Hello, and thank you for standing by, and welcome to today's Coca-Cola Europacific Partners Full Year 2024 results conference call. At this time, all participants are in a listen-only mode. After the speaker's remarks, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. I must advise you that today's conference call is being recorded. I'd now like to hand the conference over to Vice President of Investor Relations and Corporate Strategy, Sarah Willett. Please go ahead, Sarah. Thank you all for joining us on this lovely day today. I'm here with Damian Gammell, our CEO, and Ed Walker, our CFO. Before we begin with our opening remarks to remind you of our cautionary statements, this call will contain forward-looking management comments and other statements reflecting our outlook. These comments should be considered in conjunction with the cautionary language contained in today's release, as well as the detailed cautionary statements found in reports filed with the U.K., U.S., Dutch, and Spanish authorities. A copy of this information is available on our website, www.cocacolaep.com. Prepared remarks will be made by Damian and Ed, followed by Q&A. Unless otherwise stated, metrics presented today will be on a comparable and FX-neutral basis throughout. They will also be presented on an adjusted comparable basis, thus reflecting the results of CCEP on our Australia, Pacific, and Southeast Asia Business Unit, APS, as if the Coca-Cola Philippines transaction had occurred at the beginning of last year rather than in February when the acquisition completed. Following the call, a full transcript will be made available as soon as possible on our website. I will now turn the call over to our CEO, Damian. Thank you, Sarah, and many thanks to everyone for joining us today. I'd like to just start off with a recap on our strategy, which continues to deliver. Our value creation is clear, with 2024 being another solid year for CCEP and a year that saw us further diversify with the addition of our great market in the Philippines. I'd like to start today by thanking all of my colleagues at CCEP for their ongoing energy, hard work, and continued commitment to our customer and to our business. As always, this is underpinned by our strong aligned relationships with both The Coca-Cola Company and Monster and our other brand partners. We will touch on many of these themes today, all of which contributing to our TS R of more than 160%. Just turning to our key messages, we enjoyed a great finish to a solid year with robust top and bottom line growth. We are more geographically diversified, with the strong performance of our higher growth APS markets helping offset some softer volumes in Europe, which reflected some strategic delistings, mixed summer weather, which we've touched on before, and softer demand in our away-from-home channel. I'm particularly happy to have grown share ahead of the market and led on value creation for our customers. Alongside ongoing productivity gains, we drove impressive comparable free cash flow of over EUR 1.8 billion. Looking ahead, we have strong investment and commercial plans in place to drive growth both in Europe and APS in categories that continue to grow. We are therefore confident that we will deliver on our midterm growth objectives. Our full year 2025 guidance, combined with the resumption of our share buy-backs, also announced today, demonstrating our ability to deliver continued shareholder value. Now to some of the key performance highlights. We delivered a great top-line performance, reflecting underlying volume growth with transactions ahead of volume and solid gains in revenue per unit case. This was driven by revenue and margin growth management initiatives and our continued focus on our price and promotion strategies. The NARTD category grew in volume and value in both Europe and APS. We grew our value share by 40 basis points in the home channel, while also making gains in away from home and critically online. In the Advantage survey with our customers, CCEP was registered again as a top-tier supplier. Our strong top-line performance, together with the delivery of our efficiency programs, drove a solid operating profit growth of 8%, with operating margin expansion in both Europe and APS, and diluted earnings per share growth of 6.5% on a comparable and FX-neutral basis. Again, we generated impressive comparable free cash flow of EUR 1.8 billion after investing over EUR 1 billion across our business in the areas of capacity, technology, and digital, and also supporting the early return to our target leverage range. We delivered healthy dividend growth and have today announced a new EUR 1 billion share buy-back program. As ever at CCEP, we remain focused on great people, great brands, great execution, all done sustainably. I'll now share a few brief highlights on these topics for last year. As ever, starting with our people, we continue to build the capabilities of our teams. For example, our partnership with the London Business School has upskilled over 500 of our executive leaders. We continue to be recognized internally and externally. We saw record scores in our engagement survey, placing CCEP among the best of its peers as a great place to work. Recently, the Top Employers Institute recognized CCEP as a top employer across many of our markets. Finally, committed to building an even more inclusive and diverse culture, we welcomed another 9,000 colleagues to CCEP with a seamless integration of the Philippines business. On our brands, we are extremely privileged to make, move, and sell the world's most loved brands, in which we continue to invest to make them even better and to appeal to even more consumers. Category highlights are included in today's release. Overall, it's fantastic that in Europe, for example, the Coca-Cola trademark remains the biggest FMCG brand, with Monster the third fastest growing. We delivered innovation across the board through packaging, flavor extensions, special collaborations, and a lot more. A bit later, I will share with you some of the brand plans in place for 2025. As a bottler, great execution is always a key priority for us at CCEP. We continue to create leading value for our category, adding well over EUR 1 billion of value to our retail customers. Activation both in store and online is key. Last year, as you know, was a standout with the summer's iconic sporting events, namely the Olympic and Paralympic Games in Paris, the Euros in Germany, and the America's Cup in Barcelona, providing us with a powerful