Molson Coors Beverage Co (TAP) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Molson Coors Beverage Company third quarter fiscal year 2025 earnings conference call. With that, I'll hand it over to Traci Mangini, Vice President, Investor Relations.

早安，歡迎參加 Molson Coors Beverage Company 2025 財年第三季財報電話會議。接下來，我將把發言權交給投資人關係副總裁崔西‧曼吉尼。

Thank you, operator, and hello, everyone. Our discussion today includes forward-looking statements within the meaning of US Federal Securities laws. For more information, please refer to the forward-looking statements disclosure in our earnings release. In addition, the definitions of a reconciliations for any non-US GAAP measures are included in our earnings release. Please note that with the exception of earnings per share, all financial metrics are in constant currency when referencing percentage changes from the prior year period.

謝謝接線員，大家好。我們今天的討論包含美國聯邦證券法意義上的前瞻性陳述。更多資訊請參閱我們獲利報告中的前瞻性聲明揭露部分。此外，任何非美國通用會計準則指標的調節定義均包含在我們的獲利報告中。請注意，除每股收益外，所有財務指標在參考與去年同期相比的百分比變化時均採用固定匯率。

With me on the call today are Gavin Hattersley, former Chief Executive Officer, who retired October 1, but remains with the company on an advisory capacity until year-end. Rahul Goyal, Chief Executive Officer and Tracey Joubert, Chief Financial Officer. Today, Gavin would like to share some opening remarks before passing to Rahul to provide an initial high-level view of his vision going forward. Tracey will then wrap up with a brief review of the quarter and our 2025 outlook.

今天和我一起參加電話會議的是前執行長加文哈特斯利，他於 10 月 1 日退休，但將繼續以顧問身分留在公司，直到年底。Rahul Goyal，執行長；Tracey Joubert，財務長。今天，Gavin 想先發表一些開場白，然後由 Rahul 初步概述他未來的願景。然後，Tracey 將簡要回顧本季業績並展望 2025 年。

A more detailed presentation of our quarterly performance, including financial and operational metrics and drivers available in our earnings release and earnings slides, which are made available earlier today on the IR section of our website. Upon the conclusion of our prepared remarks, we will take your questions. And as always, we ask that you limit yourself to one question, and then if needed, return to the queue. With that, I'll pass it to you, Gavin.

我們季度業績的更詳細介紹，包括財務和營運指標及驅動因素，請參閱我們今天早些時候在網站投資者關係部分發布的收益報告和收益幻燈片。在我們結束事先準備好的發言後，我們將回答各位的問題。像往常一樣，我們要求您每次只提一個問題，如果需要，請返回隊列。好了，我就把它交給你了，加文。

Thank you, Tracey, and hello, everybody, and thank you for joining the call. I am pleased to be here today for what is my last earnings call with Molson Coors. It has been an incredible journey, and I could not be prouder of this team and the strong foundation that we have built. This includes our iconic brands across the world, our leading capabilities from supply chain to marketing and dramatically improved balance sheet and our strong free cash flow generation.

謝謝 Tracey，大家好，謝謝各位參加本次通話。我很高興今天能來到這裡，參加我在摩森康勝公司最後一次財報電話會議。這是一段不可思議的旅程，我為這支團隊以及我們所建立的堅實基礎感到無比自豪。這包括我們遍布全球的標誌性品牌、從供應鏈到行銷的領先能力、大幅改善的資產負債表以及強勁的自由現金流產生能力。

And while I'm retiring during a difficult time in the industry, I am confident in the company's ability to return to growth. So with that, it is my great pleasure to introduce Rahul who took over the role of CEO on October 1. During my six years as CEO, I worked closely with Rahul, his deep strategic insights, institutional knowledge, fresh perspectives and proven ability to deliver, which are particularly important in these dynamic times make him in my view, the right choice for the job. And while he has only been in role for about a month, he has certainly hit the ground run and to share more about this, I'll pass the call to Rahul.

雖然我是在行業面臨困境的時期退休，但我對公司恢復成長的能力充滿信心。因此，我非常榮幸地向大家介紹 Rahul，他於 10 月 1 日接任執行長一職。在我擔任執行長的六年裡，我與 Rahul 密切合作，他深刻的戰略洞察力、豐富的機構知識、新穎的視角和已被證明的執行能力，在當今瞬息萬變的時代尤為重要，在我看來，他是這份工作的合適人選。雖然他上任才一個月左右，但他已經迅速進入狀態，為了更詳細地分享這方面的情況，我將把電話交給拉胡爾。

Thank you, Gavin. It has been a true privilege to work with you for so many years, and I look forward to building on our many accomplishments and continuing to support the strong culture you have built that makes Molson Coors so special. Now clearly, these are dynamic times, and we like many staples companies have been affected by macro-related factors that have pressured consumption behavior. In the US, these macro impacts have had a disproportionate effect on the lower income than Hispanic consumer.

謝謝你，加文。多年來能與您共事是我的榮幸，我期待在我們取得的諸多成就基礎上再接再厲，繼續支持您所建立的強大企業文化，正是這種文化使摩森康勝如此特別。顯然，這是一個瞬息萬變的時代，我們和許多必需品公司一樣，都受到了宏觀經濟因素的影響，這些因素給消費行為帶來了壓力。在美國，這些宏觀經濟影響對低收入消費者的影響比對西班牙裔消費者的影響更為嚴重。

And within there, these consumer segments have driven a reduction in the number of buyers as well as -- with a continued shift to singles in the third quarter. In Europe, the macro environment has also contributed to continued industry softness, pressuring demand across our regions. But we continue to believe that the incremental softness in the industry this year is cyclical, and we believe that we are well positioned with a healthy balance sheet, strong free cash flow and great brand that serve a wide range of consumer occasions and preferences.

而且，在這些消費族群中，購買者數量減少，第三季單身人士的購買量持續下降。在歐洲，宏觀環境也導致了產業持續疲軟，對各地區的需求帶來了壓力。但我們仍然認為，今年行業出現的疲軟是週期性的，我們相信，憑藉健康的資產負債表、強勁的自由現金流和能夠滿足各種消費場合和偏好的優秀品牌，我們已經處於有利地位。

This all helps us to navigate these near-term cyclical headwinds while investing in our business to support the long-term growth. I know everyone is eager to hear more about -- for the future, and there will be more details to come. But today, I would like to provide a high-level view of our strategic priorities and how we plan to adapt in these challenging times, improve our commercial performance, capitalize on opportunities and ultimately return to top and bottom line growth. I want to assure you that we are moving with a sense of urgency and with a clear purpose.

這一切都有助於我們應對這些短期週期性不利因素，同時投資我們的業務以支持長期成長。我知道大家都很想知道更多關於未來的消息，未來還會有更多細節公佈。但今天，我想從宏觀角度介紹我們的策略重點，以及我們計劃如何在這些充滿挑戰的時期進行調整，提高我們的商業業績，抓住機遇，並最終恢復營收和利潤的增長。我想向你們保證，我們正在以緊迫感和明確目標來推進這項工作。

In my first 30 days, we have already begun to implement structural changes, both in terms of leadership and operations to put us on the path to success. At the highest level, it begins by focusing on our portfolio to build strong and scalable brands in both Beer and Beyond beer. This entails prioritizing our investments to build on the strength of our core and economy per portfolios and to transform our above premium Beer and Beyond beer portfolio. In beer, we already have a strong core portfolio with iconic global brands and regional market leader.

在我上任的頭 30 天裡，我們已經開始實施結構性變革，包括領導階層和營運方面的變革，以使我們走上成功之路。從最高層面來說，首先要專注於我們的產品組合，在啤酒及其他領域中打造強大且可擴展的品牌。這意味著我們要優先考慮投資，以鞏固我們核心業務和經濟效益，並轉型我們高端啤酒及其他啤酒產品組合。在啤酒領域，我們已經擁有強大的核心產品組合，其中包括標誌性的全球品牌和區域市場領導者。

They are the majority of our business. So we intend to continue to put strong commercial pressure behind that. For Miller Lite and Coors Light, this means new campaigns and high-profile sports and music alliances that build on their strong brand health and support ambition for share growth for these brands. And for Banquet, we can to capitalize on its impressive success by leading in even more to fuel its strong momentum and to continue to bridge the sizable distribution gap with Coors Light. Recall that Banquet is only in just over half the buying outlets of Coors Light and not only is Banquet, an important growth driver in our US business, but it offers learnings that we believe can be applied more broadly across the portfolio.

它們占我們業務的大部分。因此，我們打算繼續為此施加強大的商業壓力。對於 Miller Lite 和 Coors Light 來說，這意味著新的行銷活動以及備受矚目的體育和音樂聯盟，這些活動和聯盟鞏固了其強大的品牌健康，並支持這些品牌實現市場份額增長的雄心。對於 Banquet 來說，我們可以利用其令人矚目的成功，進一步擴大市場份額，以推動其強勁的發展勢頭，並繼續彌合與 Coors Light 之間巨大的分銷差距。請記住，宴會啤酒目前僅在 Coors Light 超過一半的銷售網點有售，而且宴會啤酒不僅是我們美國業務的重要增長驅動力，它所提供的經驗教訓我們認為可以更廣泛地應用於整個產品組合。

We also plan to selectively increase our focus on certain economy brands like Miller High Life and Easton Life, which are big brands with loyal consumer base. We firmly believe that all price segments matter. And while as an industry, we are not seeing trade down at the brand level in today's environment, more than ever, economy is an important segment. And we continue to see big opportunities in above premium.

我們也計劃有選擇地增加對某些經濟型品牌的關注，例如 Miller High Life 和 Easton Life，這些都是擁有忠實消費者群的大品牌。我們堅信所有價格區間都很重要。雖然就整個產業而言，在當今環境下我們並沒有看到品牌層面的貿易下滑，但經濟因素比以往任何時候都更重要。我們持續看到溢價以上領域存在巨大機會。

While we have had strong premiumization success in markets outside the US, we meaningfully under-indexed in above premium in the US, and we plan to lean in even under to change that in both Beer and Beyond beer.

雖然我們在美國以外的市場取得了強勁的高端化成功，但在美國，我們在高端產品方面的投入明顯不足，我們計劃進一步加大投入，以改變啤酒和 Beyond 啤酒市場的這種狀況。

In beer, it's no secret that we think Peroni has great potential. It's only been two quarters since we fully onshore Peroni and activated our commercial plans and we are already seeing good progress with brand volume up 25% in the third quarter. And with expected increases in media investment next year, including programming for the Olympics and with only about one-third of the distribution of the other major competitors, we see significant runway ahead. We also remain committed to stabilizing Blue Moon and to be frank, we haven't seen the success we would like.

在啤酒界，我們認為佩羅尼啤酒擁有巨大的潛力，這已不是什麼秘密。自從我們全面將 Peroni 啤酒引入國內市場並啟動商業計劃以來，僅僅過了兩個季度，我們就看到了良好的進展，第三季度品牌銷量增長了 25%。預計明年媒體投資將會增加，包括奧運節目的製作，而我們的發行範圍只有其他主要競爭對手的三分之一左右，因此我們看到了巨大的發展空間。我們也將繼續致力於穩定藍月啤酒廠的運營，坦白說，我們還沒有看到我們想要的成功。

Recent innovation with non-alc and high ABV brand extensions have been encouraging, while the core Blue Moon Belgian White continues to be challenged. We are going to be looking closely with a fresh commercial perspective at what we can do differently to best ensure that this big and important brand supports our premiumization objectives.

最近，無酒精和高酒精度品牌延伸產品的創新令人鼓舞，而核心的藍月比利時白葡萄酒仍面臨挑戰。我們將以全新的商業視角，仔細檢視我們可以採取哪些不同的措施，以便更好地確保這個重要品牌能夠支持我們的高端化目標。

Now while beer is our roots and at the core of our business, you can also expect us to step up our focus on beyond bear because we believe we can win here. Not only does it help to premiumize our business that it also creates value for our customers by appealing to a wider range of consumer preferences and serving more occasions.

雖然啤酒是我們的根基，也是我們業務的核心，但您也可以期待我們加大對啤酒以外產品的關注，因為我們相信我們能夠在這裡取得成功。這不僅有助於提升我們業務的高端化水平，還能透過迎合更廣泛的消費者偏好和滿足更多場合的需求，為我們的客戶創造價值。

In flavored alcohol, we already have big brands, and some have been rechallenged recently. But Topo Chico is a great example of how with the right commercial road, we can improve trends by focusing investments on the markets where the Topo Chico brand most strongly resonates and through thoughtful innovation, we achieved positive dollar share gain in the third quarter in these regions.

