First Quarter 2022 Trading Update

Strong performance despite turbulent environment 

Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods business and strategic bottling partner of The Coca-Cola Company, today announces its Q1 2022 trading update.

First quarter highlights

  • Focused execution of our strategy and continued reopening drove broad based growth, with Q1 organic1 growth of 24.2%
    • Q1 organic revenue growth excluding Russia and Ukraine +25.9%
    • Ongoing strength in the Emerging segment despite tough comparatives
    • Value share gains accelerated, with Sparkling +240 bps and NARTD +190 bps. Volume share also continued to expand
  • We continue to provide urgent support and financial relief to our people and their families impacted by conflict and the human tragedy in Ukraine. In addition, together with The Coca-Cola Company, The Coca-Cola Foundation and other bottlers, we have committed $15 million to support humanitarian relief efforts in the region
  • Organic volume growth of 11.3% continues to be driven by priority categories in our 24/7 portfolio: Sparkling +10.0%; Low/no sugar sparkling +45.3%; Adult sparkling +22.9%; and Energy +31.7%
  • Pricing and other Revenue Growth Management actions drove organic revenue per case growth of 11.6% with improving category, package and channel mix. All three segments executed on pricing plans to manage increased inflationary pressures with no negative impact on volumes
  • Egypt added nearly 12 percentage points to reported volume growth and 7 percentage points to reported net sales revenue in Q1. Integration of the business is progressing ahead of expectations
  • As previously announced, we are working in close alignment with The Coca-Cola Company on the implementation of the decision to suspend its business in Russia. We can confirm that as of 8th of March we stopped placing orders for concentrate in Russia and ceased investments in the market. As per our announcement on 3rd of March, our guidance for the current financial year remains withdrawn

Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented:

“We are deeply distressed by the unspeakable tragedy and ongoing human suffering in Ukraine. We stand with our colleagues and all those affected.  We continue to prioritise the safety of our people and their families and are providing practical and financial support, as well as donations for humanitarian relief in the impacted region.

Alongside this, the people of Coca-Cola HBC have continued to execute our growth strategy, delivering strong top line growth, which was well balanced between volume and revenue per case.

The inflationary environment has only intensified since our last set of results, and this is why I am so pleased to see the effective use of our Revenue Growth Management capabilities, including pricing, visible in our performance. There are several other highlights from the quarter including welcoming Egypt to the Group, ongoing strong performance from Sparkling and Energy and, in particular, the very strong market share performance which continued to accelerate in Q1. 

We have high confidence in our portfolio, evolving route to market, customer-focused commercial strategy, the potential of our diverse markets, and above all, the capability of our people. We remain agile as we prioritise our investments, with discipline, across the rest of our markets to continue to drive sustainable growth despite the uncertain environment.”

1Perfomance, unless otherwise stated, refers to organic growth measures. For details on Alternative Performance Measures (‘APMs’) refer to ‘Alternative Performance Measures’ and ‘Definitions and reconciliations of APMs’ sections.

Segment highlights

  • Established: Targeted execution in the out-of-home channel allowed full benefit from reopening, which gained pace in the quarter
  • Developing: Broad-based volume growth across markets and a strong recovery in Poland as we cycle the implementation of the sugar tax
  • Emerging: Strong momentum continues despite more challenging comparatives and impact of conflict in Ukraine 


Q1 2022 vs Q1 2021
growth (%)

Net sales revenue


Net sales revenue per unit case














Established markets







Developing markets







Emerging markets








1For 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 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 715 million consumers across a broad geographic footprint of 29 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 Coffee, Valser, Römerquelle, Fanta, Sprite, Powerade, FuzeTea, Dobry, Cappy, Monster and Adez. We foster an open and inclusive work environment amongst our 36,000 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