2025 Half Year Results

Consistent execution delivers strong H1 results

Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods business and strategic bottling partner of The Coca-Cola Company, reports its financial results for the six months ended 27 June 2025.

Half-year highlights

• Focused execution of strategic priorities drives organic revenue growth of 9.9%¹
  • Organic volume grew 2.6%, driven by Sparkling +2.3% and Energy +30.0%, with notable strength in Emerging markets; Q2 volumes improved to +3.2%, with all segments contributing
  • Organic revenue per case growth of 7.2%, driven by targeted revenue growth management initiatives
  • Reported revenue growth of 8.6%, with good organic growth slightly offset by FX headwinds in the Emerging segment
  • Value share growth of 100 basis points in Non-Alcoholic Ready-To-Drink (NARTD) year-to-date, on top of strong gains in 2024

• Strong organic comparable EBIT growth of 11.8%
  • Comparable EBIT of €649.8 million, growing 15.2% on a reported basis and 11.8% on an organic basis
  • Comparable EBIT margins improved 70 basis points on a reported basis to 11.6%, and grew 20 basis points on an organic basis
  • Comparable gross profit margin grew 60 basis points to 36.7%, reflecting improvement in the Emerging segment
  • Opex as a percentage of revenue slightly improved year-on-year, despite increased investment in marketing, as we lapped the currency remeasurement of balance sheet items in the prior-year period

• Segmental highlights: Broad-based organic revenue growth
  • Established: Organic revenue increased by 2.5%, led by revenue-per-case expansion and resilient volumes; organic EBIT declined 7.2% driven by higher marketing investment
  • Developing: Organic revenue up 6.4%, driven by revenue-per-case expansion; organic EBIT down 0.6% on tough comparatives
  • Emerging: Organic revenue up 17.4% driven by revenue-per-case expansion and solid volume growth; organic EBIT up 31.3%

• Strong EPS, benefitting from EBIT growth and lower finance costs
  • Comparable EPS of €1.31, up 25.8%
  • Finance costs improved significantly year-on-year, driven by lower foreign exchange losses in Nigeria and higher finance income
  • Free cash flow increased 10.1% to €242.5m, despite higher capex year-on-year
  • Maintained a strong balance sheet and liquidity position

• Continued focus on innovation, and investment in our 24/7 portfolio and strategic priorities
  • Successful launch of the “Share a Coke” campaign across our markets from April, with ongoing activation through the summer
  • Launched new innovations of Monster and introduced targeted local marketing activations
  • Strong performance of Coffee in the out-of-home channel, as we executed on our joint strategic decision with Costa Coffee to focus on this channel
  • Leveraged global football ambassadors and local sports activations together with new innovations to drive strong growth in Powerade
  • Launched new Finlandia marketing campaign across all markets
  • We were again the number one contributor to retail customers’ absolute revenue growth within FMCG in Europe, according to Nielsen

^{1 For details on APMs refer to ‘Alternative Performance Measures’ and ‘Definitions and reconciliations of APMs’ sections.}