在風味酒領域，我們已經有一些知名品牌，最近有些品牌又受到了挑戰。但 Topo Chico 就是一個很好的例子，說明只要採取正確的商業策略，我們就可以改善市場趨勢，將投資重點放在 Topo Chico 品牌最能引起共鳴的市場，並透過深思熟慮的創新，在這些地區實現了第三季度美元份額的正增長。

And we recognize we have debts, including RTV spirits, and we intend to fill that. In non-alc, we are focused on building scale, and we are off to a great start. We believe our partnership with Fever-Tree in the US provides a strong base from which to grow our total non-alc portfolio.

我們承認我們背負著債務，包括 RTV 酒類專賣店的債務，我們打算償還這些債務。在非酒精飲料領域，我們專注於擴大規模，並且我們已經取得了良好的開端。我們相信，與美國 Fever-Tree 的合作將為我們擴大非酒精產品組合奠定堅實的基礎。

In fact, Fever-Tree volume has been performing strongly, and it has been very well received by distributors and retailers, and we are excited by the opportunity to significantly in the brand in the years to come. And this is just the beginning of our non-alc efforts, as we see opportunities to enter some other interesting areas.

事實上，Fever-Tree 的銷售表現強勁，受到了經銷商和零售商的熱烈歡迎，我們對未來幾年在品牌上取得重大進展的機會感到非常興奮。而這只是我們非酒精飲料業務的開始，我們看到了進入其他一些有趣領域的機會。

So we are making the infrastructure investments in people and systems that help to support the development of this business into something meaningful over time. Now to achieve our commercial ambitions, we are taking a fresh look at our approach to commercial execution and that opportunities to optimize our cost structure to fuel reinvestment in the business.

因此，我們正在對人員和系統進行基礎設施投資，以幫助支持這項業務隨著時間的推移發展成為有意義的事業。為了實現我們的商業目標，我們正在重新審視我們的商業執行方式，並尋找優化成本結構的機會，以促進對業務的再投資。

On the commercial side, creating value for our customers and consumers remains at the forefront of all that we do. but we believe we can be even more effective at this by focusing ownership of this business even closer to the market. And we intend to do this by deploying marketing and G&A investments based on specific market dynamics and portfolio priorities. This should help to increase our speed of decision-making our agility to execute and ensure greater accountability and return-oriented mindset at the local level of our business.

在商業方面，為客戶和消費者創造價值始終是我們一切工作的首要任務。但我們相信，透過將業務所有權更貼近市場，我們可以更有效地做到這一點。我們打算根據具體的市場動態和投資組合優先事項，部署行銷和一般及行政費用投資來實現這一目標。這將有助於提高我們的決策速度和執行敏捷性，並確保我們在本地業務層面擁有更強的責任感和以回報為導向的思維模式。

On the cost side, as announced last month, we are implementing a corporate restructuring plan of our Americas business unit designed to create a leaner, more agile organization while advancing our ability to reinvest in the business. This entails reducing our Americas salaried headcount by approximately 400 positions or 9% by the end of the year. This includes hundreds of salary positions that were already open due to headcount for transition efforts earlier this year and those who indeed granted voluntary severance as part of this restructuring.

在成本方面，正如上個月宣布的那樣，我們正在實施美洲業務部門的企業重組計劃，旨在創建一個更精簡、更靈活的組織，同時提高我們對業務的再投資能力。這意味著到今年年底，我們將減少美洲地區的受薪員工人數約 400 人，即 9%。這其中包括今年稍早因人員調整而空缺的數百個薪資職位，以及作為重組的一部分而自願離職的人員。

We intend to redeploy some of these savings to step up our investments behind key brands, commercial capabilities and in supply chain and technology that support ongoing productivity inefficient. And we will continue to be disciplined stewards of our capital, using a dynamic capital allocation approach, balancing investments in M&A to fill portfolio gaps, while continuing to return cash to shareholders.

我們計劃將部分節省的資金重新投入對關鍵品牌、商業能力以及供應鏈和技術方面的投資，以支持持續提高生產力。我們將繼續嚴格管理我們的資本，採用動態資本配置方法，平衡併購投資以填補投資組合的缺口，同時繼續向股東返還現金。

We'll be sharing more on capital allocation in the near future. But today, let me be very clear on two things. First, we seek scalable deals that we expect to be accretive to both top and bottom line and are prudent from a balance sheet perspective. And second, we remain committed to our dividend and to our share repurchase program as we continue to view our stock as a compelling investment.

我們將在近期內分享更多關於資本配置方面的資訊。但今天，我要非常明確地說明兩件事。首先，我們尋求可擴展的交易，我們預期這些交易既能增加收入又能增加利潤，並且從資產負債表的角度來看也是審慎的。其次，我們將繼續履行股利和股票回購計劃，因為我們仍然認為我們的股票是一項極具吸引力的投資。

Now there is a lot of work to do, but we see a clear path forward. Results will take some time, but we are moving with a sense of urgency. We're confident we have the right brands and the plans to be successful. And I look forward to updating you on more of the details of strategy and financials and operational objectives in the coming months.

現在還有很多工作要做，但我們看到了清晰的前進方向。結果需要一些時間才能顯現，但我們正在以緊迫感推進這項工作。我們有信心我們擁有合適的品牌和成功的計劃。我期待在接下來的幾個月向大家報告更多關於策略、財務和營運目標的細節。

With that, I will pass it to Tracey, who will talk about our financial performance and outlook.

接下來，我將把發言權交給特蕾西，她將談談我們的財務表現和前景。

Thank you, Rahul. Third quarter consolidated net sales revenue was down 3.3%. Underlying pretax income was down 11.9% and underlying earnings per share was down 7.2%. On an underlying basis, the key quarterly drivers were largely as expected. The US beer industry was down minus 4.7% based on our internal estimates.

謝謝你，拉胡爾。第三季合併淨銷售收入下降3.3%。基本稅前收入下降 11.9%，基本每股盈餘下降 7.2%。從根本上看，關鍵季度驅動因素基本上符合預期。根據我們的內部估計，美國啤酒產業下滑了 4.7%。

Our US volume share was down 40 basis points based on our internal estimates including relatively better share performance in the on-premise channel compared to the off-premise. Contract brewing was a 450,000 hectoliter or 3 percentage point headwind to the Americas financial volume. Excluding contract going, US STWs outpace STRs resulting in a nearly 2 percentage point benefit to Americas financial volume in the quarter.

根據我們的內部估計，我們的美國銷售份額下降了 40 個基點，其中包括與非現場管道相比，現場管道的份額表現相對較好。代工釀造對美洲的金融產量造成了 45 萬百升或 3 個百分點的不利影響。不計合約成交量，美國短期租賃交易量超過短期租賃交易量，使美洲本季金融交易量增加近 2 個百分點。

EMEA and APAC volume continue to be pressured across all regions by ongoing soft market demand and a heightened competitive landscape. The Middle East premium remained innovative, which was within the expected price range, although at the higher end. And marketing was up, while G&A was down largely due to lower incentive compensation as compared to prior year.

由於市場需求持續疲軟和競爭環境加劇，歐洲、中東和非洲以及亞太地區的銷售量在所有地區都持續承壓。中東地區的高端產品仍保持創新性，價格在預期範圍內，雖然屬於較高水準。行銷費用上漲，而一般及行政費用下降，這主要是由於與前一年相比，激勵性薪酬有所降低。

While our discussion today as typical has been on an underlying basis, we also recorded a noncash partial goodwill impairment charge of $3.6 million as well as noncash intangible asset impairment charges of $274 million in the quarter, which I'll discuss in detail in today's earnings release and 10-Q.

雖然我們今天的討論一如既往地側重於基本面，但我們本季也提列了 360 萬美元的非現金部分商譽減損費用以及 2.74 億美元的非現金無形資產減損費用，我將在今天的收益報告和 10-Q 文件中詳細討論這些內容。

I also wanted to address the execution of our share repurchase spend during the quarter. Restrictions under our policies have prohibited us from executing under the repurchase plan during the open trading window following last quarter's earnings because we were in possession of material nonpublic information regarding our CEO search. We expect our regular quarterly trading window to open tomorrow, and we want to stress that we remain fully committed to our share repurchase plan and continue to strongly believe our stock is a compelling investment.

我還想談談本季股票回購支出的執行情況。由於我們掌握了有關首席執行官遴選的重大非公開信息，根據我們的政策限制，我們無法在上一季度財報發布後的開放交易窗口期內執行回購計劃。我們預計季度例行交易窗口將於明日開啟，我們想強調的是，我們仍然完全致力於我們的股票回購計劃，並繼續堅信我們的股票是一項極具吸引力的投資。

With that, let's discuss our outlook. We are reaffirming our 2025 guidance, but we now expect to come in at the low end of the prior range is our key metrics. These key metrics and ranges are as follows: Net sales revenue to decline 3% to 4% on a constant currency basis. Underlying pretax income to decline 12% to 15% on a constant currency basis, underlying earnings per share to decline 7% to 10% and underlying free cash flow of $1.3 billion, plus or minus 10%.

接下來，我們來討論一下我們的展望。我們重申 2025 年的業績指引，但我們現在預計，根據我們的關鍵指標，最終業績將處於先前預期範圍的下限。關鍵指標和範圍如下：以固定匯率計算，淨銷售收入將下降 3% 至 4%。以固定匯率計算，基本稅前收入將下降 12% 至 15%，基本每股盈餘將下降 7% 至 10%，基本自由現金流為 13 億美元，上下浮動 10%。

Now before we get into the details, I remind you that the impact of the global macro environments are multifaceted and difficult to predict. And while we have included in our guidance, our best estimate of some of these factors, external drivers that significantly impact our actual results, either up or down.

在深入探討細節之前，我想提醒各位，全球宏觀環境的影響是多方面的，而且難以預測。雖然我們在業績指引中已經包含了我們對其中一些因素的最佳估計，但這些外部因素會對我們的實際業績產生重大影響，無論是上升還是下降。

Starting with the top line, we now expect lower year-end US distributor inventory levels. Year-to-date, US STWs largely caught up to STRs in the third quarter. However, given lower 2025 volumes impacted by industry performance, we now anticipate year-end distributor inventory to be lower compared to year-end 2024 on an absolute basis.

首先來看，我們預期年底美國經銷商的庫存水準將會下降。今年迄今為止，美國短期租賃業務在第三季基本上趕上了短期租賃業務。然而，鑑於 2025 年的銷售量受到行業表現的影響而下降，我們現在預計，與 2024 年末相比，年底分銷商庫存絕對值將會降低。

The year-end days of inventories remain relatively consistent and at what we view as healthy levels entering the new year. As a result, for the fourth quarter, we expect the US STW trend to trail the US STR trend excluding contract billing. All of the top line drivers remain unchanged. We continue to expect US industry volume to be down on average 4% to 6% for the second half of the year, while mindful the comparisons versus the year ago period was somewhat softer earlier in the third quarter before becoming more difficult into year-end.

年底庫存量保持相對穩定，我們認為進入新的一年處於健康水準。因此，我們預計第四季度美國 STW 趨勢將落後於美國 STR 趨勢（不包括合約計費）。所有頂級驅動單元均保持不變。我們仍預計今年下半年美國工業產量平均將下降 4% 至 6%，但同時也注意到，與去年同期相比，第三季初的同比降幅較小，而到了年底則變得更加困難。

We will cycle 1.9 million hectoliters of contract brewing volume in the Americas in 2025 related to Pabst and Labatt and will so the remain 300,000 hectoliters in the fourth quarter. And we continue to expect an annual net price increase of 1% to 2% in North America in line with the average historical range and mix benefits from cycling contracts growing from 2024 as well as from premiumization in both business units.

2025 年，我們將在美洲地區循環生產與 Pabst 和 Labatt 相關的 190 萬百升合約釀造量，並在第四季度完成剩餘的 30 萬百升。我們繼續預期北美地區的年度淨價將上漲 1% 至 2%，與歷史平均漲幅範圍一致，並且從 2024 年開始，循環合約的成長以及兩個業務部門的高端化都將帶來產品組合效益。

Moving down the P&L. We expect costs to be negatively impacted by volume deleverage, including the lower expectations for year-end US distributor inventory. Also, Middle East premium pricing has continued to increase. Our guidance assumed a price range of $0.60 to $0.75 per pound. This implies for the full year, Midwest Premium costs will exceed the prior year by $40 million to $55 billion, with most of the increase occurring in the second half of the year.

