All right. Good morning, everyone. A very warm welcome to everyone in the room and dialed into the webcast to today's Coca-Cola HBC Bite Size event. This is now the third in our series of Bite Size investor events and our first in a hybrid format, so we're delighted to have both online attendees and participants with us live in Cairo. We really appreciate you making the time for what we believe is going to be a great day. The aim of these events is to provide deep dives into areas of the business that are important drivers of our strategy and investment case, and especially the ones you've told us you want to hear more about. We've covered data insights and analytics, Nigeria, and today we shift our attention to another key market, Egypt. Before I hand over to our speakers, let me walk through the agenda this morning. Our first section is Welcome to Egypt. Our Chief Operating Officer, Naya Kalogeraki, will introduce you to our Egyptian business and our journey since the acquisition in 2022 to today. In our second section, Unlocking Growth, Naya will hand over to Adnan Topić, or Ado, our General Manager in Egypt, who will share more details on our strategies for growth, including how we're leveraging our unique 24/7 portfolio and how we are winning in the market with our bespoke capabilities. Ado will also be joined by Sherif Fouad, our People and Culture Director here in Egypt, who will highlight the critical role our people and community partnerships play in our success. We will then take a short break before our last section, Driving Future Value, where Ado will be joined by Konstantinos Vairlis, or Kostis, Egypt's CFO, to take you through the building blocks of our sustainable and profitable growth algorithm in Egypt before handing back to Naya to close. To finish off the morning, I will host a Q&A session with Naya, Ado, and Kostis, who will also be joined by our CEO, Zoran Bogdanovic, and our CFO, Anastasis Stamoulis. We will take questions from the room, there will also be an opportunity for participants online to write a question on the SparkLive platform. For those of us here in Cairo, we will be visiting the market this afternoon to see our execution in action, I'll come back on the details for that later. With that, let's play a short video to introduce you to Egypt, I'll hand straight over to Naya. Egypt, the land of adaptation. Built on the banks of the Nile, Egyptians planted the seeds of a blossoming civilization and built cities ahead of their times, shaping the course of history with their disruptive technologies. Egyptians were about leaving a winning legacy. Egypt was designed to build bridges. Everyone wanted to be here, and everyone who came left something behind. Infrastructure that brings us together, influencing our architecture and our homes, broadening our horizons. Connecting us with the rest of the world. Egypt's people, as diverse as its geography, with dialects that sing of different tales and a cuisine that reflects each region's beauty. The coastal city of Alexandria is famous for its seafood. Fayoum for its delicious duck. For the best mangoes in town, you go to Ismaïlia. We come in all shapes. We adapt to different forms. We believe in communication. We believe in dialogue because together is the only way we know. Together is the only way we win. We are ready for the challenge, the change, the future. Wow. What a great place to be all together. Good morning, everyone. Thank you, Jemima. A very warm welcome to Cairo. It's great to be back with you for another one of our Bite Size events. As Jemima said, we have a full agenda, a plan, and lots to share today. Today is a fantastic opportunity for us to showcase the significant progress we've made in Egypt since acquiring the business in 2022. As you will hear from the team, our journey in Egypt has been one of transformation, integrating the business, navigating through challenges, and importantly, unlocking growth. Our progress has been underpinned by a core belief in the importance of culture, developing our people, and with a commitment to investing for long-term success, and we're just getting started. We remain incredibly excited about the opportunities ahead, with Egypt playing a central role in CCH growth ambitions. Before we dive in, I wanted to set out upfront the key messages we'd like you to take away today. Firstly, Egypt is a large dynamic market with clear growth potential, underpinned by attractive demographics and strong category momentum. Second, since acquisition, we have strengthened the business and built resilience despite significant volatility within the market, positioning us strongly for the next stage of growth. Third, our leading portfolio, bespoke capabilities, and strong partnerships with The Coca-Cola Company and Monster Energy are driving stronger execution and performance, which we will bring to life today through the presentations, videos, and most importantly, the market visit. Fourth, disciplined investments are accelerating growth in Egypt and creating valuable transferable learnings for Africa that we are confident will help underpin our future growth across the continent. Let me introduce you to Egypt. As you probably know, CCH acquired the Egyptian Coca-Cola Bottling franchise at the start of 2022. In just over four years, Egypt has become a truly important part of CCH story. It now represents 11% of our group volumes, making it our third largest market, which really underlines the scale of opportunity here. This is a market with strong momentum. Working in close partnership with The Coca-Cola Company and Monster has led to encouraging early results across categories. Last year, Egypt was the fastest growing country for trademark Coke in Africa. It was the largest market for Schweppes globally and the fastest growing market for energy across CCH markets. We've also made solid progress on market share, narrowing the gap with the market leader despite a challenging backdrop, which I'll get onto shortly. This is underpinned by the investment we've made to unlock Egypt's potential. We now have a team of over 4,300 people, including more than 1,600 colleagues on the ground in sales. From an operational standpoint, we've strengthened our footprint with five plants and 24 production lines, giving us the scale and capacity we need to support future growth. If that's the picture today, let me just give you a sense of how we've got here. After acquiring the business in January 2022, we implemented our integration framework in a very disciplined way, with clearly defined priorities and actions over the first three years. This has positioned us with a stronger, more scalable platform for future growth. As we look ahead to CCBA, we will leverage the relevant learnings from this experience while adapting the approach to each market's local realities. Let me unpack our approach in Egypt in more detail. The first priority was stabilizing the business and integrating core functions, ensuring full business continuity. This included elements like back-office integration, aligning finance and governance standards, and implementing our performance review processes to effectively measure improvements in performance as well as execution. We then started to invest decisively behind growth, expanding our cooler footprint, increasing production capacity, and strengthening our sales force. At the same time, we accelerated digital transformation, including the rollout of SAP S/4HANA, SAP's leading enterprise resource planning software. We integrate critical functions into one centralized system with the rest of CCH. For this, in a while, we'll share more. Next, we focused on upgrading capabilities and expanding the portfolio, rolling out our revenue growth management framework, transforming the route to market, leveraging data and AI, improving customer engagement, and stepping up local talent development. On the portfolio side, we expanded into new and high-growth categories, including energy and sport drinks, and worked jointly with The Coca-Cola Company and Monster Energy to recruit consumers, accelerating local marketing investment. Alongside this, we've leveraged the group's scale and expertise across digital procurement and treasury while delivering targeted back-office efficiencies. At the same time, Egypt and its strategic location play an important role in supporting the group's broader strategy. Since acquiring the business, we've leveraged local talent here in Cairo to establish a CCH shared services center and digital hub supporting group-wide capability development. Going through this process recently with Egypt gives us confidence for CCBA's integration ahead of us. We've learned a lot, now that local agility is critical during transformation, and lasting success depends on how we balance our global scale with local capability building. As you know well, it hasn't been an easy backdrop for us or anyone since acquiring Egypt. We've seen significant inflation, currency devaluation, as well as geopolitical challenges. This environment did not slow us down. If anything, it pushed us to move faster. We used it as an opportunity to accelerate investments and build critical capabilities, leveraging our strong track record of operating through volatility. In response to rising inflation, we deployed disciplined RGM scenario planning to manage pricing in a dynamic environment and ensured we protected affordability with relevant offerings while continuing to drive premiumization across categories. To mitigate currency devaluation, we leveraged central CCH capabilities in procurement and treasury, moved to local suppliers where possible, and drove cost efficiencies. Finally, we navigated geopolitical challenges, such as boycotts, by strengthening our local relevance, activating meaningful passion points that truly resonate in the market, while investing in local talent and communities, ensuring we remain closely connected to consumers. Despite these challenges, I'm really proud of how the team has executed, driving improving results. In the last three years, Egypt has delivered a strong financial performance. Volumes have grown significantly despite meaningful increases in price mix to navigate inflation and currency pressures. I'm encouraged that this organic revenue momentum continues strongly in Q1 of this year as well, with growth driven by volumes. Before I hand over to the local team, I want to touch on our market share progress. As you may remember, when we acquired Egypt, Coca-Cola was the number two player in sparkling, which presented a significant opportunity for the future. I'm very pleased with the progress we've made in closing the gap to the market leader, reducing it from 13 percentage points in 2022 to just five points by the end of 2025. This reflects consistent share gains and clear outperformance versus the largest competitor, even in a market disrupted by boycotts and broader volatility. It is a result of the investments we made and the actions we undertook, which I touched on earlier, and the strength we gain from leveraging the scale and expertise of the broader group. Overall, this is a strong and resilient performance that really highlights the quality of our execution with further upside still ahead. On that note, let me hand over to Ado and Sherif to share more details on how we are leveraging our 24/7 portfolio, bespoke capabilities and people to unlock growth and win in the market in Egypt. Thank you, Naya, and a very warm welcome from my side as well. It's pleasure to have you in Cairo and to have the opportunity to showcase what is a truly an amazing market. Energy, the scale and potential that make Egypt so exciting. Let me start with a quick introduction. I have been with Coca-Cola Hellenic nearly 25 years, with experience across of many markets and different commercial roles. Before joining Egypt as a general manager last year in June, I have been leading Ukraine, Armenia, Moldova business unit for the two years. Prior to that, I have been serving as a sales director in the same business unit for five years. Previously, I have work on a different commercial position across the Bosnia, Croatia, and Slovenia. As you can imagine, that give me broader perspective on operating and winning in diverse and very often challenging environment. Let me start with the fundamentals of the market. Egypt has a very attractive demographics. It is one of the Africa largest country with a population of nearly 120 million people, which is forecast to continue growing. Importantly, its young population, with about 60% of the population under 30 years. This results in a powerful engine for long-term and sustained consumer recruitment. Egypt also benefit from a large economy with the second highest GDP in Africa and expected to continue growing at about 