Thank you, Eric. Good morning, everyone.

Thank you for joining today's call. We entered 2026 with a clear focus on recovering volume through disciplined execution across our market.

For Bud APAC, total volume returned to a positive growth, supported by continued strong momentum in India. In China, our increased investment shows sign of a progress, with the quarter-over-quarter volume decline flattening further as we remain committed to our strategy of enhancing our in-home route-to-market, enriching our portfolio, and innovating behind our megabrand to rebuild momentum.

In South Korea, we gain market share in both on-premise and in-home channels. Before we go over financial result, I wanted to take a moment to introduce Bernardo Novick, our new Chief Financial Officer, effective from April 1st this year.

Novick joined ABI Group in 2009 through the Global MBA Program and has worked across various functions in multiple market. He brings deep finance and global resource allocation expertise, having led projects delivering savings and a meaningful value creation.

I'm pleased to welcome him to the Bud APAC team. Let me now hand over to Novick for a brief introduction.

Good morning, everyone. I am delighted to join the Bud APAC team.

I would like to thank you, Y.J., for your trust and invitation to join the team. I joined AB InBev 16 years ago and spent 5 years in finance roles, 5 years in commercial roles, and 5 years in innovation roles, where I led the corporate venture capital arm in New York.

Most recently, I was responsible for our Global Capital Allocation division, reporting to the Global CFO. I hope I can bring this experience to grow Bud APAC's business in a profitable way.

I have already had the pleasure of meeting some of you joining the call today, and I look forward to meeting many more in the next weeks and months ahead. Let me share our financial results for the first quarter of 2026 in more detail.

In the first quarter, APAC volume returned to growth, even if it's just 0.1%, after many quarters, driven by strong growth in India and a sequential improvement in the industry and our volumes in China, with volume decline narrowing quarter-over-quarter. This progress was driven by both enhanced execution as well as increased investments across channels and our portfolio, which added temporary pressure to our bottom line.

We also maintained strong brand momentum in South Korea despite a soft industry and a challenging comparable last year. In India, we continue to advance premiumization, delivering strong double-digit volume and revenue growth.

In summary, for Bud APAC, total volumes increased by 0.1%. Revenue and revenue per hectoliter decreased by 0.7% and 0.8%, respectively.

Normalized EBITDA decreased by 8.1%, while our normalized EBITDA margin contracted by 246 basic points. Now, let me cover some of the highlights from each of our major markets.

In China, volumes decreased by 1.5%, improving sequentially, with a quarter-over-quarter decline continuing to narrow since the second half of 2025. Revenue and revenue per hectoliter decreased by 4% and 2.5%, respectively, impacted by increased investment to support our wholesalers and activate our brands in the in-home and emerging channels.

Normalized EBITDA decreased by 10.9%, impacted by our top-line performance and increased investments. We continue to make progress in expanding our distribution in the in-home channel, while increasing the distribution of our premium brands.

This premiumization is more clear in the online-to-offline or O2O channel, which grew strong double digits in the quarter. Now, let me share with you some of the investments we are making on our brands through our marketing campaigns as well as liquid and package innovations to better connect with our consumers across more occasions and increase sales momentum, particularly in the in-home channel.

On Budweiser, we accelerated the national expansion of Budweiser MAGNUM, building on its strong consumer traction and sustained sales growth. In March, Budweiser MAGNUM launched an integrated nationwide campaign anchored by a strategic partnership with global football icon Erling Haaland and the FIFA World Cup mega platform to drive geographic and channel expansion.

Regarding our Harbin family, we introduced Harbin 1900, celebrating its brewing heritage as the birthplace of Chinese beer. Positioned in the Core++ segment, which is the RMB 8 to 10 price range, this new innovation is 100% pure malt classic lager, pairing distinct vintage packaging with a rich, authentic taste.

The launch reinforces Harbin's role in driving innovation and placing new bets in this growing and important Core++ segment. In South Korea, volumes decreased by low teens and revenue decreased by mid-single digits, mainly due to a challenging comparable in the first quarter of last year, driven by shipment phasing ahead of a price increase that, if you recall, was in April 2025.

Revenue per hectoliter, on the other hand, increased by low-single digits, also comparing with the first quarter last year before the price increase. This led to a normalized EBITDA decreasing by low teens.

Having said that, we maintain a good commercial momentum in both in-home and on-premise channels, and we foresee a recovery in the second quarter. Finally, India continues to grow and will play a bigger role in our footprint.

