FIRST QUARTER 2026 TRADING UPDATE

Strong volume drives Q1 sales growth

Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods business and strategic bottling partner of The Coca-Cola Company, today announces its Q1 2026 trading update.

First quarter highlights

Good start to the year with 11.6% organic revenue growth¹

• Organic volume grew 9.6%, or c.3.5% excluding the benefit from four extra selling days, underpinned by a strong underlying performance. Sparkling volumes grew 9.4% and Energy grew 27.0%
• Organic revenue per case increased 1.8%, reflecting targeted revenue growth management initiatives, despite country mix
• Reported revenue grew 12.0%, driven by strong organic growth and a small benefit from FX translation
• Value share growth of 110 basis points in Non-Alcoholic Ready-To-Drink (NARTD) year-to-date²

Organic volume and revenue growth across all segments, with Emerging markets performing particularly well  

• Established: Organic revenue increased by 7.3%, with a resilient volume performance and moderation in revenue-per-case expansion, partly due to phasing
• Developing: Organic revenue up 10.3%, with good volume growth and revenue-per-case expansion 
• Emerging: Organic revenue up 15.0%, led by strong volumes, particularly in Africa

Continued investment in our strategic priorities

• Executed Coke & Meals campaigns across our markets, with locally relevant activations and partnerships
• Launched the new visual identity of Coke Zero Sugar Zero Caffeine in 16 markets
• Launched innovations of Monster, including Viking Berry and a Zero Sugar flavour with Valentino Rossi
• Strong growth of Coffee in the out-of-home channel
• Broad-based strong growth in Sports Drinks, as we launched Powerade innovations and leveraged sports partnerships, such as the Olympic Winter Games
• Sustainability commitments and targets renewed with launch of Mission Refresh

Remain on track to complete the acquisition of Coca-Cola Beverages Africa during the second half of 2026 

• Successfully issued bonds on 26^th March to cover the €1.4bn cash consideration of the acquisition
• Clearance by antitrust authorities received in four out of six jurisdictions to date

¹For details on on Alternative Performance Measures (‘APMs’) refer to ‘Alternative Performance Measures’ and ‘Definitions and reconciliations of APMs’ sections.
² Period refers to January and February 2026, according to Nielsen, Circana and HIST methodology, excluding Russia.