Morning, everyone. Thank you for joining this session. Before the conversation, I'll just say a few interim remarks for those who maybe do not know about Coca-Cola HBC. We are one of the largest global strategic bottling partners of The Coca-Cola Company, with presence in a diverse set of markets, across 29 markets in Europe and Africa. We see that as one of the interesting characteristics, having a wide span of countries all the way from well-established, of Italy, Ireland, Switzerland, Austria, all the way to emerging markets of Nigeria, Egypt, and some of those in Europe. We are a growth-focused company, with a proven track record of delivering results. The key strategies to help us achieve our vision of the leading 24/7 beverage partner are simple ones. First of all, it is our, what we believe unique, 24/7 portfolio, which we call 24/7 portfolio of brands because it has all the offerings that consumers need in a drinking moment and occasions, all the way from the morning, where possibly it's with coffee, all the way till the morning again, where maybe it's the mixability, between some combination of our non-alcohol portfolio with premium spirits. That's why we call it 24/7, as it caters through all the moments throughout the day. The potential of this excellent portfolio, it gets converted into profitable revenue growth only with the strong bespoke capabilities that we have been building consistently over the years and that, we believe, truly helped us in some of the tough times in the last years as well as in some of the easier times. By that, I mean revenue growth management, growth to market. In the last five, six years, it's data insights and artificial intelligence, the commerce, customer management, and talent development. This is all underpinned with our continuous investments and improvements in competitiveness and investments behind digital and technology. Also, our strong investments behind people. I'm very proud that, consistently, our strategy of building within primarily, is seen in continuous talent appointments across our countries where 80% of our people are grown from within. Lastly, sustainability is deeply embedded as the last pillar of our five-pillar strategy. Sustainability deeply embedded where we are very proud that in the last 13 years, we've been consistently ranked in the top three places globally by Dow Jones Sustainability Index and as well as other ones. Eight times out of that, we've been the global beverage leader, including last year. I'll just remind that, when we had Capital Markets Day in 2023, we updated our guidance to step up the corridor of the top line growth to be 6-7% of organic revenue growth, in average per year, as well as 20-40 basis points EBIT margin improvement on average per year. With that in mind, I'm just to close the loop to say that Q1 started well, in line with our expectations, where we reported growth of 10.6% and with volume of 1.8%, which is very important for our algorithm. We have provided guidance specifically for this year to be 6-8% corridor and 7-11% EBIT organic growth. With that, I'll shut up for a moment and hand over to Mitch. Thank you, Zoran. I'm glad you finished on Q1 and the guidance, because that's a good place for us to start. As you said, you did 10.6% organic sales growth with 1.8% volume growth. There were some headwinds in Q1, calendar effects, Easter. I guess therefore the guidance for the full year of 6-8% feels reasonably conservative. How should we think about the phasing of revenue growth for the balance of the year therefore? Look, we know the Q1, this is a well-known story, is the, is the smallest quarter. There is still a long, nine months or eight months to go. We are pleased that it started in line with expectations. We know that we are living in a little bit of an awkward world where lots of things can happen. Therefore, we simply respect the fact that key trading season is only ahead of us. We do see in some parts, some more consumer sensitivity to pricing and sentiment, which proves to be still below 2021. That is why we provide range, given that we really have to see how things, how things pan out. We feel confident with what we guided for. We think that is the best and most fair assessment that we have at the moment. Okay. Understood. And how should we think about the contributions of price versus mix versus volume this year? Yeah, you're right. Look, we know that we are coming out of the higher inflationary period where inevitably price mix played a pivotal role. Our revenue growth management was a phenomenal tool to navigate us through all of that and to achieve very high levels of price mix and yet not to lose grip on volume. It is clear that price mix is going to soften. You will see that this year that gradually it is coming, it is coming down as we are also cycling out all the effects of the price increases, which were stronger last year than price increases or rather price adjustments that we have done so far this year, which are much, much smaller. Ideally, when we think about overall midterm guidance, ideally we would say that price mix and volume would be somewhere in the more balanced ratio between each other, of