Thank you for standing by, ladies and gentlemen, and welcome to the Coca-Cola HBC Zoran Bogdanovic Conference Call for the 2025 first quarter trading update. We have with us Zoran Bogdanovic, Chief Executive Officer; Anastasis Stamoulis, Chief Financial Officer; and Jemima Benstead, Head of Investor Relations. At this time, all participants are in a listen-only mode. There will be some opening remarks followed by a question-and-answer session. If you wish to ask a question, please press star one and one on your telephone keypad at any time and wait for your name to be announced. I must also advise that this conference is being recorded today, Wednesday, April 30th, 2025. I now pass the floor to one of your speakers, Jemima. Please go ahead. Thank you.
Good morning, everyone. Thank you for joining the call. I'm here with our CEO, Zoran Bogdanovic, and our CFO, Anastasis Stamoulis. We'll start with some opening remarks from Zoran and then open the floor to your questions. Please keep to one question and a follow-up, waiting for us to answer the first question before moving to your follow-up. We have about an hour for the call today, which should give plenty of time for a good discussion. Finally, I must remind you that this conference call contains various forward-looking statements. These should be considered in conjunction with the cautionary statements in our trading update of this morning. With that, I will turn the call over to Zoran.
Thank you, Jemima. Good morning, everyone. Thank you for joining this call. Let me start by calling out three key highlights from these results. First, we've achieved another quarter of strong revenue growth with good volume momentum as well as revenue per case expansion. This is a strong start to the year, and I'm really pleased that our results continue to demonstrate how our business can deliver quality growth in a challenging and unpredictable macroeconomic and geopolitical backdrop. Second, we gained a further 130 basis points of value share in the non-alcoholic ready-to-drink market. This is a testament to our unique 24/7 portfolio and our focused execution to drive joint value creation for customers. Thirdly, this strong start to the year, combined with our 24/7 portfolio, our bespoke capabilities, and our proven track record, enables us to reiterate our 2025 guidance that we issued in February.
I will share some detail on the Q1 performance, and then Anastasis and I will be happy to take your questions. Organic revenue grew 10.6%, with volumes up 1.8% and revenue per unit case up 8.7%. Reported revenue grew 8.7% as we continued to face some currency headwinds, although these were lower than in 2024. We delivered another quarter of volume growth. I am really pleased by this continued momentum and how we have adapted to the current environment, leveraging our 24/7 portfolio and execution excellence to achieve this. Revenue per unit case also continued to expand, driven by both price and mix. This was supported by our revenue growth management framework, which allows us to take a segmented approach to pricing in all our markets, considering inflation, currency movements, and the competitive and regulatory environment.
Pricing remained an important driver of growth in the quarter due to the ongoing levels of high inflation in Africa, whereas in Europe, as expected, inflation remained at lower levels. Our ongoing focus on improving both category and package mix drove good results, with total single-serve mix up a further 50 basis points overall in the quarter. Our revenue growth management toolkit also enables us to meet demand from consumers for both affordability and premiumization. In terms of affordability, we continue to focus on entry packs and smaller packs, as well as leveraging promotional activities. When it comes to premiumization, I want to call out a newer initiative that we have been implementing in Nigeria, targeting the premium consumer, to support our efforts to drive profitable growth.
As we've spoken about before, jointly with the Coca-Cola Company, we are leveraging our data insights and analytics capabilities to segment consumers and customers. In the quarter, we further advanced our customer segmentation for specific consumer groups, with a focus on targeting the affluent urban consumer. In the targeted cities in Nigeria, we now have custom-built segmentation, and we are able to categorize affluency per outlet per city. In these specific outlets, we are activating our premium portfolio, namely cans, energy, Schweppes, and juice, and we can execute hyper-personalized communication and marketing activities. It's early days, but just to give one data point, Schweppes volumes grew mid-teens in Q1 in Nigeria. Another initiative I want to highlight, which Ruchika mentioned at the Bite-Size event last year in our Horeca segmentation approach, where we can now leverage our data-driven segmentation to offer each Horeca client a relevant assortment of premium products.
