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    Gen Cross • Exane BNP Paribas

    Gen Cross's questions to Diageo PLC (DEO) leadership

    Gen Cross's questions to Diageo PLC (DEO) leadership • H2 2025

    Question

    Gen Cross from Exane BNP Paribas inquired about the primary reasons for consumer moderation in alcohol consumption and asked whether the recent impairment charge on US brands reflects a weaker long-term category outlook.

    Answer

    Interim CEO & Director Nik Jhangiani clarified that while saving money is a 'large reason' for moderation, it's not always number one and is coupled with consumers seeking more choice and drinking on fewer occasions. He stated the impairment charge was driven by near-term brand-specific pressures and does not alter Diageo's strong long-term belief in the US spirits market.

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    Gen Cross's questions to Anheuser-Busch Inbev SA (BUD) leadership

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

    Question

    Gen Cross asked for details on how the company achieved a mid-single-digit organic SG&A decline in South and Middle America, and questioned if recurring net finance costs would remain below the $1 billion quarterly mark.

    Answer

    CFO Fernando Tennenbaum attributed the SG&A reduction to 'ongoing optimization' efforts that are part of the company's daily operations. Regarding finance costs, he confirmed they are benefiting from deleveraging but declined to provide specific forward guidance, while highlighting the positive impact of improved free cash flow on both debt and interest income.

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

    Question

    Gen Cross asked if the positive U.S. sales-to-retailer (STR) growth seen in Q4 is now sustainable, given the commentary about an 'inflection point.' She also inquired about the drivers of improved consumer momentum in Mexico in Q4 and if that has continued.

    Answer

    CEO Michel Doukeris responded that while the company's own U.S. brand performance is strong, it's too early to call industry volume growth sustainable due to factors like weather and economic pressures. For Mexico, he attributed the Q4 momentum to the normalization of consumer spending after election-related fluctuations, a trend that has largely continued into the new year despite some weather impacts in the north.

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