Constellation Brands, Inc. (STZ) 2026 Q4 法說會逐字稿

Greetings, and welcome to Constellation Brands' fiscal-year 2026 fourth-quarter earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Blair Veenema, Vice President of Investor Relations. Thank you. You may begin.

各位好，歡迎參加 Constellation Brands 2026 會計年度第四季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。現在很榮幸為各位介紹今天的主持人：投資人關係副總裁 Blair Veenema。謝謝。您可以開始了。

Thank you, Donna. Good morning all, and welcome to Constellation Brands' Q4 and full-year fiscal '26 conference call. I'm joined this morning by Bill Newlands, our CEO; and Garth Hankinson, our CFO. I'm also pleased to welcome our incoming CEO, Nicholas Fink, who is joining us at the start of today's call to share a few remarks. Following Nick, Bill will briefly review the fiscal year, after which we will turn it over to your questions for Bill and Garth.

謝謝你，Donna。各位早安，歡迎參加 Constellation Brands 2026 會計年度第四季及全年電話會議。今天早上與我一同出席的有我們的執行長 Bill Newlands，以及財務長 Garth Hankinson。我也很高興歡迎即將上任的執行長 Nicholas Fink，他將在今天電話會議一開始加入我們並分享幾點談話。Nick 之後，Bill 將簡要回顧本會計年度，接著我們將把時間交給各位，讓大家向 Bill 與 Garth 提問。

Before we proceed, we trust you had the opportunity to review the news release and CEO, CFO commentary made available in the investors section of our company's website, www.cbrands.com. On that note, as a reminder, reconciliations between the most directly comparable GAAP measure and any non-GAAP financial measures discussed on this 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. Before turning it over to Bill to kick things off, 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 to end our call on time.

在我們開始之前，相信各位已經有機會查閱我們在公司網站投資人專區（www.cbrands.com）提供的新聞稿，以及執行長與財務長的評論。基於此，也提醒各位：本次電話會議中提及之任何非 GAAP 財務衡量指標，與最直接可比的 GAAP 指標之間的調節表，已包含於新聞稿與網站中。我們也鼓勵各位參考新聞稿以及 Constellation 向 SEC 提交的文件中所列的風險因素，這些因素可能影響本次電話會議中的前瞻性陳述。在把時間交給 Bill 開場之前，請各位留意：如同往常，今天提供的回答將以可比結果為基礎，除非另有說明。最後，延續前幾季的做法，我想請各位每人限制一個問題，這將有助於我們準時結束電話會議。

Thanks in advance, and for the final time, over to you, Bill.

先行致謝，最後一次把時間交給你，Bill。

Thanks, Blair, and good morning, everyone. I'm going to make a few opening comments before we get into Q&A. But first, I'd like to pass it over to Nick Fink, our President and CEO elect for a few brief comments. Nick, warm welcome. Nick will assume the role on April 13, and we are pleased to have him with us today to say a few words before we get started. Nick?

謝謝你，Blair，各位早安。在進入問答之前，我先做幾點開場說明。不過首先，我想把時間交給 Nick Fink——我們的總裁暨候任執行長——請他做幾句簡短的談話。Nick，誠摯歡迎。Nick 將於 4 月 13 日接任該職務，我們很高興他今天與我們同在，在開始之前先說幾句。Nick？

Thank you, Bill, and good morning, everyone. I'd like to start by recognizing Bill's leadership over the past seven years as CEO, and in total, his 11 years of contributions to Constellation Brands. He strengthened the foundation of the company in meaningful and lasting ways, and I've valued our partnership during my time on the board. I look forward to continuing to work closely with him over the coming months to ensure a seamless transition as he moves into his role as a strategic adviser.

謝謝你，Bill，各位早安。我想先肯定 Bill 在過去七年擔任執行長期間的領導，以及他總計 11 年對 Constellation Brands 的貢獻。他以深具意義且長久的方式強化了公司的根基，而在我擔任董事期間，我也非常珍視我們的合作關係。未來幾個月我期待持續與他密切合作，確保在他轉任策略顧問之際，交接能夠順利無縫。

I'm honored to step into the CEO role next week at such an important time for our business. Constellation enters this chapter from a position of strength with a leading portfolio in high-end beer, a reshaped wine and spirits business, best-in-class marketing and sales capabilities, and a proven playbook that continues to deliver consistent share gains year after year.

能在對我們業務如此重要的時刻，於下週接任執行長一職，我深感榮幸。Constellation 以強勢姿態進入這個新篇章：我們在高端啤酒擁有領先的產品組合，葡萄酒與烈酒業務已完成重塑，具備同級最佳的行銷與銷售能力，並且有一套經驗證的作戰手冊，年復一年持續帶來穩定的市占提升。

While the consumer landscape remains dynamic, I firmly believe that we are well positioned to continue delivering for our consumers, employees, distributors, and shareholders over the long term. Having served on the Board for the past five years, I've been closely involved in our key strategic and operational priorities. That perspective gives me strong conviction in our strategy and in our ability to execute going forward.

儘管消費者環境仍然多變，我堅信我們已具備良好定位，能在長期持續為消費者、員工、經銷商與股東創造價值。過去五年我在董事會任職，深度參與了我們關鍵的策略與營運優先事項。這樣的視角讓我對我們的策略以及未來的執行能力充滿信心。

We will continue to be insights-driven and consumer obsessed, lean into our strengths in beer, allocate capital with discipline, and generate strong cash flow while thoughtfully navigating an evolving consumer landscape. As I formally assumed the role on April 13, I look forward to spending time with our operators, distributors, and many of you in the investment community to gain an even deeper understanding as we begin to shape the next phase of our growth journey ahead.

