A：Coca-Cola's strategic priorities in recent years have been to accelerate its consumer-centric brand portfolio, strengthen its system, digitize the enterprise, and unlock the power of its people.

A：Coca-Cola's success is attributed to its operating model and brand portfolio, which have allowed it to grow and adapt to the market, as well as to the culture of taking risks, learning through iteration, and scaling successes that supports the company's growth.

A：Enrique Braun has had a significant impact on Coca-Cola, having worked across many functions and created value for the company's system on every continent. He is moving forward as the next chief executive officer, poised to bring new energy and continue the company's trajectory of growth.

A：Coca-Cola's highlights for the fourth quarter and full year 2025 include top-line and bottom-line guidance delivery, continued value share gain, volume growth, and strong operating margins. The company's performance was supported by ongoing efficiency initiatives and effective tax rate increases, leading to robust comparable earnings per share growth despite currency headwinds.

A：In Europe, several campaigns were activated to drive transactions, focusing on the holiday and the Winter Olympics. In the UK, they leveraged their English Premier League partnership for customized product offerings, in Italy they launched a music festival to kick off the Winter Olympics, and in various regions they used the Coca-Cola truck to follow the Olympic flame, among other local initiatives.

A：In the Asia Pacific region, revenue and profit declined during the quarter, although they gained value share and had flat volume. Volume growth in Japan was offset by declines in other areas, primarily due to softer consumer spending, weaker industry performance, and the impact of prior year's strong growth.

A：The company's strategy for long-term growth involves continuing successful initiatives, evolving where possible for effectiveness and efficiency, maintaining an incredible foundation of $32 billion brands, and focusing on quality leadership. They are responding to market dynamics by adapting quickly, leveraging their portfolio power, and investing for growth.

A：The three key areas for the new CEO's focus are: 1) Improving recruitment, especially among young adults, by integrating marketing campaigns with commercial education at the point of sale, 2) Getting closer to the consumer to improve speed to market and anticipation of the next growth opportunity, 3) Steering the future of the system with a focus on digital at the core of every connection with consumers, customers, and across the system.

A：For 2025, organic revenues grew by 5%, unit case growth was 1%, concentrate sales grew by 6 points, and price mix growth was 4%. Despite 5% currency headwinds, comparable gross margin and operating margin both increased by approximately 50 basis points. Comparable EPS of 58 cents was up 6% year over year, and free cash flow, excluding fair value adjustments, was $11.4 billion, an increase of about $600 million compared to the prior year.

A：The company's guidance for 2026 is an expectation of organic revenue growth of 4 to 5%, growth in comparable currency-neutral earnings per share excluding acquisitions and divestitures, and focus on investing behind brands for balanced top-line growth with volume as a priority. They expect divestitures to be an approximate 4 point headwind to comparable net revenues and a 1 point headwind to comparable earnings per share. They anticipate a similar impact from divestitures related to the sale of Coca-Cola beverages in Africa and the divestiture of Chi in Nigeria. The expected comparable earnings per share growth is 7 to 8% versus 2025. They also expect to generate approximately $12.2 billion of free cash flow in 2026.

A：In 2026, there will be a six-day additional benefit in the first quarter offset by concentrate shipment cycling and timing. The fourth quarter will have six fewer days, and there will be a loss of equity income due to divesting a Coca-Cola consolidated interest in November 2025. Assuming the pending sale of Coca-Cola Beverages Africa closes in the second half of 2026, the impact from acquisitions and divestitures is expected to be back half-weighted.

A：The company expects a more balanced mix of volume and price in organic sales growth in 2026, similar to the historical view where inflation stabilization leads to a balanced mix. For the first quarter, price mix was negatively impacted by geographic mix and timing. The company sees strength in everything they're doing and is being realistic about the need to improve to drive volume growth in 2026, while also addressing prudence in the face of challenges in India, China, ASEAN, and some European countries, as well as the Mexican tax headwind.

A：The projected balance between volume growth and price increases for 2026 is expected to be more balanced, with a shift from the previous quarter's 3% negative mix to a view that sees 4% underlying price and 1% volume growth. The company anticipates a script revenue growth quarter, which aligns with their delivery through scripts and back into the previous year.

A：The contribution from emerging versus developed markets to the 4 to 5% organic sales growth in 2026 will be influenced by the performance in India, China, various ASEAN and European markets, as well as the mitigation of the Mexican tax headwind. The company expects to see improvements in long-term volume growth contributors such as India, China, and other markets needing better performance.

A：To address the challenges faced in certain countries and markets, the company is focusing on having realistic and prudent expectations while leaning into growth. They are working on improving performance in India, China, ASEAN, and some European countries, and are implementing actions to offset the impact of the Mexican tax headwind. The company aims to see volume start to build back in countries that drive volume throughout the year, which may lead to a more balanced approach between price and volume towards the end of the year.

