Anheuser-Busch InBev SA/NV (NYSE:BUD) Q3 2023 Earnings Call Transcript

And in Latin America, I think that we are seeing this strength that continues to manifest across majority of the markets. Of course, you have impact here and there from the El Nino climate. We just saw this big event in Mexico Poco region. But you are also seeing strength across other markets, Colombia and Brazil, where inflation is more under control, real sellers are moving correct, and the strength of our portfolio is delivering the numbers that we need to deliver. So I think that this is like a big consolidation of how I see the industry and the consumer environment.

Andrea Pistacchi: Yes, on the marketing and the media spend in the U.S. and the SG&A.

Michel Doukeris: I’m sorry, I forgot the second question. Sorry about that. In short, we are managing very tight as usual, our overheads. And we’ve been investing, as we said, behind our brands to the long-term, and we didn’t change our investment plans for the summer. We continue to invest, and we will continue to make the right investments and choices to the open. Thank you.

Andrea Pistacchi: Thank you.

Operator: Thank you. This was the final question. If your question has not been answered, please feel free to contact the Investor Relations team. I will now turn the floor back over to Mr. Michel Doukeris for closing remarks.

Michel Doukeris: Thank you, Jesse. Thank you all for your time today and for your ongoing partnership and support of our business. Stay safe and well, and we will see you on our quarter four. Thank you.

Operator: Thank you. This concludes today’s earnings conference call and webcast. Please disconnect your lines, and have a wonderful day.