我們將持續以洞察為驅動、以消費者為核心，強化我們在啤酒領域的優勢，以紀律分配資本，並在審慎因應不斷演變的消費者環境之際，創造強勁的現金流。當我於 4 月 13 日正式就任後，我期待與我們的營運團隊、經銷商，以及投資社群中的許多朋友交流，以獲得更深入的理解，並開始塑造我們下一階段的成長旅程。

I'll close by reiterating my confidence in this business, in our iconic brand portfolio, our route to market and consumer-led marketing, our best-in-class operations and most importantly, our talented people. These strengths underpin our differentiated capabilities as we seek to continue delivering sustainable long-term growth and attractive shareholder returns. With that, I'll turn it back to Bill.

最後我想再次強調我對這項業務、我們具代表性的品牌組合、我們的市場通路與以消費者為導向的行銷、我們同級最佳的營運能力，以及最重要的——我們優秀的人才——充滿信心。這些優勢支撐了我們差異化的能力，讓我們得以持續追求可持續的長期成長與具吸引力的股東報酬。接下來把時間交回給 Bill。

Thanks, Nick. Just a few additional comments from me before we start Q&A. As we stated in our published remarks, we ended the year with some solid momentum in our beer business, despite operating in a challenging environment during our fiscal '26. It was a year that required agility and focus as consumers continue to navigate a tough economic backdrop with more selective shopping behavior, which weighed on overall category performance for much of the year.

謝謝你，Nick。在開始問答之前，我再補充幾點。如同我們在已發布的談話內容中所述，儘管 2026 會計年度處於具挑戰性的環境，我們的啤酒業務在年底仍展現了不錯的動能。這一年需要敏捷與專注，因為消費者在艱困的經濟背景下持續採取更為挑選的購物行為，這在一年中的大部分時間都壓抑了整體品類表現。

Our teams stayed tightly aligned on what we can control, drawing points of distribution, supporting our core brands and executing with discipline. That approach allowed us to take share and strengthen our competitive position.

我們的團隊緊密聚焦於我們可控的事項：擴大鋪貨點（distribution）、支持核心品牌，並以紀律執行。這樣的做法讓我們得以提升市占並強化競爭地位。

Our beer portfolio continued to lead the high-end segment with Modelo Especial, maintaining its leadership as the number one beer brand by dollars in the United States and momentum improved as the year progressed. In Wine and Spirits, our efforts to reshape the portfolio are gaining traction with strong contributions from brands like Kim Crawford and Mecampo.

我們的啤酒產品組合持續領先高端細分市場，其中 Modelo Especial 仍維持其在美國以銷售額計算的第一大啤酒品牌地位，且隨著年度推進，動能有所改善。在葡萄酒與烈酒方面，我們重塑產品組合的努力正逐步見效，Kim Crawford 與 Mecampo 等品牌貢獻強勁。

Lastly, from a financial standpoint, the business delivered solid cash generation, giving us the flexibility to reinvest while also returning capital to shareholders. As we look ahead, we're encouraged by the improvement we saw exiting the year, but we remain realistic about the current operating environment, which remains fluid with limited visibility.

最後，從財務角度來看，業務帶來穩健的現金創造能力，使我們在再投資的同時，也能回饋資本給股東。展望未來，我們對於年底所見的改善感到鼓舞，但我們也務實看待目前的營運環境——仍然多變且能見度有限。

That said, we feel good about where we're positioned. -- with strong portfolio, clear priorities, and a disciplined approach to operating, we believe we're well equipped to continue building momentum and delivering long-term value.

話雖如此，我們對自身的定位感到樂觀——憑藉強大的產品組合、清晰的優先事項，以及具紀律的營運方式，我們相信自己已做好充分準備，能持續累積動能並創造長期價值。

Now back over to you, Donna, for the questions.

現在把時間交回給你，Donna，進行提問。

(Operator Instructions) Nik Modi, RBC Capital Markets.

(接線員指示) Nik Modi，RBC Capital Markets。

Bill, best of luck going forward. Maybe you could just unpack the beer top-line guidance for the upcoming fiscal year, the negative 1 is a positive 1. And I ask that in the context of what seemingly is a pretty good start to March or to the year. if you could just give us some context on what you're thinking? Is there anything that we should be thinking about in terms of like why it would decelerate for the full year relative to what we're seeing in March right now? Any context would be helpful. Thanks.

Bill，祝你未來一切順利。也許你可以再拆解一下即將到來會計年度啤酒營收（top-line）的指引，負 1 到正 1 的區間。我是在看起來 3 月或今年開局相當不錯的背景下提出這個問題；能否請你提供一些你們思考的脈絡？就目前 3 月所看到的情況而言，全年相較之下為何可能放緩？是否有任何我們需要留意的因素？任何背景說明都會很有幫助。謝謝。

Sure, Nick. Obviously, the single biggest challenge that exists now is our limited visibility. Things have been very volatile in terms of what the consumer reaction has been and our continuing research suggest that the consumer is still cautious. With that said, as we noted in our overview, -- we exited last year in a very strong position. We saw sequential gains in the quarter, and we saw depletions up in the quarter, which had not been the case over the prior three quarters.

當然可以，Nick。顯而易見，目前存在的最大單一挑戰是我們的能見度有限。就消費者反應而言，情況一直非常波動，而我們持續的研究顯示消費者仍然保持謹慎。話雖如此，正如我們在概覽中提到的——我們在去年結束時處於非常強勁的位置。我們看到該季度出現連續性的成長，也看到該季度的出貨消耗量（depletions）上升，而在此前三個季度並非如此。

March is off to a solid start, better than planned with continued increasing momentum. So certainly, we remain optimistic about the year that we have just begun, but we need to continue to recognize volatility has been high and visibility has been low.

