Along with its annual report for 2024 on May 21, Kofola reported an 8% yoy decline in sales in the first quarter of this year, with volume down 9% yoy. This decline was due to stockpiling ahead of the implementation of a sugar tax in Slovakia. We expect costs associated with one-off campaigns to increase. Additionally, the weather conditions were unfavourable during the first quarter. In line with Kofola's expectations, we anticipate a nearly 8% yoy decline in sales to CZK1.9bn. According to our estimates, EBITDA should be CZK155m, and net loss should be CZK78m. Despite a very weak start to the year, we expect Kofola to reiterate its full-year targets.