Now turning to performance by category. Sparkling performance remains resilient, with volumes up 1.1% in the quarter. Trademark Coke grew low single digits, with Coke Zero growing high single digits. We activated Coke and Meals campaigns across many markets throughout the period, leveraging what continues to be the biggest consumption occasion of Coca-Cola. I am really excited that as of early April, nearly all our markets have started activating the Share a Coke campaign, which will continue through the summer. The last time we did this campaign was over 10 years ago. It was a great success back then, and we are excited to see the impact this year for newer consumers. Energy growth remains very strong, with volumes up over 25% despite tough competitors. After the successful launch of Monster Green Zero Sugar last year, we continued to build stronger distribution of the brand in our markets.
We introduced new innovations of Monster, such as Rio Punch, which we launched in 10 markets in the quarter. We also introduced various local marketing activations. For example, in both Nigeria and Egypt, we launched local campaigns and partnerships with Chelsea Football Club to activate Predator and Fury. Both brands saw strong double-digit growth despite tough competitors. I want to take a moment to explain the performance in coffee. As I mentioned at the full year 2024 results, we have made the joint decision with our partners at Costa Coffee to prioritize further strengthening coffee in the out-of-home channel rather than the at-home channel because that is where we see the greatest potential for sustainable, profitable growth. In the quarter, we achieved good results from the out-of-home channel with volume growth of 19% from both existing outlets and newly recruited outlets.
However, as we shift away from the at-home channel, this means there will be an impact on total coffee volumes in the short term, which is why we saw an 8% volume decline in the quarter. Let me reiterate, we remain very positive about the coffee category in the long term and still see significant white space opportunities. We have a strong, credible business with unique competitive advantages. This strategic shift will allow us to continue capitalizing on that position as we leverage our innovative tools and services to add value to both our customers and consumers. Moving to stills, where volumes grew 2.1%. Water grew mid-single digits, and we continue to focus on driving profitable growth. Sports drinks continue to grow well, up low teens, as we leveraged relevant global and local partnerships mostly connected to running to drive transactions.
In each of our markets, we are taking a local approach for sponsorships of Powerade. For example, a half marathon in Athens, the Women's Ice Hockey World Championships in the Czech Republic, and the Vienna City Marathon. From Q2, Powerade will be venturing more into the football space globally, partnering with FIFA Club World Cup and having signed two global ambassadors. Finally, Premium Spirits also had a good start to the year, and I'm excited that we've just launched the new Finlandia marketing campaign in nearly all of our markets. We are also launching the adult ready-to-drink Bacardi and Coke in eight markets. Moving to sustainability, which is a key priority and growth enabler for us. I'm very proud of our leadership in this area and our continued focus on packaging circularity. In January, Austria launched a deposit return scheme with encouraging first results.
DRS are now live in nine of our markets, and we expect two more to come later in the year. In general, we continue to see the transitions to DRS progressing in line with plans and customers and consumers responding positively. In January, we launched the first-ever Coca-Cola system-owned and operated packaging collection facility in Nigeria, which can process up to 13,000 tons of plastic bottles per year and is an important step in reducing waste by collecting and recycling packaging in Nigeria. Now turning to performance by segment. In established, net sales revenue grew by 2.1%, with volumes broadly flat and price mix continuing to grow at a low single-digit level. I'm pleased with the volume performance, which also includes some impact from fewer selling days and later Catholic Easter than 2024.
When it comes to categories, we achieved good performance in established from Coke Zero, energy, sports drinks, and Premium Spirits. In developing markets, net sales revenue grew by 4.6%, led by revenue per case expansion. Volumes declined 2.5%, also impacted by fewer selling days and later Catholic Easter than 2024. Hungary and the Czech Republic saw good volume growth, but Poland volumes declined against the tough competitors. Similar to the established markets, we saw good performance from Coke Zero, energy, sports drinks, and Premium Spirits. Finally, in our emerging markets, we delivered organic revenue growth of 20.3%. Revenue per case expansion continued to be the main driver of our revenue growth as we navigated the impact of weaker currencies and high inflation in both Nigeria and Egypt. That said, I'm pleased with the volume growth of 3.5% in the quarter despite ongoing volatility in individual markets.
Categories and brands that performed particularly well were energy and Coke Zero. Looking ahead to the rest of 2025, we continue to expect a challenging and unpredictable macroeconomic and geopolitical outlook. Despite this, we remain confident in our ability to navigate through periods of volatility with agility, supported by our 24/7 portfolio, our bespoke capabilities, our close customer partnerships, and our people who remain close to the market. We remain on track to deliver against our financial guidance for 2025 that we set in February. Finally, I would like to thank all our people and partners for their dedication. As always, it is this collaboration that allows us to drive sustainable, profitable growth and continue to create value for all of our stakeholders in a range of market conditions.