3 月開局穩健，表現優於計畫，動能持續增強。因此，我們對剛開始的這一年確實仍保持樂觀，但我們也必須持續認知到波動性一直很高、能見度一直很低。

Bonnie Herzog, Goldman Sachs.

Bonnie Herzog，高盛。

All right. And best of luck Bill from me, too. It was great working with you. I have a question on beer operating margins. Your guiding margins of 37% to 38% for this year, which is a step down from your prior guidance of 39% to 40%. So can you help us understand the key drivers of the new margin delivery I guess, especially around fixed cost absorption from the new Veracruz brewery coming online. Also, how should we think about the phasing of margins across 1H versus 2H? And then finally, I guess, I'm curious to know if you believe you could get back to the 40% margin range? And if so, is that a possibility next fiscal year? Or is this going to take longer? Thank you.

好的。我也祝 Bill 一切順利。與你共事很愉快。我有一個關於啤酒營業利益率的問題。你們對今年的指引利益率為 37% 到 38%，較先前指引的 39% 到 40% 下調了一步。所以你能否協助我們理解新的利益率達成的關鍵驅動因素，尤其是與新 Veracruz 酒廠投產後固定成本吸收相關的部分。另外，我們應該如何看待上半年（1H）與下半年（2H）之間利益率的節奏分布？最後，我也想了解你是否認為你們可以回到 40% 的利益率區間？如果可以，這是否可能在下一個會計年度實現？還是這會需要更長時間？謝謝。

Thanks for the question, Bonnie. So you're right. We've got to 37% to 38% margins. I'll tell you what the headwinds are and then what we're doing to offset those headwinds. You rightfully pointed out that -- the primary headwind as it relates to operating -- our gross profit margins are expense-related costs associated with our new brewery in Veracruz, which is expected to begin production around the middle of our fiscal year.

謝謝你的提問，Bonnie。你說得沒錯。我們的利益率是 37% 到 38%。我會先說明逆風是什麼，然後再說明我們如何抵銷這些逆風。你也正確指出——與營運相關的主要逆風——就我們的毛利率而言——是與我們位於 Veracruz 的新酒廠相關的費用型成本，預計將在我們會計年度中段左右開始生產。

With that, we were going to have some fixed cost absorption headwinds as we go through the year. And then further down the P&L, we have an increase in our SG&A expense related to lower incentive comp in FY26 and incremental investments in marketing that we will make in this year to drive continued growth within the business, both in the short and in the long term.

因此，隨著我們度過今年，我們將面臨一些固定成本吸收方面的逆風。此外，在損益表更下方，我們的 SG&A 費用將增加，原因包括 FY26 較低的激勵薪酬，以及我們今年將增加的行銷投資，以推動業務在短期與長期的持續成長。

Offsetting those headwinds will be 1% to 2% price delivery, which, as we've noted in the materials we uploaded, overnight, we'll be at the lower end of the range this year. We will continue to deliver against our cost savings agenda, where we've been very successful in our migration from a builder to an operator. And then we -- additionally, as you saw in materials, we'll have relief from aluminum tariffs this year. As it relates to beyond FY27, we're not prepared to talk around any guidance beyond this year. So we'll cover that as we go through this year and into next.

用以抵銷這些逆風的因素將包括 1% 到 2% 的價格落地（price delivery）；正如我們在上傳的資料中所提到的，今年我們將落在區間的低端。我們將持續推進成本節省議程；在從「建設者」轉型為「營運者」的過程中，我們一直非常成功。另外——如你在資料中所見——今年我們也將受惠於鋁關稅的緩解。至於 FY27 之後，我們尚未準備好就今年以外提供任何指引。因此，我們會在今年以及進入明年時再行說明。

Dara Mohsenian, Morgan Stanley.

Dara Mohsenian，摩根士丹利。

Best wishes for me also, Bill, I enjoyed working with you. And Garth, maybe if I can just follow up on the beer margin side, can you just break out what you're expecting from a key input cost standpoint in fiscal '27 aluminum freight and some of the other key buckets, just how hedged you are on the input cost side as well as FX side. And then as you think about beer margins, maybe volatility there, what might be some of the upside drivers versus downside drivers. And then also just focus on wine and spirits as much, but the margin guidance is clearly a lot lower than maybe the ongoing business should support longer term. So just help us understand the Wine and Spirits margin guidance for '27, how much of that is depressed by factors specific to '27 versus extends longer term?

我也向 Bill 致上最好的祝福，我很享受與你共事。Garth，如果我可以就啤酒利益率再追問一下，你能否拆解一下你們在 27 會計年度對關鍵投入成本的預期，例如鋁、運費以及其他主要項目；也請說明你們在投入成本端與外匯端的避險程度。另外，當你思考啤酒利益率（以及可能的波動）時，上行驅動因素與下行驅動因素可能分別是什麼？再者，雖然我們也關注葡萄酒與烈酒，但你們的利益率指引顯然比長期而言持續性業務應能支撐的水準低很多。所以請協助我們理解 27 年葡萄酒與烈酒的利益率指引：其中有多少是被 27 年特定因素壓低、又有多少會延續到更長期？

Yeah, Dara, there was a lot there. So I hope I got it off. So from a hedging perspective, we're fairly well hedged as we enter the year in both the [quantities] and on currencies. For fuel, we're nearly 100% hedged; on aluminum, were approximately 90% hedged; natural gas, about 80% hedged; in corn about 75% hedged.

好的，Dara，內容很多。希望我都能回答到。就避險角度而言，我們在進入今年時，無論是（採購）[數量]或是貨幣方面，都做得相當充分的避險。燃料方面，我們幾乎 100% 避險；鋁方面約 90% 避險；天然氣約 80% 避險；玉米約 75% 避險。

Across all of our currencies, we're right around 80% hedged as we enter the year. So we're in a good spot. In terms of beer margins and what could lead to upside, I think volume, as Bill noted, we're cautiously optimistic around the start of the year. And if volumes were to increase from where we are, that would certainly benefit the margin profile.

