Management remarks
Call period: 2026 Q2 · 2026-07-30
Guidance: Guilherme Fleury de Figueiredo Parolari: Here, it is worth noting that in the first half of the year, Brazil Beer cash COGS per hectoliter, excluding Marketplace products, increased by 9.7%, while our full year guidance remains unchanged at between 4.5% and 7.5%.Demand and orders: Carlos Eduardo Lisboa: In both the second quarter and the first half, beer volumes grew or remained broadly stable in 7 of our 10 largest markets, while net revenue and EBITDA grew across all business units, showcasing that our progress was not dependent on any single market or growth lever.Margins: Carlos Eduardo Lisboa: In the first half, gross margin expanded 6.7 percentage points year-over-year, reaching 22%.Analyst Q&A
Analyst Nadine Sarwat asked: I'd like to zoom in on Brazil NAB and on the minus 4.4% volume growth. Thank you for confirming that 30% of that decline was from the channel phaseout. So am I correct in assuming that that channel phaseout will continue to be a headwind year-on-year for the next 3 quarters? Management Carlos Eduardo Lisboa answered: But we couldn't leverage that much because the recovery for us took longer than expected, because we were focused on correcting the commercial course, I mean, price relativity, market share performance, volume performance, without compromising the health of the P&L of our business unit, okay? And I'm glad that we close the quarter 2 very in line with our expectations. It took longer, but now we are very close, because we corrected the price relativity without compromising what we deliver in terms of net revenue per hectoliter performance in the quarter.管理层陈述
电话会期间：2026 Q2 · 2026-07-30
指引：吉列尔梅·弗勒里·德·菲格雷多·帕罗拉里：在此值得一提的是，今年上半年，不计Marketplace产品的巴西啤酒每百升现金销售成本增长9.7%，而我们的全年指引维持不变，区间为4.5%至7.5%。需求与订单：卡洛斯·爱德华多·利斯博阿：在第二季度和上半年，我们10个最大市场中有7个的啤酒销量实现增长或基本稳定，同时所有业务单元的净收入和息税折旧摊销前利润均实现增长，这表明我们的增长并非依赖于单一市场或增长引擎。利润率：卡洛斯·爱德华多·利斯博阿：上半年，毛利率同比扩大6.7个百分点，达到22%。分析师问答
分析师纳丁·萨尔瓦特聚焦巴西NAB业务及4.4%的销量下滑，感谢管理层确认其中30%的下滑源于渠道淘汰，并询问该渠道淘汰是否会在未来三个季度持续构成同比逆风。卡洛斯·爱德华多·利斯博阿回应称，复苏慢于预期，他们当时专注调整价格相对水平、市场份额与销量表现且不损害业务部门损益健康，很高兴第二季度业绩符合预期，目前已接近目标，因已在不影响每百升净收入表现的前提下调整了价格相对水平。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
