Financial Performance - Operating profit rose to EUR 2.8 billion, up 7.1%, with an operating margin of 13.4%, expanding by around 50 basis points [1] - Revenue reached EUR 20.9 billion, an increase of 2.8%, with revenue per case up 2.9% [2] - Earnings per share were EUR 4.11, reflecting a 6.2% increase on a comparable basis [1] Market Insights - Great Britain showed strong performance with revenue up almost 6% and volume growth in both at-home and away-from-home channels [9] - France and Germany faced challenges, with France impacted by a higher sugar tax and Germany experiencing higher promotional shelf prices [11][12] - Energy drink category, particularly Monster, saw nearly 20% volume growth, contributing to share gains [13] Strategic Initiatives - The company is targeting EUR 350–400 million in savings by 2028 through productivity initiatives [5][7] - A further EUR 1 billion share buyback was announced, alongside a dividend payout ratio of around 50% of earnings [18] - Management emphasized the importance of promotional effectiveness, shifting focus from quantity to improving return on promotional spend [8] Future Outlook - For 2026, the company guided to 3%-4% revenue growth, with expectations of cost of sales per case rising about 1.5% [17] - Free cash flow is projected to be at least EUR 1.7 billion, allowing for flexibility in capital investments [18] - The company plans to enhance its zero portfolio and evaluate brand architecture to better meet market demands [11]