Strong execution and financial performance in 2025

About this update from Coca-cola Hbc Ag

[{"type":"text","content":"\n \n Strong execution and financial performance in 2025 \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 twelve months ended 3 1 December 2025. \n Full-year highlights \n ·     Focused execution of strategic priorities drives strong organic revenue growth of 8.1% 1 \n o  Organic volume grew 2.8%, predominantly driven by Sparkling +2.5% and Energy +28.3% \n o  Organic revenue per case growth of 5.1%, reflecting targeted revenue growth management (RGM) initiatives and lower levels of inflation \n o  Reported revenue grew 7.9% to €11,604.5 million, driven by strong organic growth \n o  Value share growth of 80 basis points in Non-Alcoholic Ready-To-Drink (NARTD) 2 , resulting in the sixth consecutive year of share gains \n   \n ·     Strong organic EBIT growth of 11.5% \n o  Comparable EBIT of €1,356.2 million, growing 13.8% on a reported basis and 11.5% on an organic basis \n o  Comparable EBIT margins improved 60 basis points on a reported basis to 11.7%, and increased 40 basis points on an organic basis \n o  Comparable gross profit margin grew 70 basis points to 36.8%, reflecting good top line leverage \n o  Operating expenses as a percentage of revenue increased 10 basis points, reflecting higher marketing investment to leverage growth opportunities \n o  ROIC up 100 basis points to 19.4%, driven by higher profit \n   \n ·     Segmental highlights: Organic revenue growth across all segments, despite a mixed market environment \n o  Established: Organic revenue increased 2.3%, led by revenue per case expansion, with volumes flat year-on-year; organic EBIT declined -2.8%, driven by a step up in investment \n o  Developing: Organic revenue grew 6.1%, with good revenue per case expansion and volume growth; o rganic EBIT grew 5.6% \n o  Emerging: Organic revenue increased 13.2%, with strong volume growth led by Africa; organic EBIT grew 23.2% \n   \n ·     Strong EPS and resilient FCF performance, and further shareholder returns \n o  Comparable EPS grew by 19.7% to €2.72, supported by strong EBIT delivery and lower than expected finance costs \n o  Free cash flow of €700.0 million, resilient performance despite a step up in capex \n o  Strong balance sheet, with net debt to comparable adjusted EBITDA at 0.7x \n o  Ordinary dividend of €1.20 per share proposed, an increase of 17% and a 44% payout \n   \n ·     Further investment and progress across our strategic priorities \n o  Agreed acquisition of Coca-Cola Beverages Africa on 21 October 2025, bringing together two leading bottlers in Africa to drive sustainable, profitable growth \n o  Continued close partnership with The Coca-Cola Company to drive growth in Sparkling, with a variety of tailored initiatives, including the \"Share a Coke\" campaign, all focused on driving transactions and further strengthening brand equity \n o  Ongoing standout performance of Energy, with the tenth consecutive year of strong double-digit growth, supported by innovations of Monster, and Predator and Fury in Africa \n o  Strong growth of Coffee in the out-of-home channel, driven by both Costa Coffee and Caffè Vergnano, as we executed on our strategic decision to focus on this channel \n o  Consistent investment in our bespoke capabilities, leveraging AI solutions to power revenue growth management and drive segmented execution, increasing value for us and our customers  \n o  We continue to lead in Sustainability and have made strong progress against our Mission 2025 goals. Full results and next steps will be detailed in our 2025 Integrated Annual Report \n   \n 1 For details on APMs refer to 'Alternative Performance Measures' and 'Definitions and reconciliations of APMs' sections. \n 2 Period refers to end-2024 to November 2025, according to Nielsen, IRI, GlobalData, and HIST methodology, excluding Russia. \n   \n Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented: \n \"I am proud that we have delivered strong growth for the fifth consecutive year, driven by focused execution of our strategic priorities. Through intentional choices to strengthen our 24/7 portfolio, we achieved share gains, and volume growth in our strategic priority categories of Sparkling and Energy. We have continued with targeted investments behind bespoke capabilities, focused on digital, data and AI solutions, to enable segmented execution and growth. Thank you to our teams for their hard work and dedication, and to our customers, The Coca ‑ Cola Company and all partners for their continued support. \n \"We strengthened customer partnerships that create environmental and community benefits while advancing on our Mission 2025 and NetZeroby40 goals. Through The Coca-Cola HBC Foundation, we opened up opportunities to provide meaningful support for communities affected by wildfires and floods across our markets. \n \"In 2025 we also announced the milestone acquisition of Coca-Cola Beverages Africa. Having established our business in Nigeria nearly 75 years ago and with our addition of Egypt four years ago, we have a deep understanding of Africa and are very excited about the long-term potential for growth and value creation. \n \"While we expect the macroeconomic and geopolitical environment to remain challenging in 2026, we are confident in our capable people, unique 24/7 portfolio and bespoke capabilities, and expect to make further progress against our medium-term targets.\" \n   \n \n \n \n \n   \n \n \n Full Year \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n 2025 \n \n \n 2024 \n \n \n % \n Change Reported \n \n \n % \n Change Organic 1 \n \n \n \n \n Volume (m unit cases) \n \n \n 2,997.4 \n \n \n 2,914.5 \n \n \n 2.8% \n \n \n 2.8% \n \n \n \n \n Net sales revenue (€ m) \n \n \n 11,604.5 \n \n \n 10,754.4 \n \n \n 7.9% \n \n \n 8.1% \n \n \n \n \n Net sales revenue per unit case (€) \n \n \n 3.87 \n \n \n 3.69 \n \n \n 4.9% \n \n \n 5.1% \n \n \n \n \n Operating profit (EBIT) 4  (€ m) \n \n \n 1,305.6 \n \n \n 1,185.4 \n \n \n 10.1% \n \n \n   \n \n \n \n \n Comparable EBIT 3  (€ m) \n \n \n 1,356.2 \n \n \n 1,192.1 \n \n \n 13.8% \n \n \n 11.5% \n \n \n \n \n EBIT margin (%) \n \n \n 11.3 \n \n \n 11.0 \n \n \n 20bps \n \n \n   \n \n \n \n \n Comparable EBIT margin 3  (%) \n \n \n 11.7 \n \n \n 11.1 \n \n \n 60bps \n \n \n 40bps \n \n \n \n \n Net profit 5  (€ m) \n \n \n 940.4 \n \n \n 820.6 \n \n \n 14.6% \n \n \n   \n \n \n \n \n Comparable net profit 3,5  (€ m) \n \n \n 989.3 \n \n \n 828.8 \n \n \n 19.4% \n \n \n   \n \n \n \n \n Basic earnings per share (EPS) (€) \n \n \n 2.589 \n \n \n 2.253 \n \n \n 14.9% \n \n \n   \n \n \n \n \n Comparable EPS 3  (€) \n \n \n 2.724 \n \n \n 2.275 \n \n \n 19.7% \n \n \n   \n \n \n \n \n Free cash flow 3  (€ m) \n \n \n 700.0 \n \n \n 716.6 \n \n \n -2.3% \n \n \n   \n \n \n \n \n   \n 3 For details on APMs refer to 'Alternative Performance Measures' and 'Definitions and reconciliations of APMs' sections \n 4 Refer to the condensed consolidated income statement. \n 5 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 performance in 2025, in mixed market conditions. We expect the macroeconomic and geopolitical backdrop to remain challenging, but we have high confidence in our 24/7 portfolio, our bespoke capabilities, our people, and the opportunities for growth in our diverse markets. In 2026 we expect to make continued progress against our medium-term growth targets. \n Our guidance for 2026 is: \n ·     Organic revenue growth in our 6 % to 7 % medium-term target range \n ·     Organic EBIT growth in the range of 7 % to 10 % \n   \n Technical 2026 guidance \n FX : We expect the impact of translational FX on our Group comparable EBIT to be between € 0 to 30 million headwind . \n Restructuring : We do not expect significant restructuring costs to occur. \n Tax : We expect our comparable effective tax rate to be within a range of 26% to 28%. \n Finance costs: We expect net finance costs to be between €25 to 45 million. Our guidance currently excludes the consolidation of CCBA and related cost of financing, except for the bridge financing which is underway. \n   \n Group Operational Review \n Leveraging our unique 24/7 portfolio \n Full year revenue grew by 8.1% and 7.9% on an organic and reported basis respectively, with growth in volume, price and mix. \n   \n Organic volume growth of 2.8% was driven by Sparkling and Energy, two of our strategic priority categories. \n ·     Sparkling volumes grew by 2.5%. Trademark Coke grew by low-single digits, with Coke Zero up low-double digits. In close partnership with The Coca-Cola Company, we executed locally tailored activations to capitalise on key moments across the year, leveraging relevant passion points and consumption occasions. We rolled out the \"Share a Coke\" campaign across our markets, successfully activating customer and consumer experiences to drive transactions and further strengthen brand equity. We also delivered mid-single digit growth in Sprite, while Fanta declined low-single digits. Adult Sparkling grew mid-single digits, with growth led by Africa, supported by new flavour launches and dedicated campaigns. We also continued to roll out our premium mixer brand Three Cents into new markets.   \n ·     Energy volumes grew by 28.3%, making 2025 the tenth consecutive year of double-digit growth. In Established and Developing, growth was driven by Monster, supported by innovations launched throughout the year, including a new Monster drink with Lando Norris. In Emerging, growth continued to be driven by Predator and Fury in Africa, supported by football partnerships and local marketing activations. \n ·     Coffee volumes grew by 26.5% in the out-of-home channel, driven by both Costa Coffee and Caffè Vergnano, as we grew in existing outlets and recruited 2,100 new outlets. We saw a decline of 19.8% in total Coffee volumes, in line with our expectations, as we executed on our joint strategic decision from the start of 2025 with Costa Coffee to focus primarily on the out-of-home channel, where we see greater long-term potential. \n ·     Stills volumes declined by 1.0%. This was driven primarily by Juices, with volumes decreasing mid-single digits in a challenging industry backdrop. Water grew low-single digits, with growth in Emerging offsetting declines in Established and Developing. Sports Drinks continued its strong momentum, up low-double digits, as we launched new flavours of Powerade and leveraged local partnerships and global ambassadors to drive growth. Ready-To-Drink (RTD) Tea declined mid-single digits. \n ·     Premium Spirits volumes grew by 12.2%, with double-digit growth across all segments. A key driver of growth was our own brand, Finlandia Vodka, for which we launched a new global campaign in April, contributing to increased brand awareness and market share gains in key markets. Distribution partnerships with Brown-Forman, Bacardi and Edrington also continued to deliver growth, and we executed a successful launch of Bacardi & Coca-Cola. \n   \n Winning in the marketplace \n Full year organic net sales revenue per case grew by 5.1%. We continued to leverage our revenue growth management (RGM) capabilities to tailor our pricing approach in each market, navigating regulatory changes and varying levels of inflation and currency pressures. Across our markets, overall, the impact from pricing was lower than in 2024, as we experienced similar or lower levels of inflation, and more currency stability. \n   \n Our RGM framework and varied portfolio allow us to meet demand for both affordability and premiumisation, with categories and brands at different price points, as well as various package formats for different occasions and affordability needs. \n   \n In 2025, affordability remained important as we faced mixed trends across our markets. We continued to focus on entry and smaller-pack formats for both single-serves and multi-serves (up to 1 litre), ensuring we have the right offering for each market. For example, we expanded 200ml cans in Poland and tested them in Austria, and we grew 250ml cans in Serbia. We also introduced a new 1 litre multi-serve entry pack in Romania. Volume growth was also supported by targeted promotional activities. Through our advanced promo analytics tools, we can more accurately assess the effectiveness of each promotion, enabling agile in‑market decisions and driving more value for us and our customers. \n   \n When it comes to premiumisation, our targeted actions supported an improvement in package mix, with single-serve mix up 130 basis points in the year. We focused on expanding multi-packs of single-serves, as well as driving mini-cans in relevant markets, and delivered continued strong growth of our premium RGB portfolio in the at-home channel in Austria. We also saw further improvements in category mix, benefitting from the increased contribution of Energy, Premium Spirits and Sports Drinks. \n   \n In 2025, we leveraged new AI capabilities to further drive our customer centric approach, focusing on personalised execution in every outlet. In collaboration with The Coca-Cola Company, we evolved our segmented approach in Nigeria (Ignite Naija) where we link consumer and customer data, to understand who shops where, enabling personalised communication and stronger in-store execution. Early results indicate that this enhanced and more