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    Simon Hales • Citi

    Simon Hales's questions to Coca-Cola Europacific Partners PLC (CCEP) leadership

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

    Question

    Simon Hales of Citi asked for more detail on the strong start to Q3, particularly regarding regional performance in Europe and the impact of flooding in the Philippines.

    Answer

    CEO Damian Gammell attributed the strong start to favorable weather across Europe, especially in Great Britain, which boosted July's business. He noted that the impact from the Philippines is factored into the guidance and that Indonesia's performance has begun to stabilize.

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

    Question

    Simon Hales of Citi requested more detail on the strong Q3 trading, seeking regional color on Europe's performance, the impact of weather, away-from-home trends, and the potential impact of flooding in the Philippines.

    Answer

    CEO Damian Gammell stated that guidance already reflects the weather situation in the Philippines and noted a stabilization in Indonesia. He confirmed that favorable weather in June and July positively impacted European markets, especially Great Britain, contributing to a broad-based strong start to Q3.

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    Simon Hales's questions to Diageo PLC (DEO) leadership

    Simon Hales's questions to Diageo PLC (DEO) leadership • H2 2025

    Question

    Simon Hales from Citigroup Inc. asked for details on the drivers behind the expected H2 fiscal 2026 sales acceleration and for clarification on the EBIT impact from recent disposals and capitalized finance costs.

    Answer

    Interim CEO & Director Nik Jhangiani attributed the expected H2 acceleration to sharper commercial execution, a focus on RTDs, and broader portfolio work. He quantified the EBIT impact from the Ghana and Seychelles disposals at approximately $15 million for fiscal 2026 and noted that capitalized finance costs are expected to normalize after a prior period adjustment.

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    Simon Hales's questions to British American Tobacco plc (BTI) leadership

    Simon Hales's questions to British American Tobacco plc (BTI) leadership • H1 2025

    Question

    Simon Hales from Citi inquired about the early consumer feedback and performance of the GloHilo launch in Japan, the momentum of VeloPlus in the U.S. amid competitor activity, and sought clarification on the costs and savings of the 'Fit to Win' program.

    Answer

    CEO Tadeu Marroco highlighted positive consumer feedback for GloHilo in Japan, noting its premium positioning and a 1.5% share gain in Sendai. He also affirmed VeloPlus's strong U.S. momentum and high consumer retention. CFO Soraya Benchikh clarified that the 'Fit to Win' program's costs are included in 2025 guidance, with the £500 million in savings being an annualized figure by 2028, part of which will be reinvested for growth.

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    Simon Hales's questions to Anheuser-Busch Inbev SA (BUD) leadership

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

    Question

    Simon Hales asked for perspective on the broader consumer environment, given a competitor's recent guidance cut, and requested details on the momentum of new U.S. product launches like Michelob Ultra Zero ahead of the summer.

    Answer

    CEO Michel Doukeris distinguished between cautious consumer sentiment and resilient consumer behavior, noting beer remains an affordable category. He highlighted strong momentum for innovations like Michelob Ultra Zero and Busch Light Apple. CFO Fernando Tennenbaum added that the company's full-year outlook remains unchanged, supported by cost hedging and a clear view of FX impacts.

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

    Question

    Simon Hales questioned the lower U.S. margin expansion in Q4, asking for the 2025 outlook considering investments and cost pressures. He also requested more detail on the scale of factors expected to negatively impact Q1 volume performance.

    Answer

    CEO Michel Doukeris stated that the priority in the U.S. is investing to fuel commercial momentum and market share, which is the primary focus over specific quarterly margin figures. CFO Fernando Tennenbaum detailed the Q1 headwinds, including one less selling day versus a leap year, a later Easter shifting inventory builds, and difficult year-over-year comparisons in both the U.S. and China.

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