Q4 2025 Ambev SA Earnings Call [BACKUP]

February 12, 2026

Houston at the point of sale.

Our ecosystem is built on a day year that the better our customers perform did better we before.

That is why we are embedding digital sellout activation to.

Powered by our data and insights benchmarking what works across points of sale and translating it into sharper activation.

And portfolio recommendations.

Also these marketplace continues to scale with full year GM V growing 70% driven by <unk> expansion in gross margin of three five percentage points versus last year, reinforcing both relevance and improving economics.

On the consumer side does that delivery close 2025 with the all time high performance delivery.

Delivering $4 7 billion highs in GMT up 13% versus last year.

Six to 7 million orders and 27 million yearly active users.

11% versus last year.

Consolidating its position as one of the major convenience platforms in Brazil.

Strategically does that put us close to young adult consumers with nearly 80% of buyers either Gen Z are millennials.

Celebrates both is <unk> and our test and learn innovation loop.

It is our food in the future.

It does bring us to our third pillar the muscle that makes the other two pillars scalable in 2025, we set a clear ambition to expand Ambev consolidated EBITDA margin again.

Despite the industry softness in the FX and commodity headwinds we delivered.

Meaningful evolution from top to bottom line.

That game from thoughtful choices on resource allocation.

Revenue management productivity index fastest governance why is sustaining brand investment.

That discipline translated into delivery at the consolidated level, we expanded organic EBITDA margin by 50 basis points, marking our third consecutive year of margin expansion and by 110 basis points in Brazil beer.

And that reinforces our confidence in capital location.

Consistent with our commitment to return excess cash to shareholders over time, we announced approximately 20 billion, Hey, ice and shareholder returns in 2025, the highest in our history.

Through $13 2 billion of <unk> dividends, $4 2 billion Reais interest on capital and a new $2 5 billion of Hey, ice tea share buyback program.

And we are starting the year paid the first $1 2 billion of high strange of the IOC declare by year end.

Now, let me give a quick overview across our footprint.

In 2025, we grew EBITDA across all our business units and we expanded the EBITDA margin in four or five.

In Brazil beer full year volumes were in line with the soft industry.

Our performance reflected two different halves.

Our revenue management initiatives weighted on share in the first half.

As conditions improved in the second half market share expanded meaningfully in.

In Q4, as whether sequentially recovered so did our volumes.

<unk> was the main drag and we returned to growth in December.

For the quarter, we delivered a low single digit market share gain in using sellout.

We continue to lead where the category is expanding the most.

Premium and Super premium volumes increased high teens, and we closed the year as leaders in this segment, reflecting stronger portfolio brand equity.

Our balanced choices brands grew high Sixty's and no alcohol grew around 30% as we continued to expand leadership in the lock incremental locations in.

In the quarter, we delivered a 100% of the Brazilian beer industry as growth in premium and no alcohol. According to our estimates in Nielsen sellout data.

In the core segment softness was more pronounced given its higher reliance on out of home socialization, we're sustaining its recovery through stronger trade activation marketing campaigns and continued innovation and we started to see probe.

Kress with market share gains in Q4.

In Brazil net during 'twenty 'twenty five the disciplined execution of our strategy and resource allocation supported EBITDA growth with margin expansion at the same time, what a nontoxic us equity improved showcasing the stress.

The brand in the first half volume momentum in commercial execution supported market share gains despite margin pressure given higher costs in the second half the CSD industry decelerated amid the same cyclical drivers that impacted beer.

And price relatively became last favorable falling our revenue management decisions, resulting in market share pressure, while delivery a better profitability profile.

In China, the macro environment continued to improve with lower inflation and less FX volatility.

The consumption recovery, however is taking longer than we expected.

<unk> continued to weighed on results in 2025.

Still performance improved sequentially throughout the year with a more balanced dynamic.

<unk> topline and bottom line in the fourth quarter.

Border by tighter execution and revenue management.

Looking ahead, we remain constructive on a gradual recovery as the consumption environment improves.

In the Dominican Republic, the consumption environment also improved sequentially through the year.

<unk> a weather related disruption in Q4.

In this context <unk> gained share of alcoholic beverage full year supported by healthier dynamic between categories, While Presidente brand health reached all time highs.