Industry momentum continued in the first quarter, and we gained total market share. We delivered strong double-digit volume and revenue growth, led by a strong growth in our premium and super premium portfolio.

We also continue to see momentum in the moderation agenda, with states like Maharashtra and Karnataka introducing changes that decrease the current relative tax advantage of hard liquor versus beer. We see this as a step in the right direction and a sign that some states understand the importance of evolving towards an alcohol tax policies that are consistent with global policy standards, where high-alcohol products are taxed higher than low-alcohol products like beer.

With that, Y.J. and I are here to answer any questions that you might have.

Sorry. Can you hear me now?

Mr.

Can you hear me now?

I'm sorry. That I have two questions on China.

I will ask one by one. The first one, in the past two years, we have seen a few senior management leadership changes in the company.

Far, is there any achievement or breakthrough that the company would like to share with us with the new leadership? 我翻译一下第一个就是关于中国的。那么在过去两年里面我们也看到了很多这个公司比较高级管理层的一些变动。在这个节点上，我们也看到了今天的业绩呢有一点中国的这个稳定的迹象。能不能就给我们分享一下新的管理层团队在取得什么样的成绩方面，还有什么突破方面，有什么可以给投资者分享的？我先停在这里，一会儿我再问第二个问题，谢谢。

Hi,

Xiaopo. I'm Y.J.

Let me take these questions. Let me start in English, then I may turn to Chinese if needed.

The changes we have mainly happened the first half year last year. The reason for the changes is kind of a rotation between either global, other zone, between the region in China, and also between headquarter in China versus operation in the field in each sales region.

The reason for that is to share some best practice, and to further strengthen their strength in each area or each function, and also learn each other best practice sharing. That's kind of a normal rotation changes.

To be able to share the answer to your question about the changes of the people, as I mentioned in earlier, we keep a consistence of our strategy, which is focus on portfolio, brand portfolio, which is mainly Harbin and Budweiser, and also focus on in-home and the route-to-market. Third one is focus on execution.

Those are the three strategies we set up early last year, and we have not changes. Also, you see the program we have been made, as Novick just mentioned, quarter-over-quarter volume decline narrow quarter-by-quarter, and see very good trend.

Also, we see the execution in each area make a huge improvement. We put a lot of effort to invest our brand, and also further focus on the in-home channel, that channel changes switch, and which is that's our further opportunity in our operation.

We see starting from second quarter last year, and the fourth quarter last year, and the first quarter this year, the trend getting improved quarter-by-quarter. I think that's try to answer your question.

Xiaopo.

Thank you. Shall I start the second question?

Go ahead. Okay.

The second question is about the channel inventory. As far as I can recall, the company in China start destocking the channel in 4Q '24.

It has been a few quarters of destocking. I remember in the last quarter earning call, you mentioned that actually China inventory actually was running lower versus historical level.

We know the China is very dynamic market and changing every day on daily basis. Will you foresee in the future that the China channel inventory will be below historical level as a new norm?

Or is there any factor you expect to see before you become more exciting and try to restock the channel as before? 让我翻译一下，就是我讲那个中国的业务的这个渠道库存问题啊。我记得我们是从四季度的二四年开始来去库存，渠道去库存的，我们叫channel destocking。但是我记得在上一季度管理层也提过我们的其实渠道库存的水平是很健康，也低于以前的。那么中国的这个市场发展也非常的动态化，非常变化得。您觉得是不是以后渠道库存就一直要比以前都要低是一个新的常态呢？还是说您在等某些积极的信号，更加积极的去加库存，我们叫做restocking？谢谢，Y.J.。

Xiaopo,

thank you for your question. You are right.

We have been proactively take steps to adjust our inventory given the current business environment. 那我先用中文再详细的解释一下这些这些做法啊。你说的很对，库存管理呢我们从二四年的第四季度，连续六个季度呢一直在优化我们的库存，为了呢就是能够有一个健康的 route-to-market。那同时呢，我想分享一点呢，因为这个库存呢是涉及到经销商的库存和渠道的库存。所以呢我们现在更关注的一点是STR，就是 sales to retail，这样呢能够更切实的反映我们的销售。所以呢我们在管理库存的健康度的同时，能够给我们的经销商有更多的这种现金流和减轻他们的负担的同时呢，我们更关注的真实的销售，也就是STR。所以呢这是我们为了健康，渠道的健康，和实现真正的销售，减轻经销商的负担所采取的这种行动。那这是一个实际上是一个非常好的一个措施，是，我们不叫win-win了，是所有的都赢，all-win。所有的消费者呢也可以喝到fresh beer，fresh beer taste better，是吧。所以呢我们这个新鲜度的管理也好，经销商的这个负担也好，这种健康度也好，以及我们真正的这种管理我们的STR这种销售也好，实际上都是非常非常有利的，是all-win的这么一种一种情况。那回答你的问题呢还有呢就是，那我们是根据经济情况的变化来持续的做到健康的库存，真正的管理我到我们的STR销售，真正的使消费者能够尝到新鲜的啤酒，那能够使经销商和渠道呢能够减轻资金的负担。所以呢这可以说是这是一个新常态。我我这样来回答你的问题。

非常感谢。 谢谢。

Thanks. Can you hear me?

