2025-07-01 Constellation Brands, Inc. (STZ) Q1 2026 Earnings Call Transcript

Constellation Brands, Inc. (NYSE:STZ) Q1 2026 Earnings Conference Call July 2, 2025 10:30 AM ET

Company Participants

Garth Hankinson - Executive VP & CFO

Joseph Suarez - Senior VP of Investor Relations

William A. Newlands - President, CEO & Director

Conference Call Participants

Andrea Faria Teixeira - JPMorgan Chase & Co, Research Division

Bonnie Lee Herzog - Goldman Sachs Group, Inc., Research Division

Christopher Michael Carey - Wells Fargo Securities, LLC, Research Division

Dara Warren Mohsenian - Morgan Stanley, Research Division

Filippo Falorni - Citigroup Inc., Research Division

Kaumil S. Gajrawala - Jefferies LLC, Research Division

Lauren Rae Lieberman - Barclays Bank PLC, Research Division

Peter Thomas Galbo - BofA Securities, Research Division

Sunil Harshad Modi - RBC Capital Markets, Research Division

Operator

主持人

Greetings, and welcome to the Constellation Brands Q1 Fiscal Year 2026 Earnings Conference Call and Webcast. \[Operator Instructions] As a reminder, this conference is being recorded.

各位好，欢迎参加康斯特雷申品牌 2026 财年第一季度财报电话会议及网络直播。\[操作员指示] 提醒各位，本次会议正在录音。

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

现在我很高兴为大家介绍本次主持人，投资者关系副总裁约瑟夫·苏亚雷斯先生。请开始。

Joseph Suarez

约瑟夫·苏亚雷斯

Thank you, Kevin. Good morning all, and welcome to Constellation Brands Q1 Fiscal '26 Conference Call. I'm here this morning with Bill Newlands, our CEO; Garth Hankinson, our CFO, and Blair Veenema, our new Vice President of Investor Relations, who will assume leadership of the function after today. Blair brings great expertise to the role. He began his career as a buy-side equity analyst and has worked across our corporate development, treasury and beer commercial finance teams for the last 10 years. I will work closely with Blair over the coming weeks to ensure a seamless transition of the function.

谢谢你，Kevin。大家早上好，欢迎参加康斯特雷申品牌 2026 财年第一季度财报电话会议。今天早上与我在一起的有我们的首席执行官 Bill Newlands、首席财务官 Garth Hankinson，以及新的投资者关系副总裁 Blair Veenema；从今天开始，他将接手这一职能的领导工作。Blair 在这一岗位上拥有出色的专业能力。他的职业生涯始于买方股票分析师，并在过去 10 年间任职于我们公司的企业发展、财务管理以及啤酒业务商业财务团队。我将在接下来的几周内与 Blair 密切合作，确保这一职能的顺利交接。

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

我们相信，大家已经有机会查阅新闻稿、首席执行官和首席财务官的评论、配套季度幻灯片，以及最近更新的年度品牌附录幻灯片，这些资料均可在公司网站投资者专区 [www.cbrands.com](http://www.cbrands.com) 获取。

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

在此提醒各位，关于本次电话会议讨论的任何非 GAAP 财务指标与最直接可比的 GAAP 指标之间的对账，已包含在新闻稿和网站上，并且我们亦鼓励您参阅新闻稿及康斯特雷申向美国证交会提交的文件，以了解可能影响本次电话会议前瞻性声明的风险因素。

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

在将电话会议交给 Bill 和 Garth 之前，请记住，如往常一样，除非另有说明，今天给出的答案均以可比结果为参考。最后，与前几季度一致，我请大家每人限制提问一个问题，以帮助我们准时结束会议。提前感谢，现在进入提问环节。

Question-and-Answer Session

问答环节

Operator

主持人

\[Operator Instructions] Our first question today is coming from Dara Mohsenian from Morgan Stanley.

\[操作员指示] 今天的第一个问题来自摩根士丹利的达拉·莫西尼安。

Dara Warren Mohsenian

达拉·沃伦·莫西尼安

So just wanted to discuss your confidence in the unchanged full year Beer revenue growth outlook as well as margin guidance. So we've obviously seen some industry weakness ramp up in May and June. Your depletion decline in fiscal Q1 was similar to Q4 if you strip out one less day. I understand that. But presumably, some of this industry pressure ramped up towards the end of the quarter in June, at least in the tracked channel data.

