Heineken Holding

Good morning once again, and welcome to our webcast audience as well. Welcome to our 2025 Capital Markets event by Heineken. Before we start proceedings with our CEO, Dov van den Brink, it is my duty right now to make sure that you read the following disclaimer, otherwise my legal guys will be very upset. There we go. And this is to tell you that this presentation hopefully will contain many forward-looking statements and expectations based on current management's current views evolve known and unknown risks and uncertainties, and that it's possible that the actual results may differ materially. So please take your time, and this applies to the whole day today. All righty. With that out of the way, it is my absolute pleasure to introduce Dol van den Brink, Chief Executive Officer of Heineken.

Okay, good morning to all of you, those here with us in Seville, as well as the people on the webcast. Beautiful, gorgeous morning in Seville, and it's not only the beer capital of Spain, but the weather is also significantly better than Amsterdam this time of year. We have an exciting day ahead of us as we will share our plans to deliver superior balance growth while delivering attractive shareholder return while future-proofing our company. As we all know, the world is changing fast, and change brings both challenges as well as opportunities. And we are very confident in our sharpened Evergreen 2030 strategy and our ability to deliver, and we hope that as the day evolves, you feel so too. We have a very focused and targeted agenda. I will kick off today talking about the overall Evergreen journey, where we're coming from, where we are, where we're going, and I will introduce our three strategic priorities. Dan Brom, Westenbrink, our chief commerce officer, will double-click on accelerating growth, our number one priority for the company. Then Harold, who you know well, our chief financial officer, will double-click on productivity, our second big strategic priority. And then towards the end of today, Harold will close us off how this all comes together and how we drive value creation. We have two key moments for Q&A to give you the opportunity to ask questions. And throughout today, even though it's the three of us here on stage, we will bring between 10 and 15 leaders from all over the Heineken world in through videos. So that is what we have in stock for today. There are five key messages that, in a way, recap what this day is all about, as well as what I will start with this morning. It starts by taking stock on the Evergreen journey, the progress as well as learnings over the last five years, and the sharp priorities going forward. Then we'll spend time on accelerating growth in consumer goods. It is all about growth. It's all about winning our consumers and customers. And our specific ideas on how we believe we can shape structural growth in the category, as well as through differentiation of focus, really accelerate our growth trajectory going forward. Stepping up productivity. We made a lot of progress the last five years, but we see opportunities to take that to the next level as we see ways to leverage skill and scale in ways that we have never done before at Heineken. Third priority is future fitting the company. building around a digital backbone which we're rolling out as we speak the biggest transformation in the history of the company enabling new ways of working opening up new ways of value creation and then i will close with our in a way shareholder investor promise starting on that first chapter sharpening evergreen Now, strategy doesn't happen in a vacuum. Strategy is always in response to both the external environment and the journey you have been on. And we have been on this amazing 160-year-plus journey as Heineken, always pioneering, pioneering by building the first global premium brands, pioneering in putting together the most advantaged global footprint, and more recently, pioneering in the way that we're expanding our brand and product portfolio across segments and categories. But we also know there's a lot of change happening in the world around us affecting the industry. I made this version about four or five years ago, not realizing how much more change we would see across these five dimensions. And we just need to accept this is how it's going to be, and we need to adapt and change. And as such, Evergreen, when we first launched that back in February 21, in the middle of COVID, It was not an in-person capital market event. We did this at that moment virtually. It was all about picking up the pace of change within the company. We had this 160-year journey. We came out of a decade of very good and strong, consistent performance. But we also felt at that time that internally we really had to pick up change and transformation adapting to new realities. And that's where we launched this Evergreen 25 strategy with five clear priorities. We introduced our growth flywheel and we introduced the green diamond with four key dimensions on how we track and measure value creation and this has served as well in all the twists and turns of what the world you know threw at us as a world and as an industry this has served as well and provided clear direction and clear priorities now across you know, the many dimensions and priorities that we set ourselves, we can be proud of a lot of progress. Whether it was in Brent Heineken, which grew, you know, by almost 50%, the fastest growth in the history of the company, how we expanded premium, how we accelerated and pioneered low and no, becoming the global leader in zero-zero beer, how we jump-started from almost nothing our digital B2B platform, Easel, On productivity, this was one area that we prioritized in Evergreen. We were known for our footprint and our portfolio, our marketing. We were not known for efficiency