在我們所有幣別上，進入今年時整體大約有 80% 的避險比率。所以我們處於不錯的位置。就啤酒利益率而言，可能帶來上行的因素，我認為是銷量；如 Bill 所提到的，我們對年初的表現抱持審慎樂觀。如果銷量能從目前水準提升，這當然會有利於利益率結構。

As it relates to Wine and Spirits margins, there are a number of factors that are going into our -- the guided margin profile, including ongoing category pressures, channel headwinds, the timing of our cost deleveraging, and distributor inventory rebalancing. Starting with the category headwinds. We've seen a material downgrade in the outlook from where we were a year ago.

至於葡萄酒與烈酒的利益率，有多項因素共同影響我們所給出的——指引利益率結構，包括持續的品類壓力、通路逆風、成本去槓桿（deleverage）的時點，以及經銷商庫存再平衡。先從品類逆風談起。我們看到相較一年前，前景出現了顯著下修。

US high-end wine has shifted from expected low single-digit growth to low single-digit declines. US high-end spirits are decelerating from plus mid-single-digit growth to flat to slightly down. And so while we're significantly outpacing the market, it's on what I would call a little bit of a lower base.

美國高端葡萄酒已從原先預期的低個位數成長，轉為低個位數下滑。美國高端烈酒則從正的中個位數成長放緩至持平到小幅下滑。因此，雖然我們的表現明顯優於市場，但我會說是在一個相對較低的基礎之上。

Relating to channel headwinds. We've seen some tasting room softness in our Napa-based wineries. And then internationally, we've seen some weakness as it relates to US-made or US-sourced wines and spirits, particularly in Canada, which is our largest market, where ban on US wine and spirits remains in place. And then as we outlined in our materials, we've agreed to some inventory rebalancing with our key distributors, reflective the softness we're seeing in the Wine and Spirits category.

再談通路逆風。我們在以納帕為基地的酒莊看到品酒室（tasting room）表現偏弱。此外在國際市場方面，我們看到與美國製造或美國來源的葡萄酒與烈酒相關的需求走弱，尤其是在加拿大——這是我們最大的市場——目前對美國葡萄酒與烈酒的禁令仍然存在。另外，正如我們在資料中所概述的，我們已與主要經銷商同意進行一些庫存再平衡，以反映我們在葡萄酒與烈酒品類所看到的疲軟。

And then in terms of the timing of cost deleverage because the top line is softer, as you know, in wine, the length of time it takes for things to move from the balance sheet into the P&L just it will take a bit longer than expected. That being said, structurally, we still believe that our target margins are achievable over the medium term as distributor inventories normalize as the category declines moderate and as our cost savings agenda moves from the balance sheet and into the P&L.

接著就因營收端較疲弱而導致成本去槓桿的時點而言，如你所知，在葡萄酒業務中，項目從資產負債表移轉到損益表（P&L）所需的時間，確實會比原先預期更長一些。即便如此，從結構面來看，隨著經銷商庫存正常化、品類下滑趨勢趨於溫和，以及我們的成本節省計畫從資產負債表逐步反映到損益表（P&L），我們仍相信在中期內可達成目標利潤率。

Filippo Falorni, Citi.

Filippo Falorni，花旗。

Just adding my best wishes to Bill and congrats to Nick on the new position. So maybe staying on beer margins, but on the marketing spend side. You mentioned in the prepared remarks that you're thinking about 9.5% of sales on marketing. How should we think about the cadence throughout the year? Obviously, you have a World Cup, Fifa World Cup coming in the summer. Should we think maybe there's a little bit of actual spending in the summer months? And longer term, how do you guys think about the marketing levels is this 9.5% still a good place to think about longer term beyond fiscal '27? Thank you.

先補上我對 Bill 的祝福，也恭喜 Nick 升任新職。那我想延續啤酒利潤率的話題，但從行銷費用的角度切入。你在事先準備的講稿中提到，你們考慮將行銷投入設定在銷售額的 9.5%。我們應該如何看待全年各期間的投入節奏？顯然，今年夏天有世界盃（FIFA World Cup）。我們是否應該預期夏季月份的實際支出會稍微多一些？以及更長期來看，你們如何看待行銷投入水準——這個 9.5% 是否仍是財年 27 之後、長期可參考的合理水準？謝謝。

You bet. We're going to very aggressively invest against our brands in the first half of this year for a number of reasons. One is the momentum that we saw coming out of the end of the year and the momentum that we've seen in March. Secondly, the World Cup is an outstanding event that provides an opportunity for many of our loyalist consumers to engage with our brands. And we're going to invest heavily against that.

當然。我們今年上半年會非常積極地加大對品牌的投資，原因有幾個。第一，是我們在年底看到的動能，以及我們在 3 月看到的動能延續。第二，世界盃是一個非常出色的盛事，能讓許多忠誠消費者有機會與我們的品牌互動。我們會在這方面大力投資。

We always invest in the first half of the year. You will see additional investment this year. Part of that will be done against our high-end light-beer strategy. You've probably noticed, we are seeing momentum in our oral and premier brands, particularly coming out of our repositioning of our price points for those two sub-brands. And we're going to invest behind it. We think that remains a tremendous opportunity for our business, and we're going to invest behind that.

