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    Sanjeet Aujla

    Research Analyst at UBS Group AG

    Sanjeet Aujla is an Analyst at UBS AG (London Branch), focusing on beverage and consumer sectors with in-depth coverage of companies such as Coca-Cola Europacific Partners, Diageo PLC, Carlsberg Group, and Coca-Cola HBC. He has demonstrated analytical expertise by actively participating in earnings calls and providing investment insights for major listed beverage companies, with a record of insightful questioning across at least three global leaders in the sector. Aujla joined UBS in 2023 after working as a Research Analyst at Credit Suisse, building a solid reputation for thorough sector research and industry knowledge. He is recognized on consensus lists for companies including AB InBev and Coca-Cola HBC, evidencing his position as a trusted sell-side analyst, but publicly available sources do not list performance metrics or credentials such as FINRA registration.

    Sanjeet Aujla's questions to COCA-COLA EUROPACIFIC PARTNERS (CCEP) leadership

    Sanjeet Aujla's questions to COCA-COLA EUROPACIFIC PARTNERS (CCEP) leadership • H1 2025

    Question

    Sanjeet Aujla of UBS Group AG sought clarification on unresolved commercial agreements in Europe and whether the 'stabilization' in Indonesia meant a slower decline or a return to growth.

    Answer

    CEO Damian Gammell clarified that the commercial agreement issues, mainly in Germany and Sweden, were resolved in Q2 with no lingering effects. Regarding Indonesia, he specified that the sparkling portfolio is stabilizing, while the tea portfolio still has progress to make.

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    Sanjeet Aujla's questions to COCA-COLA EUROPACIFIC PARTNERS (CCEP) leadership • H1 2025

    Question

    Asked for clarification on missed commercial agreements in Europe, wanting to know if the issue was ongoing and which markets were impacted. He also asked a follow-up about whether the 'stabilization' in Indonesia meant a slowing decline or a return to growth.

    Answer

    Management clarified that the commercial agreement issues were typical annual negotiations, mainly occurred in Q2 in Germany and Sweden, and have since been resolved with no lingering effects. Regarding Indonesia, the stabilization refers to the sparkling portfolio, while the tea portfolio still has a way to go ahead of a new product launch in Q3.

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    Sanjeet Aujla's questions to COCA-COLA EUROPACIFIC PARTNERS (CCEP) leadership • H1 2025

    Question

    Sanjeet Aujla of UBS Group AG sought clarification on unresolved commercial agreements in Europe and asked if Indonesia's 'stabilization' meant a slowing decline or a return to growth.

    Answer

    CEO Damian Gammell clarified that the commercial agreement issues were typical negotiations, primarily in Germany and Sweden during Q2, and are now fully resolved. Regarding Indonesia, he specified that the stabilization is being seen in the Sparkling portfolio, while the Tea category still has progress to make following a relaunch.

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    Sanjeet Aujla's questions to COCA-COLA EUROPACIFIC PARTNERS (CCEP) leadership • FY 2024

    Question

    Sanjeet Aujla of UBS inquired about CCEP's pricing and promotional strategy in Europe, asking if the plan is to price in line with CPI and seeking details on changes to multipack promotions.

    Answer

    CEO Damian Gammell confirmed the strategy is to take relevant price moves broadly in line with CPI. He emphasized using data analytics to make promotional spending more efficient and productive, not necessarily increasing it. This involves reallocating funds for multipacks to test what resonates with shoppers and balancing value with premiumization opportunities.

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    Sanjeet Aujla's questions to COCA-COLA EUROPACIFIC PARTNERS (CCEP) leadership • Q4 2024

    Question

    Sanjeet Aujla inquired about the pricing and promotional strategy in Europe's home channel, asking if the plan was to price in line with CPI and seeking clarity on changes to the multipack promo strategy.

    Answer

    CEO Damian Gammell confirmed that pricing is broadly in line with CPI. He clarified that the promotional strategy focuses on reallocating existing investment more effectively using data analytics to find relevant price points, rather than increasing overall spend. The strategy balances value with premiumization opportunities across the pack-price architecture.

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    Sanjeet Aujla's questions to COCA-COLA EUROPACIFIC PARTNERS (CCEP) leadership • Q4 2024

    Question

    Asked about the pricing and promotional strategy in Europe's home channel, specifically whether pricing will align with CPI and for clarification on changes to multipack promotions.