向下移動損益表。我們預計，銷售下降將對成本產生負面影響，包括對年底美國分銷商庫存的預期降低。此外，中東地區的保費價格也持續上漲。我們的指導意見假設價格區間為每磅 0.60 美元至 0.75 美元。這意味著全年中西部地區的保費支出將比前一年增加 4,000 萬美元至 550 億美元，其中大部分成長將發生在下半年。

However, as you can see on page 18 of our earnings slides, the price trended at the upper end of this range in the third quarter and was slightly above it in October. Therefore, we expect increases to be at the high end of that range. As for MG&A, we continue to expect it to be down slightly for the year due to lower incentive compensation, which is largely offset by higher non-alc infrastructure costs as well as the Fever-Tree onetime transition and integration fees in the first half of the year.

但是，正如您在我們收益幻燈片第 18 頁所看到的，第三季價格走勢處於該區間的上限，10 月價格略高於該區間。因此，我們預計增幅將處於該範圍的高端。至於管理、行政和費用，我們仍然預計今年會略有下降，因為激勵性薪酬有所降低，但這在很大程度上被上半年非酒精基礎設施成本的增加以及 Fever-Tree 的一次性過渡和整合費用所抵消。

Again, those onetime fees were approximately $50 million and will be recovered through net sales over the next two years, which began in the second quarter of this year. In closing, we remain committed to improving shareholder value and look forward to sharing more about our strategic plans and long-term objectives in the coming months. With that, we will take your questions. Operator?

再次強調，這些一次性費用約為 5,000 萬美元，將在未來兩年內透過淨銷售額收回，而這兩年從今年第二季開始。最後，我們將繼續致力於提升股東價值，並期待在未來幾個月與大家分享更多關於我們的策略計畫和長期目標的資訊。接下來，我們將回答您的問題。操作員？

(Operator Instructions)

（操作說明）

Peter Grom, UBS.

Peter Grom，瑞銀集團。

Great. Just two questions for me, one for Rahul and one for Tracey. First, Rahul, you've been in the role for about 30 days at this point and recognizing you've been with the company for some time. But just as you step into the CEO role, I would love to get your perspective on what you see as the biggest opportunities and challenges ahead?

偉大的。我只有兩個問題，一個問Rahul，一個問Tracey。首先，Rahul，你擔任這個職位大約30天了，而且你已經在公司工作了一段時間。但就在您正式就任執行長之際，我很想聽聽您對未來最大的機會和挑戰有何看法？

And then, Tracey, I just was hoping to get some color on the implied improvement for the fourth quarter embedded in the top line guidance, just given the commentary on tougher category comps and now expecting to ship behind in Americas, can you just walk through the building blocks for 4Q as you see them today?

然後，特蕾西，我只是想了解一下第四季度營收預期中隱含的改善情況，考慮到比較基數較大，而且預計在美洲地區的出貨量會落後，你能否根據你目前對第四季度的展望，簡要介紹一下構成第四季度的各個要素？

Thanks, Peter. If you look at the last 30 days, my focus and our priority has been, I would say, in two fronts. One is listening to our people and then our customers. And if you look at our business, right, I mean, I come from the place of we have a strong foundation. We've got great brands, healthy balance sheet, but we have great opportunities.

謝謝你，彼得。回顧過去 30 天，我認為我的工作重點和我們的工作重點主要集中在兩個方面。首先，我們要傾聽員工的意見；其次，我們要傾聽顧客的意見。如果你看看我們的業務，對吧，我的意思是，我認為我們擁有堅實的基礎。我們擁有優秀的品牌和健康的資產負債表，但我們也面臨著巨大的機會。

So if you look at our performance this year, majority of our share losses has been in the few areas, the economy category or the flavor category but we've got co-brands that are pretty strong. And so we need to find a way to make them stronger.

所以，如果你看看我們今年的業績，你會發現我們大部分的市佔率損失都集中在少數幾個領域，例如經濟型食品或口味型食品，但我們的聯名品牌表現相當強勁。因此，我們需要找到增強它們能力的方法。

In above premium, we have great opportunities with the portfolio we have. Peroni is doing really well. We have some more work to do in Blue Moon. Again, at the beyond beer strategy, I think this year, Madri has been a great add to our business. So if you look at imbalance, I'm pretty excited about a number of things we have going, but recognize the challenges we have in some other parts of our portfolio and wanting to really get behind it.

在溢價以上的情況下，我們現有的投資組合蘊藏著巨大的投資機會。佩羅尼啤酒的銷售非常好。我們在藍月亮還有一些工作要做。再說，就啤酒以外的策略而言，我認為今年 Madri 對我們的業務來說是一個很好的補充。所以，從不平衡的角度來看，我對我們正在進行的一些事情感到非常興奮，但也意識到我們在投資組合的其他一些部分面臨挑戰，並希望真正全力以赴。

I think the piece I'll leave you with is we're definitely moving with a sense of urgency and pace, right? I mean we recognize the volatility in the category this year, but we also recognize the things that we can work on within our team. So now looking forward to Peter, it's been a quick 30 days, but definitely moving with pace. Tracey, do you want to take the second one.

我想留給大家的最後一點是，我們肯定是在以一種緊迫感和快節奏的方式前進，對吧？我的意思是，我們意識到今年這個領域的波動性，但我們也意​​識到我們團隊內部可以改進的地方。現在很期待彼得的到來，雖然30天過得很快，但進展確實很快。崔西，你想選第二個嗎？

Thanks, Peter, for the question. So in terms of Q4, look, we are expecting better top line performance in our EMEA, APAC and Canada business units. And in addition, we are lapping softer comps from contract brewing in the US. So that's a big driver. Those two are the big drivers of our top line performance.

謝謝彼得的提問。所以就第四季而言，我們預期歐洲、中東和非洲地區、亞太地區以及加拿大業務部門的營收表現將會有所改善。此外，我們也超越了美國代工釀造的較為溫和的同類產品。所以這是一個重要的驅動因素。這兩方面是我們業績成長的主要驅動力。

And then just as that also translates to better bottom line performance as well as we will have lower G&A in the fourth quarter, really driven by the lower incentive compensation.

而且，這也將轉化為更好的獲利表現，因為第四季的一般及行政費用將會降低，這主要是由於激勵性薪資的降低。

Chris Carey, Wells Fargo.

克里斯凱裡，富國銀行。

Congratulations Gavin on your career and best of luck. And so just from an inventory perspective, I think the message today is that you expect them to be lower in 2025 on an absolute basis, but closer to historical average on a days inventory basis. And I just wanted to maybe check this. Does that mean if the category improves a little bit next year from the current lows? You would be entering 2025 with low inventory, stay lower than average of the category to picks up just a little bit.

恭喜加文事業有成，祝你一切順利。因此，僅從庫存的角度來看，我認為今天傳達的訊息是，預計 2025 年庫存絕對值會降低，但以庫存天數計算會更接近歷史平均值。我只是想確認一下。那是不是意味著如果明年該類別的業績比目前的低點略有改善呢？到 2025 年，你的庫存水平會很低，低於同類產品的平均水平，然後才會略有回升。

I'm just conscious beer distributors often used year-end to clean up inventory and perhaps they're feeling a bit more anxious about that even more this year. And so I just want to test kind of how you would see your inventory position going into next year.

我只是意識到啤酒經銷商通常會在年底清理庫存，也許今年他們對此感到更加焦慮。所以我想了解一下您對明年庫存狀況的看法。

And I was listening to the prepared remarks from Rahul, thank you for all that, is it fair to say that you don't see this massive need to reinvest in the business as is typical when you enter a new leadership position and that with restructuring and sustained commitment to some of the strategies that you've laid out as you evolve into new strategies, you don't see that? Or do you see a business that perhaps is a bit underinvested in this opportunity going into next year on top of the soft year. So thanks on the inventory and the investor piece.

我一直在聽 Rahul 的發言稿，非常感謝。是否可以這樣說，您認為在擔任新的領導職務時，通常需要對業務進行大規模的再投資，並且透過重組和持續致力於您制定的一​​些策略，隨著新策略的演變，您認為不需要這樣做？或者，您是否看到某個企業在經歷了疲軟的一年後，對明年的機會投資不足？感謝您提供的庫存和投資者資訊。

Thank you, Chris, and I think if you look at distributor inventories, I think the way we look at it is we have a pretty healthy place, right? I mean you've seen what's happened to the category this year. So going into the end of this year and getting ourselves into next year, days of inventory, we believe in a good place.

謝謝你，克里斯。我認為，如果你看一下分銷商的庫存，我認為我們目前的庫存狀況相當健康，對吧？我的意思是，你們也看到了今年這個類別發生了什麼事。因此，展望今年年底和明年，在盤點庫存方面，我們相信我們處於一個良好的狀態。

In terms of our capacity to pivot and make sure we have the right level of supply in Q1, we feel good about it with our brewery network and infrastructure. So -- and if you remember, lapping a few things around the Fort Worth, the strike, et cetera, earlier this year. So I think we feel pretty good about being in a good place, closing out this year but also preparing and pivoting to getting our distributors the right inventory levels next year.

就我們調整策略並確保第一季供應量充足的能力而言，我們對自身的釀酒網絡和基礎設施充滿信心。所以——如果你還記得的話，今年早些時候，在沃斯堡附近發生了一些事情，例如罷工等等。所以我覺得我們對目前的狀況相當滿意，不僅順利結束了今年，而且還在積極準備和調整，以確保我們的經銷商明年擁有合適的庫存水準。

In terms of your question of shape of reinvestment, I'd share with you a couple of comments, and I know probably looking for the clarity of what 2026 looks like. But I'm committed to making sure that we are building our brands, right? And if you look at our category, we need to be championing here. We need to be making sure we as -- along with other folks in the category are making sure that the category is healthy. And in that, we're going to be leaning in and making sure we can support our brands appropriately, whether it's the core brands above premium. In the economy, one, I call out as being very disciplined around a geographic view of isonomy portfolio and making sure we are investing it in a smart way.

關於您提出的再投資形式的問題，我想和您分享幾點看法，我知道您可能想了解 2026 年的情況。但我致力於確保我們正在打造我們的品牌，對吧？如果你看看我們這個領域，我們會發現我們需要在這裡發揮領導作用。我們需要確保我們——以及該領域的其他人——共同確保該領域健康發展。在這方面，我們將加大投入，確保我們能夠為我們的品牌提供適當的支持，無論是核心品牌還是高端品牌。在經濟方面，我特別強調一點，要對經濟均衡投資組合的地域視角保持高度的自律，並確保我們以明智的方式進行投資。

The other part I'd just call out is our balance sheet and cash flow, right? I mean we committed to returning cash to shareholders. But we also want to find ways to deploy capital to fill some gaps in our portfolio to get our growth going. So I'd say it's going to be a combination of all of those in terms of making sure our brands are well supported, but also using our balance sheet in a smart way of enabling the open bottom line growth but also returning cash to shareholders.

我還要特別指出一點，那就是我們的資產負債表和現金流量表，對吧？我的意思是，我們承諾會向股東返還現金。但我們也希望找到方法來部署資金，填補我們投資組合中的一些空白，從而推動我們的成長。所以我認為，這需要綜合考慮所有這些因素，既要確保我們的品牌得到良好的支持，又要巧妙地利用我們的資產負債表，從而實現利潤的公開增長，同時也要向股東返還現金。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛集團。

I was hoping you could give us a little more color on the pressures you're facing that are facing the beer category. And I guess why you believe it's cyclical versus structural? And then what is your expectation for category growth this year? And do you expect the category to recover next year? And if so, what do you think will be the drivers of this? I guess, ultimately, where do you see the biggest areas of opportunity and I guess, risk next year?

我希望您能更詳細地介紹一下您目前面臨的以及啤酒行業面臨的壓力。我想問你為什麼認為這是週期性問題而不是結構性問題？那麼，您對今年該品類的成長有何預期？你預計明年這個品類會復甦嗎？如果真是如此，你認為推動這股趨勢的因素是什麼？我想，歸根究底，您認為明年最大的機會和風險分別在哪裡？

Thanks, Bonnie, and good morning to you. So I think I'll break your question into two or three pieces, right? So if you think about the pressures on the category pre 2025, the last few years, our category has been in the minus 3%-ish range. And if you look at this year, we've been in the minus 4% to minus 6%, and I think that's what we shared at the end Q2 that we believe this year's category is going to be in the minus 6% -- minus 4% to minus 6%.

