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    Edward Mundy • Jefferies

    Edward Mundy's questions to Coca-Cola Europacific Partners PLC (CCEP) leadership

    Edward Mundy's questions to Coca-Cola Europacific Partners PLC (CCEP) leadership • H1 2025

    Question

    Edward Mundy from Jefferies LLC asked if the volume inflection in Europe and strong revenue per case performance provide confidence in achieving medium-term volume growth.

    Answer

    CEO Damian Gammell expressed absolute confidence in medium-term European volume growth. He cited upcoming campaigns like Star Wars, innovation in Fanta and Sprite, a focus on the away-from-home channel, and the revitalization of Diet Coke as key drivers.

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    Edward Mundy's questions to Coca-Cola Europacific Partners PLC (CCEP) leadership • H1 2025

    Question

    Edward Mundy from Jefferies LLC asked if the strong revenue-per-case performance in Europe provides confidence in the medium-term ability to drive volume growth, independent of short-term factors like weather.

    Answer

    CEO Damian Gammell affirmed absolute confidence in medium-term volume growth for Europe. He cited upcoming brand campaigns for Star Wars and the English Premier League, innovation in Fanta and Sprite, and a strategic focus on growing the away-from-home channel and reinvigorating key brands like Diet Coke as key drivers.

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    Edward Mundy's questions to Coca-Cola Europacific Partners PLC (CCEP) leadership • FY 2024

    Question

    Edward Mundy from Jefferies questioned the relationship between potential European volume growth and EBIT, suggesting favorable operating leverage, and asked how this reconciles with the 7% EBIT growth guidance.

    Answer

    CFO Ed Walker explained that while revenue guidance is higher at 4%, the 2025 mix is expected to be more balanced toward volume, which is less accretive to the P&L than price/mix, thus supporting the ~7% EBIT growth guidance. CEO Damian Gammell added there is a purposeful focus on driving quality volume in Western Europe for 2025.

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    Edward Mundy's questions to Coca-Cola Europacific Partners PLC (CCEP) leadership • Q4 2024

    Question

    Edward Mundy questioned why the 7% EBIT growth guidance wasn't higher, suggesting that even modest volume growth in Europe should create significant operating leverage.

    Answer

    CFO Ed Walker responded that while 2025 revenue growth is guided higher at 4%, it is expected to be more balanced with volume, which has a less accretive P&L effect than price/mix. CEO Damian Gammell added that there is a 'purposeful focus on quality volume' in Europe for 2025, supported by strong marketing and innovation to drive that growth.

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    Edward Mundy's questions to Diageo PLC (DEO) leadership

    Edward Mundy's questions to Diageo PLC (DEO) leadership • H2 2025

    Question

    Edward Mundy from Jefferies LLC inquired whether broadening growth would be driven more by A&P reprioritization or execution, and asked if the 'balanced growth' goal in the US applies to both portfolio and the volume/price/mix equation.

    Answer

    Interim CEO & Director Nik Jhangiani emphasized that both A&P investment and strong execution are codependent and essential for broadening growth. For the US, he confirmed the goal is balanced growth across the portfolio and volume/price/mix, but noted the challenging consumer environment may push significant volume growth to fiscal 2027 and beyond. He also highlighted a focus on driving 'transactions' through smaller formats.

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    Edward Mundy's questions to Anheuser-Busch Inbev SA (BUD) leadership

    Edward Mundy's questions to Anheuser-Busch Inbev SA (BUD) leadership • Q2 2025

    Question

    Edward Mundy of Jefferies LLC asked if strong performance in developed markets gives more confidence in medium-term group volume growth. He also inquired about the scale of the opportunity from major sports activations like FIFA 2026, given the company's improved marketing.

    Answer

    CEO Michel Doukeris affirmed that the resilience of developed markets is pleasing and supports the long-term growth perspective derived from the company's global footprint. He described the FIFA 2026 World Cup as a significant opportunity, especially given its location in the Americas, and noted it will be a larger event than previous tournaments. He also highlighted the upcoming Winter Olympics and the positive ROI from these mega-platform investments.

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    Edward Mundy's questions to Anheuser-Busch Inbev SA (BUD) leadership • Q1 2025

    Question

    Edward Mundy questioned the strategic nuance in shifting focus from 'occasions development' to 'balanced choices' and asked about the sustainability of the strong leverage from EBITDA to EPS seen in the quarter.

    Answer

    CFO Fernando Tennenbaum explained the P&L leverage is sustainable, driven by lower interest expense from deleveraging and future benefits from lower depreciation as CapEx reductions flow through. CEO Michel Doukeris clarified that 'balanced choices' (non-alc, low-carb) is a key platform for growing occasions by removing consumer barriers, representing a business of over $5 billion.

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

    Question

    Edward Mundy asked about the implications of the significant increase in free cash flow on capital allocation strategy, particularly the balance between deleveraging and shareholder returns, and inquired about the plan to balance investment and optimization in the underperforming China market.

    Answer

    Fernando Tennenbaum, CFO, explained that the capital allocation priority is organic growth, followed by a dynamic balance of deleveraging, shareholder returns, and selective M&A. He noted that with leverage below 3x, the company has increased flexibility. CEO Michel Doukeris added that the focus in China is on executing a plan to reignite growth through increased investment in mega brands and strong execution, despite the recent soft consumer environment.

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    Edward Mundy's questions to Anheuser-Busch Inbev SA (BUD) leadership • Q2 2024

    Question

    Edward Mundy of Jefferies asked about the sustainability of margin recovery beyond 2024, questioning whether drivers would be at the gross margin or SG&A level, and inquired about the specific execution capabilities provided by the BEES digital platform.

    Answer

    CFO Fernando Tennenbaum stated that margin recovery is sustainable as past pressures from variable costs were not structural, and future gains are expected more from the gross profit level. CEO Michel Doukeris added that without the BEES platform, the company would lack its advanced capabilities in direct customer communication, personalized machine-learning-based sales proposals, and large-scale promotional optimization.

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