course, depending on country to country. This year is going to be lower than it has been over the last few years. However, this year still price mix is going to be a bigger part of the revenue generation. With that in mind, I reiterate what we said on the call is that we do expect that volume, we will be volume positive and it will be somewhere in the low single digits. Okay. Understood. Maybe moving on to EBIT, you guided to 7-11% organic growth this year. You just mentioned that the sort of key season is to come. What are the puts and takes that would get you to the top or the bottom end of that range? I think what I alluded to is that if we see that the whole consumer situation deteriorates or that we see some comeback of inflation driven by whatever factors, if sentiment would not stabilize or improve, and if we would see any effects, unexpected things, that would drag us to the lower end. However, if we see that things start improving and that we see that key trading season of summer is going to work well, we do not expect or let's say wish that it has to be a crazy good summer, but we have seen in several last years that sometimes certain months can be extremely impacted by also weather conditions, which is worrying on a whole climate front. However, you know, if that works well, we see ourselves in the upper end. That's why we assessed that that's the corridor where we see playing and doing our best, and push harder. Okay. Understood. And are you seeing any changes in the consumer environment across your key geographies? Has anything really changed since the end of Q1? Nothing dramatically. Everything seemed to be fairly stable and quite consistent versus last year. We can't say that something really significantly changed. Having said that, already last year we've seen that consumer sentiment, as I said, is still below 2021. We do see price sensitivity in a number of markets. That's why already last year and as well creation of the plan for this year includes lots of initiatives that are supporting affordability needs of the consumers. We do that across all the markets in a very unique bespoke way for every single market, leveraging revenue growth management and concrete circumstances in every single market. Yeah. Okay. Understood. Maybe thinking a bit longer term, you mentioned the medium-term guidance of 6-7% organic sales growth. You've also said in the past that the three divisions you operate in have very different roles to play within that 6-7%. Different levels of economic development, different levels of per capita consumption. Can you just remind us what you expect each of your three divisions to deliver and contribute to that group performance? Look, we said that all three segments will contribute and we expect all three segments to grow. We did not provide guidance by segment as we do not do that. As we have seen over the last few years, the strongest growth came from emerging, followed by developing and then established. I think that kind of pattern is to be expected how we think about it. All three segments clearly have their own opportunities and none of them is excused from delivering growth. Okay. It looks like there's a reasonable chance 2025 is the third consecutive year of you being above that range. I know you haven't said that yet. Is that still the right range? It was a couple of years since the capital markets day, but if you keep over delivering, is that the right number to put out there? Yeah. We believe it is, as we've done a thorough exercise of evaluating the underlying industry growth and everything that we have. That's why we stepped up that corridor. Now, we need to recognize that results of the last three years have been impacted by this high inflationary environment where it was necessity to price not only for us, but for everyone else. Simply, we have to protect the health of the business for the short term, but also for the long term. Our guidance, midterm guidance has assumed more normalized conditions. As we have been the last three years, at the top of the, or among the top performers in our industry, we also believe that with 6-7%, that will put us also among the top performers in the industry, as also continuously gaining share is one of the drivers why we believe that 6-7% is the right corridor. If we would see that ever that market itself is developing better and stronger, of course we would revisit because at the back of everything is that we have winning ambition in the market. I think with capabilities and portfolio and people, we have, we need to aspire to be at the winning front. Okay. Understood. Maybe we'll dive into a couple of markets. So in Italy, you're trying to grow, I think with the food occasion. So can you talk about what you're doing to grow with food in Italy? And then, you know, maybe on top of that, can you talk about what you're planning to do to grow zeros, adult, and energy? How not to grow in Italy, if not with lunch or food occasion. Joking aside, our data insights analytics together with the revenue growth management now really give us visibility of various occasions and segmentation of consumption where we see what are the biggest occasions. Everywhere, but