The outlook for FY24 reflects our current assessment of market conditions. Unless stated otherwise, guidance is on an adjusted comparable & FX-neutral basis. Guidance is therefore provided on the basis that the acquisition of CCBPI occurred on 1 Jan 2023. FX is expected to be immaterial for the full-year.

Revenue : comparable growth of ~3.5% (previously ~4%)

• More balanced between volumes & price/mix than FY23

• Two extra selling days in Q4

Cost of sales per UC: comparable growth of ~2.5% (previously ~3%)

• Expect broadly flat commodity inflation

• FY24 hedge coverage at >95% (previously ~90%)

• Tax increase driven by Netherlands

• Concentrate directly linked to revenue per UC through incidence pricing

Operating profit: comparable growth of ~7%

Finance costs : weighted average cost of net debt of ~2%

Comparable effective tax rate: ~25%

Free cash flow: at least €1.7bn

Capital expenditure: ~5% of revenue excluding leases

Dividend payout ratio: ~50% [7] based on comparable EPS

Note: unless otherwise stated, guidance remains unchanged since the half year