2024 First Quarter Trading Update

Strong start; reiterating 2024 guidance

Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods business and strategic bottling partner of The Coca-Cola Company, today announces its Q1 2024 trading update.

First quarter highlights

Continued execution of our 24/7 strategy delivered 12.6% organic revenue growth1

  • Organic volume grew 1.8%, driven by good performances in Emerging and Developing markets; Sparkling volumes were stable, while Energy and Coffee delivered strong double-digit growth (up +37.3% and +34.3% respectively)
  • Organic revenue per case increased 10.6%, reflecting effective revenue growth management initiatives through the last twelve months
  • Reported revenue growth of 1.0%, with strong organic growth offset by FX translation headwinds in Nigeria and Egypt
  • Ongoing improvement in value share on top of strong gains in 2023; 120bps gain in Non-Alcoholic Ready-To-Drink (NARTD) and 70bps in Sparkling year-to-date

Organic revenue growth across all segments, led by a particularly good performance in Emerging

  • Established: Organic revenue up 5.1%, led by revenue-per-case expansion, with volumes impacted by tough comparatives
  • Developing: Organic revenue increased by 12.5%, with an encouraging improvement in volumes after a challenging 2023
  • Emerging: Organic revenue up 19.0%, driven by revenue-per-case expansion, and with a resilient volume performance despite macroeconomic headwinds and currency devaluation

Further investment in our unique 24/7 portfolio and bespoke capabilities

  • Single-serve mix in Sparkling increased 230 basis points, enabled by revenue growth management initiatives
  • Monster Energy Green Zero Sugar launched in 16 markets, supporting Monster’s continued strong growth
  • Coffee growth driven by premium out-of-home recruitment
  • Finlandia Vodka distribution expanded to a further 17 markets
  • Announced an agreement to acquire BDS Vending in Ireland, advancing our in-house capabilities in vending and enhancing our route-to-market capabilities

1For details on Alternative Performance Measures (‘APMs’) refer to ‘Alternative Performance Measures’ and ‘Definitions and reconciliations of APMs’ sections.

We have made a strong start to the year, with continued progress of our 24/7 strategy. Organic revenues grew by 12.6% led by our strategic priority categories of Sparkling, Energy and Coffee. We are also pleased to report another quarter of volume growth and market share gains.

During the period, informed by data, insights and analytics, we have accelerated investment in our unique 24/7 portfolio and in our bespoke capabilities, with several new brand launches and targeted initiatives across our markets. This ensures our continued strong in-market execution, in close collaboration with our customers.

Although we are mindful of the broader macroeconomic backdrop, we are confident in delivering our financial guidance in the year ahead and on making further progress against our medium-term growth targets.

Zoran Bogdanovic Chief Executive Officer of Coca-Cola HBC AG

Q1 2024 vs Q1 2023

Net sales revenue


Net sales revenue per unit case

Growth (%)







Total Group







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.


Business outlook

We have delivered a strong start to 2024. While we expect the macroeconomic and geopolitical environment to remain challenging, we have high confidence in our 24/7 portfolio and the opportunities for growth in our diverse markets, amplified by our bespoke capabilities, and above all, the talent of our people. In 2024 we expect to make progress against our medium-term growth targets.

We are confident in reiterating our guidance for 2024:

  • Achieving our mid-term target of organic revenue growth at a Group level of 6-7%
  • On a comparable basis, COGS per unit case should increase low to mid-single digits through the combined effect of inflation, transactional and translational FX
  • Organic EBIT growth in the range of +3% to +9%

Conference call

Coca-Cola HBC will host a conference call for financial analysts and investors to discuss the 2024 first quarter trading update on Tuesday 30 April 2024 at 9:30 am BST. To join the call in listen-only mode, please join via the webcast. If you anticipate asking a question, please click here to register and to find dial-in details.

Next event

7 August 2024             

2024 Half-year results


Coca‑Cola HBC Group

Investors and Analysts:


Joanna Kennedy

Investor Relations Director 

Tel: +44 7552 619509

[email protected]

Jemima Benstead

Investor Relations Manager

Tel: +44 7740 535130

[email protected]

Sarah Hebert-Lilley

Investor Relations Manager

Tel: +30 697 444 3335

[email protected]

Virginia Phillips

Investor Relations Manager

Tel: +44 7864 686582

[email protected]



Sonia Bastian

Head of Communications

Tel: +41 7946 88054

[email protected]



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 open up moments that refresh us all, by creating value for our stakeholders and supporting the socio-economic development of the communities in which we operate. With a vision to be the leading 24/7 beverage partner, we offer drinks for all occasions around the clock and work together with our customers to serve 740 million consumers across a broad geographic footprint of 29 countries. Our portfolio is one of the strongest, broadest and most flexible in the beverage industry, with consumer-leading beverage brands in the sparkling, adult sparkling, juice, water, sport, energy, ready-to-drink tea, coffee, and premium spirits categories. These include Coca-Cola, Coca-Cola Zero Sugar, Fanta, Sprite, Schweppes, Kinley, Costa Coffee, Caffè Vergnano, Valser, FuzeTea, Powerade, Cappy, Monster Energy, Finlandia Vodka, The Macallan, Jack Daniel’s and Grey Goose. We foster an open and inclusive work environment amongst our 33,000 employees and believe that building a more positive environmental impact is integral to our future growth. We rank among the top sustainability performers in ESG benchmarks such as the Dow Jones Sustainability Indices, CDP, MSCI ESG, FTSE4Good and ISS ESG.

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 https://www.coca-colahellenic.com.