and productivity. Over the last five years, we made a major step forward in creating a much stronger productivity muscle and culture capability in the company, delivering over $3 billion in gross savings. We started with digital. my first person i appointed to the executive team was ronald else as a chief digital technology officer up till 2020 that function was not represented in the most important leadership team of the organization and under the leadership of ronald we started on this digital transformation that you will hear much more about in the course of today and we made a lot of progress on the sustainability targets that we set ourselves Now, saying that all, while we were changing and transforming, our performance has not been where we like it to be. We have had decent years, we had very challenging years. And all in all, I want to be crystal clear that this is unsatisfactory and that we're really hungry for more and better. And this was the starting point when about a year ago, six months ago, as a leadership team, we got together, taking stock of the progress, but especially also the learnings to make sure that going forward, we are able to deliver more consistent, predictable results. Now, I will share in some detail some of these key learnings because these are the learnings that inform some of the sharpening and additional priorities that we will be setting for the next three to five years. First on growth, we made a lot of progress on Brent Heineken and premium and zero-zero playing to our strength. We made some big interventions in our global footprint in adding UBL India as a major growth platform for the future. Namibian breweries, Distell, more recently, Vivco. But having said that, overall, our growth has been stagnant. Across that very advantage footprint that we believe is a core strategic asset for the company, there's also a lot of fragmentation. There's a lot of complexity. Within that footprint, there's underperformance, and we feel we have an opportunity and a need, a necessity, to do a major step up in how we differentiate across our global footprint and how we focus. And a lot of what I will be sharing and Bram and Harald will be speaking to leveraging this unique geographical footprint as well as brand to product portfolio, and through differentiation of focus, accelerate performance. On productivity, again, we were not known for efficiency and productivity. That, I dare say, is changing in a profound way. This is not an episodical thing we do now every five years. This is part of our everyday operating in the company. But we still are doing it really opco by opco. And that has unlocked 3 billion of cost savings. But to go to the next level of productivity opportunities, it is really about tapping into above-opco opportunities, which is something that in the belief system of the company has always been kind of blocked. And we're now crossing that bridge, and we're creating the conditions, both in terms of process and data and systems, as well as the cultural shift to start tapping into major productivity opportunities above Opco level. On cash, we have been stepping up operational capital allocation, the way we allocate hard currency, capex, to emerging market operations with challenging macroeconomic conditions. But in the aggregate, we realized that we have made more progress on productivity than on the cash and capital deployment. And especially Harald will speak to this later today, that there is again the opportunity, but also the necessity of stepping up how we think about working capital, stepping up how we think about resource allocation, stepping up how we go about... ultimately improving our returns on capital. And as such, we are introducing return on invested capital as a key metric that we will target our senior managers on. More to come on this later. And then on sustainability and responsibility, an important part in future-proofing the business. We have a huge industrial base across 70 countries, very important on whether it's carbon or energy or social responsibility dimensions to make sure we deliver the right impact. but we're also bumping against some technical constraints and financial viability constraints, and we'll update how we think about that going forward. So these are kind of both the pride of the progress we've made, but also the candor and the humility we needed in terms of the leadings and how we will sharpen our strategy. Now, our strategy starts by reaffirming our purpose. Beer, since the dawn of human civilization, was about people coming together. It was about sociability. It is the original social lubricant. And as such, we believe, and you will see Bram bringing this to life through advertising we're doing on so many of our brands, We brew the joy of true togetherness to inspire a better world. And I think we all agree in this world of war and conflict and loneliness and mental health issues that we need more joy of true togetherness. And again, I hope you will agree by the end of today that we are fully leveraging our brands, our marketing to contribute to that. And in the end of the day, there are so many things that we need to think of and do, etc. But in the end, it is all about our winning aspiration, which is about crafting legendary brands, products, and experiences to delight consumers. That is at the heart of what it's all about. Everything else should be at the surface in order to be the world's pioneering beer company. For 160 years, we have been pioneering, and there are countless examples of that, and we will share them. And we need to make sure that we're setting the intention to keep on pioneering for another 160 years. On our strategic framework, we're simplifying it. We're going from five priorities to three, because three is easier to remember, and it's about accelerating growth, stepping