platform. We also increased our share of cold drink space with even more cooler placements, all helping our brands to reach more households and to improve our share across our categories. Our customers and consumers rightly expect our products to be made to the highest quality and safety standards. In that context, we recently had a small issue with some products manufactured in Belgium late last year. This was deeply unfortunate in nature, but we are pleased that this was quickly resolved and has naturally led to appropriate learnings being incorporated into our product safety and quality procedures with new protocols put in place. Now on to our sustainability highlights, for which we continue to be recognized externally, including retaining our inclusion on CDP's A-list for climate, now for the ninth year, and maintaining our MSCI Triple-A ESG rating. We are also recently included in Sustainalytics' ESG Top Rated Companies for 2025, which rated CCEP number one in the food and beverage category. We continue to invest in sustainability-focused technology through our ventures arm across ingredients, manufacturing, and packaging to support our decarbonization journey. For example, Avalo using AI to develop a low-carbon sugar crop with higher yields and improved drought resistance. Just one example of how this sustainability journey makes CCEP a better business. Before I hand over to Ed, I'd just like to call out the Philippines, which will soon reach its first birthday in the CCEP family, and what a year it was having delivered double-digit volume growth. Underlying market demand in the Philippines was strong, which with great execution drove nearly 300 basis points of value share gains to a record high at an impressive 75% sparkling and 50% NARTD share. This translated into very healthy operating margin expansion of around 200 basis points. I've said it before, but the more time I spend in the market, the more excited I become about the addition of the Philippines into the CCEP family. We see lots of opportunities, both long and short term, which naturally will be led by Coke trademark. We all see opportunities in other areas such as low and no sugar, energy, and our recently launched ARTD brands. Our strong focus on capital allocation and our long-term mindset will ensure we will invest in this exciting business to support and lead the market's long-term growth expectation. So given the positive outlook, we are accelerating some of our CapEx plans in that market. I know many of you are coming to our capital markets event in the Philippines in May, where the leadership, local teams, and I look forward to showcasing this market. We will also be bringing Indonesia to Manila so on Indonesia, whereas clearly the Philippines had a standout year, our Indonesian volumes, similar to many other Western brands, were significantly affected by geopolitical events. We did, however, see encouraging sparkling growth in less affected parts of the country, and the transformation of our route to market has progressed well, so we will ensure Indonesia continues to be fit for the future. I wanted to not only recognize the fantastic efforts made by our Indonesian business in this challenging environment, but also to reiterate that CCEP, we continue to believe in an exciting and long-term opportunity in this market. However, given the context, business performance is naturally behind plan, leading to a non-cash impairment charge in our full year 2024 results. Ed will touch more on this shortly. So now I'd like to hand over to Ed to take you through our financials in some more detail. Ed. Thank you, Damian, and thank you all for joining us today. So firstly, to our financial summary. So we delivered revenue for the year of EUR 20.7 billion, an increase of 3.5%, and in line with our guidance. While comparable volumes were flat for the year, underlying volumes were up 0.7% when we take into account the effect of strategic delistings, principally Capri-Sun in Europe. As Damian mentioned earlier, we also felt the impact of adverse weather in Europe, particularly during Q2 and Q3, which contributed to softer volumes, particularly in the away-from-home channel. Volumes in Europe were down 2.4%, or 1.4% on an underlying basis. Volumes in APS were up 4.9%, driven by the Philippines, but also reflecting impressive growth in the Pacific Islands and Papua New Guinea. We delivered strong revenue per case growth of 2.7%, reflecting positive headline pricing and promotional optimization, with a focus on consumer price relevance, all built on data and insights. We had favorable brand mix, which was partly offset by geographic mix, driven by the strong growth in the Philippines, which is coming from a lower revenue per unit case. Cost of sales per unit case increased 2.6% in line with guidance, cycling high single-digit growth in 2023. This reflects our increased revenue per unit case, driving higher concentrate costs through our incidence pricing model, and inflation in manufacturing offset by the mix impact from the stronger growth in the Philippines, which has a lower cost of sales per unit. A breakdown of this is all provided in the appendix to the presentation. OpEx as a percentage of revenue was 22.5%, an improvement of 50 basis points. All these elements combined drove operating profit for the year of EUR 2.7 billion, up 8%, and an operating margin of 12.9%, an expansion of around 50 basis points. On a reported basis, operating profit declined by just under 9%, reflecting higher business transformation costs to support our growth and productivity programs, and the EUR 175 million non-cash impairment charge relating to the carrying value of Indonesian business unit, which Damian referred to earlier. We delivered diluted earnings per share of EUR 3.95, up 6.5% on a comparable and forex neutral basis. This was driven by our operating profit growth, in part offset by the higher non-controlling interest and interest charges, both driven by the Philippines and by a higher effective tax rate in line with guidance. Comparable free cash flow generation continues to be a core priority for us, delivering an impressive EUR 1.8 billion. Our return on invested capital increased by 50 basis points to 10.8%, driven by the increase in profits after tax and our continued focus on capital allocation. And finally, on shareholder returns, we paid a total dividend per share of EUR 1.97, up just over 7% for the year. Now on to efficiency and productivity, where we have a proven track record of delivery. As a reminder, our