Consistent execution delivers strong H1 results

About this update from Coca-cola Hbc Ag

[{"type":"text","content":"\n \n Consistent execution delivers strong H1 results \n 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 27 June 2025 . \n   \n Half-year highlights \n ·     Focused execution of strategic priorities drives organic revenue growth of 9.9% 1 \n o  Organic volume grew 2.6%, driven by Sparkling +2.3% and Energy +30.0%, with notable strength in Emerging markets; Q2 volumes improved to +3.2%, with all segments contributing \n o  Organic revenue per case growth of 7.2%, driven by targeted revenue growth management initiatives \n o  Reported revenue growth of 8.6%, with good organic growth slightly offset by FX headwinds in the Emerging segment \n o  Value share growth of 100 basis points in Non-Alcoholic Ready-To-Drink (NARTD) year-to-date, on top of strong gains in 2024 \n ·     Strong organic comparable EBIT growth of 11.8% \n o  Comparable EBIT of €649.8 million, growing 15.2% on a reported basis and 11.8% on an organic basis \n o  Comparable EBIT margins improved 70 basis points on a reported basis to 11.6%, and grew 20 basis points on an organic basis \n o  Comparable gross profit margin grew 60 basis points to 36.7%, reflecting improvement in the Emerging segment \n o  Opex as a percentage of revenue slightly improved year-on-year, despite increased investment in marketing, as we lapped the currency remeasurement of balance sheet items in the prior-year period \n ·     Segmental highlights: Broad-based organic revenue growth \n o  Established : Organic revenue increased by 2.5%, led by revenue-per-case expansion and resilient volumes; organic EBIT declined 7.2% driven by higher marketing investment \n o  Developing : Organic revenue up 6.4%, driven by revenue-per-case expansion; organic EBIT down 0.6% on tough comparatives \n o  Emerging: Organic revenue up 17.4% driven by revenue-per-case expansion and solid volume growth; organic EBIT up 31.3% \n ·     Strong EPS, benefitting from EBIT growth and lower finance costs \n o  Comparable EPS of €1.31, up 25.8% \n o  Finance costs improved significantly year-on-year, driven by lower foreign exchange losses in Nigeria and higher finance income \n o  Free cash flow increased 10.1% to €242.5m, despite higher capex year-on-year \n o  Maintained a strong balance sheet and liquidity position \n ·     Continued focus on innovation, and investment in our 24/7 portfolio and strategic priorities \n o  Successful launch of the \"Share a Coke\" campaign across our markets from April, with ongoing activation through the summer \n o  Launched new innovations of Monster and introduced targeted local marketing activations \n o  Strong performance of Coffee in the out-of-home channel, as we executed on our joint strategic decision with Costa Coffee to focus on this channel \n o  Leveraged global football ambassadors and local sports activations together with new innovations to drive strong growth in Powerade \n o  Launched new Finlandia marketing campaign across all markets \n o  We were again the number one contributor to retail customers' absolute revenue growth within FMCG in Europe, according to Nielsen \n Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented: \n \"This has been a strong first half with consistent execution of our strategy driving organic revenue growth of 9.9%, including good growth in volumes. Building on strong gains in 2024, we further increased our value share in NARTD as a result of continued investment behind our 24/7 portfolio and strategic priorities. Highlights in the period included the successful launch of the \"Share a Coke\" campaign from April, the continued rollout and marketing of innovations in Monster, Fanta, Sprite and Schweppes, and further investment in our bespoke capabilities, notably digital and technology. \n \"I would like to thank our teams for their dedication, passion and drive, which is at the heart of everything we achieve. Strong partnerships and collaboration are the cornerstone of our success. I would like to extend my appreciation to our customers, suppliers and partners for their ongoing support, particularly The Coca-Cola Company, as we continue to push boundaries across our markets. \n \"As we progress into the second half of the year, our teams continue to raise the bar to execute with excellence, leveraging our targeted in-market plans and the strength of our portfolio. We are mindful of what is a challenging and unpredictable macroeconomic and geopolitical environment but given our strong start to the year, we now expect to deliver growth in organic revenue and EBIT at the top end of our guided ranges for 2025.\" \n   \n \n \n \n \n   \n \n \n Half-Year \n \n \n   \n \n \n \n \n   \n \n \n 2025 \n \n \n 2024 \n \n \n % Change \n Reported \n \n \n % Change \n Organic 1 \n \n \n \n \n Volume (m unit cases) \n \n \n 1,463.4 \n \n \n 1,426.7 \n \n \n 2.6% \n \n \n 2.6% \n \n \n \n \n Net sales revenue (€ m) \n \n \n 5,620.3 \n \n \n 5,175.6 \n \n \n 8.6% \n \n \n 9.9% \n \n \n \n \n Net sales revenue per unit case (€) \n \n \n 3.84 \n \n \n 3.63 \n \n \n 5.9% \n \n \n 7.2% \n \n \n \n \n Operating profit (EBIT) 2  (€ m) \n \n \n 644.6 \n \n \n 566.1 \n \n \n 13.9% \n \n \n   \n \n \n \n \n Comparable EBIT 1  (€ m) \n \n \n 649.8 \n \n \n 564.1 \n \n \n 15.2% \n \n \n 11.8% \n \n \n \n \n EBIT margin (%) \n \n \n 11.5 \n \n \n 10.9 \n \n \n 50bps \n \n \n   \n \n \n \n \n Comparable EBIT margin 1  (%) \n \n \n 11.6 \n \n \n 10.9 \n \n \n 70bps \n \n \n 20bps \n \n \n \n \n Net profit 3  (€ m) \n \n \n 470.6 \n \n \n 381.6 \n \n \n 23.3% \n \n \n   \n \n \n \n \n Comparable net profit 1,3  (€ m) \n \n \n 474.7 \n \n \n 380.3 \n \n \n 24.8% \n \n \n   \n \n \n \n \n Basic earnings per share (EPS) (€) \n \n \n 1.297 \n \n \n 1.043 \n \n \n 24.4% \n \n \n   \n \n \n \n \n Comparable EPS 1  (€) \n \n \n 1.308 \n \n \n 1.040 \n \n \n 25.8% \n \n \n   \n \n \n \n \n Free cash flow 1  (€ m) \n \n \n 242.5 \n \n \n 220.2 \n \n \n 10.1% \n \n \n   \n \n \n \n \n 1 For details on APMs refer to 'Alternative Performance Measures' and 'Definitions and reconciliations of APMs' sections. \n 2 Refer to the condensed consolidated interim income statement. \n 3 Net Profit and comparable net profit refer to net profit and comparable net profit respectively after tax attributable to owners of the parent. \n   \n Business Outlook \n We have delivered a strong start to 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. In 2025 we expect to make continued progress against our medium-term growth targets. \n We are reiterating our guidance for 2025, and we now expect to deliver at the top end of both our guided ranges: \n ·     Organic revenue growth of 6% to 8% \n ·     Organic EBIT growth of 7% to 11% \n   \n Technical guidance \n We have updated parts of our technical guidance for FY 2025: \n FX : We expect the impact of translational FX on our Group comparable EBIT to be between €0 to 10 million headwind (previously €15 to 35 million headwind). \n Restructuring : We do not expect significant restructuring costs to occur (unchanged). \n Tax : We expect our comparable effective tax rate to be within a range of 26% to 28% (unchanged). \n Finance costs : We expect net finance costs to be between €15 to 25 million (previously €40 to 60 million). \n Scope : We expect a minor benefit from the consolidation of BDS Vending in Ireland from 28 February 2025 (unchanged). \n   \n Group Operational Review \n Leveraging our unique 24/7 portfolio \n Organic revenue grew by 9.9 % in the first half, with volume growth of 2.6%. Reported net sales revenue increased by 8.6%, with strong organic growth slightly offset by a negative foreign currency impact due to the depreciation of the Nigerian Naira and Egyptian Pound. \n ·     Sparkling volumes grew by 2.3%, with an acceleration in growth in Q2. Trademark Coke grew by low-single digits, with Coke Zero up high-single digits. In April we started activating the \"Share a Coke\" campaign across most of our markets, with locally relevant customer and consumer experiences across the at-home and out-of-home channels. We delivered mid-single digit growth in Adult Sparkling, supported by innovation in Schweppes and Kinley, such as new flavours and package formats . Sprite grew mid-single digits, on a soft comparative, and Fanta grew low-single digits. \n ·     Energy volumes grew by 30.0%, with strong momentum in all three segments. We launched new innovations of Monster and continued to leverage local marketing activations. In the Emerging segment, growth continued to be driven by affordable brands in Africa. In Established and Developing markets, growth was driven by Monster. \n ·     Coffee volumes declined 7.6%. The decline was in line with our expectations, due to our joint strategic decision with Costa Coffee to focus primarily on the out-of-home channel rather than the at-home channel.  In the out-of-home channel, where we see greater long-term potential, we grew 17%, driven by both Costa Coffee and Caffè Vergnano. We grew in existing outlets and recruited 1,500 new outlets. \n ·     Still volumes grew by 0.2%. Sports Drinks continued to be a stand-out category, with growth of mid-teens, as we leveraged relevant global football activations, as well as local partnerships and new flavour innovations to drive growth. We launched Powerade in Romania in Q2. Water grew low-single digits while Juices declined mid-single digits. \n ·     Premium Spirits volumes grew by 24.0%, with strong growth across all three segments. Growth was driven by our own-brand Finlandia Vodka, which we launched a new campaign for in April, as well as by our brand distribution partners. We also launched Bacardi & Coca-Cola in 11 markets in the period. \n Winning in the marketplace \n Organic net sales revenue per case expanded by 7.2% in the first half. Our revenue growth management (RGM) toolkit continued to allow us to tailor our approach to pricing in each market, navigating varying levels of inflation, regulation and currency pressures. In our European markets, we generally experienced lower levels of inflation and therefore the impact from pricing was lower than in 2024. In Africa, pricing remained a tool to navigate high levels of inflation and the effects of currency devaluation, also at lower levels than in 2024. \n Affordability and premiumisation initiatives both remained important as we faced dynamic trends across all our markets. In terms of affordability, we continued to focus on entry packs and smaller packs to manage critical price points, and in the period executed targeted expansion of smaller