    Answer

    The strategy is to implement price moves broadly in line with CPI while using data analytics to make promotional spending more efficient and productive. The focus is on optimizing existing promotional funds, not increasing them. They also continue to see opportunities for premiumization.

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    Sanjeet Aujla's questions to COCA-COLA EUROPACIFIC PARTNERS (CCEP) leadership • Q4 2023

    Question

    Asked if 2023 is a clean performance base for the Philippines business after 2022's sugar shortages, and questioned the structural factors behind the current 6% margin and its potential to return to double digits.

    Answer

    Executives confirmed 2023 is a clean, normalized base. The primary structural factor impacting margins is the high local cost of sugar. Margin expansion is expected over time through the introduction of new, higher-margin categories (Energy, ARTDs), best-practice sharing, and targeted capital investment in supply chain and technology.

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    Sanjeet Aujla's questions to DIAGEO (DEO) leadership

    Sanjeet Aujla's questions to DIAGEO (DEO) leadership • H2 2025

    Question

    Sanjeet Aujla from UBS Group AG inquired about Diageo's US depletion outlook for fiscal 2026, whether shipments would align with depletions, and the expected performance of its European spirits portfolio following increased investment.

    Answer

    Interim CEO & Director Nik Jhangiani stated that US inventory levels are now normalized, but the company anticipates a cautious consumer environment in fiscal 2026. For Europe, he explained that the recent spirits decline presents an opportunity to drive growth through a more localized, occasion-led strategy, particularly in markets like France and Spain, as part of a long-term plan.

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    Sanjeet Aujla's questions to Anheuser-Busch InBev SA/NV (BUD) leadership

    Sanjeet Aujla's questions to Anheuser-Busch InBev SA/NV (BUD) leadership • Q2 2025

    Question

    Sanjeet Aujla of UBS Group asked about the performance of the on-premise channel in China amid macro headwinds and government campaigns. He also inquired if market share trends in Brazil had improved in Q3 following a competitor's price increase.

    Answer

    CEO Michel Doukeris confirmed that China's on-trade channel remains stubbornly weak, with industry growth coming from the off-premise, where AB InBev is under-indexed but sees opportunity. Regarding Brazil, he noted that a soft industry and the company's own revenue management calendar created tough price relativity in H1, but he expects this to improve as the market adjusts throughout the year.

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    Sanjeet Aujla's questions to Anheuser-Busch InBev SA/NV (BUD) leadership • Q1 2025

    Question

    Sanjeet Aujla inquired about the business in China, specifically the channel mix between on-trade and off-trade, and asked about the company's ability to return to positive volume growth at the group level in the second half of the year.

    Answer

    CEO Michel Doukeris acknowledged underperformance in China due to regional and on-trade softness but outlined a plan to improve execution, invest in mega brands, and expand in the off-trade channel. Regarding group volume, he explained that after adjusting for calendar effects like the leap year and Easter timing, the underlying Q1 momentum was positive, supporting an expected improvement for the rest of the year.

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    Sanjeet Aujla's questions to Anheuser-Busch InBev SA/NV (BUD) leadership • Q4 2024

    Question

    Sanjeet Aujla sought details on CapEx efficiencies and the company's current maintenance CapEx level. He also asked for more elaboration on the evolving strategy for what some call the 'new normal' in China.

    Answer

    CFO Fernando Tennenbaum detailed CapEx efficiencies driven by technology like AI and a ZBB-like approach to procurement, stating the current guidance is appropriate for long-term growth. CEO Michel Doukeris pushed back on the 'new normal' concept for China, describing it as a cyclical market. He said the strategy remains premiumization, but with improved execution, more resources on fewer mega brands, and better route-to-market leverage.

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    Sanjeet Aujla's questions to Anheuser-Busch InBev SA/NV (BUD) leadership • Q2 2024

    Question

    Sanjeet Aujla of UBS asked for the outlook on China and the company's confidence in returning to volume growth in the second half of the year. He also questioned if the Q2 SG&A decline in the U.S. was a good indicator for future quarters.

    Answer

    CEO Michel Doukeris explained that while China faces easier comparables in the second half, a full volume recovery is uncertain due to ongoing economic pressures, reinforcing a long-term investment strategy. Regarding U.S. costs, he emphasized that productivity is a continuous focus but declined to provide specific forward-looking guidance on SG&A for any single market.

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