Coca-Cola Femsa SAB de CV (KOF) 2025 Q3 法說會逐字稿

(audio in progress) a more resilient macro and consumer environment, which supported positive volume performance. Despite this environment, our consolidated results improved sequentially as we implemented cost control and productivity initiatives.

（音頻播放中）更具韌性的宏觀和消費環境，支撐了積極的銷售表現。儘管面臨這樣的環境，但隨著我們實施成本控制和提高生產力的措施，我們的綜合業績環比有所改善。

As we look beyond this year, we will leverage Coca-Cola FEMSA's ability to adapt to challenging operating conditions, including the impact of the recent beverage excise tax increase in Mexico. We are confident that focusing on our sustainable growth model, combined with RGM affordability initiatives, short-term productivity and cost control measures and the revised CapEx investment level is the best way to navigate these conditions while maximizing value for our stakeholders.

展望今年之後，我們將利用可口可樂FEMSA適應充滿挑戰的經營環境的能力，包括墨西哥最近飲料消費稅上調的影響。我們相信，專注於我們的可持續成長模式，結合 RGM 可負擔性舉措、短期生產力和成本控制措施以及修訂後的資本支出投資水平，是應對這些情況並最大限度為我們的利益相關者創造價值的最佳方式。

Now let me expand on our consolidated results for the third quarter. Our consolidated volume declined 0.6% to reach 1.04 billion unit cases, a sequential improvement versus the second quarter, which is partially explained by a softer comparison base in Mexico than the one we faced during the first half of the year.

現在讓我詳細介紹一下我們第三季的綜合業績。我們的綜合銷量下降了 0.6%，達到 10.4 億箱，較第二季度有所改善，部分原因是墨西哥的基數比上半年要低。

In particular, the quarterly volume decline was driven by contractions in Mexico and Panama that were partially offset by the growth achieved in the rest of our territories. Total revenues for the quarter grew 3.3% to MXN71.9 billion, led by revenue management initiatives that were partially offset by a volume decline, promotional activity and unfavorable currency translation effects from the depreciation of the Argentine peso and most currencies in Central America. On a currency-neutral basis, our total revenues increased 4.7%. Gross profit increased 0.9% to MXN32.4 billion, leading to a margin contraction of 100 basis points to 45.1%. This margin performance was driven mainly by an unfavorable mix, increased promotional activity and fixed costs such as labor and depreciation, partially offset by a better sweetener and PET cost.

具體而言，季度銷量下降主要是由於墨西哥和巴拿馬的銷量萎縮，但其他地區的成長部分抵消了這一影響。本季總收入成長 3.3% 至 719 億墨西哥比索，主要得益於收入管理舉措，但部分被銷量下降、促銷活動以及阿根廷比索和中美洲大多數貨幣貶值帶來的不利匯率影響所抵消。以固定匯率計算，我們的總收入成長了 4.7%。毛利成長0.9%至324億墨西哥比索，導致毛利率收縮100個基點至45.1%。這一利潤率表現主要受不利的產品組合、增加的促銷活動以及勞動力和折舊等固定成本的影響，部分被更好的甜味劑和PET成本所抵消。

Our operating income increased 6.8% to reach MXN10.3 billion, with operating margin expanding 50 basis points to 14.3%. This operating margin expansion is explained by expense efficiencies such as freight and marketing across our operations, coupled with an operating foreign exchange gain. These effects were partially offset by higher depreciation, labor and IT expenses. It is important to consider the recognition of a onetime income of 218 million of insurance claims recovered in Brazil, net of expenses during the third quarter of 2025.

我們的營業收入成長了 6.8%，達到 103 億墨西哥比索，營業利潤率成長了 50 個基點，達到 14.3%。營業利益率的提升得益於營運中貨運和行銷等費用效率的提高，以及外匯經營收益。這些影響被更高的折舊、人工和IT支出部分抵消。需要考慮確認 2025 年第三季在巴西收回的 2.18 億保險索賠的一次性收入（扣除支出後）。

Adjusted EBITDA for the quarter increased 3.2% to MXN14.4 billion, and EBITDA margin remained flat at 20.1%. Finally, our majority net income increased slightly to reach MXN5.9 billion, driven mainly by operating income growth that was partially offset by an increase in our comprehensive financial results. Now diving deeper on our key markets performance for the quarter. In Mexico, our volumes declined 3.7% as we continue facing a soft macroeconomic backdrop. For instance, consumption drivers such as remittances and formal job creation have declined year-on-year.

本季調整後 EBITDA 成長 3.2% 至 144 億墨西哥比索，EBITDA 利潤率維持在 20.1% 不變。最後，我們的多數股權淨收入略有增長，達到 59 億墨西哥比索，這主要得益於營業收入的增長，但部分被綜合財務業績的增長所抵消。現在讓我們深入分析一下本季我們主要市場的表現。在墨西哥，由於宏觀經濟環境持續疲軟，我們的銷售量下降了 3.7%。例如，匯款和正規就業創造等消費驅動因素逐年下降。

In this environment, consumers are looking for the best value equation and our strategy remains clear implement top line initiatives to incentivize demand by focusing on providing affordability and attractive price points, allowing us to capture share opportunities.

在這種環境下，消費者都在尋求最佳性價比，而我們的策略依然明確：透過專注於提供價格實惠的產品和有吸引力的價格點來實施一系列舉措，從而刺激需求，使我們能夠抓住市場份額的機會。

To achieve this, we have made adjustments throughout the year to our promotional grid and (inaudible) across formats and channels. As I mentioned during our previous call, these initiatives have led us not only to recover share in the modern channel, but also to surpass previous year's levels, achieving now more than 6 percentage points of recovery which positions us at a record level in this important modern channel. In the traditional trade, promotions and execution are also contributing to share recovery, especially by leveraging refillable multi-serve packs.

為了實現這一目標，我們全年都在對宣傳策略和各種形式和管道進行調整。正如我在上次電話會議中提到的，這些舉措不僅使我們在現代管道中恢復了份額，而且還超過了前一年的水平，目前已恢復了 6 個百分點以上，使我們在這一重要的現代管道中達到了創紀錄的水平。在傳統貿易中，促銷和執行也有助於恢復市場份額，特別是透過利用可重複填充的多份包裝。

The adjustments we have made to our price pack architecture in multi-serve receivable packs from July to September are showing encouraging initial results, reversing volume declines in this segment of the portfolio. Moreover, Coca-Cola Zero continued delivering positive results, growing 23% versus previous year. 3-degree plans increase connected consumers with the right communication and execution. Indeed, Coca-Cola Zero has grown more than 40% as compared with 2022.

從 7 月到 9 月，我們對多服務應收帳款包裝的價格包裝架構進行了調整，初步結果令人鼓舞，扭轉了該產品組合部分銷售下滑的趨勢。此外，零度可口可樂持續保持良好業績，較去年同期成長23%。 3度計劃透過正確的溝通和執行，增強了消費者之間的連結。事實上，與 2022 年相比，零度可口可樂的銷量成長了 40% 以上。

In addition, our flavor sparkling portfolio is also ahead of previous year's share levels driven by the recovery achieved in the modern and on-premise channels. To achieve this, we are combining global strategies in core brands such as Fanta and Sprite with local heroes such as (inaudible) and other heritage regional brands. These top line initiatives are supported by our ambition to install a new record of 125,000 coolers during the year.

此外，由於現代通路和餐飲場所通路的復甦，我們的風味氣泡酒產品組合的市佔率也超過了去年同期水準。為了實現這一目標，我們將芬達和雪碧等核心品牌的全球策略與（聽不清楚）等本土明星品牌以及其他具有歷史意義的區域品牌相結合。這些重點舉措都源自於我們力爭在一年內安裝 125,000 台冷風機，創下新紀錄的雄心壯志。

In digital, we are encouraged to share that we are now rolling out our state-of-the-art sales force tool Juntos Plus Advisor in Mexico. This digital tool has been fundamental in supporting share improvements and service levels in Brazil, and we expect to see positive impact in Mexico in the upcoming quarters as adoption matures. Now I would like to discuss recent developments in Mexico. As you know, last week, the House of Representatives approved a federal revenue law presented by the executive branch including a significant 87% increase in the excise tax on soft drinks, taking it from MXN1.64 per liter to MXN3.08 per liter and installing a new excise tax on noncaloric formula 0.5 per liter. The federal revenue law is currently pending approval by the Senate and once approved, it would take effect on January 2026.

在數位化方面，我們很高興地宣布，我們正在墨西哥推出我們最先進的銷售團隊工具 Juntos Plus Advisor。該數位工具對提升巴西的市場份額和服務水平起到了至關重要的作用，我們預計隨著其應用日趨成熟，未來幾季將在墨西哥產生積極影響。現在我想談談墨西哥最近的發展。如你所知，上週，眾議院批准了行政部門提出的聯邦稅收法案，其中包括將軟性飲料的消費稅大幅提高 87%，從每公升 1.64 墨西哥比索提高到每公升 3.08 墨西哥比索，並對無熱量配方奶粉徵收每公升 0.5 墨西哥比索的新消費稅。聯邦稅收法案目前正在等待參議院批准，一旦獲得批准，將於 2026 年 1 月生效。

During the past month, we engaged with the government in conversations regarding the proposed excise taxes. As a result of these interactions, the Coca-Cola system in Mexico reaffirmed its commitment to continue incentivizing low and noncaloric products as well as to maintain an open and constructive dialogue with the health authorities in Mexico.

上個月，我們與政府就擬議的消費稅進行了磋商。透過這些互動，墨西哥可口可樂系統重申了其致力於繼續鼓勵低熱量和無熱量產品銷售，並與墨西哥衛生部門保持公開和建設性對話的承諾。

As we look to 2026, we expect another challenging year for volume performance in Mexico with our customers and consumers dealing with the impact of the excise tax increase, together with an economy that is expected to grow a modest 1.5%. However, we anticipate a positive impact on brand equity due to the World Cup as has been the case in cost countries for this incredible asset. Take all of these factors into consideration, we believe that the best course of action for our business in Mexico is to continue focusing on our sustainable long-term growth model while addressing the short-term headwinds with RGM initiatives, productivity and cost control measures and a revised CapEx investment.

展望 2026 年，我們預期墨西哥的銷售表現將面臨另一個充滿挑戰的年份，我們的客戶和消費者將受到消費稅增加的影響，同時經濟成長預計僅為 1.5%。然而，我們預計世界盃將對品牌價值產生正面影響，就像這項巨大資產在其他成本較高的國家所取得的成就一樣。綜合考慮所有這些因素，我們認為，對於我們在墨西哥的業務而言，最佳行動方案是繼續專注於我們可持續的長期增長模式，同時透過 RGM 計劃、生產力和成本控制措施以及修訂後的資本支出投資來應對短期不利因素。

Moving on to Guatemala, where our volumes increased 3.2% to reach 50.8 million unit cases. In this important market, we continue seeing a higher propensity from consumers to save. Amid this background, we continue outperforming the industry by gaining share in key categories such as sparkling beverages, water and energy. Notably, Coca-Cola Zero Sugar grew 16.9% year-on-year while additional capacity is allowing us to strengthen our performance in Flavors with Fanta price growing 8.8% and 3.8% respected. Commercial enablers are another area of focus, and I'm encouraged to report that Juntos Plus and Juntos Plus Premier continue growing at a fast pace.

