Coca-Cola – 2025 Full Year Results

Strong execution and financial performance in 2025

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 twelve months ended 31 December 2025.

Full-Year Highlights

Focused execution of strategic priorities drives strong organic revenue growth of 8.1%¹

• Organic volume grew 2.8%, predominantly driven by Sparkling +2.5% and Energy +28.3%
• Organic revenue per case growth of 5.1%, reflecting targeted revenue growth management (RGM) initiatives and lower levels of inflation
• Reported revenue grew 7.9% to €11,604.5 million, driven by strong organic growth
• Value share growth of 80 basis points in Non-Alcoholic Ready-To-Drink (NARTD)², resulting in the sixth consecutive year of share gains

Strong organic EBIT growth of 11.5%

• Comparable EBIT of €1,356.2 million, growing 13.8% on a reported basis and 11.5% on an organic basis
• Comparable EBIT margins improved 60 basis points on a reported basis to 11.7%, and increased 40 basis points on an organic basis
• Comparable gross profit margin grew 70 basis points to 36.8%, reflecting good top line leverage
• Operating expenses as a percentage of revenue increased 10 basis points, reflecting higher marketing investment to leverage growth opportunities
• ROIC up 100 basis points to 19.4%, driven by higher profit

Segmental highlights: Organic revenue growth across all segments, despite a mixed market environment

• Established: Organic revenue increased 2.3%, led by revenue per case expansion, with volumes flat year-on-year; organic EBIT declined -2.8%, driven by a step up in investment
• Developing: Organic revenue grew 6.1%, with good revenue per case expansion and volume growth; organic EBIT grew 5.6%
• Emerging: Organic revenue increased 13.2%, with strong volume growth led by Africa; organic EBIT grew 23.2%

Strong EPS and resilient FCF performance, and further shareholder returns

• Comparable EPS grew by 19.7% to €2.72, supported by strong EBIT delivery and lower than expected finance costs
• Free cash flow of €700.0 million, resilient performance despite a step up in capex
• Strong balance sheet, with net debt to comparable adjusted EBITDA at 0.7x
• Ordinary dividend of €1.20 per share proposed, an increase of 17% and a 44% payout

Further investment and progress across our strategic priorities

• Agreed acquisition of Coca-Cola Beverages Africa on 21 October 2025, bringing together two leading bottlers in Africa to drive sustainable, profitable growth
• Continued close partnership with The Coca-Cola Company to drive growth in Sparkling, with a variety of tailored initiatives, including the “Share a Coke” campaign, all focused on driving transactions and further strengthening brand equity
• Ongoing standout performance of Energy, with the tenth consecutive year of strong double-digit growth, supported by innovations of Monster, and Predator and Fury in Africa
• 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
• Consistent investment in our bespoke capabilities, leveraging AI solutions to power revenue growth management and drive segmented execution, increasing value for us and our customers 
• We continue to lead in Sustainability and have made strong progress against our Mission 2025 goals. Full results and next steps will be detailed in our 2025 Integrated Annual Report

^{1 For details on APMs refer to ‘Alternative Performance Measures’ and ‘Definitions and reconciliations of APMs’ sections.
2 Period refers to end-2024 to November 2025, according to Nielsen, IRI, GlobalData, and HIST methodology, excluding Russia.}

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

“I am proud that we have delivered strong growth for the fifth consecutive year, driven by focused execution of our strategic priorities. Through intentional choices to strengthen our 24/7 portfolio, we achieved share gains, and volume growth in our strategic priority categories of Sparkling and Energy. We have continued with targeted investments behind bespoke capabilities, focused on digital, data and AI solutions, to enable segmented execution and growth. Thank you to our teams for their hard work and dedication, and to our customers, The Coca‑Cola Company and all partners for their continued support.

“We strengthened customer partnerships that create environmental and community benefits while advancing on our Mission 2025 and NetZeroby40 goals. Through The Coca-Cola HBC Foundation, we opened up opportunities to provide meaningful support for communities affected by wildfires and floods across our markets.

“In 2025 we also announced the milestone acquisition of Coca-Cola Beverages Africa. Having established our business in Nigeria nearly 75 years ago and with our addition of Egypt four years ago, we have a deep understanding of Africa and are very excited about the long-term potential for growth and value creation.

“While we expect the macroeconomic and geopolitical environment to remain challenging in 2026, we are confident in our capable people, unique 24/7 portfolio and bespoke capabilities, and expect to make further progress against our medium-term targets.”

	Full Year
	2025	2024	% Change Reported	% Change Organic1
Volume (m unit cases)	2,997.4	2,914.5	2.8%	2.8%
Net sales revenue (€ m)	11,604.5	10,754.4	7.9%	8.1%
Net sales revenue per unit case (€)	3.87	3.69	4.9%	5.1%
Operating profit (EBIT)2 (€ m)	1,305.6	1,185.4	10.1%
Comparable EBIT1 (€ m)	1,356.2	1,192.1	13.8%	11.5%
EBIT margin (%)	11.3	11.0	20bps
Comparable EBIT margin1 (%)	11.7	11.1	60bps	40bps
Net profit3 (€ m)	940.4	820.6	14.6%
Comparable net profit1,3 (€ m)	989.3	828.8	19.4%
Basic earnings per share (EPS) (€)	2.589	2.253	14.9%
Comparable EPS1 (€)	2.724	2.275	19.7%
Free cash flow1  (€ m)	700.0	716.6	-2.3%

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