sophisticated segmentation approach is translating into higher volume and revenue per case. We also expanded our segmented approach to wholesalers, leveraging shared data and outlet intelligence to provide wholesalers in Italy with tailored reco mmendations, relevant to the outlets they serve. We plan to roll this out further to relevant markets in 2026. \n   \n Our focused execution in the marketplace and joint value creation with customers enabled us to gain further value share in NARTD in 2025 6 , increasing by 80 basis points. In Sparkling, we gained or maintained share in the majority of markets we track. Our Net Promoter Score increased from 66 to 78 in 2025, as we continued to leverage our CustomerGauge 'voice of customer' software across all our markets, which enables instant feedback from customers. \n   \n Operating profit, margins and cost control \n Comparable gross profit grew by 10.0%, with gross profit margins up 70 basis points to 36.8%, driven by top line leverage as well as further improvement in the Emerging segment. Comparable COGS per case increased 3.8%, reflecting input cost inflation and higher production overheads. \n   \n Comparable operating expenses as a percentage of revenue increased by 10 basis points to 25.2% in the full year. We increased marketing investments as a percent of revenue, for example in activations across our Sparkling portfolio, including in the 'Share a Coke' campaign, ahead of the Winter Olympics in Italy and in a new Finlandia marketing campaign. This was partly offset by cycling the prior-year headwind of foreign currency remeasurement of balance sheet items. \n   \n Comparable EBIT increased by 11.5%, and comparable EBIT margin was up 40 basis points, both on an organic basis. Comparable EBIT increased by 13.8% on a reported basis to €1,356.2 million, benefitting from organic growth across our markets and a benefit from foreign currency translation in the period. On a reported basis, Comparable EBIT margin was 11.7%, up 60 basis points, benefitting from operational leverage. \n   \n 6 Period refers to end-2024 to November 2025, according to Nielsen, IRI, GlobalData, and HIST methodology, excluding Russia. \n   \n Net profit and free cash flow \n Comparable net profit of €989.3 million and comparable basic earnings per share of €2.724 were up 19.4% and 19.7% respectively versus last year. Reported net profit and reported basic earnings per share of €940.4 million and €2.589 were 14.6% and 14.9% higher respectively compared to 2024. \n   \n Comparable taxes amounted to €366.8 million, representing a comparable effective tax rate of 27.1%. \n   \n ROIC expanded by 100 basis points to 19.4%, driven by higher profit, partially offset by higher invested capital. \n   \n Net finance costs were €1.1 million in the year, lower than the prior year. Despite higher interest expenses, we benefitted from higher finance income, as well as significantly lower foreign currency exchange losses, following increased stability in the Nigerian Naira. \n   \n Capital expenditure increased by €148.3 million to €827.6 million as we continued to invest in growth initiatives such as production capacity, ongoing automation in supply chain, digital, data and AI solutions, and energy-efficient coolers. Capex as a percentage of revenue was 7.1%, up 80 basis points year-on-year, and within our target range of 6.5% to 7.5%. \n   \n Free cash flow was €700.0 million, slightly lower compared to the prior year, as higher operating profit was offset by higher capital expenditure. \n   \n Sustainability leadership \n Sustainability remains at the core of our strategy, enabling us to deliver growth while creating value for the communities we serve, our partners, and the environment. This year brought continued recognition of our progress, placing us among the leaders of the global beverage industry across major benchmarks, including the Dow Jones Best-in-Class Indices 7 , CDP's A list for Climate and Water, ISS ESG, MSCI ESG, Morningstar Sustainalytics' ESG and FTSE ESG. \n   \n We advanced our circular packaging agenda with the launch of a new collection hub in Nigeria and the expansion of Deposit Return Systems (DRS) to Austria and Poland. This brings the number of DRS in our markets to ten. These systems are delivering encouraging results and supporting our packaging collection goals. Recently launched efforts in Romania, Hungary and Austria achieved average return rates of over 80% in 2025. \n   \n Partnerships continue to be a key driver of progress, delivering environmental and community benefits while helping customers grow profitably and sustainably. Together with Carrefour and The Coca-Cola Company, we initiated a pioneering Sustainable-Linked Business Plan, with Romania piloting a programme that unites suppliers around shared, measurable actions to cut emissions and improve packaging sustainability. \n   \n Supporting communities remains a central priority. In a year marked by severe wildfires and floods across Europe, The Coca-Cola HBC Foundation committed €2.3 million in disaster relief to Greece, Cyprus, Bulgaria and Romania. The Group also announced an additional €5 million to the Foundation that can be used to support communities starting in 2026. \n   \n Overall, we made strong progress toward our Mission 2025 goals, with many targets reached ahead of schedule, including advances in climate action, renewable energy, water stewardship, community programmes and circular packaging. Full results will be published in our 2025 Integrated Annual Report along with details on the next phase of our sustainability journey. \n 7 Based on our 2024 performance. \n   \n Acquisition of Coca-Cola Beverages Africa (CCBA) \n On 21 October 2025, we announced that we have entered into a definitive sale and purchase agreement to acquire a 75% shareholding in CCBA from The Coca-Cola Company and Gutsche Family Investments , for a combined purchase price of US$2.6 billion, with a path to full ownership. The acquisition brings together two leading bottlers in Africa, unlocking further opportunities for sustainable, profitable growth. See announcement press release for further detail. We are working through customary regulatory and antitrust approvals and remain on track to complete the acquisition by the end of 2026. \n   \n Operational Review by Reporting Segment \n   \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 Full Year \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n % \n Change Reported \n \n \n % \n Change Organic \n \n \n \n \n Volume (m unit cases) \n \n \n 631.6 \n \n \n 631.3 \n \n \n - \n \n \n - \n \n \n \n \n Net sales revenue (€ m) \n \n \n 3,599.7 \n \n \n 3,501.3 \n \n \n 2.8% \n \n \n 2.3% \n \n \n \n \n Net sales revenue per unit case (€) \n \n \n 5.70 \n \n \n 5.55 \n \n \n 2.8% \n \n \n 2.3% \n \n \n \n \n Operating profit (EBIT) (€ m) \n \n \n 371.0 \n \n \n 385.8 \n \n \n -3.8% \n \n \n \n \n \n \n \n Comparable EBIT (€ m) \n \n \n 378.6 \n \n \n 388.0 \n \n \n -2.4% \n \n \n -2.8% \n \n \n \n \n EBIT margin (%) \n \n \n 10.3 \n \n \n 11.0 \n \n \n -70bps \n \n \n \n \n \n \n \n Comparable EBIT margin (%) \n \n \n 10.5 \n \n \n 11.1 \n \n \n -60bps \n \n \n -60bps \n \n \n \n \n   \n Net sales revenue grew by 2.3% and 2.8% on an organic and reported basis respectively, with a positive impact from movements in the Swiss Franc. \n   \n Organic growth in net sales revenue per case was 2.3%, with the segment benefitting from pricing actions and positive category mix. We also delivered continued improvements in package mix, with single-serve mix increasing by 70 basis points in the year. \n   \n Established markets volume was in line with last year, with mixed trends across markets. Sparkling volumes were slightly ahead of last year, with high-single digit growth from Coke Zero, high-teens growth from Coke Zero Sugar Zero Caffeine, and mid-single digit growth in Sprite. Energy continued to grow strongly, with volumes up high-teens. Coffee declined low-single digits, driven by the at-home channel, partially mitigated by strong double-digit growth in the out-of-home channel. Stills declined low-single digits, although we delivered mid-single digits growth in Sports Drinks. \n   \n ·     Volumes in Greece increased by 0.6%, on tough comparatives. Sparkling volumes declined slightly, although we delivered high-single digit growth in Coke Zero and mid-single digit growth in Sprite. Energy grew strong double-digits. Stills volumes were in line with last year, with a slight increase in Water volumes offset by a low-single digit decline in Juices. Sports Drinks grew strong double-digits on a small base. \n   \n ·     In Ireland, volumes grew by 3.4%, with consistent growth through the year. Sparkling grew low-single digits driven by Trademark Coke and Sprite, and Energy grew low-teens. Stills grew high-single digits, driven by Water. \n   \n ·     Italy volumes increased 0.1%, despite a decline in Water. We achieved low-single digit growth in Sparkling, as we continued to focus on driving transactions by leveraging locally relevant passion points, including food, football and music. We also delivered strong double-digit growth in Energy. Stills declined high-single digits, driven primarily by Water in H2, as we focused more on profitable revenue growth with customers. \n   \n ·     In Switzerland, volumes decreased by 0.7% with a more challenging backdrop in the first half, partly offset by a return to volume growth in H2. Sparkling volumes declined low-single digits, although we drove growth in Coke Zero, Coke Zero Sugar Zero Caffeine and Sprite. Energy grew strong double-digits, and Coffee grew low-double digits, driven by the out-of-home channel. In Stills, Water grew low-single digits and RTD Tea grew mid-single digits, supported by the launch of Peace Tea in Q2. \n   \n ·     In Austria, volumes declined by 5.3%, in a sensitive consumer environment and following implementation of the DRS in January 2025. Sparkling fell mid-single digits, despite high-single digit growth in Coke Zero and low-single digit growth in Sprite. Energy grew strong double-digits. Stills declined high-single digits, although we delivered high-single digit growth in Sports Drinks. \n   \n Comparable EBIT in the Established segment declined by 2.8% organically to €378.6 million. Comparable EBIT margin was 10.5%, down 60 basis points on an organic basis, due to higher operating and marketing expenses for the year, as we continued to step up investments to drive growth. \n   \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 Full Year \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n % \n Change Reported \n \n \n % Change Organic \n \n \n \n \n Volume (m unit cases) \n \n \n 486.4 \n \n \n 482.6 \n \n \n 0.8% \n \n \n 0.8% \n \n \n \n \n Net sales revenue (€ m) \n \n \n 2,551.8 \n \n \n 2,385.2 \n \n \n 7.0% \n \n \n 6.1% \n \n \n \n \n Net sales revenue per unit case (€) \n \n \n 5.25 \n \n \n 4.94 \n \n \n 6.1% \n \n \n 5.3% \n \n \n \n \n Operating profit (EBIT) (€ m) \n \n \n 239.0 \n \n \n 223.6 \n \n \n 6.9% \n \n \n \n \n \n \n \n Comparable EBIT (€ m) \n \n \n 242.2 \n \n \n 227.4 \n \n \n 6.5% \n \n \n 5.6% \n \n \n \n \n EBIT margin (%) \n \n \n 9.4 \n \n \n 9.4 \n \n \n - \n \n \n \n \n \n \n \n Comparable EBIT margin (%) \n \n \n 9.5 \n \n \n 9.5 \n \n \n - \n \n \n - \n \n \n \n \n   \n Net sales revenue grew by 6.1% and 7.0% on an organic and reported basis respectively, as we benefitted from positive movements in the Polish Zloty. \n   \n Organic net sales revenue per case increased by 5.3%. This was driven by pricing actions, favorable category mix and improved package mix, as we drove a 300 basis points improvement in single-serve mix. \n   \n Developing markets volume grew 0.8% on an organic basis. Sparkling volumes were slightly higher than last year, driven by Coke Zero and Sprite. Energy saw accelerating momentum, with strong double-digit growth. In Coffee, strong growth in the out-of-home channel across brands was offset by Costa Coffee in the at-home channel. Stills declined high-single digits, driven by Water and Juice, while Sports Drinks continued to grow strong double-digits. \n   \n ·     Poland volumes decreased by 0.6%, although we saw a return to growth in H2. Sparkling declined low-single digits, despite low-teens growth in Coke Zero, and low-single digit growth in Sprite. Energy grew strong double-digits, driven by Monster. Stills volumes declined mid-teens, in a challenging industry backdrop. \n   \n ·     Volumes in Hungary increased by 2.6%. Sparkling grew low-single digits, driven by Trademark Coke, Fanta and Sprite. Energy grew strong double-digits. Stills volumes decreased low-single digits, with declines in Water and Juices offsetting growth in RTD Tea and Sports Drinks. \n   \n ·     Volumes in the Czech Republic grew by 4.8%, against a tough comparative. Sparkling grew mid-single digits, driven by Trademark Coke and Sprite. Energy delivered strong double-digit growth. Stills declined high-single digits, driven by Juices and RTD Tea. \n   \n Comparable EBIT in the Developing segment increased by 5.6% and 6.5% on an organic and reported basis respectively, to €242.2 million. Comparable EBIT margin was 9.5%, in line with last year. \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 Full Year \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n % \n Change Reported \n \n \n % Change Organic \n \n \n \n \n Volume (m unit cases) \n \n \n 1,879.4 \n \n \n 1,800.6 \n \n \n 4.4% \n \n \n 4.4% \n \n \n \n \n Net sales revenue (€ m) \n \n \n 5,453.0 \n \n \n 4,867.9 \n \n \n 12.0% \n \n \n 13.2% \n \n \n \n \n Net sales revenue per unit case (€) \n \n \n 2.90 \n \n \n 2.70 \n \n \n 7.3% \n \n \n 8.5% \n \n \n \n \n Operating profit (EBIT) (€ m) \n \n \n 695.6 \n \n \n 576.0 \n \n \n 20.8% \n \n \n \n \n \n \n \n Comparable EBIT (€ m) \n \n \n 735.4 \n \n \n 576.7 \n \n \n 27.5% \n \n \n 23.2% \n \n \n \n \n EBIT margin (%) \n \n \n 12.8 \n \n \n 11.8 \n \n \n 90bps \n \n \n \n \n \n \n \n Comparable EBIT margin (%) \n \n \n 13.5 \n \n \n 11.8 \n \n \n 160bps \n \n \n 110bps \n \n \n \n \n   \n Net sales revenue grew by 13.2% on an organic basis, or by 12.0% on a reported basis, with strong organic growth partially offset by currency headwinds from the Nigerian Naira and Egyptian Pound. \n   \n Net sales revenue per case grew 8.5% organically, a moderation compared to recent years, reflecting lower levels of inflation and currency headwinds in Nigeria and Egypt. The main driver of net sales revenue per case expansion remained pricing, as well as continued improvement in category mix. \n   \n Emerging markets volume grew by 4.4% organically. Sparkling volumes grew by mid-single digits, driven by Trademark Coke, Sprite and Adult Sparkling, while Energy grew strong double-digits. Stills volumes were up low-single digits, driven by Water and Sports Drinks. \n   \n ·     Volumes in Nigeria grew by 6.4%, as we continued to execute well in a dynamic market environment. Growth was led by Sparkling, up mid-single digits, with Trademark Coke up mid-single digits, and both Fanta and Sprite growing high-single digits. Adult Sparkling grew mid-teens, as our premiumisation initiatives to drive Schweppes continued to see good results. Energy delivered strong double-digit growth, driven by Predator. Stills declined slightly, driven by a low-single digit decline in Water, offsetting high-single digit growth in Juices. \n   \n ·     Egypt volumes increased by 13.2%, with growth across all categories, supported by solid market execution and a more stable macroeconomic environment. Sparkling grew low-double digits, with Trademark Coke up strong double-digits, partly helped by cycling the impact from pushback against some Western brands. Energy continued to perform very strongly, and Water grew high-single digits. \n   \n ·     Volumes in Romania declined by 4.1%, against a challenging consumer backdrop. Sparkling declined low-single digits. Trademark Coke delivered a resilient performance, with mid-single digits growth in Coke Zero. Energy grew above 20%, cycling the regulatory measures introduced in March 2024. Stills declined high-single digits. \n   \n ·     Volumes in Ukraine grew by 0.3%, in a challenging environment through the year, including supply chain disruptions in Q4. Sparkling grew by low-single digits, with strong growth in Coke Zero, while Fanta and Adult Sparkling declined low-double digits. We saw good growth in Energy, up over 20%. Stills declined high-teens, with slight growth in Water offset by declines in Juices and Tea. \n   \n ·     Volumes in Serbia, excluding Bambi, declined by 0.3%, impacted by an uncertain market backdrop with sensitive consumer sentiment. Sparkling volumes decreased by low-single digits, despite strong growth in Coke Zero, up over 20%. Energy grew low-double digits and Stills increased by low-single digits, driven by Water and Sports Drinks. Volumes of our snacks business, Bambi, increased strongly in the second half of the year, following the successful return to full capacity in our plant, resulting in a total volume increase for Serbia of 1.8%. \n   \n ·     Volumes in Russia grew by 2.6%, against tough comparatives. We continue to operate a local, self-sufficient business focused on local brands. \n   \n Comparable EBIT in the Emerging segment grew by 23.2% on an organic basis and 27.5% on a reported basis, to €735.4 million. Comparable EBIT margin was 13.5%, up 160 basis points on a reported basis, and 110 basis points on an organic basis, driven by strong top line growth, and as we cycled the impact of foreign currency remeasurement of balance sheet items. \n   \n Conference call \n Coca-Cola HBC's management will host a conference call for investors and analysts on Tuesday, 10 February 2026 at 9: 00 am GMT. To join the call, in listen-only mode please join via webcast . If you anticipate asking a question, please click here to register to register and find dial-in details. \n   \n \n \n \n \n Next event \n \n \n   \n \n \n \n \n 7 May 2026 \n \n \n 2026 First quarter trading update \n \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 \n \n \n \n \n \n \n Elias Davvetas \n Investor Relations Manager \n \n \n Tel: +30 694 7568826 \n [email protected] \n \n \n \n \n \n \n \n \n \n \n \n \n Matilde Durazzano \n Investor Relations Manager \n \n \n Tel: +44 7851 105884 \n [email protected] \n \n \n \n \n \n \n \n \n \n \n \n \n Elizabeth King \n Investor Relations Manager \n \n \n Tel: +44 7864 686582 \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 Sonia Bastian \n Head of Communications \n \n \n Tel: +41 7946 88054 \n [email protected] \n \n \n \n \n \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 \n \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 760 million consumers across a broad geographic footprint of 29 countries. Our portfolio is one of the strongest, broadest and most flexible in the beverage industry, with consumer-leading 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 more than 33,000 employees and believe that building a more positive environmental impact is integral to our future growth. We rank among the top performers in sustainability benchmarks such as the 2024 Dow Jones Best-in-Class Indices, CDP, MSCI ESG, FTSE4Good and ISS ESG. \n   \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 International Financial Reporting Standards ('IFRS') \n \n   \n Special Note Regarding the Information set out herein \n Unless otherwise indicated, the condensed consolidated 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   \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 2026 and future years, business strategy and the effects of the global economic slowdown, the impact of the sovereign debt crisis, currency volatility, our recent acquisitions, and restructuring initiatives on our business and financial condition, our future dealings with The Coca-Cola Company, budgets, projected levels of consumption and production, projected raw material and other costs, estimates of capital expenditure, free cash flow, effective tax