Coca-Cola Femsa SAB de CV (KOF) 2025 Q2 法說會逐字稿

Hello, and welcome to The Coca-Cola FEMSA second-quarter 2025 conference call. My name is Sophia, and I'll be your moderator for today's event. Please note that this conference is being recorded. (Operator Instructions)

您好，歡迎參加可口可樂 FEMSA 2025 年第二季電話會議。我叫索菲亞，我將擔任今天活動的主持人。請注意，本次會議正在錄製。（操作員指示）

I would now like to hand the call over to Mr. Jorge Collazo, Investor Relations Director at Coca-Cola FEMSA. Jorge, please go ahead.

現在，我想將電話交給可口可樂 FEMSA 投資者關係總監 Jorge Collazo 先生。豪爾赫，請繼續。

Good morning to you all, and welcome to this webinar to review our second-quarter 2025 results. As you have noticed, we migrated our earnings conference call and webcast to a Zoom-based platform, to enhance audio quality and ease of connection for all participants. (Event Instructions) Joining me this morning are Ian Craig, our Chief Executive Officer; and Gerardo Cruz, our Chief Financial Officer.

大家早安，歡迎參加本次網路研討會，回顧我們 2025 年第二季的業績。正如您所注意到的，我們將收益電話會議和網路廣播遷移到了基於 Zoom 的平台，以提高音訊品質並方便所有參與者的連接。（活動說明）今天早上與我一起參加的是我們的執行長 Ian Craig 和我們的財務長 Gerardo Cruz。

Before I hand the call over to Ian, let me remind all participants that this conference call may include forward-looking statements and should be considered as good faith estimates made by the company. 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 full disclaimer in the earnings release that was published earlier today.

在我將電話交給伊恩之前，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。這些前瞻性陳述反映了管理階層的預期，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完整免責聲明。

With that, let me turn the call over to our CEO to begin our presentation. Please go ahead, Ian.

說完這些，讓我把電話轉給我們的首席執行官，開始我們的演示。請繼續，伊恩。

Thank you, Jorge. Good morning, everyone. Thank you for joining us today. During the second quarter, we faced a challenging environment marked by a softer macroeconomic backdrop in Mexico, and adverse weather conditions in Mexico and Brazil. In addition, we faced a tough comparison base, driven by the strong results achieved during the same period of the previous year.

謝謝你，豪爾赫。大家早安。感謝您今天加入我們。在第二季度，我們面臨著充滿挑戰的環境，其特徵是墨西哥宏觀經濟背景較弱，墨西哥和巴西的天氣條件惡劣。此外，由於去年同期取得了強勁的業績，我們面臨著嚴峻的比較基數。

However, despite the tougher than expected first half of the year, our long-term perspectives remain unchanged. We are convinced that our strategy, the implementation of our long-term sustainable growth model, and the investments behind capacity expansions are ideally positioning Coca-Cola FEMSA to capture the many opportunities ahead of us.

然而，儘管今年上半年的情況比預期更為艱難，但我們的長期前景仍沒有改變。我們堅信，我們的策略、長期永續成長模式的實施以及產能擴張背後的投資，將使可口可樂 FEMSA 佔據理想的位置，抓住我們面前的眾多機會。

During our call today, I will begin by summarizing our consolidated results for the second quarter. Then I will take a moment to dive deeper into key markets to provide you with an update on their main operating development. Finally, Gerry will guide you through our division's performance before closing with an update on supply chain initiatives. With that, let's move on to the summary of our consolidated results for the second quarter.

在今天的電話會議中，我將首先總結第二季的綜合業績。然後，我將花一點時間深入了解主要市場，為您提供有關其主要營運發展的最新資訊。最後，Gerry 將向您介紹我們部門的表現，然後介紹供應鏈計畫的最新情況。接下來，讓我們繼續總結第二季的綜合業績。

Our consolidated volume declined 5.5%, to 1.035 million unit cases. This contraction was driven by declines in Mexico, Brazil, Colombia, and Panama, that were partially offset by growth in Argentina, Uruguay, Guatemala, and the rest of our territories in Central America. Despite the volume contraction, our revenue management initiatives and favorable currency translation effects led our total revenues for the quarter to grow 5%, reaching MXN72.9 billion. On a neutral currency basis, our total revenues increased 2.4%.

我們的綜合銷量下降了 5.5%，至 103.5 萬箱。這一萎縮是由於墨西哥、巴西、哥倫比亞和巴拿馬的銷量下滑所致，但阿根廷、烏拉圭、危地馬拉和我們在中美洲的其他地區的銷量增長部分抵消了這一下滑。儘管銷量萎縮，但我們的收入管理措施和有利的貨幣換算效應使我們本季的總收入增長了 5%，達到 729 億墨西哥比索。以中性貨幣計算，我們的總收入成長了 2.4%。

Gross profit increased 3.4% to MXN33 billion, leading to a margin contraction of 70 basis points to 45.3%. This decrease was driven mainly by lower operating leverage and unfavorable mix effects, coupled with higher fixed costs and the year-on-year depreciation of most of our operating currencies as compared with the US dollar. These factors were partially offset by better sweetener costs and favorable raw material hedging initiatives.

毛利成長 3.4% 至 330 億墨西哥比索，導致利潤率收縮 70 個基點至 45.3%。造成這一下降的主要原因是經營槓桿較低、組合效應不利、固定成本較高以及大多數經營貨幣相對於美元同比貶值。這些因素被更好的甜味劑成本和有利的原料對沖措施部分抵消。

Our operating income remained flat at MXN9.7 billion, with OI margin contracting 60 basis points at 13.4%. As was the case during the first quarter, this operating margin contraction was driven mainly by lower operating leverage, coupled with higher operating expenses, such as labor, maintenance, marketing, and depreciation, that were partially offset by cost and expense efficiencies and an operating foreign exchange gain.

我們的營業收入維持穩定在 97 億墨西哥比索，營業利潤率收縮 60 個基點至 13.4%。與第一季的情況一樣，營業利潤率的下降主要是由於營業槓桿率下降，加上人工、維護、行銷和折舊等營業費用增加，但成本和費用效率以及營業外匯收益部分抵消了這些影響。

Adjusted EBITDA for the quarter decreased 3.8% to MXN13.4 billion. And EBITDA margin contracted 160 basis points to 18.4%. Finally, our majority net income decreased 5.3% to MXN5.3 billion. This decline was driven mainly by an increase in our comprehensive financial results that was mainly caused by higher interest expenses and a lower foreign exchange gain, coupled with a higher effective tax rate.

本季調整後 EBITDA 下降 3.8% 至 134 億墨西哥比索。EBITDA利潤率收縮160個基點至18.4%。最後，我們的大部分淨收入下降 5.3% 至 53 億墨西哥比索。這一下降主要是由於我們的綜合財務業績成長所致，而這主要是由於利息支出增加、外匯收益減少以及有效稅率提高所致。

Now, let's switch gears to expand on our operations performance for the second quarter. In Mexico, our volume declined 10%, cycling a historic second quarter from the previous year, which grew 7.9%. Although we saw a month after month recovery in share trends, the main headwinds for volume performance came in the form of a softer macro backdrop and unfavorable weather.

現在，讓我們換個話題，詳細談談第二季的營運表現。在墨西哥，我們的銷量下降了 10%，而去年同期第二季的銷量則創下了歷史新高，成長了 7.9%。儘管我們看到股價趨勢逐月回升，但銷售表現的主要阻力來自於疲軟的宏觀背景和不利的天氣。

For instance, we faced consistently lower average temperatures throughout the quarter, with June being on average 3 degrees Celsius below the previous year. Perhaps more challenging was the fact that we faced 5 times more rain than the previous year. To give you a sense, Mexico City saw the rainiest June in over 50 years significantly impacting consumer behavior. In this context, we implemented the following key initiatives focusing on the levers under our control.

例如，整個季度我們面臨的平均氣溫持續較低，6 月平均氣溫比前一年低 3 度。也許更具挑戰性的是，我們面臨的降雨量比去年多了五倍。為了讓您了解情況，墨西哥城經歷了 50 多年來降雨最多的六月，這對消費者行為產生了重大影響。在此背景下，我們圍繞我們控制的槓桿實施了以下關鍵措施。

First, we remain focused on the plan that is delivering positive share results. As I mentioned during our previous call, we adjusted our promotional grid and implemented tactical activities in single-serve and multi-serve. This has allowed us to not only recover our share in the modern channel, but to surpass previous year's levels.

首先，我們仍然專注於帶來正面股票績效的計畫。正如我在上次電話會議中提到的，我們調整了促銷網格，並實施了單一服務和多服務的戰術活動。這不僅使我們恢復了在現代頻道的份額，而且超過了去年的水平。

In the traditional trend, the trend is also positive, and we have closed most of the gap with work to do to fully recover during the second half of the year. Importantly, we have focused our promotional activities on actions that not only address the short term but also provide sustainable share of value.

從傳統趨勢來看，趨勢也是正面的，我們已經彌補了大部分差距，但仍需努力在下半年全面恢復。重要的是，我們的促銷活動不僅集中在解決短期問題，而且還提供可持續的價值份額。

Second, we have developed an affordability plan together with The Coca-Cola Company that leverages marketing campaigns, attractive price points and relentless execution, especially in the traditional trade. Considering the macroeconomic backdrop and consumer sentiment in Mexico, where personal consumption expense and remittances have entered negative territory, there is a significant opportunity to leverage our affordability platform with initiatives such as upsizing, the adjustment of key returnable packages at attractive price ranges and executing more than 33,000 dedicated cooler doors to affordability.

