Thank you, Eric. Good morning, everyone.

Thank you for joining today's call. In the first half of 2026, our business in China continued to be impacted by a slower-than-expected recovery.

However, we continue to rebuild momentum across South Korea and India, where strong commercial execution and a power of our brand supported continued market share gains. In the second quarter, we underperformed a soft industry in China, which was impacted by adverse weather and continued weakness in on-premise channels, weighing down both our top- and bottom-line result.

This was partially offset by continued momentum in South Korea, where we gained market share, and in India, where favorable industry momentum and strong growth in our premium and super premium portfolio contributed a double-digit volume growth. I will now hand it over to Novick to discuss our performance in more details.

Thank you.

Thank you, YJ, and good morning, everyone. In the first half of 2026, total APAC volumes decreased by 2.2%.

Revenue decreased by 1.4%, while revenue per hectoliter increased by 0.8%. Our normalized EBITDA decreased by 8.9%, while our normalized EBITDA margin contracted by 236 basis points.

In the second quarter, total volumes decreased by 4.1%, impacted by performance in China, partially offset by growth in South Korea and in India. Revenue decreased by 2.1%, while revenue per hectoliter increased by 2.1%, benefiting from a positive country mix and brand mix in China.

Our normalized EBITDA decreased by 9.7%, impacted by our top-line performance in China, increased marketing investments, and reduced operating income. In the first half of 2026, our profit attributable to equity holders of Bud APAC increased by 15.6%, lapping one of the one-offs, or say, non-recurring items in 2025, and also benefited by tax phasing between two, second quarter and the third quarter.

Now let me cover some of the highlights for each of our major markets. In China, volumes decreased by 9.7% in the second quarter.

Revenue decreased by 8.6%, while revenue per hectoliter increased by 1.2%, driven by positive brand mix. Normalized EBITDA decreased by 15.9%, increased by our top-line performance and reduced other operating income.

We made further progress in our channel expansion strategy, focusing on premiumizing the in-home channel and expanding our penetration in the O2O channel. We delivered strong double-digit growth in the O2O in both the second quarter and the first half, supported by brand and packaging innovations.

South Korea: In South Korea, volumes in the second quarter increased by low teens, cycling an easier comparable caused by shipment phasing ahead of our price increase that happened in April 2025. Revenue per hectoliter decreased by low single digits, impacted by negative package mix.

Normalized EBITDA increased by strong double digits, with our normalized EBITDA margin expanding substantially by 400 basis points, supported by our strong top-line performance and operational leverage. Given this shipment phasing, it's important to look at the first half to get a more normalized view of our South Korea performance.

In the first half overall, volumes were flat, with continued market share gains in both on-premise and in-home channel. Revenue per hectoliter increased by low single digits, driven by revenue management initiatives.

Normalized EBITDA increased by mid-single digits, with our normalized EBITDA margin expanding substantially. Then, finally, India: We continue to invest in India to accelerate growth across our portfolio.

We delivered double-digit revenue growth in both the second quarter and the first half of the year, while gaining market share in the states we operate, supported by share gains in premium and above segment. With that, YJ and I are here to answer any questions you might have.

Thank you.

Hey, hello management team. Thank you for taking my question.

I have two questions. First one is regarding the weather in China, whether there's any impact.

Have the recent floods in the Northeast China, as well as Guangxi, and heavy rainfall across East and Southern China, does it have any noticeable impact on the sales volume in June and July? If so, would you help quantify the extent of the disruption and indicate whether demand has normalized in the affected region subsequently?

That's my first question. Shall I continue with my second one, or...

Yeah. 所以我第一个问题呢就是那个天气的问题。那中国那边呢我们最近看到呢那个华北啊，或者是说广西啊那边都有水灾，也有大雨在那个华东跟华南。想了解一下我们有没有看到那个6月份跟7月份的那个销量有影响？如果是这样的话呢，有多少的一个 disruption？我们现在呢有没有看到我们受影响的区域呢有恢复的一个情况？这个是我第一个问题，谢谢。

Hi,

Anne. Thank you for your question.