In Canada, we outperformed both beer and beyond beer industries supported by our beer Mega brands and continue beyond beer momentum, while maintaining disciplined cost execution and delivery of EBITDA margin expansion.

With that I will now turn it over to floating.

Thank you Liz boy and Hello, everyone.

As we entered 2025, we made it clear that this will be another year focused on long term value creation.

Through disciplined execution of our capital allocation framework.

In a dynamic operating environment, we focus on what we can control and delivered another year of normalized EBITDA growth with margin expansion EPS growth resilient cash generation in a higher capital returned to our shareholders.

Let me walk you through our financial performance for the year, starting with the margin improvement dynamics.

We closed 2025, delivering consolidated normalized EBITDA margin expansion of 50 bps, reaching 33, 4%, mainly driven by three factors first net revenue per hectoliter growth of seven 5%.

Supported by stronger brands revenue management strategy and continue premium monetization across our portfolio, leading to net revenue per hectoliter growth across all.

<unk> work he has done leading <unk> investor relations team over the past five years and to wish board.

<unk> success in their new roles.

Now back to you Lisboa.

Thank you flora.

As I reflect about 2025, it was another year market by a very dynamic operating environment and that stress and that our ability to read and adapt to market changes.

2026, we'll certainly bring its own dynamics, but it is also shaping up to be a promising year for socialization.

And those moments have already started.

Carnival is underway not only in Brazil, but across several of our Latin American markets.

From there we begin to warm up for the FIFA World Cup.

The biggest additional record in favor of time zones for our footprint.

And another interesting backdrop for people to come together.

On top of that in Brazil, a holiday rich calendar adds several long weekends throughout the year, creating additional occasions for socialization in this context I want to leave you with three reminders.

First <unk>.

As of last category in Latin America, with strong fundamentals and that strength comes with the headroom for growth given its versatility to address consumer's tranche and meats.

Second we as a company are advancing simultaneously.

Our three strategic pillars.

<unk> a flywheel we can compound.

After ear.

Third we entered 2026 as a stronger company with momentum carryover and how we navigated 2025 was another proof point that our culture stands out in times like this.

And none of this happens.

Without our people.

I want to close by thanking our teams.

Cross all markets.

Their ownership.

Adaptability and ASIC Kyushu through a very demanding year and for the energy they are bringing into 'twenty 'twenty six.

With that let me hand, it over to the operator.

We will now begin the Q&A section to ask a question, we kindly ask sell side analysts to click on raise hand button at the bottom of the screen to remove a question from the queue or after your question has been as I said, please click lower hand button, we're kind of leaning foresaw a request that each participant ask only a single <unk>.

<unk>.

Our first question comes from <unk> from Bernstein.

Plus Mr serve what.

The microphone is open.

Yes, hi, everybody I'd like to now look like on Brazil, So firstly quite seen that commentary about December being air volumes being in growth.

Can you with that.

A little bit the magnitude factors behind that was it all weather or any other April Moshe.

Are you able to.

Any trends in January.

Following up to that secondly, Brazil Nab.

I know you guys called out your revenue management strategy, we can behind the volume decline.

Just some color as to what the exact decisions worried that resulted in that decline and then what can we expect for volumes in 2000. Thank.

Thank you.

Nice to talk to you again Lisboa here look I'm going to follow the protocol right I am going to get the first answer.

Regarding Brazil beer to your point about.

What are the drivers right. So quickly reminder, what happened last year.

May 2025, like an outlier year for for the beer industry in Brazil.

<unk> to debt 10 Years' time, five years' time three years time.

There was consistent growth and pretty much driven by favorable demographics, right and disposable income increase.

Last year, we mentioned that during the you know the.

The result announcements right.

What we saw was seasonable weather impacted mostly the wintertime and boosted by the lightning year right phenomenon. That's somehow made the winter go deeper and longer in the second half.

That created a favorable type of situation for beer because impacted the most.

And occasion and out of home occasion that up where the beer category volume you know resides right. So that's the reason why we saw the impact obviously was not an easy situation for us to manage right as I said before was the first time that we saw such.

You know a strong impact in our industry, but I think the team.

<unk> put all the emphasis behind things that we could control.

And by doing so we kept evolving quarter by quarter and when the weather change right. During the last quarter of last year, we were ready right two to ride together with more favorable weather impacting the demand again.