接下來是危地馬拉，我們的銷量成長了 3.2%，達到 5,080 萬箱。在這個重要的市場中，我們持續看到消費者儲蓄傾向的提升。在此背景下，我們持續超越產業平均水平，在碳酸飲料、水和能量飲料等關鍵品類中不斷擴大市場份額。值得注意的是，零糖可口可樂年增 16.9%，而新增產能使我們能夠加強在口味方面的業績，芬達價格增長 8.8%，受尊重價格增長 3.8%。商業賦能工具是另一個重點領域，令人欣慰的是，Juntos Plus 和 Juntos Plus Premier 繼續保持快速成長。

During the quarter, we surpassed 100,000 digital monthly active users in Juntos Plus, 25,000 more than the previous year with more than 73% of these users active on the app. This is 23 percentage points more than in the first quarter of the year, underscoring our customers fast adoption.

本季度，Juntos Plus 的數位月活躍用戶數突破 10 萬，比去年同期增加了 2.5 萬，其中超過 73% 的用戶活躍於該應用程式。這比今年第一季高出 23 個百分點，凸顯了我們客戶的快速接受度。

Finally, in Juntos Plus premia, we have more than 46,000 clients redeeming points which is more than double what we had in 2024. As we look towards the end of the year, we are adjusting our initiatives to continue optimizing our portfolio, capturing white spaces in key categories and executing rigorous cost control and productivity initiatives to grow sustainably and profitably. Now moving on to our South America division.

最後，在 Juntos Plus 高級會員中，我們有超過 46,000 名客戶正在兌換積分，是 2024 年的兩倍多。展望年底，我們將調整各項舉措，繼續優化產品組合，抓住關鍵類別的空白市場，並執行嚴格的成本控制和生產力提升措施，以實現可持續和盈利增長。接下來我們來看看南美洲分部。

In Brazil, despite lower average temperatures than the previous year and sizes of slower growth, we were able to increase our volumes 2.6% year-on-year, driven by share gains. As has been the case throughout the year, additional capacity, coupled with the reopening of our plant in Porto Alegre is supporting share gains in the non-alcoholic ready-to-drink set.

在巴西，儘管平均氣溫低於前一年，規模成長也放緩，但在市佔率提升的推動下，我們的銷售量仍較去年同期成長了 2.6%。與今年以來的情況一樣，新增產能加上我們在阿雷格里港的工廠重新開業，正在支持我們在非酒精即飲飲料市場中獲得份額成長。

Notably in the sparkling category, regions like (inaudible) and Sao Paulo are more than 1 percentage points ahead of the previous year. And in Rio Grande do Sul, we have recovered approximately 5 percentage points of the total 8 points that were lost due to the temporary closure of our plant. Another highlight from our operation in Brazil remains a continuous growth from Coca-Cola Zero, which, during the quarter, grew volumes by 38% and supported by the Star Wars campaign that began last September in both Coke Coca-Cola Regional and Coke Zero. Regarding steel beverages, we saw double-digit growth in juices and energy. In the case of Monster, last month, we launched a new flavor with a local Brazilian appeal, Monster Rio Punch, underscoring continuous innovation across the portfolio.

值得注意的是，在氣泡酒類別中，像（聽不清楚）和聖保羅這樣的地區比前一年領先超過 1 個百分點。在南里奧格蘭德州，我們已經挽回了因工廠暫時關閉而損失的 8 個百分點中的大約 5 個百分點。我們在巴西的業務還有另一個亮點，那就是零度可口可樂的持續成長。本季度，零度可口可樂的銷量成長了 38%，這得益於去年 9 月在可口可樂區域版和零度可口可樂中啟動的星際大戰主題活動。在飲料方面，果汁和能量飲料實現了兩位數的成長。以 Monster 為例，上個月我們推出了一款具有巴西本土特色的新口味 Monster Rio Punch，凸顯了我們產品組合的持續創新。

On digital enablers, our monthly active user base in Juntos Plus continues expanding with 18,000 additional customers and a 15.8% increase in average ticket size.

在數位化賦能方面，Juntos Plus 的月活躍用戶群持續成長，新增客戶 18,000 人，平均訂單金額成長 15.8%。

Importantly, the Juntos Plus Premia loyalty customer base increased 40% year-on-year. We remain encouraged by the results we are seeing from the nationwide rollout of Juntos Plus Advisor, which as I have mentioned in previous calls, is a game changer for our sales force and is supporting Brazil's positive share performance.

值得注意的是，Juntos Plus Premia 會員忠誠度客戶群較去年同期成長了 40%。我們對 Juntos Plus Advisor 在全國範圍內的推廣所取得的成果感到鼓舞，正如我在之前的電話會議中提到的，這對我們的銷售團隊來說是一個變革性的舉措，並支持了巴西積極的市場份額表現。

Finally, in Brazil, we continued showing strong improvements in the supply chain front, which translate to increased customer satisfaction. For instance, order fulfillment during the quarter improved 1.9 percentage points as compared with the previous year to reach 94.5%. Similarly, our delivery service metrics improved 1 percentage point to reach 94.6%.

最後，在巴西，我們在供應鏈方面繼續取得顯著進步，這轉化為客戶滿意度的提高。例如，本季訂單完成率比去年同期提高了 1.9 個百分點，達到 94.5%。同樣，我們的配送服務指標提高了 1 個百分點，達到 94.6%。

So for the remainder of the year in Brazil, we will continue striving to outperform the industry, leveraging our digital initiatives and our customer-centric culture as we aim to continue improving our profitability by controlling expenses and increasing productivity. In Colombia, our volumes grew 2.9%, reflecting a gradually recovering economy, driven by improving sectors such as commerce, services and agriculture. Notably, the consumption basket for fast-moving consumer goods has gradually recovered over the past 5 months, driven mainly by an increase in the average ticket. Our positive volume performance is supported by share gains in brand Coca-Cola, flavor and water, with clear opportunities for us to reverse the trend in steels. Regarding Brand Coca-Cola's category growth, we are leveraging affordability initiatives and managing pricing the growth of Coca-Cola Zero Sugar.

因此，在巴西，今年剩餘的時間裡，我們將繼續努力超越行業平均水平，利用我們的數位化舉措和以客戶為中心的文化，透過控製成本和提高生產力來不斷提高盈利能力。在哥倫比亞，我們的銷售量成長了 2.9%，反映出經濟正在逐步復甦，這主要得益於商業、服務和農業等產業的改善。值得注意的是，在過去 5 個月裡，快速消費品消費籃子已逐漸復甦，這主要是由於平均客單價上漲所致。我們銷售表現良好，這得益於可口可樂品牌、口味和水的市佔率成長，同時我們也有機會扭轉鋼鐵業務的頹勢。關於可口可樂品牌品類的成長，我們正在利用價格親民的舉措，並透過價格管理來促進零糖可口可樂的成長。

Additionally, in flavors, we're encouraged that for the first time in our Colombia franchise's history, Cuatro, our Grapefruit flavor brand is the number 1 flavored sparkling beverage in the country. On the digital front, we are enhancing adoption with monthly active buyers growing 27% year-on-year.

此外，在口味方面，我們倍感鼓舞的是，在哥倫比亞特許經營的歷史上，我們的葡萄柚口味品牌 Cuatro 首次成為全國排名第一的風味氣泡飲料。在數位化方面，我們正在提高用戶接受度，每月活躍買家年增 27%。

We expect to continue leveraging the capabilities of our Premier loyalty plan to drive adoption and generate additional frequency. Finally, we're encouraged by the fact that the CapEx investments behind our supply chain have addressed key logistical pain points allowing us to improve our cost to serve by reductions in primary freight costs and third-party warehouse expenses. Finally, despite facing what is still a complex environment in Argentina, our volumes increased 2.9%. Our strategy during 2025 can be summarized in 4 key elements: enhancing the affordability of plants we implement since 2024 during the sharp macro adjustment; two, accelerating single-serve mix; three, leveraging digital with the rollout of Puntos us; and four, maintaining a lean and flexible cost structure.

我們期望繼續利用我們的尊享會員計畫的功能來推動用戶成長並提高消費頻率。最後，我們感到鼓舞的是，我們供應鏈背後的資本支出投資已經解決了關鍵的物流痛點，使我們能夠透過降低主要貨運成本和第三方倉儲費用來改善我們的服務成本。最後，儘管阿根廷的市場環境依然複雜，但我們的銷售量仍成長了 2.9%。我們在 2025 年的策略可以概括為 4 個關鍵要素：1. 在宏觀經濟急劇調整期間，提高我們自 2024 年以來實施的工廠的可負擔性；2. 加快單份包裝組合；3. 透過推出 Puntos us 來利用數位化；4. 保持精簡靈活的成本結構。

During the quarter, we continued delivering positive results across these elements of the strategy. For instance, we have consolidated the execution of what we call on an auto sections or savings on section, which are attractive promotions and price points for our consumers. So now is now present in more than 87% of our customers growing. Regarding our single-serve mix, we reached 25.8%, which represents a 1.8 percentage point increase as compared to the previous year, driven by an 11% recovery in the number of on-premise clients. In digital, we began the rollout of Juntos Plus last June.

本季度，我們在策略的各個方面都繼續取得了積極的成果。例如，我們整合了所謂的「汽車專區」或「優惠專區」的執行情況，這些專區為我們的消費者提供有吸引力的促銷活動和價格點。現在，超過 87% 的客戶正在成長，而我們的產品目前已經普及。就我們的單次服務組合而言，我們達到了 25.8%，與前一年相比增長了 1.8 個百分點，這主要得益於店內客戶數量恢復了 11%。在數位化方面，我們在去年六月開始推出 Juntos Plus。

And thanks to its rapid adoption, more than 40% of our client base are now monthly active buyers.

由於其快速普及，我們超過 40% 的客戶群現在都是每月活躍買家。

Amid Argentina's complex context, we have and will continue emphasizing responsiveness in managing a flexible and lean cost and expense structure. As we look to the last chapter of 2025 and adjust our plan for 2026. We feel (inaudible) to be a part of our resilient beverage industry. We have a clear long-term strategy, supportive shareholders in FEMSA and the Coca-Cola company, and a stronger and more adaptable organization.

在阿根廷複雜的國情下，我們過去一直強調靈活、精簡的成本和費用結構管理，並將繼續強調快速回應能力。當我們展望 2025 年的最後一章，並調整 2026 年的計畫。我們感到（聽不清楚）很榮幸能成為我們這個充滿活力的飲料產業的一份子。我們擁有清晰的長期策略、FEMSA 和可口可樂公司的支持股東，以及更強大、更具適應性的組織。

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

接下來，我會把電話交給傑瑞。

Thank you, Ian, and good morning, everyone. I will begin by summarizing our division's results for the quarter. In Mexico and Central America, volumes declined 2.7% to 612.1 million unit cases, driven by volume declines in Mexico and Panama, that were partially offset by growth in Guatemala, Nicaragua and Costa Rica. Revenues decreased 0.2% to COP 42.5 billion, driven mainly by volume decline, unfavorable mix effects and promotional activity.

謝謝你，伊恩，大家早安。我將首先總結我們部門本季的業績。在墨西哥和中美洲，銷量下降了 2.7%，至 6.121 億箱，主要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成長部分抵消了這一影響。受銷量下降、不利的產品組合影響和促銷活動的影響，營收下降 0.2% 至 425 億哥倫比亞比索。

These effects were partially offset by our revenue management initiatives. On a currency-neutral basis, revenues remained flat. Gross profit decreased 2.6% to reach MXN20.2 billion, resulting in a gross margin of 47.5%, a 110 basis point contraction year-on-year. This margin contraction was driven mainly by unfavorable mix effects and promotional activity coupled with higher fixed costs such as labor.