Yes.

Hi, Y.J., Novick. This is Leaf from Goldman Sachs.

Thanks a lot for the opportunity, and welcome, Novick, for your first earnings call with Bud APAC. I have two questions.

The first one is on China. Basically, our ground check shows that there's been some volume recovery in the super premium segment, including Corona, Blue Girl, in the first quarter.

How to look at the sustainability of this trend? How to comment on the on-trade consumption recovery so far, including any color on 2Q to date, on the on-trade performance in China?

I will translate to Mandarin by myself. 对，这个第一条问题呢是关于中国这边的。那我们确实也进行了一些一季度的渠道调研，也发现比较有意思的是就是超高端这个segment，包括咱们的这个蓝妹和科罗娜，其实在一季度都有双位数的一个销量的成长嘛。那怎么去看这样的一個趋势的持续性？那包括这些的增长是否来自于on-trade餐饮这边的一些，现饮这边一些渠道的恢复？那如果从二季度到现在来看的话，这些餐饮渠道的恢复的情况大概是怎样的？谢谢。

Hi, Leaf. It's Y.J.

Let me take this question. I will

start the summary of the answer first, then I'm going to talk a little bit detail of the answer in Chinese. Indeed, we grew super premium volume by double-digit in the first quarter 2026, as what we focus on premiumization in the in-home channel and O2O channel.

In terms of on-trade recovering, nightlife channel contribution was stable, and we grew volume in the nightlife channel in first quarter 2026. However, Chinese restaurant channel remained under pressure.

所以回答你这个 super premium，这是我们公司的一个非常一个长项了。我们从品牌这种 portfolio，包括我们品牌的这种多样化，这都是我们的长项。那好的事情呢，我们不光是在 on-premise，在 in-home 当中呢，因为消费者现在喝的没有以前多，但是呢要喝得好一些。所以呢我们这个 premium 和 super premium 我们的优势呢就得以发挥。而且呢我们可以给消费者呢提高更多的这种多样的高质量的高品味的这种产品，这是我们在这个长项。同时呢我们也加大了对这些 super premium 和 premium 这些创新产品，比方说我们这个百威的740，和百威这个金黑金的这个一升的，这都适合于家庭消费、O2O 消费的这种高端化。所以呢这种 premiumization 呢能够更好的连接。那么另外呢，这个在 on-premise 消费方面呢，实际上除了 nightlife 和 Chinese restaurant 以外呢，实际上我们还有一个领域呢也在做，就是 nighttime economic，就是夜经济。实际上国家呢现在政府不管是中央政府还是省市级政府呢，都在搞一些大的 event，大的活动。那通过 music 啊，sport 啊，尤其是 football，足球。所以呢我们也赞助了由我们的百威品牌赞助的这个福建的闽超、四川的川超和广东的粤超。所以呢结合这些活动呢，都可以和消费者加强更好的连接，然后刺激夜经济，然后呢又能够我们提供高档次的这种产品。所以呢这是一个对国家、对消费者、对公司也是一个全赢的这么一个局面。谢谢你的问题。 感谢Y.J.，非常有帮助，很详尽。那我也问第二条问题。So the second question is to our new CFO, Novick.

I would like to know what's the three key focus for you this year. Would you please share with the investor on the call?

Thank you so much.

Thank you, Leaf. Nice to hear from you, and thanks for the question.

Let me share the three priorities that me and my team will focus this year. The number one priority is growth, and the main objective here is to stabilize the volumes in China.

The second priority is to improve execution. The third priority is value creation.

On the number one, number one is consistent to the business strategy that Y.J. was describing, and the main objective of what a business is to grow volumes here, right?

In order to do that, we really need to stabilize volumes in China. The finance role to do that is increasing investments and making the investments more effective.

I think it's important here, when we manage to stabilize volumes in China, given our footprint in India and in Southeast Asia, we'll be able to reignite growth for the whole Budweiser APAC. Number two priority is execution.