If you don't mind, I can answer in Chinese. 谢谢啊，这个谢谢

Anne 的这个问题啊。我是 YJ，我来回答这个问题。实际每年这个经济形势了、气候了都一些变化，所以这都是一些新常态了。所以作为我们来说呢，我们还是应该做好自己。百威在中国呢已经很长时间了，所以中国是全球最大的啤酒市场，百威英博呢又是全球最大的啤酒公司。所以呢，首先想交流的一点呢，就是我们百威英博、百威亚太在中国是有长期主义的。所以不管经济变化还是天气变化，这都是我们不可控的，我们应该去聚焦我们更多可控的东西。那随着中国啤酒行业的这种变化呢，实际上这几年在向着多元化、新场景、健康化发展。所以我们怎么样围绕着消费者的需求，以消费者为中心，怎么样从产品的多元化和创造一些新场景，以及呢能够提供更健康的这种啤酒产品，所以这是我们重新研究的。所以你刚才提到的呢天气问题了或者大环境问题了，这都是会经常发生的。所以呢我总结一点给你回答，就是我们在中国是长期主义，而且呢我们会围绕着消费者进一步在多元化、新场景和健康化方面多做文章。谢谢你。 嗯，谢谢

YJ。那我第二个问题呢是也是中国方面的一个渠道的问题。那想问一下我们的那个那个现饮市场的那个那个量的一个一个趋势是怎么样？可以跟我们分享一下那个这个渠道方面的一个大概的一个一个一个量的的一个情况，增增长或是那个情况是怎么样？我们看到那个现饮渠道那边的下跌，量下跌的幅度呢有没有开始平稳了？然后我们有没有看到有什么一些就是说回回暖的一个迹象？特别是那个中餐厅那个部分。因为我也记得去年呢我们的下半年的一个基数还是比较容易一点的，所以我们可什么时候我们可以预期我们的那个现饮市场的一个量可以回到一个正的一个一个趋势？在下半年在什么时候我们有没有机会可以看到有一个回暖？那我在用英文再翻译一下。Regarding the

China's on-trade volume trend, would you comment on the volume trajectory across channels? Has the on-trade volume declined begun to stabilize?

Are you seeing, like, any signs of recovery in the on-trade channel, in particular, the Chinese restaurant segment? Given the easier comparison in the second half 2026, do you expect the on-trade volume to return to a positive growth at some point during second half 2026?

Thank you so much. 谢谢。

行，还是我来回答这个问题，我是 YJ。所以你刚才提的对，实际上我们现在中国的消费市场，现场消费呢的确确承受了一些压力。大家也很清楚这个家庭消费，这个呢是一个很大的趋势，实际上也在增长。那我们也是随着行业呢也在共同的增长，不管是 O2O 了、家庭消费了等等这些方面。所以呢还是回到我刚才那一点啊，这个有些因素呢我们是不可控的，但是呢我们要作为我们这些头部的企业，怎么样能够一起呢能够引导这些场景的这种趋势。所以我想从几个方面呢再进一步探讨一下。虽然外部呢有些是不可控的，但是呢我们还是要尽我们的努力怎么样去作一些贡献。第一个方面，首先从啤酒的这种本质来讲呢，啤酒实际上是一个载体，这个载体呢它能够给消费者呢提供一种沟通、交流，甚至于呢带来幸福感的这样一种载体。那我们就回到场景上来，回答你的问题。那这种场景呢不管现场消费还是家庭消费，怎么样通过啤酒呢能够更多的激发这种场景，不管是来达到交流、沟通、欢聚、带来幸福感的这样一种场景。所以呢除了大家经常现在所在的这种餐饮以外，实际上一些夜经济了、夜店了以及一些结合着文体活动，这些场景的创造呢怎么样把这消费者呢聚集在一起，使他们能够不管是家庭消费，他们能够达到一种沟通、交流、欢聚的这样一种情况。所以呢作为我们啤酒公司头部的啤酒来说呢，除了给消费者提供好的产品以外，那另外呢怎么样创造一些新的场景和能够达到消费这种欢庆、沟通和带来幸福的这样一个沉浸式的消费体验。所以呢场景可能消费在不同的天气情况下，不同经济形势下，可能会发生一些动态的变化。但是作为我们来说呢，还是刚才我所说的，怎么样给消费者提供一种多元化的产品，那提供不同的这种场景来达到沟通、消费、欢聚以及带来幸福感的这样一些场景，那进而呢能够使消费者呢能够享受啤酒产品在达到他们的这种目的。谢谢你的问题。 好，谢谢。

Thank you, YJ and Bernardo. I have two questions as well.

I will start the first one on China first. It is actually a follow-up question regarding the volume trend, in particular, into third quarter and fourth quarter.

What's the status of the sell-in and sell-out situation? Because if I remember correctly, last year, second Q, we started to apply the lean model with the distribution with our distributor wholesalers.

