Lauren Lieberman

we'd just love a little perspective on how you might compare the plans that are in place for this year's holiday season versus last

how you think about the relative health of the Jack Daniel's and Woodford Reserve brands, frankly, I guess, in the Forester today versus where you were back in kind of 2015 to 2017

if you could just give us an update maybe on absolute inventory levels, particularly in the U.S.

I just wanted to clarify what's built -- is there an improvement built in or not

I felt like you had some pretty pointed commentary on the competitiveness in the market and emphasizing that you take a multiyear view

I was just curious if you could speak a little bit about progress on cooler placements. I know that was a big focus for this year

I would 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

your perspective on the consumer’s ability to absorb pricing—not necessarily how you will mitigate cost inflation, you have been clear there—but broadly, the ability to absorb pricing should the in...

how much couponing is currently part of your strategy, how much activity there's been?

in the release, you talked about that as of April 1, you'll exclude the businesses that you're going to be divesting or exiting or excluded from results

Hoping you guys could talk a little bit about India, just with the GST change and just some volatility there

just curious about kind of the longer-term outlook and ability to keep driving positive price in Europe

I was just curious, any particular markets where you would call out the need to do that

Turkey and South Africa. And when I look at the dynamics for the APAC region in Africa, Eurasia, sequentially

thoughts on the next leg? Will you be announcing a kind of 2030 strategy?

sort of anything that you could add on where you stand? You said, I don't know where -- when during the quarter you felt you reached stabilization

there's packaging, but also some mentions on value and competitiveness, which did suggest potentially some price changes.

household volumes were down quite a bit in the quarter, but you did call out Kingsford being so strong. So I just wanted to just check in on kind of what's going on in some of those other businesses.

I'm curious if you could just elaborate a little bit on kind of what went better than expected on International

perspective on exposure to department stores, willingness to kind of continue to make kind of bold moves in that sense to exit channels outright

what you're doing to drive stronger, let's call it, like, everyday performance and to generate excitement outside of those key historically key holiday periods

I was hoping you could talk a little bit about volume trends versus price mix

how are you thinking about the balance of channels in North America?

when you think you can be below 10% of products sourced from China in the U.S.? I know you -- of course, you've got planned many plants around the world

Wanted to talk a little bit about reformulation opportunities in particular and just what you are seeing in the marketplace in terms of customer demand specifically around reformulation

In the slides, you mentioned you had favorable net pricing. I was just curious if that's comparable to what peers are doing

I want to talk a little bit about what you're seeing at a market level from kind of global multinational customers versus local and regional, any sort of difference in performance

I sensed a change potentially on time line to separation is sort of like at or before by year-end '26 or we'll be ready to go

where you stand on some of that messaging to really promote the idea of at home coffee being an affordable solution

talk a little bit about the shipment timing that you mentioned in the prepared remarks on North America

I wanted to know if you could talk a little bit about the shape of the P&L in '26 and '27

performance was so strong there this quarter and really was quite different than what we saw in scanner

when we can expect to start to see volume growth coming through from other markets because we're very US and China weighted at the moment

I just have a question about trademark Coke. So Henrique, you mentioned the relaunch of Zero-Zero in Europe

North America operating margin expansion, another strong year and now at 30% margins for the first time in this operating unit

I wanted to ask you guys a little bit about local competition in various markets

I was struck by the use of the phrase word pivot

I want to talk a little bit more perhaps about the actions you're taking in the U.S. you called out, consumer softness

perspective about the consumer environment globally, particularly in developed markets where U.S. sentiment has been so mixed

is it reasonable to think about the biggest brands, the biggest countries, the biggest innovations, focus the dollars there now, do that immediately

I was curious what the route to market is for the other categories there

talk a little bit about margin structure or how to think about the cost implications of taking the portfolio and your big core brands

I'm curious on what kind of uptake you're seeing on that front

how the business can deal with some of the new legislation around, ingredients and colors

China of 3% this quarter. Just if you could give us a sense for how the market performed in your categories?

what gives you confidence in the near-term acceleration that you mentioned a couple of times

what do you think maybe needs to change, and maybe we can focus just on North America, to widen that gap back out

would love to get your latest readout since your behavior in these regions and, you know, kind of what are you planning

I was hoping you could also comment on what you're seeing in terms of consumer behavior and dynamics

how you're thinking about the modular capacity build-out over the next couple of years, managing that against growth projections

Is the Beer Business currently USMCA certified so we can get some visibility on what is baked in terms of tariffs with regard to Mexico

Are you starting to move into implementation mode, any kind of key thoughts as you move forward on that front?

is there a point where you'd consider addressing pricing? Is it a matter of more marketing?

Is there anything you can share with us on what you won't be doing this year that you had originally planned

a step up in promotional activity, both with Premium Life, but also in the above premium space