I think here finance has an important role, collaborating with our commercial team in China to enable and upgrade our route-to-market model to help on this transition to more volume in the in-home channel. That's another important priority for us.

The third one is value creation. Here, we are reviewing internal investment decisions, improving efficiencies, cost controls.

One example here, for example, we are reviewing the unit economics of different packs to make decisions that can help us be more efficient with resource allocation. Ultimately, Leaf, we are here for growth, and that's our main priority for this year.

Thank you very much for the question.

Super clear. Thanks a lot, Novick.

Thanks a lot, Y.J.

Okay.

Thank you management for taking my questions. Thank you, Y.J., and also welcome, Novick.

I have two questions. My first question is on China in-home development.

Do you have any updates or progress to share on the development of off-trade channel in China? I will translate myself.

我第一个问题是关于中国非即饮渠道的发展，有没有什么更新和进展可以和大家分享？I will ask my second question later. 我一会儿问我第二个问题，谢谢。

Thank you, Elsie. This is Y.J.

Let me take this question. As the channel shift to in-home channel, we are taking actions to expand in the in-home channel to adapt.

As we have a relative low exposure in in-home channel, which means we have a massive growth potential. We are

invest to catch up. 因为这是一个新的渠道，新的这么一个转换。所以呢我们过去在 on-premise 方面呢是有很大的这种 route-to-market 的优势。那首先要做的工作呢就是在 in-home 这个 RTM，route-to-market 方面呢，通过经销商的能力的培养或者是新招经销商来建立这样一个能力在渠道上。那第二方面呢就是要亲民的行动。那么对一些新兴的渠道，像 O2O 以及一些即时销售以及零食量贩等等这些亲民的这些消费场景呢，那我们要怎么样去建立这个 connection。那同时呢，刚才就像我谈的，现在我们知道消费者怎么样能够喝得好的，这实际上是对我们的一个 premiumization 的这么一个好的机会。那对我们，我们是这方面的在品牌方面我们是有优势的。所以呢这方面的优势怎么样进一步发挥？那么在一些细节方面呢，要更加注重度就是要有它的带线性，那也就是它的这个 coverage，它的这种覆盖度，POC 的数量，以及呢我们产品 SKU 的这种 available，以及呢像我刚才说的这个 premiumization 这方面呢怎么样能够给消费者提供更多的选择的好的这种产品。实际上这些都是我们在做的一些工作。那很可喜的一点呢就是我们的这个一季度呢在 O2O 方面实际上给我们一季度的销量的增长呢也是带来了很大的一個贡献。那同时在这个高档产品的销售上这种增长上，这也是我们很大的一个消费场景。所以通过这些工作呢，也可以说我们是有比较详尽的计划和一些措施。那么这些呢会逐渐在将来的时间逐渐通过严格的落地和执行能够不断地把它体现出来，能够一个季度一个季度通过我们这措施，这些行动计划呢能在我们销量和在我们的销售收入方面呢体现出来。谢谢你的问题。

谢谢。Thank you. My second question is on China commercial investment.

Previously, management mentioned that you will increase marketing this year. Is that plan still on track?

What's the marketing plan for the coming peak season and sport event like World Cup? 我翻译一下，就是我想我第二个问题是关于中国市场投入。之前有提过今年计划增加那个市场推广的费用，这个计划目前还是不变吗？然后应对即将进来的即将到来的啤酒销售旺季以及世界杯这些体育赛事，接下来有什么具体的推广计划吗？谢谢。

Yes. As Novick mentioned, as I mentioned earlier, in 2026, our top priority in China is to stabilize volume.

To achieve this, we have given room to the team to the commercial team to increase commercial investment. That's the direction we set up for the commercial team.

那基于这样一个在这样一个大前提之下，那我们通过品牌的投入，通过新产品的投入，通过这种家庭消费这种渠道的投入等等这些呢，能够来支撑我们中国的这个量呢怎么样能够从跌到稳再到增长。所以这是我们一个2026年的这样投入的一个一个想法来支持销量。那这些投入呢要和今年的一些大的体育活动和一些这个事件呢能够结合起来。今年呢又是 FIFA 的世界杯的一年。大家知道百威呢在赞助世界杯已经有40年的这种历史。那我们今年呢又结合着世界杯呢赞和一些明星，这个哈兰德了、梅西了，那通过包装，历史的这种包装，回顾40年的这种包装，以及售点的这种覆盖的投入和体育活动和明星和世界杯以及我们赞助世界杯的这种历史这种品牌能够很好的结合起来。那同时呢我们在超高端方面，比如说科罗娜，那我们也有这个全开盖这种易拉罐，能够这种新创新的产品呢能够更适合于大家在家里或者是聚在一起的时候观看世界杯。那从产品设计以及品牌的高端化，以及体育活动呢能够和这些场景呢能够很好的结合起来。所以呢通过这种今年的投入来保重来支持我们今年这个旺量的这种稳定性，那通过一些体育活动，尤其是世界杯，包括一些创新产品来支持不同场景，加上我们这种高超高端产品这种消费者的这种响应，再结合在一起呢，那就是来支持我们今年量的这种稳定，通过这种投入和世界杯的这种各种活动。谢谢你。