我們的收益管理措施部分抵銷了這些影響。以固定匯率計算，收入不變。毛利下降 2.6% 至 202 億墨西哥比索，毛利率為 47.5%，較去年同期下降 110 個基點。利潤率下降主要是由於不利的產品組合效應和促銷活動，以及勞動力等固定成本上升所致。

These effects were partially offset by lower sweetener costs and the appreciation of the Mexican peso as applied to our US dollar-denominated raw material costs. Operating income increased 1.1% to MXN6.8 billion, and our operating margin expanded 20 basis points to 16%. This expansion was driven mainly by a decrease in freight expenses and on operative foreign exchange gain on MXN159 million as compared to a loss of MXN298 million during the same period of the previous year. These effects were partially offset by an increase in expenses, such as labor, IT and depreciation.

這些影響部分被甜味劑成本降低和墨西哥比索升值所抵消，因為墨西哥比索升值可以降低我們以美元計價的原料成本。營業收入成長 1.1% 至 68 億墨西哥比索，營業利潤率成長 20 個基點至 16%。此次擴張主要得益於貨運費用的減少以及與去年同期虧損 2.98 億墨西哥比索相比，營業外匯收益為 1.59 億墨西哥比索。這些影響被勞動力、IT 和折舊等費用的增加部分抵消。

Finally, our adjusted EBITDA in the division declined 1.4% with a 20 basis point margin contraction to reach 21.9%. Moving on to South America. Volumes increased 2.6% to 423 million unit cases. This increase was driven by positive volumes across the division. Our revenues in South America increased 8.7% to MXN29.4 billion, driven mainly by our revenue management initiatives and favorable mix.

最後，該部門的調整後 EBITDA 下降了 1.4%，利潤率收縮了 20 個基點，達到 21.9%。接下來前往南美洲。銷量成長2.6%，達到4.23億箱。這一增長是由該部門整體銷售成長所推動的。我們在南美洲的收入成長了 8.7%，達到 294 億墨西哥比索，這主要得益於我們的收入管理措施和有利的產品組合。

These effects were partially offset by unfavorable currency translation effects into Mexican pesos. On a currency neutral basis, total revenues in South America increased 12.5%. And -- gross profit in the division increased 7.2% and gross margin contracted by 50 basis points to 41.6%, and mainly driven by labor, restructuring and maintenance costs. On a currency-neutral basis, gross profit increased 10.4%.

這些影響部分被不利的貨幣兌換成墨西哥比索的影響所抵銷。以固定匯率計算，南美洲的總收入成長了 12.5%。該部門的毛利成長了 7.2%，毛利率下降了 50 個基點至 41.6%，主要原因是勞動力、重組和維護成本。以固定匯率計算，毛利成長了10.4%。

Operating income in South America rose 19.7% to MXN3.5 billion, with operating margin up 110 basis points to 11.9%. This improvement was driven by expenses efficiencies, such as freight, marketing and the recognition of onetime income net of expenses of MXN218 million related to insurance claims from the floods that impacted Brazil in May of 2024. Finally, adjusted EBITDA in the division increased 12.6% to MXN5.1 billion for a margin expansion of 60 basis points to 17.6%.

南美洲的營業收入成長 19.7% 至 35 億墨西哥比索，營業利潤率上升 110 個基點至 11.9%。這項改善得益於費用效率的提高，例如貨運、行銷以及確認與 2024 年 5 月巴西洪災保險索賠相關的 2.18 億墨西哥比索的一次性收入淨額（扣除相關費用）。最後，該部門的調整後 EBITDA 成長 12.6% 至 51 億墨西哥比索，利潤率成長 60 個基點至 17.6%。

Now let me expand on our comprehensive financial results which recorded an expense of MXN1.2 billion as compared to an expense of MXN823 million during the same period of the previous year. This increase was driven mainly by first, a reduction in interest income as a result of a lower cash position and interest rates in Mexico and Argentina. Second, we recorded a foreign exchange loss of MXN65 million as compared to a gain of MXN49 million recorded during the same period of the previous year and third, a loss in financial instruments of MXN39 million as compared to a gain of MXN86 million in the third quarter of 2024.

現在讓我詳細介紹一下我們的綜合財務業績，該業績顯示支出為 12 億墨西哥比索，而去年同期支出為 8.23 億墨西哥比索。這一增長主要是由於以下原因造成的：首先，由於現金儲備減少以及墨西哥和阿根廷的利率下降，導致利息收入減少。第二，我們錄得外匯損失 6,500 萬墨西哥比索，而上年同期錄得外匯收益 4,900 萬墨西哥比索；第三，金融工具損失 3,900 萬墨西哥比索，而 2024 年第三季則錄得金融工具收益 8,600 萬墨西哥比索。

These effects were partially offset by a higher gain in monetary positions and inflationary subsidiaries. Finally, I would like to take a moment to expand on the cost environment and commodity hedging strategies for the remainder of the year and into 2026. We feel confident about our ability to manage cost effectively.

這些影響部分被貨幣部位和通膨補貼的更高收益所抵銷。最後，我想花點時間詳細說明今年剩餘時間和 2026 年的成本環境和商品避險策略。我們對有效控製成本的能力充滿信心。

Although the trade environment may continue to generate some ongoing volatility, especially in aluminum prices, we are seeing more stability in the rest of our key commodities than in prior years, especially regarding sweeteners and PET. Additionally, our teams continue to focus on efficiency, productivity and disciplined procurement, which should continue to help mitigate pressures to our margins. On the hedging side, our approach remains disciplined and proactive. For the remainder of the year, we have already locked in a solid portion of our main commodities, including more than 90% for sweeteners, 75% for PET resin and 65% for aluminum, which gives us good visibility and comfort for the fourth quarter.

儘管貿易環境可能繼續產生一些持續的波動，尤其是在鋁價方面，但我們看到其他主要大宗商品比往年更加穩定，尤其是在甜味劑和PET方面。此外，我們的團隊將繼續專注於效率、生產力和規範的採購，這應該會繼續有助於緩解利潤率面臨的壓力。在對沖方面，我們的方法依然是嚴謹且積極主動的。今年剩餘時間裡，我們已經鎖定了大部分主要商品，包括超過 90% 的甜味劑、75% 的 PET 樹脂和 65% 的鋁，這讓我們對第四季有良好的預期和信心。

As we move into 2026, we will keep a flexible stance protecting against potential volatility while taking advantage of favorable market conditions in raw materials such as sweeteners and PET. For instance, given current market conditions, we have already hedged more than 90% of our needs for the year in sweeteners and 40% for PET. Regarding currencies for 2026, we have hedged approximately 70% in Colombia, 40% in Mexico and 20% to Brazil at levels that are below 2025.

展望 2026 年，我們將維持靈活的策略，防範潛在的市場波動，同時利用甜味劑和 PET 等原料的有利市場條件。例如，鑑於目前的市場狀況，我們已經對沖了今年90%以上的甜味劑需求和40%的PET需求。關於 2026 年的貨幣，我們已對沖了約 70% 的哥倫比亞貨幣、40% 的墨西哥貨幣和 20% 的巴西貨幣，這些貨幣的匯率均低於 2025 年的水準。

Finally, I am pleased to report that our supply chain team has reached our savings commitment for the year ahead of time, generating $90 million year-to-date. Approximately MXN43 million coming from primary distribution, MXN32.5 million from cost to serve and MXN14.5 million from cost to make. With that, operator, we're ready to take questions.

最後，我很高興地報告，我們的供應鏈團隊已提前完成今年的節省目標，截至目前為止已節省 9,000 萬美元。其中約 4,300 萬墨西哥比索來自一級分銷，3,250 萬墨西哥比索來自服務成本，1,450 萬墨西哥比索來自製造成本。好了，接線員，我們準備開始回答問題了。

(Operator Instructions) Our first question comes from Ricardo Alves with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的里卡多·阿爾維斯。

A couple of questions. I think that on our side, the main surprise of the quarter came on Mexico and Central America profitability. When we try to calculate the adjusted margin, so taking out the insurance gains from last year, we actually see Mexican Central America margins up about 50, 60 basis points, if I'm not mistaken. So clearly a big improvement from the 200 basis points decline that we saw in the second quarter. So to us, that's a remarkable improvement obviously. But when I look forward, I'm interested in, is this something that was mostly driven by a better operational leverage because volumes improved on a sequential basis? Or is it much more about internal initiatives and cost-cutting initiatives that you may have put in place to adapt to a new reality of volumes. So I just wanted to go a little deeper on eventual efficiencies that you are looking within cost in Mexico and maybe Central America because we don't have the breakdown exactly. So that would be my first question to explore a bit more the improvement on profitability.

幾個問題。我認為，就我們而言，本季最大的驚喜來自墨西哥和中美洲的獲利能力。當我們嘗試計算調整後的利潤率，扣除去年的保險收益後，如果我們沒記錯的話，墨西哥中美洲的利潤率實際上上升了約 50、60 個基點。因此，與第二季200個基點的下降相比，顯然有了很大的改善。所以對我們來說，這顯然是一個顯著的進步。但展望未來，我更感興趣的是，這是否主要是由於銷售量環比成長，從而帶來了更好的營運槓桿效應？或者，這更與你為了適應新的業務量現實而實施的內部措施和成本削減措施有關。所以我想更深入地探討您在墨西哥乃至中美洲尋求的成本效率提升，因為我們還沒有具體的細分數據。因此，我的第一個問題是想更深入探討獲利能力的提升。

My second question. It's -- I do have another one in South America, but I'll jump on the line again, but I wanted to explore this time, Central America, Argentina and Colombia because typically, we spend a lot of time in Mexico and in Brazil. And I think that after a while, it would be helpful if we could explore again these markets. I remember, for example, a couple of years ago, we were talking about per caps in Guatemala, the opportunities that you saw when you took over in improving per caps, given that Argentina has surprised us to the upside.

我的第二個問題。雖然我在南美洲還有另一個地方，但我會再嘗試去那裡，不過這次我想探索中美洲、阿根廷和哥倫比亞，因為我們通常會在墨西哥和巴西待很久。我認為過一段時間後，如果我們能夠再次探索這些市場，將會很有幫助。例如，我記得幾年前，我們討論過危地馬拉的人均收入，以及你接手後在提高人均收入方面看到的機會，因為阿根廷的表現讓我們驚訝。

I think Coke FEMSA is outperforming a couple of other bottlers in the region. Colombia is getting back on track, and it's been a while that we don't discuss Guatemala in more details. I wanted to see with you when you take a step back and you reflect on this past couple of years on the lead of the company, what were the strategies that worked for these 3 main markets outside of Brazil and Mexico? What are the things that didn't work that you still see an opportunity. So I just wanted to take a step back and take the opportunity to talk to you to see. It seems that there is something coming. Things are improving. So I just wanted to revisit the strategy for this, let's call it, secondary markets outside of Brazil and Mexico.

我認為可口可樂FEMSA在該地區的表現優於其他幾家裝瓶商。哥倫比亞正在重回正軌，而我們已經很久沒有更詳細地討論危地馬拉的問題了。我想和您一起探討一下，當您回顧過去幾年公司的發展歷程時，除了巴西和墨西哥之外，在巴西和墨西哥這三個主要市場中，哪些策略是行之有效的？哪些事情雖然沒有成功，但你還是從中看到了機會？所以我想退後一步，藉此機會和你談談。似乎有什麼事要發生了。情況正在好轉。所以我想重新審視一下針對巴西和墨西哥以外的二級市場的策略。

Thank you, Ricardo. I'll jump on the first one. First on profitability on Mexico and Central America. And there's a few parts to this question.

謝謝你，里卡多。我先搶第一個。首先是墨西哥和中美洲的獲利能力。這個問題包含幾個部分。

So starting first on gross profit. We are continuing to see pressure on gross profit, even though we see volumes performing better versus last year. That's mostly related to having a lower base from the third quarter of last year. But we are seeing some gross profit pressures coming from mix that are affecting at the gross profit level.

