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    Carlos Laboy

    Research Analyst at HSBC

    Carlos Laboy is a Managing Director and Global Beverage Head, as well as a Latin America Food Analyst at HSBC, specializing in equity research focused on the beverage and food sectors across Latin America and global markets. He actively covers prominent companies including Anheuser-Busch InBev, Coca-Cola FEMSA, and Ambev, and is recognized for his informed investment calls and detailed sector insight, though platform-specific performance metrics such as success rates or rankings have not been made public. Laboy began his analyst career in the early 1990s and, prior to joining HSBC, held senior research roles at firms such as Credit Suisse and JP Morgan, bringing decades of experience in consumer staples. He holds professional securities licenses and relevant FINRA registrations, underscoring his credentials as a leading analyst in the beverages and food space.

    Carlos Laboy's questions to COCA-COLA EUROPACIFIC PARTNERS (CCEP) leadership

    Carlos Laboy's questions to COCA-COLA EUROPACIFIC PARTNERS (CCEP) leadership • H1 2025

    Question

    Carlos Laboy from HSBC asked for an outlook on trade management in Europe, given the company's digital capabilities, and whether most of the low-hanging fruit has been captured.

    Answer

    CEO Damian Gammell expressed significant excitement for this area, highlighting the myccep.com B2B platform for organized trade and major progress in the fragmented trade, where they now have outlet-level visibility on over 70% of revenue. He noted that while much has been achieved, there is more to come, including expansion into the Philippines and Indonesia.

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    Carlos Laboy's questions to COCA-COLA EUROPACIFIC PARTNERS (CCEP) leadership • H1 2025

    Question

    Carlos Laboy from HSBC asked for an outlook on trade management in Europe, given the company's digital capabilities, and whether the low-hanging fruit has been captured.

    Answer

    CEO Damian Gammell detailed a two-pronged digital strategy: the myccep.com platform for organized trade, and a newer eB2B platform for the fragmented trade, starting in Spain. He indicated significant opportunity remains, especially in expanding these tools to the Philippines and Indonesia.

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    Carlos Laboy's questions to MOLSON COORS BEVERAGE (TAP) leadership

    Carlos Laboy's questions to MOLSON COORS BEVERAGE (TAP) leadership • Q2 2025

    Question

    Carlos Laboy of HSBC requested an expansion on the cash flow offsets mentioned earlier, specifically the tax benefits and working capital improvements that support the reaffirmed free cash flow guidance.

    Answer

    CFO Tracey Joubert confirmed that cash tax benefits and favorable working capital are the two primary factors enabling the company to maintain its free cash flow guidance of $1.3 billion, plus or minus 10%. CEO Gavin Hattersley added that a significant driver of the tax benefit relates to capital deductibility.

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    Carlos Laboy's questions to MEXICAN ECONOMIC DEVELOPMENT (FMX) leadership

    Carlos Laboy's questions to MEXICAN ECONOMIC DEVELOPMENT (FMX) leadership • Q2 2025

    Question

    Carlos Laboy from HSBC asked about the interactions between Spin's leadership and the FEMSA Board of Directors, focusing on the board's level of support and evolving understanding of the company's digital needs.

    Answer

    Juan Carlos Guillermety, CEO of Spin, described the board's support as strong, with a push for faster execution and synergy between the physical and digital assets. CFO Martín Yániz added that digitally-savvy board members provide valuable challenges and that management is implementing joint KPIs to improve cooperation. The recent addition of Carlos Arroyo to OXXO leadership was also cited as a positive for collaboration.

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    Carlos Laboy's questions to MEXICAN ECONOMIC DEVELOPMENT (FMX) leadership • Q2 2025

    Question

    Carlos Laboy asked about the interactions between Spin's leadership and the FEMSA Board of Directors, their level of support, and the evolution of the board's digital expertise.

    Answer

    Juan Carlos Guillermety, CEO of Spin, described the board's support as strong, with a push for faster execution and synergy with OXXO. CFO Martín Yániz noted that digitally-experienced board members provide valuable input while also urging caution on credit risk. Management also highlighted that the board's composition has evolved to align with the company's current strategic challenges.

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    Carlos Laboy's questions to MEXICAN ECONOMIC DEVELOPMENT (FMX) leadership • Q2 2024

    Question

    Carlos Laboy of HSBC asked why FEMSA doesn't acquire the public float of Coca-Cola FEMSA (KOF) given its relatively low valuation compared to other beverage deals. He also asked how FEMSA values KOF's data for its digital ecosystem.

    Answer

    CFO Martin Arias Yaniz detailed the strategic benefits of keeping KOF public, including its use as an M&A currency, its strong independent balance sheet, and the governance benefits of a public listing. Regarding data, he stated that while it's impossible to assign a specific monetary value today, there is strong conviction in the long-term potential of integrating data across the entire FEMSA ecosystem, though it is a complex, multi-year undertaking.

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    Carlos Laboy's questions to COCA COLA (KO) leadership

    Carlos Laboy's questions to COCA COLA (KO) leadership • Q2 2025

    Question

    Carlos Laboy from HSBC asked how the company's focus on demand creation and recruiting new consumers is intensifying now that most of its refranchising efforts are complete.

    Answer

    President and CFO John Murphy clarified that a few large refranchising deals are still in progress. He emphasized that the core focus is on driving top-line growth through their portfolio of billion-dollar brands, powered by an ongoing marketing and innovation transformation. He also highlighted that the company's relationship with its bottling partners has evolved to be stronger and more collaborative, leading to better execution.

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    Carlos Laboy's questions to AMBEV (ABEV) leadership

    Carlos Laboy's questions to AMBEV (ABEV) leadership • Q4 2024

    Question

    Carlos Laboy from HSBC asked CEO Carlos Lisboa to elaborate on the positioning of Ambev's mega brands within the portfolio and how the company is approaching segmentation by occasion, brand, package, and price at the point of sale.

    Answer

    CEO Carlos Eduardo Lisboa explained that the primary goal is to lead and grow the beer category by leveraging Ambev's diverse portfolio to penetrate more consumption occasions, drawing inspiration from other markets like Mexico. CFO Lucas Lira added that digital platforms like BEES and Zé Delivery are crucial enablers, facilitating direct engagement with customers and consumers to optimize product assortment and offerings.

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    Carlos Laboy's questions to AMBEV (ABEV) leadership • Q2 2024

    Question

    Carlos Laboy questioned the rationale for Ambev remaining a publicly listed company, citing its low valuation multiple compared to peer transactions. He asked if conditions exist for Ambev to retire its float or for parent company ABI to tender for the shares.

    Answer

    Executive Lucas Lira responded that from Ambev's perspective, being a listed entity in Brazil provides value due to its significant local presence. He also emphasized its importance for talent attraction and retention via share-based compensation. Lira noted that future share buybacks are an alternative that the Board will consider at the end of the year as part of its capital allocation review.

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