And this is exactly.

How the situation went through right in October pretty much. The math represented the vast majority of our decline in the quarter view of year over year, we got to a better position.

Amber and then in December when you combine the better weather with a market share gain that we got in there.

And the final round the final quarter of the year, which represents a route you know a low single digit in sellout data growth.

That explains.

The post territory that we landed.

I won't go into the details about the first quarter of this year, but what I can say the dean is befalling actually bad weather right pretty much came.

Came into the first.

Round off this year or the first month of this year, what puts you know year over year comparison.

The weather impact is neutral.

Which is important for us.

Thank you perfect. Thank you.

Dania and even improving profitability in 2035.

You ended up doing that there was an impressive performance on the on the SG&A, especially distribution costs are just like to get your thoughts about how you are thinking about these going into 2026 right. When you think about the the hedging that we have for Brazil beer as well is there room for additional efficiencies how you see all of that shaping up for the year. Thank you.

<unk>.

Hi, Thank you I hate to Florida here can you hear me well just checking the mic here on my end.

Yes, Hi, Ken Oh, great. So let me start with with how we put your question I think 2025, just to recap was really a year that when we started we saw import them cash Cogs pressure I'm talking about Brazil beer. That's why you have given a guidance last year of five and a half to weight and a half.

And we have done here, a serious or folks say projects look into different lines of our P&L and as I said in my speech, we focus on the industrial side, we focus on the distribution always a privilege the investment behind our brands because that is what we need to continue to focus too.

Make pillar, one and pillar to work better.

A series of <unk>.

Implementation of these strategies, we are happy that we landed on the 6.1, which was the first quartile of our guidance. Okay. Now when we look into 'twenty six I think there are two things that they remain the same one is we need to continue to work very hard on the initial.

<unk> needs to continue to make it very focused on our side too with our ambition of coming with another year of margin expansion and we are already doing that as we started a year and when we do our analysis. When you look into the cost our hedging which is known as speculative when it.

Look at the commodity so on and so forth, we had given the guidance to the market of 4.5% to 7.5% for the full year of 26th which is midpoint broadly in line with what we have done in 'twenty five and.

And there is pressures as I said in my speech from commodities Illumina in particular and portfolio mix, but the mind that we will continue to work very hard it's our job here to.

Through their work and probably throughout the year come narrowing or coming with news on here. So far that is the guidance that we have and he can just ball here just to complement.

Jody.

You can imagine that nobody here, where we are not expecting such a challenging context in terms of volume dropped for the industry, especially here in Brazil, right. So that put a lot of funeral stress.

On our way on our ambition to protect margins rights for own Bath again, and I think you know last year was that's the reason why we said was a stress test for us right because if we could somehow overcome the FX overcome commodity is all on top of that overcome the lack of you know our lack of.

Capacity to dilute costs without having the volumes right that give us confidence right somehow I think you know the obstacle made us develop internally right the right muscle to be prepared for another brown Budd.

In a way better shape in my point of Hill right. So again.

<unk> was not a trainee Susan Perez was our radio hard game last year and I think wasn't it was good you're right to task and be prepared for what's coming.

Thank you very much.

Okay.

Our next question comes from Gustavo <unk> from Nito BBA. Please Mr. Ferreira your microphone is open.

Hello, everyone. Good afternoon, Thanks for taking my question.

My question relates to capital allocation and.

How should we think about your approach towards dividends throughout the year last year, you paid interim dividends on a quarterly basis, but just wanted to touch base on how youre thinking about the policy for this year.

Not only in terms of the final payout target, but also on the timing of the distributions throughout the year.

So it would be nice to understand if we should expect dividends being concentrated towards the end of the year. As we were used to see in 2024, or if there's something new or towards these discussion. Thank you very much.

Thank you for the question, let me just start highlighting you know again, what we have done in 25, I think you'll have seen a very proactive for the discussion that we have had.

This boy and our board here to make sure that we're able to change the payout or a return to shareholders on a consistently basis quarter after quarter on last year on this quarter or the beginning of this quarter as Bob just mentioned in his beginning introduction that we also.

A part of the IOC that we've approved with the board at the end of 2025 I cannot this is not a guidance I cannot tell you how that will come over the year, but what I can say as the CFO. There to continue to have every quarter discussions we continue to look into our cash.

