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REG - Coca-Cola HBC AG - Solid Q3 performance; guidance reiterated

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RNS Number : 1856E  Coca-Cola HBC AG  21 October 2025

THIRD QUARTER 2025 TRADING UPDATE

 

Solid Q3 performance; guidance reiterated

 

Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods business and
strategic bottling partner of The Coca-Cola Company, today announces its Q3
2025 trading update.

Third quarter highlights

·     Organic revenue growth(1) of 5.0%, bringing year-to-date organic
revenue growth to a strong 8.1%

o  Organic volume growth of 1.1%, with growth led by Sparkling and Energy

o  Organic revenue per case up 3.8%, driven by targeted revenue growth
management initiatives and reflecting lower levels of inflation

o  Value share growth of 80 basis points in Non-Alcoholic Ready-To-Drink
(NARTD) year-to-date

·     Organic revenue growth across all three segments, despite a mixed
market environment and less favourable weather

o  Established: Organic revenue growth of 1.2%, with revenue per case growth
but volumes down -1.0%

o  Developing: Organic revenue up 4.8%, led by revenue per case expansion and
with a positive volume performance

o  Emerging: Organic revenue up 7.9%, with revenue per case expansion and
volume growth of 2.0%, led by strength in Nigeria and Egypt

·     Further investment in our strategic priorities

o  Successful rollout of the "Share a Coke" campaign over the summer,
supported by tailored consumer and customer experiences across markets

o  Launched new Monster drink with Lando Norris in 16 markets

o  Strong growth of Coffee in the out-of-home channel, driven by both Costa
Coffee and Caffè Vergnano, as we executed on our strategic decision to focus
on this channel

o  Launched Bambi snacks in Nigeria in October, with a bespoke plan tailored
to the local market

·     Today we also announced the agreement to acquire Coca-Cola
Beverages Africa (CCBA) from The Coca-Cola Company and Gutsche Family
Investments. See separate press release for further detail.

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

"Our continued progress is reflected in another solid quarter, leading to
organic revenue growth of 8.1% over the first nine months of the year. This
performance highlights the strength of our portfolio and our ability to drive
growth in volume, revenue-per-case and market share, even in mixed markets.

"As we head into the final quarter, our focus on delivering consistent growth
remains clear. Thanks to our resilient 24/7 portfolio, bespoke capabilities,
passionate teams, and broad geographic reach, we are well placed to navigate
ongoing macroeconomic and geopolitical uncertainty. With this confidence, we
are reaffirming our financial outlook for the year ahead.

"We are also proud to announce the acquisition of a majority stake in
Coca-Cola Beverages Africa, along with a path to full ownership. With our
European markets and soon-to-be expanded African business, we see a strong new
platform for growth and value creation. Thank you to all our teams for their
continued hard work and commitment, and to The Coca-Cola Company and the
Gutsche family for the trust they have placed in us."

 

 Q3 2025 vs Q3 2024   Net sales revenue      Volume                Net sales revenue per unit case
 growth (%)           Organic(1)  Reported   Organic(1)  Reported  Organic(1)        Reported
 Group                5.0         4.9        1.1         1.1       3.8               3.7
 Established markets  1.2         1.6        -1.0        -0.9      2.1               2.5
 Developing markets   4.8         5.4        0.7         0.7       4.1               4.6
 Emerging markets     7.9         7.1        2.0         2.0       5.8               5.0

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

Business outlook

We have delivered a strong performance in the first nine months of the year,
in a range of market conditions. We expect the broader macroeconomic and
geopolitical backdrop to remain challenging and unpredictable, but we have
high confidence in our 24/7 portfolio, bespoke capabilities, our people, and
the opportunities for growth in our diverse markets. We are reiterating our
2025 guidance for:

·     Organic revenue growth at the top end of our 6% to 8% range

·     Organic EBIT growth at the top end of our 7% to 11% range

Technical guidance

We have updated parts of our technical guidance for 2025:

FX: We expect the impact of translational FX on our Group comparable EBIT to
be a €5 to 15 million tailwind (previously €0 to 10 million headwind).

Restructuring: We do not expect significant restructuring costs to occur
(unchanged).

Tax: We expect our comparable effective tax rate to be within a range of 26%
to 28% (unchanged).