謝謝你，邦妮，你早安。所以我想我會把你的問題分成兩到三個部分來回答，對嗎？因此，如果你想想 2025 年之前該類別所面臨的壓力，過去幾年，我們這個類別的成長率一直處於 -3% 左右。如果你看看今年，我們一直處於 -4% 到 -6% 的範圍內，我認為我們在第二季末分享的也是，我們相信今年的類別將會在 -6% 到 -4% 到 -6% 之間。

And this year, every quarter, every month have been pretty volatile, but we probably end up in that range, right? So I think our internal estimates suggests that we're in the minus 4.7% range in terms of the category health. So there's something different this year. Right now, there's the structural issues that we've all talked about in the industry, whether it's health and wellness, whether it's the generational change.

今年，每個季度、每個月的波動都相當大，但我們最終可能還是會在這個範圍內波動，對吧？所以我認為，我們的內部估計表明，就品類健康狀況而言，我們處於 -4.7% 的範圍內。所以今年有些不尋常。目前，業界存在著我們都討論過的結構性問題，無論是健康問題還是代際更迭問題。

But this year, there's been a lot of other macro issues, right, whether it's the economic impacts, tariffs, immigration. So we still believe that we are -- this year or going into next year is cyclical. Once we get through some of these macro issues behind us, we should be getting back to the pre 2025 levels. So that's how we're thinking about the business.

但今年還有很多其他宏觀問題，對吧，無論是經濟影響、關稅或移民問題。所以我們仍然相信──今年或明年都是週期性的現象。一旦我們克服了這些宏觀問題，我們應該就能恢復到 2025 年之前的水準。這就是我們對這項業務的思考方式。

And the way I would roll that out is if you look at our portfolio, we definitely have so much more opportunity to really lean into our business, right? So while we've done a great job of premiumizing outside the United States, we're so under index in the US. And therefore, that opportunity for us there remains. And then if you look at our share losses this year, it's been around flavors and the economy, and that's why you see me talking a little bit more about that because those are the gaps we need to be filling or improving on.

我的實現方式是，如果你看看我們的投資組合，我們肯定還有更多機會真正深入發展我們的業務，對吧？所以，雖然我們在美國以外的地區已經很好地實現了高端化，但我們在美國的高端化程度卻非常低。因此，我們仍然有機會在那裡發展。如果你看看我們今年的市場份額損失，你會發現主要集中在口味和經濟方面，所以你會看到我更多地談論這些，因為這些是我們需要填補或改進的差距。

So hopefully, I answered your question about the category performance and just our views on that in the last -- in the short term and then also the long term.

所以，希望我已經回答了您關於該品類表現的問題，以及我們對此的看法—包括短期和長期表現。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通。

This is Drew Levine on for Andrea. So Rahul, you just noted the expectation, I guess, that industry could return to pre 2025 levels. You also noted in the prepared remarks that results will take some time to see. So I guess if you could just provide any more context to -- if you think that the company could return to low single-digit organic sales growth if the industry remains down in that sort of 3% range?

這裡是德魯‧萊文替安德里亞報道。所以 Rahul，我猜你剛才提到了人們的預期，即該行業可能會恢復到 2025 年之前的水平。您在事先準備好的發言稿中也提到，結果需要一段時間才能看到。所以我想問的是，您能否提供更多背景資訊——如果您認為，如果行業整體持續低迷在 3% 左右，公司是否有可能恢復到個位數的有機銷售成長？

And then you also talked about being willing to deploy the balance sheet and cash flow to fill portfolio gaps. I know Gavin was talked about as sort of a string of pearls approach if you think that given where the industry is, if we could be on the lookout for anything a little bit more sizable?

然後您也談到願意利用資產負債表和現金流來填補投資組合的缺口。我知道有人把 Gavin 比作一串珍珠項鍊，但考慮到產業現狀，我們是否可以留意一下規模更大的專案？

Yeah. Thank you. Just a couple of comments, I think, on your few questions. So with the industry being where it is, I think we still see the pathway for delivering growth both on top and bottom line. If you look at this year, what's impacted obviously category, but also on the COG side, right, there's been so much volatility around inflation with best premium, I know we've spoken about. So those are the, I would say, the headwinds we're dealing with this year.

是的。謝謝。關於你提出的幾個問題，我只有幾點補充說明。鑑於目前的行業狀況，我認為我們仍然可以看到在營收和利潤方面實現成長的途徑。如果你看看今年，顯然影響因素是類別，但成本方面也是如此，對吧，圍繞最佳保費的通膨波動非常大，我知道我們已經討論過這一點。所以，我認為，這些就是我們今年面臨的逆境。

If you again go back to the pathway to get back to top line, I mean, in the US, I'd break down our portfolio, maybe in four buckets, strengthening, core and economy becomes important. And these are big parts of our portfolio. And frankly, they are big parts of our distributor portfolio. So making sure these parts of the portfolio are strong and healthy is important.

如果再次回到恢復營收的路徑，我的意思是，在美國，我會把我們的投資組合分解成四個部分，強化、核心和經濟變得非常重要。這些是我們投資組合的重要組成部分。坦白說，它們是我們經銷商組合的重要組成部分。因此，確保投資組合的這些部分穩健健康至關重要。

And I would say we've done a decent job on share with our co-brands, right? Our core brands is still higher share than 2022, but we have work to do on economy. But the runway we have in above premium is so much in Beer and Beyond beer, right? And in beer, we are under index. I called out in my comments that we have work to do on Belgium White, Blue Moon -- growing. Flavor is something that is volatile. We had some good success with our brands. But this year, we have some challenges with Simply.

我認為我們在聯合品牌方面做得還不錯，對吧？我們的核心品牌市佔率仍然高於 2022 年，但我們在經濟性方面還有很多工作要做。但是，我們在高端啤酒領域擁有的巨大發展空間，主要集中在啤酒和Beyond啤酒上，對吧？而啤酒業，我們的指數低於預期。我在評論中指出，我們在比利時白葡萄酒和藍月葡萄酒的種植方面還有很多工作要做。味道是一種易變的東西。我們的品牌取得了一些不錯的成功。但今年，我們在 Simply 方面遇到了一些挑戰。

Topo is starting to get much stronger and then the non-alc piece, right. Fever-Tree was a great ad. It's an exciting brand for us. It's exciting brand for our network. So between the combination of that and along with our Canadian and Euro business, we can get our business back in low single-digit growth.

Topo 開始變得越來越強，然後是無酒精部分，對吧。Fever-Tree 的廣告很棒。對我們來說，這是一個令人興奮的品牌。對於我們的網路來說，這是一個令人興奮的品牌。因此，結合這些因素以及我們在加拿大和歐洲的業務，我們可以將我們的業務恢復到個位數低成長水準。

And there is obviously deploying capital, right? So your question of M&A. We want to make sure we deploy capital for brands that fill gaps in our portfolio, right? So I think that's important. Two, we want to be disciplined about it being accretive to both top and bottom line, right? So we're not going to chase top line just for the sake of top line.

當然，還有資金部署的問題，對吧？所以，你問的是併購方面的問題。我們希望確保將資金投入到能夠填補我們產品組合空白的品牌上，對嗎？所以我認為這很重要。第二，我們希望它能同時增加收入和利潤，對吧？所以，我們不會為了追求營收而追求營收。

And then third is we want to do it in a way that is prudent from a balance sheet perspective and utilizing our balance sheet. So we stay committed to our investment-grade rating. We stay committed to a 2.5 times leverage ratio, returning cash to shareholders, but we can deploy capital to really augment the portfolio and make sure we're making some changes that are meaningful to our total enterprise.

第三，我們希望從資產負債表的角度出發，以審慎的方式利用我們的資產負債表來做到這一點。因此，我們將繼續保持投資等級評級。我們堅持2.5倍的槓桿率，向股東返還現金，但我們可以部署資本來真正增強投資組合，並確保我們做出一些對整個企業有意義的改變。

So probably I can't give you a specific number or size, but definitely want to lean in, in the right way of enabling total enterprise growth.

所以，我可能無法給出具體的數字或規模，但我肯定希望以正確的方式積極參與，從而促進企業的整體成長。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Good morning, Gavin, Rahul, Tracey, thanks very much for the question. I also actually wanted to ask two questions on the balance sheet or related to the balance sheet. Molson Coors has done, I think, a better job relative to history of kind of preparing the balance sheet to weather maybe some downturns or more structural cyclical headwinds.

早安，Gavin、Rahul、Tracey，非常感謝你們的問題。我其實還想問兩個關於資產負債表或與資產負債表相關的問題。我認為，與以往相比，Molson Coors 在調整資產負債表以應對經濟衰退或結構性週期性逆風方面做得更好。

But two things I'd like to ask kind of one Tracey, I think there's -- this quarter, you moved into a relatively big bond maturity that's coming in the next 12 months, just maybe how we should think about addressing that, particularly as we start to contemplate '26?

但我想問 Tracey 兩件事，其中一件是——本季度，你們有一筆相對較大的債券將在未來 12 個月內到期，我們應該如何考慮應對這個問題，尤其是在我們開始考慮 2026 年的時候？

And the second would be just on the impairment itself, again, relatively sizable hit to the balance sheet. Rahul, I think, understandably, you have to go through impairment testing, but in the context of cyclical versus structural, I would think this would lean more towards the structural lens. So maybe you can help compare and contrast just what happened with the impairment charge relative to kind of your views on the overall industry.

第二點就是減損本身，同樣會對資產負債表造成相對較大的衝擊。Rahul，我認為，可以理解的是，你必須進行減損測試，但在週期性減損與結構性減損之間，我認為這更傾向於結構性減損。所以，或許您可以幫忙比較一下，看看減損費用與您對整個產業的看法之間究竟有何關聯。

Thank you, Peter. Let me have Tracey answer the bond maturity question, and then I'll take your impairment question.

謝謝你，彼得。先請 Tracey 回答債券到期日的問題，然後我再回答你的減損問題。

Thanks, Peter. So yeah, we do have some debt coming due in 2026. And as with all our debt, we will review that as we get closer to the due dates, I think the important thing is that we remain focused on maintaining our leverage ratio, as Rahul said, in alignment with the target of being below 2.5 times. And we are currently in that range. And we will make sure that going forward, we are in sort of below 2.5 times. So closer to the time, we'll assess what we do with the date. Thanks, Peter.

謝謝你，彼得。是的，我們確實有一些債務將在 2026 年到期。就像我們所有的債務一樣，我們會隨著到期日的臨近進行審查。我認為重要的是，我們要繼續專注於維持槓桿率，正如拉胡爾所說，使其與低於 2.5 倍的目標保持一致。我們目前就處於這個範圍內。我們將確保今後我們的比率保持在 2.5 倍以下。所以臨近日期時，我們會評估如何處理這個日期。謝謝你，彼得。

Yeah. Thanks, Tracey. And Peter, I mean you're absolutely right. I mean we took the impairment charge to goodwill of about $3.6 billion in Q3. And so firstly, a number of factors that impacted, right. So obviously, this year's performance. There is a question about the outlook of our business. But the other factors that come in is discount rates, risk premium and frankly, the multiple, right?

是的。謝謝你，翠西。彼得，我的意思是，你說得完全正確。我的意思是，我們在第三季提列了約 36 億美元的商譽減損準備。首先，有很多因素產生了影響，對吧。所以很明顯，今年的表現。關於我們業務前景的一個疑問。但其他因素還包括貼現率、風險溢價，坦白說，還有倍數，對吧？

So the way I think about this is we can get this business back to top and bottom line growth. We think we are very undervalued in the context of our market cap right now. Those are the things that we need to lean into and make sure we can demonstrate quarter-over-quarter. And this is something that, as you said, it's something we need to do every year and check ourselves to make sure we think you do the business in a prudent way and the impairment -- and the segment a function of that.

所以我認為，我們可以讓這家企業恢復營收和利潤的成長。我們認為，以目前的市值來看，我們的估值被嚴重低估了。這些都是我們需要重點關注的方面，我們需要確保每季都能取得進步。正如你所說，這是我們每年都需要做的事情，我們需要檢查自己，以確保我們認為你們以謹慎的方式開展業務，而減值——以及該業務板塊——是這方面的一個函數。

Bill Kirk, Roth Capital Partners.

Bill Kirk，Roth Capital Partners。

Rahul, I was hoping to get a little bit more on your vision for the business. You mentioned portfolio gaps a couple of times. Do you think the gaps are more related to regions, are the gaps more like categories related or the gaps brand specific? And then maybe backing up even further, should the company's focus become more narrow? Or should the focus broaden and introduce new regions and categories?