Thank you.

Hi management. Thanks for taking my question.

Thank you, Y.J., and thanks, Novick. My first question is on China.

Could we have some more updates on the growth of your emerging channels, such as O2O, instant retail, and e-commerce in China? More importantly, how do margins and pricing dynamics across these channels compare with traditional off-trade?

How are we managing potential channel conflict with our distributors? Let me translate first.

我们希望进一步了解中国新兴渠道的发展情况，包括 O2O、即时零售以及电商渠道。目前的增长趋势是怎么样？此外，这些渠道在利润率和定价模式方面与传统线下渠道相比存在怎样的差距？同时，公司在推动新兴渠道发展的过程中，是如何有效管理与现有经销商之间可能出现的渠道冲突？谢谢。

Thanks for your question. I will take this question as well.

O2O is one of fast-grow emerging channel in China. We have started to make a very significant effort to increase our presence within, and we see this as a great opportunity for us in 2026 and beyond.

We partner with major O2O platforms to further expand our penetration. 这个 O2O 呢是一个新兴的渠道，而且呢刚才我也说了，我们在这一方面呢，一个是和我们一些大的这个电商平台有很好的合作，包括一些投入，从而产生了我们在过去一段时间看到我们这个 O2O 的增长呢是双位数的在增长，那对我们的销量的增长以及对我们在

in-home 销量的增长呢都是起到了非常重要的作用在一季度的能够体现出来。那在这方面呢实际上还有很重要的有一点，通过 O2O 也是能体现出这种 premiumization，那和我们的这种长项呢能够很好的把它结合起来。我们通过创新产品了，通过我们这种 portfolio，产品 portfolio 这种丰满度来满足不同消费者对高端产品的这种和创新产品的这种不同消费场景的这种产品的这种需求。那么我们也非常关注这种怎么样来管理好 O2O 的这种销售。比方说要有专职的产品和包装在 O2O 里面销售，那同时呢又有非常严密的这种标准和管理制度来关注这个实施，来保护各方面经销商的这个利益。所以呢这是一个新渠道，那我们在这方面呢有很多的和电商的合作以及新产品一些投入来满足不同场景、不同消费者的需要，同时呢要管理好通过产品的设定和严格的执行和标准的执行来保护各方面的利益。谢谢你。 好的，谢谢。Thank you.

My second question is on Korea. Excluding shipment phasing effects, are we still seeing underlying share gains in South Korea?

What are the key challenges to sustaining outperformance in the market? Thank you.

那我第二条问题是关于韩国市场的。如果排除发货节奏的影响之后，我们现在是否还在持续提升市场份额？展望未来，为保持领先，公司面临哪些核心的挑战？Thank you.

Thank you. Let me take this question again.

Total industry in Korea have been remained soft in the first quarter 2026, with a soft consumer environment continue to impact overall alcohol consumption. However, our underlying momentum in Korea continued, and we outperformed the industry in both the on-premise and in-home channel.

韩国呢是我们一个非常健康的一个市场。我们尽管行业这个增长呢有些乏力，但是我们一直在各个渠道呢都是在这个市场份额在增长的。韩国呢在过去几年一直是非常健康的增长。所以呢归功于他们是很聚焦的，我们的团队在那里是非常聚焦我们的品牌，不断地有不同的创新产品来满足不同消费者的这种需求。那同时呢又是很重要的就是我们的 people 呢这种 execution，这种

