Coca-Cola Europacific Partners plc

Thank you all for joining us today. I'm here with Damien Gamal-Arceo and our CFO Ed Walker. Before I hand over to Damien, a reminder of our cautionary statements. This call will contain forward-looking comments, management comments, and other statements reflecting our outlook. These comments should be considered in conjunction with the cautionary language contained in today's release, as well as the detailed cautionary statements found in reports filed with the UK, US Dutch, and Spanish authorities. A copy of this information is available on our website at .cocopolaep.com. The head of the parts will be made by Damien. We will then turn the call over to your questions. As otherwise stated, metrics presented today will be on a comparable and effective basis throughout. They will also be presented on an adjusted comparable basis, thus reflecting the results of CCP and our Australia, Pacific, and Southeast Asia Business Unit, APS, as if the Coca-Cola Philippines transaction had occurred at the beginning of last year, rather than in February when the acquisition completed. Volume movements also adjust for the impact of two less-selling days in this quarter when compared to the same period last year. Following the call, a full transcript will be made available as soon as possible on our website. I will now turn the call over to our CEO, Damien.

Thank you, Sarah. Many thanks for everyone joining us today. I'm pleased with how the year started, reflecting our great brands and great in-market execution, as always all delivered by our great people. So I'd like to start by thanking them for their energy, hard work, and continued dedication to our customers and to our business. And as always, underpinned by our strong aligned relationships with the Coca-Cola company and our other brand partners. Performance during the first quarter has been broadly as expected, and what is traditionally our smallest quarter of the year. We've continued to grow share ahead of the market, create value for our customers, and deliver solid gains in revenue per unit case, up just over 3% through our ongoing revenue and margin growth management activities. All reported volumes were down 3.8%. This reflects calendar-related phasing, driven by a later Easter and two less-selling days versus last year. Adjusting for this calendar impact, comparable volumes were marginally down with a decline of .6% reflecting last year's strategic exit from our Capri Sun business, which from now on has annualized. So underlying volumes were broadly flat. Given the timing of Easter, we've seen a stronger April. And as I look to the rest of the year, we have solid commercial programs in place, supported by a great pipeline of innovation, fantastic activation plans, including more cool investments across our cold trade market and monster. Importantly, our full year 25 pricing is substantially in place, and with softer comparables over the summer, given the adverse weather in Europe last year, I remain confident that we will be well placed for 2025 and beyond. This across our geographically diverse footprint in our core NARTB category, which remains resilient and continue to grow across our markets. So looking a little more closely at Q1, starting with Europe, where the impact of the Easter phasing was most prominent. Comparable volumes overall were down by 2.1%, with some growth in away from home, supported by softer comparables. In the home channel, where we traditionally see more Easter-related spending, volumes were down 3.6%. This was most notable in Germany and France, which I've short notice also saw the sugar tax increase from the start of March. Outperforming was GB, where we've seen fantastic in-market execution around several new launches. Highlights were Coca-Cola Zero, Monster Rio Punch, supporting double-digit energy growth, and the new limited edition Dr. Pepper Cherry Crush, which was very well received by consumers. And we've seen an improved trajectory for Diet Coke following the launch of the This is My Taste campaign. In flavors, we've introduced a range of new Fanta variants, including Apple, Raspberry, and Tutti Frutti, supported by the Colorful Rainbow Wanda Fanta campaign. And in A RTD, we've started a rollout of Cardin Coke, Absolut Sprite and Watermelon, and Jack Daniels and Cherry Coke. In addition to innovating through collaborations and flavor extensions, we continue to support a great brand, with the return of an old favorite, the search for named cans, which will soon begin in earnest as the iconic Cher-Co campaign rolls out across our markets. In Iberia, we've seen good growth in both energy and sports categories, mitigating the Easter effect and the impact of some weather in March. The transition from Nes-T to Fuses ahead of expectations, driven by a strong performance in grocery, where we secured listings with Audi, Lidl, and Mercadona. And revenue per unit case for Europe was up just over 4%, supported by headline price increases and the continued growth of our energy and sports brands. Turning now to APS, where volumes were up 2.1%. In the Australia Pacific regions, volumes saw a slight decline in volume per case, and a slight drop in volume per unit case. We've seen a significant increase in volume per unit case in the United Kingdom by Easter timing and Phyton Alfred, which impacted our business on the east coast of Australia in March. This was laggy offset by the Pacific Islands and P&G, where we've continued to see strong volume growth. Positive mix, driven by the growth of mini-cans, new Monster multi-packs, and the launch of Monster Ultra Ruby Red all contribute to an increase in revenue per case, alongside the recent headline pricing increase in Australia. Growing volumes in Southeast Asia were driven by the modern trade channel in the Philippines, which continues to see good growth, particularly in Coca-Cola, which is in taste and water, despite cycling strong overall comparables across the first half of last year. This was partly offset by a weaker performance in Indonesia, reflecting wider macroeconomic softness and the ongoing geopolitical situation, which we are now beginning to cycle. Revenue per unit case for APS grew by 2.1%, with headline price increases in Australia and the Philippines offset by geographic mix. So in summary, given Q1 calendar impacts for the year today, including April, we're broadly where we expect it to be. In that context, and the confidence they have in our plans for the rest of the year, I am pleased to be reaffirming our guidance for the full year, which reflects our current assessment of the market conditions. While the global macroeconomic environment is volatile, we remain resilient with leading market positions and locally driven operations across our 31 markets. Almost all of our drinks we sell are sourced regionally and produced locally. Our commodity input costs are over 90% hedged for the year, with our cost per unit case expectations unchanged at around 2% compared to last year. We expect 4% revenue growth, more balance between healthy underlying volume and revenue per case growth, implying that we do expect volume growth in the year to go. And we expect 7% operating profit growth and comparable free cash flow of at least 1.7 billion. Although our guidance is provided on an adjusted, comparable and ethics-future basis, we are seeing some ethics adversity, but given we are early in the year, we will update on this as the year progresses. Today's dividend declaration and our ongoing 1 billion share buyback program collectively demonstrate the strength of our business and our ability to deliver continued shareholder value. So on that note, we look forward to sharing more with you on our future plans taking place in the middle of two weeks' time. Thank you for your time today and Ed and I would now be very happy to take any questions. Over to you, Operators.