我想讨论一下你们对全年啤酒收入增长展望及利润率指引维持不变的信心。显然，在 5 月和 6 月，行业疲软有所加剧。如果扣除少一天的因素，你们第一财季的出货量下降与第四财季相似，我理解这一点。但可以假设，在至少可跟踪的渠道数据中，这些行业压力在 6 月季度末有所加剧。

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

能否谈谈你们对啤酒销量增长预期的信心？在某个时点，这意味着你们将回到出货量正增长。能否在季度层面提供更多背景，说明我们何时能看到这种变化？另外，在利润率方面，随着关税上调带来的铝成本增加，你们将如何抵消，从而仍然在全年实现与先前预期一致的啤酒业务盈利能力？

William A. Newlands

威廉·A·纽兰兹

Sure. Dara, why don't I start and Garth will come in with the margin question. I think it's important to point out that the quarter was as we expected. We saw a significant amount of consumer concern that has continued from the past quarters into this quarter, but this quarter was as we expected. Recall, this is going against the strongest quarter that we had last year. Q1 was what I would describe as a normal quarter for us. And as you pointed out, there was one less selling day in the quarter.

好的，达拉，我先回答，然后让Garth来谈利润率问题。我认为重要的是指出本季度表现符合我们的预期。我们看到消费者担忧从过去几个季度延续到本季度，但结果仍在预期之内。请记住，这是对比去年最强劲的一个季度。对我们来说，第一季度可以称为正常季度。正如你提到的，本季度少了一个销售日。

I think the important thing to point out is sequential improvement is required for us to accomplish our guidance, but it's not, not predicated on significant consumer change. We're going against much easier comps as we head into the summer and scanner data. You may recall that in July of last year was when things started to decelerate both for us and for the overall industry. So we're going against easier comps as we progress into the summer months.

需要指出的是，为实现指引，我们确实需要环比改善，但这并不建立在消费者行为显著变化的前提之上。随着进入夏季及扫描数据的体现，我们将面对更容易的可比基数。你们可能记得，去年 7 月开始，我们与整个行业的增速都开始放缓。因此，进入夏季后，我们所面对的基数将更为友好。

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

加思，你想谈谈利润率问题吗？

Garth Hankinson

加思·汉金森

Yes. I'll touch on the margin point. But before I touch on the margin point, again, as Bill said, we feel confident with our outlook for the year, which is why we affirm guidance, and we haven't seen any changes in consumer behavior. That being said, there are still some macroeconomic factors, if you will, that we continue to monitor, and there continues to be some uncertainty in the macro backdrop. We've seen from our banking partners and from the Fed, some reductions in expectations around GDP growth as well as some softening in expectations with inflation, unemployment, and interest rates. That being said, there's a lot of guesswork, I think, more so in this year's forecast as it relates to things like the impact of potential tariffs or the potential impact of tariffs and the potential impact of unemployment of government-related layoffs. So again, just a fair amount of uncertainty as we go through the year.

好的，我来谈利润率问题。但在此之前，再次强调，正如比尔所说，我们对全年展望充满信心，因此重申指引，而且我们尚未看到消费者行为的变化。尽管如此，我们仍在关注一些宏观经济因素，宏观背景仍存在不确定性。从银行合作伙伴和美联储的反馈来看，对 GDP 增长的预期有所下调，对通胀、失业率和利率的预期也有所放缓。在今年的预测中，对于潜在关税及其影响、政府裁员导致的失业等问题，需要更多的猜测成分。因此，在全年过程中仍存在相当程度的不确定性。

On the margin front, we feel good about our ability to deliver margins in line with what we laid out in April, specifically to the incremental tariff that went into effect in June. To be clear, that did not impact our Q1. Going forward, we think that the impact of that is going to be roughly \$20 million. As a reminder, what was announced earlier in the year was an impact of about \$30 million.

