Michel Doukeris: Hi Brett, that’s an interesting question. I think that I will take this in two parts. So we are focused now on increase the coverage with BEES as we get to new countries. And at the same time, get more people to convert to BEES marketplace. And the growth that we are seeing in BEES marketplace, both in orders and GMV is very promising. This flywheel works with more partners and their products getting scale and reach as we roll them through BEES marketplace. When we think about products and services within BEES in the digital ecosystem, we are prioritizing on our own initiatives things that we can use low capital and low infrastructure, but leverage and take advantage of the digital platform that we built. During the Capital Markets Day in Mexico, we showcased Vendo by BEES, which is basically a feature built within this to allow us to sell digital products or to work as a place, a channel where people can pay digitally their bills that they have.
And this is scaling quickly. In Mexico, 100,000 orders so far, which is a big advantage, a big improvement since we were together in Mexico. It’s light structure, fast conversion, good margins. And BEES digital products and digital capabilities such as credit and digital campaigns is where we are focusing on more now, while we are supporting the development of the products of our partners, the physical products through marketplace, which continues to both expand and gather more consumers, engaged in more than 60% of the BEES buyers are now BEES marketplace buyers. Thank you for the question
Operator: Thank you. Our next question is coming from James Edwardes Jones with RBC. Please proceed with your question.
James Edwardes Jones: Yes. Good morning. Michelob ULTRA, I noticed included in the global brand slide unlike Q2. How big is Michelob ULTRA outside the U.S.? And what are the main countries where it’s sold? And secondly, you had about $10 billion of cash last year-end, which means that you’re paying a coupon of more like 5% on your net debt rather than the 4% coupon on your gross debt that you talked about. Presumably, some of that’s going to be used for the bond redemption. I guess my question is, how much cash does AB InBev need to operate?
Michel Doukeris: Hi, James. Good afternoon. Michel here. I’ll take on the first question, and then I’ll leave Fernando to complement on the cash question. I think that Michelob ULTRA, first and foremost, is a brand that is very well aligned with an important global mega trend, which is around healthier lifestyle and wellness as a way to socialize and complement our lifestyle, and this is a mega trend that you see present across the globe, pretty much all markets from Latin America to North America, to Asia, are showing an opportunity in this area. And because Michelob ULTRA fits very well and complement our global portfolio in these more social occasions, we thought that would be the right moment to elevate Michelob ULTRA, and we showcased the reasons why and how during the Capital Markets Day.
If you look at how the brand is developing, so in the U.S., we are all familiar with the growth path and the velocity of the brand. This is pretty much being replicated as a core proposition in Canada, where the brand has a lot of momentum, fastest-growing brand there. When you think about Mexico, which is a place that we launched, and the brand as well a couple of years ago moving at speed and very healthy growth premium price as well. We extended the brand to some other markets in Latin America, think about Panama and you go through the islands in the Caribbean. The brand has very good momentum as well and we have plans now to continue to roll, choosing the most important countries where we want the brand to develop, where it can add to the portfolio as a core to us.
So it’s good for margins but also can tap and lead this healthier and wellness type of trend in consumption because it is low calorie, low carbs, very good for everyday consumption as we see from the data in the countries that we already rolled the brand. So huge headroom for growth, premium core plus positioning, global mega trend that’s present across majority of our markets and very important play as we continue to consolidate our mega brands, and we continue to drive both category growth and our performance with a more efficient portfolio. Thanks for the question.
Fernando Tennenbaum: And James, Fernando here. On your question, the out of the debt answer would be around $5 million to $6 billion. That’s normally what you say is the minimum cash you need to operate, and that’s already coming from a safe place because it takes somehow into account seasonality and somehow take into account that they are not tapping any other liquidity sources, which we have a lot like the RCF or any commercial paper. So, if you look at our cash balance, probably we’re taking even a more conservative approach lately. If we finish the year with $10 billion, $10 billion is way more than we need to run the business. So kind of we — and then again, depends on your strategy to give a moment in time. I feel we’re still focusing on deleveraging, but Montana health cash balance to make sure that any volatility, we can navigate with no issues at all. Thank you.
James Edwardes Jones: Thank you.
Operator: Thank you. Our next question is coming from the line of Olivier Nicolai with Goldman Sachs. Please proceed with your questions.
Olivier Nicolai: Hi, good morning, Michel and Fernando. Just two questions first. First, a follow-up on the recently announced USC partnership. Could you perhaps give us a bit of background on it? And if it’s a normal sponsorship with a fixed payment or if there’s viable part linked to the potential recovery of the Bud Light brand over time. And then secondly, many staples companies have commented on how GLP-1 drugs could potentially affect consumer habits in the U.S. Obviously, I assume at not going to be the main company being the most concerned about this. But considering that a lot of your portfolio is within the light beer segment already, but I was just wondering if you’ve done any work on the topic and the potential risk to volumes on B or RTD or had sales there. Thank you.