packs such as 330ml PET in Italy and 200ml cans in Austria. Volume growth was supported by a step-up in promotional activities. We also saw further growth from our affordably priced returnable glass bottles (RGB) in Africa and upsized to a 600ml PET in some regions of Nigeria to support consumer demand. When it comes to premiumisation, we drove mini-can activation and expansion in our Established markets and continued to grow our premium RGB portfolio in Austria, up 11% in the period. \n We continued to see an improvement in package mix, with single-serve mix up 120 basis points, driven by all segments. Category mix also improved, benefiting from the increased contribution of Energy, Adult Sparkling, Sports Drinks and Premium Spirits. \n Our focused execution in the marketplace and joint value creation with customers enabled us to continue to gain value share in NARTD, increasing 100 basis points year-to-date, building on strong gains in 2024. In Sparkling, we gained or maintained share year-to-date in the majority of markets we track. We were again, the number one contributor to retail customers' absolute revenue growth within fast moving consumer goods (FMCG) in Europe, according to Nielsen, for the Q1 2025 period. \n Operating profit, margins and cost control \n Comparable gross profit grew by 10.5%, leading to a comparable gross profit margin of 36.7%, an improvement of 60 basis points, led by a recovery in the Emerging segment. Comparable COGS per unit case increased by 4.8%, reflecting input cost inflation . \n Comparable operating expenses as a percent of revenue improved by 10 basis points to 25.2%. While we stepped up marketing investments, such as in the Share a Coke campaign and the new Finlandia marketing campaign, we benefited from cycling the impact of foreign currency remeasurement of balance sheet items in the prior-year period . \n C omparable EBIT increased by 11.8%, and comparable EBIT margin was up 20 basis points, both on an organic basis. Comparable EBIT increased by 15.2% on a reported basis to €649.8 million, benefitting from organic growth across our markets and a benefit from translational foreign currency in the period. On a reported basis, Comparable EBIT margin was 11.6%, up 70 basis points. \n Net profit and free cash flow \n Comparable net profit of €474.7 million and comparable basic earnings per share of €1.308 were 24.8% and 25.8% higher than in the prior-year period, respectively, supported by lower net finance costs. Reported net profit and reported basic earnings per share of €470.6 million and €1.297 respectively were 23.3% and 24.4% higher compared to last year. \n Comparable taxes were €175.2 million, representing a comparable tax rate of 27.0%, consistent with our 2025 guidance range of 26% to 28%. \n Net finance costs decreased by €45.1 million in the period, to €1.3 million, as we saw a lower level of foreign currency exchange losses, due to more stability in the Nigerian Naira this period, as well as higher finance income. \n Capital expenditure increased by €76.0 million to €278.8 million , as we continued to invest in growth initiatives such as production capacity, ongoing automation in supply chain, digital and data solutions, and energy-efficient coolers. Capex as a percentage of revenue was 5.0% , up 100 basis points year-on-year, lower than our target range of 6.5% to 7.5%, due to phasing of our investment activities within the year . \n Free cash flow was €242.5 million, 10.1% higher than the prior-year period, reflecting higher operating profit, partially offset by higher capital expenditure year-on-year. \n ESG leadership \n In sustainability, collaboration is key to achieve our goals. In May, we joined a pioneering Sustainable Linked Business Plan announced by The Coca-Cola Company and Carrefour. This plan aims to reduce carbon emissions and educate shoppers about circular packaging. Romania will be one of the first markets to implement this initiative. \n With the launch of the Deposit Return Scheme (DRS) in Austria in January of this year, we now have nine schemes operating across our markets, and are seeing encouraging results that will help us achieve our packaging collection goals. Romania reached an average return rate of over 80% from November 2024 to April 2025, and Hungary reached an average of around 80% from January to June this year. Four more DRS are scheduled to go live by 2028. \n Achieving our decarbonisation targets requires innovation. We've started using biomethane, a clean and renewable source of energy, at our Knockmore Hill plant in Northern Ireland. This will contribute up to 25% of the energy at the plant by the end of 2025. \n We continue to hold leading rankings in top ESG benchmarks. We retained our A-list position in CDP's 2024 Supplier Engagement Assessment and the highest score in the FTSE Russell ESG report on the soft drinks category. \n Operational Review by Reporting Segment \n \n \n \n \n Established markets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Half-Year \n \n \n   \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n % Change \n Reported \n \n \n % Change \n Organic \n \n \n \n \n Volume (m unit cases) \n \n \n 306.6 \n \n \n 306.3 \n \n \n 0.1% \n \n \n 0.1% \n \n \n \n \n Net sales revenue (€ m) \n \n \n 1,769.7 \n \n \n 1,715.1 \n \n \n 3.2% \n \n \n 2.5% \n \n \n \n \n Net sales revenue per unit case (€) \n \n \n 5.77 \n \n \n 5.60 \n \n \n 3.1% \n \n \n 2.4% \n \n \n \n \n Operating profit (EBIT) (€ m) \n \n \n 180.9 \n \n \n 194.0 \n \n \n -6.8% \n \n \n \n \n \n \n \n Comparable EBIT (€ m) \n \n \n 181.5 \n \n \n 194.1 \n \n \n -6.5% \n \n \n -7.2% \n \n \n \n \n EBIT margin (%) \n \n \n 10.2 \n \n \n 11.3 \n \n \n -110bps \n \n \n \n \n \n \n \n Comparable EBIT margin (%) \n \n \n 10.3 \n \n \n 11.3 \n \n \n -110bps \n \n \n -110bps \n \n \n \n \n   \n Net sales revenue grew by 2.5% and 3.2% on an organic and reported basis respectively. \n Organic growth in net sales revenue per case was 2.4%. The segment saw a benefit from pricing actions taken to navigate inflation. We also saw positive package mix, with single-serve mix improving 120 basis points, and positive category mix. \n Volume in the first half was broadly in line with last year, with a return to growth in Q2, despite ongoing headwinds from consumer sensitivity in some markets. Sparkling volumes decreased low-single digits, despite mid-single digit growth in Coke Zero and high-single digit growth in Sprite. Energy saw good momentum, with volumes growing mid-teens in the period. Coffee declined low-single digits, as double-digit growth in the out-of-home channel for both brands was offset by a decline in Costa Coffee in the at-home channel. Stills grew low-single digits, with Sports Drinks growing high-single digits. \n ·     Volumes in Greece grew by low-single digits, building on a good prior-year performance, albeit with a slightly later start to the summer season. Sparkling declined low-single digits, but we saw high-single digit growth in Coke Zero. Energy grew mid-teens, with momentum accelerating in Q2. Coffee declined mid-single digits, driven by the at-home channel, offsetting growth across brands in the out-of-home channel. Stills volumes were up by low-single digits, with strong double-digit growth in Sports Drinks. \n ·     In Ireland, volumes increased by low-single digits on a soft comparative due to the launch of the DRS last year. A later Catholic Easter than 2024 also supported improved volumes in Q2 relative to Q1. Sparkling increased low-single digits, driven by Trademark Coke and Sprite. Energy grew low-double digits and Coffee increased low-single digits. Stills increased by high-single digits, driven by Water and Juices. \n ·     Volumes in Italy grew by low-single digits in the first half. Volumes returned to growth in Q2, benefitting from a later Catholic Easter and an improved start to the summer season compared to the prior year. Sparkling volumes were up by low-single digits, driven by high-single digit growth in Coke Zero and low-double digit growth in Sprite. Energy continued its strong double-digit growth momentum. Stills declined low-single digits, although Sports Drinks grew mid-single digits. \n ·     In Switzerland, volumes declined by low-single digits in a sensitive consumer environment, with some retail challenges. Sparkling declined mid-single digits, although we recorded a strong performance in Coke Zero Sugar Zero Caffeine and Sprite. Energy grew strong double-digits. Coffee and Stills both grew low-single digits. \n Comparable EBIT in the Established segment declined by 7.2% on an organic basis and 6.5% on a reported basis, to €181.5 million. Comparable EBIT margin was 10.3%, down 110 basis points, due to higher marketing and operating expenses in the period. \n \n \n \n \n Developing markets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Half-Year \n \n \n   \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n % Change \n Reported \n \n \n % Change \n Organic \n \n \n \n \n Volume (m unit cases) \n \n \n 234.3 \n \n \n 234.3 \n \n \n - \n \n \n - \n \n \n \n \n Net sales revenue (€ m) \n \n \n 1,198.7 \n \n \n 1,123.3 \n \n \n 6.7% \n \n \n 6.4% \n \n \n \n \n Net sales revenue per unit case (€) \n \n \n 5.12 \n \n \n 4.79 \n \n \n 6.7% \n \n \n 6.4% \n \n \n \n \n Operating profit (EBIT) (€ m) \n \n \n 118.4 \n \n \n 117.4 \n \n \n 0.9% \n \n \n \n \n \n \n \n Comparable EBIT (€ m) \n \n \n 118.0 \n \n \n 118.3 \n \n \n -0.3% \n \n \n -0.6% \n \n \n \n \n EBIT margin (%) \n \n \n 9.9 \n \n \n 10.5 \n \n \n -60bps \n \n \n \n \n \n \n \n Comparable EBIT margin (%) \n \n \n 9.8 \n \n \n 10.5 \n \n \n -70bps \n \n \n -70bps \n \n \n \n \n   \n Net sales revenue grew by 6.4% and 6.7% on an organic and reported basis respectively. \n Organic net sales revenue per case increased by 6.4%. The segment benefitted from pricing actions taken to manage inflation, along with positive category and package mix, with single-serve mix improving 340 basis points. Continued growth in Premium Spirits, supported by the rollout of Finlandia distribution, also benefitted our revenue per case, but with less impact than in 2024. \n Developing markets volume was in line with the previous year, returning to growth in Q2, supported by a later Catholic Easter than in 2024. Sparkling volumes declined by low-single digits, despite growth in Coke Zero, Fanta and Sprite. Energy grew strongly on a soft comparative. In Stills, while Water declined high-single digits, we delivered strong double-digit growth in Sports Drinks and low-single digit growth in Ready-to-Drink Tea. \n ·     Poland volumes decreased by low-single