Thank you. We will now begin the question and answer session. As a reminder, we kindly request only one question per analyst. If you would like to ask a question, please press star, 1 and 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press the hash key. Once again, please press star, 1 and 1 if you wish to ask a question. Please stand by while we compile the Q&A queue.

This will only take a few moments. Thank you. We will now take our first question, which is from the line of Bonnie Herzog

from Goldman Sachs. Please go ahead.

Hi, everyone. How are you? I have a question on volumes. So, Damian, you just sort of touch on this, but as I think about Q1, you fully last some of the strategic listing in Europe. So, with that behind us, could you touch on sort of your volume growth expectations for the rest of the year in terms of phasing? We assume volumes 1 flex positively in Q2. And then maybe as you look at your portfolio in the region, are you happy with where things stand currently, or do you see opportunities for further potential trending? Thank you.

Hi, Bonnie. Thank you. Yeah, so clearly when you look at our portfolio guidance, as I said, that implies volume growth for the rest of the year. So, Q1, with all of the impacts that I talked about, clearly that wasn't the case. But as we look to our portfolio guidance in the 4%, that is based on volume growth, particularly in Europe going forward. So, I feel pretty good about that. I feel pretty good about April, which we kind of call out to try and give some more color around the impact of Easter. And as we look through May, certainly we see a share of Coke hitting all of our markets, and that gives us confidence in volume going forward. Also, we've got some softer comparables, which we believe will help going forward. But fundamentally, it's really on the back of some great commercial plans, but with the Coke Company and Monster in particular, strong share of Coke campaign, strong summer activation. And also, that goes for our markets in the Philippines, Australia, New Zealand, where we also see volume growth coming through as well. So, yeah, ongoing. I mean, to get to our 4%, we really believe that volume is a key part of that. We've done a good job securing pricing. Our revenue per case, I think, is fantastic, particularly in Europe. So, that does leave that volume number being the key to our growth year to go, and that's really what we're focused on. Yeah, we feel pretty good about that today.

