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    James Jones • RBC Capital Markets

    James Jones's questions to Anheuser-Busch Inbev SA (BUD) leadership

    James Jones's questions to Anheuser-Busch Inbev SA (BUD) leadership • Q4 2024

    Question

    James Jones asked why the marketing-to-sales ratio fell despite talk of increased investment and how digital capabilities affect this. He also inquired about the raw material and COGS outlook, particularly concerning currency depreciation in Latin America.

    Answer

    CEO Michel Doukeris explained that the company is not guided by ratios but by marketing effectiveness, which has increased through a focus on mega brands and data-driven campaigns, making dollars work harder. CFO Fernando Tennenbaum stated the 2025 COGS outlook is for a 'normal year' in line with inflation, noting that their 12-month hedging policy will lead to easier comps in H1 and tougher comps in H2 due to currency movements.

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    James Jones's questions to Unilever PLC (UL) leadership

    James Jones's questions to Unilever PLC (UL) leadership • Q2 2024

    Question

    James Jones asked if Unilever sees any reason for concern about the medium- to long-term trajectory for emerging markets, referencing another company's preference for allocating capital to the U.K.

    Answer

    CEO Hein M. Schumacher emphasized Unilever's recent capital allocation towards North American acquisitions like Yasso and K18, citing the appeal of scalable brands and hard currency. CFO Fernando Fernandez added that the fundamental drivers for emerging markets—population growth, a rising middle class, and urbanization—remain intact, and these markets are a key pillar of Unilever's strategy.

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