4% per year. It is also the top destination in Africa for foreign direct investment, and it's one of the world's largest consumer markets with an urban population of 40% and growing. Critically, there is a significant room for further growth in per capita consumption. Egypt's sparkling per cap consumption of 110 is the second lowest across current Coca-Cola Hellenic footprints. In 2025, we saw good progress with a growth of 8%, but we see significant room for future growth. Opportunity is not only about scale, it is also about the unique characteristic of the market itself. Egypt is truly distinguished market, shaped by rich cultural heritage and diverse influences. It sits in the center of Arab world with unique blend of the Middle Eastern, African, and Western influences that shape consumer behavior. Traditions and religious practices strongly influence daily life and the cultural calendar, creating specific and important consumption moments throughout the year. At the same time, Egyptian consumers are highly social. Hospitality and social gathering are center of everyday life, with the food at the center of celebrations, while strong passions such as football, film, and music create multiple occasions for engagement and consumption. Finally, tourism is a key structural driver. Egypt is one of Africa top destination with the 19 million tourists a year and growing strongly, supported by government investment in infrastructure and continuing focusing on expanding the sector. This provides an additional demand tailwind, particularly a key channel and high traffic location. How we are unlocking this growth opportunity I just told you? A key focus for here has been ensuring we have a right 24/7 portfolio to win across more consumption occasions. Before acquisition, the business was relatively limited in scope. It had a dual category focus on sparkling and water, which a restricted choice for consumers. What we have done since then is reshape the portfolio, moving from the narrow offering to multi-category, broader 24/7 portfolio that allow us to recruit more consumers, increase frequency, and drive incremental value. Today, we are present across sparkling, energy, and hydration with a balanced approach that combines both affordability and premiumization. Sparkling remain the core growth driver. With a wider flavor range and price/pack architecture across three segments, core, value, and premium, we are capturing more occasions and offering consumer greater choice across price points. Energy is clear strategic growth pillar and a great example how we are unlocking a new value pools. We build category essentially from scratch. Introducing dual brand strategy with the Monster and Fury. The results have been very strong. With the triple-digit growth and the category now contributing over 10% of the revenue. It is still in early stage, and we expect energy to be key growth engine going forward as we continue to build distribution and relevance with our consumers. In hydration, our focus has been on moving beyond basic hydration into higher value segments. Alongside on core water offering, we have introduced Powerade, allowing us to participate in the performance of the sports hydration, expanding our role from the simple refreshment to functional hydration. We are excited for the opportunity in this space as we leverage our market leadership position to drive further awareness and consumption. Let me bring to life how we are activating our portfolio in the market. Starting with the trademark Coke, where we identified the opportunity to drive strong per capita consumption by recruiting more consumers and step-changing consumer engagement by showing in the moments of the passion points that truly matter locally. We do this in close partnership with The Coca-Cola Company, combining global brand strength with the local execution excellence. Let me give you a few example of some of our recent initiatives. In football, we partnered with the largest club in the country, Al Ahly, giving us significant reach and cultural relevance at scale. Beyond core sponsorship activity to drive transaction, we are further elevating the consumer experience. For example, we have launched limited-edition collectible can and retro jerseys that creating excitement in store and delivering a more impactful shopper experience. In music, we are working with the top local artists such as Mohamed Ramadan, who has over 120 million combined globally followers, helping to amplify both brand visibility and cultural connection. Most recently, we leverage this partnership during the Coca-Cola FIFA World Cup trophy tour with Ramadan performing and trophy reveal. They even delivered highest engagement across Coca-Cola platforms within 48 hours, generating over 30 million views. We are also leaning into local traditions and occasions, particularly Ramadan, where we activated around core consumption moments and community engagement to reinforce brand relevance and most important points in the country's calendar. As Zoran mentioned in Coca-Cola HBC Q1 results I'm very proud that this year we achieved a Guinness World Record serving the most community meals with the Coca-Cola in Varna out during a Ramadan meal festival event. Finally, we are focusing on the Gen Z recruitment, prioritizing key consumption occasions such as breaks and meals, as well as relevant channels, including end-to-end activation for our four university campus, reaching over one million students. Importantly, we are seeing results. In 2025, Egypt was the number one fastest growing country for trademark Coke in Africa and in the top 10 globally. As Naya showed you, we are delivering strong growth share with the fastest growth in cola segment in 2025. Let's play a short video to bring it to life. Coca-Cola showed up every day, everywhere with purpose. A revolution in Egypt towards becoming the undisputed choice of the new generation, leveraging the power of local assets and passion point activation, becoming the fastest growing market in Africa and top 10 globally. Owning football conversation. Football is the number one passion point in Egypt, the number one escape. Always on strategy through partnering with the biggest football club in Egypt, equaling 85% of football fans in Egypt, glorifying the fans with special edition cans. Real-life experiences. Connecting global assets with local passion points through only Coke can do experiences. The original FIFA World Cup trophy arrived in Egypt as the first market in Africa in January 2026. Celebrating heritage, present and future. Bringing together generations to share in the excitement of the beautiful game and its unifying spirit. Seven stops creating memorable experiences across the system with customers, partners, top influencers, and fans becoming the most talked about brand. Activating FIFA World Cup through promo-led plan. Introducing new pack and collectible cans. Partnering with the number one music artist, Mohamed Ramadan, 122 million followers and listeners. Creating a music drop, dialing up the great taste conversation, dialing up local, authentic, and mass reach. Engaging music festivals, making Coca-Cola the top music carrier for the Gen Zs in summer. 2025 music hit to amplify shareability and love for Coca-Cola. Ramadan is a time of togetherness, unity and hope. In Egypt, it comes alive around the table where shared meals turn moments into memories. Coca-Cola brought this spirit to life through decorating Ramadan gatherings, hosting iftar event at biggest campus in Cairo. With system associates volunteering, we created an experience rooted in unity and shared joy. Setting a Guinness World Records for the most community meals delivered in an hour. Experiences designed to build rituals and drive Gen Z's recruitment. Passion points communication, combos activation, mass sampling, and picture of success implementation. Coca-Cola owned the moments from every kick and every beat to every sip. Moving on to Schweppes. Egypt is the largest market globally for Schweppes today and has a long history within the country. It's a powerful brand that play a unique role in the market, catering very well to the straight drinking occasion. Schweppes is a great example how we are building category leadership while driving premiumization at scale through a serious targeted commercial actions. First, we further build on its unique brand edge through local relevant communication, strengthening emotional connection with the consumers by prioritizing experience and social occasions. To give a few example, last year we launched the Flavor of the Quarter campaign, spotlighting one of the flavor per quarter to drive momentum and boost smaller flavor with a great result. This year we have campaign with the leading Egyptian personalities tied to our Experience Wins platforms. Second, we expand the flavor range with innovations such as apple and strawberry malt to elevate the straight drinking experience and broaden consumer appeal. Third, we optimized our price pack architecture, including the launch of new smaller entry packs with significantly improving execution excellence. Finally, we developed a compelling customer proposition supported by dedicated Schweppes coolers and unique displays, driving visibility and in-store impact. This has delivered strong results. In addition to remaining the largest market for Schweppes, Egypt has been the fastest growing brand since 2022, achieving record sales in 2025. Let's play a short video. Schweppes has been in Egypt for over 50 years, playing a pivotal role in Egyptians' lives with iconic flavors and communication, making it the biggest market in the world for the brand, and placing Egypt at the forefront of setting the stage for Schweppes globally. Schweppes in Egypt is not just a story of premium, but a story of scaling premium. We follow a successful formula anchored in consumer understanding. Premium equals superior brand communication for both consumers and customers, combined with superior packaging and exciting superior formulas. We started 2026 with a strong plan to dial up our premium formula even more. This year, we launched our new equity platform, Experience Wins, a campaign celebrating the heritage of Schweppes and our experience since 1783. Featuring Egypt's beloved celebrity brothers, Karim Fahmy and Ahmed Fahmy, the campaign reinforces Schweppes' role in the category and in consumer minds. The result is a modern, culturally relevant brand platform designed to strengthen brand equity and drive future growth. Our strategy comes to life right where purchase decisions are made. Across modern trade, traditional trade, and the on-premise channel, Schweppes is setting the standard for execution excellence. From impactful displays to premium HoReCa activations, we continue to create a powerful brand presence that drives visibility, availability, and conversion. We have superior packaging across the portfolio. To expand more penetration, we expanded our packs to include a 250-ml single-serve PET bottle. On top of this, packaging is a key device to drive premiumness and local relevance, which remain at the heart of our strategy. Our range now offers a broad variety of locally relevant flavors and experiences, including the successful introduction of apple and strawberry malt, bringing excitement and choice to the category. By strengthening our equity, our local relevance, and our market execution while pushing our packaging and our innovations, Schweppes is building a stronger business today while creating a platform for sustainable growth tomorrow. Staying with the sparkling, let me turn now onto flavors for Fanta and Sprite. Here, we are focusing on winning more food-led moments, particularly with Gen Z, by strengthening relevance, delivering superior taste, and improving affordability and visibility in store. As you can see on the slide, with Fanta, we are leaning into snacking occasions, positioning the brand as the perfect companion to light meals and everyday treats. With Sprite, we are focused on spicy meals occasions, where the brand has a strong and credible note. Together with The Coca-Cola Company, we are activating this through targeted communications and bold activations, clearly linking Fanta and Sprite to these consumption moments. We've also introduced a new Fanta lemon flavor while expanding our pack by offering new formats for both brands, such as the 125ml PET bottle, to help us better address different price points and varying consumer needs. At the same time, we are strengthening execution in store with more impactful dedicated customer displays that improve visibility for both brands. This approach is delivering results. We are seeing solid momentum across the portfolio, with Fanta growing volume by 6% and Sprite by 9% in 2025. Moving