current program aims to deliver between EUR 350 million and EUR 400 million of efficiencies by 2028. In its first year, we've delivered around EUR 80 million, earlier than planned and ahead of our original guidance of EUR 60 million-EUR 70 million. Around half of this came from supply chain initiatives in Europe and Australia, alongside further leveraging of our digital and shared service capabilities in Bulgaria. Looking ahead to 2025, while we still expect to see inflationary pressures on the business, particularly in labor, we're confident of continuing to drive further efficiencies in line with our plans. One example relates to the further optimization of our German network, leading to the closure of the Cologne site and the consolidation of warehousing facilities, which also generates carbon benefits, and as previously referenced, all the benefits of these programs and the cash restructuring costs to deliver them are included within our guidance. Turning now to free cash flow, as I said, a core priority for us. The EUR 1.8 billion of comparable free cash flow generated translates into a very healthy free cash flow conversion to net profit, and this bridge lays out the key components, including ongoing cash restructuring costs, as I mentioned earlier. Recognizing the importance of targeted investment, we spend around EUR 1.1 billion on CapEx on supply chain, digital and technology, as well as more cold drink equipment. Examples include new canned lines in GB and Australia, a new PET line in Papua New Guinea, and a new RGB line in Germany. We're also entering the build phase of our new unified SAP architecture, having successfully completed the design phase. And finally, as you know, driving working capital benefits remains a core focus for us. So I'm really pleased that we delivered yet another year of benefits, taking the cumulative amount to more than EUR 1.5 billion since 2017. And that impressive free cash flow generation has driven sustained deleveraging over time. This enabled us to return to our target leverage range of 2.5 to 3 times EBITDA one year ahead of plan. Which brings me on to our capital allocation framework, which is unchanged. We remain focused on ensuring we maintain a strong and flexible balance sheet, operating within our leverage range, and with a strong investment grade rating. We continue to benefit from a balanced debt maturity profile with an attractive total weighted average cost of net debt expected to remain around 2%. We've touched already on CapEx and restructuring spend with our guidance on capital investment unchanged for 2025, which implies well over EUR 1 billion of spend to support our growth plans. Of course, we remain alert to value accretive M&A should the opportunity arise. And finally, as Damian referenced earlier, we are committed to delivering shareholder returns. These comprise our annual dividend payout ratio of around 50%, and as of today, our new share buyback program of EUR 1 billion to be executed over the next 12 months. Before I move on to our guidance for 2025, I wanted to share a few comments on two well-trailed portfolio changes that will increase our alignment with the Coca-Cola Company and unlock further growth opportunities. The first is the transition from Nestea to Fuze Tea. Following a successful rollout in Europe, Iberia is the last market to change to this better and bolder platform in the growing tea category. As you would expect, this has been well planned. Distribution is going well with both home and away-from customers, supported by great marketing, and the second relates to the end of our partnership with Suntory Global Spirits, running until the end of June in Australia and the end of December in New Zealand. This paves the way for the start of the multi-year transition to launching ARTD offerings, as we've seen in Europe and the Philippines, but in Australia now extended to the Coca-Cola Company's recently acquired popular vodka-based Billson's brand. Just to note that both of these exciting changes are reflected in our full year 2025 guidance. A brief reminder of our midterm objectives. These are unchanged, and we remain confident in their delivery, as Damian mentioned earlier. Which then brings me on to our full year 2025 guidance, reflecting our current view of the market conditions and is aligned with these midterm objectives. Touching briefly on some areas by exception. We expect revenue growth of approximately 4% and to be more balanced between volume and revenue per case compared to last year. From a phasing perspective, I would call out that in Q1, we will annualize the impact of the Capri-Sun strategic delisting, and Easter this year will fall in Q2 versus Q1, and we have two less selling days in Q1 versus last year. On cost of sales, we expect this to grow by around 2%. As I mentioned earlier, our concentrate costs are tied to our revenue per unit case growth, and we anticipate broadly flat commodity inflation, on which we are approximately 80% hedged for full year 25. We do continue to see inflationary pressures in labor within manufacturing, partly offset by our combined efforts on efficiency. We have the throughput tax impact from the GB soft drinks excise tax changes announced late last year, with the offset within revenue. Finally, the mixed benefit of higher anticipated volume growth in the Philippines, given its lower cost of sales per unit case. Our effective tax rate for the year is expected to be around 26%, up from 25% last year, reflecting differences in the mix of taxable profits across our markets and our current assessment of uncertain tax positions. We expect to generate at least EUR 1.7 billion of comparable free cash flow, and our new EUR 1 billion share buyback program will commence imminently to be executed over the next 12 months through to February 26. We broadly expect any accretion this year flowing through from 10 of the 12 months of the share buyback to be offset by the anticipated higher effective tax rate and the growth in non-controlling interest, given the positive outlook in the Philippines. Now back to Damian. Thanks, Ed. Just turning to what we talked about earlier. We are confident in our ability to deliver approximately 4% revenue growth in 2025 and beyond. This will be driven by these four levers: balance between healthy underlying volume and revenue per unit case growth. Before I share some examples of what gives me confidence for this year, I did want to call out that we exited 2024 with a good December and that this has continued into