首先從毛利說起。儘管銷量比去年有所好轉，但我們仍然看到毛利面臨壓力。這主要是因為去年第三季的基數較低。但我們看到，產品組合方面存在一些毛利壓力，這些壓力正在影響毛利水準。

But going further down the P&L, the main reason for us turning around our profitability, our savings initiatives. We're working all across our P&L to identify and execute savings initiatives starting from raw materials costs and expenses, that has been a tailwind for us this quarter. We're optimizing marketing spending. We went through also restructuring in our teams to adapt to our current volume conditions also preparing for what we're expecting for next year and supply chain initiatives and other smaller savings initiatives that we are working on.

但進一步分析損益表，我們扭轉獲利局面的主要原因是我們的節約措施。我們正在損益表的各個方面努力尋找並執行節約成本的措施，首先從原材料成本和費用入手，這在本季度對我們來說是一個有利因素。我們正在優化行銷支出。我們還對團隊進行了重組，以適應我們目前的業務量狀況，同時為明年的預期、供應鏈計劃以及我們正在進行的其他一些較小的節約計劃做準備。

And also, there's a virtual effect that you see in EBIT margins also that we are benefiting from. This is related to operating expenses, accounts payable, denominated in foreign currency with a peso with a strong peso that is providing also a relief to our EBIT margin as well.

此外，我們也從息稅前利潤率中看到了虛擬效應，並從中受益。這與以強勢比索計價的外幣（例如比索）的營運費用和應付帳款有關，這也緩解了我們的息稅前利潤率壓力。

Jerry gave a very detailed explanation. But in terms of the strategy, it really was bringing our productivity back in line to Ricardo the main driver. So like I had mentioned, this is such a resilient business that even if you have a challenging volumes, you can still deliver on results, positive results if you have your structure aligned for that sort of environment, which was our big miss in the first and second quarter, where I could say it was tough to read because of the consumer backlash. But by the time we got around to having the real sense of what was going on in April than in May, we started adjusting very quickly. Now our productivity is back in line, and we have a much more lean structure. So that's what explains the turnaround in Mexico.

傑瑞給了一個非常詳細的解釋。但就策略而言，真正的關鍵在於使我們的生產力重新與里卡多的目標保持一致，而里卡多是主要驅動力。正如我之前提到的，這是一個極具韌性的產業，即使銷售量面臨挑戰，只要你的組織結構能夠適應這種環境，你仍然可以取得成果，取得正面的成果。而這正是我們在第一季和第二季最大的失誤，可以說，由於消費者的強烈反對，當時的業績很難判斷。但到了四月份，當我們真正了解了事情的來龍去脈之後，我們開始迅速做出調整。現在我們的生產力已經恢復正常，而且我們的組織結構也更加精簡。這就是墨西哥局勢逆轉的原因。

In the 3 markets that you mentioned outside of Mexico, Argentina, Colombia and Guatemala. It all follows under the same umbrella, but with different recipes and what do I mean? As I mentioned, our strategy is to have a sustainable long-term growth model. And why? Because this is a scale business, and it is critical that we continue to improve our relative competitive position because when you don't do so, then it becomes very complicated.

在您提到的墨西哥、阿根廷、哥倫比亞和危地馬拉以外的三個市場。這一切都屬於同一範疇，但做法卻各不相同，這是什麼意思呢？正如我之前提到的，我們的策略是建立可持續的長期成長模式。為什麼？因為這是一個規模化產業，我們必須不斷提升自身的相對競爭力，否則情況就會變得非常複雜。

Price gaps are stickier with competitors, you give them scale and you end up in a bad place. The way that played out in Argentina, which was the first one you asked about, was knowing that we were going to go into a very deep recession, we did not want to leave Argentine households. So we wanted to maintain household penetration. So we did not pass along all of the increase in inflation in the initial shock. And that obviously implied to us a hit on the P&L.

價格差距在競爭對手面前更難消除，一旦讓他們擁有規模優勢，你最終會陷入不利境地。阿根廷的情況就是如此，這也是你首先問的例子。當時我們知道阿根廷即將陷入非常嚴重的經濟衰退，所以我們不想離開阿根廷的家庭。所以我們希望維持家庭滲透率。因此，我們並沒有將最初衝擊中所有的通貨膨脹成長都轉嫁出去。這顯然意味著損益表會受到衝擊。

But when the bounce the recovery came, we were much better positioned. And that's why when you compare the system, for example, versus 2 years before the crisis, our volumes and our results are much better. And it has been a more resilient strategy to have not lost that relative scale. It was just -- all strategies are valid, but I think ours played out well in the end. In terms of Colombia, it's a big learning for us in Mexico because in Colombia, we faced a large tax increase, such as the one that we're going to have to face in Mexico starting January. And what that essentially does is it shifts your volume 2 years out. So the growth that we were -- we had planned for '26.

但當經濟反彈來臨時，我們已經處於更有利的地位。因此，例如，與危機爆發前 2 年相比，我們的業務量和業績都好得多。而維持相對規模的做法則更具韌性。只是——所有策略都是有效的，但我認為最終我們的策略效果很好。就哥倫比亞而言，這對我們墨西哥來說是一次重要的學習經歷，因為在哥倫比亞，我們面臨著大幅增稅，就像我們從1月開始在墨西哥將要面臨的增稅一樣。這樣做實際上會將你的發行時間推遲兩年。所以，我們當時的成長——我們原本計劃在 2026 年實現。

Now instead of that growth in Mexico, we're going to have, like we had in Colombia, a volume decline to be followed by a recovery in the following year. So in essence, it shifts your curve 2 years out. And what we've done in Colombia is a full review of our OBPPC focusing on key price points, focusing on key flavors leverage. And in Colombia, you see that year-over-year, we continue to gain share. And now that we've cycled the impact of the tax, we should be continuing to have I wouldn't say easier comps, but comparable comps without the effect of a (inaudible).

現在，墨西哥不會像哥倫比亞那樣成長，而是會出現銷量下降，然後在第二年出現復甦。所以從本質上講，它會讓你的曲線向前移動兩年。我們在哥倫比亞所做的，是對我們的 OBPPC 進行全面審查，重點是關鍵價格點和關鍵口味優勢。在哥倫比亞，你可以看到，我們每年都在持續擴大市場份額。現在我們已經度過了稅收的影響期，我們應該能夠繼續擁有——我不會說更容易進行比較——但應該是沒有稅收影響的可比比較。（聽不清楚）

So now it's -- we're on a comparable basis going forward in Colombia, and we entered out of that tax disruption in a more favorable competitive position. And in Guatemala, as we have mentioned, it's just a jewel of a market with a very young population, becoming more urban with more disposable income. We hit short-term turbulence there because with all of these risk on remittances, even though it has been more perceived than real because remittances haven't actually declined, but they have slowed there that anxiety, I would say, has trickled into consumer saving more. So we see nothing more in what the (inaudible) than a short-term adjustment to consumer saving more under the risk of them their family members losing the remittance sending capacity. But everything else being said, I would say this was an adjustment year there.

所以現在——我們在哥倫比亞的前景一片光明，而且我們擺脫了稅收混亂局面後，處於更有利的競爭地位。正如我們之前提到的，瓜地馬拉的市場簡直是一顆璀璨的明珠，人口非常年輕，都市化程度越來越高，可支配收入也越來越多。我們遇到了短期波動，因為匯款方面存在各種風險，儘管這種風險更多是人們的感知而非實際存在的，因為匯款實際上並沒有減少，只是增速放緩了，但這種焦慮情緒已經蔓延到消費者的儲蓄中。因此，我們看到的（聽不清楚）只不過是消費者為了避免家人失去匯款能力而進行的短期調整，也就是增加儲蓄。但總的來說，我認為這一年對他們來說是調整的一年。

We've also adjusted our structure become more lean and are ready to resume growth there in Guatemala, whereby the way elasticities continue to work very favorably because of our share position. So there's still plenty of headroom there. I hope that was a good overview of Ricard.

我們也調整了結構，使其更加精簡，並準備在危地馬拉恢復成長，由於我們的市場份額，彈性效應繼續發揮非常有利的作用。所以這方面還有很大的進步空間。我希望以上對里卡德的概述能讓大家有個大致了解。

Next question from Alejandro Fuchs with Itau.

下一個問題來自 Alejandro Fuchs 和 Itau。

Congratulations on the results. I have just 1 very brief 1 related to CapEx. I saw the comments Ian here and on the release about kind of rethinking CapEx a little bit for next year. We have seen at least 3 years of high investments I wanted to see if you can share a little bit more color what are the initial thoughts, right?

恭喜取得好成績。我只有一條非常簡短的關於資本支出的資訊。我看到了 Ian 在這裡和新聞稿中關於明年資本支出需要重新考慮的一些評論。我們已經看到了至少三年的高額投資，我想看看您能否分享更多細節，您的初步想法是什麼？

Where would be kind of the savings in CapEx coming from? And is this just a delaying of as you were saying, with volume recovery, probably 2027. So if you could give us a little bit more detail, that would be very helpful. It's exactly that, (inaudible). So let me give you an example.

節省的資本支出主要來自哪裡？正如你所說，這只是推遲銷售恢復的時間，可能要等到 2027 年。如果您能提供更多細節，那就太好了。正是如此。（聽不清楚）我舉個例子。

And it's mostly in Mexico, but it's in a couple of other countries where volumes weren't as high as we expected, for example, Guatemala. Let me give you the example of Mexico, we were putting in a couple of new lines, 3 new CDs. The lines are going ahead as planned, but the distribution centers, for example, we take in the land side, but we're not going ahead with the construction. Because the worst thing that we can do is if we're going to have low to mid-single digits volume decline next year due to the tax is to put in 3 new distribution centers and have those distribution centers beyond productive. You just get the extra depreciation, labor costs, and you don't need it if our volumes are going to be facing that contraction from the tax. So it's really pushing out Mexico 2 years out. That's basically it.

而這種情況主要發生在墨西哥，但在其他幾個國家也發生，例如危地馬拉，但這些國家的銷售量沒有我們預期的那麼高。我舉個墨西哥的例子，我們當時正在引進幾條新線路，3張新CD。線路建設正在按計劃進行，但例如配送中心，我們負責陸上部分，但不會進行建設。因為如果我們明年因為稅收原因導致銷售量出現個位數百分比的下降，那麼我們所能做的最糟糕的事情就是新建 3 個配送中心，並讓這些配送中心的生產力遠超預期。你只會增加折舊和人力成本，但如果稅收導致銷售下降，你就不需要這些了。所以這實際上把墨西哥的計畫推遲了兩年。基本上就是這樣。

Next question from Lucas Ferreira with JPMorgan.

接下來是摩根大通的盧卡斯費雷拉提出的問題。

First of all, I'll follow up in your comment now. You mentioned low single digits decline in mix. So was this just sort of to illustrate or this is the number you are working with for Mexico next year. That was exactly my question, a follow-up on the tax story. If -- well, first of all, the transition towards that around 30% reduction in the calories for the sugary drinks, how fast you guys are thinking on getting there?

首先，我會在你的評論下回覆。你提到了投資組合中個位數百分比的下降。所以這只是用來舉例說明的，還是說這是你們明年在墨西哥使用的數字？這正是我要問的問題，是關於稅務問題的後續報告。首先，關於將含糖飲料的卡路里含量降低約 30% 的目標，你們打算以多快的速度實現這一目標？

And if you think there could be any sort of impact on the flavor the consumer adoption? Anything like this, you can comment on sort of the rate start turn going towards that 30% reduction? And then the other question I have is if this adjustments towards a sort of a new or a leaner structure for Mexico right now, if it's -- how far are you from getting there? So you mentioned the CapEx. Is there anything else to be done still on the expenses side, cost side that can help us Understand.