particularly in Italy, Coke with food is super important, revenue pool. We are traditionally stronger in the dinner occasion. That is why specifically we are putting now more emphasis on the lunch occasion. Lunch occasion primarily means combination with pizza, is the legendary food item in Italy. It really works extremely well. We see that last couple of years of consistent focus behind this in a creative, smart way of communication, activation, partnership with customers, it does deliver results. We see that also in the movement of the per capita, which is very important in Italy. That is one part, which is really one of the key drivers of the sparkling performance in Italy. As you said, Mitch, then it is the zero sugar portfolio that is doing very well in Italy. Now with the addition of also the zero sugar, zero caffeine, which is performing very well in Italy. We had also excellent performance of adults, namely it is Kinley and Lurisia. All that is important for the sparkling. One additional element I would highlight in Italy is that, let's say, 10 years ago we were pretty much dual category business with sparkling, with water. In the meantime, we took over leadership with Monster in the energy segment. We took over and strengthened leadership with Powerade in the sports category. We developed quite solid position with Fuze in the ready to drink. All that was also enabled by very strong investments that we are doing behind out of home in Italy, which we see as a strategically important channel. That is why we have been putting additional resources and focus behind that. Thank you. Let's go to Nigeria. It's always been a market with some volatility, but clearly huge growth potential longer term. I know you've managed some of that volatility with dynamic pricing. I guess how are you sort of navigating back to a more sort of volume-driven strategy within Nigeria? I guess what were the learnings as you implemented that dynamic pricing strategy? Yeah. If anywhere revenue growth management is important, then it's Nigeria and such emerging markets, Egypt as well. That's why it's not a surprise. And we clearly say that whenever we are launching new capabilities, when it was revenue growth management, well, not launching new, but stepping it up with the wave that we started 2017, Nigeria was number one. Data insights analytics, Nigeria was again number one because in such a diverse, complex and challenging market, the capabilities are what really helps you to sail through in all kinds of variety of situations. So, segmented execution and knowing types of consumers, their segments, what are the outlets where they shop, all that is informing the way we are approaching dynamic pricing because it's not the same what we do in north of Nigeria, what we do in Lagos or in Delta. Very different by category because sensitivity, price sensitivity, consumers by category is very different. Water versus sparkling versus energy, it's not one size fits all. We now know and have the visibility, what that means. Also, various packages, in Nigeria where affordability is super important. Returnable glass bottle is the pivotal pack, how we are catering to Nigerians who really need affordable Coca-Cola, Fanta, Sprite, or whatever. We have been leveraging that package, for example, for that. On the other side, there is also premiumization because, when you see the top of the population pyramid, you have 15 million people that are considered really as affluent. That is almost, almost the size of Romania. But now with the ability that we have together with The Coca-Cola Company of segmenting consumers and customers, that really is helping us to navigate and plan our activities in a very personalized way for neighborhoods or even in the same street for different types of outlets. Now lastly, what you said, last few years where it's a high inflation Nigeria, we had devaluation, all that has to drive price mix. And of course, to some extent, that does have impact on the volumes. If the objective would be to grow volume, we could easily do that at the expense of protecting real healthiness of the business. That's why we believe strongly that it's in the balance. It has to be both. I'm very pleased that with very high price mix that we've done in Nigeria, we have consistently achieved also volume growth. I'm very, very pleased for that. I see that, you know, the start of the year trading so far in Nigeria has been in line with expectations and good. Okay. I feel you might have just answered my next question, but just are you, are you confident that you did not take too much price? I know you needed to take a lot of price because of those inflationary pressures, but I guess what do your revenue growth management tools tell you about, you know, where you are on pricing in Nigeria? Look, we have to think about business responsibly and, in impact we had from FX. It's a real inflation, which is really double digit inflation. We see that in the cost increases. Simply, we cannot absorb that. When we have to pass it on, now I'm confident that we have the capability that allows us to do that in a way that better suits customers and consumers so that business can