up productivity, and focused future fitting of the organization. We're keeping the green diamond. It's very clear. It has four quadrants. Those are the four key components of how we create long-term value for all our stakeholders. But we are sharpening and updating the specific underlying metrics, including return on invested capital that I touched upon earlier. So this, in a nutshell, is what anybody within Heineken should be able to dream and replicate. Today is all about this. You see that clear hierarchy of priorities accelerate. We also are unapologetically there. It implies in hierarchy with accelerating growth as the number one priority for the whole company. Even Harold agrees about this. But we have to step up productivity and all the value creation to come with it. But all joking aside, this is about consumers and customers. It is about growth. Our model doesn't work if you don't have growth and no operating leverage. For each of these three priorities, there's basically three or four focused actions. And each of these three or four, so a total of 10, 11, that is what this whole organization is focused and targeted against. And today we will impact them. Across the different presentations, we'll introduce the three priorities and these 10-11 focused actions that together form the Evergreen 2030 strategy for our beautiful company. Starting with our number one priority, accelerating growth. I will speak to how we believe we can shape structural category growth and, as I earlier said, sharpen differentiation and focus across the footprint at the segments and the brands. And I will do that by starting to speak about the category. Before speaking about Heineken, I want to speak about the category, because this is the elephant in the room. The whole debate that many of you fill, pages full of analysis and reflections, and a lot of that is very helpful and instructive, I find. But the essential question that we are all facing is, is the glass half-full or is the glass half-empty? And what I find super informative, you won't be surprised that I will make an unapologetic pitch that the glass is half full. that the glass is full-full, but it's a nuanced story, and you need to disaggregate it because it's not a black-and-white story. So I've put together a couple of slides to speak to the category and why we believe that a lot of what we're facing is cyclical, that there's some structural concerns that we better adapt and change to, but that overall, we believe firmly in the structural growth of our category going forward. now why are we even having this debate and that's because of course after long decades of growth in the low single digit as a category the last five years have been challenging and if you would end 25 it would be a negative kecker for the five years with a lot of ups and downs and that started by some major once in a generation Or some would say once in a century kind of one-off events. COVID, of course, being one major one. I don't think an industry was more affected in consumer goods than beer during COVID because it hit us at the heart of what we are about, which is togetherness, which is the on-trade bars and restaurants. Even now, in Europe, on-trade never recovered and it basically lost about a fifth of its volume. For us as Heineken, we were doing slightly better, it's about 15%. But that, of course, was a major reset impacting the category. Good thing is, more recently, we start to see on-trade doing relatively better than off-trade. We had a once-in-a-generation inflation spike, triggered by the war in Ukraine, triggered by the swingback coming out of COVID, the energy crisis feeding its way through input cost. That, luckily, is abating now, but I think a lot of what we're facing are the lingering effects of that inflation spike. And then, in a way, the war in Ukraine, energy spike, food price spiking around the world, triggered major macroeconomic disruption in some of the emerging markets. Countries like Nigeria, Ethiopia, Egypt, having massive devaluations. actually the biggest devaluation since the early 1980s. So we have been rocked by a couple of these very big one-off events, and we like to believe all of them were starting to be to the back end of them. But there are lingering effects, and the key lingering effect concerns affordability. and this is some global data where pre-cofit in a majority of regions pricing was actually trailing consumer inflation and the sweet spot for the for the industry seems to be you know that 80 of inflation give or take that actually allowed the industry to grow in that low single digit. And that dramatically changed because of the war in Ukraine, energy crisis. And why did this affect beer so much? And that's because beer is relatively very energy intensive. The brewing process is very energy-intensive due to all the heating and cooling over a 28-day period. Our packaging, aluminum cans, one-way glass bottles are the most energy-intensive packaging. So that energy crisis worked its way through an explosion in our input cost. And we traversed something that's extraordinary over time, is that our input costs were a multiple of the consumer inflation. So that consumer inflation was at a once-in-a-generation high point. Our input cost inflation in Europe in 22-23 was above 20%. Now, you really get in a squeeze when your input cost inflation for multiple years runs ahead of consumer inflation, and that meant that we ended up as an industry taking pricing above inflation, affecting the relative affordability of the category compared to adjacent categories, but also this not happening in a vacuum, but this happening at a moment where consumer confidence has been rocked and in the recent period, actually slipping. So it's not happening in a vacuum. That relative affordability is happening at a moment where consumers