to energy. This is a category with highly attractive dynamics and significant long-term growth potential. As I mentioned earlier, we had no presence in this category when we acquired Egypt, making it an early strategic priority. Working closely with the Monster Energy team, we rapidly built and scaled a two-tier portfolio. In 2023, we launched the Monster brand as well as Fury, the affordable proposition, like Predator in Nigeria. This allowed us to address both affordability and premiumization, supported by a range of flavor innovations across both brands. Execution has been both fast and effective. We rapidly scaled the business to become the number two player within the three years of launch, and Egypt is now the fastest-growing energy market within CCH territories. We invested early in local production, strengthening both the cost competitiveness and supply resilience. We started by adding a line for Fury in 2023 and added a line for the Monster brand at the start of this year. The key enabler has been our ability to combine local and global partnerships across football, music, and gaming to drive brand relevance and demand. For example, locally with partnerships such as Fury with the Zamalek Football Club, another one of the country's largest clubs, anchoring the brand in a key passion point. Globally, leveraging the Fury partnership with Chelsea Football Club to amplify reach. We also continue to drive growth through transactions and innovation with a strong pipeline and new flavors and pack formats, ensuring we stay relevant and competitive. This is translating into strong results with growing volume and market share and a positive contribution to both revenue and profitability. The business has continued its strong momentum at the start of this year as well. Let's play a short video. As you can see, very exciting category. Moving on to hydration, a key pillar of our portfolio. As we said before, across Coca-Cola Hellenic, water plays an important role in our ambition of being the leading 24/7 beverage partner, enhancing portfolio coverage, and strengthening our relationship with the customer, and Egypt is no different. Prior to our acquisition, the water business was largely volume-driven and low-margin category. Due to our intentional actions, water now represents a smaller share of our portfolio, but it's higher revenue per unit case and it's more profitable, driven by productivity improvements, better mix, and strong revenue per case. We have also entered an attractive sports category with the introduction of the Powerade in 2024. Here, our focus has been on establishing the category, building awareness, and educating the consumer in what is a relatively underdeveloped segment. We are activating locally relevant sports partnership and collaborating with the local influencers, while also leveraging the global Powerade platform with the football ambassador, Lamine Yamal, ensuring strong execution across key consumption occasions. We are already seeing very strong results, with Powerade achieving 78% value share in advanced hydration segment, and there is much more to come. Moving on from our portfolio levers, let's go into our bespoke capabilities and how they are helping us winning in the marketplace. You will see, Zoran and I have talked to this field before in the context of the overall Coca-Cola Hellenic strategy, our bespoke capabilities are a core driver of competitive advantage in Egypt. They are not generic tools. They are purpose-built for local market realities, enabling us to navigate volatility while driving growth. Since acquisition, we have invested in building and scaling these capabilities, and today they are embedded across how we operate from better execution, strong customer relationship, and improved performance. I will start with the data insight and AI, or DIA, which has been a key enabler of our transformation in Egypt. Before acquisition, data usage was very limited. Reporting was fragmented and static. Access was restricted across the functions. There was no structured approach to execution or outlet segmentation. This meant we were not fully leveraging the scale of the opportunity in the market. Today, DIA is powering our execution excellence. Suggested orders generated by algorithm are helping us increase portfolio coverage by ensuring the right assortment in the place in each outlet, rather than applying the same portfolio across the whole country. In parallel, daily analysis of the cooler pictures through image recognition provides to our BD with recommended activities to improve cooler occupancy of these outlets. We also strengthen prospecting and resource prioritization. Using our data and AI tools, we have identified over 31,000 potential outlets that we were not previously serving. We can now automatically segment outlets based on their characteristics and potential, which enable us to optimize resource allocation. This means we are not only expanding our footprint, but doing in a much more targeted and efficient way. A good example of this is our On the Street initiatives, which I will cover in more detail on the next slide. Another example is what we are doing with the Powerade, where we are leveraging a new AI model to map local sports event across key areas and then identify the most relevant nearby outlets. This allow us to target the right customers and execute activation where we will have the greatest impact. Finally, we have made step change in the reporting capabilities. We have introduced a new dashboard analyzing data across the whole organization and providing the daily actionable insight to drive fast, more accurate decision-making. Today, more than 1,700 users are actively leveraging these tools. There is still more to come. Looking ahead of the rest of the 2026, we will further embed AI power insight into our reporting, expanding our segmented execution approach into wholesaler and the HoReCa channels, and continue scale suggested order across regions to drive even greater impact. A great case study is our On the Street initiatives, which we launched to activate outlet using the data-driven insight. You might remember that Ruchika spoke about this in her DEI bite-size presentation in 2025. This has expanded even further since then. Using AI-led targeting, we have activated 15,000 outlets, focusing resources where returns are highest and suggesting specific in-store activations and recommendations to our sales force. The pictures from the slide show how significant the transformation is for these outlets. It's not just pictures. The initiative is delivering strong results. We are seeing stronger execution in these outlets measured by our RED or Right Execution Daily, which looks at criteria including availability of product, visibility, in-store displays, and more. We have achieved 36% higher revenue per activated outlet compared to the benchmark non-activated stores, driven by strong single-serve mix. As you heard from Dania when discussing integration, launching Coca-Cola Hellenic level revenue growth management tools in Egypt was a key priority. Before the acquisition, RGM decisions were largely experience-led rather than data-driven. The approach was reactive and transactional, with unclear pack roles which limited affordability and premiumization offers. An unstructured commercial policy where we're not always linked to performance. Today, this has fundamentally changed. When it comes to pricing and planning, now we are deploying smart, flexible pricing, running over 80 data-driven pricing scenarios during the period of very high inflation in 2023 and 2024, enabling more agile decision-making and helping expand revenue per unit case despite inflationary pressure. On affordability, we've accelerated investment in returnable pack and a clearly defined pack role to drive higher recruitment, frequency, and strong entry pack execution. To drive premiumization, we focus on Schweppes and expand into higher-value categories like energy, sport drinks, as well as more premium packs such as can. On mix, we optimize price pack architecture through disciplined commercial policy. We improved package mix within NRTD as well as category mix, and achieving leading position in transactions and single-serve sales. Overall, we shifted from a reactive model to a structured, data-driven RGM capability, which is now a key driver of growth and margins. Again, we have more to come. Earlier this year, for example, we launched half liter PET pack trademark Coke to support further single-serve growth. Let me bring this to life with a case on how we are growing single-serve through entry pack. The challenge was clear. We faced a diverse consumer base where affordability was critical, especially in inflationary pressure disposable income. At the same time, returnable glass bottle was losing relevance, and Coca-Cola was underperforming. Our response was focused and data-driven. We prioritized two affordability entry formats, a returnable glass bottle in two sizes and 300 ml PET pack. We invested in line upgrades, new fleet for RGBs and a deposit system to ensure we have the right infrastructure to support these packs. We improved availability through aligned trade and sales incentive and introduced micro-segmentation, targeting high-potential outlets and tailoring pack choices to store type and income level. The results have been strong. We've seen RGB returns to growth moving to deliver 80% growth in the three years versus a sharp decline in the prior three years. We built leadership in a key segment of the market, including single-serve, total transactions, and in affordable segments. We have significantly strengthened distribution, growing our entry packs share from 47% to 82% in the last three years. Coming now to our route to market transformation. Before the acquisition, the route to market had clear limitations. Direct customer coverage was limited, constraining the reach. Customer service level were suboptimal, cooler penetration was low, and sales team were operating with the basic tools and limited data, reducing effectiveness and visibility. Today, this has been completely transformed. We expand to 53% direct customer coverage and double active accounts since 2021. At the same time, we shifted to fully omni-channel model with 100% pre-sale operations, introducing a new distributor model and data-driven wholesale transformation. We tripled the cooler base versus 2021, reaching 87% penetration in high potential outlets while also improving cooler profitability. This is materially strengthening our presence at the point of sale. On the sales tools, we moved to much more advanced data-driven model. Our teams now use image recognition for recommended activities, suggested ordering, market scanning, and output prioritization based on potential, while also identifying new growth areas. Overall, we move from the limited Low data route to market to scalable insight-driven engine, positioning us strongly for continued horizontal and vertical expansion in 2026 and beyond. Let me illustrate this transformation with the HoReCa case study. When we acquired the business, we had limited visibility in the HoReCa sector, particularly in high-density, high-traffic areas. There was no dedicated team, no systematic outlet scanning, and no performance tracking, which meant we were missing significant growth opportunities considering the size of the segment in the market and the relevance of tourism. We took a number of actions. We brought in Coca-Cola Hellenic bespoke tools and algorithms that give full visibility of the HoReCa outlets in the market. You might recall that Ruchika demonstrated this in her presentation on DIA. These tools use advanced analytics to identify and prioritize outlets, pinpointing high-value hotspots in cities such as Cairo and Alexandria. We then designed dedicated routes and deployed specialized route to market sales team to activate those locations, supported by new tools to better manage demand during peak periods. At the same time, we invest in capabilities through our HoReCa Sales Academy. This has delivered a tangible impact. We established 35 new routes in Greater Cairo and Alexandria, including seasonal coverage along Mediterranean, and expand our footprint by nearly 4,000 outlets. As a result, HoReCa has become our fastest growing channel, with a 35% growth in Q1 and strong single sell mix of 76%. Turning now to digital commerce. Before the acquisition, Egypt had no digital commerce presence. While ordering constrained by limiting working hours, restricting both convenience and customer reach. We introduced our customer portal for the direct channel in 2023, which give customer a seamless ordering experience and greater visibility. This has already scaled to 27,000 customers registered, three times