Matthew Ford of BNP Paribas requested an update on the cost of goods sold (COGS) for 2025 and an outlook for 2026, including current hedging levels.
CFO Ed Walker reported that the company is over 90% hedged for 2025 and approximately 60% hedged for 2026. He anticipates relatively flat commodity costs will continue into 2026, providing a favorable outlook for the P&L.
Matthew Ford of BNP Paribas asked for an update on the cost of goods sold (COGS) outlook, specifically regarding hedging levels for 2025 and any expected moving parts for 2026.
CFO Ed Walker reported a favorable cost environment, with flat commodity costs expected to continue from 2025 into 2026. He stated that the company is over 90% hedged for 2025 and approximately 60% hedged for 2026, which aligns with their strategy and provides a good outlook for cost stability.
Matthew Ford of BNP Paribas Exane inquired about performance in the Philippines, specifically the end-of-year and Q1 trends, and asked for an update on the boycotting situation in Indonesia.
CEO Damian Gammell stated the Indonesian business has stabilized, with brands showing high single-digit to mid-teens growth in less affected areas. For the Philippines, he confirmed a great finish to the year, with record volumes at Christmas continuing into 2025, aligning with high single-digit growth expectations and margin expansion.
Matthew Ford inquired about the performance of the Asia-Pacific (APS) segment, specifically asking about the year-end performance in the Philippines and for an update on the geopolitical boycotts affecting Indonesia.
CEO Damian Gammell stated that the business in Indonesia has stabilized, with brands showing high single-digit to mid-teen growth in less affected areas. For the Philippines, he described a 'great finish to the year' with record Christmas volumes continuing into 2025, and expects high single-digit growth in line with midterm guidance.