January. On our portfolio, there is a lot to be excited about across our great brands, and as always, consumer-led and consumer-focused. For Coca-Cola Original Taste and Coca-Cola Zero Sugar, new flavors continue with the addition of lime, and later in the year, watch out for new fruit eye-catching graphics across our packs. The new Diet Coke campaign, This Is My Taste, fronted by our new brand ambassador, Jamie Dornan, is gaining momentum. For Fanta, an upweighted choice of flavor extensions, including Tutti Frutti. In energy and Monster, as well as new additions to the juice range, we're excited about the new collaboration with Lando Norris and the McLaren F1 Team. We continue to expand our portfolio to capture new opportunities in areas such as sports and ARTD, as Ed referenced. In sports, I was really excited to hear about the young Spanish star and Powerade fan, Lamine Yamal, who has entered into a multi-year deal as a Team Powerade athlete, which will resonate well with our consumers, build affinity, and drive preference for this terrific brand. In ARTD, we are continuing to build our presence in this growing segment with the launch of Bacardi and Coca-Cola and adding new flavors to existing ranges like Absolut and Sprite Watermelon. Now to our customers. Our customer relationships are always front and center, and what a great retail foundation to be the number one absolute revenue growth creator. Full year 25 pricing is largely in place, including GB and Germany, executed later last year, with other negotiations well advanced. We continue to leverage our best-in-class revenue and margin growth management tools and capabilities across our broad pack offering, as you see here. I'll highlight a few recent customer wins, including Alsea, a multi-brand restaurant franchise operator in Spain, Subway in GB, and Gerry's Grill, a 110-plus restaurant chain in the Philippines. As I touched on earlier, we are fanatical about in-market execution and activation, whether in-store, online, or in outlet, all to drive distribution of our great brands and visibility every day. We love creating engaging displays, especially around key holiday events, all well planned across the calendar year. All driven by the largest sales force in FMCG, nearly 9,000 in total, powered by technology, enabling more contact with more customers. We're investing in more coolers this year, aiming to add over 100,000 across our Coke trademark and Monster. We continue to accelerate our digital capabilities, like adding even better functionality to our B2B portal, myCCEP.com, to make life even easier for our customers. We believe there are few eB2B platforms in Europe delivering annual revenue of nearly EUR 2.5 billion in the FMCG space, and we're also improving our forecasting accuracy with machine learning and AI. In Germany, for example, 80% of our SKUs no longer require any human intervention. This has driven best-in-class forecasting accuracy and a 2% improvement year- on- year. And better forecasting means more cases delivered to our customers on time and in full. Geographically, our diversification across 31 markets with leading market positions makes us stronger. This is evidenced by our performance last year. Going forward, we ultimately recognize that volume and revenue growth in Europe is critical for CCEP across sparkling, energy, and other NARTD. We are, however, excited by the balance of exposure we now have to higher growth markets where we continue to build our capabilities. In my mind, these include not only the Philippines and Indonesia, but also Papua New Guinea and the Pacific Islands. They represent half of our markets, which have been growing revenue last year by around 10%, clearly demonstrate their power as an organic top-line accelerator for CCEP. And so to conclude, we are very well placed for 2025 and beyond. We are confident we have the right strategy, done sustainably to deliver on our midterm growth objectives. Our full year 2025 guidance, combined with the resumption of share buy-backs, demonstrates the strength of our business and our ability to deliver continued shareholder value. We look forward to sharing more on our exciting future at our capital markets event in Manila in May. So thank you very much. Ed and I would now be very happy to take your questions, and I'll hand the call back over to you, Operator. Thank you. We will now begin our question- and- answer session. As a reminder, we kindly request only one question per analyst. If you would like to ask a question, please press star 11 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 11 again. Please stand by while we compile the Q&A roster. This will only take a few moments. We will now take our first question. Please stand by. The first question comes from Mitch Collett from Deutsche Bank UK. Please go ahead. Your line is now open. Hi Damian. Hi Ed. Hi Sarah. My question's a very quick one. Can you give some color on why you've chosen to increase the free cash flow guide? Is that all driven by operating profit, or are there other lines within cash flow that are helping you to have a higher level of free cash flow going forward? Thank you. Thanks, Mitch. Yes, so we've increased the guidance to at least EUR 1.7 billion. Obviously, we did EUR 1.8 billion in 2024, which we're very pleased about. So it's really just the increased confidence that we have in the business and the ability for the business to generate operating profit growth and value, and then us to convert that into free cash flow. We are keeping some flexibility within that because, as we said in the prepared remarks, we have over EUR 1 billion of CapEx investment planned, and we're keen to invest to unlock that growth across our markets. So yeah, we're pleased to be saying at least EUR 1.7 billion for 2025. Very clear. Thank you. Thank you. We will now take our next question. Please stand by, and the next question comes from Matthew Ford from BNP Paribas Exane. Please go ahead. Your line is now open. Thanks. Afternoon, Damian and Ed. My question's just on, I suppose, on the Philippines, Indonesia. So it's sort of two in one, really. But on the Philippines, I just want to get a sense of how you finished the year. You talked about solid trading in Q4, and you spoke overall about trends improving across or continuing to perform well in Q1. But just get a sense of how the Philippines is going and what your expectations are for the year. And then just on Indonesia, clearly still a difficult market to operate in. Just be great to get an update on the boycotting