Financial Data and Key Metrics Changes - The company reported revenue of €10.3 billion for H1 2025, an increase of 2.5% compared to the previous year [24] - Comparable volumes were marginally ahead, up 0.3%, despite challenges in Indonesia [24] - Operating profit increased by 7.2% to €1.4 billion, with an operating margin expansion of approximately 60 basis points to 13.5% [26] - Comparable diluted earnings per share rose by 3.1% on an FX neutral basis [26] - Comparable free cash flow generation was €425 million for H1, with a target of at least €1.7 billion for the full year [27] Business Line Data and Key Metrics Changes - The core NARTD category grew by more than 5% in the last twelve months, with significant contributions from Monster and other brands [8] - Monster volumes increased nearly 15%, driven by innovation and distribution gains [17] - Fanta Zero volumes grew by around 7%, and Sprite Zero by approximately 13% [18] - The away-from-home business saw a return to volume growth in Q2, supported by better weather and Easter timing [11] Market Data and Key Metrics Changes - The European market returned to volume growth in Q2, contributing positively to overall performance [24] - The Philippines market performed well despite strong comparables from the previous year, with a 10 basis point increase in overall value share [12] - Indonesia faced a weaker consumer backdrop, impacting group volumes by around 1% in Q2 [9] Company Strategy and Development Direction - The company is focused on driving profitable revenue growth while maintaining affordability and relevance for consumers [13] - A multiyear view on promotional and pricing strategies is emphasized to create sustainable value [12] - The company is investing heavily in technology and digital capabilities to enhance productivity and efficiency [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the midterm growth objectives, reaffirming full-year profit and cash guidance [40] - The company anticipates volume growth for the full year, particularly in Europe and APS, despite challenges in Indonesia [30] - Management acknowledged the competitive landscape but remains focused on sustainable value creation [70] Other Important Information - The company completed around €460 million in share buybacks and maintained a dividend payout policy of around 50% [7] - The launch of new campaigns, such as "This Is My Taste" for Diet Coke, is expected to drive consumer engagement [32] - The company is transitioning to a partner distributor model in Indonesia to enhance distribution efficiency [37] Q&A Session Summary Question: Guidance on top line and bottom line growth - Management noted that despite a slight change in revenue guidance, they expect acceleration in the second half driven by volume growth and pricing strategies [44][46] Question: Performance in Europe and away-from-home growth - Management highlighted strong performance in Europe, particularly due to favorable weather and increased consumer engagement in away-from-home settings [52][54] Question: Medium-term growth outlook considering Indonesia - Management indicated that while Indonesia presents challenges, it is a small part of the overall business, and they remain optimistic about long-term opportunities [90] Question: Update on COGS and hedging for 2026 - The company is well-hedged for 2025 and has around 60% hedging in place for 2026, with expectations of flat commodity prices [94] Question: Australian margin turnaround - Management expressed confidence in the Australian business's margin recovery, emphasizing ongoing structural changes and efficiency improvements [99]

Financial Data and Key Metrics Changes - The company reported revenue of €10.3 billion for H1 2025, an increase of 2.5% compared to the previous year [23] - Comparable volumes were marginally ahead, up 0.3%, despite challenges in Indonesia [23] - Operating profit increased by 7.2% to €1.4 billion, with an operating margin expansion of 60 basis points to 13.5% [25] - Comparable diluted earnings per share rose by 3.1% to €2, reflecting a higher effective tax rate of 26% [25] Business Line Data and Key Metrics Changes - The core NARTD category grew by more than 5% in the last twelve months, with significant contributions from Monster and other brands [7] - Operating profit growth of 7.2% was driven by strong top-line performance and efficiency programs [13] - The energy category, particularly Monster, saw volumes increase nearly 15%, with retail value share growing by around 140 basis points [16] Market Data and Key Metrics Changes - European markets returned to volume growth in Q2, supported by favorable weather and the Easter holiday [11] - The Philippines market performed well despite strong comparables from the previous year, with overall value share growing by 10 basis points [12] - Indonesia's weaker consumer backdrop impacted total first half volumes, contributing to a 1% decline in group volumes [11] Company Strategy and Development Direction - The company is focused on driving profitable revenue growth while maintaining affordability and relevance for consumers [13] - A multiyear view on promotional and pricing strategies is emphasized to create sustainable value [12] - The company is investing in technology and digital capabilities to enhance productivity and drive future growth [10] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed full-year profit and cash guidance, indicating a revenue growth range of 3% to 4% for the year [8] - The company remains optimistic about long-term opportunities in Indonesia despite current challenges [37] - Management highlighted the importance of digital transformation and technology investments to unlock value [39] Other Important Information - The company completed around €460 million in share buybacks and maintained a dividend payout policy of approximately 50% [6] - The return of the "Share a Coke" campaign was well received, contributing positively to brand performance [15] - The company is recognized for its sustainability efforts, retaining inclusion on CDP's A List for Climate for nine consecutive years [21] Q&A Session Summary Question: Guidance on top line and bottom line growth - Management indicated that despite a slight change in revenue guidance, they expect acceleration in the second half driven by volume growth and pricing strategies [45][46] Question: Performance in Europe and away from home growth - Management noted strong performance in Europe due to favorable weather and increased consumer engagement, with a focus on cooler placements and promotional activities [52][55] Question: Competitiveness in the market - Management acknowledged ongoing competition but emphasized a commitment to sustainable value creation and effective pricing strategies [68][71] Question: Metrics for the "Share a Coke" campaign - Management tracks metrics such as shelf distribution and consumption rates to evaluate the success of the campaign, which has positively impacted volume and price mix [75][76] Question: Acceleration in away from home growth - Management highlighted the return of consumers to public spaces and the impact of weather on away from home sales, indicating a positive trend for the remainder of the year [80][86] Question: Medium-term growth outlook considering Indonesia - Management reiterated that while Indonesia presents challenges, it is not critical to achieving midterm growth objectives, as other markets can offset weaknesses [90][93] Question: Update on COGS and hedging - Management reported being over 90% hedged for 2025 and around 60% for 2026, with expectations of flat commodity prices [96][97] Question: Update on Australian margin turnaround - Management expressed optimism about the Australian business's margin recovery, supported by structural changes and efficiency improvements [101][102]