Coca-Cola Europacific Partners plc

Hello and thank you for standing by and welcome to today's Coca-Cola Euro Pacific Partners Q4 and full year 2025 trading update conference call. At this time all participants are in a listen only mode. After the speaker's remarks there will be a question and answer session. To ask a question during the session you will need to press star 1 and 1 on your telephone. Must advise you this conference call is being recorded today. I would now like to hand the conference over to Vice President of Investor Relations and Corporate Strategy, Sarah Willett. Please go ahead, Sarah.

Hello, and thank you all for joining. I'm here with Damian Gamble, our CEO, and our CFO, Ed Walker, who will make prepared remarks followed by Q&A. Before we begin our cautionary statements, this call will contain forward-looking management comments and other statements reflecting our outlook. These 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 on which a full transcript will be made available as soon as possible. Unless otherwise stated, metrics presented today will be on a comparable and FX neutral basis. They will be presented on an adjusted comparable basis, reflecting the results of CCP and our Australia Pacific and Southeast Asia business unit, APS, as if the Philippines transaction had occurred at the beginning of last year. rather than in February when it completed. Now over to Damien.

Thank you, Sarah, and thank you all for joining us today. First, I would like to thank all our colleagues for their hard work and dedication to this great business. Our strong brand partnerships and our people continue to drive us forward whilst making CCEP a great place to work. We are executing on our value creation strategy. Over the last three years, we've generated $4 billion of value for our retail customers, returned $4 billion to shareholders through dividends and buybacks, and delivered a healthy 90% TSR. We are a consistent top and bottom line compounder and generate significant cash, enabling record investment in growth. 2025 has been another strong year for CCP, leading the way in FMCG in creating value for our customers, across our markets and in our innovative and growing categories. We delivered robust top-line growth, especially in our away-from-home channel, and grew market share. I'm particularly pleased with our progress on Mix, which Ed will talk more to later. Productivity efficiency supported resilient profit growth. We generated strong free cash flow and grew shareholder returns, all while having laid the foundations for 2026 and beyond. including delivery of strategic portfolio changes, which are now largely behind us. Across all key financial metrics, full year 2025 has been a record year for CCEP as we approach our 10th birthday in May for revenue, profit, free cash flow, and returns. Revenue reflects strong execution and solid revenue per case gains. Volumes grew in both home and away from home, with strong growth in zeros up around 6%. This helped offset portfolio changes, softer trends in Indonesia, and softer volumes in Germany and France, impacted by the higher sugar tax. The category remains really attractive for our consumers and customers, and indeed is as competitive as ever. Price relevance across all occasions remains key, with value continuing to play a role for shoppers in our developed markets. In our emerging markets, we continue to focus on entry-level affordability to build a category. In 2025, we continue to build our total beverage offering, leveraging our diverse brand and pack range and our capabilities in revenue and margin growth management. The NARTD category remains profitable and growing, up around 6% in value terms. That included volume growth, with Europe up 2% and APS up 5%. We were the number one in FMCG, with value share of 20 basis points driven by APS. OPEX efficiency supported operating profit growth of 7.1%, with margin expansion both in Europe and APS. This all supported strong free cash flow of just over $1.8 billion, after investing well over $900 million in capacity, coolers, technology, and digital. And we returned just under $2 billion to shareholders, including $1 billion from last year's buyback program. Ed will cover the financials in more detail shortly. Our performance reflects our great people, great brands, great execution, all done sustainably. Now I'd like to take a quick look back at each. We were again recognized as a top employer. and we welcomed over 100 new colleagues via our new shared service center in Manila, a key enabler for future productivity. And we're continuing to build the capabilities of our teams. For example, we're accelerating digital and AI training to equip everyone at CCP with the mindset, skills, and the confidence to unlock value from investments in tech and AI. A little bit more on that later. Now on to our great brands. Just to touch on a few points given the detail in today's release. We started making bolder moves with Coke in both original taste and zero sugar with new eye-catching and impactful campaigns. On Diet Coke, we launched This Is My Taste, supporting an improved performance, particularly in its biggest market, GB. In flavors, new variants and zeros are an increasing focus, for example, Sprite did well, supported by the new Green Apple X and new listings. Monster had another terrific year with volumes up nearly 20%, driving share gains of over 200 basis points. New launches like Juiced Rio Punch, the runaway success of Lando Norris, the enduring success of Core Variants, and more coolers supported the performance. In ready-to-drink tea, the Neste transition in Iberia was a success, with Fuse Tea now leading the category. The ARTD category grew by around 10% in value, and we grew share. We introduced multi-packs and grocery, launched Bacardi and Coke and flavor variants of the wider offerings, and we commenced the transition away from Suntory. Finally, the sports category continued to perform well, driven by Aquarius in Spain and Powerade in Australia. Great execution focuses on selling to more people more often through increased penetration, incidence, and spend per trip. With more volume, we leverage our revenue and margin growth management to create more value, delivered every day by our field sales force of over 12,000 colleagues. This slide just gives a few examples. Through amazing displays, social media channels, or increasingly via retail media, Our own My CCEP customer portal closed the year delivering a huge 2.5 billion of CCEP's revenue. We've made great progress with rolling out more Coke and Monster coolers to drive greater distribution and impulse purchase, placing over 75,000 more coolers in 2025. We continue to focus on choice, including premiumization, be it through minicans in France and Spain, mini PET in Australia, or more returnable glass. And with affordability remaining relevant for more consumers, we're also focused on delivering value for money through extra fill on PET or extra cans in our multipacks. And now on to sustainability. We remained on CDP's climate A list for a tenth of the year. Packaging collection progress continued, including the imminent launch of DRS in Portugal and preparing for GB next year. and we invested in new clean tech solutions via our CCEP ventures. It's all contributed to our decarbonization journey, proof of which you see here. Now over to Ed to talk about the financials in a little bit more detail. Ed?