higher than 2024. In 2024, we took learning from Nigeria and launched the WhatsApp chatbot, which is particularly used by smaller outlets, customer in indirect channels. It's a simple, accessible ordering solution for the much broader customer base, and it's worked particularly well in Africa markets. We saw 20 times higher volume versus 2024. Overall, we moved from having no digital commerce presence to rapidly scaling our zone digital commerce capability, improving customer convenience, strengthening engagement, expanding reach, and unlocking the new growth potential across the country. How we partner with our customers to create joint value is a fundamental how we do business in Coca-Cola Hellenic. Before the acquisition, customer engagement was limited, with minimal face-to-face customer interaction and low Net Promoter Score and limited sales capabilities of our customer and support systems. Today, this has changed completely. We improved customer management with the launch of in-house back office and customer care function, strengthening our salespeople's capabilities and introduced daily communications and critical activities. We've also implemented new commercial policies and launched a wholesaler partnership program, allowing us to better tailor our approach based on customer segmentation and potential. Through our customer goods, we are now listening to customers in real-time to resolve any issue as fast as possible with our close-the-loop approach. In 2025, I'm proud that our teams resolved 100% of the customer issues within 48 hours. This is clearly reflected in our Net Promoter Score, which has reached 62 in 2025, up significantly year-on-year and has grown further yet today. I will now hand over to Sherif, who will talk to you about the actions we have taken to develop our local talent in Egypt and support communities. Thank you, Ado. Hello, everyone. I'm very proud to be with you today and to take you through our journey on how we develop our people and our community. My name is Sherif Fouad. I am the People and Culture Director for Egypt. I joined the company six years ago, and I have been working in HR in Egypt for the past 20 years. I think I was very fortunate to be part of the transformation journey that happened here in Egypt, specifically in the company and into people and culture. Before CCH took over the business, our people strategy in Egypt was relatively underdeveloped. There were no formal leadership development programs, no structured recognition programs, and our policies and procedures lacked clarity. As a result, the business was not viewed as an employer of choice, limiting our ability to attract and retain talents. We wanted to bring the people and culture strategy to CCH group standards and embed our values into the Egyptian business. We have a growth mindset-driven culture with high performing standards, but one that invests in its talents. We are focused on developing capabilities, giving ownership and accountability, and unlocking speed and agility. Today, the picture in Egypt is very different. When it comes to talent development and training, we have introduced structured talent reviews, succession planning, and development programs alongside dedicated leadership initiatives, and we also launched the sales and supply chain academies. We've also made strong progress in building diverse talent pipeline, introducing internship and graduate programs, and expanding opportunities for women, particularly in areas like the sales department. On retention, we have strengthened engagement through recognition program and improved employee experience through introducing town halls, team buildings, and wellbeing programs. We've also updated our policies and procedures to be more aligned with the group standards and market best practices. Finally, we have significantly enhanced our employer brand. We are now ranking number five in Egypt overall, coming from number 55 back in 2022. In addition to investment in our people, we have been investing also in the local communities in partnership with The Coca-Cola Company to build trust and relevance. Let me share some examples with you. Ramadan remains a cornerstone to our community and engagement. Our corporate affairs and sustainability department is now in its 10th year of partnership with Egypt's largest NGO, Misr El Kheir Foundation, which reaches over one million people, delivering hot meals, food boxes to thousands of families. Our Youth Empowered program focuses on bridging the gap between education and employment. Through our initiatives, we have reached 30,000 young people annually in the last few years, which is one of the highest outreaches across CCH markets, and we're also partnering with third technical universities for vocational training. Finally, in communities, we are focusing on job creation for women and young people, supporting small businesses through cooler placement and integration into our value chain. We are also sponsoring Intellectual Disability Sports Federation, enabling inclusive participation across youth sports events. The people who are here in Cairo will get an opportunity to meet some of our salespeople and other employees later today. For the benefit of our online audience, let's play this video that brings our people, culture, and engagement to life. Since acquiring Coca-Cola Egypt in 2022, we have spent time developing and investing in local talent and our communities. We started with developing the skills of our people, introducing strategy meetings with our top 75 employees, launching sales and supply chain academies, and hosting town hall meetings for all employees. We focused on increasing employee engagement through team-building activities and introduced the Coca-Cola HBC Summer Internship Program to inspire the next generation of talent. Within our communities, we supported Ramadan celebrations, reaching over 1 million people, as well as rolling out our Youth Empowered Program, supporting women and young people into jobs, and sponsoring sports events for people with disabilities. This is just the beginning. We continue to focus on building our teams and our communities, watch this space. Thank you very much, Naya, Ado, and Sherif. That concludes the first part of the presentations this morning. We're going to take a quick break, and then we'll return for our final section on driving future value and the Q&A session. We'll break for 15 minutes. We'll be back at 10:45 local time. That's 8:45 British Summer Time. We'll see you soon. Thank you. I'm Kostis Vairlis, the CFO for Egypt. I have been in CCH for 24 years, working across the group head office and diverse range of markets. I joined Egypt in 2022 as a CFO, focusing on the integration journey. Prior to that, I was CFO in Poland and Baltics for five years. Earlier in my career, I worked in finance across Serbia and Montenegro, Ireland and Hungary. You have heard a lot this morning about the growth and the opportunity we have in Egypt. The investments we made have been fundamental to drive that. Since acquiring the business, we have taken a very disciplined approach for increasing CapEx and OpEx with a clear strategy to allocate resources where they will create the most value. Importantly, we have maintained the commitment to invest even in volatile times. This was supported by the strength and the scale of CCH Group and our continuous partnership with The Coca-Cola Company and Monster Energy. You might also remember that we secured EUR 130 million from the European Bank for Reconstruction and Development back in 2024, which further reinforced confidence in our strategy and provided additional support to accelerate all of our key initiatives. Overall, our investment approach has been both disciplined and consistent, ensuring we have the capabilities, infrastructure, and execution in place to fully capture the market opportunity and sustain the growth going forward. Let me go now into a little bit more detail on some of the key strategic initiatives that we invested behind since acquiring the business. When it comes to CapEx, since 2021, we have tripled our annual capital expenditure. This has been focused on capacity expansion, modernizing our production facilities, including two PET lines and a can line. We also expanded our cooler footprint and advanced digital and e-commerce platforms, while at the same time, we are investing continuously behind sustainability initiatives. On OpEx, we have stepped up our commercial execution, investing in marketing, salespeople, and capabilities. Overall, annual system marketing investments with The Coca-Cola Company have doubled since 2021, particularly focused on trademark of Coke and Schweppes, as you heard previously. We have added salespeople in the market and increased remuneration, critical to ensure we are covering our customers adequately in the market and serving appropriately. Of course, we have invested behind enhancing our bespoke capabilities and training for our people. The other side of the growth equation is driving efficiencies, and we are embedding this systematically across the business processes and operations. First, on productivity, we are modernizing production, leveraging group scale procurement, and driving several initiatives like lightweighting, reformulations to structurally lower the cost base. Operationally, we have timing of execution, improving route to market with the launch of the new distributor model, allowing us to move from the fixed cost to variable cost, having more efficient cost to supply, centralizing key processes like the market to cash collection, reducing exposure to hard currency. This is about consistency, discipline, and scalability. On the digital agenda, we have rolled out the SAP S/4HANA, as Naya mentioned before, and we are deploying advanced AI-enabled sales tools to improve decision making and salespeople effectiveness. The result is clear. Since 2022, we have delivered a 350 basis points expansion in our gross margins alongside improvements in working capital. We have also seen resilient EBIT margins despite the significant volatility we have faced. Thank you very much for your attention, and I will hand back to Ado. Thanks, Kostis. The progress we outlined today and opportunity we continue to see give us clear path to drive sustainable, profitable growth in Egypt. We have already embedded Coca-Cola Hellenic best practices and bespoke capabilities in Egypt, stepped up investment and materially improved both commercial and financial performance. We are still early in the journey, and we will continue to invest and involve the business to fully capture the opportunity. Looking ahead, the fundamentals are strong and attractive. A growing category with a significant headroom in per capita consumption, diverse portfolio with a clear expansion potential, and strong capabilities that help us grow volume while improving both pricing and mix, and driving share gains. Combined with operational leverage and ongoing efficiency gains, this underpins a very clear midterm algorithm to deliver double-digit organic revenue growth and consistent margin improvement each year. We are not stopping here. We have a clear ambition to become the number one player in Egypt in the medium term. Let's go a bit more details on top line growth opportunity, starting with the portfolio and consumer recruitment potential. We forecast strong market growth across NARTD, but we are not relying on the market alone. In a close partnership with The Coca-Cola Company and the Monster Energy team, we are actively driving recruitment. We will continue to leverage our deep partnership across key passion points, football, music, and food, focusing in particular on our strategic priorities categories, sparkling and energy, to further build the and drive increased per capita consumption. This summer we have very exciting activations around the FIFA World Cup, which started with the trophy tour I mentioned earlier this year, and with activities ongoing throughout the tournament. For example, you will see here today the special edition pack we launched to celebrate Egypt historic win on July 3rd. While we see a clear runway within our existing portfolio, beyond that, there is a good opportunity to expand into new categories. With the ambition to build a true 24/7 portfolio over time. Already in 2026, we launched new flavor across existing brands such as strawberry malt, and we will soon launch Coke Coffee with unique proposition, catering to consumers looking for a caffeine boost. Looking ahead, we also have more we can do with our capabilities. We will further scale segmented execution and invest in DIA, embedding AI data-driven insight into more decision making and expand coverage more intelligently. We have more to do on RGM with opportunities