are really pressured from many different dimensions. And what we do know, this is not new news, that beer and alcohol in general is very discretionary, that out-of-home behavior is very discretionary, going to bars and restaurants, but also purchasing alcohol at home. And as such, it did and is affecting at this moment the volume trajectory and momentum in the category. Now, this is a bit called comfort, but beer is relatively better off than other alcohol segments. But that's not the whole story. We do believe there's those one-off shocks where we see we're getting to the back end, that the affordability in an environment of weak consumer confidence, that's real, and that's something that we deal with. But we believe them all ultimately to be cyclical. But we also need to have the debate about penetration, because there is a lot of media coverage about alcohol penetration going down. Again, it's important to be very nuanced and very specific. And in all the reporting, the first thing to always check, is it claimed penetration or is it actual penetration coming from household panel data like NielsenIQ? And what we see, and that is true, is that claimed penetration of alcohol is slipping across key developed markets. That is a reality. But we don't know to what extent that spills over into real penetration declines. The data that we do have, which is the household data from, for example, Nielsen, is actually much more stable than the claim data. So there's a big difference between the two. What we do see and that we are concerned about is that is that frequency is affected. So right now, we are more concerned about frequency than about household penetration. Household penetration seems to be holding up. Frequency is really affected. We believe that is partly, mostly related to relative affordability. People used to have three pints, now they're having two pints, might also have some moderation that people think, okay, one night a week, I'm having a zero-zero or an alternative rather than the alcohol. That is the picture, that's the data we're seeing. Claim penetration in developed markets is under pressure. Household data is from what we see holding up. Frequency is weak. We believe it to be mostly cyclical, but time will tell. Now, again, it's important to talk about the elephant in the room, but how about Gen Z? And what we do see is that with Gen Z, in developed markets like North America and in Europe, it's under pressure. Not just the claimed, but also the real. And you see just a handful of markets how that's playing out. What we don't know what is causing this. Is this health concerns? Is this because the initiation rituals of entering the category was disrupted because people at the moment of going to college were stuck at home because of COVID? the housing crisis the number of young people staying at home longer than prior generations affecting these kind of behaviors we don't know we see emerging trends that in more recent data we see penetration on gen z starting to go up this morning there was an article in the economist who also quoted data in that direction we also see if you follow gen z the people who three years ago had a drop in penetration Later on, as they probably become more economic independent, move out of the house, you see a normalization. So there's something going on there, and we should not be naive about it. At the same time, it's nuanced, and we do see emerging trends of trends starting to normalize. What's very important, especially given our footprint, that in emerging markets, the picture is very different. In emerging markets, we see penetration of Gen Z holding up. And just look at the numbers, 80% of Gen Z is in the world, is living, and the number is going up, as you can imagine, just by the population growth. We took our supervisory board to India just a couple of weeks ago, and there's 25 million young people entering legal drinking age every year. That's almost two times the size of the population of the Netherlands. So again, it's a nuanced story. We don't want to kind of hide some of the more uncomfortable conversations, but we believe you need to disaggregate and be balanced in terms of the key takeaways. Now, it is not the first time in history that our industry has been under pressure. And I won't speak to the details here, but there have been moments where in major markets, whether it was the US or Europe coming out of the great financial crisis, that we have had years where the growth in the category stagnated. But time and again, as cyclical factors, as economies and consumer dynamics normalized, we saw the category stagnate. coming out and restoring growth. And as such, we are confident in the long-term prospects. Because we believe, and I won't speak to all the detail on this slide, we believe in the fundamentals of the category. There is no alcohol segment that has such broad penetration, that represents so much of the spend. We see actually bear a share of disposable income holding up. we are accelerating our share of throat within spirits. And in that emerging market footprint, there's so much opportunity with per capita consumption not even being at half the level of the more developed markets. And in the end of the day, it's about fulfilling consumer needs. And this is not static. This is something that we as an industry and we as a leading company in our industry need to invest in day after day. That's fulfilling the key consumer needs. And as such, our starting point as a beer category is not bad. Whether it's in connecting, that sociability, that togetherness, feeling good, thirst quenching, enjoyable for longer, responsible, the agility, the versatility of beer in coming with all sorts of lower and even no propositions gives us a lot of confidence for the future. And as such, and this is directional data, on the right side