其次，我們與可口可樂公司共同製定了一項可負擔計劃，該計劃利用行銷活動、誘人的價格點和不懈的執行力，尤其是在傳統貿易中。考慮到墨西哥的宏觀經濟背景和消費者情緒，個人消費支出和匯款已進入負值區域，我們有充分的機會利用我們的可負擔性平台，採取諸如擴大規模、以有吸引力的價格範圍調整主要可回收包裝以及實施超過 33,000 個專用冷藏櫃門等舉措，以實現可負擔性。

Third, we continue to significantly improve execution on our customer service metrics. Our commercial and supply chain initiatives continue to drive improvements in order fulfillment, and Net Promoter Score also achieving historical levels in portfolio coverage.

第三，我們持續大幅提高客戶服務指標的執行率。我們的商業和供應鏈計劃繼續推動訂單履行的改善，淨推薦值也在投資組合覆蓋率方面達到歷史水平。

And fourth, we are focusing on productivity initiatives, and on enhancing processes and resource allocation, given the evolving macro landscape.

第四，鑑於宏觀情勢的變化，我們將重點放在生產力舉措以及流程和資源配置的改進。

Regarding long-term investments behind capacity expansion, during the first half of the year, we completed key projects and began additional capacity initiatives are progressing according to plan. For example, in Toluca, we completed the expansion of our warehouse, adding more than 19,000 square meters, and we began operations of a new PET line with monthly capacity of more than 5 million unit cases.

關於產能擴張背後的長期投資，上半年我們完成了重點項目，並開始按計畫推進新增產能計畫。例如，在托盧卡，我們完成了倉庫的擴建，增加了19,000多平方米，並開始運作一條新的PET生產線，月產能超過500萬箱。

To increase capacity in the Bajio region in San Juan del Rio, we completed Phase 1 of our expansion plan, adding a new truck yard and blow molding room. This represents more than 8,000 additional square meters to this plant. Finally, in the Southeast region, we completed the separation of our Villahermosa distribution center from the plant, adding more than 5,000 pallet positions in incremental capacity.

為了增加聖胡安德爾裡奧巴希奧地區的產能，我們完成了擴建計畫的第一階段，增加了一個新的卡車場和吹塑室。這意味著該工廠的面積將增加 8,000 多平方公尺。最後，在東南地區，我們完成了比亞埃爾莫薩配送中心與工廠的分離，增加了超過 5,000 個托盤位置的增量容量。

In summary, for Mexico as a result of a tougher-than-anticipated first half of the year, and a cautious outlook for the second half, our team in Mexico is leveraging winning top line initiatives together with savings in supply chain, procurement and IT.

總而言之，由於墨西哥上半年的情況比預期更為嚴峻，且對下半年前景持謹慎態度，因此我們在墨西哥的團隊正在利用成功的頂線計劃以及在供應鏈、採購和 IT 方面的節省來獲利。

Now, moving on to Guatemala. Our volumes increased 1.6% to reach 51.3 million unit cases, despite seeing a decline in consumer confidence and the higher propensity to say during the first six months of the year, the implementation of key initiatives is delivering positive results. For instance, we increased our customer base by 10,000 new customers, 28% ahead of target, allowing us to gain share in key categories such as sparkling beverages, juices, water, and energy drinks.

現在，我們前往瓜地馬拉。儘管今年上半年消費者信心下降，且人們的傾向性有所增強，但我們的銷量仍增長了 1.6%，達到 5130 萬箱，關鍵舉措的實施正在取得積極成果。例如，我們的客戶群增加了 10,000 名新客戶，比目標高出 28%，這使我們在碳酸飲料、果汁、水和能量飲料等關鍵類別中獲得了份額。

At the same time, we continue focusing on the fundamentals of the business, strengthening sales force training, while adding new routes and coolers. As an example, we exceeded our target of installed coolers, reaching [9,700] new coolers installed year-to-date, a 10% increase versus the prior year.

同時，我們繼續專注於業務基礎，加強銷售人員培訓，同時增加新的路線和冷卻器。例如，我們超額完成了安裝冷卻器的目標，今年迄今已安裝了 [9,700] 台新冷卻器，比前一年增加了 10%。

Regarding commercial enablers, we're leveraging Juntos+ and Juntos+ Premia. This quarter, we added 7,000 monthly active users, a 7% increase versus the previous quarter, with more than 60% of these users active on the app, which is 10 percentage points ahead of last March.

關於商業推動者，我們正在利用 Juntos+ 和 Juntos+ Premia。本季度，我們的每月活躍用戶增加了 7,000 名，比上一季度增長了 7%，其中超過 60% 的用戶在應用程式上活躍，比去年 3 月提高了 10 個百分點。

On the supply chain front, we continue progressing according to plan. We started production of a new can line last April, and a new PET line is currently being assembled.

在供應鏈方面，我們繼續按計劃推進。我們去年四月開始生產一條新的罐頭生產線，目前正在組裝一條新的 PET 生產線。

As we enter the second half of the year, we expect to continue improving our profitability in Guatemala by optimizing our portfolio and productivity, all while focusing on rigorous cost and expense control.

進入下半年，我們期望透過優化投資組合和生產力繼續提高危地馬拉的獲利能力，同時注重嚴格的成本和費用控制。

Now, moving on to South America. In Brazil, our volumes declined 1.5% year-on-year, cycling strong 12.1% growth achieved last year. In Brazil, whilst the positive macro environment continued, our quarterly volumes were impacted by colder temperatures, especially in June, with Sao Paulo being on average 3 degrees below the previous year. Aligned with our long-term strategy, we continue focusing on share growth and profitability.

現在，我們轉向南美洲。在巴西，我們的銷量較去年同期下降了 1.5%，而去年實現了 12.1% 的強勁成長。在巴西，雖然積極的宏觀環境持續存在，但我們的季度銷量受到了氣溫下降的影響，尤其是 6 月份，聖保羅的平均氣溫比去年低 3 度。與我們的長期策略保持一致，我們將繼續關注份額成長和獲利能力。

For example, during the quarter, we achieved record share in the non-alcoholic ready-to-drink segment. mainly driven by gains in the sparkling beverage, juices, sports drinks, and water categories. Improvements in the sparkling beverage category are driven mainly by the recovery of flavors, as additional capacity has allowed us to reduce unavailability. Notably, in the low and no sugar category, Coca-Cola Zero maintains its impressive growth pace, increasing volume by 56% year-on-year. Regarding our single-serve mix, we further increased 1.6 percentage points versus the previous year reaching 27.1%.

例如，在本季度，我們在非酒精即飲飲料領域的份額創下了歷史新高，這主要得益於碳酸飲料、果汁、運動飲料和水類別的成長。含氣飲料類別的改善主要得益於口味的恢復，因為額外的產能使我們能夠減少不可用的情況。值得注意的是，在低糖和無糖類別中，零度可口可樂保持了令人印象深刻的成長速度，銷量較去年同期成長56%。就我們的單份飲料組合而言，我們比前一年進一步增加了 1.6 個百分點，達到 27.1%。

Our digital customer base grew 12.1% with 28,000 additional active monthly users and a 12.7% year-on-year increase in average ticket size. The Juntos+ Premia loyalty program reached over 59,000 customers, redeeming points this quarter, up from 18,000 during the same period of last year. Juntos+ advisers enhanced sales force performance, boosting new efficiency by over 11 percentage points, from 85% to 96%, and expanding coverage by more than 5 points for sparkling beverages, and over 8 points for noncarbonated beverages.

我們的數位客戶群成長了 12.1%，每月新增 28,000 名活躍用戶，平均票價較去年同期成長 12.7%。Juntos+ Premia 忠誠度計畫本季涵蓋超過 59,000 名客戶，兌換積分，高於去年同期的 18,000 名。Juntos+ 顧問提高了銷售團隊的績效，將新效率提高了 11 個百分點以上，從 85% 提高到 96%，並將碳酸飲料的覆蓋率提高了 5 個百分點以上，將非碳酸飲料的覆蓋率提高了 8 個百分點以上。

Additionally, in Brazil, we're looking to continue leveraging our technological advances in order to deliver increased productivity. In order fulfillment, our transformation in culture, training and improvement in operational processes led to a 3.9 percentage point improvement to reach 93.5%. Our Porto Alegre reopening plan has also been concluded, both in the production and distribution functions, which positions us well to growth during the second half of the year.

此外，在巴西，我們希望繼續利用我們的技術進步來提高生產力。在訂單履行方面，我們在文化、培訓和營運流程方面的轉型改善使訂單履行率提高了 3.9 個百分點，達到 93.5%。我們的阿雷格里港重新開放計畫也已完成，包括生產和分銷功能，這為我們在下半年的成長做好了準備。

Moving on to Colombia. In Colombia, our volume performance improved sequentially despite facing a still complex consumer sentiment scenario. For the quarter, our volumes declined 2.8% year-on-year, as we continue to gain share, supported by affordability and execution initiatives in sparkling beverages, teas, sports drinks, and flavored water. Regarding capabilities, we continue to increase our customer base while expanding our digital capabilities with Juntos+ and Premia Loyalty Plan, as we doubled down on cost and expense efficiencies that are allowing us to improve profitability.

繼續前往哥倫比亞。在哥倫比亞，儘管面臨依然複雜的消費者情緒情勢，但我們的銷售表現仍較上季改善。本季度，我們的銷量年減 2.8%，因為我們的市佔率持續增加，這得益於氣泡飲料、茶、運動飲料和調味水的可負擔性和執行措施。在能力方面，我們繼續增加客戶群，同時透過 Juntos+ 和 Premia 忠誠度計劃擴展我們的數位能力，因為我們加倍提高成本和費用效率，從而提高了盈利能力。

Finally, in Argentina, our volumes continue recovering at a solid pace, increasing 11.9%. Macro indicators continue improving and monthly inflation is now below 2%, as the country continues to foster a disciplined financial surplus policy. In this improving macro context, we continue leveraging our strategy to pave the way for long-term growth.