拉胡爾，我希望能更詳細地了解你對公司的願景。你曾經幾次提到投資組合缺口。你認為這些差距與地區有關，還是更與品類有關，還是更與品牌有關？那麼，或許我們可以進一步退後一步，考慮一下公司的焦點是否應該變得更加狹窄呢？還是應該擴大關注範圍，引入新的地區和類別？

Yes. Thank you, Bill. Definitely looking forward to sharing a lot more about the plans and how to think about that. But let me maybe break it down in maybe three different ways. So one is about portfolio. As you said, we have a pretty broad portfolio in the US. We have a great product portfolio in Canada, even in Europe. And generally, we do believe all segments matter, right? So we do descent work within that. Now how we work, the specific part of the portfolio, I think that's where you see me highlighting some of the areas of opportunity we have.

是的。謝謝你，比爾。非常期待能和大家分享更多關於計劃以及如何思考這些計劃的資訊。但或許我可以分三種方式來解釋一下。所以，其中一個是關於投資組合的。正如您所說，我們在美國擁有相當廣泛的業務組合。我們在加拿大，甚至在歐洲，都擁有非常豐富的產品組合。而且總的來說，我們都認為所有環節都很重要，對吧？所以，我們在這個框架內做了相當不錯的工作。現在來說說我們的工作方式，具體到投資組合的這一部分，我想你會看到我重點介紹我們的一些機會領域。

Now in some parts, we do have gaps, right? So I talked about the flavor part of our portfolio, right? So we have some gaps that we need to fill. We fill some gaps in beyond beer non-alc right? So there is an element of both fixing some of the portfolio plays we have, filling some gaps. So that's, I would say, part one of the broad plan.

現在，在某些方面，我們確實存在一些空白，對吧？所以我談到了我們產品組合中的口味部分，對吧？所以，我們還有一些空白需要填補。我們填補了啤酒之外的無酒精飲料領域的一些空白，對吧？因此，這其中既包含著調整我們投資組合中某些投資策略、填補一些空白的成分。所以，我認為這是總體計劃的第一部分。

The second part is execution, right? And I think all of you know while beer is a global business and a national business, it is a very local business. So us executing as close as possible to customers and distributors and retailers is going to be super important. And that's not just in terms of just the sales function, right? It is about how we deploy our people resources, how we deploy our marketing resources, has to be as close as possible to our consumers and customers. So there is definitely a difference in how we execute and take that to our brands to market.

第二部分是執行，對吧？我想你們都知道，雖然啤酒是一項全球性產業和一項全國性產業，但它也是一項非常本土化的產業。因此，我們盡可能貼近客戶、經銷商和零售商開展工作至關重要。這不僅僅指銷售職能，對吧？關鍵在於我們如何部署人力資源，如何部署行銷資源，必須盡可能貼近我們的消費者和客戶。因此，我們在執行方式以及將產品推向市場方面肯定存在差異。

The third element to your question is capabilities. We have a strong foundation in our infrastructure, whether it's breweries, whether it's supply chain, but it is an area that we need to make sure we are keeping up with -- either on the commercial side, whether it's on the technology side, in optimizing our brewery footprint in the best possible way with making sure we can meet some of the needs of our new capabilities.

你問題的第三個要素是能力。我們在基礎設施方面擁有強大的基礎，無論是釀酒廠還是供應鏈，但我們需要確保我們在這個領域與時俱進——無論是在商業方面還是技術方面，都要以最佳方式優化我們的釀酒廠佈局，確保我們能夠滿足我們新能力的一些需求。

So you're definitely going to see that us leaning into that. And then capital deployment, driving our capital allocation approach, Tracey mentioned us wanting to be disciplined about that. So I would say those are the broad areas.

所以你肯定會看到我們在這方面投入更多精力。然後是資本部署，也就是我們的資本配置方法，Tracey提到我們希望在這方面保持自律。所以我覺得這些就是大致的範圍。

To your question about being broader or narrow, we love the markets we are at. I mean we are in some of the best profit pools in the world. We just got to win in those. So that's how you're going to see us lean in on winning in the markets that we directly have a very strong foundation.

至於你問我們想拓展更廣大的市場還是縮小規模，我們很喜歡目前所處的市場。我的意思是，我們身處世界上一些利潤最高的投資項目。我們必須贏下那些比賽。所以，這就是我們將如何集中精力在我們擁有非常強大基礎的市場中贏得勝利的方式。

Filippo Falorni, Citi.

Filippo Falorni，花旗銀行。

Rahul, so I wanted to ask about your experience working with and building the partnership with Coca-Cola, Fever-Tree and some of the non-alc initiatives like ZOA. Should we expect more initiatives like that from also causing in the future, to your point, as a way to fill some gaps in a capital-efficient way? Or do you see still the opportunity for maybe more traditional acquisitions going forward?

Rahul，我想問你與可口可樂、Fever-Tree 以及一些非酒精飲料倡議（如 ZOA）合作並建立夥伴關係的經驗。正如您所說，我們是否應該期待未來出現更多類似的舉措，以經濟高效的方式填補一些空白？或者您認為未來仍有機會進行更多傳統的收購？

And then on the restructuring that you've announced recently, you indicated most of the charges, $35 million to $50 million will be in Q4. Can you provide some sense of the savings on a run rate basis going forward? And when should we expect those savings to flow through?

關於您最近宣布的重組計劃，您指出大部分費用（3500 萬美元至 5000 萬美元）將在第四季度產生。您能否大致說明一下未來以運行率計算可以節省多少成本？那麼，我們預計這些節省的費用何時才能到位？

Thank you, Filippo. Let me talk about the portfolio and the partnership comments and Tracey, if you can help on the restructuring piece. If you look at our portfolio, it, I mean, we're definitely going to be focused on beer. I just want to make sure that's been our roots and it's a big part and foundation of our business. So beer is always going to be super important and definitely leaning into that space.

謝謝你，菲利波。讓我談談投資組合和合作關係的問題，還有 Tracey，如果你能在重組方面提供幫助就太好了。如果你看看我們的產品組合，我的意思是，我們肯定會專注於啤酒。我只是想確保這始終是我們的根基，並且是我們業務的重要組成部分和基礎。所以啤酒始終會非常重要，我們肯定會大力發展這個領域。

In terms of partnerships and acquisitions, I think if you look at what we have done with both Coca-Cola, Fever-Tree, I think we've figured out a way of working with partners to really leverage our platform, leverage our infrastructure to scale brands. And I think I would say both of those partnerships have worked really well for our business. But in terms of deploying capital, I do think we continue to look at areas and opportunities to deploy capital to augment our portfolio.

就合作與收購而言，我認為，看看我們與可口可樂、Fever-Tree 的合作，我們就能找到與合作夥伴攜手，真正利用我們的平台和基礎設施來擴大品牌規模的方法。我認為這兩種合作關係都對我們的業務發展起了非常好的作用。但就資本部署而言，我認為我們會繼續尋找合適的領域和機會來部署資本，以擴大我們的投資組合。

So your question of whether we're going to do more partnerships versus more acquisitions, I think that is a function of how these opportunities come up. But what you will see us leaning into spaces where we have gaps in the portfolio to fill, right? Maybe three, four years ago, we didn't have the capital to deploy, if it's right now. I think our balance sheet is in a strong way that we can do it in a disciplined way.

所以，你問我們會進行更多合作還是更多收購，我認為這取決於這些機會是如何出現的。但你會看到我們積極填補產品組合中的空白領域，對吧？也許三、四年前，我們沒有足夠的資金部署，但現在時機正好。我認為我們的資產負債表狀況良好，我們可以以嚴謹的方式進行這項工作。

So potentially focus on beer, continued focus on some of the above-premium agenda. But in the beyond beer space, we probably need to be both creative and deploy capital to fill some gaps. And Tracey, do you want to --

所以可能會專注於啤酒，繼續關註一些高端產品。但在啤酒以外的領域，我們可能既需要發揮創造力，也需要投入資金來填補一些空白。崔西，你想…--

Yeah. Thanks, Filippo. So in terms of cost savings, look, we haven't provided specific cost savings target as we're still finalizing the details around this restructuring. What we have said though, you correctly say, we expect charges to be in the range of $35 million to $50 million. And they are expected to be the future cash expenditures over the next 12 months. Substantially, all of the charges are expected to be related to severance payments and post-employment benefits.

是的。謝謝你，菲利波。所以就成本節約而言，我們還沒有提供具體的成本節約目標，因為我們仍在敲定重組的細節。正如您所說，我們預計費用將在 3500 萬美元至 5000 萬美元之間。預計這些將是未來 12 個月的現金支出。基本上，所有費用預計都與遣散費和離職後福利有關。

But one thing in terms of the cost savings, look, a meaningful amount of the headcount reductions was from the elimination of open positions in 2025. So we wouldn't expect to get a full benefit in 2026 because we did have the open headcount as we prioritized our costs in 2025.

但就節省成本而言，有一點需要注意，相當一部分人員裁減是透過取消 2025 年的空缺職位來實現的。因此，我們預計在 2026 年不會獲得全部收益，因為我們在 2025 年優先考慮成本時，並沒有開放人員編制。

So that's from sort of a cost savings point of view. But because we do intend to redeploy some of the savings to invest behind our brands to invest in [our] capabilities as well also in commercial and in supply chain and in technology to support the ongoing productivity and efficiencies around our business.

這是從節省成本的角度來看的。但我們確實打算將部分節省的資金重新投入到我們的品牌建立、能力提升、商業營運、供應鏈和技術發展中，以支持我們業務的持續生產力和效率提升。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Great. I guess these are probably two follow-ups to much of what you've just recently discussed. On the restructuring, I'm curious, you spoke about how this is going to make the Americas organization faster, more nimble, more agile. Just curious as to exactly how the restructuring will enable that increased speed, number one.

偉大的。我想這大概是對你剛才討論的大部分內容的兩個後續問題。關於重組，我很好奇，您曾說過這將使美洲組織更快、更靈活、更敏捷。我很好奇，首先，重組究竟如何才能提高速度。

And then number two, Rahul, you've talked a lot about the portfolio in beer versus beyond beer, I'm just -- I'm still struggling to really conceptualize the balance of those investments in your mind. Clearly, it's a game of the hand and as you described it, and both are important.

其次，Rahul，你談了很多關於啤酒及其他投資的投資組合，我只是——我仍然很難真正理解你腦海中這些投資的平衡。顯然，這是一場比拼手牌的遊戲，正如你所描述的那樣，兩者都很重要。

But just looking at that balance beer, obviously, the bigger business investments to drive premiumization seem to be a core part of the vision. But do you see beyond beer is the bigger growth driver going forward? I'm trying to figure that out? And if so, how does that influence your investment prioritization, broader capital allocation, et cetera.

但僅從這款平衡啤酒來看，很明顯，為推動高端化而進行的大規模商業投資似乎是其願景的核心部分。但您是否認為啤酒以外的領域才是未來更大的成長動力？我正在努力弄清楚這件事？如果是這樣，這會對您的投資優先事項、更廣泛的資本配置等產生怎樣的影響？

Thank you, Steve. So maybe address both the different questions. One is about restructuring and portfolio. So if you think about going back to what I said about customer and consumer focus, we wanted to make sure that the leaders driving that agenda has a seat tiltable, right? So whether it's US sales, whether it's our marketing leadership, whether it's the Canadian leadership.

謝謝你，史蒂夫。所以或許可以同時回答這兩個問題。一是關於重組和投資組合。所以，如果你回想一下我剛才說的以客戶和消費者為中心的話題，我們希望確保推動這項議程的領導者擁有一個可以傾斜的座位，對吧？所以無論是美國銷售，還是我們的行銷領導階層，還是加拿大領導階層。

We needed to make sure that in a land where category -- challenged in the category, right? I mean we talked about minus 3s, minus 4s, minus 6. We need to be getting much closer to how we execute in the runt end of our business. So it starts from that thesis of making sure we can bring these leaders around the table, really make sure we're executing with speed with everything where we need to. We're being reasonably focused where we need to.

我們需要確保在一個類別受到挑戰的地區——對吧？我的意思是，我們討論過負3、負4、負6。我們需要在業務的最後階段的執行方式上做出更大的改進。所以，一切都從確保我們能夠讓這些領導人坐下來談判開始，真正確保我們在需要的地方都能迅速執行所有事情。我們正合理地將精力集中在需要關注的領域。

And it's also about shifting our resources, internal both people and marketing dollars, where we see the opportunity, right? So that requires us to be, I would say, a lot more quicker, not more nimble. And it starts with, obviously, being leaders having the ability to drive that.

