Great. I am pleased to welcome Rahul Goyal for the first time in Boston. Thank you so much. It is your first time here since becoming Molson Coors CEO just about a year ago. Of course, CFO Tracey Joubert, thank you so much for being a consistent supporter of the conference and for always giving us your time when you are here. I want to start big picture with the strategy. When you introduced Horizon 2030, the message was that TAP needed to rewire the business for a more volatile consumer and category environment. You are now halfway through the first year of that strategy. Where do you have the most conviction that the operating model is working, and where do you think the process might need to be more iterative?
Yeah. Thank you, Lauren. First, thanks for having me. Thanks for hosting this. If you think over the last one year and just our category as a whole, I think when we laid out Horizon 2030, there were two key priorities we set. First was making sure we transform our portfolio, and I feel we are making good progress on that we have to transform the portfolio into places where consumers are leading into. That, for us, is in the beyond beer space. Two was making sure that we are getting sharper focused on executing within beer, and that is where you talk about the operating model changes. In the last year we have been pretty busy on scaling our beyond beer agenda. We started with less than 2% a few years ago. We are approaching 10%-ish . That is something we have got to keep driving with scale.
In beer, we have got to make sure our brands show up differently. We made pretty clear choices on our portfolio, whether it was core, whether it was value. But then how we execute that portfolio in the market is what is going to be different, right? I was convinced a year ago, and I am convinced even more now, that this business, beer, is very local. While we have brands that are across the board, we have to execute local, and that gives me confidence, right? You saw some of the changes we made in the value portfolio. We are seeing improvements there. We continue to lean into brands like Banquet, Peroni, Fever-Tree, Topo. Then to your point of some places we know it is a little more stuck, that we need time. We talk about brands like Miller Lite, Blue Moon.
Some of these things just require a little bit more time. But the playbook is the right one. We have got to make sure we are clear on what these brands stand for, because once you are clear on that and then you can execute locally, I think we can get these brands back into being healthy first and then growth. I feel good about the portfolio choices we made, the transformation we are on, the operating model, obviously six, nine months into it with respect to execution.
Then obviously know that there are a few more things we need to be turning around. The only other thing that I would probably add is, inflation has not been our friend. It was not our friend earlier this year. That is the one area that we have got to keep a watching brief on. Obviously, we announced our cost management program, executing against it. But inflation, I would say, hasn't been our friend.
Yeah. Okay. I'll come back to that. So you've emphasized making the business more local, like you just mentioned, but also more accountable.
Yeah.
Which I think is interesting. So where is that having the biggest impact so far? And I'm just curious what you think distributors or retailers would say or are saying to you that they're already different in how TAP is showing up today versus a year ago.
Yeah. No, absolutely. Some of the changes we made earlier this year was driving accountability as close to the market. That involves the full P&L, making sure we're looking at top and bottom line, making sure incentives are reoriented in terms of being local. So when I talk about local, this is not just about the brand and the portfolio, right? There's an element of that, of how these brands show up or which parts of our portfolio shows up where, but it is also about holding people and making sure execution is local. Your piece around the perception in the distributors, I would say, and our distributor network would say we are moving faster. This has been a volatile category year again. But in the way how we've reacted, whether it's on promotional activity, whether it's on pricing actions, whether it's on brand innovations, right?
If you think about some of the innovation launches we have done earlier this year, whether it was in our value portfolio with Keystone, whether it was High Life in particular states, whether it was, again, Coors 0.0% In the Northeast, all of that was a function of making sure we are closest to our customer, closest to our retailers. I feel pretty good that if you ask our distributors, they will say that we are reacting faster, we are pivoting faster on where we see the consumer moving to. Again, Monaco was another, I would say, a good example. We knew we needed to get into the RTD space. It is a crowded space. It is a volatile space. How do we enter in a space that makes sense from a consumer perspective, but more importantly, makes sense from a network perspective?
I would say most of our distributors, all of our distributors say Monaco has been a good ad for them.
Okay, that is great. You started the year seeing a healthier beer category in the U.S. than in 2025, but Q2 slowed pretty meaningfully.
Yeah.
What have you learned about the kind of consumer and category environment from that swing? Among indicators like fuel prices, consumer sentiment channel and pack behavior, what gives you the clearest read on whether the incremental pressure that you have seen from a category standpoint was temporary or something that is maybe more persistent?