situation, what you're seeing, if you've seen any kind of improvement in the last weeks and months there. Thanks. Yeah, thanks, Matthew. Maybe I'll start with Indonesia. So it's fair to say our business has stabilized very well there in light of some of those geopolitical challenges. As you know, it's a big, big country, which is one of the reasons we remain very excited about it for the long term. What is interesting, and I've just got back from a trip down there, is there are certain areas more impacted than others where we see less of an impact. We see our brands growing high single-digit to mid-teens. So I think that gives us confidence that the changes we've made, both in terms of route to market, our pricing strategies, and the marketing push with the Coca-Cola Company are working. Obviously, we'll continue to keep a close eye on the situation. As it improves over time, which it will, I think the changes that we've been able to make in the last year will really pay off, particularly our route to market change, some of the restructuring we've done, and I'm particularly excited as we move into Ramadan. We've got a great campaign around Sprite, so definitely more to come in Indonesia. As I mentioned in my prepared remarks, a big call out to our team there. Challenging when you've got some of those macro elements out of your control, but I think they've continued to focus on the long term as we have, and that will pay out in Indonesia for that, I'm sure. On the Philippines, yeah, great year last year. Great finish of the year, so Christmas is a really big occasion in the Philippines, and our teams locally really made the most of it. Record volumes, that continues into 2025. Yeah, and I just call out that we'd see the Philippines pretty much in line with our midterm guidance, so high single-digit growth. We've talked many times that one of our priorities is margin expansion. We're seeing that coming through. Some of the capital that we're deploying is unlocking that. Yeah, so another great start to the year in the Philippines, and looking forward to another very, very strong year from that business. Thank you, Matthew. Thank you. We will now take our next question. Please stand by. And the next question comes from Eric Serotta from Morgan Stanley. Please go ahead. Your line is now open. Morning. Good afternoon. Thanks for taking the call, taking the question. Hoping you could give some color on what you're seeing in energy. Six and change% growth, you called solid or strong, but it's certainly a slowdown from what we've seen over the past few years. Any color on energy as 2024 unfolded and your expectations for 2025? Yeah. Thank you, Eric. I mean, relatively speaking, energy was still the standout category if you look at growth across most of our markets last year, and I see it continuing to play that lead. Yeah, on a percentage level, it was slightly down. A couple of things I'd call out. We are looking at expanding energy into newer markets, so Indonesia, Philippines. I touched earlier on the pipeline of innovation coming from Monster, so it continues to be a very exciting, innovative category for us. I see it returning back to that more high single-digit growth, so I don't see anything in the category that points to that being a sustained slowdown. In fact, I think it's getting more competitive, so we see a lot of people investing in the category, which will generate growth. Clearly, that puts an emphasis on us being at the top of our game with the Monster company, which we are. So great pipeline of innovation, particularly in Western Europe, gaining share, launching it into some of our more emerging markets where I think it'll play a role long term. And that gives me confidence that we'll continue to see energy leading our growth against our midterm guidance. Thank you. You will now go to our next question. Please stand by. And the next question comes from Lauren Lieberman from Barclays. Please go ahead. Your line is now open. Great. Thanks. Hi, everybody. I know in the release you flagged some away-from-home weakness in Europe. And so I'd just like to talk a little bit more about plans to help support that channel this year, particularly in light of what remains a pretty stretched consumer backdrop, and you've had a lot of other beverage companies broadly talking about the challenges in that set of outlets. Thanks. Yeah, thanks, Lauren. So I'd probably call out a couple of areas. I think one, the brand innovation that we showed a bit earlier, I think, will definitely play into that channel in terms of bringing excitement to the consumer and to our customers. So we've got some specific programs, particularly on Coke trademark, that I won't talk to in detail for obvious reasons coming into the summer. But I think once they hit the market, you'll see very much targeted against the consumer in the away-from-home segment. So we really want to support the consumer. Our pricing is moderated in that channel. So we think price relevance is in good shape. I referenced as well in the prepared remarks. We will be stepping up our cooler investments. That is a key support to the away-from-home channel as well. A lot of our digital-led campaigns will be focusing on helping our customers drive incidence in store and drive traffic. Then finally, we're also winning a lot of new business in the away-from-home area. I think that also supports our growth ambition in that channel. So I do see 2025 being a better year in away-from-home, particularly in Europe. I think the steps we've taken will support that. Then obviously, we're looking forward to a summer, and that will definitely unlock growth. So yeah, they'd be the four pillars that I would talk to Lauren. Okay. Thanks so much. Thank you. We will now take our next question. Please stand by. And the next question comes from Edward Mundy from Jefferies. Please go ahead. Your line is now open. Afternoon, Damian, Ed, and Sarah. Just coming back to the volume piece within Western Europe, I mean, you managed to generate about 8% EBIT growth in 2024 despite European volumes down two and a half, nearly two and a half. I know you don't guide for volumes, but if you were to get a percentage of volume growth in Europe, would there not be quite a favorable implication for EBIT given some of the operating leverage that would kick off? Just trying to square that circle with regards to your 7% EBIT growth and your sort of higher free cash flow guidance as well. Go ahead, Ed. Yes. So thanks, Ed. Well, I think the first thing to say is that