這也涉及到將我們的資源（包括內部的人力和行銷資金）轉移到我們看到機會的地方，對吧？所以這就要求我們更快，而不是更有彈性。很顯然，這一切都始於領導者俱備推動這項進程的能力。

The other part I obviously talked about briefly was around making sure we can enable our teams who are closest to the market to make those decisions, right? And so how do we drive both the decision-making and accountably as close to the market as possible. So I think most of the two few principles that we've used and that's what we're trying to drive in terms of the restructure changes both in the US and in Canada in making sure we can execute faster because, yes, we are in a category context that is challenged.

我剛才簡要提到的另一部分內容是關於確保我們能夠讓最接近市場的團隊做出這些決定，對吧？那麼，我們該如何盡可能讓決策和問責機制都貼近市場呢？所以我認為，我們所採用的這兩個原則，也是我們試圖在美國和加拿大推動重組變革的原則，是為了確保我們能夠更快地執行，因為，是的，我們身處一個充滿挑戰的產業環境。

In terms of portfolio, I'd break it up in two different ways. One is around marketing dollars, investment and then about balance sheet deployment of capital, Steve. You're going to see us continue making sure we have the right pressure against our big brands. So whether that was like Miller Lite Banquet, things like Peroni, Blue Moon. So those are important brands that we believe have so much potential and make sure we are winning in the beer landscape. So you will see us continue being super focused on those and making sure we have the right marketing pressure around it.

就投資組合而言，我會將其分為兩種不同的方式。史蒂夫，一方面是關於行銷資金、投資，另一方面是關於資產負債表上的資本部署。你會看到我們繼續確保對我們的大品牌施加適當的壓力。所以無論是像 Miller Lite Banquet 這樣的啤酒，還是像 Peroni、Blue Moon 這樣的啤酒。所以這些都是我們認為具有巨大潛力的重要品牌，我們要確保在啤酒領域取得成功。所以你會看到我們繼續高度關注這些方面，並確保我們圍繞這些方面施加適當的行銷壓力。

In terms of beyond beer, we do want to make it big enough that it starts having an impact to our total enterprise. I would say we are still early in that journey. And that's where I would say the balance sheet comes in to help us a little bit on being sure we have the right portfolio.

除了啤酒之外，我們希望將業務規模擴大到足以對我們的整個企業產生影響的程度。我認為我們仍處於這段旅程的早期階段。我認為，資產負債表正是在這裡發揮作用，幫助我們確保擁有正確的投資組合。

In terms of what the right balance is between Beer and Beyond beer, I think more to come on that piece. But the way I would think about investment is making sure we have the right marketing pressure against our big brands, but making sure we can use the balance sheet to augment our portfolio, add some scale brands that we can really use as a foundation in the beyond beer space.

至於啤酒與非啤酒之間的適當平衡點，我認為以後還會對此進行更多探討。但我認為，投資的關鍵在於確保我們對旗下大品牌施加適當的營銷壓力，同時也要確保我們能夠利用資產負債表來擴充我們的產品組合，增加一些規模化的品牌，這些品牌可以真正成為我們在啤酒以外的領域的基礎。

Michael Lavery, Piper Sandler.

麥可·拉弗里，派珀·桑德勒。

Congrats, Gavin and Rahul, both. Just want to come back to a couple of things. You touched on needing to win an economy, you touched on in your opening remarks. I just wanted to focus a little more on Keystone. Can you maybe touch on why you think might not have been winning there already? And whether it's maybe an innovation issue, a price issue, just not enough marketing, what more maybe should we expect looking ahead?

恭喜 Gavin 和 Rahul！我想再補充幾點。你在開場白中提到了需要贏得經濟。我只是想多花點時間在 Keystone 上。您能否談談您認為為什麼他們還沒有在那裡取得勝利？或許是創新問題、價格問題，又或許是行銷不足，展望未來，我們還能期待些什麼呢？

And then just a follow-up on the goodwill. You touched on how is impacted by the assessment process is impacted by this past year's results and evidently has a bit of a backwards look, but also seems to reflect an outlook ahead? And maybe what is kind of the balance there? And how much is it more a function of what's happened already or what you think is to come.

然後，我想就這份善意做個後續跟進。您提到評估過程會受到過去一年結果的影響，顯然帶有一定的回顧性，但似乎也反映了對未來的展望？那麼，這其中的平衡點究竟在哪裡呢？這在多大程度上取決於已經發生的事情，或者你認為將要發生的事情？

Thank you, Michael. So again, just let me talk about the economy portfolio and then add a few comments and Tracey, anything else you would like to add on the well. But -- if you -- I would go back to a couple of ways to think about the economy portfolio. First is a consumer lens, right? Consumer -- I think you and everybody is aware, I mean the consumer from a stable perspective is special. And so for us, making sure we have a portfolio that can meet our consumers in every location.

謝謝你，麥可。那麼，我再談談經濟組合，然後補充一些評論。崔西，你還有什麼想補充的嗎？但是——如果你——我會回到幾種思考經濟組合的方式。首先要從消費者的角度出發，對吧？消費者－我想你和大家都明白，我的意思是，從穩定的角度來看，消費者是特殊的。因此，對我們來說，確保我們的產品組合能夠滿足各地消費者的需求至關重要。

In this category in beer, we definitely don't see trade down from a brand perspective, but we have brands that consumers love like High Life, like Keystone, like Canada et cetera, right? So we have a broad economy portfolio that consumers really love and this is big, Michael. I mean this is a big part of our portfolio in terms of scale and volume. And it's -- practically, it's a big part of our customers' portfolio.

在啤酒這個類別中，我們絕對看不到從品牌角度來看的降級趨勢，但我們有一些深受消費者喜愛的品牌，例如 High Life、Keystone、Canada 等等，對吧？所以我們擁有消費者真正喜愛的廣泛經濟產品組合，這意義重大，邁克爾。我的意思是，就規模和數量而言，這在我們投資組合中佔很大比例。實際上，它是我們客戶產品組合的重要組成部分。

So making sure that we're doing the right things of keeping it as healthy as possible is super important. So the things you talked about, all of that matters, right, whether it's the right level of marketing. It's the right level of innovation right. Again, but price back in that part of the portfolio. And I would call how the regional event of it, right?

所以，確保我們採取正確的措施來盡可能保持它的健康至關重要。所以你剛才提到的那些事情，所有這些都很重要，對吧，例如行銷的程度是否合適。這樣的創新水準正合適。再說一遍，但要把這部分投資組合的價格重新考慮進去。我會稱之為區域性事件，對吧？

So this is -- our portfolio is very regional, and we need to make sure that we are winning in a very, very regional way with all of that. So probably less -- slightly different the way we think about Coors Light and Banquet, which are big national brands that need to win in different ways. The focus on economies, I would say, in a -- for solving a different purpose.

所以，我們的投資組合具有很強的區域性，我們需要確保我們在所有這些方面都能以非常、非常區域化的方式取得成功。所以可能沒那麼大——我們對 Coors Light 和 Banquet 的看法略有不同，它們是需要以不同方式取勝的大型全國性品牌。我認為，關注經濟是為了解決不同的目的。

To your point at goodwill, it is a function of this year's performance. It's a function of discount rates, multiple. But yes, it does have a view of the outlook, right, again, versus what we had previously. And I think that was informed by this year's both category performance and outperformance. So I would say those are the big drivers. But as you know -- in these things, discount rates and multiples have a big impact on some of these elements. So Tracey, anything else?

關於您提到的商譽問題，這取決於今年的表現。這是折現率和折現率乘積的函數。但沒錯，它確實對前景有自己的看法，對吧，這和我們之前的看法截然不同。我認為這與今年的品類表現和超額收益有關。所以我認為這些是主要驅動因素。但正如你所知——在這些事情中，折現率和倍數對其中一些因素有很大的影響。崔西，還有什麼事嗎？

No, I think you've basically covered it Rahul. Just maybe an added thing in terms of the current outlook is the cost, particularly driven by the Midwest premium. We have seen that now in October being the highest level ever with potential more increases coming. So that was also a part of the outlook for our costs. But having said that, look, we remain confident in the resilience of the air industry. And also, as Rahul has said, our ability to return to both top and bottom line growth.

不，我覺得你已經基本講清楚了，Rahul。就目前的市場前景而言，或許還需要考慮成本因素，特別是中西部地區的溢價。我們看到，10月份的水平已經達到歷史最高水平，未來可能還會進一步上漲。所以這也是我們成本預期的一部分。但即便如此，我們仍對航空業的韌性充滿信心。正如拉胡爾所說，我們能否恢復營收和利潤的雙重成長也至關重要。

Rob Ottenstein, Evercore.

Rob Ottenstein，Evercore。

Great. Congratulations to you Rahul and to Gavin and best of luck. So I guess the question I'd like to try to approach all is to get a sense of your mandate from the Board and what -- how much freedom do -- is the board giving you to the sense that if you wanted to make significant changes is kind of everything on the table, no sacred cows and that kind of approach, so something that may be a departure from the past?

偉大的。恭喜你，Rahul，也恭喜Gavin，祝你們好運。所以我想嘗試解答的問題是，了解董事會賦予你們的授權，以及董事會給你們多大的自由，讓你們感覺如果想做出重大改變，一切皆有可能，沒有不可觸碰的禁忌，這種做法可能與過去有所不同？

Or is the mandate from the Board more like just kind of stay the course, tweak things around the edges, improve execution here and there. But basically, let's weather the storm and keep kind of plugging forward. So just really just trying to get a sense of kind of how those discussions went and what range of freedom you feel that you have to create shareholder value here?

或者，董事會的指示更像是維持現狀，做一些細微的調整，在某些方面改善執行。但總而言之，讓我們渡過難關，繼續努力前進。所以，我只是想了解這些討論是如何進行的，以及您認為自己在這裡擁有多大的自由度來創造股東價值？

Thanks for the question, yeah. I would say we definitely -- our Board is always focused on what's the best thing for all shareholders, right? I mean, that's definitely the lens. And frankly, I don't -- there is no sacred cow. I mean, I think they've given us -- given me the freedom to say, let's make sure we have a plan that can drive the most shareholder value, and that's what we are -- is what I'm leading for. So yeah, there are no sacred cow. There's no constraints.

謝謝你的提問。我想說，我們董事會始終專注於對所有股東最有利的事情，對吧？我的意思是，那肯定是那支鏡頭。坦白說，我並不這麼認為──沒有什麼是不可觸碰的。我的意思是，我認為他們給了我們——給了我自由，讓我能夠說，讓我們確保我們有一個能夠為股東創造最大價值的計劃，而這正是我們正在做的——也是我領導的目標。所以，沒錯，沒有什麼是不可觸碰的。沒有任何限制。

I think you and everybody on this call understands the challenges that are in the category. I know there's been a lot written about our portfolio. So I mean all of that is real, and that's the context to work within. But in terms of the direction from the Board, it is about driving maximizing shareholder value in the best possible way we can.

我認為你和所有在座的各位都明白這領域所面臨的挑戰。我知道已經有很多關於我們投資組合的文章發表了。所以我的意思是，所有這些都是真實的，這就是我們需要在的背景之下開展工作。但就董事會的方向而言，那就是以最佳方式實現股東價值最大化。

So definitely don't feel any constraints that there be no sacred cows. I think the tricky part in terms of your colleagues asked this question, right, a category is going through a tricky time this year. Again, I go back to, we are in great geographies with big profit pools, but yes, it comes with a different shape of category health.

所以千萬不要感到任何束縛，沒有什麼是不可觸碰的禁忌。我認為，就你的同事提出的問題而言，棘手之處在於，今年有一個類別正經歷著一段艱難時期。我再次強調，我們身處利潤豐厚的優越地域，但沒錯，這也帶來了不同的品類健康狀況。

And those are all reality context, but it doesn't take away from the opportunities we have for our portfolio. So I think that's the best way. And again, that's why you see me talk about even the balance sheet and while we're committed to returning cash to shareholders. We're going to find the right ideas to deploy capital to get ourselves back to top and bottom line growth also. So, yeah. No, I understand the question, Rob, but no constraints here from the Board or anybody else.