我們一向都會在上半年加大投資。今年你會看到額外的投入。其中一部分會用在我們的高端淡啤策略上。你可能也注意到，我們的「oral」與「premier」品牌正出現動能，特別是在我們重新調整這兩個子品牌的定價定位之後。我們會加碼支持這股動能。我們認為這仍是公司業務的一個巨大機會，因此會持續投入。

We're going to continue to invest against Modelo. Modelo, we believe, still has a lot of runway and will be very appropriate in the time frame of the World Cup. And lastly, I got to make a call out to both Pacifico and Victoria, which have both on a tear, you're going to see more investment against Pacifico than we have done historically as we see that momentum is one that we can continue to leverage going forward. And last but not least, Victoria. Victoria has done very well and brings in a younger consumer than our overall portfolio mix, which we find is very beneficial for the long run as well.

我們也會持續投資在 Modelo 上。我們相信 Modelo 仍有很長的成長跑道，而且在世界盃期間會非常契合。最後，我也必須特別點名 Pacifico 與 Victoria，這兩個品牌近期都表現非常強勁；你會看到我們對 Pacifico 的投資會高於以往，因為我們認為這股動能可以在未來持續加以運用。再來，最後但同樣重要的是 Victoria。Victoria 表現非常好，且其吸引的消費者年齡層比我們整體產品組合更年輕，我們認為這對長期發展也非常有利。

So a lot to be excited about within our brands that doesn't even begin to touch on things like Sunbrew, which obviously is another one. That showed great momentum in its first full year. So a lot of things for us to invest in, as Garth noted a moment ago. We are increasing our investment this year as we feel it's the perfect time to begin to take advantage of some of this momentum that we're seeing.

所以我們的品牌面有很多令人振奮的地方，甚至還沒提到像 Sunbrew 這類產品，顯然也是其中之一。它在第一個完整年度就展現了很強的動能。因此如 Garth 剛才提到的，我們有很多值得投資的項目。今年我們會提高投資，因為我們認為現在正是把握目前所見動能的最佳時機。

Chris Carey, Wells Fargo Securities.

Chris Carey，富國證券（Wells Fargo Securities）。

I wanted to follow up, I think it was Dara's question just around some of the key drivers of margin and I have another question. But are you expecting a step-up in depreciation this year with the capacity? And are you well hedged on FX, I think you've been talking about layering in some hedges over the past several years. So if you could just confirm those for me, please?

我想追問一下，我記得應該是 Dara 的問題，關於利潤率的一些關鍵驅動因素，我另外也有一個問題。但你們是否預期今年因產能擴張而使折舊費用上升？另外在外匯方面，你們的避險是否做得很充分？我記得你們過去幾年一直在談逐步建立避險部位。所以能否請你幫我確認一下這兩點？謝謝。

And then just from a medium-term perspective, I think we saw that you had given some concrete targets for cases on Pacifico over the medium term. Can you just expand on that? And and how you see the portfolio evolving and some of the key drivers of your business through fiscal '30, is Pacifico going to be the new growth driver as Modelo normalizes? So I appreciate just some confirmation on the margins in the medium term.

再從中期角度來看，我想我們看到你們對 Pacifico 的中期箱數（cases）提出了一些具體目標。能否再多談一些？以及你如何看待產品組合的演變、以及到財年 30 的一些關鍵業務驅動因素——當 Modelo 成長趨於正常化後，Pacifico 會成為新的成長引擎嗎？也請你就中期利潤率再給一些確認，謝謝。

Yeah, Chris. So I'll take the first part of that. And as it relates to depreciation, we are expecting a step into up in depreciation as Veracruz comes online in the middle -- or expected to be in the middle of our fiscal year. And then as it relates to currency hedging across all of the currencies that we hedge, we're roughly hedged at about 80%, and that's inclusive of the Mexican peso. And obviously, we don't get too far down the track on what we expect volumetrically for our brands. But I think your statement, do you expect Pacifico to be a continuing growth driver for our business?

好的，Chris。我先回答第一部分。就折舊而言，隨著 Veracruz 在我們財年中段上線——或預計在財年中段上線——我們確實預期折舊費用會出現一個台階式上升。至於外匯避險，我們在所有進行避險的幣別上，整體避險比例大約在 80%，其中也包含墨西哥披索。當然，我們不會對各品牌的量（volume）預期講得太深入。但我想你問的是：是否預期 Pacifico 會持續成為我們業務的成長驅動？

The answer is yes. I think you can see by the takeaway that's existing in Circana channels, Pacifico continues to explode. And it's done a very similar thing to what you saw initially with Modelo which was the initial strength was on the West Coast, and you're starting to see that strength broadening across the country.

答案是會的。從 Circana 通路的銷售帶出（takeaway）數據你就能看到，Pacifico 仍在持續爆發式成長。而且它的走勢非常類似你當初在 Modelo 早期看到的情況：一開始的強勢主要在西岸，現在你開始看到這股強勢正擴散到全國各地。

You probably have noted, we have a new campaign that focuses on the tremendously exciting yellow color of our cans, which stand out both on the shelf and in the [coal box.] The consumer continues to be excited about the product in the bottle or the can, and we think that Pacifico is going to be a critically important part of our growth profile going forward. Not to diminish by the way, the potential that still exists on Modelo as well. So lots of areas for growth drivers, but certainly, Pacifico is going to be a critically important one for us going forward.

你可能也注意到，我們推出了一個新行銷活動，聚焦在罐身那種非常吸睛的黃色，無論在貨架上或在 [coal box.] 裡都很顯眼。消費者對瓶裝或罐裝產品都持續感到興奮，我們認為 Pacifico 將在未來成長輪廓中扮演極其重要的角色。順帶一提，這並不是要淡化 Modelo 仍然存在的成長潛力。所以成長驅動因素有很多，但可以確定的是，Pacifico 將會是我們未來非常關鍵的一個。

Lauren Lieberman, Barclays.