Position the cash generation on our side taking into consideration always the three.

Points of our capital allocation investing organic growth look into selective M&A and deliver sustainable shareholder return over that.

Thank you. Thank you.

Our next question comes from Jetblue Archer from BTG Pactual.

Please Mr. Archie Yeah my grandchildren.

Yes, Hello is more authority.

Yes. My question I wanted to circle back to some of the topics I think we discussed a year ago right. After the return of both of you too to Ambev.

And things that are related to the strategic vision that you shared with us at the time and I want to do to comment.

Possibly in light of not only the quarter, but I think 2025 results.

As a whole.

The first one is is is to you lisboa when you referred to make I remember a year ago bigger investments in the core brands as part of your analogy of making the company more and be that truth and fostering the category growth.

You mentioned briefly about elevating the core in your initial remarks, but when you look at the portfolio and the way it performed throughout the year. It appears there was premium not the core that really stood out.

So I wanted to hear how you think of course stands a year later in terms of potential.

Or you whether you think it will continue to be gradually eclipsed by the premium brands in the portfolio will be somewhat transitioning more into premium and core to losing relevance. So so that would be the first of the topics. We discussed a year ago and the second one is related to the portfolio itself.

No.

The best I don't know five or six years Ambev made lots of investments in innovation, we introduced many new brands you repositioned the pricing and obviously I think this has led to higher costs and expenses to support that.

Expansion rate and I remember a year ago, you mentioning that you believe the portfolio was stronger and it was time to reap the benefits of these investments so.

On the question of the SG&A dilution.

Whether you think what we saw this year is is really related to that.

And obviously the sustainability of that going forward, you mentioned, a little bit before in a previous question. So those will be the points. Thank you.

Hey, Joe Nice to connect to you again.

Look one of the feedback we got from you. All was about you know following the protocol one answer only so I'm going to get the first one okay. The first question so.

Based on the core you know question.

What is the core rule here for us and I understand your point is more related to Brazil.

Given the first you know.

The growth rate, we are delivering with the premium right.

I continue with my point of view, Oh, Thiago regarding you know us being a company capable of managing.

And it's right not only one side of the portfolio petition right, especially because you know the part that you are alluding to the court.

It is the stronger part of the pitch right and if when Youre, taking consideration right. The majority of the population in Brazil to rely pretty mushroom one minimum salary.

The court has a meaningful play.

<unk> two <unk> two game right in the game.

Because you know it promotes accessibility to new care category on top of that right. Brazil is composed by different regions those regions.

It's very interesting I think I never told you that but one of the things that caught my attention is how cyclical right the portfolio. He's Parisian so some some places in Brazil that used to be a grammar place today is an attached to place. Another one does his skull place.

And at a point in time I told you guys scull is still not very relevant brand in several states of Brazil here in so Paulo for instance, right. So it's it's critical for us to protect right that stress that our company has the category has because somehow this brand's DRAM.

Present the category.

<unk>.

Plenty room for us to make this brand is very relevant in the future.

Taking big for <unk> as an example, what we are doing as we speak with skull. We've just brought to the game a new brand variant, which is the skull zero zero.

We are not just following right the zero trend we are doing so well.

Whit you know novelty because this piano.

Brad.

Fashion, bringing something different from the others zero alcohol zero sugar and this is the way one of the ways. We keep right. This branch relevance for our consumers in the future right and it's interesting because when you do so when you find a way to be really ambidextrous right.

Is when you see you know.

The full potential comes to coming to life I'm going to give one example, which is you know the.

The last quarter of last year right.

When we saw the full potential for portfolio coming to book.

Because you know the share gain not only came from the new petitions being premium being no alcohol or green balanced it came from the core as well.

Inc. Coincidentally or not this was at the time when we started to see skull also right civilizing, gaining momentum, especially in those states, where we put more emphasis behind the brand.

Right, so and as a consequence.

Our share improved not only through the segments.

But also through the channels and also through regions in Brazil, and this is what we want.

Because we believe that our scrap relies on the portfolio stress and this is the game we want to play.

And the core side of the business plays a very meaningful role there right.

And it's more for me if I can just add like one thing here Joe quickly.

Connect with the strength of our portfolio or was more impacted by I would say where the impact of occasions.

