REG - Coca-Cola HBC AG - Strong volume drives Q1 sales growth

Coca-Cola HBC AGAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260507:nRSG3158Da&default-theme=true

RNS Number : 3158D  Coca-Cola HBC AG  07 May 2026

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 growth(1)

o  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%

o  Organic revenue per case increased 1.8%, reflecting targeted revenue
growth management initiatives, despite country mix

o  Reported revenue grew 12.0%, driven by strong organic growth and a small
benefit from FX translation

o  Value share growth of 110 basis points in Non-Alcoholic Ready-To-Drink
(NARTD) year-to-date(2)

 

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

o  Established: Organic revenue increased by 7.3%, with a resilient volume
performance and moderation in revenue-per-case expansion, partly due to
phasing

o  Developing: Organic revenue up 10.3%, with good volume growth and
revenue-per-case expansion

o  Emerging: Organic revenue up 15.0%, led by strong volumes, particularly in
Africa

 

·     Continued investment in our strategic priorities

o  Executed Coke & Meals campaigns across our markets, with locally
relevant activations and partnerships

o  Launched the new visual identity of Coke Zero Sugar Zero Caffeine in 16
markets

o  Launched innovations of Monster, including Viking Berry and a Zero Sugar
flavour with Valentino Rossi

o  Strong growth of Coffee in the out-of-home channel

o  Broad-based strong growth in Sports Drinks, as we launched Powerade
innovations and leveraged sports partnerships, such as the Olympic Winter
Games

o  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

o  Successfully issued bonds on 26(th) March to cover the €1.4bn cash
consideration of the acquisition

o  Clearance by antitrust authorities received in four out of six
jurisdictions to date

 

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

"We delivered a good start to the year, with organic revenue growth of 11.6%
and ongoing share gains, representing high quality results despite challenging
macro conditions. Strong underlying volume growth was in line with our plans,
and was further strengthened by additional selling days over the period. We
made progress against our strategy, investing in our unique 24/7 portfolio,
activating Coke & Meals campaigns across our markets, and launching
innovations for Monster and Powerade. We continue to invest in our bespoke
capabilities, which enabled strong segmented execution across all markets.

"Sustainability remains at the core of our strategy, and we were pleased our
achievements were further recognised as we were confirmed for the ninth time
as the world's most sustainable beverage company in the Dow Jones
Best‑in‑Class Indices.

"Despite heightened geopolitical and macroeconomic uncertainty, we remain
confident that our portfolio, capabilities and people position us to win in
the market, and we are reiterating our 2026 guidance today. Thank you to our
teams, customers, The Coca‑Cola Company and all our partners for their
ongoing support."

 

 Q1 2026 vs Q1 2025   Net sales revenue      Volume                Net sales revenue per unit case
 growth (%)           Organic(1)  Reported   Organic(1)  Reported  Organic(1)        Reported
 Total Group          11.6        12.0       9.6         9.7       1.8               2.2
 Established markets  7.3         7.8        6.7         6.8       0.6               1.0
 Developing markets   10.3        11.2       7.4         7.4       2.7               3.6
 Emerging markets     15.0        15.2       11.2        11.2      3.5               3.6

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

2Period refers to January and February 2026, according to Nielsen, Circana and
HIST methodology, excluding Russia.

 

Business Outlook

We have delivered a good start to the year, in line with our expectations. We
monitor the macroeconomic and geopolitical backdrop closely and expect it to
remain challenging and unpredictable. That said, we remain confident in our
24/7 portfolio, our bespoke capabilities, our people, and the opportunities
for growth in our diverse markets and are reiterating our guidance for 2026:

·     Organic revenue growth in our 6% to 7% medium-term target range

·     Organic EBIT growth in the range of 7% to 10%

 

Technical 2026 guidance

We have updated our finance cost guidance for 2026, while the rest of our
technical guidance is unchanged:

FX: We expect the impact of translational FX on our Group comparable EBIT to
be a €0 to 30 million headwind (unchanged).

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 €45 to 65 million
(increased from €25 to 45 million). Our guidance now includes the cost of
the bonds issued on 26(th) March to fund the acquisition of CCBA.

 

Operational highlights

Leveraging our unique 24/7 portfolio

First quarter revenue grew by 11.6% and 12.0% on an organic and reported basis
respectively. Organic volume growth was 9.6%, driven by a good underlying
performance as well as benefitting from four extra selling days in the period,
equivalent to about a six percentage point tailwind across categories and
segments.