That means actually running into third quarter and fourth quarter, we are more on the same comp base. How do we see this volume year-on-year trend?

Maybe it's whether it has tend to be bottoming out on the year-on-year basis? 我第一个问题是一个跟进中国这边量的问题，可能比较接近这个经营上的操作。主要是想问一下我们公司现在整个发货和零售整个的这个趋势上面是怎么样的？也就是说渠道的库存状况是怎么样的？因为去年我们公司也开始转变对经销商、对合作伙伴的一个低库存的运营模式，那么从下半年开始，我的理解是更多就变成一个同比上的概念，那么是不是有机会我们能看到在年对年这个量的成长上面可能会逐步开始有改善？这是我的第一个问题。

I'll

hand over to Novick to answer this question.

Great. Hi, Lillian.

Nice to hear from you. Thank you for the question.

Maybe recapping a little bit on the industry. We saw a slightly positive industry in Q1.

We saw a negative, at least from our side, industry in Q2, the main two drivers being macro environment and bad weather. Regarding channels, we continue to see weakness in on-premise.

We haven't seen any recovery so far in Q2. Regarding your question about moving forward, in July, we still see weakness in the market.

We remain cautious. At this point, it's difficult to foresee improvement in Q3 in top and bottom line.

Look, the priority continues to be to stabilize volumes in China, and we believe the right thing to do is to continue investing behind our brands to recover in the medium term. Thanks for the question.

Thanks, Bernardo. My second question is overall EBITDA margin.

Can you actually give us a little bit more detail in terms of how to project the second half EBITDA margin because a few variables, based on what already achieved in second Q. One is the China pressure that could be some still lingering deleveraging effect and commercial investment, as well as the Korea volume recovery and the India growth, all this negative positive, how it workout in terms of the EBITDA margin outlook in the second half?

Also whether we can see a bit EBITDA margin improvements toward the year end or 2027? 我第二个问题是关于整个公司我们怎么看利润率，就是这个 EBITDA margin 的走向。那么如果看基于二季度压力中国压力还比较大的情况下，看下半年还是有一些刚才诸如 Bernardo 说的所说的中国的这个量的压力还是存在，那么我们还是持续在做渠道的投入。另外呢，我们也看到韩国其实有不错的量的恢复，印度也有量的增长，我们还有一些这种成本的节约。那么我们怎么把所有这些因素考虑在一起去构想下半年我们 EBITDA margin 的一个走向？同时呢我们会不会看到一些这个转折点，就是说 EBITDA margin 开始进入到恢复的这个轨道是在今年年底呢还是在明年？谢谢。

Thank you, Lillian. You're right.

I think it's important to mention that we are still in investment mode in China. Our priority continues to be stabilizing volumes.

When we look at APAC first overall, the three reasons, our drivers, for our EBITDA performance are, of course, number one, China top line; number two was increased investments; and then number three, other operating income, that has been negative, but offset, of course, by strong top line in Korea and India. Maybe speaking a little bit about each.

In Korea, we have a good second quarter. As I mentioned earlier in the call, for Korea, it's very important that we look at the first half overall because there is a little bit of a phasing between Q1 and Q2.

When you look at first half overall, we had flattish volume in a negative industry, which means that we continue to have good commercial performance, and we see some margin expansion. Looking forward, we start to have some higher costs because of our hedging for H2 and probably '27.

India continues to surprise us in positive ways, strong double-digit top-line growth, and EBITDA also improving. Is small, but starting to make a bigger difference for us.

China, as I was saying before, priority continues to be to stabilize volumes. We continue to invest in our brands, and we expect these investments to continue in the second half, okay?

Yes, margins might continue under pressure for a bit in China because the priority is now to invest in our brands, which we believe is the right thing for the long term. Thank you for the question.

Thanks a lot, Bernardo and YJ.

Thank you.

Hi, YJ Novick. This is Chen from BofA.

I've got two questions. First, I will start with the margin side.

If I'm right, I think we have a one-year cost hedging policy. Given the rising cost pressure in 2026, are we actually seeing a delayed GP margin pressure in 2027?

If that is correct, are we going to focus on SG&A control or continue with commercial investment to revive the top-line growth going forward? 我这边再翻译下中文吧。就是我们通常在原材料采购时候是有一个一年的这个 hedging 的 policy。那考虑到今年2026年的现货市场的成本上升的非常多，那如果这个趋势延续下去的话，我们是否会觉得2027年的毛利率会存在比较大的下行压力？如果这个假设成立的话呢，我们接下来会考虑在费用方面做比较严格的控制，还是说呢像今年一样明年继续的去在 commercial investment 方面做更多的投入来实行一个销售的复苏？这是我第一个问题。Thank you.