Which we're not fundamentally impacting the category and with the port or other side of the portfolio, we lagged where the category expanded and that's where we came with the bulk of the growth in Primo and zero in Brazil.

Yeah.

Okay.

That's clear thank you. Thank you.

Our next question comes from Antarctica, but all from city plus Mrs covered out the microphone shopping.

I am Glenn.

Thank you so much for taking my question My question is relate.

Related to GL Q1, drug and quotation aimed at town <unk>.

<unk> portfolio.

We have seen the discussion a lot to develop E mail as well as the penetration of digital has been much higher than in Brazil. So my question for you is.

Okay.

Yes.

I'll be.

Yes.

It's too bad.

So that or then.

I then.

In March.

Mark.

Okay.

And the like.

Oh <unk>.

Yeah.

And extend.

And in.

Thank you Steve.

Let me see.

Kevin what is the.

And then what is.

Thank you Dave.

Thanks, Dave and Tom you had in the past.

In the past.

I need to.

<unk> margin to it.

Sure.

Right.

Okay.

Other options too.

Sure.

Two summers.

Sure.

On a year also EMEA.

Our non beer also mean gain.

Thank you.

Hey.

Thanks for the question.

As always.

<unk>.

No.

<unk> <unk> you're right.

<unk> five <unk>.

The spend will happen.

It will happen.

Their attitude.

There are two different times.

One is that remote northern behavioral change right.

One is that you know you.

The other one behavioral change right.

What happened was.

What happened.

Was it changed the behavior I do.

It was a chain behave.

I do too.

Due to cold weather.

Mostly okay. When you have.

Mostly okay. When you have bad weather right when you have <unk> and <unk>.

Bad weather right, when you have longer and longer.

Longer time, the most important to breaching occasion this noise out of it.

The most important reaching occasion.

Out of this.

<unk>.

Here's the most.

Most of the impact.

<unk>.

And this is what explains.

And this is explained.

Drop that we saw.

Right and by the way.

Explained by brands.

Explained by <unk>.

Brands and the mood on dislocation or or breadth and that's the reason why you saw the what.

Brands and the move on diesel.

Our core brands and that's the reason why.

Bob what grants.

Brent following what happened with the interest okay.

Following what happened with ANZ.

Okay.

So what is good about that.

All these beautiful it's the fact that even at <unk>.

Fact that even in such challenging circumstances context right we.

Sure.

Context right.

We met.

Measure that given the size of our tumors regarding gory constant right and we see right normally in a protection of the relationship between cost.

We didn't know side for schumer's regarding gory constantly right and we see right more broadly.

The relationship between.

Alright.

But with those that up more.

No.

That accrual was the Covid antibody we saw.

There are closer to the category.

Which doesn't mean.

Which end up winning.

More.

Or.

Consumers.

Consumers love it.

Right.

Right do not.

Great and for Us.

And for all.

We are working with a very versatile.

Laurie.

With 10, more neat and trend.

More needs and trends.

That's the reason why you see us develop the.

That's the reason why it has evolved.

Zero right.

You're right we are there.

Right.

Functional.

Like gluten lower risk and we are sure.

Like Bluetooth Lora.

And we are poised to attack those tumors with <unk>.

Consumers weird.

Three years.

<unk> like.

Tears like.

Like you know.

Like.

Right.

Produced last year so.

Produce last year so.

Most of the GOP.

Wow.

We haven't observed any meaningful impact.

We have observed any meaningful.

Sure.

But in other markets.

Got it.

Great.

That requires time more apps.

That requires time Maura.

And as a consequence, it's just one of them.

And as a consequence is just one of them.

Keep going.

Monitory Nexium.

That's correct.

Yeah.

Thank you so much.

Sure you're welcome.

Welcome.

Yeah.

Our next question comes from Sabella from Bank of America.

Our next pipeline Sabella.

<unk> from Bank of America. Please Mrs.

Mrs.

My pleasure.

Sure.

Thank you.

Hi.

I mean my question is about.

I mean my question is about <unk>.

<unk>.

Yeah.

Is.

As you mentioned last year.

As you mentioned last year by challenging weather.

Weather.

In our case.

Okay.

We will highlight several.

Taylor here.

Teo here, especially with.

Right.