·     Sparkling volumes grew by 9.4%, with high-single digit growth in
Trademark Coke, as we continued to execute Coke & Meals campaigns across
our markets, with locally tailored activations and partnerships to drive
transactions. Coke Zero grew high-teens, and Coke Zero Sugar Zero Caffeine
grew strong double-digits, supported by the launch of a new visual identity
across packs in 16 markets. We also drove low-double digit growth in Fanta and
low-teens growth in Sprite. Adult Sparkling grew high-single digits, driven by
Schweppes, with activations built around our 'Flavour of the Quarter'
campaign.

·     Energy volumes grew by 27.0%, with strong double-digit growth
across all three segments. We launched innovations of Monster, including
Monster Viking Berry and a new Zero Sugar flavour with Valentino Rossi. We
also continued to leverage football activations in Nigeria and Egypt to drive
strong growth in Predator and Fury respectively.

·     Coffee volumes grew by 39.0% in the out-of-home channel, as we
continued to drive growth of Costa Coffee and Caffè Vergnano, both in
existing outlets and through recruitment of new outlets. Total Coffee volumes
declined by 16.3%, following our joint strategic decision with Costa Coffee to
focus on the out-of-home channel.

·     Stills volumes grew by 4.1%. Sports Drinks delivered strong
double-digit growth across all segments, as we launched Powerade innovations
and leveraged sports partnerships, such as the Olympic Winter Games, to drive
transactions. Water grew high-single digits, led primarily by the Emerging
segment, while Juices declined in a challenging industry backdrop.

 

Winning in the marketplace

Organic net sales revenue per case grew 1.8%. In the first quarter, we
generally experienced similar or lower inflation across our markets, which
combined with continued currency stability, resulted in a lower impact from
pricing compared to 2025.

Our revenue growth management (RGM) toolkit enables us to tailor pricing in
each market based on local dynamics. Affordability and premiumisation
initiatives both remained important in the start of 2026, as we navigated
mixed trends across our markets. In terms of affordability, we maintained our
focus on entry packs and smaller packs to manage critical price points, for
example by expanding 200ml cans further in Poland and Austria. We continued to
capture premiumisation opportunities by leveraging our data-driven segmented
execution approach to personalise portfolio assortments and meet specific
consumer needs. For example, in Q1 we drove growth of our premium small glass
bottles for the hotels, restaurants and cafes (HoReCa) channel, and we
delivered mid-teens growth in Schweppes.

In the first quarter, we delivered an improvement in category mix, driven
primarily by Energy. Our targeted actions to improve package mix, for example
the launch of a new 500ml single-serve pack for Trademark Coke in Egypt,
helped drive a 140 basis points increase in single-serve mix at the Group
level.

Our execution excellence and focus on joint value creation with our customers
enabled us to continue gaining value share in NARTD, increasing 110 basis
points year-to-date, building on strong gains in 2025. In Sparkling, we also
had a good start to the year, gaining 50 basis points of value share
year-to-date.

 

Sustainability leadership

In Q1, we concluded Mission 2025 sustainability targets and introduced Mission
Refresh to continue our momentum. Mission Refresh is anchored in four flagship
commitments: reach net zero emissions by 2040; achieve net positive
biodiversity impact by 2040; replenish 100% of water we use in our beverages
and in high-risk location plants by 2035; and be a neighbour of choice for our
communities. These are underpinned by measurable targets across all seven
pillars of our sustainability strategy: climate, packaging, water,
agriculture, nutrition, biodiversity, and people and communities. We will
track progress and publish our performance annually to maintain transparency
and consistent delivery. For more details see our 2025 Integrated Annual
Report here
(https://www.coca-colahellenic.com/content/dam/cch/us/documents/oar2025/Coca-Cola-HBC-Integrated-Annual-Report-2025.pdf.downloadasset.pdf)
.

Coca-Cola HBC was recently confirmed, for the ninth time, as the world's most
sustainable beverage company in the 2025 Dow Jones Best‑in‑Class Indices.
This follows the S&P Global Corporate Sustainability Assessment (CSA)
score of 93 out of 100, with the published results(3) placing us in the top 1%
of the global beverage industry.

(3)For more information please see here
(https://www.spglobal.com/sustainable1/en/csa/yearbook/2026/ranking#q=&rows=10&pagenum=2)
.

 

Established markets

Established markets net sales revenue grew by 7.3% and 7.8% on an organic and
reported basis respectively.

Organic net sales revenue per case increased by 0.6%, with positive category
mix. This was partially offset by negative package mix, as we saw a better
performance in larger packs versus the prior year, impacted by the earlier
timing of Easter and associated promotional activity.

Volume in the segment grew by 6.7% organically, with slight growth when
excluding the benefit from additional selling days. Sparkling volumes
increased by high-single digits, supported by strong growth in Coke Zero and
Sprite. Energy saw accelerating momentum, with volumes growing strong
double-digits. Coffee grew strong double-digits in the out-of-home channel,
driven primarily by Caffè Vergnano. Stills grew low-single digits, with
Sports Drinks growing strong double-digits in the period.