Thank you, Chen Luo. You're completely correct.

We have a 12-month hedging policy, which means that the recent increase in commodity prices has a delayed impact for us. When you look, for example, at aluminum, right, the current prices and increase 10, 20%, depending with which period you're comparing, we are going to start to have those effects in the second half and some of those effects for 2027.

On the other hand, we have some good news on barley, which helps offset, but not totally, the increases. You're right also that we are trying to have initiatives to offset.

I think the supply team in the company has done a very good job at trying to bring efficiencies to offset some of these impacts. To the question about whether that is going to stop us from making investments in the market, the answer is no.

We believe the right thing to do now is to keep investing behind our brands and to recover the volumes in China. Thanks for the question.

Okay. Thank you, Novick.

That's very helpful. My second question is on dividend.

Given the fact that China has seen volume decline for almost three years and we have also seen several years of earnings decline, will there be any implication to our dividend policy, as I understand that our dividend has been largely fixed for quite a few years despite the earnings volatility? 那就是这个问题是关于这个 dividend 股息了。就是我们过去几年中国的量和以及整体公司盈利都处在一个下滑的通道，但是呢我们整体上在绝对金额上 dividend 还是一个大致稳定的。那考虑到现在面临的经营的压力，我们在未来在 dividend 政策上面会不会受到一些影响呢？谢谢。

Yes. It's taking us longer than we expected to recover.

I always repeat this part about that the capital allocation priorities remain the same for us. Our number one priority is organic growth.

That's why we believe that we need to keep investing in our business. It's the priority number one.

Selective M&A is number two, if it comes, and then number three is return the money to our shareholders. I think you're right.

It's fair to assume that if results don't improve, if they end up being below our expectations, it's going to be difficult to maintain the dividends at the levels that we had. Having said that, it's too early.

We are still half the year, and we keep working hard to try to improve the performance. Thanks for the question.

Okay. Thanks a lot.

It's really helpful.

Bernardo 有讲了很多中国的这个品牌的投资啊，long-term investment。那最近这个几星期世界盃，我们看到非常多的这个百威的广告。那我想问一下管理层，有没有看到一些非常正面的在销量啊，还有一些观察跟我们分享？另外一个，我们知道这个也是对长期的品牌是有利的。如果短期没有特别特别有利的这种 volume 的反应的话呢，那什么时候，有多长时间，你觉得在中国这种特殊市场里面才会反映到我们的运营中去？那我翻译成英文。This question is related to earlier commentary about commercial investment and branding. We have noticed many, successful, people World Cup campaign advertisement.

Is there any visible impact on the volume in the short term? I understand that investment is for long-term brand equity, if there's no short-term volume positivity impact, how long do you think it will be monetized in the volume operation?

谢谢。

Hi, Xiaopo. Sometimes these investments take a little bit longer to see the benefits, but these are the right long-term investments for the brands.

We're very proud of our partnership with FIFA. I think was an amazing World Cup.

I personally had the luck to go to one of the games with my kids, and they really enjoyed it. I think was a great way to show soccer overall and to showcase the partnership at Budweiser as a big brand that it is in China and globally, has been partnering with the FIFA for 40 years.

It's 11 different editions. We have actually a themed packaging featuring the 11 different editions of the Budweiser can that is still in the market in many places in China.

We also took advantage of the opportunity to do a partnership with Erling Haaland. I don't know how many of you know him.

He's a Norwegian striker that had a very good World Cup, and he's helping us with the launch and the rollout, more than the launch, of Budweiser Magnum that is one of our biggest bets in premium in China. This partnership has been very successful so far.

Again, the main objective for this, and particularly for China, right, that is not in the same time zone, more than volumes, is strengthen our brand equity. Our results overall in our brands, despite the negative volumes and the share loss, were good in this first half in terms of brand and brand equity, and we are committed.

We are here for the long term, and we'll continue to invest behind our brands, that at the end are the most important assets of our company. Thank you for the question.

Thank you. I have a follow-up question to you, Bernardo.

Since you are very new to the CFO chair, we have to ask this question to you. Since IPO of the company, we have seen great, great growth about India, and it is in our view validation of the company business model in the non-China, non-Korea APAC markets.