Lauren Lieberman，巴克萊。

Great. Thanks so much. So Bill, as you just went through talking about the brands, one that was absent was Corona Extra. And so just I'd love to hear a little bit about like kind of what's next for that brand. But in particular, also extending to think about Modelo. You shared the general market ZIP codes are continuing to outperform the higher Hispanic population areas. But I want to talk about Corona Extra and Modelo Especial, particularly within gen market and what you've been seeing. And then like I said at the outset, just kind of more broadly on Corona -- any thoughts onwhat's next to the brand given the trends have remained pretty soft? Thanks.

好的。非常感謝。Bill，你剛才談到各品牌時，有一個沒有提到的是 Corona Extra。所以我很想聽你談談這個品牌接下來的方向。另外也延伸到 Modelo 來看。你提到一般市場（general market）的郵遞區號（ZIP codes）表現仍優於西語裔人口較高的區域。但我想特別談談在一般市場中，Corona Extra 與 Modelo Especial 的表現，以及你們觀察到的情況。然後如我一開始所說，更廣泛地談 Corona——鑑於目前趨勢仍相當疲弱，你對這個品牌接下來可能的作法有何想法？謝謝。

Yeah. No problem. Obviously, Corona remains one of the best loved brands that we have in the entire category. And I think the -- our ability to do things like Corona Sunbrew and the strength of Familiar are really reflective of the strength of Corona Extra.

是的。沒問題。顯然，Corona 仍然是我們在整個品類中最受喜愛的品牌之一。而且我認為——我們能夠推出像 Corona Sunbrew 這樣的產品，以及 Familiar 的強勁表現，都非常反映出 Corona Extra 的實力。

With that said, we're going to continue to invest aggressively against Extra. Well, we don't see that necessarily as the growth driver of the business going forward. We believe it's important to maintain that with the kind of strength that exists today for that particular business.

話雖如此，我們將持續對 Extra 進行積極投資。不過，我們不一定把它視為未來業務成長的驅動因素。我們認為，對於這項特定業務而言，維持其目前所具備的強勢地位是很重要的。

Recognizing the overall family is very healthy for the Corona franchise because of some of those sub-brands like Familiar and Sunbrew and Premier. Relative to Modelo, we have seen improvements as most of you know, we assess ZIP code data on a quintile basis. What's the percentage of Hispanic consumers, less than 20%, 20% to 40% and so on as you go up the ladder.

我們也認知到，整個家族對 Corona 品牌體系而言非常健康，因為有 Familiar、Sunbrew、Premier 等子品牌。相較於 Modelo，如各位所知，我們看到有所改善；我們會以五分位（quintile）的方式評估郵遞區號（ZIP code）資料。也就是西語裔消費者占比是多少：低於 20%、20% 到 40% 等，隨著區間往上遞增。

We were very pleased to see coming out of the fourth quarter that all of those quintiles showed a sequential improvement in the takeaway. It was probably most notable in the state of California, which is part of the reason you've seen very strong Circana data over the recent past, where we have gained over 1 share point in both dollars and volume over the last four weeks, which gets us back to a more traditional share-gaining position.

我們很高興看到第四季結束後，所有這些五分位在外帶銷售（takeaway）上都呈現連續性的改善。最明顯的大概是在加州，這也是你們近期看到 Circana 數據非常強勁的原因之一；在過去四週，我們在金額與銷量兩方面都提升了超過 1 個市占點，讓我們回到較為傳統、持續搶市占的狀態。

As you probably saw, we came out of the fourth quarter gaining 0.6 share points that has accelerated as we started into the new year. A lot of that has been driven by Modelo as well as you've seen Modelo begin to show continued strength. And we continue to invest not only with our core Hispanic consumer but in the broader marketplace as well.

如你們可能看到的，我們在第四季結束時市占增加了 0.6 個點，而在新年度開始後這個趨勢又加速了。其中很大一部分也由 Modelo 帶動，因為你們也看到 Modelo 持續展現強勁動能。而且我們不僅會持續投資於核心西語裔消費者，也會在更廣泛的市場持續投入。

You will expect to see, as you have been, if you've been watching any sports that are focused against sports and that whole platform for Modelo will continue this year, and I think it will speak very well to Modelo's continue ability to grow.

你們可以預期會看到——就像你們一直看到的——如果你們有在看任何運動賽事，針對運動與整個平台所做的 Modelo 行銷將在今年持續，我認為這將非常有助於展現 Modelo 持續成長的能力。

Rob Ottenstein, Evercore ISI.

Rob Ottenstein，Evercore ISI。

Great. Thank you veru much. Just would love to understand your process in terms of thinking about capital expenditures, given the uncertain and muted outlook of this year, the declines of last year, the lack of visibility going forward, and obviously, you have to invest ahead of actual results and visibility. So -- how have you adjusted your thinking on CapEx? What -- how do you think about what to spend today for growth tomorrow and maybe update us in terms of your medium-term expectations for volume for the business. Thank you.

很好。非常感謝。我想更了解你們在資本支出（CapEx）思考流程上的做法：考量今年前景不確定且偏保守、去年出現下滑、未來能見度不足，而你們顯然又必須在實際結果與能見度出現之前先行投資。所以——你們如何調整對 CapEx 的思考？你們如何衡量今天該花多少錢來換取明天的成長？也請更新一下你們對中期（medium-term）業務銷量的預期。謝謝。

So let me start, and then I'll turn it over to Garth for some more specifics about the operational footprint. I think it's important to recognize we've continued to do what we've said for a number of years now around capital allocation which has involved continuing our spend at the levels that we think are important for the long run. It's continuing to do the dividend.

