Constellation Brands Inc (STZ) 2026 Q1 法說會逐字稿

Greetings and welcome to the Constellation Brands' Q1 fiscal year 2026 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加星座集團 (Constellation Brands) 2026 財年第一季財報電話會議及網路直播。 (操作員指示) 溫馨提示：本次會議正在錄製中。

It's now my pleasure to introduce your host, Joseph Suarez, Vice President of Investor Relations. Please go ahead, sir.

現在我很高興介紹您的主持人，投資者關係副總裁約瑟夫·蘇亞雷斯 (Joseph Suarez)。先生，請繼續。

Thank you, Kevin. Good morning, all, and welcome to Constellation Brands' Q1 fiscal '26 conference call. I'm here this morning with Bill Newland, our CEO; Garth Hankinson, our CFO; and Blair Veenema, our new Vice President of Investor Relations, who will assume leadership of the function after today.

謝謝你，凱文。大家早安，歡迎參加星座品牌 26 財年第一季電話會議。今天上午，我和我們的執行長比爾紐蘭 (Bill Newland)、我們的財務長加思漢金森 (Garth Hankinson) 以及我們的新任投資者關係副總裁布萊爾維尼瑪 (Blair Veenema) 一起來到這裡，布萊爾維尼瑪將從今天開始擔任該職位的領導。

Blair brings great expertise to the role. He began his career as a buy-side equity analyst and has worked across our Corporate Development, Treasury, and Beer commercial finance teams for the last 10 years. I will work closely with Blair over the coming weeks to ensure a seamless transition of the function.

布萊爾為這一職位帶來了豐富的專業知識。他的職業生涯始於買方股票分析師，過去 10 年一直在我們的企業發展、財務和啤酒商業金融團隊工作。我將在未來幾週與布萊爾密切合作，確保職能的順利過渡。

We trust you have the opportunity to review the news release, CEO and CFO commentary, accompanying quarterly slides, and a recently updated annual brand appendix slides made available in the Investors section of our company's website, www.cbrands.com.

我們相信您有機會查看新聞稿、執行長和財務長的評論、隨附的季度幻燈片以及最近更新的年度品牌附錄幻燈片，這些幻燈片可在我們公司網站 www.cbrands.com 的投資者部分找到。

On that note, as a reminder, reconciliation between the most directly comparable GAAP measures and any non-GAAP financial measures discussed on today's call are included in the news release and website and we encourage you to also refer to the news release and Constellation's SEC filings for risk factors that may impact forward-looking statements made on this call.

在此提醒一下，新聞稿和網站中包含了今天電話會議上討論的最直接可比的 GAAP 指標與任何非 GAAP 財務指標之間的對賬，我們鼓勵您也參考新聞稿和 Constellation 向美國證券交易委員會提交的文件，以了解可能影響本次電話會議上前瞻性陳述的風險因素。

Before turning the call over to Bill and Garth, please keep in mind that as usual, answers provided today will be referencing comparable results unless otherwise specified. Lastly, in line with prior quarters, I would ask that you limit yourselves to one question per person, which will help us end our call on time. Thanks in advance and over to you for questions.

在將電話轉給比爾和加斯之前，請記住，與往常一樣，今天提供的答案將參考可比較結果，除非另有說明。最後，與前幾季一樣，我要求你們每人只問一個問題，這將有助於我們準時結束通話。先感謝您的提問。

(Operator Instructions)

（操作員指示）

Dara Mohsenian, Morgan Stanley.

摩根士丹利的達拉‧莫森尼安 (Dara Mohsenian)。

So just wanted to discuss your confidence in the unchanged full-year Beer revenue growth outlook as well as margin guidance. So we've obviously seen some industry weakness ramp up in May and June. Your depletion decline in fiscal Q1 was similar to Q4 if you strip out one last day.

所以只是想討論一下您對全年啤酒收入成長前景以及利潤率指引保持不變的信心。因此，我們明顯看到 5 月和 6 月一些行業疲軟跡象加劇。若剔除最後一天，第一財季的消耗下降幅度與第四財季類似。

I understand that, but presumably, some of this industry pressure ramped up towards the end of the quarter in June, at least in the track channel data. So can you just discuss confidence in your Beer volume growth outlook?