it's still very early in the year, and we're here in February, and so as we look forward, we want to give guidance that we're confident in delivery for the year. You're absolutely right, 4% is above the 3.5% from a revenue perspective that we did in 2024, but when we look at the mix of that revenue for 2025, we think more of it will come from volume, as we mentioned earlier, and less from revenue per case, and actually, as you look through the P&L, that then has less of accretive effect because we obviously need the cost of that extra volume to go through the P&L, so that's the reason why we're maintaining the 7% guidance, approximately 7% guidance for the year, and the same goes for our free cash flow. We want to maintain some flexibility as we go through the year, and as we talked about earlier, we have lots of opportunity to invest cash to unlock growth for the future. Just maybe to build on Ed's comments, I mean, as you'd expect, as a partner, we love volume. If I speak to my supply chain colleagues, what gets them most excited is more volume going through our plants and getting that leverage that Ed talked to. So you will see a more purposeful focus on quality volume in Western Europe in 2025. Touching back on what I mentioned to Lauren, that starts with away-from-home investment levels that are very, very strong. I think a lot of the marketing innovation that you're seeing from the Coca-Cola Company and from Monster will help us support that volume growth. If you look at last year, I mean, it was a bit bumpy both in terms of some of the macros, but also delistings like Capri. So the underlying volume performance is clearly stronger than it looks on a reported level. That also gives us confidence going into 2025. As I call it, we did finish the year strongly, and January started well. As ever, as we go through the year, we'll keep all of you fully updated on how we're seeing volume progress, particularly in Europe. And Damian, just as a follow-up, I mean, 2024 was a year of a lot of sport that didn't fully materialize from a volume standpoint because it was a washout summer. And it feels like 2025, you've almost got a lot more innovation than you normally would have to sort of lap the sporting summer. But given that you didn't have the benefit from the summer of sports, it does feel like the setup for 2025 volumes is quite favorable. Yeah. I mean, we were planning 2025 and 2023. So I mean, we'd obviously have higher expectations in 2024 that on the back of great assets that we would have strong volume growth in 2024. That didn't quite materialize as we would have liked. But that did give us the catalyst to make sure that 2025, from a kind of campaign and cycling those assets, that that work started in 2023. And you're seeing some of that coming through both in terms of Diet Coke, particularly in GB, some of the Fanta innovation that's hitting the market. Great summer campaign that I can't talk about for Coke, but that will all become clear pretty soon. Yeah. And innovation across our other brands. So it's probably one of the most exciting marketing and product calendars that we've had for a while. I think that's exactly what we need to stimulate that growth in Europe in particular. Great. Thank you. Thank you. We will now take our next question. Please stand by, and the next question comes from Sanjeet Aujla from UBS. Please go ahead. Your line is now open. Hi, Damian, Ed. My question's really around pricing and promo strategy in Europe. So I think you called out maybe some adjustments have been made in the away-from-home channel. But how are you thinking about the home channel? Is the plan still to price in line with CPI despite a more favorable input cost environment? Any context there would be helpful. Yeah, Sanjeet, yeah, broadly, you're spot on. I think we have a very good discipline and I suppose habit of taking what we believe are really good, relevant price moves every year. We'll continue to do that broadly in line with CPI, as you said. Beyond that, we have an amazing amount of investment deployed in our P&L on promotions. If you look at the amount, the number, the quantum, it's significant. So every% that we can make that work harder really adds both to the P&L but to the top-line growth. So I suppose on top of that CPI, we continue to use a lot of data analytics work and in-market testing to try and make sure that we're finding the most relevant price points, particularly on promotion. That's also very true for Australia and New Zealand. So yeah, CPI and then a more efficient and productive use of that promotional funding would be the two key elements for us in 2025. And on the second one, continuing to build that muscle of data and analytics to allow us to make better decisions, but also a bit faster. So you will see some changes in some of our promo strategies in our key markets in terms of multi-packs. We also believe that there's still premiumization in our markets. And I think that you saw on the slide earlier, the amount of SKUs we've deployed across our retail landscape gives us a chance to make sure we also capture some of those training-up opportunities, some of those personalization, mini cans. So I think as we've definitely played to a more, I suppose, price-sensitive consumer in some markets, we've also retained that premiumization, and people will still pay for that. So I think it's important to do both right. So that's kind of how we're thinking about it. But anyway, in summary, yeah, you're spot on. CPI is probably a good benchmark to think about our pricing. Just to clarify your point on changing the promo strategy on multi-packs, is that reallocating or stepping up promo to support that particular pack? No, it's all reallocating. I mean, we have a lot of investment deployed already. So it's not about more investment. It's about continuing to invest smarter, testing new ideas to see what resonates with the shopper. Yeah. So it's more efficiency, I would say, rather than a step up. Got it. Thank you. Thank you. We will now take our next question. Please stand by, and the next question comes from Bryan Spillane from Bank of America. Please go ahead. Your line is now open. Hey. Good morning or afternoon, everyone. Can you hear me? Yep. Hi, Bryan. Hi, Bryan. Okay. Great. Sorry about that. Hey, Damian, so maybe just kind of a bigger picture question. In the time since you've taken over as CEO, I think the enterprise value in the business has basically doubled, and also the free cash flow has effectively doubled as well, and I know over