And then.

And that's where house prices in the past.

Alright.

Asked.

But at this time or comedy.

But at this time.

Guidance.

Probably not.

All of that.

Hi, Bob.

Hi, Bob replacement right.

<unk> right.

Okay.

And then.

<unk>.

That's it.

Yes.

Eric.

That was appeared formats.

Eric.

Yes.

In the lab.

So.

When you balance.

Alright.

I mean.

Yeah.

Work back.

Okay.

And.

Apparently I wanted.

Finally, I wanted your thoughts.

Pricing strategy.

And strategy.

Got it.

X-ray and all.

And give us.

Give us.

A little bit already.

A little bit.

And how about the mix.

And how about ethylene.

Dean.

Yep.

And.

And that happened at airports.

And among them.

Maybe process there.

What do you.

It should.

Should be should be more route.

Should be.

Be more routes and where things.

It's about a girl Tracy thank you.

About Oh.

Thank you.

Isabela.

So long question right. So.

Long question right. So.

Let me take.

Let me take it.

About IC right, which is very simple I'm.

All right.

Right.

Sam.

I'm going to check.

Without doing any.

Without.

No.

Oh.

Our territory.

So.

So our pricing is.

Sure Brian.

As.

What was it Mike.

It was by principle right inside the story.

Hi, sorry.

Keep our E.

Our E.

Festival.

Festivals.

And the reason that.

And the reason why.

Here's what I think.

This is what I need.

Right.

Good.

The most.

The most important.

Felicia.

Well still and a lot.

Still right Linda.

Then it goes to the category.

Oh great.

So with an eye.

So when.

Hi.

On it right. That's the reason why core is our road.

Right.

Reason why core has a role to play that.

Why.

No.

Sure.

All right.

Because we will make.

Because we will make them successful.

Accessibly upturn.

Right.

Alright.

We like the OEM.

Yeah.

Uruguay harder right.

Why.

Right well the others.

The story pricing is too low.

Corey.

Oh.

No <unk>.

No not at all.

Moving forward right.

No.

Oh.

Continue.

Thank you Mark.

Hey, Mark.

Right.

We intend to you.

<unk> you.

Last year we.

We.

Okay.

Right.

Gotcha, alright, so you're doing that we need to listen to the site.

Gotcha Alright.

While you're doing that you.

We need to always Allison good morning.

Sure.

So it's not at all.

So it is not.

Ian game right.

In game right.

Beauty.

Our situation today.

Our.

Hey.

When.

Wayne.

Well.

We will.

First of all it is.

First of.

One is more today.

Good day.

Right yes.

Yes.

Okay.

So if you put it.

So yes.

I will turn.

Sure.

Right.

With our revenue.

Strategy.

But on the other.

Right on the second side of this.

This is.

Beautiful revision you fine dish or.

Beautiful.

You're fine.

Super.

And you know.

I already.

I already knew wall.

All right he's is enabled.

<unk> is enabled.

To the ethanol business.

Two economics while.

While creating okay.

While creating growth.

On the first album Alright go deeper on the core business, we are seeing technology to go more granular.

On the fleet.

Go.

On the call.

We are seeing.

You know to go more.

Right too.

Two.

Yeah.

Indeed.

And revenue management strategy in a different way then.

That is no different.

Before.

Right now we are more than.

We are.

Dave.

David.

Yeah.

Sorry.

Right.

And so on.

Our operator help.

Sure.

Help with Brett.

Help us Brett.

Volume and <unk>.

Volume.

For each type of say and so once forced by doing so we not only improved right.

For each type of sale and so by doing so we not only.

In Peru right.

The threat.

With the pricing.

But when you bring together a V.

But we.

Bringing together a very new.

Very mixed.

Mixed pack for the game.

Yeah.

Sure.

Right.

No.

On the costs.

As with last.

Last year.

That's pretty much.

Alice.

You play every single day, and I must ask them all we view the batteries.

In place every single day, and I asked them all with.

The battery.

Right. So again what is more likely.

Right so again.

For July last year wasn't very through.

We do that.

Through that.

<unk>.

That must be read the.

Just to be read.

Me too.

Yes.

Yeah.

It is worth.

Yeah.

Novella Youre looking for.

Looking forward and all the way up couple of debt expense.