to continue growing revenue per case through premiumization, category mix, as well as continue to drive our affordable strategy. We will continue to accelerate our route to market expansion, strengthening our presence in the Greater Cairo and in HoReCa, expanding our distributor model and increasing our visited universe fueled by DIA. Let me conclude by saying how excited I am about the future in Egypt. With growing categories and a clear roadmap to broaden our offering and distinct capabilities, we are very well positioned to accelerate consumer recruitment and capture the next phase of growth. This all underpinned by our strong system partnership and our continued commitment to invest. Thank you very much for your attention. Now I will hand over Naya to close. Thank you, Ado. Thank you, Ado and all the team who have presented and worked behind the scenes on bringing this to life. Let me close where I started. We're excited, and I hope you are too, because Egypt is a large, dynamic market with clear growth potential. Since acquisition, we have strengthened the business and built resilience despite volatility. Our portfolio, bespoke capabilities, and partnership with The Coca-Cola Company and Monster Energy are driving stronger execution and performance. The disciplined investments we're making are accelerating growth and creating transferable learnings for Africa, particularly ahead of the completion of the acquisition of CCBA. Egypt is no longer simply an acquisition story. It is becoming a growth story and an important proof point for how CCH can combine disciplined integration, local execution, and group scale capabilities to create sustainable value. Thank you for your attention. I will now hand back to Jemima to host the Q&A session. Thank you very much, Naya. I'd like to invite Ado and Kostis back onto the stage, and also invite Zoran and Anastasis to join us. We'll just get a couple more chairs added to the stage. Before we start taking questions, let me just explain briefly how this will work. I will start with some live questions in the room, and please make sure you wait for the microphone before asking your question. Please introduce yourself and then stick to one question and one follow-up, waiting until we've answered the first question before moving to your follow-up, if you have one. If you're on the webcast and wish to ask a question, please submit a question through the webcast page using the Ask a Question button, and I will get to those shortly. All right, great. This one's mine. Why don't we get started with Sanjheet? Hi, good morning. I have a couple of questions, please. Firstly, on market share, I think you highlighted a 200 basis points increase. I think your competitor's gone down 600 basis points, but there's a gap there. I think probably local brands have taken a lot of shares. Can you just talk about how the local brands have been developing since the boycotts and where we are on that into 2026? That's my first question. My second question is just on profitability. I think Kostis mentioned EBIT margins have been resilient in recent years despite the volatility. Can you just remind us of what the margins were when you inherited the business? Is there any structural gap to not get you to group levels over time? Thank you. I think that's over to you first, Ado. Yeah. Thank you for the question. As I presented today, you saw that the gap between us and Pepsi has been reduced from 13 percentage point to five, very well noticed that there is something between as well. Of course, during the boycott 2023 and 2024, the local players gained some share, as expected. We are very proud at how our portfolio hold during this period, and we even grow the share. What we are seeing recently on those local brand, that they are on declining amount. We are very much confident that share that has been the gain over the last period, we have the good projection to continue grow and, looking to our midterm ambition, as I said just on my closing word, we are clearly targeting to be a key player in the Egypt market. On profitability- Then maybe over to Kostis. Yeah. As you heard, over the last years, we navigated very high inflation, extreme effects volatility, and the boycotts. As a result, of course, the EBIT margins were under pressure. However, we are very pleased that we see gross profit margins expansion, and indeed since 2025, even our margins are expanding. In the midterm, we feel confident. With all the moves we did on the quality of the revenue, and especially on the volume growth, but together with the price mix and the category expansion, and all the COGS initiatives that we have made, that the margins will remain resilient, and we'll see further improvement in the midterm. Fantastic. Can we go to Andrea? Can you just also introduce yourself for the webcast as well? Thank you. Good morning, Andrea Pistacchi, Bank of America. I had a question on energy. You showed a slide where the category's projected to grow at 25%-30%, which is basically trebling over five years. Your share is 16%, I think you showed. Presumably, you grow faster than the category, so very significant growth. Could you go a bit deeper, for example, where your distribution is, how far that can go? Also, the profitability of the category versus the rest of your business, how profitable will this key engine be? Then I'll just wait. I'll ask the follow-up after. Great. Ado, do you want to start? Thank you for the question. As I present, we are very excited about the energy potential in the Egypt market overall. That was one of our first choice after the acquisition, that we start with the energy category and the critically playing the both in affordable and premium segments. Having said that, this is really the unique, I think we are the only player who playing on both segment, that really give us the solid leverage moving forward. Looking to per capita overall, last three years, we see solid growth, I mean, 150% over the last two years. Still, comparing the Egypt market to rest of the Coca-Cola Hellenic footprint, we are below. At the moment, energy per capita is 15.5. As I mentioned, with the solid growth and base. Our business, it's double in 2025. We see also the solid results this year. I think together with the Monster Energy, the team, overall really targeting those local passion point that I was presenting, partnering with one of the strongest club in a country like Zamalek and being in a gaming and being in a football, leveraging on a Fury and sponsorship with the Chelsea EPL, which is a very well-watched and followed in Egypt. I think we are really the targeting the good, the passion point of the local market relevance. Everything, the fuel without the RGM framework, route to market and overall execution capabilities. I'm really looking and exciting about period in years in front of us. On distribution level, we are progressing. As in any other market, there are still opportunity to further growth, but looking the progress over the last three years, I'm really happy. I'm really happy. I'm quite confident that we will capture further growth via distribution. On profitability per se, overall, you are very well known that energy has the highest revenue per case across our markets. That's not changed in Egypt as well. We are very happy with the profitability of energy category. I will not go into details. For me, the critical is that we are a highly accretive business to overall our business and both an affordability proposition with the Fury and the Monster Energy. Fueling by innovation and capability, distribution with the great tools that Monster Energy team always have, future looks very bright. In this category, there's a lot of consumer demand there, and the category is growing across. Here in Egypt now we're in a position where we can play in both mainstream as well as the affordable segment. From the RGM perspective, there's a lot of opportunity in terms of how we can capture more out of this category. Thank you. The follow-up is on your execution capabilities. More though, looking ahead potentially what you could do with CCBA. If you think of RGM data route to market, where do you see, probably all three, but where do you see the bigger opportunity at through CCBA? What needs more improvement versus what you're finding now? As we mentioned earlier, the blueprint that we have from Egypt, but also the learnings from Nigeria are placing us in a great position to really plug and play or lift and shift the approach overall. Every market in CCBA is very different. There are opportunities in different sort of, from the different perspective of the capabilities, like South Africa and Kenya, they do have very strong overall base, both in terms of RGM and route to market. As we speak and as we're in the process of getting ready, we will try to see how we can activate some of the toolkits that we have in the blueprint and towards micro segmentation, for example. There are some other markets of CCBA that they do have the basics and we would need to a little bit accelerate. Sky's the limit in terms of how we'll be going after, but I want to stress here that it's a very good overall at the moment base for each of these markets. We're going to bring our bespoke capabilities to really accelerate more the journey there, both in RGM and route to market as well as the digitized overall commerce and AI tools, not to mention also the customer development. This would be the areas that we'll be looking after. Great. Let's go to [Lawrence]. Just thinking about the amount of CapEx you've put into the business so far. There was a slide sort of showing it's gone up 3X. You sort of at the limit of the amount of CapEx you need to put in, or what's the sort of ongoing percent of sales you think you'd need to be putting in on an annual basis? Yeah. Indeed, as we spoke, we invested heavily on revenue generation and putting coolers, increasing the coolers footprint and additional capacities. We'll continue with that. Definitely revenue generating asset purchases is part of our focus, increasing the capacities, digital agenda driving by further increasing our e-commerce platforms and of course, several sustainability initiatives. Egypt will be higher than the average of the group spend as percent of revenue. [Lawrence], if I can add here is that we always said that at the early stage since the acquisition of Egypt, we never slowed down behind our strategic plan, the growth opportunity that we see in the country. Despite the volatility and the challenges that we face, the leverage of the group allowed us to continue to invest. You do see the return of these investments today in the market, and we will continue to do so as we do believe that the opportunity is still ahead of us. Just to follow on, you've had enormous success with the adding energy to the portfolio here. Elsewhere in the CCH portfolio, you do have alcoholic drinks, and Egypt is a market that does have a relatively healthy alcoholic consumer base despite its Islamic background. Do you see any opportunities to bring alcoholic drinks into the Egyptian market, and would you consider doing so? Ado, do you want to take it? I didn't get, which? Alcohol. Alcohol. Alcohol. Is there an opportunity? Well, I think at the moment I was explaining that the current category and brand, they still have the space to grow with innovation without the current category that we are playing. At the moment, in a medium-term period, we don't see entering in alcohol. Yeah, maybe I can add here, when we talk about RGM, it always starts with really proper and intentional reading of what the consumer is asking. In that exercise, identifying, prioritizing, and capture revenue pools is the very first step. We deep dive, combined with obviously the assumptions from external environment. We never say no. That said, at the moment, the consumer is asking more when it comes to playing and win in the overall NRTD, and of course, sparkling energy and the rest of the portfolio. Great. Can we go to you, Nadine, and introduce yourself? Thank you. Nadine Sarwat Bernstein. Two questions from me, please. Perhaps a more local to Egypt question and then a bigger picture question. Obviously, for historical geopolitical reasons, Pepsi has been the number one player. You guys outlined that in your market share chart, although the gap is closing. Can you give us an idea of practically how can you overcome the stickiness that comes with consumers gravitating to Pepsi for generations? Can we hear? All right. How can you drive that further? My second question is obviously a lot of compare and contrast to other African markets, and you answered that quite well with what are the key learnings. Could you actually detail some ways that your other markets in Africa or CCBA, what are some