capability 是非常强的。所以我也想借这个机会呢分享一下韩国之所以这样持续的健康的这样的发展，一个很重要的呢就是我觉得在我们百威英博呢有一个卓越项目。那大家很熟悉的就是在供应链我们有 VPO 的卓越项目，那个能够确保我们的工厂、我们的供应链呢在外界发生变化的时候呢，我们的业绩能够持续的改进。那我们在 commercial 方面呢也有这样一个卓越项目，那韩国呢在这方面呢是在不断的夯实我们的卓越项目。顺便和大家分享一下，我们全球有个卓越项目评比，韩国已经连续两年在这个商务方面连续两年是全球第一。那这个呢也是归功于它的我们这个商务的卓越项目。那同时要回答你的第二个问题，就是如何使韩国能够持续的健康的发展，那我们也非常有信心呢韩国通过这种商务的卓越项目，就像供应链工厂的卓越项目一样，能够保证我们持续发展。那这个卓越项目也在我们的印度了、中国了、其他的这些 commercial 呢也在不断的推进。也非常欢迎我们的投资者和分析家呢有机会到我们的韩国呢亲自去这个考察一下我们商务这个卓越项目的一些具体做法。谢谢你。 谢谢。

Thank you.

Okay. Hi, thank you.

Thank you, Y.J., and thank you, Novick. I have two questions here.

First is on the cost of goods sold in general. We saw some raw materials price volatility and it's been coming up recently.

For example, like aluminum. What will be our view on the raw material cost for year 2027?

我先翻译一下，就说那个成本方面的一个问题。那我们注意到呢近期的些原材料价格上涨，比如说铝那边。那我们怎么去预估预判我们的2027年的那个物料的一个成本的一个预期啊？谢谢。

谢谢。In 2026 first quarter, our cost per hectoliter has decreased by 0.8%, mainly driven by efficiency improvement, partially offset by commodity headwind. 成本管理我叫我叫效率管理了，效率之王啊，上次小波问了这个问题。实际上我们在这方面呢我刚才谈到供应链的卓越项目，我们的业绩，我们在成本管理、在效率管理这些方面呢是非常有优势的。所以呢我们这方面还是非常有信心。具体你谈到的材料的这种价格波动，实际上这种原材料呢包括酿造材料基本上还是在持续下降的，可能在铝锭方面呢价格有些波动。但是作为我们是个 global company，我们是有

hedge，这 hedge 时间呢一般在12个月，所以呢我们的 hedge 呢就确定了我们成本的稳定性。那在也就是说在26年呢我们不会受到什么影响。所以呢不管是在成本材料的这种价格上，还是在 hedge 这种 global 这种优势上，包括原材料在下降，以及我们对 efficiency 这种管理的这种经验上，实际上呢我们都是在不断地去加强管理，而且呢是在一个稳定的状态。希望我能这样能回答你的问题，谢谢你。 嗯，好，谢谢。那我第二个问题呢就是在印度那边。So my second question is on the India side.

Could you share with us on the Indian market update? How do we see the market competition and our strategy over there?

I understand that we are focusing on more on market share. May I know when the company will start focusing on the profitability of the market?

Is it still a little bit too early, and that competition is still very keen? Should Carlsberg be listed, what is your view on the competitive environment afterwards?

那我先翻译一下，这就是这个问题在印度方面。可以分享一下印度市场那边的最新的一些情况，那怎么去看印度市场的一个竞争格局，还有我们的一个策略？我的理解呢就我们现在还是专注在那个市占方面。那请问公司什么时候呢会开始关注那个获利的一个能力？现在的是不是是否过早？市场的竞争是否还是非常的激烈？如果说那个嘉士伯印度上市的话，那你认为他们上市之后呢那个竞争格局会是一个什么样的一个情况？谢谢。

Thank you. In India, we are focus on sustainable and meaningful top-line growth that can translate to EBITDA and cash flow growth accordingly.

我这样来回答呢是因为我们这个首先我们在印度，先说一下印度的这种行业情况，印度的啤酒行业呢是在增长的，这个呢对我们大家都是有帮助的。第二个呢，印度的每人的消费啤酒还处在一个非常低的水平上，所以这也是我们啤酒行业的一个机会。所以在这种情况下呢，我们来谈谈我们的优势。我们呢在一季度在从去年开始呢，我们印度的业务呢是尤其今年一季度是两位数的增长。那这个增长呢同时还包括两个方面，一个是我们的 premium 和

