的 3 月份，情況更加艱難。

But what is encouraging as well in certain markets, Mexico, Colombia, Guatemala is that after April, May, we're going to start seeing some easier comps, for example in Colombia and Guatemala. So what I mean by this is that I don't want to give necessarily the perspective that if March is worse than February, that things are going to be moving in a straight line. That's not what we expect. It's not going to move in a straight line, and we have to be mindful of that.

但在某些市場，例如墨西哥、哥倫比亞、瓜地馬拉，同樣令人鼓舞的是，4月和5月後，我們將開始看到一些更容易的比較，例如在哥倫比亞和瓜地馬拉。所以我的意思是，我並不一定想給出這樣的觀點：如果三月的情況比二月更糟糕，那麼事情就會直線發展。這並不是我們所期望的。它不會沿著直線移動，我們必須注意這一點。

Álvaro García, BTG.

阿爾瓦羅·加西亞 (Álvaro García)，BTG。

I have two questions. One for Ian. I was wondering if there's an update on how FEMSA spin might play a role alongside Juntos in Mexico? And my second question is for Gerry on the outlook for COGS. You noted the lower sweetener price in the release.

我有兩個問題。一個給伊恩。我想知道是否有關於 FEMSA 宣傳如何與墨西哥的 Juntos 一起發揮作用的最新消息？我的第二個問題是問 Gerry 有關 COGS 前景的問題。您注意到新聞稿中甜味劑的價格較低。

I was wondering if that's the case for the rest of the year? And maybe if you could provide sort of just an update on the outlook for PET and sweeteners across your key markets.

我想知道今年剩餘時間的情況是否也是如此？也許您可以提供有關主要市場 PET 和甜味劑前景的最新情況。

Álvaro, regarding spin, I would say that there have been a lot of good learnings collected from the Puebla pilot. I think the spin team is processing those learnings together with our team. They're adjusting some of the things that they think could make it even more attractive or of interest of easier entry and to capture new customers. And they're going to be testing that as well together with us. And at some point, probably the same year, there should be decisions there of how they want to scale it or not and in which format.

阿爾瓦羅，關於旋轉，我想說，我們從普埃布拉的試點中學到了很多好東西。我認為旋轉團隊正在與我們的團隊一起處理這些經驗教訓。他們正在調整一些他們認為可以使其更具吸引力或更容易進入並吸引新客戶的東西。他們也將與我們一起進行測試。在某個時候，可能是同一年，他們應該決定如何擴展它以及採用何種形式。

So I don't have those final decisions yet. I think there's a lot of good collaboration and learnings going on. And probably during this year, they should reach the learnings of whether this will be scaled and in which format.

所以我還沒有做出最終決定。我認為正在進行許多良好的合作和學習。或許在今年，他們就會了解到是否可以擴大規模以及採用何種形式。

Alvaro, regarding cost of goods sold, as you pointed out and in the prepared remarks, we made reference to it. Sweeteners are providing a better or a significant relief to our cost of goods sold throughout our operations. And we do expect that we will see a continued benign sweetener environment for the remainder of the year. For the case of PET, basically sort of the same story. We're seeing both energy prices coming down as well as the refined products like the one that we use, mostly PET.

阿爾瓦羅，關於銷售成本，正如您所指出的，我們在準備好的評論中提到了這一點。甜味劑在我們整個營運過程中為我們的銷售成本提供了更好或顯著的降低。我們確實預計，今年剩餘時間內甜味劑環境將持續維持良性發展。對於 PET 的情況，基本上是同樣的情況。我們看到能源價格和我們使用的精煉產品（主要是 PET）的價格都在下降。

So we do see PET prices coming down, and we're also taking advantage to increase hedge positions further out even beyond 2025 to take advantage of lower PET prices that we're seeing. The only, I think, raw material that we are seeing with a little bit of pressure is aluminum. But as you know, it represents a small portion of our mix in all of our operations. So it's something that really does not concern us in a significant way.

因此，我們確實看到 PET 價格下降，我們也將利用這一優勢增加對沖頭寸，甚至在 2025 年以後，以利用我們所看到的較低的 PET 價格。我認為，我們看到的唯一受到一點壓力的原料是鋁。但正如你所知，它只占我們所有業務的一小部分。所以這其實與我們並無太大關係。

(Operator Instructions) Ulises Argote, Santander.

（操作員指示）Ulises Argote，桑坦德。

Just one quick one here from my side. So if you can help us quantify the impact there on the insurance payments in Mexico, just to get a bit of a sense of comparability on the numbers.

我這裡只想簡單說一句。因此，如果您能幫助我們量化對墨西哥保險支付的影響，只是為了對數字有一點可比性。

Yes, Ulises. For this quarter, we had a net effect in Mexico of MXN65 million in favor. This is net from expenses that we saw in the quarter for MXN75 million and insurance recovery for MXN140 million. So the net effect that we recorded in the P&L was a benefit of MXN65 million in the quarter.

是的，尤利西斯。本季度，我們在墨西哥的淨收益為 6,500 萬墨西哥比索。這是我們本季支出 7,500 萬墨西哥比索和保險賠償 1.4 億墨西哥比索的淨額。因此，我們在損益表中記錄的淨效應是本季收益 6,500 萬墨西哥比索。

As we have no further questions at this time, I'll turn the call back over to Mr. Collazo for any additional or closer remarks. Thank you.

由於我們目前沒有其他問題，我將把電話轉回給科拉佐先生，以便他可以發表進一步或更詳細的評論。謝謝。

Thank you very much, everyone, for your interest in our company and for joining us on today's call. We look forward to seeing you again soon. And in the meantime, in case you have any remaining questions, myself and the rest of the IR team, we are available for any remaining questions. Thank you very much.

非常感謝大家對我們公司的關注並參加今天的電話會議。我們期待很快再次見到您。同時，如果您還有其他問題，我和 IR 團隊的其他成員將隨時為您解答。非常感謝。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, that will conclude today's presentation. We thank you for your attendance. You may now disconnect. Have a good day, and goodbye.

謝謝。女士們、先生們，今天的演講到此結束。感謝您的出席。您現在可以斷開連線。祝您有美好的一天，再見。