這些都是現實背景，但這並不影響我們投資組合所擁有的機會。所以我認為這是最好的方法。再次強調，這就是為什麼你們會看到我談論資產負債表，以及我們致力於向股東返還現金的原因。我們將找到合適的資金配置方案，以實現營收和利潤的雙重成長。是的。不，羅布，我明白你的問題，但董事會或其他任何人都沒有對此提出任何限制。

Eric Serotta, Morgan Stanley.

艾瑞克‧塞羅塔，摩根士丹利。

And congratulations again to Gavin and Rahul. Rahul, I was hoping you can talk a little bit more about the overall level of investment and capabilities, your comfort with current level. I know you talked about having the right marketing pressure behind the brands. But if you look a little bit more broadly, investment, obviously, is more broad than marketing support.

再次恭喜加文和拉胡爾。Rahul，我希望你能再多談談整體投資水準和能力，以及你對目前水準的滿意程度。我知道你之前說過要給品牌適當的行銷壓力。但從更廣闊的角度來看，投資顯然比行銷支援的範圍更廣。

As you look at the organization, it's come a long way in terms of capabilities since 2019 and the revitalization plan, are there areas either that need increased investment or where you need to further build out capabilities either from an OpEx or CapEx standpoint from here?

從組織的角度來看，自 2019 年實施振興計畫以來，其能力取得了長足的進步。從營運支出或資本支出的角度來看，是否存在需要增加投資或需要進一步增強能力的領域？

Thank you, Eric. And yes, no, I would break out the capabilities in broadly maybe 3 broad buckets, right? So one is that's a large chain, wanting to make sure that we have the right level of CapEx that gets -- drives the right ROI, but also build capabilities in our infrastructure. So again, I give you an example, and I know we've spoken about this in the last few years, is things like variety packing and things like having the ability to do flavors in our breweries.

謝謝你，埃里克。是的，不，我會將這些能力大致分為 3 個大類，對吧？一方面，這是一個大型連鎖企業，我們希望確保我們擁有合適的資本支出水平，從而獲得正確的投資回報率，同時也要在我們的基礎設施中建立能力。所以我再舉個例子，我知道我們在過去幾年也討論過這個問題，例如多樣化的包裝，以及在我們的釀酒廠裡釀造不同口味啤酒的能力。

These things were never possible maybe five years ago. And this is an investment that we've made to change these capabilities in our infrastructure, right? So making sure we have the right level of CapEx, right, which is -- will be important. So I think that's one thing we're going to continue to look at. So supply chain continues to be an area of making sure we have strong capabilities. Again, in outside CapEx and supply chain, it seems like optimization of logistics and transportation costs, right? So some of the new tools and technology, et cetera, to enable us to do that.

這些事情在五年前或許是根本不可能的。這是我們為改變基礎設施的這些能力而進行的投資，對吧？所以，確保我們有合適的資本支出水平，這一點很重要。所以我覺得這是我們接下來要繼續關注的一個面向。因此，供應鏈仍然是我們確保擁有強大能力的關鍵領域。再說，在資本支出和供應鏈之外，這似乎就是物流和運輸成本的最佳化，對吧？因此，我們需要一些新的工具和技術等等，才能做到這一點。

The other one is commercial capabilities, right? So if you think about our market share in the United States, but our category captaincy is significantly higher than the market share we have. And that means we are -- take a role in driving that capability with our retailers. So that, again, goes back to examples of capabilities. And then the last part is technology. Both in terms of baseline technology needs with some of the new capability around AI and how do we leverage that with our infrastructure.

另一個是商業能力，對吧？所以，如果你考慮我們在美國的市場份額，你會發現我們的品類領導地位遠高於我們的市場份額。這意味著我們要與零售商一起，在提升這種能力方面發揮作用。所以，這又回到了能力的例子。最後一部分是技術。無論是基礎技術需求，還是人工智慧方面的一些新功能，以及我們如何利用這些功能來發展我們的基礎設施。

So we're going to continue focusing on these areas. I think your question around what's the right level of investment. I think, again, more to come on that as we think about our total business, but the lens we usually have on this is what is the driving for our business, right? Is it productivity? Is it efficiency? Is it enabling the top line? So being very clear on all the KPIs or metrics that we use to make sure that these investments are returning something to the business.

所以我們會繼續關注這些領域。我認為你問的是關於合適的投資水平的問題。我認為，隨著我們對整體業務的思考，以後還會有更多相關內容，但我們通常關注的焦點是：是什麼在驅動我們的業務發展？對吧？是生產力問題嗎？是效率問題嗎？它是否對營收成長起到了推動作用？因此，我們需要非常清楚地了解所有關鍵績效指標或衡量標準，以確保這些投資能為企業帶來回報。

So while we will focus on capabilities, it is from a lens of productivity, efficiency or to enable top and bottom line.

因此，雖然我們會專注於能力，但這是從生產力、效率或提高收入和利潤的角度來看的。

Kevin Grundy, BNP Paribas.

凱文·格倫迪，法國巴黎銀行。

Great. Rahul, a question -- two questions for me, actually kind of pulling together some of the themes that we've talked about and that is your assessment of the company's cost structure more broadly, particularly from a supply chain and brewery optimization perspective. So the company made some difficult choices at the corporate level. But as the volume outlook is certainly become quite a bit more challenging perhaps the company's fixed cost structure is not appropriately sized for kind of the new realities if you will.

偉大的。Rahul，我有一個問題——實際上是兩個問題，我想把我們討論過的一些主題聯繫起來，那就是你對公司成本結構的更廣泛評估，特別是從供應鏈和釀酒廠優化的角度來看。因此，公司在企業層面做出了一些艱難的抉擇。但隨著銷售前景變得更加嚴峻，或許該公司目前的固定成本結構已經無法適應這種新的現實情況。

So one, do you view that as a fair assessment? And two, in light of one of the questions earlier on investment levels, do you view incremental productivity as an enabler to support higher investment levels? Or would incremental investment be a near-term drag on margins?

所以，第一，你認為這是一個公平的評價嗎？第二，鑑於前面提到的投資水準問題，您是否認為生產力的逐步提高能夠促進更高的投資水準？或者，新增投資會在短期內拖累利潤率？

Thank you, Kevin. So let me address your first thing around the brewery one. And the second one, I just want to make sure I got your question right. But on the brewery stuff -- on our brewery infrastructure, I mean, we're always looking at ways of making our brewery network efficient, right? And you've seen some of the actions we've taken in the past.

謝謝你，凱文。那麼，讓我先回答你關於釀酒廠的第一個問題。第二個問題，我只是想確認一下我是否理解了你的問題。但是關於釀酒廠方面的事情——我的意思是，關於我們的釀酒廠基礎設施，我們一直在尋找提高釀酒廠網路效率的方法，對吧？你們也看到了我們過去採取的一些行動。

A couple of things I'd call out as we think about our brewery infrastructure. One is around transportation costs, rather than making sure that we are looking at brewery infrastructure in the context of transportation. The other part is the seasonality of our business, right?

在考慮釀酒廠基礎設施時，我想提幾點。一方面是運輸成本問題，另一方面是確保我們從運輸的角度來審視釀酒廠的基礎設施。另一方面，我們的業務也存在季節性問題，對吧？

So seasonality in terms of summer and making sure we think about that. So to answer your question broadly, yes, we're absolutely going to be thinking about all the elements of our fixed cost base right now, I don't believe we need to be closing a brewery. I think we need to be smart about how we think about lines and particular breweries, where we produce, what product, how do we get smarter about some of the efficiency in terms of moving our brands around. I think that's how we think about it.

所以要考慮到夏季的季節性因素，確保我們考慮到這一點。所以，總的來說，回答你的問題，是的，我們現在肯定會考慮固定成本基礎的所有要素，但我認為我們不需要關閉一家啤酒廠。我認為我們需要更明智地思考生產線和具體的釀酒廠，在哪裡生產，生產什麼產品，以及如何更有效地運輸我們的品牌。我想我們就是這麼想的。

A fair question as we think about the volume outlook and what that does, but cost thing will always be a focus for us, whether it's on the fixed side, whether it's on the G&A side, I think that priority and focus will, I would say, always remain.

這是一個合理的問題，因為我們需要考慮銷售前景及其影響，但成本始終是我們關注的重點，無論是固定成本還是一般及行政費用，我認為這一優先事項和關注點將始終保持不變。

Your question about do we need investments to drive productivity. I think that was the theme of the question. I don't believe we need some high elevated levels of investment to drive productivity. I think we need to look at our CapEx in the right way and be checking ourselves to make sure we get the right ROI.

你問我們是否需要投資來提高生產力。我認為這就是問題的核心。我不認為我們需要大量投資來提高生產力。我認為我們需要以正確的方式審視我們的資本支出，並進行自我檢查，以確保我們獲得正確的投資報酬率。

We need to make sure that the investment we have in people, technology is desiring the right returns. But I don't believe -- I think the question was, do I see or expect a big spike in investment to drive productivity. I think that -- I don't believe I see that right now.

我們需要確保我們在人才和技術方面的投資能夠獲得應有的回報。但我並不認為——我認為問題在於，我是否看到或預期投資會大幅成長以推動生產力提升。我覺得——我現在還沒看到這一點。

I think marketing, again, I want to make sure we have the right pressure against our brands, again, but check -- test ourselves to make sure we're getting the right return on the marketing, right? So hopefully, I answered Kevin, both your questions in terms of fixed costing and the investment profile.

我認為行銷方面，我想再次確保我們對品牌施加適當的壓力，但也要檢查——測試我們自己，以確保我們從行銷中獲得正確的回報，對吧？希望我已經回答了凱文關於固定成本和投資概況的兩個問題。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，傑富瑞集團。

Hey, everybody. Congratulations all around. Also, I think congratulations to Eric Serotta might have been the first analyst to pronounce your name correctly. You'll find name pronunciation to be a thing on many of these calls. You're getting the same question, I guess, over and over again around the restructuring and investment levels. And I think a lot of that is because in many instances, when the industry is struggling and has struggled for over a decade.

大家好。恭喜大家！另外，我想祝賀艾瑞克·塞羅塔，他可能是第一個正確念出你名字的分析師。你會發現，在許多這類通話中，名字的發音都是一個重要考量。我想，關於重組和投資水平，你肯定被反覆問到同樣的問題。我認為這很大程度上是因為在很多情況下，當這個行業陷入困境，並且已經持續困境超過十年時。

We see bigger restructurings, bigger savings at the time of management change. And what one so far seems small. So just curious, is this just the first step and there's bigger restructuring to come? Or is it sort of everything is in place now and it's time to go?

我們看到，在管理階層變動時，會出現更大規模的重組和更大的成本節約。而目前為止，這似乎只是個小問題。所以我很好奇，這只是第一步嗎？接下來還會有更大規模的重組嗎？或者說，現在一切都已就緒，是時候出發了？

Thanks for the question. I think -- I know I'm keen to also talk about our total plan. I look forward to sharing that in the coming months, right? I mean we definitely -- if you think about our business and you said this with respect to long-term trends, making sure we are looking at our cost base in the right way. I think we're going to look at everything.

謝謝你的提問。我想——我知道我也很想談談我們的整體計劃。我期待在接下來的幾個月與大家分享這些內容，對吧？我的意思是，我們當然——如果你想想我們的業務，而且你剛才也談到了長期趨勢，那麼確保我們以正確的方式看待我們的成本基礎就顯得尤為重要。我認為我們要把所有事情都考慮進去。

The piece that we took action on in the short term in the last 30 days was to make sure we have set up while in the Americas for 2026. So I would say more to come as we think about all the elements of the plan, cost and efficiency is another element that is super important. But we were trying to move with pace as we think about setting ourselves up in the Americas for 2026.

在過去 30 天裡，我們短期內採取的行動是確保我們在美洲為 2026 年做好準備。所以我想說的是，隨著我們對計畫所有要素的思考，後續還會有更多細節公佈，成本和效率是另一個非常重要的要素。但我們正在努力加快步伐，因為我們正在考慮為 2026 年在美洲的發展做好準備。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

One thing I want to go back to was just in the prepared remarks role when you commented on -- I'm just going to find the call again. On the commercial changes, I know you -- and answer to Steve's question, you talked a little bit about org structure. But you also talked about deploying marketing based on market dynamics and portfolio priorities.

我想回到你之前在準備發言環節發表的評論——我得再找找那張通話記錄。關於商業變革，我知道你──回答史蒂夫的問題，你稍微談到了組織結構。但您也談到了根據市場動態和產品組合優先順序來部署行銷策略。

And I just -- I was curious like what were you doing before? Because that sounds like I would think that's what's already happening. So I'm just curious how you maybe compare and contrast and what it is that needs to change?