super premium 在增长。那第二个呢就是我们的总的量的增长带来了总的市场份额的提升。同时呢我们的

premium 和 super premium 增长呢也带来了 premium 和 super premium market share 的增长。我们的业务在三分之二在印度的业务呢是 premium 和 super premium。所以这是我们一个在印度一个非常大的这么一种优势。那这就带来了回答你的问题，实际上我们在这种 top-line 增长的这种 market share 增长、总量的增长、super premium 和 premium 增长的同时呢，实际上这个呢是反映在了我们的 top-line 上，那 revenue 这个也是双位数的增长，是同步的。同时呢也反映在我们的利润的增长上，和我们的现金流的改善上。实际上这些增长呢不是说将来的问题，现在已经体现出来了，已经有反映了。所以呢这种是一种非常良性的这种增长。所以印度呢是我们一个很大的一个增长点，不光是在总量上，而且在高端化上，在我们的利润贡献上，包括在我们的现金流的改善上。那么印度的这种啤酒行业的增长，消费力的这种提升，也给我们带来了更多的机会。所以呢我们现在领跑，而且呢是非常健康的。那印度现在也含有一个就像 Novick 刚才谈到的，就是 moderation。那消费者呢也在向从高酒精度转向像啤酒这种比较低的酒精度的这种饮品上。那这样呢各个州的政府呢也在往做这方面的转变。这样呢对我们啤酒行业，而且对我们这种高端产品的这种啤酒公司呢实实在在是一个好的迹象。所以这都会对我们印度的这种业务发展呢是非常健康，也非常将来发展也非常有机会，而且呢对我们亚太，对我们整个百威 ABI，百威英博全球都是一个增长的机会。谢谢你。 好的，谢谢，谢谢Y.J.。

谢谢。

Thanks for the opportunity, and thank you, Y.J. and Bernardo, for the all the detailed answer previously.

Congrats to Bernardo for your new role. I have two questions.

The first one is on China pricing, cuz Y.J. just mentioned that the raw material are fully hedged and were relatively stable, but on the pricing side, any price action and the mix shift that you observed that could improve the overall pricing in the market in general?

我先翻译一下我这个问题，是关于中国市场的这个价格走向。从成本端就是刚才Y.J.也有提，我们因为充分的做了套期保值，在成本上压力应该不是那么大。那么反过来看在这个价格端，我们从价格本身的一些举措或者说产品的组合上面，我们有没有观察到一些这个积极的动向？这样的话呢可能对未来我们整体的价盘有一些帮助。

I can take this question, Y.J.

Go ahead.

Hi, Lillian. Nice to hear from you.

Thank you for the question. I think all the answers should start with the same reminder that our main priority, right, is growth, and particularly to stabilize the volumes in China.

It's true that in the first quarter, our net revenue per hectoliter was below last year, and this was impacted by investments, mainly in three three objectives for the investments: to support our wholesalers, to activate our brands, and also to accelerate the growth in O2O. On the other hand, we had positive mix effects coming from our brands, mainly driven by our premium and super premium brands.

I think it's important to mention to you and the rest that we expect to continue to invest in 2026. Regarding price, we will continue to monitor always the prices in the market, and we are open to adjustments if something changes, but at this moment, we don't have any news regarding price increase for China.

Thank you, Lillian, for the question.

Thanks a lot, Bernardo. My second question is on Korea, South Korea market.

We all know that last year April, you had price increase, and which still benefited the first Q this year on the pricing side. What will drive the South Korea revenue and also pricing and the EBITDA growth for the rest of the year?

In particular, the industry remained a little bit soft and the competition is still there. This is the question on Korea.

我翻译一下。那么第二个问题呢是关于韩国的业务。那么去年4月份我们提完价之后，相对来说从今年的年对年对比上，我们在价盘上的对比，那这个相对容易一点的基数效应就已经没有了。那么后续如果我们看价格年对年的趋势，以及收入还有 EBITDA 这个增长上，我们怎么去看？怎么样做才能有一个相对来说更好的增长的拉动力？谢谢。

I can take this one, too. Very good question, Lillian.

Thanks. When we think about a medium-term margin growth for APAC East and Korea, I think there are mainly three things that can drive this.

One is, of course, pricing. The second one, operational efficiencies.

The third one, I think it's important to mention, is mix and innovations. Maybe let me talk about each one of them.

On prices, of course, we always consider our pricing decisions looking at what's happening in the beer market, but also the macroeconomic situation in the country. We'll continue to monitor.

Similar than China, we don't have anything to announce at this point. On the second part, operational efficiencies, here, we continue to implement cost management initiatives.

This is one of our main strengths at Budweiser APAC, as Y.J. was talking about our efficiency and excellence programs that we have.

This is something that we still see opportunities. Number three, I think mix and premiumization and innovations are very important for us in the future.

Maybe I can share a couple of examples. One of them is the growth of Stella Artois in the on-trade.

I think that's a good and healthy growth. The other one is the nonalcoholic beer, like for example, Cass 0.0.