Okay, thank you. And then just in terms of your overall portfolio, Damian, I mean, maybe not even just in Europe, just thinking about the broader portfolio in all of your markets. Are you pretty happy right now with where things stand or your share of that

maybe? No, I think we've gone through those strategic decisions. We're spiking out the most of them now, so it'll be a much cleaner read for all of you, so that will be easier. And we'll be adding more now, and what we're adding, I think, is really value-created, particularly in ARTV. We're seeing that perform better than we expected, and we're building out a very nice portfolio. So, we've just acquired a business in Australia, BillSuits, which gives us another platform in what is a really big ARTV category. So, we're probably moving to a phase now where you'll see more additions to our portfolio, Bonnie. Most of the decisions we made on Bultwater, Juice, Capri Sun are behind us. Clearly, the big one was Nest Tea & Fuse. That's gone better than we expected. And then, the one that comes really is the Centauri change that we'll see middle of the year in Australia. And then, we're through, so I think it'll be a much cleaner read going forward.

All right, thanks. I'll pass it on.

Thank you. We'll now take our next question. This is from Nadine Sarwatt from Bernstein. Please go ahead.

Yes, hi. Thank you for taking my questions. Two from me, one pretty straightforward on the full year reiteration of guidance. Could you break down what you're assuming in terms of aimed consumer demand or, more broadly, health of consumer spending? Is it a status quo versus today? Improvement, baking into weakening, any color that would be appreciated? And now, the Philippines, which I know you touched on in your prepared remarks, and I'm sure you will touch on in a little over two weeks' time. But with some time now since the acquisition, could you comment on some things that you've learned about the increase since the acquisition that have perhaps surprised you to the upside versus your expectations? And what are some areas where you

believe

there

are opportunities for improvement? Thank you. Hi,

Nadine. It's Ed here. Maybe I'll take the first part of the question. I don't think Damian will talk about the Philippines. So from a consumer perspective, we're really assuming no change versus what we're seeing today out in our markets and also really what we assumed for the year as a whole when we gave guidance, which is one of the reasons why we are reaffirming guidance today. Clearly, it's volatile, so we monitor the situation very carefully in all of the markets, including looking at pricing and really making sure that we have the right price points, the right affordable offerings for our consumers and our customers. But today, we see no major change in the overall consumer environment.

Thanks, Ed. Nadine, I don't want to steal the thunder from our capital markets events in Manila, where we will obviously talk a lot more detail about the Philippines, but broadly speaking, a lot more on the positive side than to require that business growth in terms of underlying performance, but then opportunity for margin expansion. I think what surprised us also is the diversity of our business there regionally. We've added a few more brands to our portfolio, particularly in energy, ARTV, so that's great. But overall, when you just look at the relevant share of our business there, the macroeconomic environment is positive, the consumer demographics are positive, so a lot more on the upside. And then clearly, we'll talk a bit more next week in a bit more detail around the Philippines specifically, but broadly speaking, I think it's been a great addition to the CCP family, a lot for long-term opportunity, both in terms of growth and most importantly in terms of margin.

All right, perfect. Looking forward to it. Thank you. Thank you. We'll now take our next question. This is from Matthew Ford from BNP Paribas. Please go ahead.

Good afternoon, Diane, Ed. My question was just on Indonesia. Clearly, we're now cycling the initial boycotting, and now I suppose it's more of a weakening macro backdrop that's driving the softer trends there. But I suppose any comments you can make on how the last quarter went, how Ramadan went, clearly you call that a fairly soft Ramadan, but if you can get into some of the detail there, what was driving that in particular. I suppose the same question as last year, maybe, do you see any light at the end of the tunnel and any signs of improvement there?

Yeah, thanks, Matthew. I think it's been a challenging couple of years. I would say as we've come into this year, it's stabilized somewhat. So I would say when Ed and I look at our business and some of the more internal processes around forecasting, we see it being much more predictable, so I think that's good news. We clearly see light at the end of the tunnel. I mean, the macros, despite the current headwinds, don't really change in terms of a fit for our great portfolio in terms of population, age, the economic outlook, although it's a bit under pressure at the moment. So we've seen our business stabilize. Ramadan was a bit mixed. I would say it was better than we expected, particularly in the home channel. So as you recall, last year we talked about moving from a one and a half liter to a one liter. That's working, so we've seen transactions growing. Probably where we've seen more weakness is really out of home, so a smaller pack, so 390, was probably weaker than we would have liked. So a bit of a mixed bag, but overall it's getting, I would say, more consistent. As we will talk about as well, Javi, our GM, will be with us and the Miller. It is giving us the opportunity to accelerate some of our transformation on the cost side of the business, which we'll talk a bit more to, changing our route to market, which is encouraging, and then ultimately working with the Coca-Cola company in particular on how we pivot our comms around our brands as we go forward. So I would say overall more stable. Ramadan was a bit mixed, positive in home market, a bit weaker and away from home. Long term outlook is still super exciting. When we look at our business there, sparkling soft drinks is probably more relevant than people appreciate, particularly if you look at broader Indonesia, which is really a necessity because of the domestic water. And when you look at NARTD, actually sparkling is very, very relevant and we want to keep that going. So lots to be optimistic about, but clearly a challenge in a couple of years, but stabilising as we move into the second quarter this year.