rates and plans and objectives of management for future operations, are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect our current expectations and assumptions as to future events and circumstances that may not prove accurate. Our actual results and events could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described in the 2024 Integrated Annual Report for Coca-Cola HBC AG and its subsidiaries . \n   \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 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   \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 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 Income statement \n \n \n Full Year \n \n \n \n \n \n \n \n 2025 \n € million \n \n \n 2024 \n € million \n \n \n % \n Change Reported \n \n \n % Change Organic \n \n \n \n \n Volume (m unit cases) \n \n \n 2,997.4 \n \n \n 2,914.5 \n \n \n 2.8% \n \n \n 2.8% \n \n \n \n \n Net sales revenue \n \n \n 11,604.5 \n \n \n 10,754.4 \n \n \n 7.9% \n \n \n 8.1% \n \n \n \n \n Net sales revenue per unit case (€) \n \n \n 3.87 \n \n \n 3.69 \n \n \n 4.9% \n \n \n 5.1% \n \n \n \n \n Cost of goods sold \n \n \n (7,336.6) \n \n \n (6,876.9) \n \n \n 6.7% \n \n \n \n \n \n \n \n Comparable cost of goods sold 8 \n \n \n (7,338.4) \n \n \n (6,875.8) \n \n \n 6.7% \n \n \n \n \n \n \n \n Gross profit \n \n \n 4,267.9 \n \n \n 3,877.5 \n \n \n 10.1% \n \n \n \n \n \n \n \n Comparable gross profit 8 \n \n \n 4,266.1 \n \n \n 3,878.6 \n \n \n 10.0% \n \n \n \n \n \n \n \n Operating expenses \n \n \n (2,977.7) \n \n \n (2,705.7) \n \n \n 10.1% \n \n \n \n \n \n \n \n Comparable operating expenses 8 \n \n \n (2,925.3) \n \n \n (2,700.1) \n \n \n 8.3% \n \n \n \n \n \n \n \n Share of results of integral equity method investments 9 \n \n \n 15.4 \n \n \n 13.6 \n \n \n 13.2% \n \n \n \n \n \n \n \n Operating profit (EBIT) 9 \n \n \n 1,305.6 \n \n \n 1,185.4 \n \n \n 10.1% \n \n \n \n \n \n \n \n Comparable operating profit (EBIT) 8 \n \n \n 1,356.2 \n \n \n 1,192.1 \n \n \n 13.8% \n \n \n 11.5% \n \n \n \n \n Adjusted EBITDA 8 \n \n \n 1,759.9 \n \n \n 1,597.8 \n \n \n 10.1% \n \n \n \n \n \n \n \n Comparable adjusted EBITDA 8 \n \n \n 1,807.5 \n \n \n 1,604.1 \n \n \n 12.7% \n \n \n \n \n \n \n \n Finance costs, net \n \n \n (1.1) \n \n \n (60.5) \n \n \n -98.2% \n \n \n \n \n \n \n \n Share of results of non-integral equity method investments 9 \n \n \n 0.9 \n \n \n 3.1 \n \n \n -71.0% \n \n \n \n \n \n \n \n Profit before tax \n \n \n 1,305.4 \n \n \n 1,128.0 \n \n \n 15.7% \n \n \n \n \n \n \n \n Comparable profit before tax 8 \n \n \n 1,356.0 \n \n \n 1,134.7 \n \n \n 19.5% \n \n \n \n \n \n \n \n Tax \n \n \n (365.1) \n \n \n (308.3) \n \n \n 18.4% \n \n \n \n \n \n \n \n Comparable tax 8 \n \n \n (366.8) \n \n \n (306.8) \n \n \n 19.6% \n \n \n \n \n \n \n \n Net profit 10 \n \n \n 940.4 \n \n \n 820.6 \n \n \n 14.6% \n \n \n \n \n \n \n \n Comparable net profit 8,10 \n \n \n 989.3 \n \n \n 828.8 \n \n \n 19.4% \n \n \n \n \n \n \n \n Basic earnings per share (€) \n \n \n 2.589 \n \n \n 2.253 \n \n \n 14.9% \n \n \n \n \n \n \n \n Comparable basic earnings per share (€) 8 \n \n \n 2.724 \n \n \n 2.275 \n \n \n 19.7% \n \n \n \n \n \n \n \n 8 Refer to the ' Alternative Performance Measures' and ' Definitions and reconciliations of APMs' sections. \n 9 Refer to the condensed consolidated income statement. \n 10 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 8.1% and 7.9% on an organic and reported basis respectively in 2025 compared to the prior year, driven by pricing initiatives, improved category and package mix, and volume growth, supported by a more stable foreign exchange backdrop. \n   \n Both cost of goods sold and comparable cost of goods sold increased by 6.7% in 2025 compared to the prior year, mainly driven by volume growth and higher raw material costs, production overheads and sales taxes. \n   \n Comparable operating expenses increased by 8.3% in 2025 compared to the prior year, mainly driven by higher selling and administrative expenses, partially offset by the cycling of foreign exchange losses recorded in the prior year. Operating expenses increased by 10.1% in 2025 compared to the prior year, further impacted mainly by the acquisition costs incurred in connection with the agreed acquisition of CCBA. \n   \n Comparable operating profit increased by 11.5% in 2025 compared to the prior year on an organic basis, primarily reflecting the benefits from top-line growth, partially offset by higher operating expenses, while on a reported basis comparable operating profit increased by 13.8% in 2025 compared to the prior year, further reflecting the positive translational impact from foreign currency movements, mainly related to the Russian Rouble. Operating profit increased by 10.1% compared to the prior year, impacted mainly by the acquisition costs incurred in connection with the agreed acquisition of CCBA . \n   \n Net finance costs decreased by €59.4 million in 2025, despite the higher interest expense, due to significantly lower foreign exchange losses resulting from increased stability in the Nigerian Naira, as well as higher finance income earned on the Group's cash, cash equivalents and financial assets. \n   \n On a comparable basis, the effective tax rate was 27.1% for 2025 and 27.0% for 2024. On a reported basis, the effective tax rate was 28.0% for 2025 and 27.3% for 2024. 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   \n Comparable net profit grew by 19.4% in 2025 compared to the prior year, driven by higher operating profit and lower net finance costs, partially offset by higher tax, while net profit grew by 14.6% further reflecting mainly the post-tax impact from acquisition costs incurred in connection with the agreed acquisition of CCBA. \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 31 December \n \n \n \n \n \n \n \n 2025 \n \n \n 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 6,653.0 \n \n \n 6,091.0 \n \n \n 562.0 \n \n \n \n \n Total current assets \n \n \n 4,946.3 \n \n \n 4,562.7 \n \n \n 383.6 \n \n \n \n \n Total assets \n \n \n 11,599.3 \n \n \n 10,653.7 \n \n \n 945.6 \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 4,148.8 \n \n \n 3,907.8 \n \n \n 241.0 \n \n \n \n \n Total non-current liabilities \n \n \n 3,508.9 \n \n \n 3,442.9 \n \n \n 66.0 \n \n \n \n \n Total liabilities \n \n \n 7,657.7 \n \n \n 7,350.7 \n \n \n 307.0 \n \n \n \n \n Equity \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Owners of the parent \n \n \n 3,844.6 \n \n \n 3,205.7 \n \n \n 638.9 \n \n \n \n \n Non-controlling interests \n \n \n 97.0 \n \n \n 97.3 \n \n \n (0.3) \n \n \n \n \n Total equity \n \n \n 3,941.6 \n \n \n 3,303.0 \n \n \n 638.6 \n \n \n \n \n Total equity and liabilities \n \n \n 11,599.3 \n \n \n 10,653.7 \n \n \n 945.6 \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 797.5 \n \n \n 654.9 \n \n \n 142.6 \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Total non-current assets increased by €562.0 million during 2025, reflecting the Group's continued investment in property, plant and equipment. Net current assets increased by €142.6 million, mainly reflecting higher cash and cash equivalents and trade and other receivables which were partially offset by lower investments in financial assets and increased trade and other payables. Non-current liabilities increased by €66.0 million in 2025, primarily driven by higher 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 Full 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, excluding \n   acquisition costs paid 11 \n \n \n 1,527.6 \n \n \n 1,395 . 