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    Olivier Nicolaï • Goldman Sachs

    Olivier Nicolaï's questions to Anheuser-Busch Inbev SA (BUD) leadership

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

    Question

    Olivier Nicolaï from Goldman Sachs inquired about a potential consumer slowdown in Mexico impacting the second half of the year. He also sought a deeper explanation for Brazil's volume decline, asking about pricing strategy and the potential for a second-half recovery.

    Answer

    CEO Michel Doukeris stated that while Mexico's Q2 was strong overall, the back end was slower due to weather. He noted a broader trend of consumer confidence lagging economic progress globally, with value-seeking consumers under pressure from inflation. He acknowledged that this dynamic affects various markets, including Brazil, and that the company is carefully monitoring consumer purchasing power.

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    Olivier Nicolaï's questions to Haleon PLC (HLN) leadership

    Olivier Nicolaï's questions to Haleon PLC (HLN) leadership • H1 2025

    Question

    Olivier Nicolaï of Goldman Sachs Group, Inc. asked a specific question regarding competitive pressures in the U.S. market. He wanted to know if the market share losses in the VMS and respiratory health categories were primarily against private labels or other branded players.

    Answer

    CEO Brian McNamara provided a clear distinction: in respiratory health, the pressure is from private label within the smoking cessation sub-category. Conversely, in VMS, the challenges for the Centrum brand are primarily due to competitive pressures from other branded players. He added that other respiratory brands like TheraFlu continue to grow share.

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    Olivier Nicolaï's questions to Haleon PLC (HLN) leadership • H1 2025

    Question

    Olivier Nicolaï asked whether Haleon's market share losses in the U.S. for VMS and respiratory health were primarily against private labels or other branded players.

    Answer

    CEO Brian McNamara clarified that in respiratory health, the pressure is from private label within the smoking cessation sub-category, while the core respiratory brands are growing share. In VMS (specifically Centrum), the competitive pressure is more from other branded players, not private label.

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    Olivier Nicolaï's questions to Haleon PLC (HLN) leadership • H1 2025

    Question

    Olivier Nicolaï from Goldman Sachs asked whether the market share losses in the U.S. for VMS and respiratory health were primarily due to competition from private label products or other branded players.

    Answer

    CEO Brian McNamara clarified that within respiratory health, the pressure is from the smoking cessation business, which is a trade-down to private label. For VMS (specifically Centrum), the pressure is more from other branded competitors. He noted that other respiratory brands like TheraFlu are actually growing share.

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    Olivier Nicolaï's questions to Haleon PLC (HLN) leadership • Q2 2024

    Question

    Olivier Nicolai asked if the net debt to EBITDA ratio could reach the 2.5x mid-term target by year-end and if more disposals were planned. He also requested a breakdown of the H1 gross margin expansion drivers and whether there would be a greater focus on margin improvement.

    Answer

    CFO Tobias Hestler expressed confidence in reaching the ~2.5x leverage target over the medium term but was cautious about a specific year-end prediction due to FX and other variables. He attributed the 150 bps H1 gross margin expansion to pricing rollover, easing inflation, operating efficiencies, and lower freight costs, noting that benefits from the Maidenhead closure are yet to come.

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    Olivier Nicolaï's questions to Unilever PLC (UL) leadership

    Olivier Nicolaï's questions to Unilever PLC (UL) leadership • H1 2025

    Question

    Olivier Nicolaï of Goldman Sachs inquired about the drivers of the strong H2 margin guidance and asked about the use of proceeds from the eventual sale of the retained 20% stake in the demerged ice cream business.

    Answer

    Acting CFO Srinivas Phatak attributed the H2 margin outlook to volume leverage, mix, savings, and cost discipline, without singling out specific divisions. He clarified that proceeds from the ice cream stake sale will first cover separation costs and taxes, with the remainder used to reduce debt. CEO Fernando Fernandez added that retaining the stake shows confidence in the new company's potential.

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