Yeah, I know this is a question everybody loves to ask in the context of long-term, short-term. If you think about it, coming into this year, there was a sense of confidence that last year's challenges are behind us from the category perspective, and Q1 played out a little bit in that. All the factors you called out probably had an impact into Q2 and stuff. The pieces we think about and look at as closely is consumer buying patterns. Let me just maybe specifically call out channel stuff. We saw progress in the dollar channel and convenience. Usually large format channels, the Walmarts, et cetera, people do the math. People do the math of a $30 purchase or a $40 purchase, what is it per can? But still, folks were choosing the dollar channel and convenience. That's where you saw consumers leaning.
Pack sizes, singles and small packs, that's where folks were leaning into. Large packs has historically been stable.
In Q2, we saw a little bit of decline. It was economically driven, it was consumer sentiment driven, and I think that gives me clarity that if the consumer is stable and there's clarity, we may not be at the minus 1s and 2s that we had pre-COVID. We may be at a new normal. But this volatility, I think, puts a little bit more burden on the category than anybody wants.
Yeah. Okay. How has that maybe changed the way you're thinking about the second half of the year versus original expectations? Any perspective closer in, what the balance of the summer looked like with a late Labor Day—
Yeah.
—but just perspective.
Yeah, I know for us, we think about the category within our business, but we focus on the things we control. For me, the fact that we have such a broad portfolio gives me confidence. That gives me the ability to play within above premium to value. If you think about the consumer, there is a consumer that is happy to be in the Fever-Tree place, in the Madrí and Peroni place, if you think about on-premise. So we have a portfolio that we can meet the consumer there. We also have a portfolio that needs to meet the consumer in the value space. With Keystone, with High Life, where these brands mean something, but they can still engage. So for us in the second half of the year is, we control what the controllables we have, is we have a pretty broad portfolio.
How do we make sure we are executing against that across the brands? The category will remain volatile. Where it settles is a little bit of macro issues, but there is so much we have to do. We are making good progress on things like Banquet, even on Coors Light. We are making good progress on the value. But we know also recognize there are a few brands that are stuck that we got to find a way to unstuck them.
Yeah.
I know that is not a word for policy. But we know we have work to do on a couple of those brands.
Okay. The other sticky thing has been inflation. I am going to [Tracey]. Let's maybe talk about that. The one through line we have had through the day and a half of this conference so far has been increased logistics and freight costs. Just wanted to get an update from you guys on that front.
Yeah. I will only just add. We have seen the freight market tightening. I think everyone is talking about that, and certainly fuel prices were looking okay until the conflict started in Iran and we have seen those fuel prices go up. Look, we do have long-term contracts with various carriers. But we are seeing a lot more carriers not taking our lanes and moving to the spot market. We have had to go a lot more into the spot market than what we typically do in a normal year. We are managing that. It is a headwind for us as we go into the second half of this year. But we do hedge fuel, so we are managing it through our hedge program. We are managing it through long-term relationships that we have with long-term carriers.
Making sure that we are doing what is right for them, but also, they are doing what is right for us. Then, through our cost savings programs. Our cost savings program is across all of our P&L line items, but there is quite a large part that comes out of COGS. Through our cost savings program, we are trying to mitigate some of these additional headwinds that we are seeing.
Okay. I am going to switch back to longer term. If beer, though, does remain weaker for longer, when you said perhaps it is a new normal—
Yeah.
—it's not down 1%- 2%, it's something more than that. How much of Horizon 2030 remains achievable, and what levers do you pull to kind of get there? Or flip side, what would you need to do most to adapt the strategy for something that is a tougher category backdrop?
Yeah, I think the foundation of what we laid is the and. We have to transform our portfolio. I go back to approaching 10%-ish . That part of our business needs to be big. Today it is growing. It is, I would say, a big part of our business, but it needs to be bigger and meaningful. So, with the category context of beer, we got to do the transformation part in a big way. So whether that's in RTDs, in flavors, in beyond beer, in non-alc, those are the things that are important. The other thing, and I know I'm speaking to folks in the finance world, but we got to do our job of bringing people back to beer. I say that for a minute only because, if we are not bringing people back into beer, then nobody else is. We will continue to champion beer.
