| REAFFIRMING FY25 GUIDANCE[1,4] |
Outlook for FY25 reflects our current assessment of market conditions. Unless stated otherwise, guidance is on an adjusted comparable[4] & FX-neutral basis.
Revenue: growth of approx.~4%
Balanced between volume & revenue per unit case
Two fewer selling days in Q1, one extra in Q4
Cost of sales per UC: comparable growth of ~2%
Expect broadly flat commodity inflation (hedged at ~90% for FY25)
Concentrate directly linked to revenue per UC through incidence pricing
Operating profit: growth of ~7%
Comparable effective tax rate: ~26%
CAPEX: ~5% of revenue (incl. leases)
Comparable free cash flow: at least €1.7bn
Dividend payout ratio: ~50%[7] based on comparable EPS
Share buyback: €1bn over 12 months from February 2025
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