我理解這一點，但據推測，至少在軌道通路數據中，該行業的壓力在 6 月季度末有所增加。那麼您能談談對啤酒銷售成長前景的信心嗎？

And at some point, it implies you move back to depletion growth. Maybe just give us some more context on a quarterly basis when we should start to see that. And then also just on the margin side with incremental aluminum pressure with the higher tariffs, can you talk about what sort of the offset is to allow you to still deliver profitability on a full-year basis in the Beer side in line with what you were expecting previously?

而到了某個時候，它意味著你又回到了消耗性成長。當我們開始看到這一點時，也許只需按季度向我們提供一些更多背景資訊。然後，就利潤率而言，隨著關稅提高，鋁的壓力也隨之增加，您能否談談什麼樣的抵消措施可以讓您在啤酒方面仍然實現全年盈利，這與您之前的預期一致？

Sure, Dara. Why don't I start and Garth will come in with the margin question? I think it's important to point out that the quarter was as we expected. We saw a significant amount of consumer concern that has continued from the past quarters into this quarter, but this quarter was as we expected.

當然，達拉。為什麼我不先開始，然後 Garth 再來回答利潤問題呢？我認為有必要指出，本季的表現符合我們的預期。我們看到消費者的擔憂情緒從上個季度一直延續到本季度，但本季的情況符合我們的預期。

Recall, this is going against the strongest quarter that we had last year. Q1 was what I would describe as a normal quarter for us. And as you pointed out, there was one less selling day in the quarter. I think the important thing to point out is sequential improvement is required for us to accomplish our guidance, but it's not predicated on significant consumer change.

回想一下，這與去年最強勁的一個季度背道而馳。我認為第一季對我們來說是一個正常的季度。正如您所指出的，本季的銷售日減少了一天。我認為需要指出的重要一點是，我們需要不斷改進才能實現我們的指導目標，但這並不以消費者的重大變化為前提。

We're going against much easier comps as we head into the summer and scanner data. You may recall that in July of last year was when all things started to decelerate both for us and for the overall industry. So we're going against easier comps as we progress into the summer months.

隨著夏季的到來和掃描器數據的出現，我們將面臨更容易的競爭。您可能還記得，去年 7 月，我們和整個行業的所有事情都開始減速。因此，隨著夏季的到來，我們將面臨更輕鬆的比賽。

Garth, do you want to touch on the margin point?

加思，你想談談邊緣點嗎？

Yeah. I'll touch on the margin point. Before I touch on the margin point, again, as Bill said, we feel confident with our outlook for the year, which is why we affirm guidance, and we haven't seen any changes in consumer behavior.

是的。我將談及邊緣點。在我再次談及利潤點之前，正如比爾所說，我們對今年的前景充滿信心，這就是我們確認指導的原因，而且我們還沒有看到消費者行為發生任何變化。

That being said, there are still some macroeconomic factors, if you will, that we continue to monitor and there continues to be some uncertainty in the macro backdrop. We've seen from our banking partners and from the Fed some reductions in expectations around GDP growth as well as some softening in expectations with inflation, unemployment, and interest rates.

話雖如此，我們仍會繼續監測一些宏觀經濟因素，而且宏觀背景中仍存在一些不確定性。我們從銀行合作夥伴和聯準會看到，對 GDP 成長的預期有所降低，對通貨膨脹、失業率和利率的預期也有所減弱。

That being said, there's a lot of guesswork, I think, more so in this year's forecast as it relates to things like the impact of potential tariffs or the potential impact of tariffs and the potential impact of unemployment of government-related layoffs.

話雖如此，我認為，今年的預測中仍有許多猜測，因為它涉及潛在關稅的影響或關稅的潛在影響以及政府相關裁員對失業的潛在影響等。

So again, just a fair amount of uncertainty as we go through the year. On the margin front, we feel good about our ability to deliver margins in line with what we laid out in April. Specifically to the incremental tariff that went into effect in June, to be clear, that did not impact our Q1 going forward.

所以，我們在這一年中仍然面臨著相當多的不確定性。在利潤方面，我們對能夠實現與四月制定的利潤目標相符的利潤率感到滿意。具體來說，對於 6 月生效的增量關稅，需要明確的是，這不會影響我們第一季的業績。

We think that the impact of that is going to be roughly $20 million. As a reminder, what was announced earlier in the year was an impact of about $30 million. It's obviously less for us given that it's one quarter into the year or the incremental is less for us because we're one quarter into the year and from a seasonality perspective, the first quarter is the highest quarter.