Great, thanks David.

Thank you. We'll now take our next question. This is from Eric Zerotta from Morgan Stanley. Please go ahead.

Great, thanks guys. Can you talk a little bit about away from home trends? You had some positive away from home volumes, which is a small victory in this, or no small victory in the current environment. So I guess what drove the away from home growth and what are you seeing particularly in away from home in Europe given the macro headlines that we see?

Yeah, thanks Eric. I mean it is encouraging. I think we talked last year about us not being passive in the face of some of those away from home headwinds. So we called out on our four year results call that we were investing more in coolers. We were actually ahead of our plan yesterday in cooler placements. We've pivoted our consumer marketing with the Coke Company particularly to more away from home. Share of Coke really resonates well on our IC media consumption business, so that's helping. We've won some new business across our markets in Europe in 2024, so we started to see the benefit of that in 2025. And then clearly particularly in GB, we had a very dry market, so I think more people are out and about, so that was always good for our business. And I think it's a combination of those factors, and as Ed talked, probably maybe not a massive improvement in consumer sentiment, but somewhat of a stable. And I think with that people are probably a bit more confident. So we're also hearing a lot more noise about returning to office in some of our cities, and clearly that will have an impact. That's been a bit of a drag. Yeah, so overall it's nice to see. It's our smallest quarter, so we've got to make sure that momentum continues into Q2 and into Q3. But it's a nice change of direction after a number of quarters where we were where we'd like to be in away from home. So yeah, pretty positive, and great for our teams in particular because we've put a lot of effort and a lot of focus into winning new business and investing in that part of our business. So that's always good to get some return. Great, thanks up everyone.

Thank you. We'll now take our next question. This is from Edward Monday from Jeffreys. Please go ahead.

Afternoon guys. So I think you sort of touched on some of the initiatives in Europe, opening remarks, Damon, around getting volume growth back in Europe. And outside of easy comps and hopefully getting a summer in Europe this year, can you talk about some of the two or three things that your teams are really focused on to really drive that volume growth within Europe? And I guess it's part of that same question, just to confirm, you know, your European AAP, ARP is still very strong. Are you seeing anything in the consumer environment as we speak that's leading you to drive that affordability lever yet?

Thanks, Ed. So I think, you know, we've been on a journey around volume growth for quite a while. So I think a number of elements are playing out beyond some of those comps and some of those macros. So you'll see transactions growing ahead of volume. So clearly one element is we are driving more volume and household penetration, and that's on the back of some of the changes we made in some of our pack pricing architecture, you know, very much focused on below a two-euro, two-pound price point. You know, we see that working. You know, we continue to partner well with our retailers in terms of, you know, getting their listings, displays, execution and going so-ve. So a lot of the fundamentals of our business in terms of what we know supports longer-term volume growth, and that will continue. Clearly on the back of a stronger -from-home, that also will come through more in transactions and volume, but it will support our volume growth. Good pipeline of innovation, you know, across our coke portfolio, flavors and monster in particular. That will play to volume growth year to go and into 2016. And then obviously small in volume, but good in revenue, the moves we're making on ARCD. When you look at, you know, it's all single-serve, it's well-priced, you know, good cash margin. I think that will also support that top line. So, yeah, no silver bullet, but, you know, a combination of a lot of the fundamentals of our business, and that's what we'll keep focused on. And then clearly, you know, we have invested, you know, over the last number of years in our supply chain and in our tech platform, and clearly that's allowing us to be more productive and efficient, which indirectly helps drive volume. So our case-full rate, our customer service levels are all times high, so we're not missing any cases. And for a bot layer, that's critically important. So, yeah, so volume will be part of our growth story, rest of this year into 2016, and we'll touch more on that when we're together in Manila. Thanks, David.