Will you slightly pivot towards inorganic growth opportunities in the region after seeing the Indian high growth and also the China weakness? 我翻译一下。因为 Bernardo 是新任的 CFO 嘛，那么我们在 IPO 之后呢一直看到的就是印度呢一直从小成长得很大了，也成长得很快。那从某一方面呢是证明了 Bud APAC 呢原来在 IPO 时候讲诉的那个商业模式的故事。那么在这个新 CFO 的任期，是不是看到这个成长的机会以后，也当然也有一个是中国的成长慢了下来，会不会再次地加快对收购、M&A 方面这种非有机的增长的机会？谢谢。

Thanks for the question. I think that the growth in India and Southeast Asia overall highlights one of the advantages I see for our company, which is our geographic footprint.

I think we have in a way a competitive advantage versus our regional competitors of our exposure to some of this growth in areas. Having said that, that doesn't change our capital allocation priorities.

Again, I will repeat them. Number one is still organic growth, and that's why we keep investing in our business to recover.

Yes, number two continues to be inorganic. How it is with inorganic possibilities.

They might appear at some point. They not only depend on whoever is interested in buying, but whoever is interested in selling.

We're still engaged in having conversations, and we will be in the table in case an opportunity comes. There is no a big shift in priorities regarding the importance of inorganic.

Of course, we don't have anything to announce at the moment, and if something arrives, we'll let you guys know. Thank you for the question.

Thank you, Bernardo. We just expect you give us some surprise in the future.

Thank you. Thank you.

Hi, good morning. Thanks for taking my question, gents.

Bernardo, you've been really clear that China volume growth is your top priority. Historically, your main driver of the top line was this geographic route-to-market expansion strategy, and then probably I don't know 18 months ago or so, you sort of pivoted to much more about the in-home channel route-to-market expansion.

Was this a good choice for you? How do you think about the relative attractiveness of the two growth strategies as we go forward?

Thank you, Euan, for the question. You are correct.

I think if you look back in our history, right, a lot of our growth, particularly for Budweiser in the early years, was, of course, growing the brand where we were, but a lot of geographical expansion. Of course, the more you grow, that expansion growth, it's lower, and but doesn't mean that we don't have opportunities.

I think regarding the market and our expansion strategy was always starting more with the high end, more in the nightlife and out-of-home. As the market is shifting, and now it's going more to the O2O, we're trying to see different ways to penetrate new markets.

We're in a way shifting a little bit the strategy there. We still see opportunities to cover places where we are not, although, of course, it's not at the same rate as it was in the past.

We do see opportunities, and we keep working on trying to fight for new growth opportunities in China.

Thanks. It seems that the margin declines in China kind of accelerated when you made the shift to the in-home expansion strategy.

Is this more about kind of temporary setup costs and just trying to build your platform in that channel and these investments will then be leveraged, and the margins will start to drop through? Or is there just inherently a higher cost of doing business in the in-home channel so we should expect permanently lower margins because of this strategic choice?

Euan, I think it's probably a little bit of both. I think as I've been mentioning, we are increasing investments as a percentage of net revenue in China to get to these priorities that we have.

Of course, when you do that, the ROI of the investments are lower, right, because volumes are decreasing, as you see. We still believe it's the right thing to do.

We need to be patient, and the results will come. On the other hand, on the O2O expansion, the margins are lower.

We have been able to offset some of the extra costs of operating O2O by premiumizing. I think the O2O as a channel is a more premium channel than the in-home overall.

That offsets, and we have an advantage there versus the competition because we have a more premium average portfolio to play and super premium, by the way, that helps in the O2O. I think when you look at the margins, the answer is both.

Some of the things we are doing or the things that are happening are structural, and some are investments that we are doing now to try to recover. Thank you, Euan, for the questions.

Thanks a lot for the opportunity. Hi, YJ, Novick.

I have two questions. I will ask one by one.

The first one's on China about the channel inventory. What are the channel inventory levels right now in terms of days and turnover do you maintain across China's distribution network?

How does this compare to the ideal level? Also, will we still continue to focus on a lower, healthier channel inventory into the second half in order for a longer-term more healthy volume recovery, or we are already at the ideal level right now?

I will also translate into Chinese. 所以第一个问题呢是关于中国这边的渠道库存的。我们目前在中国的这个分销网络整体维持的一个渠道库存天数和周转大概是什么样的一个状况？那与公司理想的这个渠道库存水平相比是如何的？今年下半年是会继续专注一个渠道的健康度，达到长期的这个增长呢，还是其实我们已经更理想的这个情况相比是差不多了？这是第一个问题，谢谢。

Thank you, Leaf. Yes, we have been taking steps to adjust our inventory.