你認為口味可能會對消費者接受度產生任何影響嗎？對於類似這樣的情況，您能否就利率開始轉向30%降幅發表一些看法？那麼我的另一個問題是，如果墨西哥目前正在進行某種新的或更精簡的結構調整，那麼——距離實現這一目標還有多遠？你提到了資本支出。在費用方面，還有什麼需要做的嗎？這可以幫助我們更好地理解。

The second point is on Brazil. Another clarification. If you look at your operations, let's say, in regions outside you with the ramp-up of the plants, how the business is working. You mentioned market share gains? Is this like sort of a better go-to-market strategies?

第二點是關於巴西的。再補充一點。如果你審視一下你的營運狀況，比如說，在你以外的地區，隨著工廠的逐步投產，業務是如何運作的。您提到了市場佔有率成長？這算是更好的市場推廣策略嗎？

Or is there anything related to pricing there, execution? So just to understand a bit how the operation, let's say, excluding the effect of the ramp-up of brands going if you're seeing sort of a better weather, consumer dynamics, I'm asking because we see a lot of other consumer companies complaining right about the consumption in Brazil kind of slowing down. So wondering if you also noticed this happening in Brazil.

或者說，這其中是否與定價或執行有關？所以，為了更了解營運狀況，假設排除品牌擴張的影響，如果天氣好轉、消費者動態改善，我這樣問是因為我們看到很多其他消費品公司都在抱怨巴西的消費正在放緩。我想知道你是否也注意到巴西出現了這種情況。

So let me -- there were several points there, Lucas, and I'll ask Jorge to help me on some of those. But just in general, in Mexico, the big thing was, like I mentioned, starting May, downsizing to what needed to be done in terms of our operational structure. And there is some remaining adjustment there to be done in terms of productivity in line with the volume impact that we expect from the tax increase. You have to -- when you look at the 2026 numbers, you have to normalize internally what the effect was of the backlash. So the effect of the increase in the tax per se is a little worse, but it gets masked or it doesn't look as large because we no longer have the battles that we left after the first that we also ended around May of last year. So that's sort of taking all of those effects into account, that's what we're saying low to mid-single digits is what we affect. And there's a lot of uncertainty on that.

所以，讓我來——盧卡斯，這裡面有幾個要點，我會請豪爾赫幫我解答其中的一些問題。但總的來說，在墨西哥，正如我所提到的，從 5 月開始，最重要的事情就是縮減我們的營運結構，只保留必要的規模。此外，在生產力方面還有一些調整需要完成，以適應我們預期的增稅對產量的影響。當你查看 2026 年的數據時，你必須在內部對反彈的影響進行標準化處理。因此，稅收增加本身的影響稍微糟糕一些，但這種影響被掩蓋了，或者看起來沒那麼嚴重，因為我們不再面臨去年五月左右結束的第一次大戰後遺留的那些鬥爭。所以，考慮到所有這些影響，我們所說的影響範圍是低個位數到中個位數。這一點存在著許多不確定因素。

So we have to see what the impact is in the first quarter to see if we have to do further adjustments on what depth of adjustments. We do have a sharp plan in terms of savings in all sorts of instances of that. Let me it's a large plan to go and accompany this tough tax -- excise tax impact.

因此，我們需要觀察第一季的影響，以確定是否需要進一步調整以及調整的幅度。我們在各種情況下都有周密的節約計劃。讓我來談談應對這項沉重的稅收——消費稅影響——的龐大計劃。

In terms of how we move consumers gradually to low or noncaloric options that it's something that we'll do with our promotional readjustments to some of our families always taking care to make sure that we are the best choice out there and giving the consumers choice, we don't expect in that sense, really material savings from sweeteners or such -- that is not the case.

至於如何逐步引導消費者轉向低熱量或無熱量的選擇，我們將透過調整促銷策略來實現，始終確保我們是市場上最好的選擇，並為消費者提供選擇。從這個意義上講，我們並不期望消費者在甜味劑等方面真正節省大量成本——事實並非如此。

We don't expect that, and we have to be very respectful to consumer space and what they want and how the mix evolves naturally. We can be too forceful on that. It's just something that we need to be working, and it will be gradual. Going back into Brazil. In Brazil, we do see consumption softening.

我們並不期望如此，我們必須非常尊重消費者的空間和他們的需求，以及產品組合的自然演變。我們在這方面可能過於強硬。這是我們需要努力的方向，而且會是個循序漸進的過程。返回巴西。在巴西，我們確實看到消費疲軟的現象。

We have -- the advantage of a really tough base last year with the closure of the plant. So when we normalize what's going on there, that's why we mentioned the type of share gains that we're getting outside of the Southern region. And that's really what has been the different shelf for us. That's what's been driving our growth there. It's really share gains because you're right, we do see softer consumption.

去年工廠關閉，我們面臨非常嚴峻的挑戰，反而為我們帶來了優勢。所以，當我們把那裡的情況正常化之後，這就是我們提到我們在南部地區以外獲得的份額增長的原因。這就是我們與眾不同的地方。這就是推動我們在那裡發展壯大的因素。這確實是市場份額的成長，因為你說得對，我們確實看到消費疲軟。

That being said, remember that next year, we're going into an election cycle in Brazil. So I don't think, at least for the remaining of the year and 2026, that we expect anything other that still a resilient Brazil I think the big risk in Brazil is more relating to 2027. We have mentioned that.

話雖如此，請記住，明年巴西將進入選舉週期。因此，我認為至少在今年剩餘時間和 2026 年，我們預計巴西仍將保持韌性。我認為巴西面臨的最大風險更多是與 2027 年有關。我們已經提到過了。

At that point in time, the selective tax on sufferings should be coming into effect. And also, there may be, as historically has been the case in certain elections, a post-election hangover, for example, like what we saw in Mexico. So I would say Brazil, we see a softer consumer, but it's not a contraction for us, and we are not worried of 2026. We have to keep an eye on 2027. I don't know, Jorge, if there's anything you'd like to complement.

屆時，針對苦難的選擇性稅收應該開始生效。此外，歷史上某些選舉可能會出現選舉後遺症，例如我們在墨西哥看到的情況。所以我覺得巴西的情況是，我們看到消費者需求下降，但這對我們來說並不構成經濟萎縮，我們也不擔心2026年的情況。我們必須密切注意2027年。豪爾赫，我不知道你還有什麼想補充的。

Perhaps the only thing I would add, Lucas, the first part of your question, you referred to Ian's comment on volume outlook for next year. So of course, this is a very preliminary early take. We have to put everything into consideration. We have to think about the implications, of course, of the excise tax. So this is, I would say, like a very early preliminary take on that, where we expect volumes to decline in the low to mid-single digits range.

盧卡斯，我可能唯一要補充的是，你問題的第一部分提到了伊恩對明年銷售前景的評論。當然，這只是一個非常初步的早期看法。我們必須把所有因素都考慮進去。我們當然要考慮消費稅的影響。所以，我認為這只是一個非常早期的初步估計，我們預計銷量將下降個位數百分比。

For Mexico.

致墨西哥。

For Mexico, of course,

當然，就墨西哥而言，

Next question from Benjamin Theurer with Barclays.

下一個問題來自巴克萊銀行的本傑明·圖勒。

Ian, just coming back to that point on the volume outlook. And obviously, you tend to have a lot of flexibility as it relates to like packaging mix and trying to offset and help profitability. So I would like to understand in first place, what has been driving over the last couple of quarters actually in Mexico, but to a degree as well in Central America in contrast to South America transactions being somewhat even weaker than volume. So kind of like that relationship we'd like to dig into that. And as we look into next year, the way to offset maybe some of that with different packaging or trying to drive transactions what strategies can you implement to kind of like boost the transactions at least into next year, even if volume might be under pressure as you've just said low to mid-single digits.

伊恩，我再回到之前關於成交量前景的問題上來。顯然，在包裝組合等方面，你往往擁有很大的靈活性，可以嘗試抵消成本並提高獲利能力。所以，我首先想了解的是，過去幾季墨西哥（以及在某種程度上中美洲）的交易量成長是由什麼因素驅動的，而南美洲的交易量甚至比南美洲的交易量還要弱一些。所以，我們想深入探討一下這種關係。展望明年，我們可以透過不同的包裝或嘗試推動交易來抵消部分影響，您可以實施哪些策略來至少在明年提升交易量，即使如您剛才所說，銷量可能會面臨壓力，只有個位數的低到中等水平。

Well, I'll let Jorge dive into the details on that, Ben. But I would say the main point is whenever you see a more challenging economic environment or disposable income for consumers and things get tight, usually single-serve mix suffers and you move into multi-serve. And within multiserve, you move into multi-serve turnables and that's just a natural mathematical result of looking for lower price per liter, okay? And that correlates a lot with transactions. So that's the main directional point.

好吧，本，這方面的細節就交給豪爾赫來詳細解釋吧。但我認為關鍵在於，每當經濟環境更具挑戰性，消費者可支配收入減少，經濟情勢趨緊時，通常單份包裝產品會受到影響，而多份包裝產品則會增加。在多杯裝飲料中，你會轉向多杯裝轉盤，這只是為了降低每公升價格而產生的自然數學結果，懂嗎？這與交易量有很大關係。這就是主要的方向點。

What we do then is focus a lot on the magic price point. And if you take -- I mean, I think transactions like you said, is important, but really the biggest, biggest thing is maintaining our volume base on our household penetration. So for us, the main focus that we have now in Mexico, when we look at our relative competitive position, the biggest gap is in traditional channel refillables. And that's what we are addressing. And we're addressing that is with a lion quarter glass at the 20 price point, which competes with Pepsi liter 75 and 2-liter red coal at that same price point.

因此，我們接下來要重點關注的是那個神奇的價格點。如果你看看——我的意思是，我認為像你所說的那樣，交易量很重要，但真正最重要的事情是維持我們基於家庭滲透率的銷售基礎。因此，對我們來說，目前我們在墨西哥的主要關注點，當我們審視我們相對的競爭地位時，最大的差距在於傳統通路可補充裝產品。這就是我們正在努力解決的問題。我們正在以 20 美元的價格推出四分之一杯裝的獅子牌飲料來解決這個問題，它與同價位的百事可樂 75 升裝飲料和 2 升裝紅煤飲料展開競爭。

So we didn't have anything there. And now we're having the little 25 glass there, and that's a very big and important price point. It also drives transactions when you look at multiserve per se. And then upsizing our 2.5 liters Reed to 3 liters, and that's around the MXN33, X34 price point which competes with 3 leaders 1 way of Pepsi and red coal. So obviously, we have a very good brand that commands a brand equity lead, and that allows us to be able to inconvenience our consumers with a returnable presentation that they have to carry to and from the point of sale, but that really is the way that we're able to have that revenue management initiative there.

所以我們在那兒什麼都沒有。現在我們有了這款 25 毫升的小杯裝，這是一個非常重要的價格點。從多服務本身來看，它也能促進交易。然後，我們將 2.5 公升的 Reed 升級到 3 公升，價格約為 MXN33、X34 左右，與百事可樂和紅煤這三大領先品牌競爭。顯然，我們擁有一個非常好的品牌，在品牌資產方面處於領先地位，這使我們能夠透過可退貨的包裝給消費者帶來不便，讓他們不得不攜帶這些包裝往返於銷售點，但這確實是我們能夠實施收入管理計劃的方式。

That's our big focus per se. You see all of the transaction growth. For example, the biggest example is Argentina, will recover naturally with single-serve mix and as the economy improves. So I would say the biggest and most important question for us. With the excise tax increase looming is maintaining our household penetration and volume base, really, more than the transactions.

