Ann: FY24 Results Update, page-2

Quickly scanning and comparing the volume figures from this update with Q3 we can see that there has been an improvement in growth rates for all three categories:

1. own brand volume, from +9% to +10%
2. partner brand volume, from -1% to +4%
3. contract brewed volume, from -29% to +0%

Similarly there has been an improvement in yoy underlying EBITDA performance, improving from -11% at the end of H1 to +16% at the end of H2.

The main disapointment remains the management of working capital which was an issue in December still needs to be improved.