digits, although we saw an improvement in Q2. Sparkling volumes were down mid-single digits, despite growth in Coke Zero, Coke Zero Sugar Zero Caffeine, Fanta and Sprite. Energy grew strong double-digits, on a soft comparative due to the regulatory measures introduced at the start of 2024. Coffee volumes fell by double-digits, due to a decline in Costa Coffee in the at-home channel, offsetting strong growth in out-of-home. Stills declined low-double digits, driven by Water and Juice, offsetting mid-single digit growth in Ready-to-Drink Tea. \n ·     In Hungary, volumes increased low-single digits. Sparkling volumes grew by low-single digits, with low-single digit growth in Trademark Coke and high-single digit growth in both Fanta and Sprite. Energy volumes continued to grow strong double-digits, despite tough comparatives. Coffee declined double-digits, driven by Costa Coffee, offsetting growth in Caffè Vergnano. Stills declined mid-single digits, with declines in Water and Juices offsetting growth in Ready-to-Drink Tea and Sports Drinks. \n ·     Volume in Czech increased by high-single digits despite tough comparatives, driven by low-double digit growth in Sparkling. Energy volumes grew by strong double-digits, on soft comparatives. Coffee grew mid-teens, while Stills volumes declined low-double digits, despite strong double-digit growth in Sports Drinks. \n Comparable EBIT in the Developing segment decreased slightly by 0.3% and 0.6% on a reported and organic basis respectively, to €118.0 million. Comparable EBIT margin was 9.8%, down 70 basis points on a tough comparative, driven by higher marketing and operating expenses in the period. \n   \n \n \n \n \n Emerging markets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Half-Year \n \n \n   \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n % Change \n Reported \n \n \n % Change \n Organic \n \n \n \n \n Volume (m unit cases) \n \n \n 922.5 \n \n \n 886.1 \n \n \n 4.1% \n \n \n 4.1% \n \n \n \n \n Net sales revenue (€ m) \n \n \n 2,651.9 \n \n \n 2,337.2 \n \n \n 13.5% \n \n \n 17.4% \n \n \n \n \n Net sales revenue per unit case (€) \n \n \n 2.87 \n \n \n 2.64 \n \n \n 9.0% \n \n \n 12.7% \n \n \n \n \n Operating profit (EBIT) (€ m) \n \n \n 345.3 \n \n \n 254.7 \n \n \n 35.6% \n \n \n \n \n \n \n \n Comparable EBIT (€ m) \n \n \n 350.3 \n \n \n 251.7 \n \n \n 39.2% \n \n \n 31.3% \n \n \n \n \n EBIT margin (%) \n \n \n 13.0 \n \n \n 10.9 \n \n \n 210bps \n \n \n \n \n \n \n \n Comparable EBIT margin (%) \n \n \n 13.2 \n \n \n 10.8 \n \n \n 240bps \n \n \n 140bps \n \n \n \n \n   \n Net sales revenue grew by 17.4% and 13.5% on an organic and reported basis respectively, with strong organic growth partially offset by currency headwinds from the Nigerian Naira and Egyptian Pound. \n Net sales revenue per case grew 12.7% organically, with a step down in Q2 relative to Q1 as we started to see inflation come down in Nigeria and Egypt. In the first half overall, we benefited from pricing actions taken throughout the last 12 months to manage the impact of currency devaluation and cost inflation, as well as from positive category mix. \n Emerging markets volume grew by 4.1%. Sparkling volumes increased by mid-single digits, with low-double digit growth in Coke Zero and mid-single digit growth in Sprite and Adult Sparkling. Energy grew strongly, despite tough comparatives, driven by affordable brands. Stills volumes grew low-single digits, with very strong growth on a small base in Sports Drinks. \n ·     Volume in Nigeria increased by mid-single digits, despite a tough comparative, reflecting our good execution in the market to navigate a challenging macroeconomic environment. Sparkling volumes grew mid-single digits. Adult Sparkling grew high-teens, as our premiumisation initiatives to drive Schweppes continued to see good results. Energy also delivered strong double-digit growth, led by growth in Predator. Stills declined mid-single digits. \n ·     Volume in Romania declined by low-single digits. Sparkling fell low-single digits, while Stills and Coffee declined mid-single digits. We saw high-teens growth in Energy, supported by a rebound in Q2 on soft comparatives due to the introduction of regulatory measures in March 2024 . \n ·     Volumes in Egypt grew by high-single digits, as we cycled the impact of pushback against some Western brands. Sparkling grew mid-single digits, with strong double-digit growth in Coke Zero and low-double digit growth in Adult Sparkling. Energy continued to perform very strongly across both Monster and Fury, the affordable proposition. Water grew mid-single digits. \n ·     Ukraine volume increased high-single digits, despite a still-challenging backdrop. Sparkling grew high-single digits, driven by Trademark Coke and Sprite. We saw strong double-digit growth in Energy, while Stills declined double-digits. \n ·     Volumes in Serbia, excluding Bambi, grew low-single digits. Sparkling volume declined by low-single digits, despite strong double-digit growth in Coke Zero. Stills grew by mid-single digits, driven mainly by Water. Coffee also delivered strong growth, while Energy delivered high-single digit growth. Volumes of our snacks business, Bambi, declined approximately 30%, impacted by a fire in the production plant last year, resulting in a total decline for Serbia of low-single digits. We are on track with our recovery plans for Bambi, with production now back online. \n ·     Russia volume grew by mid-single digits, as we continued to operate a self-sufficient business focused on local brands. \n Comparable EBIT in the Emerging segment increased by 31.3% on an organic basis and 39.2% on a reported basis, to €350.3 million. Comparable EBIT margin was 13.2%, up 140 basis points on an organic basis, as we cycled the impact of foreign currency remeasurement of balance sheet items in 2024 . \n   \n Conference call \n   \n Coca-Cola HBC's management will host a conference call for investors and analysts on Wednesday, 6 August 2025 at 9:00 am BST. To join the call in listen-only mode, please join via the  webcast . If you anticipate asking a question, please  click here to register and to find dial-in details. \n   \n Next event \n \n \n \n \n 3 0 October 202 5 \n \n \n 202 5 Third quarter trading update \n \n \n \n \n   \n Enquiries \n Coca‑Cola HBC Group \n \n \n \n \n Investors and Analysts: \n \n \n \n \n \n \n \n Jemima Benstead \n Head of Investor Relations \n \n \n Tel: + 44 7740 535130 \n  [email protected] \n \n \n \n \n   \n Elias Davvetas \n Investor Relations Manager \n \n \n \n   \n Tel: +30 694 7568826 \n [email protected] \n \n \n \n \n Matilde Durazzano \n \n \n Tel: +44 7851 105884 \n \n \n \n \n Investor Relations Manager \n \n \n [email protected] \n \n \n \n \n \n \n \n \n \n \n \n \n Media: \n \n \n \n \n \n \n \n Claire Evans \n Head of Corporate Communications \n \n \n Tel: +44 7896 054 972 \n  [email protected] \n \n \n \n \n   \n Greek media contact: \n V+O Communications \n Sonia Manesi \n \n \n Tel: +30 694 454 8914 \n [email protected] \n \n \n \n \n   \n Coca-Cola HBC Group \n 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. \n 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/ \n   \n \n Financial information in this announcement is presented on the basis of \nInternational Financial Reporting Standards (IFRS). \n \n   \n Special Note Regarding the Information set out herein \n Unless otherwise indicated, the condensed consolidated interim financial statements 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'). \n Forward-Looking Statements \n 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 . \n 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 the condensed consolidated interim financial statements included in this document, 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 . \n Alternative Performance Measures \n 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, financial condition and cash flow. The APMs should be read in conjunction with and do not replace by any means the directly reconcilable IFRS line items. For more details on APMs please refer to 'Definitions and reconciliations of APMs' section. \n   \n \n \n \n \n Group Financial Review \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income statement \n \n \n Half-Year \n \n \n   \n \n \n \n \n \n \n \n 2025 \n€ million \n \n \n 2024 \n€ million \n \n \n % Change \n Reported \n \n \n % Change \n Organic 4 \n \n \n \n \n Volume (m unit cases) \n \n \n 1,463.4 \n \n \n 1,426.7 \n \n \n 2.6% \n \n \n 2.6% \n \n \n \n \n Net sales revenue \n \n \n 5,620.3 \n \n \n 5,175.6 \n \n \n 8.6% \n \n \n 9.9% \n \n \n \n \n Net sales revenue per unit case (€) \n \n \n 3.84 \n \n \n 3.63 \n \n \n 5.9% \n \n \n 7.2% \n \n \n \n \n Cost of goods sold \n \n \n (3,556.4) \n \n \n (3,306.0) \n \n \n 7.6% \n \n \n \n \n \n \n \n Comparable cost of goods sold 4 \n \n \n (3,558.7) \n \n \n (3,310.7) \n \n \n 7.5% \n \n \n \n \n \n \n \n Gross profit \n \n \n 2,063.9 \n \n \n 1,869.6 \n \n \n 10.4% \n \n \n \n \n \n \n \n Comparable gross profit 4 \n \n \n 2,061.6 \n \n \n 1,864.9 \n \n \n 10.5% \n \n \n \n \n \n \n \n Operating expenses \n \n \n (1,425.6) \n \n \n (1,310.2) \n \n \n 8.8% \n \n \n \n \n \n \n \n Comparable operating expenses 4 \n \n \n (1,418.1) \n \n \n (1,307.5) \n \n \n 8.5% \n \n \n \n \n \n \n \n Share of results of integral equity method investments 5 \n \n \n 6.3 \n \n \n 6.7 \n \n \n -6.0% \n \n \n \n \n \n \n \n Operating profit (EBIT) 5 \n \n \n 644.6 \n \n \n 566.1 \n \n \n 13.9% \n \n \n \n \n \n \n \n Comparable operating profit (EBIT) 4 \n \n \n 649.8 \n \n \n 564.1 \n \n \n 15.2% \n \n \n 11.8% \n \n \n \n \n Adjusted EBITDA 4 \n \n \n 861.2 \n \n \n 760.6 \n \n \n 13.2% \n \n \n \n \n \n \n \n Comparable adjusted EBITDA 4 \n \n \n 866.4 \n \n \n 758.6 \n \n \n 14.2% \n \n \n \n \n \n \n \n Finance costs, net \n \n \n (1.3) \n \n \n (46.4) \n \n \n -97.2% \n \n \n \n \n \n \n \n Share of results of non-integral equity method investments 5 \n \n \n 1.3 \n \n \n 1.3 \n \n \n - \n \n \n \n \n \n \n \n Profit before tax \n \n \n 644.6 \n \n \n 521.0 \n \n \n 23.7% \n \n \n \n \n \n \n \n Comparable profit before tax \n \n \n 649.8 \n \n \n 519.0 \n \n \n 25.2% \n \n \n \n \n \n \n \n Tax \n \n \n (174.1) \n \n \n (140.7) \n \n \n 23.7% \n \n \n \n \n \n \n \n Comparable tax 4 \n \n \n (175.2) \n \n \n (140.0) \n \n \n 25.1% \n \n \n \n \n \n \n \n Net profit 6 \n \n \n 470.6 \n \n \n 381.6 \n \n \n 23.3% \n \n \n \n \n \n \n \n Comparable net profit 4,6 \n \n \n 474.7 \n \n \n 380.3 \n \n \n 24.8% \n \n \n \n \n \n \n \n Basic earnings per share (€) \n \n \n 1.297 \n \n \n 1.043 \n \n \n 24.4% \n \n \n \n \n \n \n \n Comparable basic earnings per share (€) 4 \n \n \n 1.308 \n \n \n 1.040 \n \n \n 25.8% \n \n \n \n \n \n \n \n 4 Refer to the ' Alternative Performance Measures' and ' Definitions and reconciliations of APMs' sections. \n 5 Refer to the condensed consolidated interim income statement. \n 6 Net Profit and comparable net profit refer to net profit and comparable net profit respectively after tax attributable to owners of the parent. \n   \n Net sales revenue grew by 9.9% on an organic basis in the first half of 2025, compared to the prior-year period, primarily driven by pricing initiatives and volume growth, further supported by favourable category and package mix. On a reported basis, net sales revenue grew by 8.6%, as the organic growth was partially offset by unfavourable foreign currency movements, mainly related to the Nigerian Naira and Egyptian Pound . \n Cost of goods sold and comparable cost of goods sold increased by 7.6% and 7.5%, respectively, in the first half of 2025, primarily reflecting the impact of higher volume and elevated raw material costs. \n Operating expenses increased by 8.8% and 8.5% on a reported and comparable basis respectively, during the first half of 2025, mainly due to higher selling expenses, partially offset by the cycling of foreign exchange losses recorded in the prior-year period . \n Operating profit grew by 13.9% in the first half of 2025, mainly reflecting the benefit of gross profit growth, which was partially offset by higher operating expenses. Comparable operating profit grew by 15.2% in the first half of 2025, reflecting the benefits from top-line growth across our markets, while on an organic basis, comparable operating profit grew by 11.8%, further reflecting the foreign currency impact, mainly from the Egyptian Pound. \n Net finance costs decreased by €45.1 million in the first half of 2025, primarily due to lower foreign exchange losses resulting from reduced volatility in the Nigerian Naira as well as higher finance income earned on the Group's cash, cash equivalents and financial assets. \n The effective tax rate was 27.0% in the first half of both 2025 and 2024, on both a reported and comparable basis. The Group's effective tax rate varies depending on the mix of taxable profits by territory, the non-deductibility of certain expenses, non-taxable income and other one-off tax items across its territories. \n Net profit increased by 23.3% in the first half of 2025 driven by higher operating profit and lower finance costs, while comparable net profit increased by 24.8%, given lower unrealised gains from commodity hedging and higher restructuring and acquisition costs, net of tax, compared to the prior-year period. \n   \n \n \n \n \n Balance Sheet \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n As at \n \n \n \n \n \n \n \n 27June 2025 \n \n \n 31 December 2024 \n \n \n Change \n \n \n \n \n Assets \n \n \n € million \n \n \n € million \n \n \n € million \n \n \n \n \n Total non-current assets \n \n \n 6,290.4 \n \n \n 6,091.0 \n \n \n 199.4 \n \n \n \n \n Total current assets \n \n \n 5,588.6 \n \n \n 4,562.7 \n \n \n 1,025.9 \n \n \n \n \n Total assets \n \n \n 11,879.0 \n \n \n 10,653.7 \n \n \n 1,225.3 \n \n \n \n \n Liabilities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Total current liabilities \n \n \n 4,917.4 \n \n \n 3,907.8 \n \n \n 1,009.6 \n \n \n \n \n Total non-current liabilities \n \n \n 3,494.4 \n \n \n 3,442.9 \n \n \n 51.5 \n \n \n \n \n Total liabilities \n \n \n 8,411.8 \n \n \n 7,350.7 \n \n \n 1,061.1 \n \n \n \n \n Equity \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Owners to the parent \n \n \n 3,370.1 \n \n \n 3,205.7 \n \n \n 164.4 \n \n \n \n \n Non-controlling interests \n \n \n 97.1 \n \n \n 97.3 \n \n \n (0.2) \n \n \n \n \n Total equity \n \n \n 3,467.2 \n \n \n 3,303.0 \n \n \n 164.2 \n \n \n \n \n Total equity and liabilities \n \n \n 11,879.0 \n \n \n 10,653.7 \n \n \n 1,225.3 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Net current assets \n \n \n 671.2 \n \n \n 654.9 \n \n \n 16.3 \n \n \n \n \n   \n Total non-current assets increased by €199.4 million during the first half of 2025, primarily reflecting the Group's continued investment in property, plant and equipment. Net current assets increased by €16.3 million during the first half of 2025 as higher inventories, trade and other receivables and assets were largely offset by higher current borrowings and trade and other payables. Total non-current liabilities increased by €51.5 million during the first half of 2025, mainly due to the increase in deferred tax liabilities. \n   \n \n \n \n \n Cash flow \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Half-Year \n \n \n \n \n \n \n \n 2025 \n € million \n \n \n 2024 \n € million \n \n \n % \n Change \n \n \n \n \n Net cash from operating activities 7 \n \n \n 521.3 \n \n \n 423.0 \n \n \n 23.2% \n \n \n \n \n Capital expenditure 7 \n \n \n (278.8) \n \n \n (202.8) \n \n \n 37.5% \n \n \n \n \n Free cash flow 7 \n \n \n 242.5 \n \n \n 220.2 \n \n \n 10.1% \n \n \n \n \n 7 Refer to the 'Definitions and reconciliations of APMs' section. \n   \n Net cash from operating activities increased by 23.2% or €98.3 million during the first half of 2025, primarily due to increased operating profitability. \n Capital expenditure increased by 37.5% in the first half of 2025, amounting to €278.8 million, of which 50% was related to investment in production equipment and facilities and 19% to the acquisition of marketing equipment. In the first half of 2024, capital expenditure amounted to €202.8 million, of which 56% was related to investment in production equipment and facilities and 14% to the acquisition of marketing equipment. \n In the first half of 2025, free cash flow increased by 10.1% or €22.3 million, driven by the increase in net cash from operating activities, which was partially offset by the higher capital expenditure. \n   \n Definitions and reconciliations of APMs \n 1.   Comparable APMs 8 \n In discussing the performance of the Group, 'comparable' measures are used. Comparable measures are calculated by deducting from the directly reconcilable IFRS measures the impact of the Group's restructuring costs, the mark-to-market valuation of the commodity hedging activity, the acquisition, integration and divestment-related costs, the impairment of goodwill and indefinite-lived intangible assets, the Russia-Ukraine conflict impact and certain other tax items, which are collectively considered as items impacting comparability, due to their nature. More specifically, the following items are considered as items that impact comparability: \n 1)   Restructuring costs \n Restructuring costs comprise costs arising from significant changes in the way the Group conducts business, such as significant supply chain infrastructure changes, outsourcing of activities and centralisation of processes. These costs are included within the income statement line 'Operating expenses'; however, they are excluded from the comparable results so that the users can obtain a better understanding of the Group's operating and financial performance achieved from underlying activity. Restructuring costs resulting from initiatives driven by the Russia-Ukraine conflict were presented under the 'Russia-Ukraine conflict impact' item, to provide users complete information on the financial implications of the conflict. \n 2)   Commodity hedging \n The Group has entered into certain commodity derivative transactions in order to hedge its exposure to commodity price risk. Although these transactions are economic hedging activities that aim to manage our exposure to sugar, aluminium, gas oil and plastics price volatility, hedge accounting has not been applied in all cases. In addition, the Group recognises certain derivatives embedded within commodity purchase contracts that have been accounted for as stand-alone derivatives and do not qualify for hedge accounting. The fair value gains or losses on the derivatives and embedded derivatives are immediately recognised in the income statement in the cost of goods sold and operating expenses line items. The Group's comparable results exclude the gains or losses resulting from the mark-to-market valuation of these derivatives to which hedge accounting has not been applied (primarily plastics) and embedded derivatives. These gains or losses are reflected in the comparable results in the period when the underlying transactions occur, to match the profit or loss to that of the corresponding underlying transactions. We believe this adjustment provides useful information related to the impact of our economic risk management activities. \n 3)   Acquisition, integration and divestment-related costs or gains \n Acquisition costs comprise costs incurred to effect a business combination such as finder's fees, advisory, legal, accounting, valuation and other professional or consulting fees as well as changes in the fair value of contingent consideration recognised in the income statement. They also include any gain from bargain purchase arising from business combinations, as well as any gain or loss recognised in the income statement from the remeasurement to fair value of previously held interests and the reclassification to the income statement of items of other comprehensive income resulting from step acquisitions. Integration costs comprise direct incremental costs necessary for the acquiree to operate within the Group. Divestment-related costs comprise transaction expenses, including advisory, consulting, and other professional fees to effect the disposal of a subsidiary or equity method investment, any impairment losses or write-downs to fair value less costs to sell recognised in the income statement upon classification as held for sale and any relevant disposal gains or losses or reversals of impairment recognised in the income statement upon disposal. These costs or gains are included within the income statement line 'Operating expenses', however to the extent that they relate to business combinations or divestments that have been completed or are expected to be completed, they are excluded from the comparable results so that the users can obtain a better understanding of the Group's operating and financial performance achieved from underlying activity. \n 4)   Impairment of goodwill and indefinite-lived intangible assets \n Impairment losses recognised for goodwill and indefinite-lived intangible assets as well as reversals of impairment losses recognised for indefinite-lived intangible assets, are included within the income statement line 'Operating