我只是好奇，你之前在做什麼？因為聽起來好像事情已經這樣發展了。所以我很好奇您會如何比較和對比，以及需要改變的是什麼？

Yeah. Thank you, Lauren and absolutely a fair question. I think the way I would think about this is how do we react faster to the external market dynamics, right? I mean if you look at our brands, while we have big national brands, they play different roles regionally, they operate in terms of market share we have in each state or each region is different. And we need to just find ways of being -- deploying our internal resources in a stronger way.

是的。謝謝你，勞倫，這絕對是一個合理的問題。我認為思考這個問題的方式是，我們如何更快地對外部市場動態做出反應，對嗎？我的意思是，如果你看看我們的品牌，雖然我們有一些全國性的大品牌，但它們在不同地區扮演著不同的角色，它們在每個州或每個地區的市場份額都不一樣。我們需要找到更有效的生存方式—以更強大的方式運用我們的內在資源。

The added part -- and some of this we were doing, right? But again, the pieces I would say, is different or will be different is in the context of accountability. How do we make sure our decision-making is as close to those markets as possible, how do we make sure we can shift both people and dollar resources closest to that decision-making. And I think that's -- those are the changes that would be different for our teams, how we operate, how we engage with our distributor network, Lauren.

新增的部分——其中一些我們已經在做了，對吧？但我想再次強調，不同之處或將會不同的地方在於問責制。我們如何確保我們的決策盡可能貼近市場？我們如何確保能夠將人力和資金資源轉移到最接近決策的地方？勞倫，我認為這些變化對我們的團隊、我們的運作方式以及我們與經銷商網路的互動方式來說都會有所不同。

So I think it is things I would say we were doing, but we just need to lean in harder given how the category has changed, right? I mean if you look at even regional performance, we -- I know we talked about the national performance of the category. The category is performing very differently in different parts of this country.

所以我覺得，我們一直在做的事情，只是鑑於產業格局的變化，我們需要更加努力，對吧？我的意思是，即使從區域表現來看，我們——我知道我們討論過該類別的全國表現。該類別產品在全國各地的表現差異很大。

And we need to make sure we're pivoting to that, both from a resource perspective, from a brand perspective, that's where the economy context comes into conversation, right, because some of our economy brands are very big in particular geographies. And if we are not putting the right focus on those, that's -- the whole growth algorithm becomes very hard to make happen. So those -- I would say those are the big highlights I would call out, Lauren, to your question.

我們需要確保我們朝著這個方向轉型，無論是從資源角度還是品牌角度，這就是經濟環境進入討論的話題，對吧，因為我們的一些經濟型品牌在特定地區非常大。如果我們沒有把重點放在這些方面，那麼整個成長演算法就很難實現。所以，勞倫，針對你的問題，我想說，這些就是我要重點提及的幾個亮點。

Nadine Sarwat, Bernstein.

Nadine Sarwat，Bernstein。

I'd like to come back to some of the cyclical pressures that you called out in the prepared remarks, and in particular, what are you seeing in terms of consumer sentiment for your consumers in Q3? And to the extent that you can comment on this in October, I appreciate the prepared remarks you made, but are there any internal surveys or analytics that you're able to share about what's driving consumer behavior today? And how does that help you be more confident in your statement that the incremental pressure we're seeing today is firmly cyclical as opposed to structural?

我想回到您在準備好的發言稿中提到的一些週期性壓力，特別是，您在第三季度看到了消費者情緒的哪些方面？如果您能在十月份就此發表評論，我很感謝您事先準備好的發言，但您能否分享一些關於當前消費者行為驅動因素的內部調查或分析數據？那又如何能讓你更有信心地認為，我們今天看到的這種漸進式壓力是週期性的，而不是結構性的呢？

Yes. Again, I understand the question, but -- so if I address it in maybe a few added points to give you some context of at least how we're seeing it. I mean, if you go in back to pre '25, I mean some of these trends have been with us at the beer category for a long time, right, whether it's health and wellness, whether it's generational change, whether it's people making choices around alcohol. I think that some of those have been -- we and everybody in the industry have known about those. And if you look at the category historically used to be in the minus [1%, 2%]. In the last few years, it's in mid minus [3%-ish] range.

是的。我再次強調，我理解這個問題，但是——所以如果我補充幾點來回答這個問題，以便至少能給你一些關於我們如何看待這個問題的背景資訊。我的意思是，如果你回顧 2025 年以前，你會發現啤酒行業中有些趨勢已經持續了很長時間，無論是健康養生、代際更迭，還是人們對酒精的選擇。我認為其中一些事情——我們和業內所有人都知道。如果你回顧一下歷史數據，你會發現這個類別過去通常是負數。[1%，2%]。近幾年，這個數字一直徘徊在負3%左右。

This year, I would say that's been definitely added pressure. And you see that across staples, and beer hasn't been immune to that. So whether that is impact of tariffs on consumer sentiment, if it is the focus on the Hispanic community, any of those elements. So I do believe that has had different type of an impact to the category this year. And that's where once we've got through these macro issues, then we need to get back to those baseline levels of how we think about the category and then making sure we're winning in that category.

今年，我認為這無疑增加了額外的壓力。你會發現這種現像在各種生活必需品中都存在，啤酒也未能倖免。所以，無論是關稅對消費者信心的影響，或是對西班牙裔社區的關注，都是這些因素造成的。所以我認為這對今年的該類別產生了不同類型的影響。一旦我們解決了這些宏觀問題，我們就需要回到我們思考這個類別的基本水平，然後確保我們在這個類別中取得勝利。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

I'm trying to summarize all of the commentary about the regional execution versus the national marketing of your brands. And I just want to make sure I understand, like you have Coors Light and Miller Lite, your two biggest brands. Is it your view that on a national level, that the marketing of those brands has been just fine because there's been multiyear share losses of those.

我正在嘗試總結所有關於你們品牌區域執行與全國行銷的評論。我只是想確認我的理解是否正確，例如你們有 Coors Light 和 Miller Lite，這是你們兩個最大的品牌。您是否認為，從國家層級來看，這些品牌的行銷做得很好，因為這些品牌的市佔率已經連續多年下滑？

One of your competitors has made great inroads in the light category probably at their expense. So is there -- do you think that the national marketing of those brands is doing just fine? And really, it's just the regional execution could improve and that's the way to stabilize?

你的一個競爭對手可能以犧牲他們為代價，在輕型產品領域取得了巨大進展。那麼，你認為這些品牌的全國性行銷做得如何？實際上，只是區域執行力還有提升空間，而這才是穩定局面的途徑？

Thank you for that question. We definitely think there's opportunities for us as we think about how these brands show up. If you think about the work we are doing on Miller Lite with a 50-year campaign. I think -- and if you look at share losses of Coors Light versus in Q3 versus Q2. So definitely, that's something we're looking at of the national campaigns for our big brands and how do we lean into it differently, how we think about it going forward?

謝謝你的提問。我們認為，隨著我們思考這些品牌如何展現自身，其中肯定蘊藏著機會。想想我們正在為 Miller Lite 啤酒進行的為期 50 年的推廣活動。我認為——如果你看看 Coors Light 在第三季和第二季的市佔率損失。所以，這絕對是我們正在研究的大品牌全國性推廣活動的一個方面，以及我們如何以不同的方式應對，以及我們未來將如何思考這個問題？

And I'd just point you pointed out to Coors Banquet, right? I mean I think it's a brand that has really met a consumer need as resonated with consumers. We've obviously executed well in the context of distribution gains. But absolutely, focused on making sure we've got the right campaigns for Coors Light and Miller Lite. And I think you'll see some of that play out as -- with large sports in the coming months.

我剛才提到的 Coors Banquet 就是這個意思，對吧？我的意思是，我認為這個品牌真正滿足了消費者的需求，引起了消費者的共鳴。顯然，我們在分銷收益方面做得很好。但毫無疑問，我們的重點是確保我們為 Coors Light 和 Miller Lite 制定了正確的行銷活動。我認為在接下來的幾個月裡，你會看到一些這樣的情況在大型體育賽事中出現。

Gerald Pascarelli, Needham & Co.

傑拉爾德‧帕斯卡萊利 (Gerald Pascarelli)，李約瑟公司

Great. Rahul, I guess, just going back to some of the prior commentary on this call and to summarize, is it fair to assume or expect that bolt-on M&A or a more aggressive push on to beyond beer ultimately becomes a more important part or a larger part of the capital allocation strategy looking forward?

偉大的。Rahul，我想，回顧一下之前對這次電話會議的一些評論，總結一下，是否可以合理地假設或預期，附加併購或更積極地拓展啤酒以外的業務最終將成為未來資本配置策略中更重要或更大的部分？

And then for Tracey, just going back to the Midwest Premium obviously been increasing $0.81 per pound. I know there's like less than two months left in the year. But if the premium continues to spike, is there a spot price threshold for us to be mindful of that could potentially put your PBT guidance at risk for the year? Any color there would be great.

對於 Tracey 來說，回到 Midwest Premium，價格顯然已經上漲了每磅 0.81 美元。我知道今年只剩下不到兩個月了。但如果溢價繼續飆升，是否存在一個現貨價格門檻需要我們注意，該門檻可能會使您今年的稅前利潤預期面臨風險？任何顏色都行。

Yes. Thank you, Gerald, for that and Walling. If you look at M&A and deployment of capital, we have a pretty strong beer portfolio across the world, right? I mean we continue to fill some gaps in that. But the places where we need to fill some gaps are probably in the beyond beer. So in terms of deploying capital, you will see us probably lean in a lot more on the beyond beer space than the beer space.

是的。謝謝你，傑拉爾德，也謝謝你，沃林。從併購和資本部署的角度來看，我們在全球範圍內擁有相當強大的啤酒產品組合，對吧？我的意思是，我們仍在努力填補這方面的一些空白。但我們需要填補一些空白的地方可能不在啤酒領域。因此，在資本部署方面，你會看到我們可能會更專注於啤酒以外的領域，而不是啤酒領域。

But if there are ideas that make sense that augment our business and drive top and bottom line growth, we're going to look at that. But I think, broadly speaking, I think your assessment of deploying on the dollars in beyond beer is probably the right way to think about it. Tracey, do you want to address the Midwest Premium question?

但是，如果有一些想法能夠促進我們的業務發展，並推動營收和利潤的成長，我們就會認真考慮。但總的來說，我認為你對在啤酒之外的領域進行資金部署的評估可能是正確的思考方式。Tracey，你想談談中西部保費的問題嗎？

Yes. So look, I mean, we've spoken about the Midwest Premium a lot. And as you rightly say, it just continues to increase at hit an all-time high in October, potentially going much higher. Now we do have an extensive hedging program that operates sort of there's a blend between structured as well as where we use opportunistic depending on the markets, we're able to hedge out multiple years. And really, the objective is to smooth out the impacts of any unfavorable swings in commodities and in ForEx.

是的。所以你看，我的意思是，我們已經談到了中西部高級版多次。正如您所說，它仍在持續上漲，並在 10 月達到歷史新高，而且可能會繼續上漲。現在我們確實有一個廣泛的對沖計劃，其運作方式是結構化對沖和機會主義對沖相結合，這取決於市場情況，我們能夠對沖多年。實際上，其目標是平抑商品和外匯市場任何不利波動的影響。

But as it relates specifically to the Midwest premium, look, we do have coverage, and we do follow the guardrails in our program. But as I've said before, it's a very difficult and very expensive commodity to hedge. Its pricing does not follow conventional market east and flows and liquidity is limited. And so it continues to be a headwind for us. And we do try and eliminate the volatility through hedging. But at the levels that it is, there's no -- there's sort of reason for that. So we will just continue to track it and do what we can in terms of trying to mitigate the volatility that we do see in that commodity.

但具體到中西部地區的保費問題，我們確實有相關保障，而且我們的計劃也遵循相關規定。但我之前說過，對沖這種商品風險非常困難，而且成本非常高。其定價不符合傳統市場規律，資金流動和流動性有限。因此，這仍然是我們面臨的一大阻力。我們確實會嘗試透過對沖來消除波動性。但就目前的水平而言，沒有——這其中是有原因的。因此，我們將繼續關注該商品價格，並盡我們所能減輕該商品價格的波動性。

Thank you. That concludes our question-and-answer period. You may now disconnect.

謝謝。我們的問答環節到此結束。您現在可以斷開連線了。