But within that, we got to play our portfolio right. So in the short and medium term is we have a portfolio that is pretty broad in the spectrum of above premium, core mainstream, and value. So we can play the right things. We think about a brand like Banquet. If you get the right positioning, what the brand stands for, you can get growth. And so for us, it is figuring those pieces out within the portfolio we have while we are working on the transformation. Beyond that, it is making sure we are focused and disciplined on our cost. All of this is in the context of being disciplined on the cost side and then making sure for our shareholders that we're being disciplined in terms of capital allocation, returning cash to shareholders.
So for me, this transformation, taking care of beer, and then being disciplined in how we run the business.
Okay. Let's talk about some more specific elements of the portfolio. You've mentioned, you've teased a few bits, but to go deeper. Let's start with core beer, economic foundation of the company. I think a big influence on investor confidence in this story is on seeing more stable market shares overall.
Yeah.
That's why I wanted to start here. You've mentioned some regional pressure from Miller Lite. I just wanted to get maybe your assessment of the situation. Is it a matter of media, execution, price pack? Is it something deeper in the brand proposition? Really, how long should investors give Miller Lite? How long should we give the plan before—
Yeah.
—we start to worry?
No, absolutely. That's a fair question. If you think about our core brands and most of our geographies, but if you think about the U.S., we obviously have Coors and Miller Lite, Coors Light. I think the Coors trademark within Banquet, even the Coors Light itself, I think we've done a good job of making sure it's very clear. We have to keep doing more on that. You're going to keep seeing us show up in ways where we are talking and connecting with current consumers, but then also making sure we're recruiting new consumers into our trademark. Rightly so, Miller Lite has been stuck. We understand the issue pretty clearly of where Miller Lite is stuck, what we need to do. We don't think it's a complete rehaul of the brand.
Miller Lite has historically always stood for sociability, around legendary moments, around Miller Time, and it's talked about taste. If you think about we leaned into this year, it's predominantly around sociability. So you'll see us continue to lean into Miller Lite in different ways from a campaign perspective, building on sociability, but also taste. But it is about local execution. If you think about share losses, and you guys look at Circana and Nielsen data, Miller Lite has a historical stronghold in the Midwest, and that's where we're getting competitively the most pressure. So I think it does go back to my point of while we have these big national brands, this business is very local. So we got to be winning every city, every state in different ways. And that's where we have multiple levers to play.
Whether it is local price promotion, whether it is campaigns from a local activation perspective, and then obviously national campaigns help in terms of that. So we don't think Miller Lite. There's nothing fundamentally wrong in terms of a complete reboot. We got to build on what the brand stands for, but then this is about local execution.
Okay. Just flipping to the U.K.—
Yeah.
—because Carling seems to be in a similar situation maybe to Miller Lite. More contending with more competition. But it seems like the pressure's only building in that market. Madrí now being impacted by higher promotions in the second quarter after having been such a continuous and regular success story. So how are you thinking about the U.K. landscape, and kind of the path forward?
Yeah. If you think about the U.K., and we flagged this in our Q2 earnings. Out of EMEA and APAC, U.K. is where the main competitive pressure is. It is consumer dynamics and category, but also competitive. We have had a great run with Madrí. Madrí has been a strong brand for us, above premium, and success breeds competition. We got a few things that are coming at us from a competitive perspective. We understand that, and we have the right plans to attack that from a Madrí perspective. Whether it is campaigns over the summer, innovation, also a total portfolio approach for above premium. Staropramen, et cetera. Core brands, which is what you called our Carling, that market has changed. The market has changed. The way competition is using ABV, which is again in the public domain, is changed.
We needed to make sure that we are competitive in that context. So we launched a new higher ABV Carling brand, Carling Black Label. We have now transitioned Carling to make sure we are competitive with our peers. It is going to be a competitive context. I go back to Carling, the core brand segment has been under compression for a number of years. But we were able to protect that and execute that well while we were premiumizing in the U.K. Just given the category pressures means competition is high, and I think we have got the right actions now to react to that. We also implemented our cost savings program in EMEA, APAC earlier this year. We just closed that out. It takes a little longer to put all of that in motion.
We feel pretty good about the actions we have taken now to be competitive, both in the mainstream and in the above premium.
Okay. On the flip side, you have got Banquet.
Yeah.
Coming back to the U.S., right? It seems to be, I'd almost frame it as teaching the organization and maybe the industry that a big, established brand can find new relevance. What parts of the playbook from Banquet's success do you think are transferable more broadly to your other brands, and what are parts that maybe are a bit unique to Banquet?