And then all the way up and all that expense.

No.

You always do or somewhat over in Europe.

You always do source application over annual.

He was mentioning measuring.

Sure.

Measuring.

So mark Moshe.

So mark Ocean.

And it's all.

And it's all mix.

At the time.

Well I mentioned.

Tim.

We have a couple of quick.

We have.

Mike.

But.

Yes.

No.

Got it.

Yeah.

Average.

Everything.

When you look pillars, one and.

Pillars, one to three or to be resolved.

<unk> three <unk>.

All right.

But you.

But our loan accretion Luca.

Sure Luca.

In our equation expense.

Sure.

Yeah.

Right.

And that's.

Why will that's why do you continue.

Flywheel, that's why do you continue momentum over.

Over.

Okay.

Sure.

Thank you Sir thank.

Thank you.

This does conclude the Q&A session.

I'll now are back from the floor and equal.

I'll now or back to school.

N equals <unk> please.

Please go ahead Sir.

Thank you.

Workouts.

<unk>.

I would like those Greenfield method.

Our mission is.

Is to always drive for the first.

Is to always strive for.

And we would.

By leading in shape.

By leap and shape a lot.

Hey, good morning with clear.

Good morning with clear.

For growth.

Advanced mode.

Advanced small tenants.

On the Threep.

On the tree.

Our strategy.

Our strategy is.

Is what the support.

Is what.

25 stretched.

25 stressed.

Our strict.

Our strength.

And we closed.

And we grew.

Stronger better.

For what is next.

For what next.

Thank you and hope to see you soon.

Thank you I hope you soon.

Enjoy.

This does conclude today.

He has done.

You may now disconnect and have a day.

You may now disconnect.

And <unk>.

Jay.

Okay.

Excuse me.

That's great.

Thanks, David.

All right.

Good.

Would you go.

The Super Bowl.

Yes.

<unk>.

Sure.

Wow.

Yes.

First of all.

Please go vote.

Scott <unk> Barclays.

Scott My question.

Okay.

Yeah.

Yes.

Really helpful.

Okay.

Got it.

Felipe.

Goodbye.

Good luck.

Yes.

Yeah.

Okay.

Sure.

Yes.

Okay.

Yes.

Okay.

Perfect.

[noise] gain.

Okay.

Hi, Matt.

Yes.

Yeah.

Keith.

Yes.

What we'll do.

Got it.

Okay.

Okay. Thank you.

Okay.

It.

It could.

Please go ahead.

Thank you.

Do you.

Hum.

<unk>.

Yeah.

No.

Yeah.

Got it.

Okay.

Absolutely.

Yes.

Okay.

Yes.

Before.

Sure.

Yes.

Right.

Okay.

I don't know.

Yeah.

And yes, yes.

Yes, yes.

Nevada family.

Families.

Okay.

Yeah.

Thanks Scott.

And on.

Ross.

Yes.

Baird.

Yeah.

Yes.

Sure.

And you see.

You see.

Okay.

And then yeah.

Yeah.

Yes.

Great.

Yes.

Yeah.

Yes.

No.

Yes.

Yeah.

Hi.

Okay.

Yeah.

Okay.

Yes.

Okay.

No that's it.

No that's helpful.

Two.

David Lewis.

David.

<unk>.

Lee Holman.

Neil Pullman.

Oh man.

Yes.

So.

Yes.

So.

We see little pull through at least.

Hello.

Lisa.

Please proceed.

Okay.

Briefly the brutal for example.

But he is brutal.

Brutal for example.

She was Smith.

No.

Good morning.

Sure.

We're not.

Yeah.

Please go ahead.

Okay.

Yeah.

Sure.

Okay.

Yes.

Okay.

Yes.

Yeah.

Okay.

Sure.

Yes.

Right.

Yeah.

Yes.

Yeah.

Yes.

Right.

You can see it.

Yeah.

Considering it.

All right.

Okay.

Hum.

Hmm.

Mhm.

Yes.

Yeah.

Yes.

Hi.

Uh huh.

Yeah.

Yes.

Uh huh.

Hi.

<unk>.

Yeah.

Yes.

Okay.

Yeah.

Yes.

Yeah.

Okay.

Yes.

Yeah.

Yes.

Yeah.

[noise].

Alright.

Okay.

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