Financial Data and Key Metrics Changes - Third quarter consolidated net sales revenue decreased by 3.3% [19] - Underlying pre-tax income fell by 11.9% [19] - Underlying earnings per share declined by 7.2% [19] - The U.S. beer industry volume was down by 4.7% based on internal estimates [19] - A non-cash partial goodwill impairment charge of $3.6 billion was recorded [21] Business Line Data and Key Metrics Changes - U.S. volume share decreased by 40 basis points, with better performance in the on-premise channel compared to off-premise [19] - Contract brewing negatively impacted Americas financial volume by 450,000 hectoliters, equating to a 3 percentage point headwind [19] - EMEA and APAC volumes continued to be pressured due to soft market demand and heightened competition [19] Market Data and Key Metrics Changes - The macro environment has pressured demand across regions, particularly affecting lower-income and Hispanic consumers in the U.S. [8][9] - The company believes the current industry softness is cyclical rather than structural [9][44] Company Strategy and Development Direction - The company aims to focus on building strong and scalable brands in both Beer and Beyond Beer [10] - There is a commitment to premiumization, particularly in the U.S. market where the company is underindexed in above-premium segments [12][44] - The company plans to implement structural changes to enhance agility and decision-making at the local level [16][76] - A corporate restructuring plan is in place to create a leaner organization, reducing salaried headcount by approximately 400 positions or 9% [17] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by macroeconomic factors but remains confident in the company's ability to return to growth [5][9] - The company expects to reaffirm its 2025 guidance but anticipates results at the low end of prior ranges for key metrics [22] - Management emphasizes the importance of maintaining a healthy balance sheet and strong free cash flow while investing in growth opportunities [18] Other Important Information - The company is committed to its dividend and share repurchase program, viewing its stock as a compelling investment [18] - The company plans to redeploy savings from restructuring to invest in key brands and commercial capabilities [17][70] Q&A Session Questions and Answers Question: What are the biggest opportunities and challenges ahead for the new CEO? - The new CEO highlighted the need to strengthen core brands and address share losses in the economy and flavor categories while capitalizing on opportunities in above-premium segments [30] Question: Can you provide insights on the implied improvement for the fourth quarter? - The company expects better top-line performance in EMEA, APAC, and Canada, along with softer comps from contract brewing in the U.S. [32] Question: What pressures are facing the beer category, and why is it believed to be cyclical? - Management noted that the beer category has faced structural issues but believes current challenges are cyclical due to macroeconomic factors [44] Question: How does the company plan to balance investments between Beer and Beyond Beer? - The company intends to maintain a strong focus on beer while also investing in Beyond Beer to ensure it becomes a significant growth driver [78]

Financial Data and Key Metrics Changes - Third quarter consolidated net sales revenue decreased by 3.3% [23] - Underlying pretax income fell by 11.9% [23] - Underlying earnings per share declined by 7.2% [23] - U.S. beer industry volume was down by 4.7% based on internal estimates [23] - A non-cash partial goodwill impairment charge of $3.6 billion was recorded [26] Business Line Data and Key Metrics Changes - U.S. volume share decreased by 40 basis points, with better performance in the on-premise channel compared to off-premise [24] - Contract brewing was a 450,000 hectoliter headwind to Americas financial volume [24] - EMEA and APAC volumes continued to be pressured by soft market demand [25] Market Data and Key Metrics Changes - The macro environment has pressured demand across regions, particularly affecting lower-income and Hispanic consumers in the U.S. [9] - The Midwest premium pricing remained elevated but within expected ranges [25] Company Strategy and Development Direction - The company aims to focus on building strong and scalable brands in both beer and Beyond Beer [10] - Plans to prioritize investments in core and economy beer portfolios while transforming above-premium and Beyond Beer portfolios [11] - The company intends to increase focus on economy brands and capitalize on the success of brands like Banquet [12][13] - A corporate restructuring plan is being implemented to create a leaner organization and optimize cost structures [20] Management's Comments on Operating Environment and Future Outlook - Management believes the current industry softness is cyclical and expects to return to growth [9] - The company is committed to improving shareholder value and maintaining a disciplined capital allocation approach [21] - Management acknowledges the challenges posed by macroeconomic factors but remains confident in the company's ability to navigate these headwinds [9][21] Other Important Information - The company expects to reaffirm its 2025 guidance, anticipating declines in key metrics [27] - Year-end U.S. distributor inventory levels are expected to be lower compared to year-end 2024 [28] Q&A Session Summary Question: What are the biggest opportunities and challenges ahead for the new CEO? - The new CEO highlighted the importance of listening to employees and customers, focusing on strengthening core brands and addressing gaps in the economy and flavor categories [37][39] Question: Can you provide insights on the implied improvement for Q4? - Management expects better top-line performance in EMEA, APAC, and Canada, along with lower G&A expenses due to reduced incentive compensation [40][41] Question: What are the pressures facing the beer category, and why is it considered cyclical? - Management noted that the beer category has faced structural issues but believes the current challenges are largely cyclical due to macroeconomic factors [52][53] Question: How does the company plan to address the upcoming bond maturity? - The company will review its debt as it approaches maturity, maintaining a focus on its leverage ratio [68] Question: What is the outlook for the economy portfolio? - The management emphasized the need to support the economy portfolio through appropriate marketing, innovation, and regional strategies [96]