continue growing. In hindsight, I think we would have done exactly the same what we have done. Okay. Understood. Thank you. Another market that has had some volatility is Egypt. Some. Some. Sorry. Yeah. I'm understating it, but yeah, what are you seeing in Egypt right now? You know, has the boycott of the Western brand started to ease? How are the consumers faring given inflationary pressures? Yeah. Look, maybe just a word on the fact that Egypt as a franchise is a recent addition. And when we did acquisition case, we thought and we knew that at some point the evaluation has to come, inflation, you know, it's an emerging market. However, the fact that many things came together condensed during high inflation, there was the, twice a big devaluation. Food pricing was even higher than regular inflation. Then boycott. So many things came together, which on one side was challenge. On the other side, honestly, it was also opportunity. And we have to take it like this. It's a real case for change. It enabled us to do a number of things that honestly, originally we planned over a longer period, we condensed those actions and a number of changes and step ups that we had to do. Even last year when we were impacted, let's say by boycott primarily on the Coca-Cola brand as well as other leading international brands, that were impacted. We've seen under the hood lots of good things happening as we see development of the capabilities, upskilling the people, introducing more coolers. I'm very pleased with the speed and development that we see in Egypt. I believe as situation will stabilize, I think that we will come out of this situation stronger, and more ready than maybe originally we would be at this point of time. If I just think that sense of crisis and urgency brought more attention, focus, and speed. I'm extremely pleased to see our share gains that we are achieving in the country, weekly plus consumers' continuous growth. This well-phased portfolio expansion, as we also added Monster and Fury in the country in the energy category, has been proven very well because these other parts of the portfolio, rewiring of water play in the country, great performance, strong performance of adults, meaning Schweppes, which is, by the way, the largest business of Schweppes globally in Egypt. All that helped us to navigate through all this, and I think in a good way. We are patient and confident that this country, which we entered for the long run, is going to be a very good growth and value driver for Helena. Okay. Maybe a sort of broader question. You seem to navigate this type of volatility much better than many other consumer staples companies. I'm just really interested in, you know, what is the secret sauce? Is it because you're used to operating those markets? Is it your digital tools? Is it your people? Is it the brands you sell? Is it incentivization? How do you manage to sort of have these challenges and always seem to come out, you know, delivering a very good performance? Yeah. Mitch, from bottom of my heart, I truly believe it starts with people, having the right people in the right roles, who have a growth mindset even in the most difficult moments plays a tremendous role. Then it was also, you know, people and team who years back decided that these are the capabilities that we will be very disciplined in how we develop them and that we are not going to drift that every year or every two years. Let's do this, let's do that. We've been very consistent how much we invest in the resources in the, of course, digital and technology tools to support all of that. You can have all these platforms and build them, buy them, you can buy all the lines, but people element makes it all, makes it all happen. I'm very, I'm very pleased that we took lots of learnings from COVID, that period, as much as it was unfortunate for all of us as human beings to go through, but it offered and revealed that we can operate suddenly and fast in very different circumstances. We can prioritize very differently. If we do one thing, we only remind ourselves in these kind of normal times, when we wanna do too many or how it also was when we were in those days. Constant self push on prioritization and sequencing of the initiatives that we want to do, not easy because our culture is that we wanna do lots of things and we wanna do them right away. Very honestly, that's something that we are learning how to prioritize and pace, so that everything we do in a given moment is with the right impact. It's an ongoing process, but so far it proved that in some of the very difficult moments, and we didn't lack them, unfortunately, I think the team has proven that we can really navigate through that. Got it. Maybe let's talk about a couple of categories. I like the way you described it as sort of 24/7 portfolio. One of the standout performers has been energy. I think you've had nine consecutive years of very strong growth with your energy business. Can you talk a bit more about that category, you know, what innovations you're doing, and ultimately, you know, why does energy remain so strong? We are very, very happy with a very constructive partnership that we have with the Monster