我們認為其影響將達到約 2,000 萬美元。提醒一下，今年稍早宣布的影響約為 3000 萬美元。顯然，對我們來說，成長較少，因為今年才剛開始一個季度，而從季節性的角度來看，第一季是成長最高的季度。

Volume-wise, we don't expect that we're going to be able to fully offset this incremental tariff. So that'll be about a 20 basis point hit, but we still believe that we can deliver margins in line with what we outlined in April.

從數量上看，我們預計無法完全抵銷這筆增量關稅。因此這將造成約 20 個基點的衝擊，但我們仍然相信我們可以實現與 4 月所概述的一致的利潤率。

Nik Modi, RBC.

尼克·莫迪，RBC。

Bill, I know this might be a hard question to answer, but just I know you guys are doing a lot of work regarding the Hispanic consumer. It almost feels like it's getting a bit worse in terms of just at least from the headlines of the raids and kind of where they're targeting consumers in normal places of shopping.

比爾，我知道這可能是一個很難回答的問題，但我知道你們在針對西班牙裔消費者方面做了很多工作。至少從突襲的頭條新聞以及他們針對正常購物場所的消費者的情況來看，情況似乎變得更糟了。

I'm just curious like there's got to be a breaking point at some point. And obviously, this is a big driver that is weighing on your business. So I'm curious if you have any perspective on like how long you think this might go on and again, I know this is a hard question to answer?

我只是好奇，好像在某個時刻一定會有一個臨界點。顯然，這是影響您業務的一個重要因素。所以我很好奇您是否認為這種情況可能會持續多久，我知道這是一個很難回答的問題？

Do you have any perspective from the administration in terms of when some of these raids will start to calm down? Like any perspective around that I think would be helpful.

從政府角度來說，您是否認為這些突襲何時會開始減少？我認為任何相關觀點都會有所幫助。

Sure. As you know, you're right. This is very hard to call as to what the consumer reaction is going to be going forward. I think the important part that we continue to look at is, first of all, our loyalty is very strong and remains very strong with the Hispanic consumer base.

當然。如你所知，你是對的。很難預測消費者未來的反應。我認為我們持續關注的重要部分是，首先，我們的忠誠度非常高，並且對西班牙裔消費者群體仍然非常忠誠。

Our loyalty is increasing in the general market, and we are continuing to invest against our business to support the consumer as they progress down this path. Importantly, our brand health measures remain as strong as they ever have.

我們的忠誠度在整個市場中不斷提高，我們將繼續對我們的業務進行投資，以支持消費者沿著這條道路前進。重要的是，我們的品牌健康指標依然一如既往地強勁。

We'd be tough -- we'd be hard-pressed to tell you though when you see a fair amount of change. Both Hispanic and non-Hispanic consumers are concerned about inflation and about cost structure, but I also would point out that their percentage of alcohol in the basket has remained constant, even though the basket has gotten smaller relative to what consumers are doing with consumer goods.

我們會很堅強——當你看到相當大的變化時，我們會很難告訴你。西班牙裔和非西班牙裔消費者都擔心通貨膨脹和成本結構，但我還要指出的是，儘管相對於消費者購買的消費品而言，購物籃的規模已經變小，但他們的購物籃中的酒精含量比例仍然保持不變。

So our focus has been on control the controllables. We have seen high-single-digit share gains in the shelf, our buy rates. Well, visits are down, spend is up when people visit and when they actually go to the stores. NPD continues to be an important part of what we do.

因此我們的重點一直放在控制可控因素。我們看到貨架上的份額、購買率都出現了高個位數的成長。嗯，訪問量下降了，但當人們訪問並真正去商店時，消費卻上升了。新產品開發仍然是我們工作的重要組成部分。

We're pleased with the development of Sunbrew. It's ahead of what we had expected. And as I said earlier, we continue to invest against the business. So our focus continues to be monitored carefully where the consumer is and control the controllables, do everything we can possibly do so as the consumer hopefully returns in the near term to more normal behavior. We're there and ready to take advantage of just that.