expenses'; however they are excluded from comparable results so that the users can obtain a better understanding of the Group's ongoing operating and financial performance. \n 5)   Russia-Ukraine conflict impact \n As a result of the conflict between Russia and Ukraine, the Group recognised net impairment losses for property, plant and equipment, intangible assets and equity method investments as well as restructuring costs, resulting from the new business model in Russia and adverse changes to the economic environment. The Group also recognised incremental allowance for expected credit losses and write-offs of inventory and property, plant and equipment resulting from the Russia-Ukraine conflict. The aforementioned net impairment losses were included within the income statement line 'Exceptional items related to Russia-Ukraine conflict' so as to provide users with enhanced visibility over these items considering their materiality, while remaining costs were included within 'Operating expenses' and 'Cost of goods sold' lines of the income statement accordingly. Net impairment losses and other costs directly attributable to the Russia-Ukraine conflict are excluded from the comparable results so that the users can obtain a better understanding of the Group's operating and financial performance from underlying activity. \n 6)   Other tax items \n Other tax items represent the tax impact of (a) changes in income tax rates arising during the period, affecting the opening balance of deferred tax and (b) certain tax-related matters selected based on their nature. Both (a) and (b) are excluded from comparable after-tax results so that the users can obtain a better understanding of the Group's underlying financial performance. \n 8 Comparable APMs refer to comparable cost of goods sold, comparable gross profit, comparable operating expenses, comparable EBIT, comparable EBIT margin, comparable Adjusted EBITDA, comparable profit before tax, comparable tax, comparable net profit and comparable EPS. \n   \n The Group discloses comparable performance measures to enable users to focus on the underlying performance of the business on a basis which is common to both periods for which these measures are presented. \n   \n The reconciliation of comparable measures to the directly related measures calculated in accordance with IFRS is as follows: \n   \n \n \n \n \n Reconciliation of comparable financial indicators (numbers in € million except per share data) \n \n \n \n \n   \n \n \n \n \n   \n \n \n Half-Year 2025 \n \n \n \n \n   \n \n \n COGS \n \n \n Gross \n Profit \n \n \n Operating \n expenses \n \n \n EBIT \n \n \n Adjusted \n EBITDA \n \n \n Profit before tax \n \n \n Tax \n \n \n Net \n Profit 9 \n \n \n EPS \n (€) \n \n \n \n \n As reported \n \n \n (3,556.4) \n \n \n 2,063.9 \n \n \n (1,425.6) \n \n \n 644.6 \n \n \n 861.2 \n \n \n 644.6 \n \n \n (174.1) \n \n \n 470.6 \n \n \n 1.297 \n \n \n \n \n Restructuring costs \n \n \n - \n \n \n - \n \n \n 7.0 \n \n \n 7.0 \n \n \n 7.0 \n \n \n 7.0 \n \n \n (1.6) \n \n \n 5.4 \n \n \n 0.015 \n \n \n \n \n Commodity hedging \n \n \n (2.3) \n \n \n (2.3) \n \n \n - \n \n \n (2.3) \n \n \n (2.3) \n \n \n (2.3) \n \n \n 0.5 \n \n \n (1.8) \n \n \n (0.005) \n \n \n \n \n Acquisition costs \n \n \n - \n \n \n - \n \n \n 0.5 \n \n \n 0.5 \n \n \n 0.5 \n \n \n 0.5 \n \n \n - \n \n \n 0.5 \n \n \n 0.001 \n \n \n \n \n Comparable \n \n \n (3,558.7) \n \n \n 2,061.6 \n \n \n (1,418.1) \n \n \n 649.8 \n \n \n 866.4 \n \n \n 649.8 \n \n \n (175.2) \n \n \n 474.7 \n \n \n 1.308 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n Half-Year 2024 \n \n \n \n \n   \n \n \n COGS \n \n \n Gross \n Profit \n \n \n Operating \n expenses \n \n \n EBIT \n \n \n Adjusted \n EBITDA \n \n \n Profit before tax \n \n \n Tax \n \n \n Net \n Profit 9 \n \n \n EPS \n (€) \n \n \n \n \n As reported \n \n \n (3,306.0) \n \n \n 1,869.6 \n \n \n (1,310.2) \n \n \n 566.1 \n \n \n 760.6 \n \n \n 521.0 \n \n \n (140.7) \n \n \n 381.6 \n \n \n 1.043 \n \n \n \n \n Restructuring costs \n \n \n - \n \n \n - \n \n \n 2.1 \n \n \n 2.1 \n \n \n 2.1 \n \n \n 2.1 \n \n \n (0.5) \n \n \n 1.6 \n \n \n 0.004 \n \n \n \n \n Commodity hedging \n \n \n (4.7) \n \n \n (4.7) \n \n \n - \n \n \n (4.7) \n \n \n (4.7) \n \n \n (4.7) \n \n \n 1.2 \n \n \n (3.5) \n \n \n (0.009) \n \n \n \n \n Acquisition costs \n \n \n - \n \n \n - \n \n \n 0.6 \n \n \n 0.6 \n \n \n 0.6 \n \n \n 0.6 \n \n \n - \n \n \n 0.6 \n \n \n 0.002 \n \n \n \n \n Comparable \n \n \n (3,310.7) \n \n \n 1,864.9 \n \n \n (1,307.5) \n \n \n 564.1 \n \n \n 758.6 \n \n \n 519.0 \n \n \n (140.0) \n \n \n 380.3 \n \n \n 1.040 \n \n \n \n \n 9 Net Profit and comparable net profit refer to net profit and comparable net profit respectively after tax attributable to owners of the parent. \n   \n \n \n \n \n Reconciliation of comparable EBIT per reportable segment (numbers in € million) \n \n \n \n \n   \n \n \n \n \n   \n \n \n Half-Year 2025 \n \n \n \n \n   \n \n \n Established \n \n \n Developing \n \n \n Emerging \n \n \n Consolidated \n \n \n \n \n EBIT \n \n \n 180.9 \n \n \n 118.4 \n \n \n 345.3 \n \n \n 644.6 \n \n \n \n \n Restructuring costs \n \n \n - \n \n \n - \n \n \n 7.0 \n \n \n 7.0 \n \n \n \n \n Commodity hedging \n \n \n 0.1 \n \n \n (0.4) \n \n \n (2.0) \n \n \n (2.3) \n \n \n \n \n Acquisition costs \n \n \n 0.5 \n \n \n - \n \n \n - \n \n \n 0.5 \n \n \n \n \n Comparable EBIT \n \n \n 181.5 \n \n \n 118.0 \n \n \n 350.3 \n \n \n 649.8 \n \n \n \n \n \n \n \n Half-Year 2024 \n \n \n \n \n   \n \n \n Established \n \n \n Developing \n \n \n Emerging \n \n \n Consolidated \n \n \n \n \n EBIT \n \n \n 194.0 \n \n \n 117.4 \n \n \n 254.7 \n \n \n 566.1 \n \n \n \n \n Restructuring costs \n \n \n (0.1) \n \n \n - \n \n \n 2.2 \n \n \n 2.1 \n \n \n \n \n Commodity hedging \n \n \n (0.4) \n \n \n 0.9 \n \n \n (5.2) \n \n \n (4.7) \n \n \n \n \n Acquisition costs \n \n \n 0.6 \n \n \n - \n \n \n - \n \n \n 0.6 \n \n \n \n \n Comparable EBIT \n \n \n 194.1 \n \n \n 118.3 \n \n \n 251.7 \n \n \n 564.1 \n \n \n \n \n   \n 2.   Organic APMs \n Organic growth \n 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. \n More specifically, the following items are adjusted from the Group's volume, net sales revenue and comparable EBIT in order to derive organic growth metrics: \n (a) Foreign currency impact \n Foreign currency impact in the organic growth calculation reflects the adjustment of prior-period net sales revenue and comparable EBIT metrics for the impact of changes in exchange rates applicable to the current period. \n (b)        Consolidation perimeter impact \n Current-period volume, net sales revenue and comparable EBIT metrics, are each adjusted for the impact of changes in the consolidation perimeter. More specifically adjustments are performed as follows: \n i.          Acquisitions: \n 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. \n 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. \n ii.         Divestments: \n 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. \n iii.        Reorganisations resulting in equity method accounting: \n 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. \n 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'. Organic growth for comparable EBIT margin is the organic movement expressed in basis points. \n   \n Reconciliation of organic measures \n   \n \n \n \n \n   \n \n \n Half-Year 2025 \n \n \n \n \n Volume (m unit cases) \n \n \n Established \n \n \n Developing \n \n \n Emerging \n \n \n Group \n \n \n \n \n 2024 reported \n \n \n 306.3 \n \n \n 234.3 \n \n \n 886.1 \n \n \n 1,426.7 \n \n \n \n \n Consolidation perimeter impact \n \n \n 0.1 \n \n \n - \n \n \n - \n \n \n 0.1 \n \n \n \n \n Organic movement \n \n \n 0.2 \n \n \n - \n \n \n 36.4 \n \n \n 36.6 \n \n \n \n \n 2025 reported \n \n \n 306.6 \n \n \n 234.3 \n \n \n 922.5 \n \n \n 1,463.4 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Organic growth (%) \n \n \n 0.1% \n \n \n - \n \n \n 4.1% \n \n \n 2.6% \n \n \n \n \n   \n \n \n \n \n   \n \n \n Half-Year 2025 \n \n \n \n \n Net sales revenue (€ m) \n \n \n Established \n \n \n Developing \n \n \n Emerging \n \n \n Group \n \n \n \n \n 2024 reported \n \n \n 1,715.1 \n \n \n 1,123.3 \n \n \n 2,337.2 \n \n \n 5,175.6 \n \n \n \n \n Foreign currency impact \n \n \n 6.7 \n \n \n 3.0 \n \n \n -77.9 \n \n \n -68.2 \n \n \n \n \n 2024 adjusted \n \n \n 1,721.8 \n \n \n 1,126.3 \n \n \n 2,259.3 \n \n \n 5,107.4 \n \n \n \n \n Consolidation perimeter impact \n \n \n 4.9 \n \n \n - \n \n \n - \n \n \n 4.9 \n \n \n \n \n Organic movement \n \n \n 43.0 \n \n \n 72.4 \n \n \n 392.6 \n \n \n 508.0 \n \n \n \n \n 2025 reported \n \n \n 1,769.7 \n \n \n 1,198.7 \n \n \n 2,651.9 \n \n \n 5,620.3 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Organic growth (%) \n \n \n 2.5% \n \n \n 6.4% \n \n \n 17.4% \n \n \n 9.9% \n \n \n \n \n   \n \n \n \n \n   \n \n \n Half-Year 2025 \n \n \n \n \n Net sales revenue per unit case (€) 10 \n \n \n Established \n \n \n Developing \n \n \n Emerging \n \n \n Group \n \n \n \n \n 2024 reported \n \n \n 5.60 \n \n \n 4.79 \n \n \n 2.64 \n \n \n 3.63 \n \n \n \n \n Foreign currency impact \n \n \n 0.02 \n \n \n 0.01 \n \n \n -0.09 \n \n \n -0.05 \n \n \n \n \n 2024 adjusted \n \n \n 5.62 \n \n \n 4.81 \n \n \n 2.55 \n \n \n 3.58 \n \n \n \n \n Consolidation perimeter impact \n \n \n 0.01 \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Organic movement \n \n \n 0.14 \n \n \n 0.31 \n \n \n 0.32 \n \n \n 0.26 \n \n \n \n \n 2025 reported \n \n \n 5.77 \n \n \n 5.12 \n \n \n 2.87 \n \n \n 3.84 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Organic growth (%) \n \n \n 2.4% \n \n \n 6.4% \n \n \n 12.7% \n \n \n 7.2% \n \n \n \n \n   \n \n \n \n \n   \n \n \n Half-Year 2025 \n \n \n \n \n Comparable EBIT (€ m) \n \n \n Established \n \n \n Developing \n \n \n Emerging \n \n \n Group \n \n \n \n \n 2024 reported \n \n \n 194.1 \n \n \n 118.3 \n \n \n 251.7 \n \n \n 564.1 \n \n \n \n \n Foreign currency impact \n \n \n 1.1 \n \n \n 0.4 \n \n \n 15.1 \n \n \n 16.6 \n \n \n \n \n 2024 adjusted \n \n \n 195.2 \n \n \n 118.7 \n \n \n 266.8 \n \n \n 580.7 \n \n \n \n \n Consolidation perimeter impact \n \n \n 0.4 \n \n \n - \n \n \n - \n \n \n 0.4 \n \n \n \n \n Organic movement \n \n \n -14.1 \n \n \n -0.7 \n \n \n 83.5 \n \n \n 68.7 \n \n \n \n \n 2025 reported \n \n \n 181.5 \n \n \n 118.0 \n \n \n 350.3 \n \n \n 649.8 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Organic growth (%) \n \n \n -7.2% \n \n \n -0.6% \n \n \n 31.3% \n \n \n 11.8% \n \n \n \n \n   \n \n \n \n \n   \n \n \n Half-Year 2025 \n \n \n \n \n Comparable EBIT margin (%) 10 \n \n \n Established \n \n \n Developing \n \n \n Emerging \n \n \n Group \n \n \n \n \n 2024 reported \n \n \n 11.3% \n \n \n 10.5% \n \n \n 10.8% \n \n \n 10.9% \n \n \n \n \n Foreign currency impact \n \n \n - \n \n \n - \n \n \n 1.0% \n \n \n 0.5% \n \n \n \n \n 2024 adjusted \n \n \n 11.3% \n \n \n 10.5% \n \n \n 11.8% \n \n \n 11.4% \n \n \n \n \n Consolidation perimeter impact \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Organic movement \n \n \n -1.1% \n \n \n -0.7% \n \n \n 1.4% \n \n \n 0.2% \n \n \n \n \n 2025 reported \n \n \n 10.3% \n \n \n 9.8% \n \n \n 13.2% \n \n \n 11.6% \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Organic growth \n \n \n -110bps \n \n \n -70bps \n \n \n 140bps \n \n \n 20bps \n \n \n \n \n 10 Certain differences in calculations are due to rounding. \n   \n 3.   