you see external sources like IWSR and others predicting mid-long-term growth of the category to return to 1% volume, 3-4% value. We have our own proprietary model called Telescope, which predicts more or less the same. What's very important, and this is at the heart of our strategic story for the rest of the day, you really need to disaggregate and differentiate across geographies, across segments. We see premium growing in all market typologies, developed and emerging. And we see good overall revenue growth across the different, where the US is probably the most challenged, Northern Europe rests. The Mediterranean actually provides a lot of solid growth, and we'll speak to that later on. And then the emerging markets, that goes without saying. So summarizing, we recognize and we're open-eyed about the short-term challenges the industry has been facing and is currently facing, but we're very confident in the long-term structural growth of our category. And that's what we also, you don't suffer the category, you're not just a category taker, you should be a category shaper. We actually take pride in taking a proactive role in making sure that we continue invest in this category shaping it adapting it to new realities so that that long-term 1% minimum volume growth will be there that's the part about the category and I found it was important before we talk about Heineken that we establish our perspective or what's going on in the category Now it's all about Heineken and what we will do. And we see four major shifts. We take a lot of pride in a lot of strengths that we have, whether it's in premium or the Heineken brand or our global footprint. But there are four ways how we believe we can unlock accelerated growth. The first one is all about our geographical footprint, where we can have much more differentiation and focus. And I will speak specifically to that quite extensively. And then later on, Bram will really show how we're shaping the category across the different segments of premium and mainstream, a lower no and beyond beer, how we see an opportunity to really focus and differentiate on fewer, bigger, better brands, as well as building the future fit capabilities to do the others. So this framework of four shifts is what you will hear in what I'm going to share and what Bram will share later on. starting with our balanced and diversified footprint. And if there's one major strategic accomplishment of the last 20 years, under the leadership of my predecessor, was putting together this high-growth global footprint. On the back of major acquisitions like Scotch Newcastle, FEMSA, Kirin Brazil, APB. And we take great pride at the balance, the breadth and the depth of our geographical footprint across Europe, the Americas, the Africa Middle East region and APEC. With in total 53 leading positions where we're number one or two in these underlying markets. And we're now broadly represented in about 90-95% of the key profit markets where we should be. But what's really important is that within that 70-plus Opco network, we're starting to differentiate much more. And we introduce a framework for that, and that we start to focus much more in an unapologetic way than we have done before. And I will double-click on both the differentiation and the focus. First, on differentiation. And basically, we distinguish three archetypes. across two axes, economic development, GDP per capita, as well as beer as percentage of total alcohol. And on the right side, we have the developed archetype. This is where you will find your North America markets, Europe, Japan, Korea, Australia, give and take are in that bucket. And towards the higher end are the more northern markets, like the UK, Canada, US. to the south, to the lower part of that green box is where you would have the Mediterranean markets, where there's still massive share of throat opportunities, stealing from wine in particular. What we call the advancing archetype, that has been the key value generation over the last decade, decade and a half. This is where your Mexico, your Brazil, your Vietnam, your South Africa sits. big markets, still with decent growth opportunities in terms of population urbanization, but already with relative higher share of throat. And then the third archetype is what we call the value archetype. These are the least developed markets economically, and there's a bit of a range between having very low share of throat, for example India or Myanmar, to relatively high share of throat, like for example in Nigeria. And again, we take pride that we have major market positions, leading market positions in each of these three market archetypes. And to be precise, about 16 leading positions in markets like India, Nigeria, Myanmar, Indonesia, what have you. In advancing, our most important operating companies are there, Mexico, Brazil, South Africa, Vietnam, Malaysia, and then, of course, the developed markets with Spain or the UK and some other key markets. So you get a bit the notion of three archetypes driven by three different consumer and economic realities. What I will do in the following is, for each of these three archetypes, share quickly three operating companies and how we have been transforming and performing in those different markets. First up, value archetype. Ethiopia. Heineken entered Ethiopia slightly over a decade ago, back in 2014-15. We did two very small acquisitions of regional government-owned state breweries, and on top of that, drove a very persistent organic strategy, unlocking massive growth. 