我們對 Sunbrew 的發展感到非常高興。這超出了我們的預期。正如我之前所說，我們將繼續對該業務進行投資。因此，我們的重點仍然是仔細監控消費者的狀況並控制可控因素，盡我們所能，希望消費者在短期內恢復到更正常的行為。我們已經準備好利用這一點。

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

Just to talk a little bit about marketing. It was interesting to see stronger marketing in the quarter. So I was curious if you could talk a little bit about marketing cadence this year versus last. And then also in that standpoint, it feels like not so much from a pricing standpoint, but from a marketing standpoint, the competitive landscape has picked up and you've got Mich Ultra.

只是想稍微談論一下行銷。有趣的是，本季的行銷活動更加強勁。所以我很好奇您是否可以談談今年與去年相比的行銷節奏。從這個角度來看，感覺不是從定價角度，而是從行銷角度，競爭格局已經升溫，而且你有了 Mich Ultra。

That's been a fast-growing brand for some time, the only other fast-growing brand alongside Modelo, has really picked up its activity and I think picked up it seems sort of the target market they're going after. So I just was curious if you could talk a little bit about kind of brand competitiveness, your marketing efforts, not just quantum and timing, but also kind of thoughts around any changes or differences in targeting and what you're seeing in the competitive landscape.

這是一個已經快速成長的品牌，也是除 Modelo 之外唯一一個快速成長的品牌，它確實已經開始活躍起來，我認為它似乎已經找到了他們所追求的目標市場。所以我只是好奇您是否可以談論品牌競爭力、您的行銷工作，不僅僅是數量和時間，還有對於目標的任何變化或差異的看法，以及您在競爭格局中看到的情況。

Yeah. You bet. So I think it's important to point out that because of seasonality heading into the summer, Q1 is always slightly higher in terms of our marketing investment versus the rest of the quarters. But I think it's also important to point out, Modelo and Corona are the number one and the number two share of voice within the Beer sector for marketing.

是的。當然。因此，我認為有必要指出，由於夏季的季節性影響，第一季的行銷投資總是比其他季度略高。但我認為還需要指出的是，Modelo 和 Corona 在啤酒行業的營銷份額排名中分別位居第一和第二。

We continue to invest against our brands to build long-term success for those brands, and we're investing in places that we think are high impact, football, soccer, Major League Baseball, things that are live, things that are action oriented, and things that tend to be Beer occasions.

我們將繼續針對我們的品牌進行投資，為這些品牌打造長期的成功，並且我們正在投資我們認為具有高影響力的領域，如橄欖球、足球、美國職棒大聯盟、現場直播的事物、以行動為導向的事物以及傾向於啤酒場合的事物。

So we're going to continue to invest against our business. Our fundamental belief is, as I said on the prior question, our brand health metrics are very strong. Our intent is to keep those metrics as strong as they are, if not to improve those, and part of the way we will do that is to continue to invest against the consumer.

因此，我們將繼續對我們的業務進行投資。正如我在上一個問題中所說，我們的基本信念是，我們的品牌健康指標非常強勁。我們的目的是維持這些指標的強勁水平，甚至加以改進，而我們實現這一目標的方法之一就是繼續針對消費者進行投資。

So as the consumer begins to revert to more normal behavior, whenever that occurs, we're going to be in a position to win.

因此，當消費者開始恢復更正常的行為時，無論何時發生這種情況，我們都會處於獲勝的位置。

Chris Carey, Wells Fargo Securities.

富國證券的克里斯凱裡 (Chris Carey)。

So I was thinking about the investor presentation at the Investor Day and there's a lot of pride in the fact that the portfolio is so focused and you're gaining share in the category behind such a focused portfolio. And I think when you look across some of your peer set, there's actually been an attempt to continue to diversify the portfolio to perhaps hedge against some of these situations if the [poor] -- ease slowing growth or market share loss, it's offset by something else, right?

因此，我正在考慮投資者日的投資者演示，並且對投資組合如此集中以及在如此集中的投資組合背後的類別中獲得份額感到非常自豪。我認為，當你觀察一些同行時，你會發現他們實際上一直在嘗試繼續實現投資組合多元化，以便對沖某些情況，例如，如果經濟成長放緩或市場份額下降，而這些情況被其他因素所抵消，對嗎？

You've seen that with some of your competitors. Does this moment in time give you a bit more credence to think about maybe investing or diversifying the portfolio, however significant that may be in the coming years to give yourself a bit more diversification against such events?