9 \n \n \n 9.4% \n \n \n \n \n Capital expenditure 11 \n \n \n (827.6) \n \n \n (679.3) \n \n \n 21.8% \n \n \n \n \n Free cash flow 11 \n \n \n 700.0 \n \n \n 716 . 6 \n \n \n -2.3% \n \n \n \n \n   \n 11 Refer to the 'Definitions and reconciliations of APMs' section. \n   \n Net cash from operating activities, excluding acquisition costs paid, increased in 2025 by 9.4% compared to the prior year, mainly driven by higher operating profitability, partially offset by lower cash generated from working capital movements and higher tax paid. \n   \n Capital expenditure increased by 21.8% in 2025, amounting to €827.6 million, of which 55% was related to investment in production equipment and facilities and 16% to the acquisition of marketing equipment. In 2024, capital expenditure amounted to €679.3 million of which 56% was related to investment in production equipment and facilities and 16% to the acquisition of marketing equipment. \n   \n As a result, free cash flow was slightly lower in 2025 compared to the prior year (by 2.3% or €16.6 million), as the increase in net cash from operating activities, excluding acquisition costs paid, was more than offset by the higher capital expenditure. \n   \n Definitions and reconciliations of APMs \n 1.   Comparable APMs 12 \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   \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   \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   \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   \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   \n 5)   Russia-Ukraine conflict impact \n Incremental losses directly attributable to the Russia-Ukraine conflict, are excluded from comparable results so that the users can obtain a better understanding of the Group's operating and financial performance from underlying activity. Such losses include, to the extent arisen in the period, net impairment recognised on property, plant and equipment, intangible assets and equity method investments, as well as additional expected credit loss allowance and write-offs of inventory and property, plant and equipment. \n   \n 6)   Other tax items \n Other tax items represent the tax impact of (a) changes in income tax rates arising during the year, 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 12 Comparable APMs refer to comparable COGS, 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 Reconciliation of comparable financial indicators (numbers in € million except per share data) \n   \n \n \n \n \n ` \n \n \n Full 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 13 \n \n \n EPS \n (€) \n \n \n \n \n As reported \n \n \n (7,336.6) \n \n \n 4,267.9 \n \n \n (2,977.7) \n \n \n 1,305.6 \n \n \n 1,759.9 \n \n \n 1,305.4 \n \n \n (365.1) \n \n \n 940.4 \n \n \n 2.589 \n \n \n \n \n Restructuring costs \n \n \n - \n \n \n - \n \n \n 10.0 \n \n \n 10.0 \n \n \n 9.9 \n \n \n 10.0 \n \n \n (2.6) \n \n \n 7.4 \n \n \n 0.020 \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 0.9 \n \n \n (3.8) \n \n \n (0.010) \n \n \n \n \n Acquisition costs \n \n \n - \n \n \n - \n \n \n 42.3 \n \n \n 42.3 \n \n \n 42.3 \n \n \n 42.3 \n \n \n (0.2) \n \n \n 42.1 \n \n \n 0.116 \n \n \n \n \n Russia-Ukraine conflict impact \n \n \n 2.9 \n \n \n 2.9 \n \n \n 0.1 \n \n \n 3.0 \n \n \n 0.1 \n \n \n 3.0 \n \n \n (0.5) \n \n \n 2.5 \n \n \n 0.007 \n \n \n \n \n Other tax items \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.7 \n \n \n 0.7 \n \n \n 0.002 \n \n \n \n \n Comparable \n \n \n (7,338.4) \n \n \n 4,266.1 \n \n \n (2,925.3) \n \n \n 1,356.2 \n \n \n 1,807.5 \n \n \n 1,356.0 \n \n \n (366.8) \n \n \n 989.3 \n \n \n 2.724 \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 Full 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 13 \n \n \n EPS \n (€) \n \n \n \n \n As reported \n \n \n (6,876.9) \n \n \n 3,877.5 \n \n \n (2,705.7) \n \n \n 1,185.4 \n \n \n 1,597.8 \n \n \n 1,128.0 \n \n \n (308.3) \n \n \n 820.6 \n \n \n 2.253 \n \n \n \n \n Restructuring costs \n \n \n - \n \n \n - \n \n \n 3.3 \n \n \n 3.3 \n \n \n 3.3 \n \n \n 3.3 \n \n \n (0.7) \n \n \n 2.6 \n \n \n 0.007 \n \n \n \n \n Commodity hedging \n \n \n 1.1 \n \n \n 1.1 \n \n \n - \n \n \n 1.1 \n \n \n 1.1 \n \n \n 1.1 \n \n \n - \n \n \n 1.1 \n \n \n 0.003 \n \n \n \n \n Acquisition costs \n \n \n - \n \n \n - \n \n \n 1.9 \n \n \n 1.9 \n \n \n 1.9 \n \n \n 1.9 \n \n \n - \n \n \n 1.9 \n \n \n 0.005 \n \n \n \n \n Impairment of indefinite-lived intangible assets \n \n \n - \n \n \n - \n \n \n 0.4 \n \n \n 0.4 \n \n \n - \n \n \n 0.4 \n \n \n (0.1) \n \n \n 0.3 \n \n \n 0.001 \n \n \n \n \n Other tax items \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 2.3 \n \n \n 2.3 \n \n \n 0.006 \n \n \n \n \n Comparable \n \n \n (6,875.8) \n \n \n 3,878.6 \n \n \n (2,700.1) \n \n \n 1,192.1 \n \n \n 1,604.1 \n \n \n 1,134.7 \n \n \n (306.8) \n \n \n 828.8 \n \n \n 2.275 \n \n \n \n \n 13 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 Reconciliation of comparable EBIT per reportable segment (numbers in € million) \n   \n \n \n \n \n   \n \n \n Full 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 371.0 \n \n \n 239.0 \n \n \n 695.6 \n \n \n 1,305.6 \n \n \n \n \n Restructuring costs \n \n \n (0.3) \n \n \n (1.0) \n \n \n 11.3 \n \n \n 10.0 \n \n \n \n \n Commodity hedging \n \n \n (1.4) \n \n \n (2.5) \n \n \n (0.8) \n \n \n (4.7) \n \n \n \n \n Acquisition costs \n \n \n 9.3 \n \n \n 6.7 \n \n \n 26.3 \n \n \n 42.3 \n \n \n \n \n Russia-Ukraine conflict impact \n \n \n - \n \n \n - \n \n \n 3.0 \n \n \n 3.0 \n \n \n \n \n Comparable EBIT \n \n \n 378.6 \n \n \n 242.2 \n \n \n 735.4 \n \n \n 1,356.2 \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 Full 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 385.8 \n \n \n 223.6 \n \n \n 576.0 \n \n \n 1,185.4 \n \n \n \n \n Restructuring costs \n \n \n (0.1) \n \n \n 0.2 \n \n \n 3.2 \n \n \n 3.3 \n \n \n \n \n Commodity hedging \n \n \n 0.4 \n \n \n 3.6 \n \n \n (2.9) \n \n \n 1.1 \n \n \n \n \n Acquisition costs \n \n \n 1.9 \n \n \n - \n \n \n - \n \n \n 1.9 \n \n \n \n \n Impairment of indefinite-lived intangibles \n \n \n - \n \n \n - \n \n \n 0.4 \n \n \n 0.4 \n \n \n \n \n Comparable EBIT \n \n \n 388.0 \n \n \n 227.4 \n \n \n 576.7 \n \n \n 1,192.1 \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 year to year 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   \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   \n (a) Foreign currency impact \n Foreign currency impact in the organic growth calculation reflects the adjustment of prior-year net sales revenue and comparable EBIT metrics for the impact of changes in exchange rates applicable to the current year. \n   \n (b)        Consolidation perimeter impact \n Current year 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   \n i.          