最後，在阿根廷，我們的銷量持續穩定回升，成長了 11.9%。隨著國家持續推行嚴格的財政盈餘政策，宏觀指標持續改善，月通膨率目前低於2%。在宏觀環境不斷改善的情況下，我們將繼續利用我們的策略為長期成長鋪平道路。

We continue offering affordability and promotions, while boosting single-serve growth with a Share a Coke campaign and promotions. As a result, our single serve mix increased 1.6 percentage points to reach 18.2%. At the same time, we're strengthening our flavors portfolio with campaigns around Sprite and Fanta, leading to 6.2% growth in flavors.

我們持續提供平價的商品和促銷活動，同時透過「分享可樂」活動和促銷活動來促進單份可樂的成長。結果，我們的單一服務組合增加了 1.6 個百分點，達到 18.2%。同時，我們正在透過圍繞雪碧和芬達的宣傳活動來加強我們的口味組合，從而使口味增長了 6.2%。

Notably, we're also adding important capabilities to our Argentina operation to enable continuous growth. For instance, we're accelerating digitalization via the rollout of the latest version of Juntos+ and Premia Loyalty Plan, as we increased our digital customer base by 13 percentage points to surpassing 30% of our total customer base. Regarding execution, our customer centricity indicators are all showing improvement with order fulfillment increasing 1.5 percentage points versus the prior year to reach 98%.

值得注意的是，我們也為阿根廷業務增添了重要能力，以實現持續成長。例如，我們透過推出最新版本的 Juntos+ 和 Premia 忠誠度計畫來加速數位化，因為我們的數位客戶群增加了 13 個百分點，超過總客戶群的 30%。在執行方面，我們的客戶中心指標均有所改善，訂單履行率比前一年提高了 1.5 個百分點，達到 98%。

We are confident that despite a tougher-than-expected first half of 2025, we are well equipped to navigate the current landscape and emerge a stronger, more adaptable organization. We're leveraging the local nature of our business, and the right set of initiatives across our markets to recover momentum during the second half of 2025. Our strategy and ambitions remain focused on the long term, while we have fine-tuned our plans together with our partners at The Coca-Cola Company to achieve our common short and long-term objectives.

我們相信，儘管 2025 年上半年的情況比預期更為艱難，但我們已做好充分準備應對當前形勢，並成為一個更強大、適應性更強的組織。我們正在利用業務的本地特性以及整個市場的正確舉措來恢復 2025 年下半年的發展勢頭。我們的策略和目標仍然著眼於長遠，同時我們與可口可樂公司的合作夥伴一起調整了計劃，以實現我們共同的短期和長期目標。

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

說完這些，我將把電話交給格里。

Thank you, Ian, and good morning, everyone. I will now proceed to summarize our division's results for the quarter.

謝謝你，伊恩，大家早安。現在我將總結我們部門本季的業績。

In Mexico and Central America, volumes declined 8.4% to 636.9 million unit cases, driven by volume declines in Mexico and Panama, that were partially offset by growth in Guatemala, Nicaragua, and Costa Rica. Revenues increased 0.5% to MXN45.3 billion, driven mainly by our revenue management initiatives and favorable currency translation into Mexican business. On a currency-neutral basis, revenues decreased 1.9%.

在墨西哥和中美洲，銷量下降 8.4% 至 6.369 億箱，原因是墨西哥和巴拿馬的銷量下降，但危地馬拉、尼加拉瓜和哥斯達黎加的增長部分抵消了這一下降。營收成長 0.5% 至 453 億墨西哥比索，主要得益於我們的營收管理措施以及墨西哥業務的有利貨幣轉換。以貨幣中性計算，收入下降了 1.9%。

Gross profit decreased 2.5% to reach MXN21.4 billion, resulting in a gross margin of 47.2%, a 150-basis-point contraction year-on-year. This margin contraction was driven mainly by unfavorable top line and mix effects, coupled with higher fixed costs such as maintenance, and the depreciation of the Mexican peso as applied to our US dollar-denominated raw material costs. These effects were partially offset by revenue management initiatives and lower sweetener costs.

毛利下降 2.5% 至 214 億墨西哥比索，毛利率為 47.2%，較去年同期下降 150 個基點。利潤率下降的主要原因是營業收入和產品組合效應不佳，加上維護等固定成本上升，以及墨西哥比索貶值對以美元計價的原材料成本造成影響。這些影響被收入管理措施和較低的甜味劑成本部分抵消。

Operating income decreased 6.3% to MXN6.8 billion, and our operating margin contracted 110 basis points to 15.1%. This contraction was driven mainly by lower operating leverage due to volume contraction, coupled with higher operating expenses, such as labor, maintenance, and depreciation. These effects were partially offset by lower freight expenses and an operating foreign exchange gain. Finally, our adjusted EBITDA in the division declined 9.7%, with a 220-basis-point margin contraction to 19.7%.

營業收入下降 6.3% 至 68 億墨西哥比索，營業利潤率收縮 110 個基點至 15.1%。造成這一萎縮的主要原因是銷售量萎縮導致的經營槓桿率下降，加上人力、維護和折舊等經營費用增加。這些影響被較低的運費和經營外匯收益部分抵銷。最後，該部門的調整後 EBITDA 下降了 9.7%，利潤率收縮了 220 個基點，至 19.7%。

Moving on to South America. Volumes decreased 0.5% to 398.4 million unit cases. This decrease was driven mainly by volume declines in Brazil and Colombia that were partially offset by the growth achieved in Argentina and Uruguay. Our revenues in South America increased 13.2% to MXN27.6 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 10.3%.

繼續前往南美洲。銷量下降0.5%至3.984億箱。這一下降主要是由於巴西和哥倫比亞的銷量下降，但被阿根廷和烏拉圭的成長部分抵消。我們在南美的營收成長 13.2%，達到 276 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 10.3%。

Gross profit in South America rose 16.2%, expanding margins by 110 basis points to 42.2%, mainly due to higher sales, operating leverage, and lower sweetener costs. Currency depreciation partially offset these gains.

南美地區的毛利成長了 16.2%，利潤率擴大了 110 個基點，達到 42.2%，這主要得益於銷售額的增加、經營槓桿的提高以及甜味劑成本的降低。貨幣貶值部分抵銷了這些收益。

Operating income in South America rose 19.6% to MXN2.9 billion, with operating margin up 50 basis points to 10.6%. The improvement was mainly due to operating leverage and cost controls, partly offset by higher expenses such as labor and marketing. Finally, adjusted EBITDA in the division increased 10.4% to MXN4.5 billion for a margin contraction of 40 basis points to 16.2%.

南美地區的營業收入成長 19.6% 至 29 億墨西哥比索，營業利潤率上漲 50 個基點至 10.6%。這項改善主要歸功於營運槓桿和成本控制，但勞動力和行銷等費用的增加部分抵消了這種改善。最後，該部門的調整後 EBITDA 成長 10.4% 至 45 億墨西哥比索，利潤率收縮 40 個基點至 16.2%。

Now, let me expand on our comprehensive financial results, which recorded an expense of MXN1.2 billion, as compared to an expense of MXN885 million during the same period of the previous year. This 34.4% increase was driven mainly by two effects. First, an increase in interest expense, driven mainly by the new issuance of senior notes due 2035, new financing in Colombia, and higher interest rates in Brazil. And second, we recorded a lower foreign exchange gain as compared to the previous year. These effects were partially offset by a larger gain on financial instruments and in hyperinflationary subsidiaries.

現在，讓我詳細介紹一下我們的綜合財務業績，本季的支出為 12 億墨西哥比索，而去年同期的支出為 8.85 億墨西哥比索。34.4%的成長主要由兩個因素推動。首先，利息支出增加，主要原因是新發行的2035年到期的優先票據、哥倫比亞的新融資以及巴西的利率上升。其次，我們的外匯收益與前一年相比有所下降。這些影響被金融工具和惡性通貨膨脹子公司的較大收益部分抵消。

We are improving our supply chain by eliminating infrastructure bottlenecks and digitizing operations to make our company more resilient and adaptable. First, regarding the committed savings I mentioned last February, we continue making progress toward our $90 million target, reaching $60 million year-to-date. Approximately, $30 million come from primary distribution, $20 million come from cost to serve, and $10 million from cost to make.

我們正在透過消除基礎設施瓶頸和數位化營運來改善我們的供應鏈，使我們的公司更具彈性和適應性。首先，關於我去年二月提到的承諾節省，我們繼續朝著 9,000 萬美元的目標前進，今年迄今已達到 6,000 萬美元。其中約 3,000 萬美元來自初級分銷，2,000 萬美元來自服務成本，1,000 萬美元來自製造成本。

Second, our line efficiency continues increasing by focusing on continuous improvement mindset, leveraging our manufacturing operational model, focusing on asset management and optimizing processes, such as changeovers between different beverages and presentations.

其次，透過專注於持續改進的思維方式、利用我們的製造營運模式、注重資產管理和優化流程（例如不同飲料和演示之間的轉換），我們的生產線效率不斷提高。

And third, we continue making progress on the installation of the nine new bottling lines planned for 2025. We started a new line in Mexico, one in Guatemala and one in Colombia. For the second half of the year, we will start production in four lines in Brazil, one more in Guatemala and one in Costa Rica.

第三，我們繼續推進 2025 年計畫安裝的 9 條新裝瓶生產線。我們在墨西哥、瓜地馬拉和哥倫比亞各開闢了一條新生產線。今年下半年，我們將在巴西啟動四條生產線，在瓜地馬拉啟動一條生產線，在哥斯大黎加啟動一條生產線。

These initiatives are proof that despite a more challenging than expected first half of the year, we remain committed to the long term, strengthening our supply chain not only by generating savings, but by streamlining our operation while developing state-of-the-art capabilities to improve our customer service.