Yeah, if you think about Banquet, I'd break it up into a couple of things. Some of the learnings that we're taking from Banquet in terms of how do we make sure we're true and defined to what Banquet means and stands for, right? The essence of the brand. I think that's what you're going to see us lean into as we think about that in the context of our bigger brands, right? We just had the conversation on Miller Lite. Are we very clear on what Miller Lite stands for? Are we communicating that clearly to consumers? Are we making sure this resonates with consumers? So there's definitely learnings from Banquet into that. Then there's the question of execution, right? We talk about distribution and distribution gains we're making on Banquet quarter-over-quarter, but we're still under indexed to Coors Light.
There is so much more runway on that. You want to be careful on that distribution because sometimes it's easy to get after distribution, but if you don't have the velocity, there's usually a backpedaling down the road. That's some of the learnings we're taking with some of our other brands to say, "Okay, how do we make sure we expand brands with the right level of focus on velocity along with distribution?" Then, I think your last part was what's differentiated for Banquet. In a way, Banquet's special, right? Banquet is, in a way, the code of the West. It has a special meaning. I think the teams have done a great job of honing that with what's happening in culture, connecting that. So, I'd love to take that same story for my bigger brands, but sometimes that's Banquet's story to keep.
Yeah. Okay. Do you think it could become a double-digit percentage of the U.S. business?
Absolutely.
Yeah.
Yeah. Again, for some of you, Banquet used to be that.
Right? If you go back to the 1970s and et cetera, Banquet used to be bigger than. I say this because, again, I go back to these brands need to be clear on what they stand for. We have got to execute against that. So I absolutely think Banquet has a lot of potential runway.
Okay. Great. Another big shift with the strategy is an increased focus on value brands.
Yeah.
How has your perspective evolved on the role of brands like Keystone and High Life, particularly in a more value-conscious environment? Do you think it is a real growth driver and profit lever, or is it more a way to kind of stem market share losses?
Yeah, that's a great point. If you think about value, there were two reasons why we leaned into value. First was from a consumer lens perspective. Consumers are looking for brands that mean something, but at a price point that is affordable. That was an important aspect. The second aspect was scale. If you just think about our value portfolio, High Life, Keystone, and a bunch of other ones, we'd probably be the fifth-largest beer company in America, just the value portfolio.
It does mean profit. It is obviously share is an element of it for the total company, but it does mean profit. It means scale. It makes sure our infrastructure is being leveraged in the right way. For us, the focus on value is both from a consumer perspective, but then also to make sure that we are building a healthy business. The share piece is an important one because if you go back historically, we've never talked about value as a business, as a brand. A lot of our share losses was around the value portfolio.
If you think about what's happened in the last six odd months, we have made progress on reducing our share losses on value. The innovation on Keystone, the Keystone Light Apple, the focus on High Life. We had some success in Q1, Q2. We're relaunching it in the fall, Apple and Keystone Ice. It is an important aspect. I would say share is a subset, but it is an important aspect in the context of the consumer and in context of making sure our business is strong and healthy, which is your profit question.
Okay, great. You've said that also this is, in terms of the value business, it's not about heavy national investment. Earlier you've mentioned—
Yeah.
—beer is a local business. How do you decide where it's a focused local investment in Miller High Life, Keystone, or a regional value brand can generate the right return that you need? What sort of constraints are in place to support profitable growth, not just delivering volume?
Yeah. No, absolutely. Firstly, Tracey doesn't allow us to do only volume. She makes sure it makes money. That was a joke, folks, just to be clear.
It's true.
But to your point on this is, for us, as we think about value portfolio, value is a couple of things. One, making sure some of these brands are very regional, right? When we talk about value, how we spend, how we engage with these brands, with the consumer, has to be very local. It is not just about driving volume for the sake of volume, right? We're not discounting it. We're not giving it away for free. If that was the context, right? We have to make sure that you see us building the trademark, building the brand behind it. That's why I'm pretty excited about High Life. If you think about High Life and the equity High Life has, it is something we can really get excited behind. It is based on that. The other thing we're using as a lever is innovation and value, right?