14% kekker, it's now over 5 million hectoliters, and we have now become the market leader from literally being absent of the market. Ethiopia has a population of more than 100 million people and is growing fast, both in population growth, urbanization growth, middle-class development. So we only feel we're at the beginning. We are coming out of the biggest devaluation in half a century, and this year we're up high single digit in the market. So these are markets that also, when they are hit, they bounce back in a very vigorous way. Very proud of the progress that we have been making in Ethiopia, with, by the way, an almost fully local portfolio led by the Harar brand. Let's see in the Q&A if we have time to speak a bit more in detail. Rwanda has been a market that has been with us for a while. This is a different story. This was a business that was candidly a bit too complacent. And we really, when they were starting to run out of capacity about four or five years ago, we really upped the operational intensity of the market. And without adding capacity of capex, we unlocked a lot of additional capacity by better operational excellence. And we basically were able to jumpstart the profit in the market and the operating margin. And we're now in a position of considering a greenfield operation for a next chapter of growth in Rwanda. And then Myanmar. About 10 years ago, we entered Myanmar with nothing. We built an empty brewery. Here we were able to leverage the Tiger brand, the Heineken brand, and the ABC brand, a growth of 33%. And even to my own astonishment, we are now the market leader in Myanmar with a lot of growth still to be had. This is a country with 50, 60 million people. Volatile macroeconomics, politics, but the team has been able to show persistent performance, even with all the twists and turns. Again, these are countries with high population growth, still relative low urbanization rates, urbanization below 40%, so they have still ways to go in terms of urbanization, growing middle class, growing GDP per capita, translating to per capita consumption. So these are markets that we feel are very critical growth engines for the future. And again, we have over 10 leading positions in this archetype. Then moving on to the advancing. Again, this is... You know, the core of our portfolio and some of our largest operations are here. Mexico, super, super important. I had the joy and the honor of leading this operation for a couple of years. We have had a lot of growth over the last decades. The last four years, growth slowed because of the oxo mixing. But actually, we're able to convert the oxo mixing from a threat into an incredible value creating opportunity, basically driven by the six retail format with now 17,000 stores. And we'll have a video on that in a minute. Brazil, incredibly important. We have had... know impressive strategic patience i would say because when i joined heineken 27 years ago there was already a guy in a little office in rio selling 20 000 hectoliters of heineken we have been incubating the heineken brand for decades and it was only with the femsa acquisition as a step one and then the kieran brazil acquisition as a step two they were able to unlock the scale and in particular you see it visualized Because gross margins were so notoriously low in our portfolio and to some extent the market, that we didn't want to deploy billions in additional capex to create a lot of capacity for that low margin economy. That we basically have converted the portfolio from a predominantly economy branded portfolio to mainstream and premium. And you see the effect that has had on profit and margin. And we now have, in Heineken and Amstel, two of the most important and most healthy and fastest-growing brands in the Brazilian market. And then Vietnam. Incredible growth trajectory until 2023, 23 was a big economic, political, real estate crisis that created a step back, but very happy that this year we have returned to mid to high single-digit growth. We have retained and strengthened our number one position in the market, built over a 30-year portfolio. We've reset the operating margins, which were in 40% plus to the high 20s, as we have discussed in the past. but we believe still a very important market going forward. Urbanization rate, even though we qualify Vietnam as an advancing market, amongst those markets, urbanization rate in Vietnam is still below 50%. In Malaysia, that's 70-80%, or in Thailand. And it has 100 million people. So Vietnam still, we believe, has a lot of future growth ahead. Now, as I said, the Mexico story is important. It's our number one operating company globally. So let's hear from Oriol, our managing director in Mexico.

In Mexico, we've been navigating a significant transformation in our route to consumer. Following the end of our exclusive distribution agreement with OXXO, we had to adapt quickly to a new reality, one that has opened the door to stronger opportunities. The original OXXO contract, while profitable, impacted both our revenue and our margins. At the same time, Heineken Mexico already had a strong network of own stores in which we saw a chance to create more value. This is where our six network has made a true difference. It is both revenue and margin strengthening with highly competitive presence, managing not only beer, but more than 900 SKUs of other categories. Its model is relatively asset light and offers high return on investment. At the same time, we are building the six of the future using digital tools to enrich the user experience, like the Shopper app that provides us with rich consumer and customer insights. This is testimony of our pioneering spirit. In just a few years, we have expanded from 9,000 to over 17,000 stores. This expansion has not only enhanced our profitability, but also strengthened our distribution system to support and grow our sources of revenue. The lesson is clear. By actively shaping our route to consumer, we can turn disruption into opportunity. SIX is proof that with focus, agility and ambition, we are building a stronger future for Heineken Mexico and for our global businesses. Thank you.