在利润率方面，我们有信心实现 4 月所制定的利润率目标，尤其是针对 6 月生效的新增关税。需要说明的是，这并未影响到第一财季。展望未来，我们认为新增关税的影响约为 2000 万美元。提醒一点，年初公布的预估影响约为 3000 万美元。

It's obviously less for us given that it's one quarter into the year or the incremental is less for us because we're one quarter into the year. And from a seasonality perspective, first quarter is the highest quarter. Volume-wise, we don't expect that we're going to be able to fully offset this incremental tariff. So that will be about a 20 basis point hit, but we still believe that we can deliver margins in line with what we outlined in April.

由于本财年已过去一个季度，因此此次增量影响对我们而言相对较小。从季节性角度看，第一季度是全年销量最高的季度。在销量层面，我们预计无法完全抵消这部分新增关税，因此利润率将受到约 20 个基点的冲击，但我们仍相信可以实现 4 月制定的利润率目标。

Operator

主持人

Our next question today is coming from Nik Modi from RBC.

今天的下一个问题来自加拿大皇家银行的 Nik Modi。

Sunil Harshad Modi

苏尼尔·哈沙德·莫迪

Bill, I know this might be a hard question to answer, but just I know you guys are doing a lot of work regarding the Hispanic consumer. It almost feels like it's getting a bit worse in terms of just -- at least from the headlines of the rates and kind of where they're targeting consumers in normal places of shopping. I'm just curious like, there's got to be a breaking point at some point. And obviously, this is a big driver that is weighing on your business.

比尔，我知道这个问题可能很难回答，但我也知道你们在西班牙裔消费者方面做了大量工作。现在的情况似乎在变得更糟——至少从新闻标题看，执法行动的频率和对普通购物场所消费者的针对都在增加。我很好奇，总有一个临界点吧？显然，这是压在你们业务上的一个重要因素。

I'm curious if you have any perspective on like how long do you think this might go on? And again, I know this is a hard question to answer. Do you have any perspective from the administration in terms of when some of these rates will start to calm down? Like any perspective around that, I think, would be helpful.

我想知道你是否对这种状况会持续多久有任何看法？我知道这同样是个难回答的问题。你是否从政府层面了解到何时这些执法行动会有所缓和？如果能提供任何见解，都将大有帮助。

William A. Newlands

威廉·A·纽兰兹

Sure. Thanks, Nik. As you know, you're right, this is very hard to call as to what the consumer reaction is going to be going forward. I think the important part that we continue to look at is, first of all, our loyalty is very strong and remains very strong with the Hispanic consumer base. Our loyalty is increasing in the general market, and we are continuing to invest against our business to support the consumer as they progress down this path.

好的，谢谢你，Nik。如你所说，确实很难判断消费者接下来会有何反应。我认为关键在于：首先，我们在西班牙裔消费者群体中的忠诚度非常高，并且依旧保持强劲；在更广泛的市场中，我们的品牌忠诚度也在提升。我们将持续加大业务投入，以支持消费者在当前环境下前行。

Importantly, our brand health measures remain as strong as they ever have. We'd be -- we'd be hard pressed to tell you when you see a fair amount of change. Both Hispanic and non-Hispanic consumers are concerned about inflation and about cost structure. But I also would point out that the percentage of alcohol in the basket has remained constant even though the basket has gotten smaller relative to what consumers are doing with consumer goods. So our focus has been on control the controllables.