Finance costs: We expect net finance costs to be between €10 to 20 million
(previously €15 to 25 million).

Scope: We expect a minor benefit from the consolidation of BDS Vending in
Ireland from 28 February 2025 (unchanged).

Operational highlights

Leveraging our unique 24/7 portfolio

Third quarter revenue grew by 5.0% and 4.9% on an organic and reported basis
respectively, with volume growth of 1.1%.

·     Sparkling volumes grew by 0.7%. Trademark Coke grew by low-single
digits, supported by strong activations throughout the summer together with
The Coca-Cola Company, including the "Share a Coke" campaign. Coke Zero grew
low-double digits and Adult Sparkling grew mid-single digits, with high-single
digit growth in Schweppes supported by dedicated activations and locally
relevant flavours. Sprite grew low-single digits, while Fanta declined
high-single digits on a tough comparative.

·     Energy volumes grew by 34.3%, with strong double-digit growth in
all three segments. In Established and Developing, growth was driven by
Monster, supported by local marketing activations and innovations, including a
new Monster drink with Lando Norris which was launched in 16 markets. In
Emerging, we saw continued strong growth of affordable brands in Africa.

·     Coffee volumes in the out-of-home channel increased 34%, driven by
both Costa Coffee and Caffè Vergnano, as we continued to grow in existing
outlets and recruited new outlets. Total Coffee volumes declined 26.3%, in
line with our expectations, as we continued to execute on our strategic
decision with Costa Coffee to focus primarily on the out-of-home channel,
where we see greater long-term potential.

·     Stills volumes declined by 4.8%. Water declined low-single digits
and Juices declined low-double digits. Sports Drinks grew mid-single digits,
as we continued to leverage local partnerships and global ambassadors to drive
transactions.

Winning in the marketplace

Organic net sales revenue per case grew by 3.8%, with growth across all
segments.

In Q3 we continued to leverage our revenue growth management framework and
varied portfolio to meet demand for both affordability and premiumisation.

Affordability remained important as we faced mixed trends across our markets.
We continued to focus on entry packs and smaller pack formats to manage
critical price points, as well as driving targeted promotional activities to
support volume growth and focusing on affordably priced returnable glass
bottles (RGB) in Africa.

Our targeted actions to drive premiumisation supported an improvement in
package mix, with single-serve mix up 100 basis points. Category mix also
improved, benefitting from the increased contribution of Energy, Adult
Sparkling, and Snacks.

Our focused execution in the marketplace through the key summer period enabled
us to continue to gain value share in NARTD, increasing 80 basis points
year-to-date. In Sparkling, we gained or maintained share year-to-date in the
majority of markets we track.

Sustainability & community leadership

In August, The Coca-Cola HBC Foundation announced €2.3 million in donations
to support communities recovering from the summer wildfires and floods across
Greece, Cyprus, Bulgaria, and Romania. Building on Coca-Cola HBC's strong
legacy of community action, these efforts reflect the Foundation's commitment
to protecting the environment and empowering local communities through
practical, lasting impact.

With the launch of the Deposit Return Scheme in Poland this October, we now
have ten schemes operating across our markets and are seeing encouraging
results that support our packaging collection goals.

Established markets

Established markets net sales revenue grew by 1.2% and 1.6% on an organic and
reported basis respectively.

Organic net sales revenue per case increased by 2.1%, driven by pricing taken
earlier in the year, as well as positive category and package mix.

Volume declined by 1.0% on an organic basis, impacted by our decision in Italy
to focus on profitable revenue growth in Water, as well as ongoing headwinds
from consumer sensitivity. Sparkling volumes grew low-single digits, driven by
Trademark Coke, with low-double digit growth in Coke Zero. Energy saw
accelerating momentum, growing strong double-digits. Coffee declined by
low-single digits, although we delivered strong double-digit growth across
brands in the out-of-home channel. In Stills, volumes declined by mid-single
digits.

In Greece, volumes declined low-single digits, against tough comparatives.
Sparkling declined by low-single digits, despite low-double digit growth in
Coke Zero and growth in Sprite. Energy grew strong double-digits and Coffee
grew low-single digits. Stills declined low-single digits, although Sports
Drinks continued to grow strongly.