Other APMs \n Adjusted EBITDA \n Adjusted EBITDA is calculated by adding back to operating profit the depreciation and net impairment of property, plant and equipment, the amortisation and net impairment of intangible assets, the net impairment of equity method investments, the employee share option and performance share costs and items, if any, reported in line 'Other non-cash items' of the condensed consolidated interim cash flow statement. Adjusted EBITDA is intended to provide useful information to analyse the Group's operating performance excluding the impact of operating non-cash items as defined above. The Group also uses comparable adjusted EBITDA, which is calculated by deducting from adjusted EBITDA the impact of: the Group's restructuring costs, the acquisition, integration and divestment-related costs or gains, the mark-to-market valuation of the commodity hedging activity and the impact from the Russia-Ukraine conflict. Comparable adjusted EBITDA is intended to measure the level of financial leverage of the Group by comparing comparable adjusted EBITDA with net debt. \n Adjusted EBITDA and comparable adjusted EBITDA are not measures of profitability and liquidity under IFRS and have limitations, some of which are as follows: adjusted EBITDA and comparable adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; Adjusted EBITDA and comparable adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; although depreciation and amortisation are non-cash charges, the assets being depreciated and amortised will often have to be replaced in the future, and adjusted EBITDA and comparable adjusted EBITDA do not reflect any cash requirements for such replacements. Because of these limitations, adjusted EBITDA and comparable adjusted EBITDA should not be considered as measures of discretionary cash available to us and should be used only as supplementary APMs. \n Free cash flow \n Free cash flow is an APM used by the Group and defined as cash generated by operating activities after payments for purchases of property, plant and equipment net of proceeds from sales of property, plant and equipment and including principal repayments of lease obligations. Free cash flow is intended to measure the cash generation from the Group's business, based on operating activities, including the efficient use of working capital and taking into account its net payments for purchases of property, plant and equipment. The Group considers the purchase and disposal of property, plant and equipment as ultimately non‑discretionary since ongoing investment in plant, machinery, technology and marketing equipment, including coolers, is required to support the day-to-day operations and the Group's growth prospects. The Group presents free cash flow because it believes the measure assists users of the financial statements in understanding the Group's cash generating performance as well as availability for interest payment, dividend distribution and own retention. The free cash flow measure is used by management for its own planning and reporting purposes since it provides information on operating cash flows, working capital changes and net capital expenditure that local managers are most directly able to influence. \n Free cash flow is not a measure of cash generation under IFRS and has limitations, some of which are as follows: free cash flow does not represent the Group's residual cash flow available for discretionary expenditures since the Group has debt payment obligations that are not deducted from the measure; free cash flow does not deduct cash flows used by the Group in other investing and financing activities and free cash flow does not deduct certain items settled in cash. Other companies in the industry in which the Group operates may calculate free cash flow differently, limiting its usefulness as a comparative measure. \n Capital expenditure \n Capital expenditure is defined as payments for purchases of property, plant and equipment plus principal repayments of lease obligations less proceeds from sales of property, plant and equipment. The Group uses capital expenditure as an APM to ensure that the cash spending is in line with its overall strategy for the use of cash. \n The following table illustrates how adjusted EBITDA, Free cash flow and Capital expenditure are calculated: \n \n \n \n \n   \n \n \n Half-Year \n \n \n Half-Year \n \n \n \n \n   \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n   \n \n \n € million \n \n \n € million \n \n \n \n \n Operating profit (EBIT) \n \n \n 644.6 \n \n \n 566.1 \n \n \n \n \n Depreciation and impairment of property, plant and equipment, including right-of-use assets \n \n \n 204.2 \n \n \n 187.8 \n \n \n \n \n Amortisation and impairment of intangible assets \n \n \n 0.6 \n \n \n 0.4 \n \n \n \n \n Employee performance shares \n \n \n 11.8 \n \n \n 6.3 \n \n \n \n \n Adjusted EBITDA \n \n \n 861.2 \n \n \n 760.6 \n \n \n \n \n Share of results of integral equity method investments \n \n \n (6.3) \n \n \n (6.7) \n \n \n \n \n Gain on disposals of non-current assets \n \n \n (3.5) \n \n \n (3.0) \n \n \n \n \n Cash consumed from working capital movements \n \n \n (191.8) \n \n \n (235.6) \n \n \n \n \n Tax paid \n \n \n (138.3) \n \n \n (92.3) \n \n \n \n \n Net cash from operating activities \n \n \n 521.3 \n \n \n 423.0 \n \n \n \n \n Payments for purchases of property, plant and equipment 11 \n \n \n (248.9) \n \n \n (179.0) \n \n \n \n \n Principal repayments of lease obligations \n \n \n (33.7) \n \n \n (27.8) \n \n \n \n \n Proceeds from sales of property, plant and equipment \n \n \n 3.8 \n \n \n 4.0 \n \n \n \n \n Capital expenditure \n \n \n (278.8) \n \n \n (202.8) \n \n \n \n \n Free cash flow \n \n \n 242.5 \n \n \n 220.2 \n \n \n \n \n 11 Payments for purchases of property, plant and equipment for the first half of 2025 include €3.1 million (first half of 2024: €5.9 million) relating to repayment of borrowings undertaken to finance the purchase of production equipment by the Group's subsidiary in Nigeria, classified as 'Repayments of borrowings' in the condensed consolidated interim cash flow statement. \n Net debt \n Net debt is an APM used by management to evaluate the Group's capital structure and leverage. Net debt is defined as current borrowings and non-current borrowings, net of the fair value of fixed-to-floating interest rate swaps, less cash and cash equivalents and financial assets (time deposits and money market funds), as illustrated below: \n   \n \n \n \n \n   \n \n \n As at \n \n \n \n \n   \n \n \n 27 June 2025 \n \n \n 31 December 2024 \n \n \n \n \n   \n \n \n € million \n \n \n € million \n \n \n \n \n Current borrowings \n \n \n 1,242.1 \n \n \n 888.7 \n \n \n \n \n Non-current borrowings \n \n \n 3,102.9 \n \n \n 3,091.9 \n \n \n \n \n Interest rate swaps (fixed-to-floating) \n \n \n (19.8) \n \n \n (24.0) \n \n \n \n \n Other financial assets \n \n \n (977.3) \n \n \n (884.0) \n \n \n \n \n Cash and cash equivalents \n \n \n (1,701.3) \n \n \n (1,548.1) \n \n \n \n \n Net debt \n \n \n 1,646.6 \n \n \n 1,524.5 \n \n \n \n \n   \n Principal risks and uncertainties \n The Company faces a number of risks and uncertainties that may have an adverse effect on its operations, performance and future prospects and has a robust risk management programme to assess these and evaluate strategies to manage them. \n Despite challenging general macroeconomic conditions, our business continued to perform well with demand for our products remaining relatively strong. We observed continued easing in some input costs as commodity prices stabilised. We remain cautiously optimistic although we predict ongoing volatility in the shorter term due to persistent general geopolitical uncertainty. We observed some stabilisation in the Nigerian Naira and the Egyptian Pound but we remain vigilant, as geopolitical tensions and global tariffs can create risk aversion and introduce foreign exchange volatility. \n The ongoing conflict between Russia and Ukraine continues to affect our business in both countries. There does not appear to be any real prospect for resolution in the short term and our focus remains the health and safety of our people and the long-term viability of our business . Continuing conflict in the Middle East has generated anti-US sentiment which may lead to consumers in countries with significant Muslim populations, such as Egypt and Bosnia to boycott our products. The geopolitical environment in which we operate is expected to remain challenging in the medium term . \n Sustainability-related risks particularly in the areas of water availability and usage, packaging and managing our carbon footprint, remain significant longer-term risks with the business involved in a number of initiatives to enhance our sustainability. We took further steps to enhance our assessment of the long-term impact of climate change on our revenue, operating costs and capital investment needs to mitigate the impact and identify opportunities.  \n In 2024, we added the impact of misinformation and disinformation to our emerging risks. Closely associated with the growth of AI, we continued to observe an increasing number of attempted corporate scams. We continued to make good progress in strengthening the governance and policy frameworks to reduce the potential risks and leverage opportunities associated with the growth of AI technology. \n In addition to the risks and uncertainties referred to above, the principal risks and uncertainties that the Company expects to be exposed to in the second half of 2025 are substantially the same as those outlined in our 2024 Integrated Annual Report for the year ended 31 December 2024, pages 181 to 189, a summary of which is set out below (for details on emerging risks refer to our 2024 Integrated Annual Report). \n The principal risks will be closely monitored during the second half of the year to identify material changes to the risk environment. \n Our principal risks \n Foreign exchange fluctuations \n ·     We expect continuing short- to medium-term foreign exchange volatility in key markets, particularly Nigeria and Egypt. \n ·     Recent government economic policy announcements have given us reason to be more optimistic although it will take time for changes to have a significant impact. \n Marketplace economic conditions \n ·     Tariffs imposed on Chinese and European goods by the US administration are expected to drive inflation and slow growth. \n ·     We expect to continue to see challenging economic conditions across our markets over the short term which may affect consumers' purchasing decisions. \n Suppliers and sustainable sourcing \n ·     We expect continuing volatility in the short-to-medium term as a result of macroeconomic and geopolitical conditions and continuing supply-demand imbalances. \n ·     Over the longer term we expect climate change and our suppliers' response to climate change to affect the cost of ingredients. \n Complying with international sanctions \n ·     With no real prospects for resolution in the Russia/Ukraine conflict in the short term, we expect international sanctions to continue. \n ·     Given the complexity of sanctions, the risk of inadvertent non-compliance remains so we continue to monitor closely and build awareness across our business. \n IT resilience and data privacy - Cyber incidents \n ·     The number and sophistication of cyber incidents is expected to increase in the short to medium term. Stakeholder concerns about data privacy and expectations to protect it will continue to increase. \n ·     Government agencies will continue to improve their capabilities to investigate and respond to cybercrime. We continue to enhance our cyber security infrastructure and processes. \n Business interruption \n ·     We expect continuing volatility in ingredients and raw material supply in the short to medium term. \n ·     We will see an increase in the number and severity of extreme weather events as a result of climate change in the medium to long term. \n Product quality and food safety - Quality incidents \n ·     We have continued to focus on enhancing our quality management and reducing the number of quality-related incidents. \n ·     We made a number of changes to our robust quality management processes as a result of learnings from the product recall conducted in Austria in 2024. \n Geopolitical and security environment \n ·     While the situation remains unpredictable, we do not expect a resolution of the Russia/Ukraine crisis in the short term, which will continue to have an impact on our business in both countries. \n ·     The Israel/Palestine conflict is not expected to be resolved in the short term. We expect to see continuing instability in the Middle East in the medium term. This will continue to affect our business in markets that have large Muslim populations given calls for boycotts of US associated products. \n Health and safety \n ·     We continue to focus on enhancing training and awareness programs particularly on road safety in Nigeria and Egypt to reduce the number of incidents. \n People attraction and retention \n ·     We continue to see challenges in the attractiveness of consumer-packaged goods companies as an employer of choice. \n ·     Talent retention will be an ongoing challenge over the short to medium term as adjustments are made to new ways of working. We maintain high levels of retention and engagement. \n Product relevance and regulatory changes \n ·     There is an increasing risk of additional sugar/beverage taxes in the short term, particularly as governments focus on reducing debt. \n ·     Increasing concerns around health, sustainability and the impact of climate change will continue into the medium to longer term. \n ·     The EU regulatory environment will increasingly focus on health and sustainability issues and new directives and regulations will require us to allocate more resources to compliance. \n Cost and availability of sustainable packaging \n ·     We continue to see heightened stakeholder concerns around packaging and waste, which is also driving increased regulation across the EU. \n ·     Significant changes to our packaging mix could have a major impact on our business strategy, longer-term capital investment needs in production and distribution, and our ability to meet our NetZeroby40 commitments. \n The impact of climate change to water cost and availability \n ·     We expect that water stress in our water priority locations will continue to increase over the medium to long term as a result of climate change. The extent of that increase will depend both on our actions and on the global response to climate change. \n ·     We expect that regulatory pressure will increase over the medium term and that will flow through to additional operating costs associated with water. These additional costs have been estimated in our water risk assessment that is updated annually. \n Managing our carbon footprint \n ·     We will continue to see heightened stakeholder concerns and increased regulation to drive reductions in carbon emissions and expect to see the price of carbon increase significantly in the long term, as pressure is applied to all companies to reduce their carbon footprint. \n ·     We have committed to NetZeroby40 and will continue to implement a range of initiatives to meet that commitment, including ongoing capital expenditure on carbon reduction initiatives. \n Related party transactions \n Related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial positions or the performance of Coca-Cola HBC during the period, as well as any changes in the related party transactions as described in the 2024 Integrated Annual Report that could have a material effect on the financial positions or performance of the Group in the first six months of the current financial year, are described in section 'Condensed consolidated interim financial statements for the six months ended 27 June 2025', Note 15 'Related party transactions'. \n Going concern statement \n As part of the consideration of whether to adopt the going concern basis in preparing the interim report and financial statements, management has considered the Group's financial performance in the period as well as its 2024 quantitative viability exercise, including the performance of various stress tests, which confirms the Group's ability to generate cash in the year ending 31 December 2025 and beyond. Management has also considered the events involving Ukraine and Russia as well as the tensions in the Middle East and no impact has been identified on the Group's ability to continue as a going concern. \n Management has also considered the Group's strong balance sheet and liquidity position, its leading market shares and largely variable cost base, together with the unique portfolio of brands and resilient and talented people, which it believes will allow the Group to fully overcome the challenges posed by the volatile geopolitical and macroeconomic environment. \n Accordingly, and having also considered the principal risks, the Directors continue to adopt the going concern basis of accounting in preparing these condensed consolidated interim financial statements and have not identified any material uncertainties to the Group's ability to continue trading as a going concern over a period of at least twelve months from the date of approval of these condensed consolidated interim financial statements. \n Responsibility statement \n The Directors of the Company, whose names are set out below, confirm that to the best of their knowledge: \n (a) the condensed consolidated interim financial statements are prepared in accordance with International Accounting Standard (IAS) 34, 'Interim Financial Reporting', as adopted by the European Union (EU) and give a true and fair view of the assets, liabilities, financial position and profit or loss of the undertakings included in the consolidation as a whole for the period ended 27 June 2025 as required by the Disclosure Guidance and Transparency Rules sourcebook of the UK FCA (\"DTR\") 4.2.4R; and \n (b) the interim management report includes a fair review of the information required by: \n § DTR 4.2.7R of the DTRs, being an indication of important events that have occurred during the first six months of the current financial year and their impact on the condensed consolidated interim financial statements; and a description of the principal risks and uncertainties for the remaining six months of the financial year; and \n § DTR 4.2.8 R of the DTRs, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Group during that period, and any changes in the related party transactions described in the 2024 Integrated Annual Report for Coca-Cola HBC AG and its subsidiaries for the year ended 31 December 2024, that could have a material effect on the financial position or performance of the Group in the first six months of the current financial year. \n   \n   \n \n \n \n \n Name \n \n \n Title \n \n \n \n \n Anastassis G. David \n \n \n Non-Executive Chairman \n \n \n \n \n Zoran Bogdanovic \n \n \n Chief Executive Officer \n \n \n \n \n Anastasios I. Leventis \n \n \n Non-Executive Director \n \n \n \n \n Henrique Braun \n \n \n Non-Executive Director \n \n \n \n \n Christo Leventis \n \n \n Non-Executive Director \n \n \n \n \n George Pavlos Leventis \n \n \n Non-Executive Director \n \n \n \n \n Evguenia Stoitchkova \n \n \n Non-Executive Director \n \n \n \n \n Charlotte J. Boyle \n \n \n Senior Independent Non-Executive Director \n \n \n \n \n Elizabeth Bastoni \n Pantelis (Linos) D. Lekkas \n \n \n Independent Non-Executive Director \n Independent Non-Executive Director \n \n \n \n \n Stavros Pantzaris \n \n \n Independent Non-Executive Director \n \n \n \n \n Zulikat Wuraola Abiola \n \n \n Independent Non-Executive Director \n \n \n \n \n Glykeria Tsernou \n \n \n Independent Non-Executive Director \n \n \n \n \n   \n   \n Signed on behalf of the Board \n \n \n \n \n Zoran Bogdanovic \n \n \n \n \n \n \n \n \n \n \n Chief Executive Officer \n \n \n \n \n \n \n \n \n \n \n   \n 6 August 2025 \n   \n   \n   \n   \n   \n Independent review report to Coca-Cola HBC AG \n   \n Report on the condensed consolidated interim financial statements \n   \n Our conclusion \n We have reviewed the condensed consolidated interim financial statements (the \"interim financial statements\") in the Half-yearly financial report of Coca-Cola HBC AG (the \"Company\") for the six months ended 27 June 2025 (the \"Half-yearly financial report\"). \n Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting' as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. \n The interim financial statements comprise: \n ●    the condensed consolidated interim balance sheet as at 27 June 2025; \n ●    the condensed consolidated interim income statement for the six month period then ended; \n ●    the condensed consolidated interim statement of comprehensive income for the six month period then ended; \n ●    the condensed consolidated interim statement of changes in equity for the six month period then ended; \n ●    the condensed consolidated interim cash flow statement for the six month period then ended; and \n ●    the explanatory notes to the interim financial statements. \n The interim financial statements included in the Half-yearly financial report have been prepared in accordance with IAS 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. \n Basis for conclusion \n We conducted our review in accordance with International Standard on Review Engagements 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the International Auditing and Assurance Standards Board. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. \n A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. \n We have read the other information contained in the Half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements. \n Conclusions relating to going concern \n Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed. However, future events or conditions may cause the group to cease to continue as a going concern. \n Responsibilities for the interim financial statements and the review \n Our responsibilities and those of the directors \n The Half-yearly financial report, including the interim financial statements, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the Half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. In preparing the Half-yearly financial report, including the interim financial statements, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so. \n Our responsibility is to express a conclusion on the interim financial statements in the Half-yearly financial report based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. \n   \n   \n   \n   \n ____________________________________________ \n Fotis Smyrnis \n Certified Accountant Auditor (SOEL Reg. No. 52861) \n For and on behalf of PricewaterhouseCoopers S.A. \n Certified Auditors (SOEL Reg. No. 113) \n 6 August 2025 \n Athens, Greece \n   \n Notes: \n (a)  The maintenance and integrity of the Company's website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the interim financial statements since they were initially presented on the website. \n (b)  Legislation in the United Kingdom, Greece and Switzerland governing the preparation and dissemination of the interim financial statements may differ from legislation in other jurisdictions. \n   \n   \n   \n   \n   \n Condensed consolidated interim financial statements for the six months ended 27 June 2025 \n   \n   \n   \n   \n Condensed consolidated interim income statement \n   \n \n \n \n \n   \n \n \n   \n \n \n Six months ended \n \n \n \n \n   \n \n \n Note \n \n \n 27 June 2025 \n \n \n   \n \n \n 28 June 2024 \n \n \n \n \n € million \n \n \n € million \n \n \n \n \n Net sales revenue \n \n \n 3 \n \n \n 5,620.3 \n \n \n   \n \n \n 5,175.6 \n \n \n \n \n Cost of goods sold \n \n \n \n \n \n (3,556.4) \n \n \n   \n \n \n (3,306.0) \n \n \n \n \n Gross profit \n \n \n \n \n \n 2,063.9 \n \n \n   \n \n \n 1,869.6 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Operating expenses \n \n \n \n \n \n (1,425.6) \n \n \n \n \n \n (1,310.2) \n \n \n \n \n Share of results of integral equity method investments \n \n \n \n \n \n 6.3 \n \n \n   \n \n \n 6.7 \n \n \n \n \n Operating profit \n \n \n 3 \n \n \n 644.6 \n \n \n   \n \n \n 566.1 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Finance costs, net \n \n \n 5 \n \n \n (1.3) \n \n \n   \n \n \n (46.4) \n \n \n \n \n Share of results of non-integral equity method investments \n investments \n \n \n \n \n \n 1.3 \n \n \n   \n \n \n 1.3 \n \n \n \n \n Profit before tax \n \n \n \n \n \n 644.6 \n \n \n   \n \n \n 521.0 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Tax \n \n \n 6 \n \n \n (174.1) \n \n \n   \n \n \n (140.7) \n \n \n \n \n Profit after tax \n \n \n \n \n \n 470.5 \n \n \n   \n \n \n 380.3 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Attributable to: \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Owners of the parent \n \n \n \n \n \n 470.6 \n \n \n   \n \n \n 381.6 \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n (0.1) \n \n \n   \n \n \n (1.3) \n \n \n \n \n   \n \n \n   \n \n \n 470.5 \n \n \n   \n \n \n 380.3 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Basic and diluted earnings per share (€) \n \n \n 7 \n \n \n 1.30 \n \n \n \n \n \n 1.04 \n \n \n \n \n   \n The accompanying notes form an integral part of these condensed consolidated interim financial statements \n   \n   \n Condensed consolidated interim statement of comprehensive income \n   \n \n \n \n \n   \n \n \n Six months ended \n \n \n \n \n   \n \n \n 27 June 2025 \n \n \n 28 June 2024 \n \n \n \n \n € million \n \n \n € million \n \n \n \n \n Profit after tax \n \n \n 470.5 \n \n \n 380.3 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Other comprehensive income: \n \n \n   \n \n \n \n \n \n \n \n Items that may be subsequently reclassified to income statement: \n \n \n   \n \n \n \n \n \n \n \n Cost of hedging \n \n \n (2.0) \n \n \n (1.5) \n \n \n \n \n Net (loss)/gain on cash flow hedges \n \n \n (29.0) \n \n \n 22.1 \n \n \n \n \n Foreign currency translation gain/(loss) \n \n \n 75.4 \n \n \n (131.8) \n \n \n \n \n Share of other comprehensive loss of equity method investments \n \n \n (1.2) \n \n \n (4.8) \n \n \n \n \n Income tax relating to items that may be subsequently reclassified to income statement \n \n \n 4.6 \n \n \n (2.4) \n \n \n \n \n \n \n \n 47.8 \n \n \n (118.4) \n \n \n \n \n Items that will not be subsequently reclassified to income statement: \n \n \n   \n \n \n \n \n \n \n \n Valuation gain/(loss) on equity investments at fair value through other comprehensive income \n \n \n 0.3 \n \n \n (0.1) \n \n \n \n \n Actuarial gains \n \n \n 4.1 \n \n \n 1.3 \n \n \n \n \n Income tax relating to items that will not be subsequently reclassified to income statement \n \n \n (1.1) \n \n \n (0.8) \n \n \n \n \n   \n \n \n 3.3 \n \n \n 0.4 \n \n \n \n \n Other comprehensive income for the period, net of tax \n \n \n 51.1 \n \n \n (118.0) \n \n \n \n \n Total comprehensive income for the period \n \n \n 521.6 \n \n \n 262.3 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Total comprehensive income attributable to: \n \n \n   \n \n \n \n \n \n \n \n Owners of the parent \n \n \n 521.7 \n \n \n 264.5 \n \n \n \n \n Non-controlling interests \n \n \n (0.1) \n \n \n (2.2) \n \n \n \n \n \n \n \n 521.6 \n \n \n 262.3 \n \n \n \n \n   \n   \n Condensed consolidated interim balance sheet \n   \n \n \n \n \n \n \n \n \n \n \n           As at \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 27 June 2025 \n \n \n 31 December 2024 \n \n \n \n \n \n Note \n \n \n € million \n \n \n € million \n \n \n \n \n \n Assets \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n Intangible assets \n \n \n 8 \n \n \n 2,519.6 \n \n \n 2,506.7 \n \n \n \n \n \n Property, plant and equipment \n \n \n 8 \n \n \n 3,349.2 \n \n \n 3,197.3 \n \n \n \n \n \n Other non-current assets \n \n \n \n \n \n 421.6 \n \n \n 387.0 \n \n \n \n \n \n Total non-current assets \n \n \n   \n \n \n 6,290.4 \n \n \n 6,091.0 \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n Inventories \n \n \n \n \n \n 1,060.3 \n \n \n 863.9 \n \n \n \n \n \n Trade, other receivables and assets \n \n \n \n \n \n 1,844.4 \n \n \n 1,248.7 \n \n \n \n \n \n Other financial assets \n \n \n 10 \n \n \n 982.6 \n \n \n 901.7 \n \n \n \n \n \n Cash and cash equivalents \n \n \n 10 \n \n \n 1,701.3 \n \n \n 1,548.1 \n \n \n \n \n \n   \n \n \n   \n \n \n 5,588.6 \n \n \n 4,562.4 \n \n \n \n \n \n Assets classified as held for sale \n \n \n \n \n \n - \n \n \n 0.3 \n \n \n \n \n \n Total current assets \n \n \n   \n \n \n 5,588.6 \n \n \n 4,562.7 \n \n \n \n \n \n Total assets \n \n \n \n \n \n 11,879.0 \n \n \n 10,653.7 \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n Liabilities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n Borrowings \n \n \n 10 \n \n \n 1,242.1 \n \n \n 888.7 \n \n \n \n \n \n Other current liabilities \n \n \n \n \n \n 3,675.3 \n \n \n 3,019.1 \n \n \n \n \n \n Total current liabilities \n \n \n \n \n \n 4,917.4 \n \n \n 3,907.8 \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n Borrowings \n \n \n 10 \n \n \n 3,102.9 \n \n \n 3,091.9 \n \n \n \n \n \n Other non-current liabilities \n \n \n \n \n \n 391.5 \n \n \n 351.0 \n \n \n \n \n \n Total non-current liabilities \n \n \n   \n \n \n 3,494.4 \n \n \n 3,442.9 \n \n \n \n \n \n Total liabilities \n \n \n \n \n \n 8,411.8 \n \n \n 7,350.7 \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n Equity \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n Owners of the parent \n \n \n \n \n \n 3,370.1 \n \n \n 3,205.7 \n \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n 97.1 \n \n \n 97.3 \n \n \n \n \n \n Total equity \n \n \n   \n \n \n 3,467.2 \n \n \n 3,303.0 \n \n \n \n \n \n Total equity and liabilities \n \n \n   \n \n \n 11,879.0 \n \n \n 10,653.7 \n \n \n \n \n \n   \n   \n   \n Condensed consolidated interim statement of changes in equity \n \n \n \n \n   \n \n \n                                                                                Attributable to owners of the parent \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n Share capital \n € million \n \n \n Share premium \n € million \n \n \n Group reorganisation reserve \n € million \n \n \n Treasury shares \n € million \n \n \n Exchange equalisation reserve \n € million \n \n \n Other reserves \n € million \n \n \n Retained earnings \n € million \n \n \n Total \n € million \n \n \n Non-controlling interests \n € million \n \n \n Total equity \n € million \n \n \n \n \n \n \n \n \n \n \n \n Balance as at 1 January 2024 \n \n \n 2,030.3 \n \n \n 2,555.7 \n \n \n (6,472.1) \n \n \n (144.1) \n \n \n (1,708.9) \n \n \n 272.1 \n \n \n 6,559.8 \n \n \n 3,092.8 \n \n \n 93.9 \n \n \n 3,186.7 \n \n \n \n \n \n Shares issued to employees exercising stock options (Note 11) \n \n \n 1.8 \n \n \n 2.0 \n ...

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