things that we might see very to Egypt? Yeah. last bit. Start with Ado. Yeah, we'll switch the mic. Thanks. Thank you. Thank you for question. As we outlined there, last four years or since acquisition, we see the solid progress on narrowing the gap between us and main competitor as a Pepsi. As I also outlined in the presentation and the Naya, I would start with not just one action, but there are the numerous action that we take since acquisition. We will continue to driving those even more speed, more agile, and with more capable team. I will start with RGM framework. I think that's the essence that really help us last four years, and we see the tangible benefit, how we navigate volatility, inflationary pressure, currency devaluation. Still growing share and volume. I will continue with the route to market, our bespoke capabilities. The all transformation that we did so far with the wholesaler. Moving 33 depot to the 10, reducing. Introducing distributor model, our capability that we are doing on a digitalization in introducing those multiple source of solution for the customer to ordering. I truly believe together with The Coca-Cola Company and Monster Energy, the team, I see the great progress on brand equity. I truly believe the recent years what we are doing on those local relevance passion point, such as football, playing and actively associating with the local football club, Al Ahly, Zamalek. Ramadan, another greatest occasion throughout the year and most important month in the yearly calendar. What we are doing there with the meals and how we associating that overall occasion. I truly believe that biggest advantage also is, as Naya mentioned, playing between those affordability and premiumization segment. We have the right portfolio to do so. We are very happy with RGM, with OBPPC framework, but there are many things that we can do more. For instance, this year, launch of the half liter, the bottle that I was just showing is absolutely delivering incremental value. It's boost overall our single serve mix. As I mentioned in my presentation, we are already a key player in certain segments of the market. We are leader in modern trade, we are leader in HoReCa, we are leader in single serve and in affordable segment. That give us huge confidence that we are on the right track and moving, we will narrow gap further. If I can add, we're playing in such a great industry overall. Respecting competition and all the players. We all have a role to play in terms of increasing the pie and capture more per capita. At the same time, of course, when it comes to us on the share game, making sure, to your point on the stickability overall. To continuously focus on what we do great when it comes to execution excellence. To always read the market and be able to actually adjust, because this is a very dynamic market, like everywhere. At the same time, making sure that we get the learnings from what's working, what's not working, lifting and shifting from Cairo to the rest of Egypt, readjusting the tactical plans. It's an ongoing overall game plan out there. To your second question, when it comes to similarities with other markets, CCBA. The beauty about all these markets is that there is a wide range overall of market dynamics and levels of maturity per market. For example, some markets are more developed in CCBA versus where Egypt was when we acquired, like South Africa. Others are more easily comparable, like Kenya for example, Uganda, Ethiopia. What's important is that we do have the approach overall that we presented and the learnings. At the same time, we respect the differences per market. Where Egypt is different, and where we see every market having differences, it starts with the consumer relevance, which is very important. Consumers do have patterns across the globe, but they are very market relevant, and we're doing a great job together with Coca-Cola Company to honor the overall global brand, but at the same time, make it relevant. This part is very specific market by market. When it comes from the route to market, we may have indirect in many markets, but the nature of indirect is very different market by market. A wholesaler or distributor in Egypt is very different than a wholesale or a distributor in Nigeria or from any of the CCBA markets. Many opportunities out there, and at the same time, respecting obviously the individualities or the particularities, better said, market by market. One thing to add, Nadine, is that Schweppes business in Egypt is something that truly stands out. This has been a brand for so long that is being so well nurtured and really stands out. You might have heard it's the largest Schweppes business globally, and that's really something that other African markets, irrespective even those who are pretty good, for example, like South Africa, can really take lots of inspiration from. Innovation of flavors, positioning, brand communication, packaging, look and feel, activation in the market is really something that is very replicable from Egypt to other markets in Africa, but quite also beyond. That's one really beautiful stronghold. Oh, yeah. Sorry. All right. Following up on that, what is behind Schweppes' huge success in this market? How much of it is a historical precedent that maybe we don't have a full appreciation for versus actions taken by you guys over the last couple of years or the previous owners? Well, one word that comes is consistency. We had a team dinner the other night and there was this conversation, how long actually Schweppes is such a strong brand in Egypt, and it goes way back to our Cola company having fantastic brand positioning and commercials that talked about the famous secret of Schweppes and what is secret of Schweppes that somehow from then on, kept maintaining this brand. Another thing is that the investment in refreshing the look and feel. Even when we came here for the first time as part of due diligence, we were impressed when we saw the package, glass bottle with this beautiful sleeve, cans. It was amazing. Brand part together with the look and feel of the package and overall communication, but done consistently with great care. Maybe I can add here, sometimes we talk innovation and we think like a completely new product. The work that is done by The Coca-Cola Company when it comes to innovating in flavors, for example, within Schweppes, which is making it very attractive. Right. Let's go to Mitch. Thank you. It's Mitch Collett from Deutsche Bank. I think, Ado, you said earlier that in the outlets that are fully activated, you get 36% higher sales revenue. Can you just give us what is the total number of outlets in Egypt? What proportion of those are fully activated and how far can you push that? That's my first question. Thank you, Mitch, for the question. On the street that I was presenting is at the moment, we have the 20,000 outlets activated out of overall at the moment over 150,000 that are on the market, that we are covering directly. At the moment we are Covering the 53% direct coverage. As I explained, those fully activated outlet bringing absolute incremental, the growth versus non-fully activated. The comparison base was 36%, as you outlined. It's not just about expanding the coverage, and I think that I already elaborated during the break. That's one parameter of overall how we are doing the business in Egypt, how we are progressing to increase the coverage. I want to really stress importance of active outlets, and those has been the double since acquisition of 2021. Those are outlets who are ordering regularly and repeatedly. What I'm trying to say also, we are looking to the quality of our coverage and outlet, rather than just chasing for the numbers and the quantity. Yeah. Thank you. Then one for Anastasis, because I don't think you've had one yet. Ado talked about, I think, double-digit revenue growth as the medium-term aspiration. How does that flow through into incentivization within Egypt? If you think about CCBA, which has had double-digit revenue growth coming into you acquiring it and all the tools you're likely to deploy, what is the right level of medium-term aspiration for CCBA? Well, I think we will have the chance to discuss in detail our medium-term growth with CCBA once the completion is done, and we expect that to be done over the next course of the months ahead of us within 2026. What I can say for CCBA in particular is that nothing has changed from how excited we are on the opportunity that CCBA has for CCH. We always been discussing with Zoran and the rest that this is a great top-line opportunity growth. We do expect to bring acceleration in the business, but bear with us when it comes to the specific mid-term guidance that will come once we're ready to communicate that. Okay. Thank you. Great. Can we go to Javier? Thank you. It is Javier Gonzalez Lastra from Berenberg. I have two questions. First one is on zero sugar products. If you could let us know where you stand in the market in Egypt with regards to those variants and whether there are any plans to grow that in a meaningful way. Secondly, on the distributors, I would love to hear a little bit how you work with distributors. What are your targets with them? Do you intend normally to represent a certain percentage of the business? What are the key KPIs that you are looking at and how you develop them? Thank you. I think that is over to Ado to start. Thanks. What we see the zeros, particularly the performance over the last couple of years, we are really encouraged with overall results. Zero is growing faster than regular our products. Overall, looking to the segment and the size of the business, Egypt comparing to most European market, I would say there are still huge space and opportunity to capture. I need to say that consumer in Egypt, they are very still the sweet tooth and looking really for the more sugar the product rather than the zero, and I think that is something, the segment that definitely will be under doubt focus moving forward. We are happy with the results. At the moment, we are playing just in Coca-Cola and Sprite as a zero proposition. Having said that, there is still great room to grow within those two brand, but also to expand beyond those two brand within categories. On distributors, that is concept that prior the overall acquisition we did not have here. As I was elaborating on the route to market, the piece that both distributors and wholesaler was very flattened with the same commercial policies and very often, not towards the really the targeted value things, how we are measuring overall their performance. Since acquisition, we moved the 33 out-depots, reduced to 10, meaning we really utilizing the route to market capabilities from Hellenic and introduce distributors model. Those models, I need to say, it is extension of our business. Distributor is not purely indirect market. Those are the high quality, sharing the data on all the sales, and they are extension of our rather the business rather than wholesaler, where it is a different parameter of the KPIs that we are looking. At the moment, we are 60/40. I would say the 60% is indirect coverage, including both distributors and wholesaler. The ratio will remain 50/50, direct and indirect coverage. Looking forward, we'll be more emphasizing distributors model, having in mind pure benefit, utilizing the data and extension of our business to better and quality expand our footprint on the market. Yeah. Just to add, at the end of the day, for us, what's important is what Zoran has shared in many of the calls, we call it S=1, which is we see every outlet as a segment of one. A distributor is a partner who is serving an outlet, and it's very important, back to your question, when it comes to incentivization or KPIs to connect every KPI, not only between us and the distributor, but all the way to the end outlet. Thank you. Great. Can we go to Ed? Morning. I'm Ed Mundy from Jefferies. Thanks for the presentations. Just to pick up on Mitch's question again, appreciate you're not giving guidance for CCBA, but mathematically, we like to think if it does grow double digit, it could add maybe 100 basis points to group growth. Appreciate this is not the forum, just to make sure our maths is correct on that, number one. Second of all, one for you, Zoran. I think I've really enjoyed Sherif's presentation around how the HR and culture in Egypt has changed quite a lot as you brought over some of the CCH best practices and structure. It's interesting you've just brought in a new Chief People and Culture Officer, Toon, into the business. I'd love to get your perspectives on where you're looking to take HR and culture within CCH as part of that move. As part of? Bringing in Toon onto your executive team. Thank you, Ed. Overall, I think Toon is taking from a