And you're not seeing anything so far in the consumer environment, which is sort of pivoting more towards the affordability

lever at this stage. No, not more than we've seen. I think, you know, that was definitely a bigger dynamic in 23, 24. You know, we pivoted some of our promo investments, as I said, to smaller packs, smaller price points, but also value. So, you know, we've got some extra fill, but it hasn't got, you know, any more challenging than it was last year. I still think there was an affordability play that we were addressing, but it's certainly not increasing at the moment.

Thank

you.

Thank you. We'll now take our next question. This is from Mitch Collette from Deutsche Bank. Please

go ahead. Hi, Damian. Hi, Ed. Hi, Sarah. I've noticed a very divergent performance within Europe, and so I wondered if you could give a bit of additional context on the strength in GB versus what you're seeing in the other European geographies. I know you mentioned weather a minute ago, but what's driving the difference between your European geographies? Thanks. Yeah,

I mean, I think the call out, Mitch, is definitely GB is leading the pack, which is great. We talked to a number of the initiatives, whether it's Dr. Pepper, Business Monster, Coke Zero. We pivoted last year with the company to reinvest and die Coke. We're seeing that early days, but that's paying out. And if you look at, you know, while there is a difference, obviously Easter is bigger in some of the markets, like Germany, so it's a bigger holiday event, it's a bigger consumer event, so, yeah, but that kind of played out in April. So, -to-date April numbers, you don't see as big of a diversion in Europe. I'd say the outlier is France. Early days, but clearly we had that tax increase in March, so we're seeing our weight in home business. Less effective, but obviously shelf pricing's gone up in France, so that's probably the one outlier, and that's really on the back of that tax in the home market. Spain's a little bit behind the rest, but again, there's nothing structural there. The Fuse team, Tenesti transition's better than expected. Yeah, as I called out in my comments, it was just a bit wetter in Spain than we would have liked for the first quarter, but again, it's not a massive divergence from the overall European performance, I suppose. I call out the positive, which is really GB, and we're really happy with that, and that's great for our team. We put a lot of work in last year, and we're starting to see the benefits of that in 2025. Helpful, thank you. There's no major customer issue, there's nothing that's that different across the European markets, to be honest. And pricing's pretty much in everywhere, so yeah. Thank you.

Thank you. We'll now take our next question. This is from Charlie Higgs from Redburn Atlantic. Please go ahead.

Hi, Damien. It's Sarah. Hope you're well. I've got a question on energy drinks, where volume's up nearly 12%, given the selling days, and given your lapping, you know, seven and a half last year with the launch of Monster Green Zero, very strong. I was wondering if you could give a bit more colour on where the strength was, particularly in Europe, and then also how the launch of the more affordable brands Predator was doing in the Philippines and Indonesia.

Thanks. Yeah, so maybe I'll take the second part. I mean, I think it's early days in the Philippines and Indonesia. We're really pleased to be in that category in those two markets. We think long-term or mid-term, it's going to be a big play for us. So we'll give a bit more colour. I think our pricing on Predator, we took some adjustment coming out of last year in the Philippines. So we've made some changes, and we'll see the benefit of that this year. So overall, great being in those categories, in those markets. I think in Europe, you know, the energy category continues to be very buoyant. It's very competitive, and I think that's driving a lot of the growth. Border sales and a number of the other brands are, you know, investing in the category, and you can see that. And I think that, coupled with the innovation pipeline, is just really making it a very attractive category for consumers. So, you know, we expect that to continue. I think last year, people talked a little bit of a slowdown. Mid-year, certainly that's kind of turned around, and we expect that to continue for the rest of this year. And into 26, and I think, you know, there's a great pipeline of innovation in that category that we can bring to market. And, yeah, we'll review whether a new pricing on Pedaloderma Philippines has landed where we'd like it to, but early days and that, but we'll probably get a bit more colour on that when we're down there in a couple of weeks.

Thank

you.

We'll now take the next question. This is from Sanjit Angchal from UBS. Please go ahead.