Our inventory today is lower than it was at the same time last year. Having said that, we are not yet at what you're asking if we are at the ideal level.

I don't think we are yet. We still have some room to improve in both tier 1 and tier 2 inventories.

Going forward, we remain agile to try to look at the inventories, and there might be a little bit more adjustments in the second half. We are getting close to what we think is the ideal level for inventories.

Thank you for the question.

Thank you so much. That's very clear.

The second question is about Korea, about Korea's consumer environment. How do we look at this consumption environment in Korea, given the volatility in the equity market?

Also, any benefits to local beer consumption increase or beer consumption upgrade from the equity market wealth effect? How do we look into the second half?

第二个问题是关于韩国这边的一个整体消费环境和啤酒消费环境哦。我们应该如何看待现在就是有在这个股市波动下面韩国当期的这个消费环境？那我们看到在当地这个啤酒消费是否还存在一些比如说销量的提升或者说产品升级的这种利好的因素？那下半年的话股市波动比较大，我们怎么看下半年整体的这个啤酒的一些消费的这个趋势？谢谢。Thank you so much.

Thank you, Leaf. Again, in Korea, it's important that we look at the first half overall, reminding you that our volumes were flat, but our estimate is that the industry actually declined low single digits.

Overall, the economy is doing well. Consumer confidence is up.

Of course, the stock market was really up, and then recent days not so much. Overall, this positive economic sentiment that we are seeing in the first half of the year has not translated yet into overall recovery in alcohol consumption.

On the positive side for us in beer, beer is gaining share of throat in the first half versus soju, and we believe this is some of the more beer-friendly occasions are gaining some traction, which is good for us. We also see in a declining industry some pockets of growth, particularly around non-alcohol, flavored beer, RTD.

This is gaining popularity, and this is helping us. Again, it's important to mention that we have positive momentum and we are outperforming the industry in both the in-home and out-of-home, and that we remain focused on our strategy of innovating.

I think as market leaders, we need to lead with innovation with balanced choices, that is the future in a market like Korea, and developing new occasions, particularly on the occasions that are growing and are helping us on the share-of-throat side. Thank you.

Thank you.

Thanks. Hi, Bernardo, YJ.

This is Jessie Xu from JP Morgan. Thanks for taking my questions.

My first question is a follow-up on South Korea and non-alcohol categories. We know that South Korea has often been an early mover in Asia, leading other countries across different consumer trends.

Could you share the latest developments you are seeing in non-alcohol beer and the broader beyond beer category in South Korea, particularly in terms of consumer behavior, adoption, and key consumption occasions, and how are you positioning your portfolio there, including the key investment priorities in Korea to capture that growth? 感谢管理层给我这个提问的机会，我是摩根大通的 Jesse Xu。我的第一个问题是关于韩国的这个非啤酒品类和新品的机会。那这个季度我们在韩国的势头是非常不错的，而且韩国在很多这个消费者行为和偏好方面一直是有一些领先的一个表现。那能否请管理层分享一下韩国市场的一些近况，比如说在消费者的观念、口味的偏好或者是饮用场景等方面有没有一些新的变化或者趋势？在啤酒以外的品类上面我们是怎么思考和布局的，以及接下来如何承接更多来自这个品类的增长机会？谢谢。

Thank you, Jessie. I think one of the advantages of being a global company is that we can see and compare situations that we see in Korea and other developed markets.

In mature markets, it's important to lead with innovation, particularly on what we call balanced choices. There are a lot of pockets of growth that are important and growing like non-alcoholic, flavor, and RTD.

Maybe I can share with you all two examples that I think are important to share in South Korea. One is Cass 0.0 that we relaunched as Cass 0.00.

In this case, we are using a new technology that helps with the alcohol removal, and it's bringing a new Cass that is closer in original flavor and a crispy texture and is now the number one non-alcoholic segment in the segment. I think we are happy to see that.

This is also an advantage of being a global company and having some of these technologies that are very advanced. Another example, and it's also an advantage of being a global company, is the launch that we just did of NÜTRL in July.

NÜTRL, yeah, I feel close to it because it's one of the brands that I was responsible when we acquired them in North America. It's a Canadian vodka soda that we acquired in Canada and then we launched in the US.