In Ireland, volumes grew mid-single digits, with good execution over the
summer period. Sparkling volumes were up low-single digits, driven by
Trademark Coke, Sprite and Adult Sparkling. Energy grew mid-teens, while
Coffee declined double-digits, driven by the at-home channel. Stills volumes
were up low-double digits, with good growth in Water and Juices.

In Italy, volumes declined by low-single digits, driven primarily by Stills.
We delivered growth across our strategic priority categories, with Sparkling
up low-single digits and Energy up mid-teens, despite an impact from a softer
summer season. In particular, we saw low-teens growth in Coke Zero and strong
double-digit growth in Coke Zero Sugar Zero Caffeine. Total volumes were
impacted by Stills, where we saw a low-double digits decline in Water, as we
made the decision to prioritise profitable revenue growth with customers.

In Switzerland, volumes increased by low-single digits, on soft comparatives.
Sparkling volumes grew by low-single digits, with strong growth in Coke Zero
and Coke Zero Sugar Zero Caffeine. Energy and Coffee both delivered strong
double-digit growth. In Stills, volumes declined by low-single digits.

Developing markets

Developing markets net sales revenue grew by 4.8% and 5.4%, on an organic and
reported basis respectively, with a small benefit from currency movements.

Organic net sales revenue per case increased by 4.1%. The segment benefitted
from pricing actions taken earlier in the year, as well as favourable category
and package mix, with single-serve mix up 280 basis points.

Developing markets volumes increased by 0.7%, despite less favourable weather
conditions during the summer period across most markets. Sparkling volumes
were in line with the previous year, however Coke Zero and Sprite grew
low-double digits and mid-single digits respectively. Energy continued its
good performance with strong double-digit growth. Coffee declined
double-digits, driven by Costa Coffee in the at-home channel, offsetting
strong growth in out-of-home. Stills volumes fell by high-single digits,
although we delivered high-teens growth in Sports Drinks.

Poland volumes increased by low-single digits. Sparkling volumes declined by
low-single digits, despite strong double-digit growth in Coke Zero and
mid-single digit growth in Sprite. Energy grew strong double-digits. Stills
volumes declined low-teens, driven by declines in Water and Ready-to-drink
(RTD) Tea.

In Hungary, volumes increased by low-single digits. Sparkling grew by
low-single digits, while Stills grew by mid-single digits, primarily supported
by low-double digits increase in Water. Energy grew strong double-digits.

Volume in the Czech Republic decreased by low-single digits, on tough
comparatives. Sparkling declined by low-single digits, despite low-single
digit growth in Trademark Coke and low-teens growth in Sprite. Energy grew by
strong double-digits, while Stills declined by low-double digits.

Emerging markets

Net sales revenue grew by 7.9% and 7.1% on an organic and reported basis
respectively, with a small currency headwind mainly due to the Egyptian Pound.

Net sales revenue per case grew 5.8% organically, benefitting from pricing
actions mostly taken earlier in the year, along with positive category mix.

Emerging markets volumes grew 2.0% in the quarter. Sparkling volumes grew by
low-single digits and Stills fell by mid-single digits. Energy continued to
deliver strong double-digit growth despite tough comparatives.

Volume in Nigeria grew by mid-single digits, supported by growth across all
categories. Sparkling grew by low-single digits, with Trademark Coke up
low-single digits and Adult Sparkling up mid-teens, as our premiumisation
initiatives to drive Schweppes continued to see good results. Energy delivered
strong double-digit growth, driven by Predator. Stills grew low-double digits.

In Egypt, volume increased by mid-teens. Sparkling grew by high teens, with
Trademark Coke and Adult Sparkling up strong double-digits, on soft
comparatives. Both Energy brands, Monster and Fury, continued to perform very
strongly. Water grew mid-single digits.

Volume in Romania declined by high-single digits, in what remains a
challenging consumer backdrop. Sparkling declined by mid-single digits and
Coffee declined by double-digits.  Energy grew high teens on easy
comparatives.

Volume in Ukraine decreased by mid-single digits, with Sparkling down
mid-single digits. We delivered high-teens growth in Energy. Stills declined
strong double-digits, with good growth in Water partially offsetting declines
in RTD Tea and Juices.

