2026 HALF YEAR RESULTS

VOLUME-LED H1 SUPPORTS UPGRADED 2026 GUIDANCE

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 3 July 2026.

HALF-YEAR HIGHLIGHTS

Strong execution of strategic priorities drives organic revenue growth of 9.6%¹

• Organic volume  grew 7.5% in the first half, driven by Sparkling +6.4% and Energy +26.1%
• While Q1 benefitted from four additional selling days, Q2 volumes accelerated on an underlying basis to +5.8%, underpinned by broad-based strength across all segments
• Organic revenue per case growth of 1.9%, reflecting targeted revenue growth management initiatives, despite country mix
  
• Reported revenue grew 10.8%, with strong organic growth and a benefit from FX translation
• Value share growth of 80 basis points in non-alcoholic ready-to-drink (NARTD) and 40 basis points in Sparkling year-to-date²

Strong organic comparable EBIT growth of 15.2%

• Comparable EBIT of €760.1 million, growing 15.2% on an organic basis and 17.0% on a reported basis, supported by a modest FX tailwind
• Comparable gross profit margin grew 110 basis points to 37.8%, benefitting from good top-line leverage
• Opex as a percentage of revenue increased by 50 basis points year-on-year, reflecting increased marketing investments in key events and innovations 
• Comparable EBIT margins improved 60 basis points on a reported and organic basis to 12.2%

Segmental highlights: broad-based organic growth

• Established: Organic revenue increased by 6.2%, led by volume growth; organic EBIT increased 6.9%
• Developing: Organic revenue up 9.0%, driven by both volume growth and revenue-per-case expansion; organic EBIT up 1.8%
• Emerging: Organic revenue up 12.0% driven by strong volume growth; organic EBIT up 23.9%

Strong EPS growth while continuing to invest

• Comparable EPS of €1.51, an increase of 15.2%, with strong EBIT growth only partly offset by higher finance costs year-on-year 
• Robust free cash flow of €215.7 million, lower by 11.8% year-on-year, reflecting higher capex, as we continued to invest in growth initiatives 

Continued investment in our 24/7 portfolio and bespoke capabilities

• Together with The Coca-Cola Company, we generated strong engagement with FIFA World Cup^TM activations across our markets, including FIFA World Cup^TM special-edition Coca-Cola and Powerade packs, value-added promotions and tailored fan experiences
• Launched the new visual identity of Coke Zero Sugar Zero Caffeine in 18 markets, and saw strong double-digit volume growth
• Launched innovations of Monster, alongside marketing activations leveraging MotoGP, Formula 1 and football partnerships
• Coffee grew 24.5% in the out-of-home channel, our strategic priority
• New Digital Hub established in Egypt to support our Group digital transformation strategy 

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

• Clearance by antitrust authorities received in four out of six jurisdictions to date
• In July, the South African Competition Commission recommended that the Competition Tribunal approve the transaction with conditions

_{¹For details on Alternative Performance Measures (‘APMs’) refer to ‘Alternative Performance Measures’ and ‘Definitions and reconciliations of APMs’ sections.
²Period refers to May year-to-date 2026, according to Nielsen and HIST methodology, excluding Russia.}
 

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

“Building on our long-standing growth trajectory, we are pleased to report a strong first-half performance with organic revenues up 9.6%, driven by volume growth across all segments. This momentum reflects our execution excellence, continued investment in our bespoke capabilities, and the strength of our 24/7 portfolio.

“Strong partnerships are at the heart of our business, and successful FIFA World Cup activations with our customers, including unique fan experiences and special-edition Coca-Cola and Powerade packs were among the highlights of the period. Innovation played a key role in driving growth, with exciting activity across Sparkling, Monster and Powerade. We also held our recent Bitesize Investor event in Cairo where we were proud to share Egypt’s growth journey and achievements since our acquisition in 2022, fuelled by consistent investments.

“As we progress into the second half of the year, I would like to thank our teams, customers, The Coca-Cola Company and all our partners for their ongoing commitment and support. 

“Given our strong first half, we are upgrading our 2026 guidance today. The macroeconomic and geopolitical environment remains challenging and unpredictable, but we are confident that our portfolio, capabilities and people position us to continue to win in the market and create value.”

_{¹For details on APMs refer to ‘Alternative Performance Measures’ and ‘Definitions and reconciliations of APMs’ sections.
²Refer to the condensed consolidated interim income statement.
³Net Profit and comparable net profit refer to net profit and comparable net profit respectively after tax attributable to owners of the parent.}