I look forward to working together to deliver on our guidance for the year and to prepare for the years ahead. Thank you for your attention, and with that, let us now open up the floor to questions.
Thank you, sir. As a reminder to ask a question, please press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Once again, please press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Thank you. We are now going to proceed with our first question. The questions come from the line of Nadine Sarwat. Please go ahead with your question and I'll see your company name.
Yes, hi, good morning. Thank you. Two questions for me.
The first on Italy, I know you called out volumes in Italy down low single digits despite the headwinds of the lower selling days and the Easter. Can you give us a sense of excluding those factors? How is the business doing on a normalized basis? I know last time you mentioned the Coke and Meals campaign being a really important thing for you guys in Italy too. Any thoughts that you can share on that and how that's progressing? I'll follow up with my follow-up on coffee. Thank you.
Thank you, Nadine. Good morning. Indeed, I think you said spot on that, first of all, Italy was really impacted by less selling days and also later Catholic Easter, which clearly has an impact in this country.
I just want to—I don't want to waste the opportunity to remind that over the last few years, we are very pleased with the development of the business in Italy, which over the last three years in average grew by 11% per year. In the last few years, we clearly prioritized price mix as conditions were such. Now, as we are also rebalancing the algorithm, we are focusing on all the levers of revenue growth management of price and mix and volume. If we would see this on a like-for-like basis, obviously the performance in Italy was quite solid, definitely in line with our expectations. I'm also pleased that the start of the trading in Q2 in Italy has been in line with expectations.
One of the drivers, as you alluded, is focus on food occasion, which in Italy really means connecting with iconic and passionate food, which is pizza. This is where we are having a strong focus in our plans and execution behind meals, where this occasion of pizza for dinner, but also more and more with lunch, is improving our results. That is also a yielding that we see improving share trends in sparkling in Italy, which is very encouraging. Lastly, to say that there are so many opportunities that we have in Italy and the portfolio that we are developing, and we do see results across zeros, adults, with energy, with tea, and sports drinks. All in all, I a little bit hijacked your question just to say a little bit more words on Italy because I'm really passionate about it.
Understood.
Just on coffee and your decision to refocus on the out-of-home channel. In terms of the timeline of that, what's the status? Are you out of the in-home channels that you wanted to be out of, or is this going to bleed into Q2 and beyond? Once that's completed, how are you thinking about the normalized growth rate for the business that would then be focused on out-of-home?
Yeah. I think you heard me saying that coffee for us is an important category. It's one of our real priorities. I want to emphasize that with coffee, we are not in any sprint. We are in a well-thought-through marathon as we are building capabilities and our right to win in the category.
Specifically here, I talk about the fact that with Costa, our partner, we are continuously learning and reading the market, which is very dynamic. You know that over the last few years, it has been impacted also by green coffee pricing, which is impacting the economics of the category in certain aspects. That is why we have seen clearly that opportunity and potential for more sustainable and profitable growth is in the out-of-home channel. That is why I am very pleased to see that our growth in that part of the market is continuing as a result of the fact that we are segmenting the market, leveraging our data insights analytics, which we are leveraging also for this category, which is helping us in prospecting new customers and onboarding them and acquiring them, and then nurturing them once they are acquired.
That is why I would expect that over the next two, three quarters, until we cycle out the volume that we had in the at-home part of the channel, we clearly expect to see that our total coffee volumes will continue growing. As I said, we really want to build here the business that is not only growing for the sake of top-line growth, but we look holistically at how we are building the business in an economically viable way for, understandably, sustainable value creation.
Very helpful. Thank you. I'll pass it on.
Thank you.
We are now going to proceed with our next question. The questions come from the line of Charlie Higgs. Please go ahead and I will see a company name.
Yeah, hi. It's Charlie Higgs from Redburn Atlantic. Hey, Zoran, Anastasis, Jemima. Hope you're well.
I had one on the initiatives you were doing with the Coca-Cola Company in Nigeria. I thought it was a very interesting example and clearly delivering very good results with Schweppes. Just two questions on that. One, why is this kind of initiative only starting to happen now? Two, is this something that you could perhaps roll out more broadly across your markets to help drive faster sales growth? I have a follow-up, please.