I think both of them are good examples of innovations that can both drive volume growth, but also margin expansion. Overall, I think that we see opportunities to keep recovering margins in Korea in the future.

Thank you for the question.

Thanks a lot, Bernardo.

Thank you, management, for taking my questions. My first one is regarding for the dividend.

Given that Bernardo has already taken up the CFO role, I just want to know that whether from the group perspective, whether you will change the capital allocation approach? Especially that last two years, right, they payout $0.0566 US dollar per share dividend to the shareholders.

Whether the dividend per share policy under review? This is my first question.

那第一道问题呢就是关于这个我们的股息分红啊。那也非常恭喜 Bernardo 接任了这个新的首席财务官。那我想知道就是说在接任之后呢那会不会调整整个集团的这个资本配置的一个思路？那现在就是过去两年的其实公司大概也发分红分了大概5.66美分每股，那我不知道说这个议案是不是会被在重新地审视？那非常感谢。Thank you very much.

Thank you, Linda. Nice to hear from you.

Thanks for the question. I think it's important to remind everybody, right, we are working to deliver a sustainable long-term results for our shareholders, right?

The other message is that our capital allocation strategy remains the same. Our first priority continues to be to invest in our business, like we are doing this year to drive organic growth, followed by M&A when we see opportunities for acquisitions.

That's the second one. Then the third one, to return to our shareholders, for example, via dividend, that is also what we have been doing, right?

I think we are very proud of our dividend track record since the beginning, recently with the announcement of the $750 million dividend that we announced for 2025, which, by the way, was consistent to the dividend for the previous 2024. I think if I have to summarize, we are working towards improving our business performance this year to be able to keep this consistency in the future.

Thanks for the question.

Thank you very much. My second question is regarding for our products, and I think this maybe Y.J.

and you can help. When we compare China to the other Western countries, I think there is always plenty of the room for alcohol product innovation.

I just want to know that whether management can elaborate more about our product innovation plans, and then what kind of the innovation strategy will fit well for our China market? 那第二道问题呢，我相信这个Y.J.呢这个你一定回答才得心应手。就我想问一下就是关于我们中国酒类市场的这个产品创新哦。越比起其他的这些西方国家，我觉得可以创新的空间非常多。那能不能就在帮我们详细介绍一下我们公司在这方面的这个创新的规划？还有就说如果我们在适配中国市场的创新策略，应该是一个什么样子的这个路径呢？那非常感谢。

谢谢你的问题啊，我就直接用中文来说了啊。创新呢实际上是非常重要的，除了加大投入，同时创新也非常重要的一点。实际上我们在谈到消费趋势变化分两大部分，一部分消费场景的变化，就是从 on-premise 怎么到

in-home、O2O 这方面。那么另一个方面呢，消费趋势变化就是不同的消费体验。那消费体验要分不同的人群和不同的消费产品。所以在这方面呢，我们作为百威 ABI 了，百威英博呢是非常作为一个全球跨公司呢是非常有这方面这个

innovation pipeline 这样一个优势的。那么结合着中国这种消费者呢，实际上我们也是分了几类：一个是呢在我们超高端方面，我们实际上不管是我们

Corona 还是 Blue Girl，还是我们这些超高端的产品，我们怎么样去不同的消费场景、不同的消费人群来对液体、对包装形式来做创新。这个像我们的百威金黑金和 Corona 这个纯拉格，以及呢我们一些零醇啤酒等等这些方面，实际上是有体现，包括百威的740的大罐等等这些方面。那么对这个 Core++ 这个我们最新推出的1900全麦啤酒，包括哈尔滨的这种历史，第一家啤酒公司，这种历史，这种传承，等等这方面这种口感、渴饮性，喝了一杯有再饮一杯的欲望，等等这些方面呢，实际上我们都在打造，消费者这种反应了，经销商这种反应都是非常非常好的。所以呢同时呢我想提一下如果有机会到韩国去，我们实际上韩国的 Cass 了，innovation 了，这个四个四个零了，等等各种产品呢也是非常作为产品的这种 innovation pipeline 也是非常有优势的。所以这样来回答你的问题，谢谢你。 非常感谢，非常感谢，希望有机会能够喝到。

谢谢。

Thank you. As I mentioned on our 2025 annual results call early this year, our priority is to stabilize volume and rebuild our market share momentum in China by investing in our in-home route-to-market and leading premium portfolio.

The progress we have been seeing in the first quarter and have been encouraging. On this positive note, thank you all for joining us today, and I looking forward to speaking to you soon.