更重要的是，我们的品牌健康指标仍然保持历史高位。什么时候会出现显著变化，我们也很难确切预测。西班牙裔与非西班牙裔消费者都对通胀和成本结构感到担忧。但我想强调的是，尽管整体购物篮规模缩小，但酒类在其中所占比例保持稳定。因此，我们专注于可控因素。

We have seen high single-digit share gains in the shelf, our buy rates. While visits are down, spend is up when people visit and when they actually go to the stores. NPD continues to be an important part of what we do. We're pleased with the development of Sunbrew. It's ahead of what we had expected. And as I said earlier, we continue to invest against the business. So our focus continues to be monitored carefully where the consumer is and control the controllables, do everything we can possibly do. So as the consumer hopefully returns in the near term to more normal behavior, we're there and ready to take advantage of just that.

在货架份额和购买频率方面，我们实现了高个位数的增长。虽然到店次数下降，但每次到店的消费额上升。新品开发仍是我们的重要战略组成部分，我们对 Sunbrew 的进展感到满意，其表现超出预期。正如我之前所说，我们将持续加大业务投入。因此，我们会密切关注消费者动向，控制可控因素，尽最大努力。当消费者在近期恢复更正常的购买行为时，我们已做好充分准备，抓住机遇。

Operator

主持人

Our next question is coming from Lauren Lieberman from Barclays.

下一个问题来自巴克莱的劳伦·利伯曼。

Lauren Rae Lieberman

劳伦·雷·利伯曼

I just want to talk a little bit about marketing. It was interesting to see stronger marketing in the quarter. So I was curious if you could talk a little bit about marketing cadence this year versus last. And then also in that standpoint, it feels like not so much from a pricing standpoint, but from a marketing standpoint, the competitive landscape has picked up, and you've got Mic Ultra that's been a fast-growing brand for some time, the only other fast-growing brands alongside Modelo, has really picked up its activity. And I think picked up, it seems sort of the target market they're going after.

我想谈一下市场营销。本季度营销力度更强，这一点很有意思。我想了解今年与去年的营销节奏有何不同。此外，从营销角度而非定价角度看，竞争格局似乎加剧。Mic Ultra 作为与 Modelo 并列的另一款快速增长品牌，已在市场上大幅加大活动力度，看起来也明确了其目标消费群。

So I just was curious if you could talk a little bit about kind of brand competitiveness, your marketing efforts, not just quantum and timing, but also kind of thoughts around any changes or differences in targeting and what you're seeing in the competitive landscape?

因此，我想了解一下品牌竞争力方面的情况，以及你们在营销投入规模与时点之外，对目标受众策略的任何调整或差异，以及在竞争格局中看到的变化？

William A. Newlands

威廉·A·纽兰兹

Yes, you bet. So I think it's important to point out that because of seasonality heading into the summer, Q1 is always slightly higher in terms of our marketing investment versus the rest of the quarters. But I think it's also important to point out, Modelo and Corona are the #1 and the #2 share of voice within the Beer sector for marketing.

好的。首先，由于季节性因素，进入夏季前的第一季度，我们的营销投入历来高于其他季度。但同样重要的是，Modelo 和 Corona 在啤酒行业的营销声量中分列第一和第二。

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

我们将继续加大品牌投资，以打造品牌的长期成功。我们重点投向高影响力领域：美式足球、足球、美国职业棒球大联盟等现场、富有行动感、且往往与啤酒消费场景高度契合的赛事。

So we're going to continue to invest against our business. Our fundamental belief is, as I said on the prior question, our brand health metrics are very strong. Our intent is to keep those metrics as strong as they are, if not to improve those. And part of the way we will do that is to continue to invest against the consumer. So as the consumer begins to revert to more normal behavior, whenever that occurs, we're going to be in a position to win.

因此，我们会持续在业务上投入。正如之前所说，我们的品牌健康指标非常强劲，我们的目标是保持甚至提升这些指标。实现这一目标的重要方式就是继续面向消费者投资。当消费者行为恢复正常，无论何时到来，我们都能抓住机遇取胜。

Operator

主持人

Our next question today is coming from Chris Carey from Wells Fargo Securities.