the course of the last, I guess, three months or so, with the potential for the addition of FTSE, you've been introduced to a lot of maybe investors that you wouldn't have been introduced to. Actually, it's Sarah that's probably done the bulk of that work, but so can you just kind of give us some perspective on what it would take to double again over the next eight years? How much of it was acquisitions? How much of it was operational? Just trying to give people a perspective on how this business can actually compound returns. It's a big picture question, Bryan. Thank you. Just to confirm, Sarah does most of the hard work when it comes to meeting new investors. We are getting an opportunity to tell the CCEP story to a lot more newer investors on the back of the FTSE conversation. That's been great. Yeah. Clearly, we're excited about where we've got with CCEP. If you look at our value creation, a lot of it's organic, right? We think we've done some really good M&A. Ultimately, what underpins this business is strong growth organically in our markets. If I was to, it's probably a boring answer, but it's kind of a red line through probably a lot of what we've talked about today. I think sustained quality, volume, and revenue growth is the key to doubling the business again. I think we get good leverage on our P&L. We've got enough capital. We've got great talent, so really, when I think about the next eight years, it's that quality top-line growth, volume, and revenue, with volume obviously being the priority in 2025, and then I think the innovation pipeline from the Coca-Cola Company. I didn't think eight years ago we'd be in ARTD. Who knows how big that's going to be for us? We've seen how big it could be in Australia. I think the energy category continues to deliver. Honestly, we've got categories that I feel we've not got the most value out of. One is sports and Powerade. There's more to go on Fuze Tea, so when I look at doubling the business, it would really be around that space. If there is M&A that is a creative and we can drive value for the Coke company, we'd definitely be interested. But it's probably going to be a more organic story going forward. I love M&A. It's gone really well. I have to say it's also good to focus on getting the most out of what you've already bought. And that's really what we're doing in 2025 and 2026. Thanks, Damian. Boring is a great answer, actually. Thank you. We will now take our next question. Please stand by, and the next question comes from Charlie Higgs from Redburn Atlantic. Please go ahead. Your line is now open. Yeah. Hi, Damian. Sorry, I hope you're well. I've got a question on the balance sheet and the Net Debt to EBITDA, which I think has come down very nicely to 2.7 times comparable EBITDA. And you've obviously announced a $1 billion buyback this morning. But I think on my numbers, even with that leverage, might fall a little bit in 2025. So can you just walk us through how you're thinking about cash allocation over the coming years? I know you've got some outweighed capital expenditure, but are you leaving some dry powder, maybe some M&A? It doesn't sound like from the last answer you were. So just how you think about the balance sheet over the coming years. Thank you. Thanks, Charlie. Yeah, good question. So yeah, we're delighted that we're now back in that leverage range at 2.73 and one year early. And of course, we've acquired the Philippines in that period of time as well. So as we look forward, I mean, we want to stay within that 2.5-3 range. We are leaving ourselves a little bit of flexibility. That's to allow for more cash investment in the business should the growth opportunities be there. But it's also to allow for variation in business results over time and potentially for some M&A. So we don't want to overcommit now and need to change that guidance and those expectations later. So we're leaving ourselves a little bit of flexibility. But we see ourselves continuing to operate within that 2.5-3 times range. And just to add to that, I mean, I think we're really happy that we could announce a share buyback 12 months. Clearly, to your point, Charlie, and to Ed's comments, that does leave some powder for M&A, particularly with that cash flow guidance that we've given today. So we've demonstrated we can create value, particularly for the Coke company and our shareholders. If there are opportunities, for sure, we're interested. I suppose, like we've talked about before, any ARTD and soft drinks seems to be a business that lots of people are attracted to get into. So finding bottling assets that are coming up is always going to be a priority. But it's probably getting a bit more challenging. But yeah, but we have the powder and we have the flexibility. And I think that's what we'll continue to focus on. Thanks, Damian. Thanks, Ed. Thank you. We will now go to our next question. Please stand by, and the next question comes from Robert Ottenstein from Evercore ISI. Please go ahead. Your line is now open. Great. Thank you, Mike. Thank you very much. So Damian, one of the great, I think, successes for the Coca-Cola system overall, of which you guys play a very key role, has been the greater coordination between the bottlers in Atlanta and the agility, the coordination on marketing, planning, obviously incentives. And I'm wondering if you could kind of maybe give us a little bit of sense of what sort of initiatives that the global system is doing, the sort of initiatives that Atlanta has been talking to you about as it relates to your business, both in 2025 and beyond. So we get a little bit of sense of kind of the bigger picture and how you're participating in those initiatives coming out of Atlanta. Thank you. Thank you, Robert. Yeah. So for sure, we are benefiting from the new, evolving marketing approach from Manolo and the company. I think that's driving a higher quality of engagement with our consumers. It's more productive and efficient. So we benefit from that efficiency in terms of marketing spend and allows us to connect with more consumers. So I think the way Manolo and the Coke company have evolved, the marketing structure is definitely helping us. Secondly, we're benefiting on the portfolio. So if you look at our plans, very aligned in terms of sparkling, flavor growth, Coke Light, Diet Coke. We're clearly learning from markets like Australia, the U.S., around sports and Powerade and how that becomes a mainstream category. We're curious about innovations as well that the company we've looked at a lot of the