team and belief that we have in the category that has its functionality match with what consumers need. It is clear that consumers need an uplift in energy to go through the day. It is visible that cohorts are expanding. The average age of energy consumer is around 34 years of age, which is contrary to sometimes belief that these are usually younger consumers. They were, but the consumer brackets are expanding. There are many elements that underpin this, excellent innovation that comes from Monster every year. There is something new and it is done so well and so relevant where big number of innovations really work and they are key contributor to incremental growth. Now we had the Rio Punch and Ultra Strawberry. Last year, finally zero sugar of the Green Monster, which is like Coca-Cola in sparkling. That's very important, key flavor. Reformulations, zero sugar to not to miss that. Then a number of assets and properties that really impact consumers, whether it's now Chelsea, partnership with Chelsea that we activate so well in Nigeria and Egypt. There are more fans in Nigeria for Chelsea than in the U.K. Now having that property does play a role. People are passionate and if a brand is touching their passion and gives them a chance to be part of some kind of a dream, maybe win a jersey, maybe go see the game, it matters. It does not start with that. It has to start with the product quality, product innovation, and product proposition. Our own execution, which is constantly expanding distribution, adding more and more coolers. I think that a number of elements in the whole wheel are working very well. I can say with confidence that this year is going to be another year of double-digit growth with energy. It reached already 8% of our revenue in Q1. I think that it is a matter of a couple of years that it is going to become a double-digit part of our revenue, which is amazing. I mean, just, I do not know, 16, 17 years whenever we started from zero to now close to 10%. Yeah, it's impressive. Maybe we should move to coffee, another part of your 24/7 portfolio. I think you said at the Q1 stage that you were refocusing a bit on the out-of-home consumption for coffee. Why was there that need to refocus, and what is the opportunity you see for your coffee portfolio? I think it's important, Mitch, to emphasize why coffee. Coffee in the whole beverage space and specifically in the non-alcohol, let's say, space is a huge category. It's a big, profitable revenue pool. For that reason, you see a number of, or many players in coffee. Now, for a company like ours that aspires to be the leading 24/7 beverage partner, coffee is an important part in the day, in the lives of consumers, not only in the morning, but throughout the day. There are people in the room who like to drink their espresso even in the evening. For us to be a credible partner to customers and cater everything that they really need for their shoppers and their customers, you have to have this important category. Plus, coffee is one of the very important profit generators for the bars, restaurants, outlets. When you take the analysis and understand how much money they make from each of the categories, you understand the importance of the coffee. We said that we will focus on coffee, and it's going to be a marathon. It's not about sprint. We have to build our own right to win. We started from scratch of employing people, creating teams. We clearly front loaded the resources and investments, and we continue learning. Now, all this has happened also in the times when last several years, green coffee pricing has been in unusually long period, it stayed on a high level. It's quite cyclical, but now it stayed on a high level, which is impacting all players. I think you could hear that from a number of calls that they have. However, that does not diminish our belief in the, in the category, but to do it in a way that also makes more sense for the economic value creation. That is why together with Costa, because it was with Costa that we were present also in the at home channel, we saw that the value chains there, for the time being, are really not where we would really like them to be. That is why we said until circumstances possibly change that we are going to rewire our focus behind out of home at work. In the space of the market where we see that there is more value, and that, you know, that level of price intensity and competitiveness that you see in the at home channel is different. Our competitive advantage, I believe, with our approach to out of home is something that we can really leverage. It came through our own analysis, quite logical that we rewire, and we have been fully aligned with the Costa team on that. I do not mention Caffé Vernano, which is another important brand, because we from the beginning focused with Caffé Vergnano already on out of home and on a more premium segment of customers, as that coffee clearly plays in a more premium segment than Costa. With the multi-brand strategy, now with an already quite developed capability, I am very pleased with the progress, knowing that this is something that I like to remind people. Like I said, with Monster, when we