今天的下一个提问来自富国银行证券的克里斯·凯里。

Christopher Michael Carey

克里斯托弗·迈克尔·凯里

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

在回顾投资者日的演示材料时，我注意到你们对产品组合高度聚焦且因此在所属品类中不断提升份额感到十分自豪。而当我们观察一些同行时，他们实际上一直在尝试持续多元化产品组合，以便在需求下滑、增长放缓或市占率丧失时能够由其他品类进行对冲，对吧？你们也在一些竞争对手身上看到过这种做法。

Does this moment in time, give you a bit more credence to think about maybe investing or diversifying the portfolio, however significant that may be in the coming years to give yourself a bit more diversification against such events? And then within that, can you just talk about how elevated maybe Pacifico will become now because it's been such a reliable growth driver. Can you accelerate that growth even more? So just some thoughts there would be helpful.

在当前这个时点，是否更能促使你们考虑投资或多元化产品组合？无论未来几年这一步伐多大，至少可以在类似事件发生时获得更多分散化。其次，Pacifico 一直是稳定的增长引擎，你能否谈谈它未来的定位会提升到什么高度？你们是否还能进一步加速这款产品的增长？这些想法将会十分有帮助。

William A. Newlands

威廉·A·纽兰兹

Yes, you bet. Well, first of all, I think it's important -- if you think about what has changed versus the Investor Day, a lot of things happen. Non-alc didn't exist at that point in time. Today, it's the #2 share gainer in a growth category, the non-Alcohol sector. Oro didn't exist. You probably heard that we are adjusting our Oro pricing to go after high-end light beer, where we see competitive opportunity for us to succeed.

没错，当然。首先，我认为重要的是——与投资者日相比已经发生了很多变化。当时无酒精饮品还不存在，如今它已成为增长品类中份额提升第二快的非酒精板块。Oro 当时也不存在。你可能听说过，我们正在调整 Oro 的定价以进军高端淡啤市场，我们认为在那里有竞争取胜的机会。

We introduced Sunbrew this year, which is ahead of our plan, goes after a consumer who's interested in flavor. I've said on prior calls, we're very pleased with the fact that our share of sales in LDA 21- to 25-year-old consumers is twice the average of the sector. So we're continuing to bring in new, younger consumers into the equation.

今年我们推出了 Sunbrew，进度领先原计划，目标消费者是注重风味的群体。我在之前的电话会上提到过，我们在法定饮酒年龄 21 至 25 岁人群中的销售份额是行业平均水平的两倍，因此我们正在持续吸引新的、更年轻的消费者。

\[indiscernible], one of the best -- single best \[indiscernible] that we have did not exist when we had Investor Day. So all of those things, I would argue, are part of our innovation agenda. As we've said, we can see between 20% and 40% of our growth profile in any year, reflecting from new products, and we would expect this year not to be any different along that line, but we're continuing to be focused on how we can win more consumers on more occasions.

【听不清】——这是我们拥有的最佳单项【听不清】之一，在投资者日时还不存在。我认为，所有这些都属于我们的创新议程。正如我们所说，任何一年新产品都能贡献 20% 至 40% 的增长，我们预计今年也不例外，同时我们将继续专注于在更多场合赢得更多消费者。

Relative to your question on Pacifico, obviously, Pacifico continues to be very, very strong. But what's exciting to us is, despite the fact that Pacifico is the #2 brand now in L.A., where it's obviously a huge brand, 50% of the growth profile that's occurring on Pacifico is coming from outside of California. So you're starting to see significant increase and growth of that brand around the country, and we expect to put some fuel on the fire, if you will, around that brand.