It's doing very well in both cases, and we brought it to Korea, which just launched it. The team was very creative, and we launched it with a partnership with the two of the SEVENTEEN K-pop group there.

It's targeted, of course, to LDA, but the younger consumers. It's a lemon-flavored vodka sparkling beverage with zero sugar, and it's tapped into this ready-to-drink category that is growing.

I think the advantage that we have in Korea is having these global brands and having a strong route-to-market that can allow us to keep innovating. It's why we are managing to have stable volumes even in a soft industry, right?

We believe that this RTD represents a very good opportunity for the future, and the team is actively working and talking with consumers to see how else can we develop new products for new occasions in South Korea. Thank you for the question, Jessie.

Thank you, Bernardo. That's very helpful.

Then my second question is on China and pricing. Cost inflation started to come through from the second quarter and into the third quarter, while the overall demand is fairly still weak in China.

Given some competitors already took price up in April, how are you thinking about your pricing strategy as of now? Do you anticipate taking any pricing actions soon?

If so, would they be broad-based or more targeted by market, by channel or brand tier? Or, put it differently, how are you balancing protecting volume or share versus protecting margins into the second half?

What would be the key triggers for acting on price? 我的第二个问题是关于中国市场和我们的定价的问题。那因为一些通用物料的成本通胀从二季度逐渐开始，然后延续到这个三季度逐步显现，但整个中国市场的需求还是依旧相对比较疲软的，竞争也还是蛮激烈的。但考虑到部分竞争对手在4月份已经做了提价的动作，那想请教管理层现阶段我们是如何思考我们的定价策略的？是否会考虑提价？那如果是的话，是更偏向于全线的、广泛的提价，还是会更有针对性地按照市场、渠道或者是品牌来进行调整？或者说我们接下来是如何思考份额和利润之间的这个平衡的？谢谢。

Maybe to answer, I think it's always good to start with the strategy, right? Our priority in China continues to be to stabilize volumes, and as you can see in our results, because of the soft industry and our underperformance in share, we're still focused on trying to stabilize volumes.

Yes, we are aware of some competitive reactions in some regions, in some packs. We continue to monitor, but at this point we don't have any news to share about price increases.

In the first half, we invested in some areas. We had a positive mix, but we had some investments, particularly to support our wholesalers, that, of course, are like us under pressure given this volume decline.

We're also investing behind our brands. We're also investing behind the growth in O2O.

Some of these things take a while to see effects, but we believe are the right movements for the long term. I think the message to you about pricing is that at this point, we continue to have a focus on stabilizing volumes, and we expect to continue investing in the second half.

Thank you.

Thank you.

Thank you, management, for the opportunity to raise the questions. I also have two questions.

One is about China. I appreciate management's earlier commentary in terms of the China strategy.

You talked about channel expansion. You also talk about portfolio diversification, but on the other hand, the timeline in terms of volume recovery and margin seems uncertain.

Given the external environment, especially considering volumes still declining, industry competition still very fierce, I'm just wondering whether the management will consider any strategic pivots beyond these measures you just talk about. If that happens, what's going to be the financial impact on the company's revenue and EBITDA margin going forward?

Thank you.

I will

answer this question. If you don't mind, 我先那个翻译一下陈总。不好意思，我点忘记了。对，我就非常感谢刚才管理层跟我们聊了很多关于中国的策略的变化，包括有谈到就是还是要继续去投入 in-home 的渠道，要继续的去把品牌变得更加的丰富。但是与此同时我们也留意到行业的量还在下滑，然后竞争也非常的激烈。所以想请教一下管理层，就是除了这些策略以外，还有没有一些其他的策略性的一些转变是可以跟投资人来分享的？那如果这些转变发生的话，我们也想了解一下对公司的财务，包括收入和 EBITDA margin 会是一个什么样的一个变化？谢谢。

好，我来回答。你说得对，我们制定的策略呢，我们应该说是一种聚焦型的、可持续性的。所以目的呢就是能够稳定我们的量，重建我们的市场地位。所以很清晰呢就是我们利用我们的品牌的这种优势，通过创新，这种多元化，作为百威英博的这样一个全球化公司这种资源，这是我们的一个优势，所以这是我们的一个策略和战略。那第二个方面呢，通过进一步的强化和投资我们的渠道，包括我们的家庭消费了和现场消费，创造一些新场景，这是我们第二个的战略和和策略。那第三个策略呢就是我们要聚焦，要聚焦执行。那有了我们这样一个丰富多元的品牌，再加上创造一些场景呢，提高消费者的参与度，那进而呢能够提升消费者的这种体验，从而带来我们的销量的提升和市场地位的提升。所以量的稳定、市场的重建，通过强势的品牌投入和品牌优势，以及渠道的投入，以及新场景的这种打造，来驱动消费者的这种参与和体验，从而达到我们这种策略的这种执行。所以这这就是我们总体的一个设想，是一个持续的、聚焦的、稳定的。谢谢你。 Thank you, YJ.