我先回答，接著再請 Garth 補充一些營運產能布局的細節。我認為重要的是要認知到：多年來我們在資本配置（capital allocation）上一直按照我們所說的去做，也就是持續以我們認為對長期重要的水準進行投入。並且持續發放股利。

And more importantly, we've continued to return dollars to shareholders. Over $900 million last year despite some extra dark periods we had in preparation for the announcement of Nick joining our business. So that kind of financial discipline is one that I think you can expect to see continue as we go forward. Nick has been an important part of supporting our development of that strategy over the last five years that he's been on the Board. And I think, broadly speaking, you're not going to see any real change in our approach to capital allocation. Now specifically, to the operational side of that. Garth, I'll pass that to you.

更重要的是，我們也持續把資金回饋給股東。去年回饋超過 9 億美元，儘管在 Nick 加入我們業務的公告準備期間，我們也經歷了一些額外的艱難時期。因此，我認為你們可以預期這種財務紀律會在未來持續。Nick 在過去五年擔任董事期間，一直是支持我們制定該策略的重要一員。而且整體而言，我們在資本配置方法上不會有任何實質改變。那麼具體到營運面。Garth，我把這部分交給你。

Yeah, Robert. So first of all, we're not ready to give any guidance beyond FY27 at this point in terms of growth. That being said, -- we do expect that we will return to growth and that the headwinds that we're facing today are more cyclical in nature than they are structural. So that being said, we'll continue to operate very modularly as it relates to bringing production capacity online.

好的，Robert。首先，就成長而言，我們目前還不準備提供 FY27 之後的任何指引。話雖如此——我們確實預期會回到成長軌道，而我們今天面臨的逆風更偏向景氣循環性（cyclical），而非結構性（structural）。因此，在把產能上線（bringing production capacity online）這件事上，我們會持續以非常模組化的方式來運作。

I think we've been very effective in this over the last several years. This past year, FY26, we spent significantly less in CapEx than where we had started our expectations in the year. And that's going to continue, right? We'll manage that spend. Some of that spend will get delayed as we bring on capacity later than expected and some of it may get avoided altogether.

我認為過去幾年我們在這方面做得非常有效。在剛過去的 FY26，我們的資本支出明顯低於年初的預期水準。而這種做法會持續，對吧？我們會管理這筆支出。其中一部分支出會因為產能上線時間晚於預期而延後，另一部分則可能完全避免。

To your point on the timing of when you make those decisions, I mean, as we've spoken about before, a lot of what goes into a brewery are long lead items. And so you have to make those commitments ahead of time, sometimes years in advance. And so that's the process we go through is looking at what we have for expectations for growth and then back backing that into when we think that capacity needs to come online. But again, very successful in managing the modularity of when capacity comes online and managing the cost associated with it.

關於你提到的決策時點，我的意思是，如同我們之前談過的，啤酒廠的許多設備屬於長交期項目（long lead items）。因此你必須提前做出承諾，有時甚至要提前好幾年。所以我們的流程是：先看我們對成長的預期，然後再反推（back into）我們認為產能需要在何時上線。但再次強調，我們在管理產能上線的模組化節奏，以及相關成本控制方面，都非常成功。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Garth, maybe just a clarification and then a question for Bill. I think off the back of Dara's question around just wine and spirits margins for the year. Maybe you can just help us a little bit with the phasing I think that you talked about inventory distributor reductions. I don't know if that's mostly a Q1 event, so that weighs on the margin. Just any help there? And then, Bill, just a question on on beer, you mentioned Victoria actually being a nice bright spot for the portfolio. That's obviously a very Hispanic-dominant brand. And so -- just I want to kind of reconcile the comments you have about the Hispanic consumer against one of the stronger brands in the portfolio, albeit small, growing at the rate that it is, given kind of the cautious view.

Garth，我先做個釐清，然後有個問題想問 Bill。我想延續 Dara 的問題，關於今年葡萄酒與烈酒（wine and spirits）的利潤率。也許你可以再幫我們說明一下你提到的節奏安排（phasing），我記得你談到通路商的庫存下調。我不確定那是否主要發生在第一季（Q1），因此會壓抑利潤率。這部分能否提供一些協助？另外，Bill，關於啤酒，你提到 Victoria 其實是產品組合中的一個亮點。那顯然是一個以西語裔為主的品牌。所以——我想把你對西語裔消費者的評論，與產品組合中其中一個較強品牌（雖然規模較小）以目前速度成長的情況做個對照，在你偏謹慎的看法下，這兩者該如何理解？

So on the first piece of that, I would say that there's nothing abnormal or unusual around the phasing of line and Spirits margins in FY27. The inventory destocking with distributors will happen throughout the year and not sort of in one event, if you will.

關於第一部分，我會說 FY27 的葡萄酒與烈酒利潤率在節奏安排上沒有任何不尋常或異常之處。通路商的去庫存（destocking）會在全年逐步發生，而不是集中在單一事件中。

So relative to Victoria, one of the things we've seen, and I alluded to it on one of the prior questions, is Victoria has been a much younger demographic, 21 to 25. We're bringing in new consumers. And while you're correct, it is heavily driven by Hispanic consumers. It's a Hispanic consumer that is recognizing the heritage of Victoria and the authenticity of Victoria and are adopting that as their brand.

因此，相較於 Victoria，我們看到的一點——我在先前某個問題中也提到過——是 Victoria 的客群年齡層明顯更年輕，約 21 到 25 歲。我們正在帶進新的消費者。而且你說得沒錯，這在很大程度上是由西語裔消費者所帶動。是西語裔消費者在認同 Victoria 的傳承與正宗性，並將其採納為他們的品牌。

We've seen many times over the course of time that generations, new generations will find a brand that they would like to make their own. And it certainly appears at this point in time, recognizing it's early days, that a younger Hispanic consumer is focused on Victoria and is coming to that brand in very strong numbers and quantity. So -- we're very encouraged about that. It's always good within a portfolio of brands to have a somewhat different demographic base. And we think Victoria is going to be a sleeper. It's more than doubled over the last few years, and we think it has a lot of potential going forward as well, partially because of that younger demographic profile.