這正是我們工作的重點。你可以看到所有的交易成長。例如，阿根廷就是一個最大的例子，隨著單份包裝食品的銷售和經濟的改善，阿根廷的經濟將自然復甦。所以，我認為這對我們來說是最大、最重要的問題。消費稅上調迫在眉睫，維持我們的家庭滲透率和銷售基礎，實際上比交易量更重要。

And real quick on pricing. I mean, obviously, you need to pass through the tax. Have you -- are you planning to anticipate some of the pricing already in the fourth quarter to kind of like get the consumer kind of like used to a new price point because of that? Or are you simply just going to wait and do the regular pricing as we move into next year, coupled with the tax as it might have to be applied.

最後簡單說說價格。我的意思是，很顯然，你需要把稅金轉嫁出去。你們是否計劃在第四季提前調整部分價格，以便讓消費者逐漸適應新的價格水平？或者你們打算等到明年再以常規價格定價，並加上可能需要繳納的稅金？

The base plan basically is maybe at the very end of the curve, but it's really preparing and passing through the excise tax that will commence in January is how -- there are certain time that you have to give, especially the modern trade to process that changing the pricing list. So it's basically going to be that. It's the pass-through of the excise tax getting ready by giving the more general enough time to have that ready to start in January.

基本計劃可能處於曲線的末端，但實際上，它正在為1月份開始實施的消費稅做準備和過渡——你必須給予一定的時間，特別是現代貿易，來處理價格表的變化。所以基本上就是這樣。這是消費稅的轉嫁，準備工作需要給更廣泛的群體足夠的時間做好準備，以便在1月開始實施。

Next question from Ulises Argote with Santander.

烏利塞斯·阿爾戈特（Ulises Argote）提出了下一個問題，他來自桑坦德銀行。

I was having some technical issues here. This is kind of a follow-up question that I had on the pricing side of the equation. But given those changes in taxes and the differentiation there between sugar and non-sugar products, we wanted to get some color on how you're thinking about the price gaps on the 2 kind of going forward, right? Any color there on how you're thinking on the strategy and maybe if there's any major shift there happening on pricing on 1 versus the other, that would be really helpful.

我這邊遇到了一些技術問題。這算是我在定價方面提出的一個後續問題。但考慮到稅收的變化以及含糖產品和非含糖產品之間的差異，我們想了解一下您是如何看待未來這兩種產品之間的價格差距的，對嗎？如果您能就策略方面提供一些見解，或者說明其中一種策略與另一種策略在定價方面是否存在重大變化，那就太好了。

Well, one of the things that we've committed to is to incentivize and move towards noncaloric. And in that sense, be it through differentials in baseline prices on the aisle or through a more intense promotional grid or both, a combination of both we expect in the end to have that sort of differential above the size of the tax between those 2 to try to incentivize a move on in the mix. That being said, like I said, we are very respectful of being pro choice, offering the consumers what they want and we'll always have the full original formula and 0-calorie formulas and will let the consumer choose. It's just how do we nudge them with either increased promotional grids or different baseline prices, okay? -- we do expect, in the end, a lower effective price by either of those 2 measures.

嗯，我們承諾要做的事情之一就是鼓勵和推廣無熱量食品。從這個意義上講，無論是透過貨架上的基本價格差異，還是透過更激烈的促銷活動，或者兩者兼而有之，我們預計最終都會產生高於兩者之間稅收規模的差異，以激勵消費者進行更多樣化的選擇。話雖如此，就像我剛才說的，我們非常尊重消費者的選擇權，會為消費者提供他們想要的產品，我們會一直提供原味配方和零卡路里配方，讓消費者自行選擇。問題在於我們如何透過增加促銷力道或改變基準價格來引導他們，好嗎？ ——我們最終期望透過這兩種措施都能降低實際價格。

Okay. No, that's very clear. Yes. And maybe a quick follow-up, if I may, just looking there a little bit on the capital structure side of things, I mean net debt to EBITDA is below 0.8x. Obviously, you made those comments on lowering the CapEx you don't have any major debt commitments in the short term.

好的。不，這一點很清楚。是的。如果可以的話，我想再補充一點，就資本結構方面而言，淨負債與EBITDA的比率低於0.8倍。顯然，您之前提到要降低資本支出，短期內您也沒有任何重大債務承諾。

So how should we think about the capital allocation priorities kind of for the next couple of years?

那麼，我們該如何考慮未來幾年的資本配置優先事項呢？

Ulises, as we've been talking to the market throughout the past few quarters, we certainly are aware of our inefficient capital structure and are looking to address it in 2026. Obviously, with the excise tax coming to play, we will put -- evaluate how we start the year and what implications it has. As Ian mentioned in -- regarding your previous question, this results in a delay of couple of years to cycle the impact of the tax in Mexico, which, in turn, will have some impact in our cash flow projections for the year. So we'll evaluate that further and let you know of any news during -- starting next year.

烏利塞斯，正如我們在過去幾個季度與市場溝通的那樣，我們當然意識到我們資本結構效率低下，並希望在 2026 年解決這個問題。顯然，隨著消費稅的實施，我們將評估今年的開局情況及其影響。正如 Ian 在你之前的問題中提到的那樣，這將導致墨西哥稅收的影響需要幾年時間才能顯現，進而對我們當年的現金流預測產生一定影響。所以我們會進一步評估，並在明年開始的任何消息中通知您。

Next question from Thiago Bortoluci with Goldman Sachs.

下一個問題來自高盛的蒂亞戈·博托盧奇。

I have also 2, right, and those are follow-ups in Mexico. The first one, and I think this is for Ian. Just to understand, Ian, how you see your company position versus state of the consumer, right? If I can summarize what we saw in the quarter you obviously declined volumes a little bit more than apparently where the industry is, while you keep pricing growing with inflation. But accelerating the pace versus the first 6 months of the year, right?

我還有兩份，對吧？那是在墨西哥的後續報告。第一張，我覺得是給伊恩的。伊恩，我只是想了解一下，你如何看待貴公司在消費者現況中的地位？如果讓我總結一下本季的情況，你們的銷量顯然比行業平均水平下降得更多，而價格卻隨著通貨膨脹而持續增長。但與今年前六個月相比，速度加快了，對吧？

In your comments, you alluded to the need of promotional activity to keep demand somehow healthy. But going forward, and imagining that macro shouldn't improve that much in the near term at least. How you think about the fit of your pricing on a like-for-like basis versus the demand sentiment that you're getting from consumers. So how you're seeing your average price list and effective pricing to accommodate the current situation. I think that's the first question.

你在評論中提到，需要開展促銷活動來維持市場需求的健康成長。但展望未來，至少在短期內，宏觀經濟應該不會有太大改善。您如何考慮您的定價是否在同類產品基礎上與消費者的需求情緒相符。那麼，您如何看待您的平均價格表和有效定價以適應當前情況？我認為這是第一個問題。

And then the second 1 related to this topic, but now on the excise tax to the extent that you can comment, how much or how at all, would the new rate set in your discussions with Coca-Cola Corporation for the concentrate prices going forward?

第二個問題也與此相關，但關於消費稅，如果您可以發表意見，您與可口可樂公司討論後，未來濃縮液價格的新稅率會是多少，或者會如何制定？

Let me put things into perspective. Remember that this year, January started strong. And then in February, we had the backlash, which we exited by the end of May, June. So Mexico is a very big country, not as big as Brazil as US, but it's a very big country, and it has different economic performance in different regions by the remittances impact and different depth in the backlogs that we face was different along the regions, mostly impacting our region, which is where most migrants have family members in the US. So I think -- when you look at and break out that effect, you see our share, if you look at our monthly chart, taking a big hit in February and then recovering month over month over month.

讓我把事情說清楚。別忘了，今年一月份開局強勁。然後到了二月份，我們遭遇了強烈反對，但我們在五月底、六月就擺脫了這個局面。墨西哥是一個非常大的國家，雖然不如巴西和美國那麼大，但它仍然是一個非常大的國家，而且由於匯款的影響，不同地區的經濟表現也不同。我們面臨的積壓問題在不同地區也有差異，這主要影響我們所在的地區，因為大多數移民在美國都有家人。所以我覺得——當你觀察並分析這種影響時，你會發現，如果你看一下我們的月度圖表，你會發現我們的份額在2月份遭受了重創，然後逐月復甦。

Well, today, if you look at September, for example, the point data in share of value versus September of last year, in flavor, steels, fruit drinks, teas, water, energy, sports drinks, RTDs were above last year. So we had a value and we're above last year. In colas, we still have about 0.6 points to recover.

例如，今天，如果你看一下 9 月的數據，與去年 9 月相比，口味、鋼製飲料、果汁飲料、茶、水、能量飲料、運動飲料、即飲飲料的價值份額點數數據均高於去年同期。所以我們有一個數值，而且比去年高。可樂方面，我們還有大約 0.6 個點需要追回。

And that has -- is really what explains the increased promotional grid. And really, the point that we have missing is, like I said, traditional trade, multi-serve refillables, that's the share point that we have left and with the latest adjustments that we've done. Eventually, we're hoping or thinking that we should get to cover that gap and will be above last year and having cycled everything. So I would caution that we are doing well versus the industry. But like I said, we took a big impact that other competitors didn't take in February, right, Teva.

而這正是促銷活動增加的真正原因。而實際上，我們缺少的一點，就像我剛才說的，是傳統的貿易方式，多份可重複灌裝產品，這是我們剩下的市場份額，也是我們最近做出的調整所剩下的市場份額。最終，我們希望或認為我們應該能夠彌補這個差距，並且比去年有所進步，並且已經完成了所有輪換。因此，我想提醒大家，我們目前的表現已經優於業界平均。但就像我說的，我們在二月取得了其他競爭對手沒有取得的巨大成功，對吧，梯瓦製藥。

So you have to normalize with that. So we took that impact, but we are every month getting back to where we need to be. And we're back in every single segment and only missing 0.6 points in colas steel. So that's the context. I think your question is very pertinent going forward because when you have a region that is with soft macros.

所以你必須接受這一點。所以，我們承受了這種影響，但我們每個月都在努力恢復到應有的水準。我們在每個細分市場都重新奪回了領先地位，只在可樂鋼鐵領域落後 0.6 分。以上就是背景資訊。我認為你的問題非常重要，因為當一個區域有軟宏時，這個問題就顯得特別重要。

And now we have a large excise tax increase. Obviously, our pricing power, we believe, is going to be limited. So we're not expecting anything above inflation because our customers, it's also a big impact for customers and consumers are going to be dealing with that excise tax. So to assume that we're going to have real pricing on both of that, I don't think is very realistic. It's already going to be a lot for customers and consumers to digest just with the excise tax impact. Okay? Those are helped?

現在我們又面臨大幅提高消費稅的局面。顯然，我們認為我們的定價權是有限的。因此，我們預計不會高於通貨膨脹率，因為對我們的客戶來說，消費稅也會產生很大的影響，消費者將不得不應對這項消費稅。所以，假設我們會對這兩者進行真實定價，我認為這不太現實。光是消費稅的影響，就已經讓顧客和消費者難以消化了。好的？這些人會得到幫助嗎？

It certainly does. Anything you could share on the relation between Coke under the new excise tax?

確實如此。關於可口可樂在新消費稅政策下的關係，您有什麼可以分享的嗎？

Yes. Well, the way our model works, like I said, is we look at how the system profits behave and then divide those profits. Obviously, when you have an impact such as attacks, well, it's going to have an impact in our profitability, and that's taken into account in the model. So it remains to be seen because you have to look at both companies' relative performance on what that trickles to on whether it's some sort of support or cost avoidance. We don't have enough visibility on that yet.