Good morning, Charlie. Look, the fact that this is happening now is a result of the fact that both us and Coca-Cola Company are developing individually, but more importantly, together in the capability of data insights and analytics. We individually, but also as a system, are sitting on an abundance of data, and it's a goldmine, which only through this capability we can put into better use.
That simply comes as a result of the fact that also with the technological enablement and the resources and use cases that we develop and our ability that is continuously increasing, I think we came to this more mature level that now we really can join the forces and do the segmentation of consumers and customers like we have not done before. Clearly, this has potentiality to be scaled, I believe, across Hellenic, but also looking from Coca-Cola Company lenses, also even broader. I know that this is getting also visibility on a global level, and we are really excited with the insights that this is giving us, which is informing all the plans that we are creating and how much sharper and precisely we can now target consumers and consequently also customers related to those consumer segments which we can now identify.
Very excited about this, and this gives us the confidence that we are doing investments behind the right things that are real business drivers.
Excellent. My follow-up was just on the health of the consumer across your markets. In one key, you still had very good volume growth even with some of the headwinds you flagged from selling days and Easter timing. Is this talking to maybe a better consumer environment, or is it about the same, or is CCH just executing better in a tougher environment? Thank you.
Yeah. Look, I can't say that it's a—I can't say that it's significantly or that there is any better consumer environment. I would call it that it's stable. There is nothing significantly different than, I would say, Charlie last two calls. It is a pretty consistent environment, which we constantly monitor.
On every country level, because this is where the business happens, this is where we continuously monitor and read what is happening, how is the consumer reacting. You know that we always say that in every country within our RGM, we have focus, especially behind affordability and also behind premiumization. In short, pretty consistent state of consumer, which has enabled us to achieve this good blend of price mix and volume increase.
Thanks, Zoran.
We are now going to proceed with our next question. The questions come from the line of Matthew Ford. Please go ahead and I'll see a company name.
Morning, Zoran. Anastasis, it is Matt here from BNP Paribas Exane. My first question was just on the impact of Easter.
You kind of called it out there for Italy, but are you able to quantify the impact at a group level from the technical factors you saw in Q1? That kind of includes the selling day impact and the Easter impact. That would be great. You commented on April trading in Italy, but kind of same question really. Could you comment on how April has gone across your business at the group level? I'll just follow up with a second question afterwards. Thanks.
Good morning, Matthew. Anastasis here. Yes. In quarter one, we had two less selling days on the previous period last year. You're right, we had also the Catholic Easter phasing. We can say that the impact of these two selling days was roughly 300 basis points of headwind to the volume.
When it comes to the Easter, of course, we understand that it varies from country to country, but on average, we can say that for the established and developing segments, it was about 100 basis points of headwind. For the group overall, it was less than 50 basis points of headwind. We do expect that this Easter phasing will come in, of course, will reverse in quarter two, but that's well captured within our guidelines. Overall, I would not extrapolate this more to a bigger picture. We can say that we still see low single-digit volume growth for the year to go. I think when it comes to the trading update on April, I do not know, Zoran, you want to add something?
Yeah, Matt. As I said, for Italy, it came fully in line with expectations.
As Anastasis said, fully fits the guidance we provided and in line with expectations as we gear up for the pre-season and season as our key trading periods.
That's great. Thank you. Just my follow-up, I suppose, as you mentioned the guidance. I mean, we've had a very strong start to the year, and I suppose in Q2, you've got a little bit of help from Easter and potentially some easy comps maybe in some markets. I suppose, what is embedded within that top-line guidance of 6-8%? Are you expecting a slowdown in the second half? I suppose, what makes you more cautious in terms of not upgrading that guidance at this level? Yeah, just any comments around that at this stage would be great.
Yeah. Look, the thing is that Q1, as you know, is the smallest quarter.
Given the whole dynamic that we see across the markets and lots of volatility and dynamic situation, we really feel that the guidance that we have provided of 6-8 is what we really see. Still, key trading periods are ahead of us. That gives us the confidence that we can deliver in line with our midterm guidance. Actually, it's even a broader corridor than what we have guided for the midterm. It is quite early in the year, and we are encouraged with the start, but still three more long quarters to go.
Brilliant. Thank you very much.
We are now going to proceed with our next question. The questions come from the line of Edward Mundy. Please go ahead and I'll see your company name.
Morning, Zoran, Anastasis, Jemima. Two questions, please.