您已經在某些競爭對手身上看到了這一點。此時此刻，您是否會更有信心去考慮投資或分散投資組合，無論這在未來幾年內有多麼重要，以便讓自己在應對此類事件時更加分散風險？

And then within that, can you just talk about how elevated maybe Pacifico will become now because it's been such a reliable growth driver? Can you accelerate that growth even more? Just some thoughts there would be helpful.

那麼在此範圍內，您能否談談 Pacifico 現在可能會達到怎樣的高度，因為它已經成為如此可靠的成長動力？您能進一步加快這成長速度嗎？一些想法可能會有所幫助。

Yeah. You bet. Well, first of all, I think it's important if you think about what has changed versus the Investor Day. A lot of things have. Non-alc didn't exist back at that point in time. Today, it's the number two share gainer in a growth category, the non-alc sector.

是的。當然。嗯，首先，我認為重要的是思考一下與投資者日相比發生了哪些變化。很多事都有。那時還沒有無酒精飲料。如今，它是成長類別非酒精飲料中市場佔有率成長第二位的品牌。

Oro didn't exist. You've probably heard that we are adjusting our Oro pricing to go after high-end light Beer, where we see competitive opportunity for us to succeed. We introduced Sunbrew this year, which is ahead of our plan. Goes after a consumer who's interested in flavor.

Oro 並不存在。您可能已經聽說，我們正在調整 Oro 定價以瞄準高端淡啤酒，我們認為在該領域存在著成功的競爭機會。我們今年推出了Sunbrew，這超出了我們的計劃。追求對口味感興趣的消費者。

I've said on prior calls, we're very pleased with the fact that our share of sales in LDA 21- to 25-year-old consumers is twice the average of the sector. So we're continuing to bring in new younger consumers into the equation.

我在之前的電話會議上說過，我們很高興看到，我們在 LDA 21 至 25 歲消費者中的銷售份額是該行業平均水平的兩倍。因此，我們正在繼續吸引新的年輕消費者。

Limón y Sal, one of the best single best Cheladas that we have, did not exist when we had Investor Day. So all of those things I would argue are part of our innovation agenda. As we've said, we can see between 20% and 40% of our growth profile in any year reflecting from new products, and we would expect this year not to be any different along that line.

Limón y Sal 是我們擁有的最好的單一 Cheladas 之一，但在我們舉辦投資者日時還不存在。所以我認為所有這些都是我們創新議程的一部分。正如我們所說，每年我們 20% 到 40% 的成長都來自於新產品，我們預計今年的情況也不會有什麼不同。

But we're continuing to be focused on how we can win more consumers on more occasions. Relative to your question on Pacifico, obviously Pacifico continues to be very, very strong. But what's exciting to us is, despite the fact that Pacifico is the number two brand now in LA where it's obviously a huge brand, 50% of the growth profile that's occurring on Pacifico is coming from outside of California.

但我們將繼續專注於如何在更多場合贏得更多消費者。就您關於 Pacifico 的問題而言，顯然 Pacifico 仍然非常非常強大。但令我們興奮的是，儘管 Pacifico 目前是洛杉磯的第二大品牌，顯然也是一個巨大的品牌，但 Pacifico 50% 的成長來自加州以外。

So you're starting to see significant increase and growth of that brand around the country and we expect to put some fuel on the fire, if you will, around that brand. We think it's a great opportunity. Its demographic profile is somewhat different from some of our other brands, and we think that's going to be an important growth driver and an important share gainer in terms of shelf positions for us as we move forward.

因此，您開始看到該品牌在全國範圍內顯著增長，並且我們希望為該品牌注入一些活力。我們認為這是一個很好的機會。它的人口統計特徵與我們的其他一些品牌有所不同，我們認為，隨著我們前進，這將成為我們重要的成長動力，並在貨架位置方面獲得重要的份額。

(Operator Instructions)

（操作員指示）

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

I guess I'm going to follow Nik's lead with a tough question, which is let's just assume things get better from a socioeconomic perspective, how do we know that behavior will go back to where it was? And I kind of ask in the context of it does seem we're learning now and that COVID really changed the way the consumer is behaving in general across a series of things, but especially across Beer.

