What happened? This morning, we attended a sell-side analyst meeting hosted by Carlsberg''s management team in London. BNPP Exane View: Overall, management came across as being in a relaxed and confident mood. We summarise the key points of feedback below: Key points of colour: . Opening remarks: Carlsberg broadly ended FY24 as expected with Q4 seeing a continuation of themes in Q3. Looking to 2025, management feel very comfortable with the guidance given (in usual Carlsberg fashion) and it is not seeing further deterioration in any of its major markets. It is still early days in 2025, and it was not the intention to be particularly bullish on China, but Carlsberg entered the new year in a good position in China after the Q4 de-stock and saw good sell-in in January. Carlsberg does not yet have visibility on China sell-out numbers for January and so it remains to be seen how strong the sell-in will be in Feb / March. The Britvic deal has now been closed and after having the keys for a couple of weeks, there are no negative surprises, and the business case is confirmed. . China: Q4 growth in the Big Cities was better than in the Western stronghold, the difference was not dramatic did help to support mix for the overall business. Within each region (Big Cities and West) Carlsberg saw some downtrading and the on-trade channel remains very weak with the off-trade taking share. Consumers are not going out but there is still social activity and the off-trade is benefitting from higher marketing activity from the major players. Chinese beer market volumes declined c.-4% to -4.5% in 2024 which means the off-trade channel was quite resilient. For FY25, Carlsberg is not guiding to a China volume growth expectation (it is too early) but expects to outperform the market. The travel data around CNY is up around +5% and this is typically beneficial for the Western strongholds as people travel home. . Vietnam: Carlsberg''s expansion into the South is progressing...