Volume in Serbia, excluding Bambi, declined mid-single digits, impacted by an
uncertain market backdrop. Sparkling volume decreased by high-single digits.
Energy grew by low-teens, while Stills declined mid-single digits. Volumes of
our snacks business, Bambi, increased very strongly in the quarter, following
the successful return to full capacity in our snacks plant.

Russia volumes fell by low-single digits, against tough comparatives and
impacted by less favourable weather. We continue to operate a local,
self-sufficient business focused on local brands.

Supplementary information

                                        Third quarter                          Nine months
                                        2025     2024     %          %         2025     2024     %          %

                                                          Reported   Organic                     Reported   Organic
 Group
 Volume (m unit cases)(2)               826.4    817.3    1.1%       1.1%      2,289.8  2,244.0  2.0%       2.0%
 Net sales revenue (€ m)                3,197.2  3,047.9  4.9%       5.0%      8,817.5  8,223.5  7.2%       8.1%
 Net sales revenue per unit case (€)    3.87     3.73     3.7%       3.8%      3.85     3.66     5.1%       5.9%
 Established markets
 Volume (m unit cases)                  183.2    184.9    -0.9%      -1.0%     489.8    491.2    -0.3%      -0.3%
 Net sales revenue (€ m)                1,014.8  998.9    1.6%       1.2%      2,784.5  2,714.0  2.6%       2.0%
 Net sales revenue per unit case (€)    5.54     5.40     2.5%       2.1%      5.68     5.53     2.9%       2.3%
 Developing markets
 Volume (m unit cases)                  133.7    132.8    0.7%       0.7%      368.0    367.1    0.2%       0.2%
 Net sales revenue (€ m)                712.8    676.6    5.4%       4.8%      1,911.5  1,799.9  6.2%       5.8%
 Net sales revenue per unit case (€)    5.33     5.09     4.6%       4.1%      5.19     4.90     5.9%       5.6%
 Emerging markets
 Volume (m unit cases)                  509.5    499.6    2.0%       2.0%      1,432.0  1,385.7  3.3%       3.3%
 Net sales revenue (€ m)                1,469.6  1,372.4  7.1%       7.9%      4,121.5  3,709.6  11.1%      13.8%
 Net sales revenue per unit case (€)    2.88     2.75     5.0%       5.8%      2.88     2.68     7.5%       10.1%

(2)One unit case corresponds to approximately 5.678 litres or 24 servings,
being a typically used measure of volume. For Premium Sprits volume, one unit
case also corresponds to 5.678 litres. For biscuits volume, one unit case
corresponds to 1 kilogram. For coffee volume, one unit case corresponds to 0.5
kilograms or 5.678 litres.

Conference call

Coca-Cola HBC's management will host a conference call for investors and
analysts on Tuesday, 21 October 2025 at 9:30 am BST. To join the call in
listen-only mode, please join via the webcast
(https://edge.media-server.com/mmc/p/m9z3xq6h/) . If you anticipate asking a
question, please click here to register
(https://registrations.events/direct/NTM794730) and to find dial-in details.

Next event

 10 February 2026  2025 Full-year results

Enquiries

Coca‑Cola HBC Group

 Investors and Analysts:
 Jemima Benstead                    Tel: +44 7740 535130

 Head of Investor Relations          jemima.benstead@cchellenic.com

 Elias Davvetas                     Tel: +30 694 7568826

 Investor Relations Manager         elias.davvetas@cchellenic.com

 Matilde Durazzano                  Tel: +44 7851 105884
 Investor Relations Manager         matilde.durazzano@cchellenic.com

 Elizabeth King                     Tel: +44 7864 686582
 Investor Relations Manager         elizabeth.king@cchellenic.com

 Media:
 Claire Evans                       Tel: +44 7896 054972

 Head of Corporate Communications    claire.evans@cchellenic.com
                                    Tel: +30 694 454 8914

 Greek media contact:               sm@vando.gr

 V+O Communications

 Sonia Manesi

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 750
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 2024 Dow Jones
Best-in-Class Indices, CDP, MSCI ESG, FTSE4Good and ISS ESG.

Coca-Cola HBC is listed on the London Stock Exchange (LSE: CCH) and on the
Athens Exchange (ATHEX: EEE). For more information, please visit
https://www.coca-colahellenic.com/ (https://www.coca-colahellenic.com/)

Special Note Regarding the Information set out herein

Unless otherwise indicated, this trading update and the financial and
operating data or other information included herein relate to Coca-Cola HBC AG
and its subsidiaries ('Coca-Cola HBC' or the 'Company' or 'we' or the
'Group').