我想我將跟隨尼克提出一個棘手的問題，那就是讓我們假設從社會經濟角度來看事情會變得更好，我們怎麼知道行為會回到原來的狀態？我問的是，我們現在確實正在學習，而且 COVID 確實改變了消費者在一系列事物中的整體行為方式，尤其是在啤酒方面。

And could this be sort of the equivalent of a COVID moment that even if things start to open up a bit that maybe the behavior doesn't go back to where it was?

這是否相當於新冠疫情時期的情況：即使情況開始好轉，行為也可能不會回到原來的狀態？

Yeah. That's an interesting question. I think the important part of that for us to all keep in mind is, especially with our Hispanic consumer, which reflects roughly half our business, that consumer is very interested in Beer.

是的。這是一個有趣的問題。我認為我們所有人都應該牢記的重要一點是，特別是對於我們的西班牙裔消費者來說，他們約占我們業務的一半，這些消費者對啤酒非常感興趣。

What has occurred is that occasions on which Beer is consumed have decreased because of concerns of the socioeconomic area that you mentioned. So when you look at the fact that consumers are not going out to eat as much as they had, they're having less social occasions at home, it doesn't change their interest in consumption of Beer. It simply has been that those occasions have been decreased of when that occurs.

實際情況是，由於您提到的社會經濟領域的擔憂，飲用啤酒的場合已經減少。因此，當你看到消費者不再像以前那樣經常外出用餐，在家的社交活動也減少了，但這並不會改變他們對啤酒消費的興趣。只是發生這種情況的次數減少了。

So I think you're going to easily see it revert to a more normal scenario as the macroeconomic scenario comes back to a more normal environment.

因此，我認為，隨著宏觀經濟情勢恢復到更正常的環境，你會很容易看到它恢復到更正常的狀況。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

I wanted to go back to maybe Dara's question on just the Beer gross margins, and actually there was probably some favorability or upside to what we thought in the quarter. Garth, I think in your prepared remarks, you talked about kind of a $40 million tailwind on a kind of operational improvements.

我想回到達拉關於啤酒毛利率的問題，實際上，本季的啤酒毛利率可能與我們想像的相比有一些有利或上升空間。加思，我想在您準備好的發言中，您談到了 4000 萬美元的順風資金用於某種運營改進。

I'm just wondering how much of that as well is maybe some favorability on the peso that you guys locked in kind of at a more favorable value and maybe how we should think about that on the go forward in the back half of this year or even into the early next year as the dollar has weakened and peso has gotten stronger relative?

我只是想知道，這其中有多少可能是對比索的有利影響，你們以更有利的價值鎖定了這種有利影響，也許我們應該如何看待今年下半年甚至明年年初美元走弱、比索相對走強的情況？

Any context there would be helpful.

任何背景資訊都會有幫助。

So just -- I mean, as you know, we have a pretty robust hedging policy. It's a hedging policy that starts sort of three years in advance of any one fiscal year. So we're pretty good at this point to be able to manage the impact and smooth the impact of any currency and for that matter, commodity risk from year to year.

所以——我的意思是，如你所知，我們有一個非常強大的對沖政策。這是一項對沖政策，在任何一個財政年度的三年前就開始實施。因此，我們現在能夠很好地管理並平滑任何貨幣以及商品風險逐年帶來的影響。

As we entered this year, on the peso front, we were hedged in the low 70% range, which is a little bit higher than what we normally target to start the fiscal year. As we saw some favorability earlier in the year with the peso, we did layer in incremental hedges for this year.

進入今年以來，在比索方面，我們的對沖率處於 70% 的低位，略高於我們通常在財政年度開始時設定的目標。由於我們在今年早些時候看到了比索的一些利好，因此我們在今年確實進行了增量對沖。

And for this year now, we're up hedged for the peso over 80%-ish and then we later incremental hedges for that matter for FY27 and FY28 to take advantage of that favorability. So as we sit here looking at the balance of the year, there's still potentially a little bit of opportunity across the whole basket of currency and commodities, but specific to the peso, we feel the peso is probably a little bit overvalued right now due to the de-dollarization.