是的。正如我所說，我們的模型運作方式是觀察系統利潤的走勢，然後分配這些利潤。顯然，當發生攻擊等影響時，就會對我們的獲利能力產生影響，這一點已在模型中考慮。所以這還有待觀察，因為你必須看看兩家公司的相對錶現，才能判斷這最終會帶來什麼影響，是某種形式的支持還是成本規避。我們目前對此還沒有足夠的了解。

But what I can say is that that is included as well as when we do very well, that's also included in the mall. So yes, that effect will be captured, but it's too early to tell to see if there's going to be really an impact for us on that. We don't know yet. We'll have to see in the first quarter how customers and consumers deal with this excise tax pass-through.

但我可以肯定的是，當我們業績非常好的時候，這些收益也會被計入商場。所以，是的，這種影響會被捕捉到，但現在判斷它是否會對我們產生實際影響還為時過早。我們目前還不知道。我們需要在第一季觀察客戶和消費者如何應對這種消費稅轉嫁機制。

The next question from Rodrigo Alcantara with UBS.

下一個問題來自瑞銀集團的羅德里戈·阿爾坎塔拉。

I was just staying a bit out of the tax discussion. I would like to explore on some interesting commentary we heard a couple of days ago in KS conference call regarding the dairy category, right? They're already mentioning the Coke system already a market share leader in terms of value, right? Volumes grew in in the third quarter, right?

我只是想盡量避免參與稅務方面的討論。我想探討一下幾天前我們在KS電話會議上聽到的關於乳製品類別的有趣評論，對吧？他們已經提到可口可樂系統在價值方面已經佔據市場份額領先地位，對吧？第三季銷量成長了，對吧？

So my question would be hear how these figures or how this category is shaping for you guys, specifically right? And what is really driving this good performance and the relevance of overall the Santa Clara brand for -- and the dairy category for you guys. That would be 1 question.

所以我的問題是，想聽聽這些數據或這個類別對你們來說具體情況如何？那麼，究竟是什麼因素真正推動了聖克拉拉品牌的良好表現，以及它在整個乳製品類別中的重要性呢？那算是一個問題。

And the other 1 very quickly. I mean unfortunately, right, we saw what's happening in Possa Rica Veracruz, right, in addition to that, whether it's not improving and macro still weak, right? So any preliminary risk on Mexico volumes ahead of the fourth quarter, and kind of like a similar question what said to Brazil, right, where you somehow mentioned about the share gain momentum, et cetera, but also some commentary on volumes on the 4Q would be also very, very helpful. Those would be my 2 questions.

另一個很快就完成了。我的意思是，不幸的是，我們看到了波薩里卡韋拉克魯斯發生的事情，對吧？除此之外，情況並沒有好轉，宏觀經濟仍然疲軟，對吧？因此，關於墨西哥第四季度銷量的任何初步風險，以及與先前對巴西提出的類似問題（您提到了市場份額成長勢頭等等），對吧？但對第四季度銷量的一些評論也將非常非常有幫助。這就是我的兩個問題。

Rodrigo, thank you very much for your question. I'll start with the dairy question. And indeed, Coke mentioned that we're now leaders in value-added dairy which is great news. This is the main focus for us with Santa Clara. As you know, this is a great brand, a brand that we're very proud of, that has grown amazingly when it was brought into the system.

羅德里戈，非常感謝你的提問。我先從乳製品的問題說起。可口可樂確實提到，我們現在是加值乳製品的領導者，這真是個好消息。這是我們關注聖克拉拉的主要方向。如你所知，這是一個很棒的品牌，一個我們引以為傲的品牌，自從被引入系統以來，它取得了驚人的發展。

This year, as you mentioned, dairy has been an outperformer for us in the stills business growing at a rate of 20% for the year, year-to-date. So this is great growth, especially when you look at it in the context of macro weakness overall. So we expect dairy to continue to be an outperformer.

正如您所提到的，今年乳製品是我們蒸餾酒業務中表現最好的部分，今年迄今的成長率達到了 20%。所以這是一個巨大的成長，尤其是在宏觀經濟整體疲軟的背景下。因此，我們預期乳製品產業將繼續保持優異表現。

This is something that we're very excited about and that we can leverage the brand, the umbrella, the brand of Santa Clara to bring innovation and do all sorts of interesting things in this space. So that's good news for us. In terms of our fourth quarter, we -- I think a good thing that we're seeing is we see patterns of improvement in weather that certainly, we expect to continue to help -- and we expect to see a little bit of an uptrend in volume performance for the remainder of the year as compared to what we've seen in the year-to-date.

我們對此感到非常興奮，我們可以利用聖克拉拉大學的品牌、影響力，在這個領域帶來創新並做各種有趣的事情。這對我們來說是個好消息。就我們第四季而言，我認為一個好現像是，我們看到天氣狀況有所改善，我們預計這將繼續有所幫助，而且我們預計今年剩餘時間的銷售表現將比今年迄今為止的情況略有上升。

Certainly saw in the early weeks of October in parts of (inaudible) and especially Brazil, was a little bit of unfavorable weather. That seems also, as Jerry mentioned, it seems that it's going finally to end. It seems that weather is finally improving. Throughout the third quarter, in Brazil, we saw about 1 degree sales using on average below the previous year. But I think the good part is that that seems to be out of the road for us.

10 月初的幾週，在某些地區（聽不清楚）以及巴西，確實出現了一些不利的天氣。正如傑瑞提到的那樣，這件事似乎終於要結束了。天氣似乎終於開始好轉了。第三季度，在巴西，我們看到平均銷售額比去年同期下降了約 1 度。但我認為好的一面是，這似乎已經排除在我們的考慮範圍之外了。

And you mentioned about the unfortunate events also going back to Mexico in (inaudible), that's definitely very -- as Ian mentioned during the prepared remarks, we are working hand-in-hand with FEMSA and with the Coca-Cola Company on several community support relief efforts. Specifically for the business, we have taken into consideration also support to our teams on the ground. I wouldn't say that the region represents a big material part of the big Coca-Cola FEMSA Mexico volumes. So we think in terms of -- if you are asking about a specific impact about that, you can think maybe around 350,000 unit cases over the first 8 days of the disaster there.

您還提到了墨西哥發生的不幸事件（聽不清楚），這確實非常——正如伊恩在準備好的發言中提到的那樣，我們正在與 FEMSA 和可口可樂公司攜手合作，開展多項社區支持救濟工作。具體到業務方面，我們也考慮了對第一線團隊的支援。我不會說該地區在可口可樂FEMSA墨西哥公司的大宗銷量中佔據了很大的物質份額。所以我們認為——如果你問的是具體的影響，你可以想想，在災難發生的頭 8 天裡，可能出現了大約 35 萬個單位的病例。

So not material. And as I said, I think the most important part is that we're working on community and support relief efforts there. This -- difference to last year view before last, where we had either lost a plant or equipment. In this case, our infrastructure was not impacted or that and a couple of vehicle infrastructure, our clients, however, were very impacted. So we have around -- we're sensing to see if our coolers still work if they got damage will replace them.

所以這並非實質問題。正如我所說，我認為最重要的是，我們正在當地進行社區援助和支持救援工作。與去年同期相比，去年我們損失了一家工廠或設備。在這種情況下，我們的基礎設施和一些車輛基礎設施沒有受到影響，但是我們的客戶卻受到了很大的影響。所以我們現在正在檢查——我們正在檢測我們的冷卻器是否還能工作，如果損壞了，我們會更換它們。

And we did have, unfortunately, for us, for the first time some loss of life in our collaborators families. So that was the worst part. And obviously, we're supporting our collaborators that were impacted in this unfortunate floods.

不幸的是，我們合作者的家庭中第一次出現了傷亡。所以，那是最糟糕的部分。顯然，我們也在支持那些在這場不幸的洪災中受到影響的合作夥伴。

Next question from Renata Cabral with Citi.

下一個問題來自花旗銀行的雷納塔·卡布拉爾。

I have two quick follow-ups here. The first one on Mexico. You were seeing right now about the water it's going better. It's possible to try to have an evaluation on how much of the current performance, I mean from the year is more related to weather in or the economic situation? I know it's super difficult to make the assumptions, but a best guess?

我還有兩點後續問題。第一個在墨西哥。你剛才看到的水質情況正在好轉。能否試著評估一下，今年的業績有多少是與天氣有關，又有多少是與經濟狀況有關？我知道做出假設非常困難，但你能猜到最好的結果嗎？

Or if you also could give some color of the performance per month. So we can try to make here some correlations related to the weather, it would be really helpful. And another follow-up is related to Argentina because we saw an improvement for the company in terms of volumes and margins, I mean, compared to last year, naturally. So for now on, we know that stability is great, but at the same time, we are seeing also a slowdown in terms of overall consumption in Argentina. So the outlook for or conserve the current improvement or even continue to improve in the country?

或者，如果您還能簡單介紹每個月的業績就更好了。所以我們可以嘗試在這裡建立一些與天氣相關的聯繫，這將非常有幫助。另一個後續問題與阿根廷有關，因為我們看到該公司在銷售和利潤率方面有所改善，我的意思是，與去年相比，這是自然而然的。所以目前來看，穩定固然是好事，但同時，我們也看到阿根廷整體消費成長放緩。那麼，該國目前的改善前景如何？能否保持甚至繼續改善？

Thank you, Renata, for your question. I'll start with weather patterns in Mexico. I think in this third quarter, weather was less -- significantly less relevant as a comp effect versus last year. Even though we didn't have good weather, it wasn't consumption promoting weather, we had bad weather during the third quarter of last year as well. So when you see weather compared to this same period last year, it seems to be less of a factor.

謝謝雷娜塔的提問。我先從墨西哥的天氣模式說起。我認為在第三季度，天氣因素的影響相比去年同期已經顯著降低。雖然天氣不好，但也不是那種能促進消費的天氣，去年第三季天氣也很糟。所以，與去年同期相比，天氣因素似乎影響較小。

What has been playing out to be an important impact for consumption, certainly has been overall macro development. I think for the first time this quarter, we saw we had in previous moments in consumption in certain industries underperforming versus others. But this quarter, we did see an outright underperformance in all consumption products. So I mean macro has been, I think, the main driver of underperformance during the third quarter looking a little bit forward, I think we do see a little bit of better macro performance next year, although nothing exciting, but certainly a marginal improvement from the base that we have in 2025.

對消費有重要影響的，無疑是整體宏觀發展。我認為本季我們首次發現，某些產業的消費表現不如其他產業。但本季，所有消費品均出現明顯低於預期表現。所以我的意思是，宏觀經濟一直是第三季表現不佳的主要原因。展望未來，我認為明年宏觀經濟表現會略有改善，雖然不會有任何令人興奮的變化，但肯定會比 2025 年的基數略有提高。

Moving to Argentina, Renata, I think there it's very clear that things have started to slow down, especially since the Buenos Aires province election, and remember, we have very important legislative elections this weekend. So consumption really took a slowdown going into selection. What we're seeing from our advisers in Argentina is there's a lot riding on the outcome of this weekend’s legislative elections in the sense of whether the government's position, how much will it be strengthened? And will they be able to avoid log jumps in the legislative brands regarding reforms. So Argentina, I would say, let's wait and see what happens this weekend, and that will give us a guide.