谢谢刚才陈总对我的问题的一个解答。So I have the second question is about India as well as Southeast Asia markets. We all understand management is now prioritizing revenue over profitability for India markets, but I was just wondering whether there will be any pathway or timetable in terms of improving the Indian market profitability in the next 12 months, and also for Southeast Asia market, which we also understand is probably not making much money, what's going to be the plan to improve that market's profitability in the next 12 months?

Thank you. 对，那我也想问一下，就是说关于印度和东南亚市场的一个利润的问题。那我们都知道印度的话呢，那管理层一直是有非常好的收入的增长的这样的一个状况，但是也想请教一下有没有一些具体的计划和时间点，我们是可以去观测的，印度有一个利润率的一个比较好的一个表现。那东南亚这块市场的话，我们的理解的话呢，公司在那边的利润可能也有这个提升的空间，那也想请教一下对这个市场的话，有没有一些提升利润的具体的一些时间和方法，我们投资人是可以来观测的？谢谢。

You want to translate in Chinese, or I want... 对，那我刚才已经翻译过了。

好，我来回答。很好的一个问题啊。刚才我们谈了很多中国，实际上百威亚太在在我们的同行当中呢，和我们在中国的一些同行来比呢，我们除了在中国我们的地位以外，我们实际上还有一些跨区域、跨国家的这种优势在亚太。所以谈完了中国，我们对中国的策略我刚才已经讲到了。在其他国家呢，实际上我们既有像韩国这样的发达国家，那又有像印度、东南亚这样一些发展中国家。所以呢中国是处在中间，所以中国呢我们可以借鉴我们韩国的经验，这种往发达国家的这这个方向呢一些好的经验学习，这是我们的一个优势。同时呢，那我们印度的团队呢也可以通过中国，向中国学习，发展中国家呢怎么走过来的。所以你你提到这个问题呢，刚才我想重复一下，韩国说实在的，我们的行业在重压，但是呢你看到我们的业绩呢，实际上我们是和去年持平甚至是略有增长。那在行业下降的情况下，我们持平和增长就是我们的增长。那我们的这个不管家庭消费还是现场消费，我们的市场份额都很有强式的这种增长，这来源于我们的创新，这种发达国家的创新，这是我们取胜的一个很重要的关键，这是实际上是一个很好的最佳实践，也是我们韩国成功的一个很重要的一个一个因素。那印度呢，你提到印度，实际上印度呢也在走我们过去十几年在中国走过的路，就是这种高端化，利用我们百威这样一个高端品牌这种高端化。那印度的行业在往上增长，那我们的量的增长是好于行业的。那同时呢我们又在占了绝大的很高的份额的这种超高端和高端的这种份额，在领导这种超高端。所以你谈到这种我们的利润状况、我们的现金流状况，实际上都有大大的改善，是非常可以期待的。所以所以呢印度在朝着一个非常好的方向去走。那东南亚呢，你说我们虽然规模比较小现在，实际上呢除了我们的这个有机增长以外，我们也在寻找一些非有机的这种这种机会。所以作为百威亚太来说呢，中国我们有很清晰的、稳定的、聚焦的、长期的投入的这种战略和和市场目标，刚才我都谈到了。那像韩国呢是一个很好的趋势，也是一个很好的最佳实践的点，作为发达国家可以学习，同时我们的趋势也比较不错。印度呢，行业在增长，我们比行业做得还好，而且在朝高端化领跑，而且现金流了、利润了都在大幅度的改善。所以东南亚呢，除了我们有好的增长以外，也有很多的这种潜在的非增长的机会。好，谢谢你的问题。 感谢陈总回答我的问题，谢谢。

Thank you, Eric. Our priority in 2026 is still to stabilize volume and rebuild our market share momentum in China.

We continue to invest behind our megabrand and innovations, strengthening execution and expanding our in-home channel presence. Despite current performance softness, we remain confident in our people and we are focused on our strategy going forward.

Thank you all for joining us today, and I'm looking forward to speaking to you soon.