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- **Strategic Restructuring**: 400岗位削减计划将释放成本优化， redeploy savings into brand investments and supply chain. 
- **Beyond Beer Momentum**: 非酒精饮料组合（Fever-Tree, Topo Chico）实现两位数增长，目标20%+ CAGR. 
- **Challenges & Resilience**: 中西部大麦价格飙升至历史高位，但公司通过套期保值和成本控制维持财务韧性. 
- **Cyclical Recovery Outlook**: 尽管2025年行业下滑4-6%，CEO认为2026年将回归低个位数增长轨道.

**【Management Opening Remarks】**
- Traci Mangini introduced the call, emphasizing forward-looking statements and financial metrics in constant currency. 
- Gavin Hattersley highlighted the company's achievements under his tenure, including brand strength, balance sheet improvement, and free cash flow generation. 
- Rahul Goyal assumed CEO duties, acknowledging macro challenges but expressing confidence in the company's ability to navigate cyclical headwinds.

**【CEO Strategic Priorities】**
- **Core Beer Portfolio**: Reinvesting in Miller Lite, Coors Light, and Banquet to drive share growth; Banquet's distribution gap with Coors Light is a key focus. 
- **Above Premium Beer**: Peroni volume up 25% Q3; Blue Moon faces challenges, with new brand extensions showing promise. 
- **Beyond Beer**: Fever-Tree non-alc partnership performing strongly; Topo Chico gaining share in targeted markets. 
- **Restructuring**: Americas unit headcount reduction of 400 positions (9%); savings redeployed into brand investments and supply chain efficiency. 
- **M&A Strategy**: Seeking accretive, scalable deals to fill portfolio gaps while maintaining investment-grade balance sheet.

**【CFO Financial Update】**
- Q3 2025 Results: 
  - Net sales revenue down 3.3% YoY; U.S. industry volume -4.7% YoY. 
  - Underlying pretax income down 11.9%; EPS down 7.2%. 
  - Non-cash goodwill impairment charge of $3.6B; intangible asset impairments $274M. 
- 2025 Outlook: 
  - Net sales -3% to -4%; pretax income -12% to -15%; EPS -7% to -10%. 
  - Midwest Premium costs expected to increase $40M to $55M YoY, with Q3 at upper end of $0.60-$0.75/lb range. 
  - Free cash flow target $1.3B ±10%. 
- Share Repurchase: $50M one-time fees for Fever-Tree transition; 3-year net sales recovery plan underway.

**【Q&A Highlights】**
- **Cyclical vs Structural Industry Challenges**: CEO views 2025 underperformance as cyclical, driven by macro factors like immigration, inflation, and consumer sentiment. 
- **Beyond Beer Growth**: Non-alc portfolio (Fever-Tree, Topo Chico) gaining scale; targeting 20%+ CAGR in this segment. 
- **Restructuring Savings**: $35M-$50M restructuring costs in Q4; full run-rate savings expected by 2026. 
- **Midwest Premium Risk**: Hedging program limits volatility, but continued price spikes could impact margins. 
- **M&A Appetite**: Open to both partnerships (e.g., Coca-Cola) and acquisitions, prioritizing accretive deals in above premium and non-alc categories.

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