Again, this is not about national campaigns. This is not about being on TV and in sports. This is about where there are relevant consumers that are looking for that type of a proposition, are we being smart? We launched Miller High Life Light in about 18-22 states. It made sense in those states. Maybe that is the plan, right? For us, when we think about value, this is not about thinking about spend or marketing like we think Coors Light, Miller Lite. Coors Light and Miller Lite, you are going to see us in live sports. If anybody was awake till 3:00 A.M. last night to watch the U.S. Open, hopefully, other than the match, you saw Fever-Tree ads. That is different. But in value proposition, this consumer is different, and how we reach to them probably requires different levers.
Okay, great. I did not stay up to watch. I had a busy day ahead of me.
I am sure.
Beyond beer, Fever-Tree. Beyond beer is now approaching 10% of sales. It certainly scaled strategically, but there is still a debate as to whether this becomes or when this becomes large enough to really change the overall—
Yeah.
—growth profile of the company. Fever-Tree has got some solid momentum. I guess I am curious what the first full year of the partnership has taught you about where the company has the right to win in non-alc.
Yeah, we definitely have the right to win in non-alc for a couple of reasons. One, if you think about our network. You talked about our distributors, et cetera. Our distributors are already moving there. So for us to have scale and bring brands is definitely something that is important. Now, we have got to do it in spaces where we have the ability to win. If you think about Fever-Tree and a brand like Fever-Tree, it thinks like alcohol, it works like alcohol, it drinks like alcohol, it is sold like alcohol, but it is not alcohol.
So it is a thing that plays really well to our capabilities. Now, we have had learnings on this, in terms of integration, in terms of how do we get to retailers, operating a model where we have online, and we have DSD, and we have DTR. We have never done those things previously.
We only do DSD. Alcohol is always DSD. So definitely learnings for us in terms of integrating this business, but our network is there. The distributors are transitioning to become Total Beverage. We are bringing them solutions in beyond beer that is probably of scale. So whether it is Fever-Tree or Monaco, those become great adds.
Then we have got to be very choiceful in which category we play in in non-alc. Because we cannot compete with some of the other large non-alc players. But there are some categories in non-alc that we have the ability to compete in, and I think that is what you are going to see us leading in. By the way, we are not looking for 15 brands to play in that space. We just need a few that we can have of scale and really keep growing from there. Because we do not need 15 brands in just non-alc.
Yeah. Okay. You just mentioned Monaco, so that seemed to really neatly fit the miscellaneous M&A criteria that you have laid out historically in the past. So what did you learn there for six months of owning the brand? How has that reinforced or changed your M&A framework moving forward?
Yeah, I think for us, RTDs and flavors was always an area that we knew we needed to get into. I think it's a brand that has done the heavy lift over the last 10, 12 years, 14 years of being consistent. It's not a RTD that just showed up in the market two years, three years ago. That was important for us. They've done a great job of doing the hard work of building a brand in singles, in convenience, in a few states. So it gives us a great platform to take and expand, whether it's in the core states, or it is expanding from those five states. We brought the team along with the business, so again, we'll keep building this capability. So execution and convenience, execution with singles is important. Again, local is important. Yeah, it's been a great add.
Great for our network. We've transitioned now to our entire network. It's been great for our network. Yeah, I think your last point of the question was how has that evolved in our thinking for criteria? We want to keep on this journey for beyond beer. We've got to scale that up. We've got to make sure it's big and growing. With the right ideas, we'll continue to look at what makes sense. We're not done there yet.
Okay.
If I can just add one thing, which is—
Absolutely.
—what Rahul was pointing out earlier is it also has to be profitable.
Yeah.
Yeah.
When you've got a brand and it's three years' time, it'll be profitable, four years' time.
Yeah.
There's just so much that goes into that. When we do look at something, it's got to be profitable day one.
Yeah.
Monaco provided that exactly.
Okay. Let's talk a little bit of the cost savings program, a $450 million program. I think the market's still trying to understand, or at least I'm trying to understand, how much of the savings will go towards funding growth versus offsetting inflation. How should we think about that and the true margin recovery potential of that program?
Yeah. Right now, we are seeing a lot of inflation. We have mentioned that the Midwest premium is an incremental $130 million to us this year, in addition to being somewhere between $35 million and $40 million last year. Right now, a lot of it is going to help offset that. Cost savings program is across all of our P&L line items, but COGS is obviously the biggest bucket. We will continue to look at more efficiencies in our breweries, productivity capabilities that we are building in our breweries that we have not had before, whether that be flavor capabilities or non-alc capabilities. We will continue to drive that. But for this year, it is really helping to offset, and again, not totally because the Midwest premium is such a big number for us, but it is helping offset the inflation.