這些舉措證明，儘管今年上半年的挑戰比預期的要大，但我們仍然致力於長遠發展，不僅透過節省成本來加強我們的供應鏈，而且透過簡化營運並開發最先進的能力來改善我們的客戶服務。

With that, operator, we're ready to take questions.

接線員，現在我們可以回答問題了。

(Operator Instructions) Lucas Ferreira, JPMorgan.

（操作員指示） 盧卡斯·費雷拉，摩根大通。

I hope you listen to me well. I wanted to explore a little bit more your expectations for the second half of the year and initiatives you're taking to navigate this challenging environment, especially in Mexico. Can you discuss a little bit where your market share stands in both the traditional and modern panels in the country?

我希望你能認真聽我說話。我想進一步了解您對今年下半年的期望，以及您為應對這一充滿挑戰的環境（尤其是在墨西哥）所採取的舉措。您能否稍微談談貴公司在國內傳統和現代面板的市佔率情況？

And then the initiatives you're talking about regarding affordability mix, how to think about, let's say, your average sales price? Or in other words, your expectations, if you have expectations that you can share about the revenue growth for Mexico in the second half of the year would be great.

然後，您談到的有關可負擔性組合的舉措，如何考慮您的平均銷售價格？或者換句話說，如果您有預期，並且能夠分享墨西哥下半年的收入成長情況，那就太好了。

And then the second question about Brazil. It seems like temperature was a key driver, but anything else you can share about the performance of specifically channels that would help us understand if we should see a rebound in volumes through the second half of the year given your execution, given the performance of the whole industry in your market share. So that will be great.

第二個問題是關於巴西的。溫度似乎是一個關鍵驅動因素，但您能否分享有關具體渠道表現的其他信息，以幫助我們了解，考慮到您的執行情況以及整個行業在您的市場份額中的表現，我們是否應該在下半年看到銷量反彈。那將會非常棒。

Lucas, it's a two-part question on Mexico and Brazil really asking us to expand more. So if you want, Gerry, heading to Mexico first and then you can complement me, and then we'll go into Brazil in the same format.

盧卡斯，這個問題由兩部分組成，分別關於墨西哥和巴西，要求我們進一步擴大規模。所以，格里，如果你願意的話，你可以先去墨西哥，然後你可以補充我，然後我們將以同樣的方式去巴西。

So the story of Mexico this year, what we saw in the market was, first, for our company, a backlash that ended in April. We said after April, that was no longer the conversation. But then we started seeing the economy impacts on volume. And finally, in June, impacts of the economy together with weather.

因此，就今年墨西哥的情況而言，我們在市場上看到的是，對於我們公司而言，首先是一種反彈，這種反彈在四月結束。我們說，四月之後，我們就不再談論這個話題了。但隨後我們開始看到經濟對銷售的影響。最後，六月，經濟和天氣共同影響。

So what the challenging piece of navigating the quarter is when we were looking at volumes, for example, in April and May, those were around 7% below last year. But when you look at it versus 2023, they were record volume still. So they were 5% above 2023. So it was a tricky decision for us on what to expect for June, because if we kept the same pattern vis-a-vis 2023 was going to be a very good June, and if we were going to keep the same pattern versus below 2024, it was going to be a complex June, and it was the latter that happened. So June was a decline of 15%. So it was 7%, 7%, 15% and that ends up with a 10%. And what we saw in June, like I mentioned, was economy plus weather.

因此，本季面臨的挑戰是，當我們查看交易量時，例如 4 月和 5 月，交易量比去年同期低了 7% 左右。但與 2023 年相比，其數量仍然創下了紀錄。因此，它們比 2023 年高出 5%。因此，對我們來說，對 6 月的預期是一個棘手的決定，因為如果我們保持與 2023 年相同的模式，那麼 2023 年的 6 月將會非常好；如果我們保持與 2024 年以下相同的模式，那 2023 年的 6 月將會很複雜，而後者發生了。因此 6 月的降幅為 15%。因此，比例為 7%、7%、15%，最後是 10%。正如我所提到的，我們在六月看到的是經濟和天氣。

So what we're looking at for the second half of the year is we're planning a more conservative scenario where the economy plays a role when we're looking at declining personal consumption expenditures and remittances two months in a row in the negative, it's prudent for us to plan that it will be a more complex scenario to navigate.

因此，我們對下半年的展望是，我們正在規劃一個更保守的情景，其中經濟發揮了一定作用，當我們看到個人消費支出和匯款連續兩個月下降時，我們謹慎地規劃這將是一個更複雜的情景。

Now, the corollary of that, you asked about market share is how we're doing in market share. So after the backlog, if we separate this by channels, were completely above last year in the modern trade channel. And remember, modern trade price compliance is much higher in traditional. So we're above that versus last year. And when you're looking at the traditional channel, we're below, but we're below around 1.5 points. So we're getting there. It's just a longer journey.

現在，您詢問的市場佔有率的必然結果是我們的市場佔有率表現如何。因此，在積壓之後，如果我們按渠道分開，現代貿易渠道的銷售量完全高於去年。請記住，現代貿易的價格合規性比傳統貿易高得多。因此，與去年相比，我們的業績有所提升。當您查看傳統管道時，我們處於較低水平，但低於 1.5 個百分點左右。所以我們就要到達那裡了。這只是一段更長的旅程。

And when you break that down, the gap that we have because you mentioned pricing is specifically the share point in the MXN20 area, where we're competing against Pepsi, which has the 1.75 liters at MXN20. And Red Cola, which has -- it's MXN20. So that's the price point where we still have a gap, and we have very clear initiatives to address that.

當你細分這一點時，你會發現，正如你提到的定價，我們的差距具體來說是 MXN20 區域的份額點，我們正在與百事可樂競爭，百事可樂的 1.75 升售價為 MXN20。紅可樂的價格是 20 墨西哥比索。這就是我們仍然存在差距的價格點，我們有非常明確的措施來解決這個問題。

And in the markets where we've rolled out those initiatives, we don't want to give everything away to our competitors on the call, but the response has been very, very favorable. So I think we have the strategies in place where we can turn around that remaining price point and get to the shares where we want them to get on the traditional channel.

在我們推出這些措施的市場中，我們不想在電話會議上把所有資訊都透露給我們的競爭對手，但反應非常非常好。所以我認為我們已經制定了策略，可以扭轉剩餘的價格點，並透過傳統管道獲得我們想要的份額。

Gerry, would you like to give a little more color on that?

格里，你願意對此做更詳細的解釋嗎？

Just I think one last thing to complement Ian, Lucas. Also, all these initiatives, coupled with the comp base that we have for the second half of '24. As you remember, the second half '24, we started seeing in the last week of June. Heavy rains in Mexico, that impacted volumes importantly to what we were seeing during the first half of '24.

我認為最後還有一件事可以補充伊恩、盧卡斯。此外，所有這些舉措，再加上我們為 24 年下半年制定的競爭基礎。大家還記得，2024 年下半年的情況是在 6 月的最後一週開始出現的。墨西哥的強降雨對產量產生了重大影響，這與 2024 年上半年的情況類似。

So in the base, and just all of the initiatives that we're implementing, trying to address the consumer weakness that we're certainly seeing right now. I think we're cautiously optimistic to what we're expecting for Mexico in the second half of this year.

因此，從根本上講，我們正在實施的所有措施都是為了解決我們目前看到的消費者疲軟問題。我認為我們對今年下半年墨西哥的前景持謹慎樂觀的態度。

Then the other part of your question was regarding Brazil. Brazil is very different than Mexico because it's really very clearly pointing to the weather. As that being what impacted the -- in June, basically. So it's really a weather phenomenon. It also hurt a bit in Argentina. And once that transition now in Argentina, everything responded. And we feel the same will happen in Brazil.

那麼你問題的另一部分是關於巴西的。巴西與墨西哥有很大不同，因為它確實非常明顯地指向天氣。因為這基本上在六月產生了影響。所以這確實是一種天氣現象。阿根廷也受到了一些影響。一旦阿根廷實現了這一轉變，一切都會得到回應。我們覺得巴西也會發生同樣的事情。

In Brazil, we are also leveraging the Juntos+ Advisor too, which we should be starting to roll out in August, September in Mexico. And the results are just phenomenal. We're seeing like 1% to 2% volume uplift there on the back of adviser.

在巴西，我們也正在利用 Juntos+ Advisor，該計畫將於 8 月、9 月在墨西哥開始推出。其結果非常驚人。在顧問的幫助下，我們看到交易量增加了 1% 到 2%。

And when you look at Brazil, when you break down the share outside of Porto Alegre, where we have lost the plant and we lost over 8 points of share and are gaining those back very quickly, and you look at the other territories, their share gains above 1%, which are huge. And part of that, a big part of that is -- well, at least the third part of that is the Advisor too. But we're very excited of bringing that to Mexico.

看看巴西，當你細分阿雷格里港以外的份額時，我們在那裡失去了工廠，失去了超過 8 個百分點的份額，但很快就恢復了，再看看其他地區，他們的份額增長了 1% 以上，這是巨大的增長。其中很大一部分是──嗯，至少第三部分也是顧問。但我們非常高興將其帶到墨西哥。

It was a long question and hence the long answer, Lucas, I hope that addressed your question. Any thoughts on Brazil?

這是一個很長的問題，因此答案也很長，盧卡斯，我希望這回答了你的問題。對巴西有什麼看法？

Nothing additional on Brazil.

關於巴西，沒有更多消息。

Rodrigo Alcantara, UBS.