started some 15, 16 years ago, we started from zero, and you see where we are today. That's why the question with coffee is that we are, it's important to have in mind where we wanna be in, in again, 10-15 years. It takes time, patience, but it's a great category, and very important for the DNA of the company like we are and, and our ambitions that we have in the market. We had in Q1 19% growth in the out of home channel, which is within same outlets, but also because we are every quarter expanding number of outlets that we are serving with coffee. Thank you. I'm conscious we're getting short on time, but you've mentioned a few times DIA, Digital Insights and Analytics. I know you did a bite-sized webinar on that last year and you also appeared in our artificial intelligence panel yesterday. Maybe if there are people in this audience who didn't watch the webinar, who weren't at the AI conversation yesterday, how do you think about your DIA tools? Do you have any specific examples of where you've used them and to what extent do you view it as a competitive advantage? Look, we started with this, I remember we had some start before COVID, clearly. However, I would say that the real start of this was, right, I remember so well, June of 2020. Ever since, we created now around 60 people in the company that have been taking this forward in partnership with other functions because this team is nothing in isolation. They have to work through the arms of the functions, starting with commercial where their impact has to be seen. So invested in the team and resources, that comes also with a lot of technology, digital and platform investments. We have just finished one pit stop of how we go into the next phase where we are recognizing and embedding even more artificial intelligence. That is why now we call it data insights and AI. we've been focused on behind a number of prioritized use cases. Like I mentioned yesterday, segmented execution has been the foundational case. We are already now with version three across all markets because this really helps us to enable personalized execution and approach to every single outlet, which we treat as a segment, as a unique, as a unique segment. When you have that done well, from that base, we can then do other parts, which is promo effectiveness both in the organized and modern and fragmented trade, forecasting use case, needless to say how much that's important for the whole planning, inventory management, and out of stock. The last one is the retention of our business developers, sales, salespeople, because we identify that as one important case where data insights, analytics really help us to connect the dots from such a pool of data, which is also helping us in giving us insights for the retention of people. Those were the starting ones, but we are continuing with deployment and it's like a positive virus, I would say that it's more and more scaled in the business. Now we are using so many tools in the warehouse, on the customer front, artificial intelligence enabled marketing, you know, digital platforms, the way we do, you know, insights on pricing analysis, scanning of the market of all the outlet potential and pool, not only those that we are visiting, chatbots. I could name you a number of tools that really fit in each of our priorities and capabilities. Okay. We are out of time, so I'll make this the last question. I haven't asked about cash. So you've done buybacks, but your balance sheet is still strong. Net debt to EBITDA is below 1x. How do you think about your opportunity to deploy cash going forward? Do you think there's scope to become bigger within the Coke system? I know you've done acquisitions of your own brands. How should we think about how you're gonna use cash going forward? As you said, we finished with a ratio one, and we do have a strong balance sheet and we would love to put it to use, meaning that we see the opportunity that we can scale more our capabilities, talent potential. If opportunities arise within Coke system, it would be our natural and most desired way of doing more. I think it's fair to say, like, you see other bottlers as well in our business, that would be the best click of doing more or what we, I think, know to do well. You know as well that that starts with conversation with The Coca-Cola Company. If and when things arise, we just say that we are raising hand to be considered. Beyond that, yes, we are always on the lookout to see what bolt-on potentially could fit. While we are looking, we are not rushing that it would be anything. It has to be a good fit. It has to fit into some white spaces we have. It has to be a clear strategic proposition. It has to have good economics. I hope that, in such spaces, there will be some opportunities ahead of us. In the absence of that, you know that, in what we have done a few times already in the last number of years is that, yeah, there could be a special dividend. I think for all these things, it is a bit too early to make conclusions, but options are there. Okay. Understood. That is a good place to leave it. Zoran, thank you very much. Appreciate your time and your perspectives. Thank you. Thank you very much.