关于你提到的 Pacifico，显然它依旧非常强劲。更令人振奋的是，尽管 Pacifico 目前在洛杉矶排名第二、体量庞大，但其增长中有 50% 来自加州以外地区。你已经能看到该品牌在全国范围内显著提升和增长，我们也计划“火上浇油”进一步推动其发展。

We think it's a great opportunity. It's demographic profile is somewhat different from our other brands. And we think that's going to be an important growth driver and an important share gainer in terms of shelf positions for us as we move forward.

我们认为这是一大机遇。其消费人群结构与我们其他品牌略有不同，我们相信它将成为重要的增长驱动力，并在货架陈列份额方面为我们带来显著提升。

对聚焦的概念不够清晰。

Operator

主持人

\[Operator Instructions] Our next question is coming from Kaumil Gajrawala from Jefferies.

【操作员指令】下一位提问者是杰富瑞的考米尔·加杰拉瓦拉。

Kaumil S. Gajrawala

考米尔·S·加杰拉瓦拉

I guess I'm going to follow Nik's lead with a tough question, which is -- let's just assume things get better from a socioeconomic perspective. How do we know that behavior will go back to where it was. And I kind of asked in the context of, it does seem we're learning now and that COVID really changed the way the consumer is behaving in general across a series of things, but especially across beer. And could this be sort of the equivalent of a COVID moment that even if things start to open up a bit that maybe the behavior doesn't go back to where it was?

我想我会跟随尼克的脚步提出一个棘手的问题——假设宏观经济和社会状况好转，我们如何确定消费者行为会恢复到从前？我这么问是因为现在看来，我们正在认识到，疫情确实改变了消费者在许多方面的行为方式，尤其是在啤酒消费上。即便环境好转、限制放开，这会不会成为另一个“疫情时刻”，导致行为仍然无法回到过去的状态？

William A. Newlands

威廉·A·纽兰兹

Yes, that's an interesting question. I think the important part of that for us to all keep in mind is, especially with our Hispanic consumer, which reflects roughly half our business, that consumer is very interested in beer. What has occurred is that occasions on which beer is consumed have decreased because of concerns of the socioeconomic area that you mentioned.

是的，这是个有趣的问题。我认为关键在于——尤其对我们而言，拉美裔消费者约占我们业务的一半，这一群体对啤酒始终兴趣浓厚。真正变化的是由于您提到的宏观经济担忧，啤酒消费的场合减少了。

So when you look at the fact that consumers are not going out to eat as much as they had, they're having less social occasions at home. It doesn't change their interest in consumption of beer. It simply has been that those occasions have been decreased of when that occurs. So I think you're going to easily see it revert to a more normal scenario as the macroeconomic scenario comes back to a more normal environment.

消费者外出就餐减少，在家中举办社交聚会的次数也更少。这并没有改变他们喝啤酒的兴趣，只是相关的场合减少了。因此，一旦宏观经济环境回到更正常的状态，我认为消费场景很容易恢复到更正常的水平。

Operator

主持人

Your next question today is coming from Peter Galbo from Bank of America.

下一位提问者是来自美国银行的彼得·加博。

Peter Thomas Galbo

彼得·托马斯·加博

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

我想回到达拉先前关于啤酒毛利率的问题。事实上，本季度的表现大概比我们预期的要好一些。加思，我记得你在发言稿里提到运营改进带来了约4000万美元的顺风收益。

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

我想知道，其中有多少是因为你们以更有利的汇率锁定了比索？随着美元走弱、比索相对走强，在今年下半年乃至明年初，我们该如何看待这部分影响？任何背景信息都会有所帮助。

Garth Hankinson

加思·汉金森

No. No, thanks for the question, right? So just -- I mean, as you know, we have a pretty robust hedging policy. It's a hedging policy that starts sort of 3 years in advance of any one fiscal year. So we're pretty good at this point to be able to manage the impact and smooth the impact of any currency and for that matter, commodity risk from year-to-year.