Just on Share a Coke, if you compare, I guess, the Share a Coke campaign today versus 10 years ago when the world was a bit more analog, you've got a lot more toys to play with. You've rewired the business from a data insights and analytics perspective and got better relationships with your customers. I mean, how do you think about the parameter success of Share a Coke, both in terms of the nearer-term uplift and also the longer-term impact on brand equities? It's the first question. The second question is really around your revenue per case of 8.7%, pretty strong in the quarter. I think during the very high inflation period we've just come through, I think roughly two-thirds of your revenue per case was price and one-third was mix. Clearly, inflation is starting to ease, especially in your more mature markets.
Are we looking at a more similar split today with roughly two-thirds and one-third price versus mix, or is mix starting to become a bigger part given the growth of very high revenue per case categories such as energy and spirits and also the favorable pack mix you're still getting?
Good morning, Ed. On Share a Coke, I'll start with that, and then I'll hand over to Anastasis for your second question. Share a Coke is, as I said, 10 years ago, really was an excellent campaign. I think that's the type of campaign that truly fits so well what Coca-Cola as a brand means in the lives of consumers and how much it brings connectivity, connections. We are quite excited in the way also the Coca-Cola Company has designed the whole campaign, also respecting that a decade later, there are also very exciting digital tools.
The Coca-Cola Company has excellent ways of how consumers connect through relevant platforms. This is all embedded in the design of the campaign. Yet to be seen what the campaign will deliver, but we are all very excited, and we truly believe that this is something that's at the core of consumer and brand equity building that we need, but also connected with what we love, which is that also campaigns are designed to drive transactions. That is what we clearly need and want. I am quite confident about this campaign, both from the equity level, but also from the transaction driving mechanism. Anastasis.
Yes. Hi, Ed. Good morning. You're right. Pricing, the revenue per case expansion of 8.7% for the first quarter was predominantly driven by pricing.
We need to note here that we have a carryover pricing effect of about two-thirds, which is coming from the pricing actions we took last year, as you recall, to address certain challenges, especially emerging markets with inflation and currency devaluation, Nigeria and Egypt. There is also a certain element of pricing on addressing legislation like the DRS in Austria or sugar tax in Slovakia. Of course, at a lesser extent, cost inflationary pressure of input cost. I also want to underline a little bit on the mix effect here, where we had a positive category mix, mainly driven by the good growth of energy and premium spirits. We are also benefiting from the Finlandia rollout in the Hellenic territories. A stronger pack mix where we had positive contribution from single-serve mix of 50 basis points, as you have seen.
Now, going forward, we do expect that price mix to remain the key driver of the revenue growth algorithm, but with pricing being at a lower rate compared to quarter one. Of course, we are going into a period where we are cycling and we have less carryover effect than the same period last year. Overall, as I said before, volume is expected to grow in the low single-digit area.
Great. Thank you.
We are now going to proceed with our next question. The questions come from the line of Aron Adamski. Please go ahead and I'll see your company name.
Hi. Thank you. It's Aron Adamski from Goldman Sachs. Good morning, Zoran, Anastasis, and Jemima. Thanks for taking my questions. I have two. First is a follow-up on the relaunch of the Share a Coke campaign.
You mentioned that back in 2013, it was very successful, and you mentioned the impact it has on transactions. Given that, I was wondering if you have seen any increase in the number of promotional slots or shelf space being allocated for Trademark Coke by retailers this summer. Connected to this, I was also wondering if you would expect this campaign to drive an improvement in package mix during the summer months. My second question is on the potential sugar tax in Italy. Do you expect to see a greater demand elasticity in response to Italy's sugar tax this year than you saw in Poland historically, given that the consumer has already been quite sensitive to pricing in that market? If you could remind us what tools, other than price, you can leverage to manage the impact of sugar taxes. Thank you.
Good morning, Aron.
With Share a Coke, like with any other campaign, having a marketing calendar, discussing this well on time with customers, planning for it is part of the way we plan and execute the year. With Share a Coke, it's no exception. Everything that you said is exactly part of the game plan that we will secure promotional slots and adequate product displays in a variety of channels. That's just part of the plan, and that's part of our execution excellence focus that we have. Maybe I use the opportunity to say that we will also have, like last year when we started for the first time, where we get all in the market across all countries, not only people who are every day facing customers, but also people from all functions come together out into the market to help exactly boost our presence and execution.