Hopefully, inflation will return to more normal levels, and then we will see the sort of gross margin expansion. But our algorithm is to grow our bottom line at a faster rate than the top line, and so that would imply margin expansion.
Okay. As we look to next year is still a bit away, I know, but if the Midwest premium and freight remain elevated into 2027, does that change the right level of pricing, cost savings, reinvestment, or what is needed to hit that medium-term algorithm?
Yeah. Obviously, pricing is something that we would look at, and we look at that very carefully, market by market, brand by brand. In some markets, we would lead price and we have got the strength. Other markets, we want to make sure that we understand what our competition is doing and make sure that we continue to be relevant to the consumer. We will look at pricing again on an individual market basis. But mix is also a big player in terms of driving the top line. So, when we look at something like Fever-Tree, other than full-strength spirits, it is our highest NSR per hectoliter brand. So we will continue to drive that. Monaco, we said we are looking at something that adds 1%-2% top line. Monaco is doing that. So mix is a big component of margin expansion.
A lot of times, the above premium comes at a higher COGS number, but it comes at a much higher margin number. Changing out or moving our portfolio more to the above premium space is also part of making sure that we can mitigate the continued inflationary costs that we are seeing.
Okay. I think that after second quarter in particular, but I think it's a broader question, one of the bigger debates has been whether or not the company's spending enough to support the growth agenda.
Yeah.
How do you both, I guess, respond to the concern that protecting the P&L in the near term could slow some of the share recovery that you're—
Yeah.
—trying to achieve? Maybe tangible examples of where you've been redirecting within the P&L that's tougher for us to see.
Yeah. No, I think the way we think about it, we're going to lean in to where make sure we are doing the right thing for the business. If you step back coming into this year, we were pretty transparent upfront on the challenge we are leading into from a Midwest premium and aluminum perspective. On the other hand, we wanted to make sure we were investing in the business, whether it was through the acquisitions of building the right portfolio or the right spend in our brands. So on one side, we have the right spend in big brands like Coors Light, Miller Lite, Banquet. If you think about live sports, on live TV today, the only thing left is on sports. We will have the largest investment in live sports this year. So we're going to continue leaning on that.
Right now, are we honing the message? Are we executing on that? It's important. But in our value portfolio, it's a very different level of investment. We're not talking of live sports. It is TikTok and Instagram Reels, and it's a very different way of addressing that consumer. So, we obviously want to make sure we're leaning into things that are driving the right return for our business. So whether it's Fever-Tree or Peroni or the value segment or the Coors trademark, even Miller Lite. But if there's things that we know we have to find a way to do things differently, we're going to make sure we're spending that money cautiously. We know we have work to do in Blue Moon. Blue Moon does really well in on-premise. We're gaining share in on-premise. We have not translated that success in the off.
Yeah.
So how do we make sure we do that in the right way? So how do we make sure we are spending money in the right way? Simply in our flavor portfolio has had a tough year. Well, we got to rethink that. So that's where we want to make sure we're spending money in the right places. Right now, MG&A, we also took a number of actions on the G&A side. Last year, we did the reorganization in the Americas. In Q1 and Q2, we did the ones on EMEA, APAC. So, all of those pieces make up the MG&A line, but we are absolutely committed to making sure we're supporting the brands in the right way, making sure we are investing to get the right return.
Okay. One last question before we go to breakout. Going back to the Horizon 2030 strategy, so hopefully we're sitting here together again next year, what would be the key evidence to you that you hope we all can see that the strategy has taken hold?
Yeah, for me, it is a question of are we on the transformation of our portfolio journey? Have we made progress on that? Two, on the beer side, have we stabilized and making sure we can hold our own on the beer side with some of these brands breaking out. That becomes a key measure. On the cost side, we got to keep executing on the cost savings. Inflation is going to be the hard one to manage through, but are we in this environment of volatile inflation? Then we're going to be disciplined on the balance sheet, right? We're going to make sure we're returning cash to shareholders through both dividends and buybacks. For me, it is about transformation.
It is about making sure the beer category, we are doing our part to be strong and stable there, and then running a very disciplined business on the cost and balance sheet side.
Okay, great. We're going to go to breakout. Please join me in thanking Rahul and Tracey for being here—
Thank you.
—with us this year.
Thank you.