very solid base. This is about how do we evolve our people and culture organization to be in line or actually to go ahead where we are aspiring to go, especially knowing that our growth ambition is wider and we really want to see the ways how we can accelerate in a quality way. That requires constant nurturing of the culture and nurturing of the talent, depth, bench and competence. We just had the other day as a team conversation with Toon where he was sharing with us this pit stop after his first couple of months, and we had an excellent conversation and very excited motivation, really motivated how we want to take it further. This is not about fixing, this is not about revolution, but we really want to ensure that we keep up the momentum. As you know, occasionally, it is useful for all of us to get someone from the outside in who quickly grasps our own culture ways of doing things as he really did, but also giving us a new, fresh lens, which is really good. At the end of the day, this evolution has to ensure on one side that we have competent people who know where we are going and what our ambition is, and thirdly, that we constantly work on the inspiration and motivation. We just recently received the results from our engagement, which were very encouraging to see that how our overall engagement in Hellenic has improved to all-time high level. Now, again, this is not about the number, but our hungriness to really learn what we hear, what's working well, why is it working well, and what are the areas where we need to improve and do better. I see that as exciting chapter. As also in a short time ahead of us, we will be expanding the footprint also, and culture is going to play an important role in the chapter of CCBA becoming part of Hellenic, equally as the case was with Egypt. Whatever Ado and Sherif have presented, the underlying RED thread has been culture evolution of the team. I am extremely proud to see that when we got the engagement results, that Egypt really moved to be in our top five countries by engagement. When we walked market one or two months back, hopefully what you will experience today, you will see that spark in the eyes of competent, motivated, hungry people. That's, for me, the best representation of the culture when we see how those people who are interacting with customers, really how they feel and what they radiate. I like to say that in our business and what our nucleus of our business is, we can be most competent and most motivated many roles, but if we don't ensure that with those who are every day with customers, our model cannot work. It's as simple as that. We all play a role and remind ourselves that culture has to serve the purpose and help those who are every day directly selling and serving customers, and those who are helping to sell. If either of us cannot answer the question, am I selling or helping to sell in our culture, then I think that person or that role will have a problem because you are either of the two. That evolution is just going to keep amplifying that in new, creative, fresh ways. Yeah. He keeps coming back on a guidance with CCBA pro forma, but I will give again the same answer. Until we are down through the completion of the transaction, I think we need to be a little bit more patient, and we will come with a very specific guidance for the midterm. The fundamentals are excitement about CCBA and the work we're going to do with The Coca-Cola Company is definitely about growth that will also translate to earnings. That's what I can say for now. Great. Can we go to Aron? Thank you. Aron Adamski at Goldman Sachs. I think at one of your previous bite-size events, you highlighted that Nigeria is one of the most efficient businesses when it comes to OpEx as percentage of sales. I was wondering, when you compare and contrast Egypt today to where Nigeria is, how does it compare and where do you see further opportunities for improvement over the coming years? Let me take that one because that's a bit of whole group and comparing business units. Yes, Nigeria is one of the most efficient when it comes to their OpEx as percent of revenue. Equally, what we have to say is that for Egypt, you need to also understand since the acquisition to where we are today, they had to deal with certain, not just volatility from currency devaluations, but had an accounting translating element on OpEx as percent of revenue. Maybe you remember in 2024 we were discussing about the remeasurement on intercompany loans, it's not a quite fair comparison. What I can say is that the team here has performed a series of restructuring and efficiencies when it comes to the route to market and addressing certain productivity elements, which we expect them to remain on a recurring basis on the efficiency level. We will look, of course, into more opportunities, on the same time, in Egypt, there is a certain element of stepped up in investments that had an impact on certain incremental marketing investments as you have seen executing in there, which has elevated the OpEx as percent of revenue. Overall, we are positive and as Kostis was saying earlier, we have seen a good progress over the last year since we see this stabilization in their margins, and we expect to continue to see the same going forward. Yeah, that's very helpful. When it comes to, you showed on the slides you have an ambition for double-digit sales growth. I guess with all of that comes a lot of operating leverage. Internally, when you think about it, how much of it will you let drop through to the bottom line or are you going to reinvest most of it since there is so much to go after in Egypt? You mean for Egypt now or? For Egypt, yes. For Egypt, the big element is the quality of the revenue, as you mentioned, which is coming of course from the volume growth and the very positive price mix, then the mix you saw from all the initiatives and from the adults and the energy, but also wherever are opportunities in Coke through lightweight and reformulations and also the distributor model that we moved, which is quite important for the cost to supply efficiencies. This can give the scalability, can give the operating leverage opportunities that we saw already in the gross profit margin quite heavily. To your question, to what extent of that will purely grow to 100% on the margin or being reinvested back in the business? The answer is the same as we do across the group. We always make sure that we continue to reinvest for the growth of the business. We said that before also on, I think there was a CapEx question on whether we will continue to do that, and yes, equally, the productivity efficiencies and whatever leverage we drive through is not just to 100% squeeze, let's say, the margins out of the business, but actually create a space to allow for the marketing investments, for the executions, for the people investment, the capabilities built up that will continue to generate growth and accelerate the growth of the business. Not 100%, definitely, as we have not done across the group, but certainly, an improvement will be there as well. Thank you. Great. Let's go to Simon. Simon Hales from Citi. Following up on some of the comments there. Can you talk about where the return on invested capital is of the business in Egypt now? Clearly, you've had some geopolitical and macro headwinds to contend with, which clearly see an acceleration, particularly more recently, in the business. Are we at the point now where we really start to see the returns of this business step up towards the cost of capital that you laid down at the time of the acquisition in 2022? Since you're looking at me, I'll take it. Although Kostis is ready to say about Egypt, I know you want from me on that one. As you would expect, given the timing of the acquisition and what has happened in the meantime, you would expect that the return on invested capital of Egypt is below the average of the group. We are pleased with the progress that we have seen happening, especially since 2025. Of course, it's not there when it comes to the WACC, the stability that we have seen happening over the last year, certainly it's closing it and it's starting to develop. It's a bit on the near term still, right, we will continue to invest in the business. We don't expect it to be at the levels of the overall group, we are very pleased with the performance and the progress that we see going forward. Can I ask a second one, a more general one around the Egyptian business more broadly. Is there anything particular we should be aware of geographically within Egypt? Do you have a different share in Cairo compared to other major markets? Is there any particular learnings you can take from somewhere you're more dominant versus competitors into other regions, or are all the comments you've really talked about today, national comments, there's not a great deal of regional difference? Thanks for the question. Operating in a country with nearly 120 million people, there are differences Absolutely. The Mediterranean area and Alexandria comparing to Upper Egypt, which is Luxor and Aswan, there are differences. There are difference, the consumption patterns, there are differences in the payment point of those people. We absolutely using those data insights and analytic in our capabilities, how specifically address those regions. Having said that, there are the different performance in the region as well, and difference the KPIs and targets that we are looking for those areas. Operating such a massive market, of course, we need to have bit double-click in granularity how we activated outlet in the Mediterranean in the June versus the January. How those outlet playing the role in the Ramadan, how in the peak season when it's hot. There are the absolutely too many algorithm that we are putting in all the tools, and really then together with The Coca-Cola Company, developing the plan how really to capture the maximum value and opportunities out of those areas. You may have heard when we talk about the overall AI and data capability, we talk a lot about micro-segmentation, which is very important these days. While here we share the full story, this is an outcome overall out of very segmented plans, city by city, area by area, customer by customer, especially in the era of AI, where everything is about individual overall targeting. You cannot go and you cannot create a one-size-fits-all in terms of the how of the strategy. Yeah. If I may just add, even in Cairo, where we are today, there are difference to activate Giza around the pyramids and New Cairo. It's totally different. In approach, in packing size, in OBPPC. Even within one city, you don't need to go out to see the differences, but in the way how we are activating different area, even with one city. Just to build on that. Simon, I want to build on what Ado and Naya said, using little hook to make two points. One is that we were last month in north of Egypt, Alexandria, Marassi, that whole north coast strip. To see the situation on the ground, how it was 18 months ago and how it is today, it was very inspiring to see from two. It comes with everything that Naya and Ado said, really pleased to see that this is not only about Cairo, but really looking the whole country. That brings me to second point, which makes me want to really make sure that I make this point while we are all together and with everyone on webcast. We really see Egypt as a tremendous long-term opportunity. It is inspiring to see how country is developing. One thing is what we do here with our business that deals with the market, but also Egypt is becoming one of our corporate service center locations. Two days ago on Sunday, we had the opening of our new digital hub that we are opening here in Cairo, leveraging on the fact that there is excellent, vast population of highly educated people from Cairo University and other universities here. We had an event with Minister of Finance, Minister of Investment and Foreign Trade, and other officials and partners, where they could see already 250 people employed on the journey to have 450 people next year. From here, we are serving, and various products that we talk today that you will see later in the market, they are all produced here. This is just to say that we have confidence and belief that infrastructural and overall economic development of the country is evidently progressing in a beautiful way. We see huge opportunity that our presence will be stronger, more widespread, both in the outlets but also for the group and how much we can leverage the talent, human capital of Egypt for the purpose of our whole group. Just wanted to make that point that, yes, we are here today because we wanted to show the progress, what's happening on the ground, but to really provide perspective on why we really