What happened? We have received the latest Nielsen retail off-trade data for the Western European carbonated soft drinks industry, covering the four weeks to 30/11/2025 (''November''). Please let us know if you would like to see our detailed database for more comprehensive details on the performance by supplier, country....etc. BNPP View: Industry perspective CSD off-trade retail sales grew by +2.8% in the 4-weeks to 30th November, a modest improvement from +2.6% growth in October, with volumes declining by -0.2% (vs. October -0.3%) while price/mix was +3.1% (vs. October +2.9%). The November data led Q4TD off-trade retail sales growth to +2.7%, a sequential improvement from +1.5% growth in Q325. Company summary CCEP retail sales grew by +2.2% in November (vs. +1.2% in October), with volumes -0.7% (October -2.2%) and price/mix +2.9% (October +3.5%). By market, CCEP saw slightly better November performance in Germany and the non-tracked markets, partially offset by softer sequential trends in Spain. Carlsberg (Pepsi + Britvic) retail sales in the UK grew by +6.6%, following +6.4% growth in October, with volumes +4.5% in the latest 4 weeks (vs. +5.4% in October). CCH sales in Italy grew by +1.9% in November from +3.0% last month, with volumes +2.9% (October +2.5%) and price/mix -0.9% (October +0.5%). Fever-Tree UK sales were -0.4% (vs. October +0.3%) driven by a sharp decline in volumes (-7.6% vs. October -2.0%) which was only partially offset by improved price/mix (+7.8% vs. October +2.3%). Summary Europe / UK /