瑞銀的 Rodrigo Alcantara。

Ian, Jerry, can you hear me?

伊恩，傑瑞，你們聽得到我說話嗎？

Yes, we hear you now, Rodrigo.

是的，我們現在聽到你的聲音了，羅德里戈。

I guess my question somehow related on your previous remarks, both -- now let's focus on your price mix, right, on the reported price mix that we saw in the quarter, right? In Mexico, it surprised to me that the price mix actually held quite well, right? So was very curious to me given the backdrop, right, of the promotional spending, et cetera.

我想我的問題與您之前的評論有某種關聯，現在讓我們關注您的價格組合，對吧，關注我們在本季度看到的報告價格組合，對吧？在墨西哥，令我驚訝的是價格組合實際上保持得相當好，對嗎？所以考慮到促銷支出等的背景，我感到非常好奇。

So just curious if you can explain to us what's the underlying trends going -- yielding those results on the price mix in Mexico, which held quite well? Also, what to expect for the second half if it's still slight premium to inflation could still be achievable given the strategies that you just mentioned? So that would be in Mexico, the pricing.

所以我很好奇，您是否可以向我們解釋一下潛在的趨勢是什麼——導致墨西哥的價格組合結果保持得相當好？另外，如果下半年的通膨率仍然略有上升，那麼根據您剛才提到的策略，下半年的預期會如何呢？所以這是在墨西哥定價。

And also a different story, I totally agree with you, Brazil. Weather, yes, but also the pricing also surprise to me that also quite strong. So there, the question would be on Brazil on the -- how sustainable do you think that price mix is for the second half of the year? Maybe mix was a good component of that price mix in Brazil. So those would be essentially one question, price mix in Mexico and Brazil.

還有一個不同的故事，我完全同意你的看法，巴西。天氣是的，但定價也令我驚訝，而且相當強勁。那麼，問題在於巴西——您認為今年下半年的價格組合有多可持續？也許混合是巴西價格組合的一個很好的組成部分。所以這些本質上是一個問題，墨西哥和巴西的價格組合。

Rodrigo, just a quick overview. And Gerry, Jorge, you can complement this. So in the case of Mexico, the team, I think, wanted to enter the -- no, I think the team wanted to enter the high season with a better availability metrics and better serving our markets. And like I said, it was a mixed picture. We were looking at declining volumes versus what was a record 2024, but they were substantially above '23.

羅德里戈，我只是想簡單概述一下。格里 (Gerry)、豪爾赫 (Jorge)，你們可以補充這一點。因此，就墨西哥而言，我認為團隊希望進入——不，我認為團隊希望以更好的可用性指標進入旺季並更好地服務我們的市場。正如我所說的，這是一幅好壞參半的畫面。與 2024 年創下的紀錄相比，我們看到產量有所下降，但遠高於 23 年的水平。

So what that picture was in hand, I think we wanted to have the resources there, both in terms of head count but also in terms of the adequate price to ensure that once demand pulled in May, as it usually does, we were able to serve it. And that's not the picture of what happened in May, June. So in terms of price, I think now we're working to adjust what I told you is offerings around the MXN20 price points, and in multiserve returnables making sure we have some key upsizes that we're doing to make sure we catch the consumer, if it continues facing a more challenging scenario.

所以，根據目前的情況，我認為我們希望擁有足夠的資源，不僅在人數方面，而且在適當的價格方面，以確保一旦 5 月份需求像往常一樣上升，我們就能滿足需求。這與五月、六月發生的情況不同。因此，就價格而言，我認為現在我們正在努力調整我告訴您的價格點，即 20 墨西哥比索左右的價格，並在多份可回收產品中確保我們進行了一些關鍵的升級，以確保我們能夠吸引消費者，如果消費者繼續面臨更具挑戰性的情況。

So like I said, the last two data points on consumption expenditures and remittances were not positive. So we need to be clear that we adjust that section of our OBPPC architecture to make sure we have offerings that catch the consumers that are looking for those price points. So what that reflects in Mexico is a more cautious pricing stance to the end of the year.

所以就像我說的，關於消費支出和匯款的最後兩個數據點並不樂觀。因此，我們需要明確調整 OBPPC 架構的這一部分，以確保我們提供的產品能夠吸引那些尋求這些價格點的消費者。因此，這反映出墨西哥在年底前將採取更謹慎的定價立場。

In the case of Brazil, I would say it's a different scenario, but I don't expect additional prices outside on inflation line pricing. So for Brazil, I think we have been reflecting more of an increase in single serve and an increase in Coke No Sugar, rather than pricing above our inflation target. That's not the case. It's more of a mix effect.

就巴西的情況而言，我想說情況有所不同，但我預計通膨線定價不會超出預期。因此，對於巴西來說，我認為我們更反映的是單份可樂和無糖可樂的銷售成長，而不是高於通膨目標的定價。事實並非如此。這更像是一種混合效應。

Gerry, I don't know if you'd like to complement?

格里，我不知道你願不願意補充？

Very quickly on that last point, Rodrigo. We did see a sharp pickup in single-serve, nonreturnable mix during the quarter for Brazil. And as Ian mentioned in the prepared remarks, a significant growth in Coke Zero, reaching 27% of Colas mix now, which has been the case throughout the past few quarters with Coke Zero being the top performer.

羅德里戈，我們很快就回到最後一點。我們確實看到本季巴西的單份、不可退貨混合飲料銷量急劇上升。正如伊恩在準備好的發言中提到的那樣，零度可樂的銷量顯著增長，目前已達到可樂混合飲料的 27%，過去幾個季度一直如此，其中零度可樂表現最佳。

One thing we didn't mention in Mexico, but another bright spot in Mexico was Coke, no Sugar. So Coke Zero grew around 27%, if I recall. So it's -- it's -- I think we finally cracked the code on Coke Zero in Mexico, and it continues to gain traction even in a tough quarter where we faced -- we are in the economy that still continued to outperform significantly. So it should be a source of good news for us going forward, Coke, no Sugar in Mexico.

我們在墨西哥沒有提到的一件事，但墨西哥的另一個亮點是無糖可樂。如果我沒記錯的話，零度可樂的銷量成長了約 27%。所以，我認為我們終於破解了墨西哥零度可樂的密碼，即使在我們面臨的艱難季度中，它仍然繼續獲得發展動力——我們處於經濟仍然繼續大幅表現優異的時期。因此，對於我們未來來說，可口可樂在墨西哥無糖銷售應該是一個好消息。

Renata Cabral, Citi.

花旗銀行的 Renata Cabral。

So my question is related to CapEx investments, and I'll break it down into geographies. So first in Mexico, a couple of quarters ago, we were discussing a lot about the CapEx plan of the company. And I would like to understand if there were any change in terms of plans, especially considering that the first half of the year was full of global events, let's say, tariffs. So just to see if the company see the same needs of expansion in CapEx that were discussed before, first in Mexico?

我的問題與資本支出投資有關，我將按地區進行細分。首先在墨西哥，幾個季度前，我們討論了很多有關公司的資本支出計劃。我想了解計劃方面是否有任何變化，特別是考慮到今年上半年充滿了全球性事件，例如關稅。那麼，只是想看看公司是否看到了之前討論過的資本支出擴張的相同需求，首先在墨西哥？

And regarding Brazil, similar, but I would like first to understand how is the plant Rio Grande do Sul operating right now? And also an update about the CapEx plan here in Brazil?

關於巴西，情況類似，但我首先想了解南里奧格蘭德州的工廠目前的運作情況如何？還有關於巴西資本支出計畫的最新消息嗎？

Thank you, Renata. So let me give you an overview of the strategy and the adjustments, and I'll let Gerry dive into the details.

謝謝你，雷娜塔。因此，讓我向您概述一下該策略和調整，然後我會讓 Gerry 深入了解細節。

So when you look at our CapEx plan, you can see it in the following way. There is structural capacity, long-term capacity investments that sold either long-term capacity needs of having the production and distribution assets where we need them, i.e. do not be freighting product for long distances, or to deliver savings because of in structural imbalances, for example. Leasing warehouses and trucks versus owning them.

因此，當您查看我們的資本支出計劃時，您可以透過以下方式看到它。存在結構性產能，即長期產能投資，出售的要么是長期產能需求，即在我們需要的地方擁有生產和分銷資產，即不進行長距離運輸產品，要么是出於結構性失衡的考慮而實現節約。租賃倉庫和卡車而不是擁有它們。

And then there are other capacities -- other CapEx, which is directly linked to volume. The easiest example of that one is bottles and cases. So the latter one on different markets is what we are adjusting, and we always adjust downward when volumes are not there. But we're not adjusting downward the structural capacity CapEx, which, for example, were in certain places where we have to freight volume loan distances and those pay for themselves regardless of the weather were slightly below our projected volumes. Okay? So that's the general overview.

然後還有其他產能——其他資本支出，這些都與產量直接相關。最簡單的例子就是瓶子和箱子。因此，我們正在調整不同市場上的後者，當交易量不足時，我們總是向下調整。但我們不會下調結構性產能資本支出，例如，在某些地方，我們必須以貸款方式運輸一定距離的貨物，無論天氣如何，這些距離都能收回成本，略低於我們的預期數量。好的？這就是總體概述。

And Gerry, you can dive into the details for Renata, please.

格里，請你向雷娜塔詳細介紹。

So Renata, as you remember, we have been talking about CapEx investment for the following couple of years to reach about -- between 8% to 9% of our net sales. We continue to be there. What we certainly do, and we manage this as a dynamic process, is we look at any opportunities that we have for facing the execution of said CapEx.