感谢提问。正如您所知，我们有一套非常完善的对冲政策，通常在一个财年前3年就开始部署。因此，我们现在能够很好地管理并平滑各年度的汇率风险，当然还有大宗商品风险。

As we entered this year, on the peso front, we were hedged in the low 70% range, which is a little bit higher than what we normally target to start the fiscal year. As we saw some favorability earlier in the year with the peso, we did layer in incremental hedges for this year. And for this year, now we're up hedged for the peso over 80-ish percent. And then we laid incremental hedges for that matter for FY '27 and FY '28 to take advantage of that favorability.

进入本财年时，我们在比索方面的对冲比例处于70%出头，略高于通常的初始目标。年初比索走势有利，我们又分层增加了今年的对冲，目前对冲比例已超过约80%。此外，我们还为2027和2028财年增设了额外对冲，以利用这一有利局面。

So as we sit here looking at the balance of the year, there's still potentially a little bit of opportunity across the whole basket of currency and commodities. But specific to the peso, we feel the peso is probably a little bit overvalued right now due to the dedollarization. We'll continue to look for opportunities to take advantage of any changes that go in our favor there, but the impact is certainly not as material as it was earlier in the year, largely due to the hedging -- the incremental hedging we did through the quarter.

因此，在展望本年度余下时间时，整体货币和大宗商品篮子仍可能提供一些机会。但就比索而言，我们认为受去美元化影响，目前比索可能略被高估。我们会继续寻找有利变化的机会，但由于季度内追加了对冲，其影响显然已不如年初时那么显著。

Operator

主持人

Next question is coming from Andrea Teixeira from JPMorgan.

下一位提问来自摩根大通的安德里娅·特谢拉。

Andrea Faria Teixeira

安德里娅·法里亚·特谢拉

I was hoping to see -- I mean, I think the important questions were asked. But just in terms of like your new distribution, I believe you quoted a good amount of high single digits into the summer. So I was hoping to see if there is any -- obviously, with the conditions that the industry is in right now, but just to understand how the velocity has been so far and the level of incrementality you're seeing within the baseline. Of course, we know what the industry has been facing and the depletions on the negative front. But just thinking how you're positioning as we go into the summer season? And how does that velocity is behaving from now?

我想了解一下——我的意思是，我认为重要的问题都已经提到了。但就你们新的铺货而言，我记得你们提到在夏季之前铺货增长达到高个位数。我想了解的是，在当前行业环境下，你们的动销速度目前表现如何，基线之外的增量效果有多大？当然，我们都知道行业正面临什么，以及销量下滑的负面因素。但在进入夏季旺季之前，你们的市场定位如何？从现在起，动销速度表现怎样？

William A. Newlands

威廉·A·纽兰兹

Sure. So distribution is going to continue to be a critical part for us. And fortunately, as the #1 share gainer in the category, we are in a position to continue to gain distribution and shelf positions. I think that's important for us as you see strong growth profiles for things like Pacifico, which we talked about a moment ago and Sunbrew and things that really are demanding more shelf positioned because of their strong start in the marketplace.

好的。分销仍将是我们的关键环节。幸运的是，作为该品类中份额增长最快的品牌，我们有能力继续扩大分销渠道并争取货架位置。尤其是像刚才提到的 Pacifico、Sunbrew 等增长态势强劲的品牌，它们在市场上开局良好，需要更多的货架陈列，这一点对我们来说至关重要。

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

因此，我们认为拓宽分销将继续成为未来增长曲线的重要组成部分，而我们的团队对此高度专注。这正呼应了我先前提到的理念——把可控因素掌握在自己手中。

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

我们的品牌忠诚度依旧强劲。我们在拉美裔消费者中的忠诚度持续提升，并在大众市场也在增长。这从长期角度回答了你关于动销速度的问题，我认为这将是关键因素。

Another thing that I would point out where we're spending a lot of time is in price pack architecture. It's an area where, as the consumer may be more concerned about inflationary trends, it would be important to have the right pack set at the right price points so that no matter what the consumer has available to them to spend, we have a product available to them for that quantum that they have available to them. So that -- all of those things are critical elements about what we call the controllables that we're going to be focusing on as the year progresses.

