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    Nadine Sarwat • Bernstein

    Nadine Sarwat's questions to Coca-Cola Europacific Partners PLC (CCEP) leadership

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

    Question

    Nadine Sarwat from Bernstein asked if the weakness in Indonesia affects the company's medium-term growth algorithm or if other levers can offset the impact.

    Answer

    CFO Ed Walker stated that CCEP is not dependent on a significant turnaround in Indonesia to achieve its midterm objectives, as it's a relatively small part of the overall business. CEO Damian Gammell added that performance in the region is showing slight signs of improvement.

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

    Question

    Nadine Sarwat from Bernstein questioned if the weakness in Indonesia affects the company's medium-term growth algorithm, asking if achieving the target now assumes a recovery there or if other levers can compensate.

    Answer

    CFO Ed Walker clarified that CCEP's medium-term objectives are not dependent on a significant turnaround in Indonesia, as it remains a relatively small part of the overall business despite its long-term potential. CEO Damian Gammell added that performance in Indonesia is showing slight signs of improvement.

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    Nadine Sarwat's questions to Molson Coors Beverage Co (TAP) leadership

    Nadine Sarwat's questions to Molson Coors Beverage Co (TAP) leadership • Q2 2025

    Question

    Nadine Sarwat from AllianceBernstein asked for more color on the nearly 8% financial volume decline in the EMEA & APAC segment, requesting a regional breakdown between the UK and other markets, and an outlook for the segment's performance.

    Answer

    President and CEO Gavin Hattersley detailed a challenging UK market with intense competition, where the company has avoided deep discounting. He also described a sluggish environment in Central & Eastern Europe due to declining consumer confidence. Despite the headwinds, he expressed optimism, citing the success of the premiumization strategy led by brands like Madri, which drove nearly 490 basis points of positive mix in the quarter.

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    Nadine Sarwat's questions to Boston Beer Company Inc (SAM) leadership

    Nadine Sarwat's questions to Boston Beer Company Inc (SAM) leadership • Q2 2025

    Question

    Nadine Sarwat asked for the details behind the lowered estimate for the dollar impact of tariffs and posed a broader question on Sun Cruiser's long-term growth prospects in the crowded RTD space.

    Answer

    President & CEO Michael Spillane explained that the company is building Sun Cruiser on a strong foundation, applying lessons from Truly by starting on-premise and focusing on a best-in-class product for sustainable growth. CFO Diego Reynoso stated the tariff impact was lowered due to changes in POS material tariffs, timing of imports, and successful mitigation efforts with suppliers.

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    Nadine Sarwat's questions to Boston Beer Company Inc (SAM) leadership • Q1 2025

    Question

    Nadine Sarwat from Bernstein questioned if the guidance on tariff impacts included any assumptions about changes in consumer demand. She also asked for management's on-the-ground perspective regarding the weak start to the year for the beer industry, seeking specific consumer insights on behavioral changes.

    Answer

    CFO Diego Reynoso clarified that the tariff impact guidance is mostly cost-related and does not include any assumptions about changes in consumer demand. Chairman Jim Cook addressed the weak beer market, citing macroeconomic factors like inflation and a pullback from Hispanic consumers, as well as longer-term trends including moderation, health concerns, and competition from hemp-based THC beverages.

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    Nadine Sarwat's questions to Boston Beer Company Inc (SAM) leadership • Q4 2024

    Question

    Nadine Sarwat sought to understand the confidence in Twisted Tea's future growth given weak scanner data and asked for a five-year outlook on U.S. per capita alcohol consumption.

    Answer

    Founder and Chairman C. Koch expressed confidence in Twisted Tea's growth, citing increased marketing and new product extensions like Light and Extreme as key drivers. Regarding the five-year outlook, Koch projected that a combination of factors like moderation trends, health concerns, and new THC beverages could cause a slight erosion in per capita alcohol consumption, potentially shifting it from minor growth to a minor decline annually.

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    Nadine Sarwat's questions to Constellation Brands Inc (STZ) leadership

    Nadine Sarwat's questions to Constellation Brands Inc (STZ) leadership • Q4 2025

    Question

    Nadine Sarwat asked for the specific assumptions about the socioeconomic environment embedded in the three-year forecast and requested a more detailed breakdown of the factors driving weak depletions, particularly for the Modelo brand.

    Answer

    CEO William Newlands explained that research shows the Hispanic consumer, a key demographic for Modelo, is concerned about inflation and job security, leading to reduced spending on social occasions. CFO Garth Hankinson added that the forecast assumes no material improvement in macro conditions like disposable income or consumer sentiment in the near term.

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