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QUARTER-OVER-QUARTER 10 2023 GROSS MARGIN BRIDGE SEQUENTIAL IMPROVEMENT IN MARGINS DRIVEN BY INTRODUCTION OF EMEA PRICE INCREASES AND IMPROVING MIX EFFECT ACROSS REGIONS, OFFSET BY SLOWER RECOVERY IN CHINA POST COVID-19 RE-OPENING AND ONE-OFFS IN AMERICAS RELATED TO CO-PACKER CONSOLIDATION 15.9% 40 2022 COVID-19 ENVIRONMENT (0.8%) COVID-19 ONE-OFFS IN ASIA 2.4% NET SALES/LITER EMEA PRICE INCREASES, NET OF TRADE SPEND 1.4% MIX EFFECT COGS/LITER (2.0%) IMPROVING PRODUCTION MODEL AND CO-PACKER CONSOLIDATION, NET OF INFLATION 0.4% OTHER, NET 17.4% 10 2023 26

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