Forward-Looking Statements

This document contains forward-looking statements that involve risks and
uncertainties. These statements may generally, but not always, be identified
by the use of words such as 'believe', 'outlook', 'guidance', 'intend',
'expect', 'anticipate', 'plan', 'target' and similar expressions to identify
forward-looking statements. All statements other than statements of historical
facts, including, among others, statements regarding our future financial
position and results, our outlook for 2025 and future years, business strategy
and the effects of the global economic slowdown, the impact of the sovereign
debt crisis, currency volatility, our recent acquisitions, and restructuring
initiatives on our business and financial condition, our future dealings with
The Coca-Cola Company, budgets, projected levels of consumption and
production, projected raw material and other costs, estimates of capital
expenditure, free cash flow, effective tax rates and plans and objectives of
management for future operations, are forward-looking statements. By their
nature, forward-looking statements involve risk and uncertainty because they
reflect our current expectations and assumptions as to future events and
circumstances that may not prove accurate. Our actual results and events could
differ materially from those anticipated in the forward-looking statements for
many reasons, including the risks described in the 2024 Integrated Annual
Report for Coca-Cola HBC AG and its subsidiaries.

Although we believe that, as of the date of this document, the expectations
reflected in the forward-looking statements are reasonable, we cannot assure
you that our future results, level of activity, performance or achievements
will meet these expectations. Moreover, neither we, nor our directors,
employees, advisors nor any other person assumes responsibility for the
accuracy and completeness of the forward-looking statements. After the date of
this trading update, unless we are required by law or the rules of the UK
Financial Conduct Authority to update these forward-looking statements, we
will not necessarily update any of these forward-looking statements to conform
them either to actual results or to changes in our expectations.

Alternative Performance Measures

The Group uses certain Alternative Performance Measures ('APMs') in making
financial, operating and planning decisions as well as in evaluating and
reporting its performance. These APMs provide additional insights and
understanding to the Group's underlying operating and financial performance.
The APMs should be read in conjunction with and do not replace by any means
the directly reconcilable IFRS line items.

Definitions and reconciliations of APMs

Organic growth

Organic growth enables users to focus on the operating performance of the
business on a basis which is not affected by changes in foreign currency
exchange rates from period to period or changes in the Group's scope of
consolidation ('consolidation perimeter') i.e. acquisitions, divestments and
reorganisations resulting in equity method accounting. Thus, organic growth is
designed to assist users in better understanding the Group's underlying
performance.

More specifically, the following items are adjusted from the Group's volume
and net sales revenue in order to derive organic growth metrics:

(a) Foreign currency impact

Foreign currency impact in the organic growth calculation reflects the
adjustment of prior-period net sales revenue metric for the impact of changes
in exchange rates applicable to the current period.

(b) Consolidation perimeter impact

Current-period volume and net sales revenue metrics, are each adjusted for the
impact of changes in the consolidation perimeter. More specifically,
adjustments are performed as follows:

i.          Acquisitions:

For current-year acquisitions, the results generated in the current period by
the acquired entities are not included in the organic growth calculation. For
prior-year acquisitions, the results generated in the current year over the
period during which the acquired entities were not consolidated in the prior
year, are not included in the organic growth calculation.

For current-year step acquisitions where the Group obtains control of a)
entities over which it previously held either joint control or significant
influence and which were accounted for under the equity method, or b) entities
which were carried at fair value either through profit or loss or other
comprehensive income, the results generated in the current year by the
relevant entities over the period during which these entities are
consolidated, are not included in the organic growth calculation. For such
step acquisitions of entities previously accounted for under the equity method
the share of results for the respective period described above is included in
the organic growth calculation of the current year. For such step acquisitions
of entities previously accounted for at fair value through profit or loss, any
fair value gains or losses for the respective period described above are
included in the organic growth calculation. For such step acquisitions in the
prior year, the results generated in the current year by the relevant entities
over the period during which these entities were not consolidated in the prior
year are not included in the organic growth calculation. However, the share of
results or gains or losses from fair value changes of the respective entities,
based on their accounting treatment prior to the step acquisition, for the
current-year period during which these entities were not consolidated in the
prior year are included in the organic growth calculation.