就今年而言，我們對比索的對沖已超過 80%，我們將在 2027 財年和 2028 財年增加對沖，以利用這種有利條件。因此，當我們回顧今年的收支平衡時，我們發現整個貨幣和商品籃子中仍然存在一些潛在的機會，但具體到比索，我們認為由於去美元化，比索現在可能有點被高估了。

We'll continue to look for opportunities to take advantage of any changes that go in our favor there, but the impact is certainly not as material as it was earlier in the year largely due to the hedging -- the incremental hedging we did through the quarter.

我們將繼續尋找機會利用對我們有利的任何變化，但影響肯定不像今年早些時候那麼大，這主要是由於對沖——我們在本季度進行的增量對沖。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

I was hoping to see -- I mean I think the important questions were asked, but just in terms of like your new distribution, I believe you quoted a good amount of high-single digits into the summer. So I was hoping to see if there is any -- obviously, with the conditions that the industry is in right now, but just to understand how the velocity has been so far and the level of incrementality you're seeing within a baseline.

我希望看到——我的意思是，我認為已經提出了重要的問題，但就您的新分佈而言，我相信您在夏季引用了大量的高個位數。因此，我希望看看是否存在——顯然，考慮到目前行業所處的條件，但只是為了了解迄今為止的速度以及您在基線內看到的增量水平。

Of course, we know what the industry has been facing and the depletions on the negative front but just thinking how you're positioning as we go into the summer season, and how does that velocity is behaving from now.

當然，我們知道這個行業面臨的問題以及負面方面的損耗，但只是想想當我們進入夏季時你的定位如何，以及從現在開始這種速度如何表現。

Sure. So distribution is going to continue to be a critical part for us. And fortunately, as the number one share gainer in the category, we are in position to continue to gain distribution and shelf positions. I think that's important for us as you see strong growth profiles for things like Pacifico, which we talked about a moment ago, and Sunbrew, and things that really are demanding more shelf position because of their strong start in the marketplace.

當然。因此，分銷將繼續成為我們的關鍵部分。幸運的是，作為該類別中份額成長最快的企業，我們有能力繼續獲得分銷和貨架位置。我認為這對我們很重要，因為您會看到 Pacifico（我們剛才談到）和 Sunbrew 等產品的成長勢頭強勁，而且由於它們在市場上的強勁開局，它們確實需要更高的貨架位置。

So we believe that that's going to continue to be an important part of our growth profile as we go forward is broadening that distribution and our team is very focused on that. It goes right back to what I said before, which is control the controllables.

因此，我們相信，隨著我們不斷擴大分銷範圍，這將繼續成為我們成長的重要組成部分，我們的團隊也非常關注這一點。這又回到了我之前所說的，那就是控制可控因素。

Our loyalty remains strong. We are seeing continuing improvement in the loyalty that we see with our Hispanic consumer, and it's growing in the general market. That speaks to the long-term benefit against your velocity question, and I think that will be an important part.

我們的忠誠依然堅定。我們看到西班牙裔消費者的忠誠度不斷提高，並且在整個市場中都在成長。這說明了針對您的速度問題的長期利益，我認為這將是一個重要部分。

Another thing that I would point out where we're spending a lot of time is in price pack architecture. It's an area whereas the consumer may be more concerned about inflationary trends, it would be important to have the right pack set at the right price points so that no matter what the consumer has available to them to spend, we have a product available to them for that quantum that they have available to them.

我想指出的另一件事是我們在價格包架構上花費了大量時間。在這一領域，消費者可能更關心通膨趨勢，因此，以合適的價格設定合適的套餐非常重要，這樣，無論消費者有多少可支配的錢，我們都能為他們提供相應的產品。

So that all of those things are critical elements about what we call the controllables that we're going to be focusing on as the year progresses.

因此，所有這些都是我們所說的可控因素的關鍵要素，隨著時間的推移，我們將重點放在這些因素上。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

I wanted to get your perspective on the pricing environment in Beer. Obviously, the category is under a lot of pressure across the board. Are you seeing -- have you seen the pricing implemented this year, being taken in the market, and are you seeing any competitors maybe you're relying a little bit more on promotions to try to accelerate the volume in the category?