所以 Renata，正如你所記得的，我們一直在談論未來幾年的資本支出投資，以達到我們淨銷售額的 8% 到 9% 左右。我們將繼續在那裡。我們當然會做這件事，而且我們會將其視為一個動態過程來管理，我們會尋找任何機會來應對上述資本支出的執行。

So even though structurally, we remain committed to our long-range plan that is based on sustainable growth. We certainly will look for any opportunities in phasing of the projects, large capacity projects that we have so that we can manage the expenditure of the cash flows of the CapEx required for each operation.

因此，即使從結構上看，我們仍然致力於基於可持續增長的長期計劃。我們當然會尋找任何機會分階段實施項目、大型容量項目，以便我們能夠管理每個營運所需的資本支出的現金流量。

And Renata, this is Jorge also to address your question regarding the status of our Porto Alegre plant. So basically, we're back the 100% capacity there, both in the production and in the distribution capabilities.

雷納塔，我是豪爾赫，也來回答您關於我們阿雷格里港工廠狀況的問題。因此，基本上，我們的生產和分銷能力都恢復了 100% 的產能。

There's one additional project that Ian mentioned during the previous call, which is we will build a contention wall around the plant. But this will be a project that will be concluded next year. This will be for 2026. But to give you an idea --

伊恩在上次電話會議中提到了另一個項目，那就是我們將在工廠周圍建造一道爭用牆。但這將是一個將於明年完成的項目。這將是 2026 年的事。但給你一個想法--

Just to that project doesn't add anything in terms of capacity. It's just a containment structure to avoid an impact during floods. We did -- we finished that in Acapulco by the way. We were, quote-unquote, unable to test it because this hurricane, Erick, that we had didn't hit Acapulco this year in a strong manner, but that CapEx that is spending will not add capacity increases, just to protect the plant during this time. Sorry, Jorge.

僅就容量而言，該項目不會增加任何東西。這只是一個避免洪水影響的圍堵結構。我們確實做到了——順便說一下，我們在阿卡普爾科完成了這件事。我們無法對其進行測試，因為今年的颶風埃里克並沒有強烈襲擊阿卡普爾科，但支出的資本支出不會增加產能，只是為了在這段時間內保護工廠。抱歉，豪爾赫。

No. Thanks, Ian, for the context. Just the only additional thing that I will add regarding Porto Alegre to give you an idea on the number of SKUs. So before the flood, for example, May 2024, we have a portfolio of around 225 different SKUs that we were selling there in Rio Grande do Sul in Porto Alegre.

不。謝謝伊恩提供的背景資訊。關於阿雷格里港，我只想補充一點，讓您了解 SKU 的數量。例如，在 2024 年 5 月洪水發生之前，我們在阿雷格里港的南里奧格蘭德州銷售約 225 種不同的 SKU。

At first, when we were Out of the plant, we were working in a portfolio that was 30 SKUs in May last year. So as you might imagine, a big impact and that affected our share. Now, when you look at the current status by June '25, we were already working with 180 SKUs, which is around 95% of the volume that we have in Porto Alegre. And by July, now we're back with the full portfolio.

起初，當我們走出工廠時，我們在去年 5 月開展的業務組合有 30 個 SKU。因此，正如您可能想像的那樣，這會產生很大的影響，並且影響到我們的份額。現在，當您查看截至 25 年 6 月的當前狀態時，我們已經在處理 180 個 SKU，約占我們在阿雷格里港銷售的 95%。到 7 月份，我們已擁有完整的產品組合。

So we're glad that we were able to, in this years' time, get back with the Porto Alegre recovery, the team there definitely did a tremendous job in putting the plant and everything back on their feet, and we are glad that also the community and the state is back.

因此，我們很高興能夠在今年內幫助阿雷格里港恢復正常運營，那裡的團隊在恢復工廠和一切方面做出了巨大的貢獻，我們也很高興社區和州政府恢復了正常運作。

Ben Theurer, Barclays.

巴克萊銀行的 Ben Theurer。

This is [Rahi] on for Ben. Maybe more on some of the topics that you've talked about. Can we look more into the beverage category volume changes in Mexico? Your competitor noted decent growth in sales against other segment declines. Comps saw flattish growth in 2Q, but some growth in 1Q. Is this just because you're focusing more on sparkling?

這是 [Rahi] 為 Ben 主持的。也許可以更多地談論您談到的一些話題。我們能否進一步了解墨西哥飲料類別的銷售變化？您的競爭對手的銷售額在其他部門下滑的情況下卻實現了可觀的成長。同店銷售額在第二季成長持平，但在第一季有所成長。這僅僅是因為您更加重視閃耀嗎？

And I guess, what categories are you may be focusing on in Brazil and Mexico given the capacity additions and fixes we've just been talking about on the call?

我想，考慮到我們剛才在電話會議上討論的產能增加和修復，您可能會關注巴西和墨西哥的哪些類別？

Yes. Thank you, Rahi. Yes, I would say that this is very characteristic of the kind of environment that we faced in Mexico. So usually, when we have this more rains, one of the categories that is more impacted when -- there is called the weather is the sparkling category. So we did see a little bit of a decline as well on stills, as you saw.

是的。謝謝你，拉希。是的，我想說，這非常體現了我們在墨西哥所面臨的環境。通常，當我們遇到更多降雨時，受影響最大的天氣類別之一就是閃閃發光的天氣。因此，如您所見，我們確實也看到了靜態影像的輕微下降。

But definitely, the sparkling category, considering that -- let me put it this way, it's a category that is a lot for on-the-go consumption out meals, people move and traffic. So that was more impacted. And as you know, most of our volume performance, or of our volume mix is regarding the sparkling category. So that is very telling of the kind of environment that we face in Mexico during the quarter.

但毫無疑問，考慮到——讓我這樣說吧，這是一個適合在旅途中消費、外出就餐、人們流動和交通的類別。所以影響更大。如您所知，我們的大部分銷售表現或銷售組合都與氣泡酒類別有關。這很能說明我們本季在墨西哥面臨的環境。

And if you could repeat the second part of your question, Rahi, please?

拉希，您能重複問題的第二部分嗎？

Yes, sure, of course. Just for all the capacity adds and the fixes are you saying, I think getting the SKUs back up in Brazil. Is there any categories, I guess, focusing on sparkling, but do you intend to put more effort -- sorry, more investment in other categories? Is there any shifts in mix side? Like as you said, the single serve that you guys are implementing through the year?

是的，當然可以。你說的只是增加所有產能和修復，我認為可以讓 SKU 在巴西恢復成長。我猜，是否有任何類別專注於起泡酒，但您是否打算投入更多精力 - 抱歉，在其他類別上投入更多資金？混合方面有變化嗎？就像你說的，你們全年都在實施單一服務嗎？

The capacity seeks to address where those gaps were. But I would say right now in Brazil, I think the latest -- last SKUs that we have pending to get up to full capacity was basically teas. So when we're stressing in capacity, we prioritized CSDs, and within CSDs Coca-Cola brand. So when capacity starts flowing in, the first thing that recovers its flavors, CSD flavors, and then we start recovering NCBs.

該能力旨在解決這些差距。但我想說，目前在巴西，我認為我們等待達到滿載生產的最新——最後的 SKU 基本上是茶。因此，當我們強調容量時，我們優先考慮碳酸飲料，以及碳酸飲料中的可口可樂品牌。因此，當產能開始流入時，首先要恢復其風味，即 CSD 風味，然後我們開始恢復 NCB。

So in the case of Brazil, we pretty much are where we need to be in terms of unavailability. And I think the main constraint is teas. And of course, as you know, we don't have a water source in the south, and we just adding capacity with a new water source in the South. So those would be, I would say, the only two SKUs where we still aren't where we need to be in Brazil, but that's not the lion's share of the volume. It's -- it's these in general and water in the south.

因此，就巴西的情況而言，就不可用性而言，我們基本上已經處於我們需要的狀態。我認為主要的限制因素是茶。當然，正如你所知，我們南部沒有水源，我們只是在南部增加了新的水源來增加水源容量。所以我想說，這兩個是我們在巴西尚未達到預期目標的僅有的兩個 SKU，但這並不是銷售的最大份額。總的來說，這些就是南方的水。

Henrique Morello, Morgan Stanley.

摩根士丹利的 Henrique Morello。

So I'd like to explore a bit deeper the margins in South America as the EBITDA margin decline on a year-on-year basis was something that got our eyes here. So if you could explore a bit deeper the components that influence the margin behavior in the quarter, and if you saw perhaps some pressure from any specific raw material front, or any other specific front on that matter, it would be very helpful?

因此，我想更深入地探討一下南美的利潤率，因為 EBITDA 利潤率比去年同期下降引起了我們的關注。因此，如果您可以更深入地探究影響本季度利潤率行為的因素，並且如果您發現任何特定原材料方面或任何其他特定方面可能存在一些壓力，這是否會非常有幫助？

And maybe more specific on the impact of the reopening of the Porto Alegre plant in Brazil. So if you could explore if you already saw some positive impact flowing to the SG&A savings in the quarter from that front? Or how should that help margins in the region going forward would be very helpful as well?

也許更具體地說明巴西阿雷格里港工廠重新開業的影響。因此，如果您可以探討一下，是否已經看到該方面對本季銷售、一般及行政開支節省產生了一些正面影響？或者這對該地區未來的利潤率有何幫助？

Henrique, thank you very much for your question. So I'll start with the first part. Margin EBIT and EBITDA margin in South America. So the explanation for having the impact on EBITDA margin is that last year in this quarter is where we took basically all of the write-offs of fixed assets and inventories related to the Porto Alegre plant flooding. So that's a virtual charge that happened last year that we didn't have this year. So that helped EBIT margins and not EBITDA, given that it's a noncash effect. So that's the explanation of the difference.