In Italy, volumes increased by mid-single digits. Sparkling volumes increased
mid-single digits, with strong growth in Coke Zero and Coke Zero Sugar Zero
Caffeine, and Energy grew strong-double digits. Stills declined low-single
digits, driven primarily by Water, while Sports Drinks grew strong
double-digits, supported by Olympic Winter Games activations.

In Greece, volumes grew by high-single digits. Sparkling volumes grew
high-single digits, with strong double-digit growth in Coke Zero and Adult
Sparkling. Energy grew strong double-digits and Coffee grew mid-teens. Stills
grew mid-single digits, driven by Water, Juices and Sports Drinks.

Ireland continued its good growth trajectory with volumes up low-double
digits. Sparkling volumes increased high-single digits, driven primarily by
Trademark Coke. Energy grew strong double-digits and Stills grew mid-teens,
driven by Water and Sports Drinks.

In Switzerland, volumes grew by high-single digits, on soft comparatives.
Sparkling increased high-single digits and Energy grew strong double-digits.
Stills grew high-single digits, driven by Water and RTD Tea.

 

Developing markets

Net sales revenue grew by 10.3% and 11.2% on an organic and reported basis
respectively, with a positive impact from movements in the Hungarian Forint.
 

Organic net sales revenue per case increased by 2.7%. This was driven by
pricing actions, favourable category mix and improved package mix, as we drove
a 190 basis points improvement in single-serve mix.

Developing markets volume grew by 7.4% organically, and grew low-single digits
when excluding the benefit from additional selling days. Sparkling volumes
grew mid-single digits, driven by Trademark Coke and Sprite. Energy delivered
strong double-digit growth, and Coffee increased by strong double-digits in
the out-of-home channel.  Stills volumes were slightly ahead of last year,
driven by strong double-digit growth in Sports Drinks.

In Poland, volumes increased by mid-single digits. Sparkling volumes were up
mid-single digits, driven by Trademark Coke. Energy grew high teens, driven by
Monster, while Stills declined mid-teens, in a challenging industry backdrop.
A Deposit Return System (DRS) was launched in Poland in October 2025 and was
fully implemented through Q1 2026.

In Hungary, volumes grew by mid-single digits. Sparkling grew low-single
digits, with growth in Trademark Coke, Fanta and Sprite. Energy grew strong
double-digits, while Stills grew high-single digits, driven by growth across
the category.

Volumes in the Czech Republic increased by high-single digits. Sparkling was
up mid-single digits, driven by Trademark Coke, Fanta and Sprite. Energy
delivered strong double-digits growth, and Stills grew low-double digits,
driven primarily by Water.

 

Emerging markets

Emerging markets net sales revenue grew by 15.0% and 15.2% on an organic and
reported basis respectively.

Net sales revenue per case grew 3.5% organically, benefitting from the impact
of pricing throughout the last twelve months, partly offset by country mix.
We also delivered improvements in package mix, with single-serve mix
increasing by 160 basis points in the quarter.

Emerging markets volume grew by 11.2% organically, or mid-single digits
excluding the benefit from additional selling days. Sparkling volumes grew
low-double digits, driven by Trademark Coke, Fanta and Sprite. We delivered
strong double-digit growth in Energy and mid-single digit growth in Stills,
driven primarily by Water.

Volumes in Nigeria grew low-teens, driven by effective execution in the
marketplace. Sparkling grew mid-teens, driven by growth across all brands.
Energy delivered strong double-digit growth, while Stills declined low-single
digits, driven by Juices.

Egypt volumes increased high-teens, building on the good momentum from 2025.
Sparkling grew mid-teens, with growth across all brands, particularly
Trademark Coke. Energy continued to perform very strongly, and Water grew
high-teens.

Volumes in Romania increased low-double digits, supported by an easier
comparative. Sparkling volumes grew low-double digits, with good growth across
all brands. Energy grew strong double-digits, led by Monster. Stills grew
low-single digits, driven by Water.

Ukraine volumes declined by low-single digits on tough comparatives, and in a
challenging environment with continued supply chain disruptions. Sparkling
grew low-single digits, and Energy delivered strong double-digit growth, while
Stills declined double-digits.

Volumes in Serbia, excluding Bambi, grew high-single digits. Sparkling volumes
increased mid-single digits, driven by good performances in Fanta, Sprite and
Adult Sparkling. We also delivered strong double-digit growth in Energy, and
low-teens growth in Stills. Volumes of our snacks business, Bambi, increased
strongly in the quarter, following the return to full capacity in our plant,
resulting in strong double-digit growth for total Serbia.