ii.         Divestments:

For current-year divestments, the results generated in the prior year by the
divested entities over the period during which the divested entities are no
longer consolidated in the current year are included in the current year's
results for the purpose of the organic growth calculation. For prior-year
divestments, the results generated in the prior year by the divested entities
over the period during which the divested entities were consolidated are
included in the current year's results for the purpose of the organic growth
calculation.

iii.        Reorganisations resulting in equity method accounting:

For current-year reorganisations where the Group maintains either joint
control or significant influence over the relevant entities so that they are
reclassified from subsidiaries or joint operations to joint ventures or
associates and accounted for under the equity method, the results generated in
the current year by the relevant entities over the period during which these
entities are no longer consolidated are included in the current year's results
for the purpose of the organic growth calculation. For such reorganisations in
the prior year, the results generated in the current year by the relevant
entities over the period during which these entities were consolidated in the
prior year are included in the current year's results for the purpose of the
organic growth calculation. In addition, the share of results in the current
year of the relevant entities, for the respective period as described above,
is excluded from the organic growth calculation for such reorganisations.

The calculations of the organic growth and the reconciliation to the most
directly related measures calculated in accordance with IFRS are presented in
the below tables. Organic growth (%) is calculated by dividing the amount in
the row titled 'Organic movement' by the amount in the associated row titled
'2024 reported' or, where presented, '2024 adjusted'.

Reconciliation of organic measures

                                 Third quarter 2025                                        Nine months 2025
 Volume (m unit cases)           Group    Established  Developing          Emerging  Group        Established  Developing  Emerging
 2024 reported                   817.3    184.9        132.8               499.6     2,244.0      491.2        367.1       1,385.7
 Consolidation perimeter impact  0.1      0.1          -                   -         0.2          0.2          -           -
 Organic movement                9.0      -1.8         0.9                 9.9       45.6         -1.6         0.9         46.3
 2025 reported                   826.4    183.2        133.7               509.5     2,289.8      489.8        368.0       1,432.0

 Organic growth (%)              1.1%     -1.0%        0.7%                2.0%      2.0%         -0.3%        0.2%        3.3%

                                 Third quarter 2025                                        Nine months 2025
 Net sales revenue (€ m)         Group    Established          Developing  Emerging  Group        Established  Developing  Emerging
 2024 reported                   3,047.9  998.9                676.6       1,372.4   8,223.5      2,714.0      1,799.9     3,709.6
 Foreign currency impact         -6.1     0.5                  3.5         -10.1     -74.3        7.2          6.5         -88.0
 2024 adjusted                   3,041.8  999.4                680.1       1,362.3   8,149.2      2,721.2      1,806.4     3,621.6
 Consolidation perimeter impact  3.9      3.9                  -           -         8.8          8.8          -           -
 Organic movement                151.5    11.5                 32.7        107.3     659.5        54.5         105.1       499.9
 2025 reported                   3,197.2  1,014.8              712.8       1,469.6   8,817.5      2,784.5      1,911.5     4,121.5

 Organic growth (%)              5.0%     1.2%                 4.8%        7.9%      8.1%         2.0%         5.8%        13.8%

 Net sales revenue per unit      Third quarter 2025                                        Nine months 2025
 case (€)(3)                     Group    Established          Developing  Emerging  Group        Established  Developing  Emerging
 2024 reported                   3.73     5.40                 5.09        2.75      3.66         5.53         4.90        2.68
 Foreign currency impact         -0.01    -                    0.03        -0.02     -0.03        0.01         0.02        -0.06
 2024 adjusted                   3.72     5.41                 5.12        2.73      3.63         5.54         4.92        2.61
 Consolidation perimeter impact  -        0.02                 -           -         -            0.02         -           -
 Organic movement                0.14     0.12                 0.21        0.16      0.22         0.13         0.27        0.26
 2025 reported                   3.87     5.54                 5.33        2.88      3.85         5.68         5.19        2.88

 Organic growth (%)              3.8%     2.1%                 4.1%        5.8%      5.9%         2.3%         5.6%        10.1%

(3)Certain differences in calculations are due to rounding.

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