亨利克，非常感謝您的提問。因此我將從第一部分開始。南美洲的 EBIT 利潤率和 EBITDA 利潤率。因此，對 EBITDA 利潤率產生影響的解釋是，去年本季我們基本上註銷了與阿雷格里港工廠洪水相關的所有固定資產和庫存。所以這是去年發生的虛擬費用，而今年我們沒有發生。因此，這有助於提高 EBIT 利潤率，而不是 EBITDA，因為它是一種非現金效應。這就是差異的解釋。

Moving forward, still second quarter, we had a few expenses in Porto related to freight mainly for the few weeks that we had in the quarter still with Porto catching up. But we do expect that to be a tailwind for the rest of the year in improving margins in that region.

展望未來，仍然是第二季度，我們在波爾圖有一些與貨運相關的支出，主要是在本季度的幾週內，波爾圖仍在迎頭趕上。但我們確實預計，這將成為今年剩餘時間內提高該地區利潤率的順風。

I think, Henrique, the only thing that I would as regarding the raw materials, in particular, I think we're seeing a stable raw material environment overall. We're seeing better prices of sweeteners. Of course, we have to account on the other hand, that there was the depreciation against the dollar in terms of dollar-wise raw materials. So that pretty much evens out, and we're seeing a stable raw material environment. And that's what we expect going forward.

恩里克，我認為，關於原材料，我唯一想說的是，我認為我們總體上看到了一個穩定的原材料環境。我們看到甜味劑的價格上漲。當然，另一方面，我們必須考慮到，以美元計算的原料對美元是貶值的。因此，情況基本平衡，我們看到原料環境穩定。這正是我們期望的未來。

So as we continue to see the outlook for the second half of the year in South America, we believe that there will be sequential improvements. We've discussed Brazil and the effect of the reopening of Porto Alegre. So we should be able to continue to improve our performance there regarding top line, and we anticipate more stable performance also sequentially improving in terms of margin.

因此，隨著我們繼續觀察南美洲下半年的前景，我們相信情況將會出現連續的改善。我們討論了巴西和阿雷格里港重新開放的影響。因此，我們應該能夠繼續提高我們的營業收入表現，並且我們預期利潤率也會隨之提高，業績也會更加穩定。

Thiago, Goldman Sachs.

蒂亞戈，高盛。

Yes. Ian, Gerry, Jorge you very much for the presentation. It's always great to talk to you guys. I'd like to move back to discussion, and I know we always talk about this, but to the balance sheet, and particularly your leverage position, right?

是的。非常感謝 Ian、Gerry、Jorge 的演講。和你們交談總是很愉快。我想回到討論中，我知道我們總是談論這個，但是對於資產負債表，特別是你的槓桿頭寸，對嗎？

You have been consistently printing net leverage below one time right. We just heard from Coca-Cola Corporation yesterday on their conference call that the re-franchising process on their end is not fully completed yet. So putting both pieces together. Number one, is there anything in this final push to re-franchise from Coca-Cola that might interest Coke FEMSA? This is number one.

您一直在一次性列印以下淨槓桿。我們昨天在電話會議上從可口可樂公司獲悉，他們方面的重新特許經營流程尚未完全完成。因此將兩個部分放在一起。第一，在可口可樂重新獲得特許經營權的最後努力中，有什麼事情可能會引起 Coke FEMSA 的興趣嗎？這是第一名。

And number two, if no, are we getting close to a moment where we might see a higher underlying payout or some extraordinary dividends? How do you think about this? This is my question.

第二，如果不是，我們是否即將看到更高的基本支出或一些特別股息？您對此有何看法？這是我的問題。

Thiago, yes. I think there are some very interesting assets from The Coca-Cola Company in the re-franchising process, but we're not being considered as part of those solutions for what's out there. So yes, that does bring us closer to getting to a point where we need to address this inefficient capital structure. Just to that point, I don't know, Gerry?

蒂亞戈，是的。我認為可口可樂公司在重新特許經營過程中有一些非常有趣的資產，但我們並沒有被視為現有解決方案的一部分。所以是的，這確實讓我們更接近需要解決這種低效資本結構的地步。就這一點而言，我不知道，格里？

That's our position. Thiago. We do expect to be able to provide some light for the market in terms of what we're expecting to do with our balance sheet. I would assume towards the end of the year starting the next year.

這就是我們的立場。蒂亞戈。我們確實希望能夠就我們預期如何處理資產負債表為市場提供一些啟示。我認為會在今年年底和明年開始。

No, that's great. And Ian, sorry for provoking you, but just a follow-up on this, right? Your wording here is [Coke for] franchising, you were not being part of this solution, right? I think -- and the question is to understand your mindset. If it were just for Coke FEMSA, right? Would you like to be part of the solution? Do you see value in the options that today are per table for you guys?

不，那太好了。伊恩，很抱歉激怒了你，但這只是對此的一個後續問題，對嗎？您在這裡的措辭是[可口可樂代表]特許經營，您不是這個解決方案的一部分，對嗎？我認為——問題在於了解你的心態。如果只是為了可口可樂 FEMSA 的話，對嗎？您想成為解決方案的一部分嗎？您認為今天每張桌子的選項對你們來說有價值嗎？

Like I said, our partnership with Coca-Cola is very, very strong. And where they see that we cannot value is in the Americas, and we're perfectly aligned and content with that assumption. And what's available in the re-franchising now is outside of the Americas. So there is no complaints from our side on the contrary.

正如我所說，我們與可口可樂的合作關係非常非常牢固。他們認為我們無法重視美洲，而我們完全同意並滿足於這個假設。目前重新特許經營的業務已擴展到美洲以外的地區。因此，我們這邊沒有任何相反的抱怨。

I mean, they're sitting in the driver seat in that process, and they have a much better sense of who adds the most value to those territories. So it would be very, very out of place for us to say that we can add more value than others when we don't even have the feet on the ground on those territories that are being re-franchised. So I think they're in a better position to say what makes sense and we're aligned with that position.

我的意思是，他們在這個過程中處於主導地位，他們更清楚誰能為這些地區創造最大的價值。因此，當我們在那些重新特許經營的地區甚至沒有實際業務時，就說我們可以比其他人創造更多的價值，這是非常不合適的。所以我認為他們更有資格說出有意義的話，我們也同意他們的立場。

They have been very supportive towards our plans to grow both organically and inorganically. So nothing to say about positive things there on our partnership. So what I'm saying is, obviously, as someone who's been in the business for years, we always want to grow and look at what's out there, but it doesn't always make industrial sense when you're looking at it from The Coca-Cola companies global view. So I don't see any misalignment there Thiago.

他們非常支持我們的有機和無機成長計劃。因此，關於我們的合作關係，沒有什麼正面的方面可說。所以我想說的是，顯然，作為一個在這個行業工作多年的人，我們總是想要成長，關注市場上的情況，但從可口可樂公司的全球視角來看，這並不總是具有行業意義。所以我認為蒂亞戈沒有任何錯位。

That's great, Ian. And maybe I promise a final one to Gerry, a quick one. Gerry could you please remind us where your FX hedges are for the remainder part of the year?

太棒了，伊恩。也許我向格里保證最後一個問題，一個快速的問題。格里，您能否提醒我們今年剩餘時間您的外匯對沖情況如何？

Certainly, Thiago. So we have, for the rest of 2025, FX hedging positions ranging between 50% to 80% of our dollarized raw material requirements. For example, Mexico, Colombia, on the higher end of that range, 83%, 81%, respectively. And then Brazil, Costa Rica, Argentina and Uruguay, around 50% to 60% of our requirements are hedged.

當然，蒂亞戈。因此，在 2025 年剩餘時間內，我們的外匯對沖部位將佔美元化原料需求的 50% 至 80%。例如，墨西哥和哥倫比亞的比例較高，分別為 83% 和 81%。然後是巴西、哥斯達黎加、阿根廷和烏拉圭，我們大約 50% 到 60% 的需求都進行了對沖。

And for 2026, looking a little further out, Mexico has right now a 22% hedge position for the whole year. The rest of the operations averaging at around 15% of the requirements for '26.

對於 2026 年而言，展望更遠的未來，墨西哥目前全年的對沖部位為 22%。其餘作業平均約佔 26 年需求的 15%。

On Mexico, Gerry, any color on the price that you were headed?

關於墨西哥，格里，您對價格有什麼看法？

Where -- for 2025, we have an average FX hedge position of MXN20 per dollar. And for 2026, the same.

到 2025 年，我們的平均外匯對沖頭寸為每美元 20 墨西哥比索。2026 年也是如此。

Alvaro Garcia, BTG.

阿爾瓦羅·加西亞，BTG。

Two questions, one for Ian. On the taste profile, sort of a bigger picture question on the taste profile of Coke Zero, you made these comments like finally working in Mexico. And I was just curious of sort of how you think the taste profile has evolved in Mexico. Or how the consumer sort of interpret the taste profile of Coke Zero versus Coke with real sugar, versus Coke with fructose, which you've increasingly been using in Mexico?

有兩個問題，一個問伊恩。關於口味特徵，關於零度可樂口味特徵的一個更大問題，您發表這些評論就像最終在墨西哥工作一樣。我只是好奇您認為墨西哥的口味是如何演變的。或者消費者如何解讀零度可樂、含糖可樂以及墨西哥越來越多人飲用的含果糖可樂的口味？

And then a quick question for Gerry. On interest expense popped a little bit higher. You mentioned higher rates in Brazil and obviously did a little liability management in May. I was wondering if there was any one-offs in the number for this quarter in interest expense. Or this is a fair figure to use going forward?