Hi, Damien Ed. Just coming back to Europe price mix, the 4.1, can you help us unpack that between what's rate versus brand and category mix within that component? And then on France, you called out the sugar tax implemented in March. What sort of pricing is going through to offset that, and have you seen any impact from boycotts in France in recent weeks? Thanks. So, Sanjit, yes. So in terms of the 4%

for Europe, so we expect volume growth, as you said earlier, to be present certainly for this year. We haven't guided exactly to the breakdown of volume, price and mix, but we think volume should be around 1%, and then the majority of the rest of the revenue per case growth coming from price. There will be some mixed benefit coming from things like energy, as Damien just referenced, but certainly price, this stuff will be the biggest element. Of course, in H1, we still benefited from some of the pricing that we took in H2 last year, notably in GB in Germany, so we've got the benefits of that in H1. So we'll probably see the revenue per case a little bit lower in the second half than the first half. So that's how we see the breakdown of the revenue per case and

the revenue across Europe. Just on France, the tax, basically it's been passed on, so the shelf prices generally have moved, obviously that's up to the retailers, but what we've seen is that pricing has moved to reflect the tax. That's about a 10% to 12% increase on the tax that are affected, so clearly that's something that we will manage throughout the rest of the year. The effects, mainly retail, we haven't seen that much price moving away from home, and clearly that's been the biggest disruption in our French business compared to boycotts or anything else in the first quarter. It came in at quite short notice, so it's already in market, and clearly as we go forward, we're working with our teams on looking at some of our OBPC options around packaging and sizes to offset it. Clearly it doesn't affect our zero portfolio, so that's probably been the biggest disruptive factor in France compared to boycotts or anything else in the first quarter. Thank you.

Thank you. We have one more question. This is from Lauren Lieberman from Barclays. Please go ahead.

Great, thanks. Good morning. I apologize if you already touched on it, but I was just curious if you could speak a little bit about progress on cooler placements. I know that was a big focus for this year. I know earlier in your answer, Ted, you were starting to talk about volume drivers, as Mayim came up before I was able to jump on, but cooler placements, and then also summer plants. I think that was another area that heading into the year, where you talked about expectations for being able to put up a better summer this year, notwithstanding what weather might do to you, but just curious to hear a little bit more about that. Thanks.

Hi, thanks, Lauren. We've called out that coming out of last year, they have a very focused plan for taking away from home. So while there was some headwinds in that area, we felt it was appropriate to take leadership as a category leader to drive farther in transactions. A big part of that, as you called out, Lauren, was cooler placements. So we set out 25 to be a record year for us in terms of cooler placements across all of our markets, but particularly in Europe and particularly away from home. So a year today, we're ahead of our plans, so we're very happy with that. On top of that, we've, as I mentioned earlier, pivoted a lot of our consumer investment into that environment. I think Share a Code will be in retail, but clearly on all of our single-serve packaging, it gives a great consumer connection and away from home. So that's going through, and that will really continue through the summer. So both with Coca-Cola brands and with Monster, a big emphasis on our single-serve business as we go through the summer. And obviously, cooler placements just provides that extra piece of real estate and impact in store to get the off-take. So that's what we're focused on. We've seen the benefits in Q1, small quarter, so I think Q2 will be even more significant. But I think it was the right decision to pivot our investment and to support our customers who've had a challenging time away from home. And then on top of that, we've been very active in winning new business. And with that business comes more cooler placements and more outlets. So I think we feel pretty good about that support and what Ed talked about in terms of mix, -to-go, but also volume. And first, depending on the market, but away from home can be 40% of our revenues. So it's a significantly important part of our business. So we're really happy to see it coming back to growth. Thanks, Lauren.

Thank you. And I would now like to hand the conference back over to Damien Gaml for his closing remarks. Damien, please go ahead.

Thank you, operator. And again, a big thank you to everybody for joining us on what we know as a busy day. So as Ed and I have kind of talked to, we're pleased with our performance here today. It's broadly as expected, particularly as we take into account the April performance as we move through to Q2. That gives us the confidence to be reaffirming our full-year guidance, both in terms of revenue, profit, and free cash flow. As you would expect, we're very busy at the moment finalizing our investor events in Manila. There we'll get a great opportunity to update you on our CCEP journey, spend a bit more time with you around our great business in the Philippines, talk to you about our progress in Indonesia, and give you a really good flavor of how we're thinking of the next period of CCEP's growth. So for those of you who are traveling, I look forward to seeing you there. And for everybody else, we look forward and hope that you can connect. So until then, thank you and thanks again for joining.