1Q24 for Delta was encompassed by rapid devaluation of the local currency and a notable uplift in inflation. Policy interventions by authorities however resulted in more stable exchange rates, tight local currency liquidity and increased use of foreign currency for domestic transactions in 2Q24. Consumer spend was buoyed by stable USD pricing, improvements in wages and salaries and election-related financing. In the South African market, consumers were impacted by weakened purchasing power, whilst in Zambia, inflation had started to pick up in response to a depreciating currency, removal of subsidies, and maize shortages. Group volumes for Delta remained strong as the company leveraged new investments into capacity. The group commissioned a lager beer glass packaging line at Southerton Brewery, a PET packaging line at Graniteside, and the Chibuku Super plant and packaging line at Harare Brewery. Lager beer volumes grew 13% y/y to 1.17mn hectolitres despite supply challenges for certain brands and packs. The sorghum beer volume in Zimbabwe grew 4% y/y to 2.17mn hectolitres with market share retreating slightly from 94% to 93%. Sorghum beer in the Zambian market saw continued recovery with volumes growing 67% to 0.65mn hectolitres whilst volumes in the South African market remained flat at 0.78mn hectolitres. Operations at United National Breweries in South Africa reached break-even point within the period. The Sparkling beverages volume grew by 17% for the six months compared to the same period last year, with the volume recovery accelerating in the second quarter. Market share in the segment posted a slight recovery from 63% to 65%. Afdis aggregate volumes grew 10% y/y benefitting from improved product availability while Schweppes volumes grew 7% despite supply shortages of bottled water and minute maid. The proportion of foreign currency sales in the period was over 80% as the economy pivoted more towards USD transactions. Revenue grew 9% to US$376mn, while indicative EBIT in USD terms saw a 10% increase to US$85mn. EBITDA margin slowed marginally from 27% in 1H24 to 25% in the period under review. The Group registered basic earnings per share of USc 5.60 and subsequently declared an interim dividend of USc 1 per share payable on or about the 12th of December 2023. Shares will be trading cum dividend until the 28 November 2023.