然後我想問格里一個簡單的問題。利息支出略有上升。您提到巴西的利率較高，顯然在五月做了一些負債管理。我想知道本季的利息支出數字中是否有任何一次性支出。或者這是一個可以繼續使用的合理數字？

Alvaro, thank you for the question. So I would say in terms of Coke Zero the geniuses at The Coca-Cola Company's industrial R&D area are always refining the sweetener generations getting all the time closer and closer to the taste of Coke Original. And I'm sure that has played a role. But I think what played the biggest role in Coke zero success in Mexico, is that we finally put all of the pieces in place.

阿爾瓦羅，謝謝你的提問。因此，我想說，就零度可樂而言，可口可樂公司工業研發領域的天才們一直在改進甜味劑，使其越來越接近原味可樂的口味。我確信這發揮了一定作用。但我認為，可口可樂零度在墨西哥取得成功的最大因素是我們最終將所有要素都落實到位。

So what we see, we call this the Brazil label for Coke Zero and it's really a playbook that has been leveraged globally by The Coca-Cola Company. And it not only consists of the winning formula, but of having all of the elements of having the right price pack architecture, including entry packs, which we had missed. It also includes the right properties, the right influencers, and the right promotional intensity.

所以，我們所看到的，我們稱之為零度可樂的巴西標籤，這實際上是可口可樂公司在全球範圍內利用的策略。它不僅包含成功的秘訣，還包含所有正確的價格包架構元素，包括我們忽略的入門包。它還包括正確的屬性、正確的影響者和正確的推廣強度。

And to us, finally, all of those five pieces of the puzzle we're able to put in place in Mexico. What we've seen in other markets is when you have three out of five, or two out of five that doesn't cut it. you need to have five out of five and have it consistently there. We were seeing what the competition was doing, and it was something that we needed to address quickly. We reacted and now it's going very well.

對我們來說，最終，這五個難題我們都能在墨西哥解決。我們在其他市場看到的情況是，如果五分之三或五分之二的業績不達標，那麼你需要有五分之五的業績，並且始終保持這一水平。我們看到了競爭對手的舉動，這是我們需要迅速解決的問題。我們做出了反應，現在一切都很順利。

And then the other thing we have seen is we really need at least two, ideally three years of very consistent double-digit growth for that thing to get rolling, how we want to in Brazil where it takes on a life of its own. So we're going to make sure we have the adequate spend and investment behind this brand because we're not going to replicate The Coca-Cola brand. It's unique. It's the most powerful brand that we have, and that we have out there and Coke Series is critical for the long-term health of this brand. So we need to take care of it in such an important market of Mexico. But it's more than the flavor profile, although you're right that, that is one very important piece of those five pillars.

我們看到的另一件事是，我們確實需要至少兩年、最好是三年非常穩定的兩位數成長才能讓這一趨勢順利進行，我們希望在巴西也能實現這一目標，讓這一趨勢自行發展。因此，我們要確保對該品牌有足夠的支出和投資，因為我們不會複製可口可樂品牌。它是獨一無二的。這是我們擁有的最強大的品牌，可口可樂系列對於品牌的長期健康發展至關重要。因此，我們需要在墨西哥這樣一個重要的市場上關注這個問題。但它不僅僅是風味特徵，雖然你說得對，但那是五大支柱中非常重要的一部分。

Alvaro, on the net interest expense question. So there were no one-off effects in the quarter. The explanation for higher net interest expenses, on the interest expense side. More debt, the issuance that we did in -- at the corporate level for a $500 bond. We added some bank loans in Colombia for operation purposes. And we have significantly higher interest rates in real in Brazil, so our real-denominated that became more expensive in the period.

阿爾瓦羅，關於淨利息支出的問題。因此本季沒有出現一次性影響。利息支出方面，淨利息支出增加的解釋。我們在公司層級發行了更多債務，金額為 500 美元。我們在哥倫比亞增加了一些銀行貸款用於營運。巴西的雷亞爾利率明顯較高，因此在此期間，以雷亞爾計價的貨幣變得更加昂貴。

And on the interest income side, even though we have more cash holdings, we had a significant decline in the rate at which we're investing that -- those cash holdings. So that's the explanation. And moving forward, I think it's a fair assessment of where we would be expecting net interest expense to be coming at.

在利息收入方面，儘管我們持有更多的現金，但我們投資這些現金的速度卻大幅下降。這就是解釋。展望未來，我認為這是對我們預期淨利息支出將達到的水平的公平評估。

Antonio Hernandez, Actinver.

安東尼奧·埃爾南德斯，Actinver。

Just a quick one, and sorry if you mentioned this earlier during the call. But in terms of competition, how are you seeing the different trends across your whole portfolio? Any more color that you could provide there?

我只想快速問一下，如果您之前在通話中提到過這一點，我很抱歉。但就競爭而言，您如何看待整個投資組合中的不同趨勢？您能提供更多顏色嗎？

And also you mentioned in the press release, you will make learnings and adjustments to your plans. I just wanted to see if you could provide more light on that and if that's related as well to competition and the soft consumer environment?

而且您在新聞稿中提到，您將吸取教訓並調整您的計劃。我只是想看看您是否可以對此提供更多說明，以及這是否也與競爭和軟消費環境有關？

So I don't know if that question relates to Mexico. But just in terms of competition, what we had mentioned is -- the biggest gap that we have is in the traditional channel in the MXN20 price range. That's the biggest share gap performance that we have in CSDs. And there, we're addressing it via adjustments in our returnable offerings.

所以我不知道這個問題是否與墨西哥有關。但就競爭而言，我們提到的是——我們最大的差距是在 MXN20 價格範圍內的傳統管道。這是我們在中央存管所 (CSD) 中遇到的最大份額差距表現。我們透過調整可退貨產品來解決這個問題。

Then the other gap that we had was in sports drink, where there was a big push from [pairing] and a reaction from Gatorade, but I think we're addressing that, and [Sherry] is responding very well in the latest months on that. So that gives you the overall picture in Mexico. Anything that you want to add there?

我們的另一個差距是在運動飲料方面，[配對] 的推動力度很大，而佳得樂的反應也很大，但我認為我們正在解決這個問題，而且 [Sherry] 在最近幾個月對此做出了很好的反應。這樣你就能看到墨西哥的整體狀況。您想添加什麼嗎？

In terms of the adjustments, I think, as Ian mentioned, both in prepared remarks as well as on a previous question, the focus on multi-serve returnable presentations that are dedicated specifically towards a traditional trade with the capabilities that we have of executing an affordable portfolio very directly aimed at the portion of the market that's underperforming in share. I think we'll be able to address the share gap that we still have to close.

至於調整，我認為，正如伊恩在準備好的發言和之前的問題中所提到的那樣，重點是多服務可返回演示，這些演示專門針對傳統交易，我們有能力執行可承受的投資組合，直接針對市場份額表現不佳的部分。我認為我們能夠解決仍需彌補的份額差距。

Fernando Olvera, Bank of America.

美國銀行的費爾南多·奧爾維拉 (Fernando Olvera)。

Can you hear me?

你聽得到我嗎？

Yes, Fernando yes.

是的，費爾南多，是的。

Perfect. I also have one mainly for Gerry. Gerry, you commented in the initial remarks that regarding savings that you basically reached 67% of the target. So I was wondering, I mean, if there is room to see -- to achieve more savings or above your target, given that we are just at midyear?

完美的。我還有一個，主要給 Gerry 的。格里，您在最初的評論中提到，關於儲蓄，您基本上已經達到了目標的 67%。所以我想知道，考慮到我們正處於年中，是否還有空間來實現更多的儲蓄或超過你的目標？

Fernando, thank you very much for your question. We certainly are working on bringing in more savings. And what I talked about in prepared remarks are specifically supply chain-related savings, I had talked about early in the year of $90 million that we were looking for. Up to now, we've achieved [$60 million] of those.

費爾南多，非常感謝您的提問。我們確實正在努力實現更多的儲蓄。我在準備好的發言中談到的是具體與供應鏈相關的節省，我在今年年初就談到了我們尋求的 9000 萬美元節省。到目前為止，我們已經實現了[6000萬美元]的目標。

We certainly are looking for more opportunities, and we do believe that we will be able to bring some more -- and additionally, from supply chain savings, we'll certainly work and are working on all sources of savings that we can capture just to help through what has been, and we expect to continue to have soft market conditions.

我們當然在尋找更多的機會，我們也確實相信我們能夠帶來更多的機會——此外，從供應鏈節約來看，我們肯定會努力，並且正在努力利用所有我們可以利用的節約資源來幫助度過難關，我們預計疲軟的市場狀況將繼續存在。

Great. Perfect. And any idea of how -- I mean -- how much can you surpass that target?

偉大的。完美的。您知道嗎——我的意思是——您能超越這個目標多少？

I think we can I think we can provide more details to you guys as we progress. We have some numbers that we have already identified in terms of savings, some that we have already captured and some that are coming, but I think we need to get into a little bit more detail to be able to provide you with a guidance number.

我認為我們可以隨著進展向你們提供更多細節。我們已經確定了一些節省方面的數字，一些是我們已經掌握的，還有一些即將到來，但我認為我們需要更詳細地了解，以便能夠為您提供指導數字。

This concludes the question-and-answer section. At this time, I would like to turn the floor back to Mr. Jorge for any closing remarks.

問答部分到此結束。現在，我想請豪爾赫先生做最後發言。

Thank you very much, everyone, for your interest in Coca-Cola FEMSA and for joining us on today's call. Me and the rest of the Investor Relations team, we are available to answer any of your remaining questions. Thank you very much and have a great day.

非常感謝大家對可口可樂 FEMSA 的關注並參加今天的電話會議。我和投資者關係團隊的其他成員可以回答您任何剩餘的問題。非常感謝，祝您有愉快的一天。

Thank you. This does conclude today's presentation. You may now disconnect and have a nice day.

謝謝。今天的演講到此結束。現在您可以斷開連接並享受美好的一天。