我們在過去多次看到，新世代會找到一個他們想要「變成自己的」品牌。而且目前看起來——也承認現在仍是早期階段——較年輕西語裔消費者正聚焦於 Victoria，並以非常強勁的數量與規模湧向這個品牌。所以——我們對此非常受到鼓舞。在一個品牌組合中，擁有某種程度上不同的人口結構基礎總是好事。我們認為 Victoria 會是一匹黑馬。它在過去幾年已經成長超過一倍，我們也認為它未來仍有很大的成長潛力，部分原因正是因為這個更年輕的人口結構輪廓。

Nadine Sarwat, Bernstein.

Nadine Sarwat，Bernstein。

Guys, Bill, it's been a pleasure working with you and best of luck in the next chapter. Maybe two for me, just one clarifying on an answer earlier than my actual question. Earlier on the call, you said that you feel that your target margins for Wine and Spirits are still achievable over the medium term. But I know you withdrew your fiscal '28 guidance. Could you help us understand therefore what that target you're referring to is? Is that north of 20 And then my actual question, mix was a 50-basis-point drag to the beer top line in this last quarter, you guys called out packaging type.

各位，Bill，能與你共事很愉快，也祝你在下一個篇章一切順利。我這邊可能有兩個問題，其中一個是針對我真正問題之前、對你先前回答的釐清。稍早在電話會議中，你提到你認為葡萄酒與烈酒的目標利潤率在中期仍可達成。但我知道你們撤回了 2028 財年的指引。因此能否幫我們理解你所指的那個目標是什麼？是高於 20% 嗎？然後我的實際問題是：本季組合（mix）對啤酒營收造成 50 個基點的拖累，你們提到了包裝類型。

Can you give a little bit more color -- how much of this is you guys introducing new mix dilutive offerings? How much of that behavioral change from the consumer end? And what are you assuming in your full-year guidance for this year when it comes to mix? .

能否再多提供一些細節——其中有多少是你們推出新的、稀釋組合的產品所致？又有多少是來自消費者端的行為改變？而在你們今年的全年指引中，對於組合（mix）你們是如何假設的？.

So as it relates to our Wine and Spirits target margins, we still believe that structurally, we can get those margins in the low [20s%]. Again, given all the headwinds that we're facing, that's going to take us a bit longer than expected, but we still expect to achieve that over the medium term.

就我們的葡萄酒與烈酒目標利潤率而言，我們仍然相信，從結構上來看，我們可以把利潤率做到[20% 出頭]。再次強調，考量我們面臨的各項逆風，這會比原先預期花更久時間，但我們仍預期在中期達成。

Thank you. At this time, I'd like to turn the floor back over to Mr. Newlands for closing comments.

謝謝。此刻，我想把時間交回給 Newlands 先生做結語。

All right. Thank you, Donna. In closing, literally, thank you all for joining the call today. As you can see, we are confident we're well positioned to achieve our objectives in fiscal '27 and continue driving long-term shareholder value. We have a strong foundation and a clear strategy, and this is the right moment for a seamless leadership transition.

好的。謝謝你，Donna。最後，真的非常感謝各位今天參與這通電話會議。如各位所見，我們有信心公司已處於有利位置，能在 2027 財年達成我們的目標，並持續推動長期股東價值。我們有堅實的基礎與清晰的策略，而現在正是順利完成領導交接的最佳時機。

It has truly been an honor and privilege to serve as CEO of Constellation Brands over the last seven years, Together as an organization, we've accomplished a great deal. We've grown our beer business from roughly 280 million cases to well over 400 million cases, nearly double the size of Modelo Especial and made it the number one selling beer brand by dollars in America.

在過去七年擔任 Constellation Brands 的執行長，確實是我的榮幸與特權；作為一個組織，我們一起完成了許多成就。我們把啤酒業務從約 2.8 億箱成長到遠超過 4 億箱，幾乎將 Modelo Especial 的規模翻倍，並使其成為美國以美元計的第一大暢銷啤酒品牌。

We reshaped our wine and spirits business to be focused on a portfolio of higher-end brands, we've established a capital allocation framework that we executed against with consistent discipline. And we invested behind our organization to develop best-in-class talent and a company culture and future truly worth reaching for.

我們重塑了葡萄酒與烈酒業務，使其聚焦於更高端品牌的組合；我們建立了一套資本配置框架，並以一貫的紀律持續落實執行。同時，我們也投資於組織本身，培育同級最佳的人才、公司文化，以及一個真正值得追求的未來。

While the industry landscape remains dynamic, I firmly believe Constellation is best positioned in this space with advantaged brands, best-in-class marketing and sales capabilities, and most importantly, an exceptional team.

儘管產業環境仍然多變，我堅信 Constellation 在此領域擁有最佳定位：具優勢的品牌、同級最佳的行銷與銷售能力，而最重要的是，一支卓越的團隊。

Having worked closely with Nick on the Board for the past five years, I know he understands our business deeply and has the leadership, judgment, and strategic perspective to lead this company into its next phase of profitable growth. So to our investors, partners, employees, with gratitude, I thank you for your trust and support over the years. It's been a privilege to to lead this remarkable organization. And with that, Donna, back to you.

過去五年我在董事會與 Nick 密切共事，我知道他對我們的業務有深刻理解，並具備領導力、判斷力與策略視角，能帶領公司進入下一階段的獲利成長。因此，對我們的投資人、合作夥伴與員工，我懷著感激之情，感謝各位多年來的信任與支持。能領導這個非凡的組織是我的榮幸。那麼，Donna，交回給你。

Thank you. Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.

謝謝。各位女士、先生，今天的活動到此結束。您現在可以掛斷電話或登出網路直播，祝各位今天剩下的時間愉快。