This also connects very strongly with the culture that we are nurturing here because execution excellence is not only limited to our sales teams in the markets, but execution excellence is part of our DNA across all functions. This is the way to nurture it and to live it together. It is going to be very exciting with the Share a Coke. As a consequence of that, it is going to ignite and support our package mix focus. For a number of years, we are continuously focusing on driving single-serve mix further. I am very pleased that every single year we have been successful in that. Like also in Q1, and as Anastasis said, we had 50 basis points single-serve mix improvement.
Share a Coke will play a good role because somehow I would say that the whole campaign is skewed and more biased on a variety of single-serve packages that we have. Lastly, on the sugar tax, which at the moment stands to be introduced from 1st of July this year. However, I would say that it's not done until it's really done, given the fact that we and other industry members managed to work with the regulator to postpone it. However, even if everything goes as it stands today, we are fully ready for already quite some time. To remind you that whenever sugar tax happens in any country, in this case in Italy, we always pass that on. In every such situation that we had in any other country, we have always seen that there is a temporary impact, possibly, but it's of a short-term nature.
We really resume and continue with the growth. Now, the thing with Italy, as the sugar tax stands today, it's not as aggressive as it has been in a few other markets, for example, in Poland. The anticipated price increase potentially is in the range of anywhere around 8-11%. To remind you, this affects all players in the market. When something like this happens in the market, it's different versus a regular price increase that companies take individually because here the whole market goes up. That really represents a situation from which, in a number of cases, actually relatively, we can be even better off as the price increase can be for us in a relative term smaller than for those who might be of a lower absolute price. In short, I'm not worried about that. We are fully ready.
I do not see that this is any obstacle for the growth trajectory that we have for Italy for the next years.
Thank you.
Thank you. As a final reminder to ask a question, please press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. We are now going to proceed with our next question. The questions come from the line of Sanjeet Aujla. Please go ahead and I will see your company name.
Hey, Zoran. Sanjeet here from UBS. Hi, Anastasis. Jemima, two from me, please. Firstly, can you just give us a feel for where you are on the journey on pricing to recover the FX headwinds in Nigeria and Egypt specifically?
Is it just a case of carryover pricing benefits, or is there still incremental pricing to come this year from those markets? My follow-up question is just really around the boycotts you've seen in Egypt. Where are we on that? Are there any signs of boycotts on Trademark Coke in any of the parts of your business through April? Thanks.
Good morning, Sanjeet. Let me start on your first question, then Zoran will take over. I think in general, on emerging, what we can say is that the revenue per case expansion on the quarter of 16.2% is clearly benefiting from the pricing actions we took in 2024. There is a strong carryover effect both from Nigeria and Egypt in this case.
You can also add the sugar tax in Romania, which is predominantly actually the carryover effect from Nigeria. Pricing actions to address the FX and inflation is the key driver of revenue per case this year. There is also a positive impact coming from favorable category mix when we saw energy growing on high levels, just sort of 30% actually, which is also positively contributing on the case. Going forward, we have always said that our strategy in countries like Nigeria and Egypt, whether it is FX volatility or inflationary pressure, is always to address it with appropriate pricing. Such pricing has not been in the levels of once or twice a year, but more of a phased-out approach to have a minimum impact in the market. That is why it is supported very well by good volume growth, of course, with our overall 24/7 portfolio.
As Zoran was saying earlier, the segmented execution, DIA, and our execution capabilities. Zoran,
yeah, thanks. Sanjeet, on the boycott in Egypt, we've seen Q1 very solid performance. We did expect that. We've seen also that we are cycling through harder level of boycott of last year in Q1. We see less of an impact this year. Therefore, we do see that we have a good recovery with sparkling, starting with the Coke brand and also with the rest of the sparkling portfolio. That's very good to see. Just to say that that's fueled by really very good locally relevant marketing campaigns and execution that the team is continuously evidently stepping up. That gives us really good confidence for how the team will perform throughout the year and beyond.
Just also to say that we're good to see that we are gaining share in Egypt, which is also a good sign of how we play in the market in these circumstances. Hope that helps, Sanjeet.
Very good. Thank you.
Thank you. We have no further questions at this time. I will now hand back to you for any closing remarks.
Thank you, operator. I'd just like to thank everyone for taking part in today's call. We look forward to catching up with you again soon. Wishing you all a good day. Thank you and goodbye.
This concludes today's conference call. Thank you all for participating. You may now disconnect your lines. Thank you and have a good day.