Third Quarter 2021 Trading Update

Focused strategy drives acceleration in growth and share gains

Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods business and strategic bottling partner of The Coca-Cola Company, today announces its 2021 Q3 trading update.

Third quarter highlights

  • Strong Q3 FX-neutral revenue growth of 17.1%. Sharp acceleration on a 2 year basis, closing 16.8% up on Q3 2019 or 8.9% ahead YTD, on a like-for-like basis1
    • Targeted execution captured the summer season and we benefited from the reopening of the out-of-home channel; Emerging segment strength continued
    • 70bps of value share gained in non-alcoholic ready-to-drink (NARTD) YTD
  • Volume growth of 13.1% was supported by priority categories in our 24/7 portfolio: Sparkling +13.1%; Low/no sugar sparkling +54.6%; Adult sparkling +27.5%; and Energy +29.4%
  • Price/mix up 5.1% YTD and up 3.5% in Q3 on a tougher comparator; all three segments saw price/mix expansion gain pace versus 2019
  • Rigorous COGS management and disciplined OPEX control
  • On track to complete the acquisition of Coca-Cola Bottling Company of Egypt by Q1 2022
  • Announced commitment to achieve net-zero emissions across the entire value chain by 2040

Segment highlights

Rebound in Established and Developing segments adding to continued strong results in Emerging

  • Established: Sustained positive price/mix development and volume recovery propelled by good execution during the summer season, and out-of-home channel reopening
  • Developing: Q3 segment volumes slightly ahead of 2019 despite Polish sugar tax
  • Emerging: Strong momentum in Nigeria and Russia in the period despite higher comparators


Q3 2021 vs Q3 2020

growth (%)

Net sales revenue


Net sales revenue per unit case


FX - neutral2



FX - neutral2


Total Group






Established markets






Developing markets






Emerging markets






Year to date 2021 performance, unless stated otherwise, is negatively impacted by the change in classification of our Russian Juice business, Multon, from a joint operation to a joint venture, following its re-organisation in May 2020 as well as positively impacted by the acquisition of Bambi in June 2019 when compared to the 2019 performance.

2 For details on Alternative Performance Measures (‘APMs’) refer to ‘Alternative Performance Measures’ and ‘Definitions and reconciliations of APMs’ sections.


“We delivered a strong acceleration of performance in Q3, the result of targeted and well-prepared execution during the summer season, as well as continued growth momentum in the Emerging segment.

We accelerated FX-neutral revenue growth across all segments on a two-year basis and drove a faster pace of market share gains in the quarter. This performance is due to the strength of our 24/7 portfolio, our revenue growth management capabilities, the adaptability of our route-to-market and most critically also thanks to the agility of our people who bring our strategy to life in the marketplace through close partnership with our customers.

In the current inflationary environment impacting all industries our revenue growth management tools, as well as our ability to take price in the context of robust insights and analytics, will be critical. Our actions in 2021, as well as the plans we have for Q4 and beyond will help us to mitigate the current challenging cost environment. I am pleased to reiterate our guidance for 2021 of a strong recovery in FX-neutral revenues and a 20-30bps EBIT margin expansion.”

Zoran Bogdanovic Chief Executive Officer of Coca‑Cola HBC AG

Coca‑Cola HBC Group

Coca-Cola HBC is a growth-focused consumer packaged goods business and strategic bottling partner of The Coca-Cola Company. We create value for all our stakeholders by supporting the socio-economic development of the communities in which we operate and we believe building a more positive environmental impact is integral to our future growth. Together, we and our customers serve more than 600 million consumers across a broad geographic footprint of 28 countries on three continents. Our portfolio is one of the strongest, broadest and most flexible in the beverage industry, offering consumer-leading beverage brands in the sparkling, juice, water, sport, energy, plant-based,
ready-to-drink tea, coffee, adult sparkling and premium spirits categories. These beverages include Coca-Cola, Coca-Cola Zero, Schweppes, Kinley, Costa, Valser, Romerquelle, Fanta, Sprite, Powerade, Fuze Tea, Dobry, Cappy, Monster and Adez. We foster an open and inclusive work environment amongst our more than 26,000 employees and we are ranked among the top sustainability performers in ESG benchmarks such as the Dow Jones Sustainability Indices, CDP, MSCI ESG and FTSE4Good.

Coca-Cola HBC has a premium listing on the London Stock Exchange (LSE:CCH) and is listed on the Athens Exchange (ATHEX:EEE). For more information, please visit