A：North America has been the performer over the last few years, tapping into various sources of opportunity and leading the way due to continuous improvement and investment in the supply chain.

A：Markets such as India and Mexico have been challenging or volatile in 2025. India has opportunities to improve, while Mexico will face volatility due to the implementation of an excise tax. Strategies to address these challenges include focusing on long-term market growth, continuing to gain share, and maintaining quality leadership, particularly in China where the company is investing despite industry dynamics and market volatility.

A：In China, consumer sentiment has expanded below pre-pandemic levels, despite the market's significance for the company in terms of volume. However, the company continues to win and maintain quality leadership in the market.

A：The company has been facing headwinds in Latin America but has built the right capabilities and addressed these challenges through strong foundations in RGM. In Mexico and other markets with the right momentum, the company is leveraging these foundations to implement its strategy effectively.

A：In North America for 2026, the business is expected to benefit from incremental satellite capacity coming in early in the year, with the potential for growth throughout the year. There are also expectations of a potential uplift from events like the World Cup in the summer. The brand is anticipated to continue growing, especially in sparkling and the core Coca Cola trademark, while also seeing encouraging results in the sports drinks category with Powerade and BodyArmor, and in SmartWater.

A：The company plans to continue growing and improving its business in North America by focusing on consumer resilience and driving these plans across different parts of the country with its partners. The strategy includes continuing the positive momentum, improving the online environment, and not changing the focus on consumers despite external pressures, which are expected to help in driving the business forward.

A：The company's approach to currency involves not specifying a precise guidance but discussing it in the context of the broader growth equation. The impact of currency on financial results is described as complicated and involves considerations such as investing currency benefits into the business or dropping them to the bottom line to make up for past issues like being stuck at a certain exchange rate for a number of years. The company's philosophy is to win in each market, invest consistently, and price appropriately against local market conditions and competitive backdrops.

A：The strategic rationale behind the company's hedging program is to remove the burden of non-market driven fluctuations at the local level and to provide clarity at the enterprise level to focus on growing US dollar earnings.

A：The company is well hedged against G10 currencies and emerging market currencies that are linked economically. The hedging strategy is to hedge economically viable exposures, with all of that being incorporated into the guidance of 1% NSR and 3% of net income.

A：The company views the impact of recent regulatory changes, such as the SNAP changes, as manageable. Consumers are expected to choose their purchases and use staff credits where applicable, and the company must adapt by providing the desired brands and beverage sizes at appropriate price points.

A：The company is facing a headwind due to the Mexican tax, which has been present since the beginning of the year. The company has a system in place that has been working well to manage such impacts across different packages, prices, and channels, allowing them to continue providing an acceptable impact to customers.

A：The three primary drivers of the mix impact are: emerging markets growing faster than developed markets (with typically lower margins), some categories in developed markets performing lower in the fourth quarter, and timing of marketing investments. The impact is expected to be a one-off rather than a trend going forward.

A：The main driver of the headwind in equity income is the sale of consolidated shares towards the end of the year, which impacts the equity income line.

A：With a stronger expected cash flow in 2026, the company is considering further investments into its 400 strategic priorities.

A：The underlying drivers include investments in the business, with a focus on franchise investments in Africa and India, investments in finished goods businesses around the world, notably with Fair Life, and shoring up capacity for the concentrate business. Additionally, the company is focused on utilizing cash for growth and continues to be proud of its 63-year track record of growing the dividend.

A：For 2026, the expected growth is 7 to 8%, which is a slowdown from the current year's performance. Factors contributing to the slowdown include market momentum in some areas and challenges in others, the impact of the tax case with the IRS, and the need for optionality due to specific variables and market conditions.

A：The executive chairman role involves being involved in operational matters at the behest of the CEO and includes a full agenda as the head of the Coca Cola Company. It also entails being the representative of the board on issues like capital allocation, risk, and long-term talent. This role is more involved than a traditional chairman role and is about helping bridge the transition and ensuring the best possible dialogue at the board level on these issues.

A：The company has been making great progress on innovation, moving from four brands to pruning and growing brands to accelerate the pace with brands that are better connected to consumers. With a focus on improving the 'batting ratio' of innovations, the company has been disciplined and has a better success ratio now. In a weaker global consumer environment, the focus is on bringing more localized innovation opportunities into the portfolio, which can potentially turn into billion-dollar brands and scale them further.

A：In India, plans include stepped-up marketing and innovation investments, continuing the investment ahead of the curve as part of the strategy, and focusing on digital investments to enhance the refranchised business. The company has been investing with bottling partners ahead of the curve, especially in new lines and infrastructure. India has a high digital infrastructure, and the company is developing a platform called 'Coke-burning' that connects bottlers to customers through a digital platform. This platform is growing and will continue to evolve to include an end-to-end digital platform for connecting consumers to experiences, thereby translating engagement into transactions.