Russia volumes grew low-single digits, against tough comparatives, as we
continued to operate a self-sufficient business focused on local brands.

 

Supplementary information

                                        First quarter
                                        2026     2025     % Reported  % Organic
 Group
 Volume (m unit cases)(4)               706.0    643.8    9.7%        9.6%
 Net sales revenue (€ m)                2,709.7  2,418.3  12.0%       11.6%
 Net sales revenue per unit case (€)    3.84     3.76     2.2%        1.8%
 Established markets
 Volume (m unit cases)                  140.7    131.8    6.8%        6.7%
 Net sales revenue (€ m)                820.7    761.2    7.8%        7.3%
 Net sales revenue per unit case (€)    5.83     5.78     1.0%        0.6%
 Developing markets
 Volume (m unit cases)                  109.4    101.9    7.4%        7.4%
 Net sales revenue (€ m)                562.9    506.0    11.2%       10.3%
 Net sales revenue per unit case (€)    5.15     4.97     3.6%        2.7%
 Emerging markets
 Volume (m unit cases)                  455.9    410.1    11.2%       11.2%
 Net sales revenue (€ m)                1,326.1  1,151.1  15.2%       15.0%
 Net sales revenue per unit case (€)    2.91     2.81     3.6%        3.5%

(4)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 Thursday, 7 May 2026 at 9:00 am GMT.
(https://edge.media-server.com/mmc/p/zgcx6oz9)
(https://register-conf.media-server.com/register/BI3ddd99f9b4e1442a8888aec520c1be2b)
To join the call in listen-only mode, please join via the webcast
(https://edge.media-server.com/mmc/p/pdt7srec) . If you anticipate asking a
question, please click here to register
(https://registrations.events/direct/NTM27660624) and to find dial-in details.

Next event

 7 July 2026    Bitesize event
 6 August 2026  2026 Half-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:
 Sonia Bastian                      Tel: +41 7946 88054

 Head of Communications             sonia.bastian@cchellenic.com

 Claire Evans                       Tel: +44 7896 054 972

 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 760 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 brands across the
sparkling, adult sparkling, juice, water, sport, energy, ready-to-drink tea,
coffee, and premium spirits categories, with
snacks as an additional offering. Our products 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 Plazma. We foster an open
and inclusive work environment for our more than 33,500 employees and
believe that a positive environmental impact is integral to our future
growth. We are among the leaders of the global beverage
industry across major sustainability benchmarks, including the Dow
Jones Best-in-Class Indices, CDP, MSCI ESG, FTSE ESG and ISS ESG.

Coca-Cola HBC is listed on the London Stock Exchange (LSE: CCH) and
on Euronext Athens (Euronext Athens: 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 2026 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 2025 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 current
year's results for the purpose of the organic growth calculation. 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 current year's results for the purpose of
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 current year's results for the purpose of 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
'2025 reported' or, where presented, '2025 adjusted'.

 

Reconciliation of organic measures

                                           First quarter 2026
 Volume (m unit cases)                     Group    Established  Developing  Emerging
 2025 reported                             643.8    131.8        101.9       410.1
 Consolidation perimeter impact            0.1      0.1          -           -
 Organic movement                          62.1     8.8          7.5         45.8
 2026 reported                             706.0    140.7        109.4       455.9

 Organic growth (%)                        9.6%     6.7%         7.4%        11.2%

                                           First quarter 2026
 Net sales revenue (€ m)                   Group    Established  Developing  Emerging
 2025 reported                             2,418.3  761.2        506.0       1,151.1
 Foreign currency impact                   7.7      1.4          4.5         1.8
 2025 adjusted                             2,426.0  762.6        510.5       1,152.9
 Consolidation perimeter impact            2.4      2.4          -           -
 Organic movement                          281.3    55.7         52.4        173.2
 2026 reported                             2,709.7  820.7        562.9       1,326.1

 Organic growth (%)                        11.6%    7.3%         10.3%       15.0%

                                           First quarter 2026
 Net sales revenue per unit case (€)(5)    Group    Established  Developing  Emerging
 2025 reported                             3.76     5.78         4.97        2.81
 Foreign currency impact                   0.01     0.01         0.04        -
 2025 adjusted                             3.77     5.79         5.01        2.81
 Consolidation perimeter impact            -        0.01         -           -
 Organic movement                          0.07     0.03         0.14        0.10
 2026 reported                             3.84     5.83         5.15        2.91

 Organic growth (%)                        1.8%     0.6%         2.7%        3.5%

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTAKABNOBKDPPK



            Copyright 2019 Regulatory News Service, all rights reserved