see Egypt in a much more leveraged way. Great. Let's go back to Sanjheet. Hi. I've a couple more questions, please. Firstly, on pricing. You've seen a lot of pricing in the last few years and have successfully navigated the FX headwinds. I notice in Q1 your pricing stepped down to around 5%, which feels like it's probably below inflation. Can you just walk us through that kind of step down and, when you talk about double-digit organic growth expectations in the medium term, what role does pricing play in that after the heavy increases, and would you expect double-digit volume growth within that organic revenue expectation? Thanks. I can take. Is this for Egypt or for the Yeah. Egypt. Okay, great. Yeah. I would start with really the pricing, how it was playing the critical role over the last couple of years. We don't look the pricing just for the one quarter. I want you really to look the pricing for over the years and the CAGR. If you extrapolate how the pricing initiatives is acquisition and how we navigate the business through inflationary pressure and currency devaluation of Egyptian pound, you will see that overall, with the pricing, we cover equally the overall the cost coming from the Coke's inflation and also the covering the currency devaluation. Over the last three years and period, we really do see that we are covering in full, even with exceeding the overall inflationary, looking to the three-year CAGR. Moving forward, overall, Naya mentioned and Zoran repeatedly the RGM framework and the pricing definitely will remain the important factor of driving out the double-digit revenue growth organic and also the revenue per case. However, I really want to emphasize another things and the important part of our business, which is mix performance. It's not just the pack mix. There is a category mix, the pack mix and channel mix. There we really see tangible impact that we are doing this year as well. We are step up in a single store mix. We step up in a category mix, leveraging together with The Coca-Cola Company and the Passion Point. Within the category, we see the Schweppes outperforming or Coke outperforming other brands for the more premium versus the affordability. Energy, the business we just elaborate today, how that bringing overall incremental and revenue in absolute algorithm. I would say that moving forward, be looking for a more balanced double-digit revenue coming from the volume, pricing, and mix, everything blended with the good execution in the market. Yeah. If I can add a little overall on pricing to what Ado mentioned. Pricing for us is not a task. Is one part of the overall RGM, which has many other elements when it comes to the mix that Ado mentioned and not only. We follow three principles overall. One, it is data-driven, so using always prediction and different simulation models based always on elasticities. The second one is being proactive, and this is where smart pricing gets in, or we see different scenarios when it comes to inflation. As Ado mentioned, it is not like a quarterly tracking. We go for the long term in terms of sustainable growth. There is the element of agility, which has to do with making sure that we are continuously tracking it as well as we apply, if needed, contingency planning, contingency scenarios. These are related to principles. Great. I will wait and see if there is a few more questions in the room, but in the meantime, I have got one on the webcast. You talked to the integration framework for Egypt as well as the opportunities that were presented, and some look to be quite low-hanging fruit, such as the introduction of energy, implementing the RGM framework. When you look at integrating CCBA, where do you see similar opportunities? Some of that we might have covered, but I just wanted to make sure we address that one as well. Maybe Naya, I will hand to you. I would just say, at this moment of time, I will repeat what I mentioned earlier that all these markets, every market in CCBA is very different. It starts from a different base overall. In terms of low-hanging fruits, I would start from the two that we keep referring to, the revenue growth management and route to market. There is a lot to do there when it comes to the next phase of growth. That said, respecting overall the different maturity level that each of these market is today. The plus one I would put there is obviously all these capabilities are landing into the execution excellence that we are mentioning before. It is not about the blueprints and the frameworks, but we want to see that everything is landing into best-in-class execution in the outlet and best-in-class overall customer relationships. Many things there to do, but as I mentioned, they are already in good shape in many of these markets and looking forward to start getting there, and see how we can lift and shift some pillars, but at the same time getting learnings from them and apply in other markets. Fantastic. Any final questions in the room? Aron? Yeah. Thank you. I just wanted to follow up on the mix of CapEx that you've given in one of the slides. Given that this has been a bit of a turnaround story, and you had to put new production lines, accelerate cooler expansion, should we expect over the next three, five years the mix of CapEx to be different than it was last year? Are you more focused on coolers now that you have the production capacity, or is it going to be probably similar? We follow the growth agenda here. Coolers remains important to increase and to cover the market. Of course, the capacities and of course, the sustainability initiatives, which remain quite critical. I believe the mix will remain the same. Thank you. Fantastic. Oh, Charlie. I am over there. Thank you. Charlie Higgs from Rothschild & Co Redburn. I just wanted to ask about the resiliency in Egypt and how it differs now versus when you bought it. It feels like a lot of good work has been done on affordability. Are you able to maybe share what affordable price points are as a percent of the portfolio and where you see it going forward? Then perhaps on some of the localization to reduce the hard currency exposure, could you perhaps elaborate on what you did there in Egypt, please? Yeah. Thank you for the question. When we acquired the business in Egypt, we did not have really the strategy behind how we are tackling affordability overall in the market. We have the RGB, the business in Egypt, but it was declining. 20 years we have that business here, but it was no structure in a place and what we are doing with those overall, the packs. We took the learning from Nigeria, and we totally repositioned overall that affordable pack, and we launch in a two packs, 192 and 350. 192 being the lowest affordable price point for the sparkling drink at the market. Then combined with the 350 pack, which is a second pack on affordability. Third, we launched the 300 mL PET. Why I am bringing all those three-pack. Coming back to the question about the region differences in specific, which I already elaborated. Upper Egypt, for instance, they're looking for the absolute low price point, that's why with RGM framework, we launched 192 at the 8 EGP on that market, on that part of the Egypt market. 350 RGB, we cover broader Egypt, covering the Delta region, partially of the Cairo. Utilizing all the data insights, analytics, we really go, what is the best way to activate the less affluent in rural areas? Those packs since acquisition are now turning to the great performance. RGB, overlooking to the cover period of last three years, we're growing 18%. After the three years prior sharp decline. Even looking to the results in Q1 of this year, nearly 70% we're growing on RGB. Is it opportunity there? Yes. At the moment, that business represent around 4% of our total business. I need to say that we are absolutely leader in this segment. 80% is a market share on affordable segment versus the Pepsi, it's more to come. Maybe over to Kostis on the second part on the hard currency exposure. Localization. The question was, can you repeat, please? Coverage of FX exposure. Yes In the country with local supply. Yes. First of all, we utilize the group procurement capabilities. We turned a lot of the contracts that used to be on foreign exposure, we managed to make it local. Also quite important, the pricing was of course, covered part of this FX exposure. Of course, there are different other tools like hedging. We had the capital injections there. We had also intercompany loans, which helped us really to cover this very extreme volatility. Charlie, just to put a little bit things in perspective, the overall, just from the time of the acquisition when the FX exposure on local suppliers was above 50%. Today, this is dropped to, let's say, the levels of 30%. Okay. On the same time, as Kostis said, what we need to understand is that we're leveraging the overall group capabilities, which is also coming from a very strong established group treasury and procurement operations that are reducing certain level of exposures with the hedging. At the earlier stages in Egypt, hedging in a foreign currency was not possible, right? The market has been opening up since they let the Egyptian pound free float in Q1 2024. From then on, ensuring liquidity in the market with moving from intercompany loans to capital injections, covering existing loans, FX exposure has been some of the activities we have done to make sure. That's a playbook that we bring forward from our experience in Nigeria, Egypt, and tomorrow in CCBA eventually. Thank you. Then my follow-up question was just on the shared service center and the digital hub that you just opened. Can you maybe just outline what the ambitions are for the shared service center, what you plan to maybe move over there, how broad the remit will be, and whether it has enough capacity one day to cover CCBA? This is one of our three shared service centers, actually now becomes the biggest one by number of employees. It's here in Cairo, it's Sofia in Bulgaria, and it is Athens in Greece. With the growth that we are anticipating for next year, yes, we are first of all covering the needs of the current Hellenic footprint, and we will look and see and definitely take into account how do we also embed Coca-Cola Beverages Africa into the thing. I cannot exactly say now, but will that be sufficient with the forecasted number of people or there is going to be more? Clearly, we see the value in having this in-house team. I want to emphasize, Charlie, that the opening of Cairo Hub is a result of our insourcing strategy. Some years back, there was this fashion of outsourcing, and we have identified roles that we find extremely important that we want to have in-house. Today, when we see from a number of tools, products, platforms, 50% or even more is actually everything produced in-house. Where on many of our products, we own the IP rights, and that really becomes an important element of many tools in the commercial ecosystem, and also our supply chain ecosystem as the tool that interact extremely close. Just to give, let's say, broader perspective, what is this part of and how much this internal, let's say, development, it is happening here. One good example of that we are extremely proud that we have done is our own Sales Academy in the metaverse that we have done leveraging AI and metaverse space where we have done that with our strategic partner. We are the ones owning the IP rights, and we will be taking this further, for example. Okay. Fantastic. I think that is our last question. We are coming up on time, perfect. Thank you all very much for your attention. We hope this has given you a great insight into Egypt. We look forward to speaking to you again soon. I will hand back to Zoran just to- I just want to, before you close- Yeah I just want to recognize that this journey that we've seen and we highlighted very well. I feel I really want to recognize also our strategic partners, Coca-Cola Company. We have here Luís, President of Africa, Brian, who is also Ado's partner in Egypt, and the whole Coca-Cola team, where whole journey and everything that we do is happening because of our complementary synergistic partnership level that especially comes to be tested when some hard and challenging times are coming, and we had fair share of that in the last few years. We've seen how we hold hands together, and that's extremely motivating and inspiring, and I really feel to recognize how we work and what we do together with Coca-Cola Company and as well with Monster Energy Team. These partnerships are part of our uniqueness and strength. That's also part of our belief, what we can do together in the years to ahead. The best is yet to come. Fantastic. Thanks, Zoran. Great. I will hand back to the operator to close the webcast online.