我想了解您對啤酒定價環境的看法。顯然，該類別整體上承受著很大的壓力。您是否看到——您是否看到今年實施的定價在市場上被採用，您是否看到任何競爭對手，也許您更依賴促銷來嘗試加速該類別的銷售？

I think there is some additional price promotion that's going on in the marketplace. I'll use our example. We have addressed our Oro pricing starting this past month, going after the high-end light Beer consumer where we feel there's a great opportunity.

我認為市場上正在進行一些額外的價格促銷。我將使用我們的例子。我們從上個月開始討論 Oro 的定價問題，瞄準高端淡啤酒消費者，我們認為這是一個巨大的機會。

So we have made that adjustment in our own business in the interest of building additional share in the high-end light sector of the business. So I think you're always going to see a bit more promotional activity at a time when there's economic concerns.

因此，我們對自己的業務進行了調整，以在高端輕工業領域擴大份額。因此我認為，當出現經濟問題時，你總是會看見更多的促銷活動。

So that doesn't surprise us. But again, this goes right back to what we started with, which is our brands are strong and the loyalty's strong, and that at the end of the day is going to win the day.

所以這並不令我們感到驚訝。但同樣，這又回到了我們最初的出發點，那就是我們的品牌強大，客戶忠誠度高，最終我們將贏得勝利。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

So I actually wanted to ask about the California wildfires that happened last year, and I guess the expected rebuild. Could you give us some color on what is happening with the rebuild and what type of growth or upside you might be expecting from this considering how important this market is for you?

所以我實際上想問一下去年發生的加州野火以及預期的重建情況。考慮到這個市場對您的重要性，您能否向我們介紹一下重建的進展情況，以及您預計重建將帶來什麼樣的成長或好處？

And then maybe clarify for us if the rebuild potential upside is factored into your guidance.

然後，也許請為我們澄清一下，重建的潛在優勢是否已計入您的指導中。

Sure. As many people know, and we've seen this at various, what I will call external factors, hurricanes in the east or fires in the west, anytime you see that sort of thing, there's a short-term hit and a somewhat long-term upside because as you A, clean up and then rebuild, you're creating great job opportunities that tend to include interesting Beer moments.

當然。許多人都知道，我們在各種情況下都看到過這種情況，我稱之為外部因素，東部的颶風或西部的火災，任何時候你看到這種事情，都會有短期打擊和長期好處，因為當你清理然後重建時，你正在創造很好的就業機會，往往包括有趣的啤酒時刻。

So I think as we are starting into that process and as you know, it takes a while to start the process of rebuilding with permits and so forth, that will likely be a bit of a tailwind. The amount of that tailwind remains to be seen as a lot of it depends on permits and development and how much construction capability exists in the marketplace.

所以我認為，當我們開始這個過程時，如你所知，開始重建、獲得許可等過程需要一段時間，這可能會有點順風。這種順風的程度還有待觀察，因為這很大程度上取決於許可和開發以及市場上有多少建築能力。

But you are correct. That ultimately will be a bit of a tailwind and yes, that is built into our expectations of our guidance going forward.

但你是對的。這最終會成為一種順風，是的，這也包含在我們對未來指導的預期中。

That being said, Bonnie, I think it's important to point out that California has experienced some consumer challenges from the macro environment as it relates to things like unemployment, particularly for the Hispanic consumer, and even construction there what we expect that there will be some benefits.

話雖如此，邦妮，我認為有必要指出，加州在宏觀環境中經歷了一些消費者挑戰，因為這與失業等問題有關，特別是對於西班牙裔消費者而言，甚至與建築業有關，我們預計這些都會帶來一些好處。

As Bill just noted before, construction employment remains down year over year in California. So again, should be some benefit longer term, but short term, still some macro headwinds in the state.

正如比爾先前指出的，加州建築業就業人數較去年同期持續下降。所以，從長期來看應該會有一些好處，但從短期來看，該州仍面臨一些宏觀阻力。

Thank you. We've reached the end of our question-and-answer session. And ladies and gentlemen, that does conclude today's teleconference and webcast. You may disconnect your lines at this time and have a wonderful day.

謝謝。我們的問答環節已經結束。女士們、先生們，今天的電話會議和網路直播到此結束。現在您可以斷開線路並享受美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。