我还想强调，我们投入大量精力的另一领域是价格-包装架构。随着消费者对通胀趋势更加关注，确保在正确的价格点提供合适的包装规格尤为重要，这样无论消费者的预算是多少，我们都能为其提供相应的产品。所有这些都是我们所称的可控因素中的关键元素，并将在今年余下时间继续成为我们的关注重点。

Operator

主持人

Next question is coming from Filippo Falorni from Citi.

下一位提问来自花旗的菲利波·法洛尔尼。

Filippo Falorni

菲利波·法洛尔尼

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

我想听听您对啤酒市场定价环境的看法。显然，该品类整体面临巨大压力。今年执行的价格策略在市场上的反响如何？您是否看到有竞争对手更多依赖促销来加速销量增长？

Garth Hankinson

加思·汉金森

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

我认为市场上确实出现了一些额外的价格促销。以我们为例，自上个月起我们已调整 Oro 的定价，瞄准高端淡啤消费者，我们认为那是一个巨大的机会。

So we have made that adjustment in our own business in the interest of building additional share in the high-end light sector of the business. So I think you're always going to see a bit more promotional activity at a time when there's economic concerns. So that doesn't surprise us. But again, this goes right back to what we started with, which is our brands are strong and the loyalty is strong, and that at the end of the day, is going to win the date.

因此，我们在自身业务中做出了这一调整，以便在高端淡啤细分市场进一步提升份额。我认为在经济担忧时期，促销活动会有所增加，这并不令我们意外。但归根结底，我们一开始强调的仍然成立——我们的品牌实力雄厚，消费者忠诚度也高，这才是最终制胜的关键。

Operator

主持人

Next question today is coming from Bonnie Herzog from Goldman Sachs.

下一位提问来自高盛的邦妮·赫尔佐格。

Bonnie Lee Herzog

邦妮·李·赫尔佐格

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

我想询问关于去年加州野火以及预期的重建情况。您能否介绍一下重建的进展？鉴于该市场对你们的重要性，你们预期这将带来怎样的增长或上行空间？另外，请澄清一下，重建可能带来的上行空间是否已计入你们的业绩指引？

Garth Hankinson

加思·汉金森

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

好的。如大家所知，我们在面对外部因素时——比如东海岸的飓风或西部的山火——都会观察到类似情况。此类事件通常会带来短期冲击，但在更长周期内会有一定利好，因为在清理并重建过程中，会创造大量就业机会，其中往往伴随有有趣的啤酒消费场景。

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

因此，我认为随着我们进入这一进程——正如你所知，获取许可等启动重建需要时间——这很可能会形成一定顺风。顺风效应的大小尚待观察，因为很大程度上取决于许可证审批、开发进度以及市场上的施工能力。但你说得对，从最终结果看，这会带来一些顺风，而且这部分影响确已纳入我们未来的业绩指引预期。

Joseph Suarez

约瑟夫·苏亚雷斯

That being said, Bonnie, I think it's important to point out that California has experienced some consumer challenges from the macro environment as it relates to things like unemployment, particularly for the Hispanic consumer and even construction there, where we expect that there will be some benefits. As Bill just noted before, construction plan remains down year-over-year in California. So again, should be some benefit longer term, but short term, still some macro headwinds in the state.

话虽如此，邦妮，我认为需要指出的是，加州在宏观环境方面正面临一些消费挑战，例如失业率上升，特别是拉美裔消费者的状况，以及当地建筑业情况。虽然我们预期其中会带来一定利好，但正如比尔稍早提到的，加州的建筑开工计划仍同比下降。因此，从长期看应会有一些好处，但短期内，该州仍面临宏观逆风。

Operator

主持人

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

我们的问答环节到此结束。各位女士、先生，今天的电话会议及网络直播到此结束。现在您可以结束通话，祝您一天愉快。感谢各位的参与。

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