雷納塔，搬到阿根廷後，我覺得很明顯，那裡的發展速度已經開始放緩，尤其是在布宜諾斯艾利斯省選舉之後。記住，我們本週末將舉行非常重要的立法選舉。因此，進入篩選期後，消費確實放緩了。我們從阿根廷的顧問那裡了解到，本週末的立法選舉結果至關重要，它將決定政府的地位是否能加強。他們能否避免在改革相關的立法上大幅波動？所以對於阿根廷，我的建議是，讓我們拭目以待這個週末發生的事情，這將給我們一些指導。

That doesn't mean we expect a recession next year that's not in the cards, at least from what our advisers tell us but there could be a case of sluggish growth next year instead of continuous recovery. So that's really what we're going to look at. Will it be a scenario of sluggish growth next year? Or will we continue and reaccelerate as the government has a more favorable position that will allow it to push through reforms. So it's a bit early to tell Renata, but like I said, we think this slowdown has a lot to do with the elections this weekend, and we'll see what happens.

但這並不意味著我們預期明年會出現經濟衰退，至少從我們的顧問來看，經濟衰退並非不可能，但明年可能會出現成長乏力而不是持續復甦的情況。所以，這就是我們接下來要探討的內容。明年是否會出現成長乏力的情況？或者，隨著政府地位更加有利，能夠推動改革，我們將持續並加速改革。現在告訴雷納塔還為時過早，但就像我說的，我們認為這次經濟放緩與本週末的選舉有很大關係，讓我們拭目以待。

Next question from Antonio Hernandez with Actinver.

下一個問題來自 Actinver 的 Antonio Hernandez。

(inaudible) questions. Just following up on those beverages feeding with noncaloric treaters. I mean you've already mentioned a couple of times during the call that there's not going to be a specific push from you towards the consumer. But just wanted to assess if you have a type of a target going forward of maybe how much they can represent as a percentage of total sales? And also, how do you see competition specifically in that segment?

（聽不清楚）問題。只是想跟進一下關於用無熱量零食餵食飲料的話題。我的意思是，您在通話中已經多次提到，您不會主動向消費者推銷任何產品。我只是想了解一下，你們未來是否有目標，例如它們能佔總銷售額的百分比是多少？另外，您如何看待該細分市場的競爭情況？

Antonio, we don't have a specific target per se. But like I said, even before the excise tax, to us, Coke Siri is a big, big silver bullet, it's great for the health of the category. It does fantastic for the Coca-Cola trademark brand umbrella. And we were already focused on growing Coke Zero and this type of alternatives. So when you think of what we've been able to do in Brazil, where we've taken the mix of Coker all the way to 28% and it's still growing high double digits there's plenty, plenty of headroom in Mexico.

安東尼奧，我們並沒有一個具體的目標。但就像我說的，即使在消費稅實施之前，對我們來說，可口可樂 Siri 也是一劑靈丹妙藥，對整個品類的健康發展大有裨益。它對可口可樂商標品牌體系的推廣起到了極大的作用。我們當時已經專注於發展零度可樂和這類替代品。所以，想想我們在巴西的成就，我們已經將可可脂的混合比例提高到了 28%，而且仍在以兩位數的高位增長，那麼在墨西哥還有很大的發展空間。

We don't have a target yet, but we're around 4% mix in Mexico. So there's plenty to grow our Coke Zero, another noncaloric alternatives, right Zero and other fantastic product. So I don't have a -- we don't have a target per se, Antonio, but that more or less gives you a sense of the difference on a market that has already developed Coke Zero, getting to 28 percentage points versus a market where we're starting to crack the code such as in Mexico where we're around 4%. So there's plenty of headroom there.

我們目前還沒有目標，但我們在墨西哥的混合比例約為 4%。因此，我們的零度可樂、另一種無熱量替代品、Right Zero 以及其他優秀產品都有很大的發展空間。所以，我沒有——我們沒有一個具體的目標，安東尼奧，但這或多或少能讓你感受到，在一個已經發展出零度可樂的市場，銷量達到 28 個百分點，與在一個我們才開始破解密碼的市場（例如墨西哥，我們的銷量約為 4%）之間的區別。所以這方面還有很大的進步空間。

Okay. And in terms of competition in that space. I would say we have a leadership position there. It's not that much that will come out of share gains there. Really, it's more a portion of growing the mix and growing that (inaudible). It's -- that's not a big driver at all.

好的。就該領域的競爭而言。我認為我們在那裡佔據領先地位。從股份成長中獲得的收益並不多。實際上，這更多的是增加混合和發展這種混合的一部分。（聽不清楚）這——這根本不是一個主要驅動因素。

Next question from Felipe Ucros with Scotiabank.

下一個問題來自加拿大豐業銀行的Felipe Ucros。

Most of my questions were asked, but I had a few smaller ones. So Ian, you talked about Coke Zero in recent quarters, and you talked about being able to break the code finally in Mexico. So just wondering how your perception has changed, if at all, since obviously, there's an expectation that it's going to accelerate from the trend that it already had still feeling very confident about tracking that code. And the other 2 questions, one on the World Cup, what kind of historical impacts have you guys seen in the portfolio when the World Cup is going on? And obviously, the locations increase just to get a sense of what we expect for 2026 when it comes to cough.

我的大部分問題都問完了，但我還有一些小問題。伊恩，你最近幾季談到了零度可樂，也談到了終於能夠在墨西哥破解這個難題。所以我想知道你的看法是否有所改變，因為很明顯，人們預期它會在已有的趨勢基礎上加速發展，我仍然對追蹤該程式碼充滿信心。另外兩個問題，一個是關於世界盃的，當世界盃進行時，你們在投資組合中看到了哪些歷史性的影響？顯然，增加檢測地點只是為了了解我們對 2026 年咳嗽情況的預期。

And then in Brazil, obviously, your plant is back up and running and back up at capacity wanted to see if you could give us a sense of where the competition stands with regards to their capacity in that region. Are they also back up and running? Or that they not have disruptions? Just any color you can give us on that side would be great.

然後，很顯然，你們在巴西的工廠已經恢復運作並恢復了產能，我們想了解一下你們能否介紹一下該地區競爭對手的產能情況。它們也恢復運作了嗎？或者說他們沒有遇到任何干擾？只要你能提供那一側的任何顏色就行。

So I would say on Coke, we're very confident that we're on the right track. I think the biggest measure of that was that during the consumer backlog in the beginning of the year, Coke Zero grew double digits and continue to grow double digits. And it's even under this softer macro environment, it's still growing double digits. So Coke Series is doing nicely. It's going to get a boost also from the World Cup.

所以我覺得，對於可口可樂，我們非常有信心我們走在正確的道路上。我認為最能體現這一點的，是年初消費者積壓訂單期間，零度可樂實現了兩位數的增長，並且繼續保持兩位數的增長。即使在宏觀經濟環境較為疲軟的情況下，它仍然保持著兩位數的成長。可口可樂系列產品表現不錯。世界盃也會為它帶來推動作用。

It's going to be a hero product there. It's going to be highlighted in all of our publicity and marketing campaigns. So I think our confidence on Coke Zero and our care towards making sure we keep that ball rolling. And we keep all of the 5 elements from the Brazil play book that we call for Coke Zero being there is a huge source of focus.

它將成為那裡的明星產品。它將在我們所有的宣傳和行銷活動中重點突出。所以我認為，我們對零度可口可樂的信心以及我們確保這一趨勢持續發展的決心，都源自於我們對零度可口可樂的信心。我們保留了巴西市場策略手冊中的所有 5 個要素，我們認為零度可口可樂的存在是一個巨大的關注點。

Like I said, we think of Coke Zero is a silver bullet for us, and we're taking great care with that. Regarding the World Cup, it really -- when you look at historical effects, I think it's like a 5% uplift in volumes, relative volumes during the World Cup months, it's not a big volume thing per se but it's huge in terms of brand equity. I was there in Brazil during the World Cup. And I remember clearly that the most recalled and remembered favorable brand post the World Cup was Coca-Cola. It's an incredible asset and we're going to leverage it fully for both Coke brand, including Coke Zero and for Powerade.

正如我所說，我們認為零度可樂是我們的致勝法寶，所以我們非常重視它。關於世界杯，從歷史角度來看，我認為世界杯期間的銷量相對增長了 5%，雖然銷售本身並沒有大幅增長，但對品牌價值的提升卻非常巨大。世界盃期間我正好在巴西。我清楚記得，世界盃後最受人們喜愛和最令人印象深刻的品牌是可口可樂。這是一項了不起的資產，我們將充分利用它來發展可口可樂品牌（包括零度可口可樂）和佳得樂品牌。

And finally, your final point on Brazil capacity in the South, I would say, that during the floods, only Coca-Cola FEMSA was impacted. So we were the only ones to lose a production facility, which was also our biggest distribution center. So that's why we lost 8 points of share Philippe. It was only a Coke FEMSA impacting. We're back on track, like I said, since mid-year.

最後，關於您提到的巴西南部產能問題，我想說，在洪水期間，只有可口​​可樂FEMSA受到了影響。因此，我們是唯一一家失去生產設施的公司，而該設施同時也是我們最大的配送中心。所以這就是我們失去8個百分點的市佔率的原因，菲利普。這只是可口可樂公司與聯邦緊急事務管理署（FEMSA）之間的衝突。正如我之前所說，從年中開始，我們已經重回正軌。

So we're producing at full capacity now, and we've recovered 500 basis points of those 800 basis points that we lost. Obviously, the last remaining points of share are going to be the hardest but we have plans to recover them fully. So now the rest of the competitors did not receive the impact. And we're starting also one by the way, on the remediation plan, meaning the containment walls and pumps to be ready to face any future natural disaster. So that has -- we're back on track producing. We are not yet finished with the remediation to face a future flood and that should be done by next year.

所以我們現在已滿載生產，並且已經挽回了先前損失的 800 個基點中的 500 個基點。顯然，最後剩下的市佔率是最難拿下的，但我們有計劃全面奪回這些份額。所以其他競爭對手沒有受到影響。順便說一句，我們也開始著手製定補救計劃，這意味著要做好圍牆和水泵的準備，以應對未來任何自然災害。所以，我們已經重回正軌，開始生產了。我們尚未完成應對未來洪災的補救措施，這項工作應該在明年完成。

No. Great color on that. If I could do a very small follow-up on World Cup. When we talked about the low single digit -- low to mid-single-digit volume decline expectation in Mexico due to the tax. Is that purely containing the effect of the tax, or is that net of everything else that you have going on? So for example, is the World Cup impact included (inaudible)

不。顏色真漂亮。如果我能就世界盃做一個非常簡短的後續報道就好了。我們之前談到，由於稅收原因，墨西哥的銷量預計會下降個位數百分比——低至中等個位數百分比。這僅僅包含了稅收的影響，還是已經扣除了所有其他因素？例如，世界盃的影響是否包含在內？（聽不清楚）

It's net of everything else. Just the tax, it's a higher impact. But we are cycling backlogs that we no longer have, and we're including the World Cup. So that includes everything.

扣除其他所有因素後。單單稅收一項，影響就更大。但我們正在處理已經解決的自行車賽事積壓問題，其中包括世界盃賽事。所以這包括所有內容。

Okay. Perfect. Just wanted to clarify that.

好的。完美的。我只是想澄清一下。

This concludes the question-and-answer section. I would now like to hand the floor back to Coca-Cola's team for closing remarks.

問答環節到此結束。現在我謹將發言權交還給可口可樂團隊，請他們作總結發言。

Thank you very much for your interest in Coca-Cola FEMSA and for joining us on today's call. As always, we are available to answer any of your remaining questions. Thank you, and we wish you a great weekend.

非常感謝您對可口可樂FEMSA的關注，並感謝您參加今天的電話會議。如有任何疑問，我們隨時樂意為您解答。謝謝，祝您週末愉快。

Thank you. This does conclude today's presentation. You may disconnect now, 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了，祝您今天愉快。