Good start in a challenging environment

Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods business and strategic bottling partner of The Coca-Cola Company, today announces its 2021 Q1 trading update.

First quarter highlights

  • Good FX-neutral revenue growth, +2.7% or +6.1% like-for-like1, driven by Sparkling and Energy, the Emerging segment and strong execution in the at-home channel
  • Growth accelerated in the Emerging segment, while the Established and Developing segments continued to be impacted by COVID-19 related restrictions extending through most of the quarter
  • Volumes up +1.5% or +4.7% like-for-like1; Sparkling and Energy together grew 10.7%. The comparative period in 2020 had 3 fewer selling days but also benefited from 2.5 months of pre-pandemic trading
  • FX-neutral revenue per case +1.2% or +1.3% like-for-like1; continued strong category mix and pricing in several markets
  • Gained or maintained value share in Non-alcoholic ready-to-drink and Sparkling in the majority of markets
  • Costa Coffee roll-out continues to progress well; now selling a range of formats in 16 markets

Segment highlights

  • Established: Sustained positive price/mix development despite ongoing restrictions in the out‑of‑home channel
  • Developing: Sugar tax implementation in Poland progressed as expected with volume recovering at the end of the quarter. Pricing taken to offset this tax had a 10.3pp impact on Developing price/mix
  •  Emerging: Continued strong momentum in Nigeria and accelerated trends in Russia, with both markets growing volumes double-digit


Q1 2021 vs Q1 2020

growth (%)

Net sales revenue


Net sales revenue per unit case


FX - neutral2



FX - neutral2


Total Group






Established markets






Developing markets






Emerging markets









“We have had a good start to the year despite the continued impact of the pandemic, with revenue growth led by Sparkling, Energy and strong execution in the at-home channel. Our operational agility, flexible route to market and strong customer relationships mean that we are well placed to capitalise on the reopening of the out-of-home channel. In the meantime, our diverse and balanced geographic footprint has allowed us to benefit from accelerating revenue in the Emerging market segment, while lockdowns continue to impact most European markets.

The speed and shape of recovery from the pandemic remains uncertain, but Q1 puts us on track to achieve our 2021 guidance for a strong recovery in FX-neutral revenues, along with a small increase in EBIT margin.”

Zoran Bogdanovic Chief Executive Officer of Coca‑Cola HBC AG

1Performance, 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. For the Group’s growth including the performance of Multon as a joint operation in the current period, refer to the relevant table in the ‘Supplementary information’ section.

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


Coca‑Cola HBC Group

Coca-Cola HBC is a growth-focused CPG 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 3 continents. Our portfolio is one of the strongest, broadest and most flexible in the beverage industry, offering consumer-leading partner brands in the sparkling, juice, water, sport, energy, plant-based, ready-to-drink tea, coffee, adult sparkling and premium spirits categories. These brands include Coca-Cola, Coca-Cola Zero, Schweppes, Kinley, Royal Bliss, Costa Coffee, Valser, Romerquelle, Fanta, Sprite, Powerade, FuzeTea, Dobry, Cappy, Monster and Adez. We foster an open and inclusive work environment amongst our more than 27,000 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