innovation out of North America, but globally. So we get great access very quickly to portfolio innovation. And then we kind of have a good conversation about how relevant that is for our consumers here or in Asia or Australia, New Zealand. A good example of that is ARTD, Bacardi and Coke, a great-looking pack. So we definitely benefit on their investment, the quality of output from the new model, the portfolio. And then an area that is getting better, and I would say we're still probably at the beginning, is really more around data insights and leveraging better that bridge between consumer, customer, and shopper. We've been working on that. Obviously, AI unlocks another tool to get into that quicker and to get more output. So that's probably an evolving area that I'm excited about over the next couple of years. Yeah. But overall, very aligned. I think we've talked about it before, Robert. I think the financial model on incentives just continues to drive the right behavior in the system. I see that every day in decision-making, and that gives me a lot of confidence. Yeah. And I suppose we all love great marketing. I mean, that's why we love this business. And when you see some of the product innovation or the quality of media copy or the online activation coming out of Atlanta, it's just going to continue to support that top-line growth objective. So a lot happening. Great. Thank you. Thank you. We will now go to our next question. Please stand by. The next question comes from Filippo Pietrogrande from JP Morgan. Please go ahead. Your line is now open. Hi. Good afternoon. Thanks very much for taking my question. I just had one on the Philippines, please. In your prepared remarks, you spoke about accelerating your CapEx plans in that market. And I just wanted to understand better what gave you the conviction to make that decision to accelerate the CapEx plans and if you could also share more color on what that accelerated investment will entail as well. Thank you. Yeah. Hi, Filippo. So really, it's all those extra cases that the Philippine team or the Tigers, as they call themselves, have delivered well ahead of our expectation in year one. Some of it's quite a linear investment behind extra volume. We've pulled forward a couple of lines that in our kind of five-year plan, they were in there. We're just bringing them forward. It's not a step up in our overall CapEx guidance, as Ed talked to. That remains intact. It's from within that guidance in 2025 of around circa 5%. We're also looking at, in line with our other markets, more cooler placements on the back of more volume. Then also, we will start to invest a bit more in technology and systems, as clearly that's going to be an area in such a high-growth business that we feel is really important. And then some of it's fundamental, which is bottles and cases. So a lot of that volume growth is coming from our refillable glass business. And that just requires a bit more CapEx to keep our lines running and make sure we've got enough stock. So from a CapEx deployment area, all good reasons and exciting. And as I said, the catalyst is really an overdelivery on volume last year, and that's flowing through into 2025 and beyond. I don't know. Ed, is there anything else that we? I think, and also some of that capital will unlock some of those mixed opportunities. So it's a very RGB-focused market, but we see lots of opportunities in cans, in PET. And so that investment as well is going to unlock some of those mixed opportunities. So we're very excited about that. And we're always happy to spend money on things that unlock that level of growth. Great. Thanks very much. Thank you. We will now take our last question. And the last question comes from Richard Withagen from Kepler Cheuvreux. Please go ahead. Your line is now open. Thanks. Good afternoon, Damian and Sarah. Just one question on going back to the energy drinks category. A two-part question. First of all, can you talk a bit about the competitive situation in the category? I think Red Bull has introduced a bit more flavors last year. So what's the competitive situation? And the second point is, is the cost of growth increasing in that category? Yeah. So as you'd expect, given it's consistently probably the fastest-growing segment within an NARTD, that brings in a lot of competition, not just from big players like Red Bull, but you'll see a lot more local innovation coming into the category, different price tiers. So it is evolving every year on the back of that high growth. So that competition really pushes us to be on the top of our game with Monster. You're correct. Red Bull have gone back into some flavor innovation. We also have probably enjoyed more growth in that space over the last number of years, and we'll continue to do so on the back of some of the juiced variants from Monster. So overall, healthy, competitive category, driving high single-digit growth over time. And our aim is to grow and take share in that category, and we're doing that. And it will probably remain one of the most competitive categories. It's not driving an increased cost of growth. In fact, as we grow, as Ed talked about, it is an area that we get better leverage on our fixed asset base. So in some ways, over time, our margins will improve in energy as well. So there's not a significant higher cost of growth. Yeah. And I don't expect that, but I do expect it to remain nice and competitive. Thank you. I would now like to hand the conference back over to Damian Gammell for his closing remarks. Damian, please go ahead. Thank you. So firstly, again, a big thank you for everybody taking time out this morning and this afternoon to join us. As we've closed out 2024, it was a great end to a very solid year at CCEP. Today, we're very pleased to announce our EUR 1 billion share buy-back that will start on Monday. As you've heard from both myself and Ed today, we're super excited about the investment and in particular, commercial plans to drive that quality growth for 2025 and beyond. And we look forward to you joining us on the ground in Manila in May, where we can showcase the growth and success of our Philippines business. And we'll also showcase the changes we're making in Indonesia to ensure the long-term success and health of that business. And we'll also give you, obviously, an update on how we see our European business as we head into the summer. So see you in Manila. And again, thank you for joining us. That concludes our conference for today. Thank you for participating. You may all disconnect.