Feedback from our Paris roadshow We spent some time with Carlsberg''s CFO, Ulrica Fearn, in Paris. Overall, we felt that the tone from the company was one of measured confidence with the key messages on the long-term growth outlook for the business being aligned with those given at FY23 results. Gross margin recovery Carlsberg expects to recover its gross margin to pre-pandemic levels (by which it means c.48-50%) over time. The key levers to this gross margin expansion are expected to be: continued pricing; premiumisation (including the benefit of both country / product mix); and COGS reduction (through cost efficiencies in procurement, production and pack / product simplification). Brand re-investment Part of the gross margin recovery will be re-invested into marketing and selling expenses to support the growth of Carlsberg''s premium brands. Carlsberg does not feel that it is lacking brand equity anywhere, but the investment will support continued premiumisation. Carlsberg is keen to stress that this increased investment behind premium brands will not just be in Asia but will include the core Western Europe markets. European pricing Pricing negotiations in Europe have been tough and there have been some ups and downs, but overall Carlsberg has got the pricing it set out to (in the negotiations that have been concluded so far). See within for more colour