Acquisitions: \n For current-year acquisitions, the results generated in the current year 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   \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   \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   \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   \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 Full 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 631.3 \n \n \n 482.6 \n \n \n 1,800.6 \n \n \n 2,914.5 \n \n \n \n \n Consolidation perimeter impact \n \n \n 0.3 \n \n \n - \n \n \n - \n \n \n 0.3 \n \n \n \n \n Organic movement \n \n \n - \n \n \n 3.8 \n \n \n 78.8 \n \n \n 82.6 \n \n \n \n \n 2025 reported \n \n \n 631.6 \n \n \n 486.4 \n \n \n 1,879.4 \n \n \n 2,997.4 \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 - \n \n \n 0.8% \n \n \n 4.4% \n \n \n 2.8% \n \n \n \n \n   \n \n \n \n \n   \n \n \n Full 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 3,501.3 \n \n \n 2,385.2 \n \n \n 4,867.9 \n \n \n 10,754.4 \n \n \n \n \n Foreign currency impact \n \n \n 5.2 \n \n \n 19.1 \n \n \n -51.7 \n \n \n -27.4 \n \n \n \n \n 2024 adjusted \n \n \n 3,506.5 \n \n \n 2,404.3 \n \n \n 4,816.2 \n \n \n 10,727.0 \n \n \n \n \n Consolidation perimeter impact \n \n \n 12.8 \n \n \n - \n \n \n - \n \n \n 12.8 \n \n \n \n \n Organic movement \n \n \n 80.4 \n \n \n 147.5 \n \n \n 636.8 \n \n \n 864.7 \n \n \n \n \n 2025 reported \n \n \n 3,599.7 \n \n \n 2,551.8 \n \n \n 5,453.0 \n \n \n 11,604.5 \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 2.3% \n \n \n 6.1% \n \n \n 13.2% \n \n \n 8.1% \n \n \n \n \n   \n \n \n \n \n   \n \n \n Full Year 2025 \n \n \n \n \n Net sales revenue per unit case (€) 14 \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 5.55 \n \n \n 4.94 \n \n \n 2.70 \n \n \n 3.69 \n \n \n \n \n Foreign currency impact \n \n \n 0.01 \n \n \n 0.04 \n \n \n -0.03 \n \n \n -0.01 \n \n \n \n \n 2024 adjusted \n \n \n 5.55 \n \n \n 4.98 \n \n \n 2.67 \n \n \n 3.68 \n \n \n \n \n Consolidation perimeter impact \n \n \n 0.02 \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Organic movement \n \n \n 0.13 \n \n \n 0.26 \n \n \n 0.23 \n \n \n 0.19 \n \n \n \n \n 2025 reported \n \n \n 5.70 \n \n \n 5.25 \n \n \n 2.90 \n \n \n 3.87 \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 2.3% \n \n \n 5.3% \n \n \n 8.5% \n \n \n 5.1% \n \n \n \n \n   \n \n \n \n \n   \n \n \n Full 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 388.0 \n \n \n 227.4 \n \n \n 576.7 \n \n \n 1,192.1 \n \n \n \n \n Foreign currency impact \n \n \n 1.0 \n \n \n 2.0 \n \n \n 20.3 \n \n \n 23.3 \n \n \n \n \n 2024 adjusted \n \n \n 389.0 \n \n \n 229.4 \n \n \n 597.0 \n \n \n 1,215.4 \n \n \n \n \n Consolidation perimeter impact \n \n \n 0.6 \n \n \n - \n \n \n - \n \n \n 0.6 \n \n \n \n \n Organic movement \n \n \n -11.0 \n \n \n 12.8 \n \n \n 138.4 \n \n \n 140.2 \n \n \n \n \n 2025 reported \n \n \n 378.6 \n \n \n 242.2 \n \n \n 735.4 \n \n \n 1,356.2 \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 -2.8% \n \n \n 5.6% \n \n \n 23.2% \n \n \n 11.5% \n \n \n \n \n   \n \n \n \n \n   \n \n \n Full Year 2025 \n \n \n \n \n Comparable EBIT margin (%) 14 \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 11.1% \n \n \n 9.5% \n \n \n 11.8% \n \n \n 11.1% \n \n \n \n \n Foreign currency impact \n \n \n - \n \n \n - \n \n \n 0.5% \n \n \n 0.2% \n \n \n \n \n 2024 adjusted \n \n \n 11.1% \n \n \n 9.5% \n \n \n 12.4% \n \n \n 11.3% \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 -0.6% \n \n \n - \n \n \n 1.1% \n \n \n 0.4% \n \n \n \n \n 2025 reported \n \n \n 10.5% \n \n \n 9.5% \n \n \n 13.5% \n \n \n 11.7% \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 -60bps \n \n \n - \n \n \n 110bps \n \n \n 40bps \n \n \n \n \n   \n 14 Certain differences in calculations are due to rounding. \n   \n 3.    Other APMs \n   \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 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   \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   \n Free cash flow \n Effective 2025, the Group has amended its definition of free cash flow to exclude acquisition costs paid from net cash from operating activities. This amendment better reflects the purpose of this APM, which is to measure the cash generation arising from the Group's business, as acquisition costs are incurred to effect a business combination ie do not relate to the Group's underlying operating activities but rather its investing activities. To ensure comparability, prior‑year free cash flow figure is restated to reflect the amended definition. More specifically, free cash flow is defined as cash generated by operating activities excluding acquisition costs paid, 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   \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   \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   \n The following table illustrates how Adjusted EBITDA, Free Cash Flow and Capital Expenditure are calculated: \n   \n \n \n \n \n \n \n \n Full 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 1,305.6 \n \n \n 1,185.4 \n \n \n \n \n Depreciation and impairment of property, plant and equipment, including right-of-use assets \n \n \n 430.7 \n \n \n 395.7 \n \n \n \n \n Amortisation and impairment of intangible assets \n \n \n 1.5 \n \n \n 1.1 \n \n \n \n \n Employee performance shares \n \n \n 22.1 \n \n \n 15.6 \n \n \n \n \n Adjusted EBITDA \n \n \n 1,759.9 \n \n \n 1,597.8 \n \n \n \n \n Share of results of integral equity method investments \n \n \n (15.4) \n \n \n (13.6) \n \n \n \n \n Gain on disposals of non-current assets \n \n \n (5.7) \n \n \n (4.5) \n \n \n \n \n Cash generated from working capital movements \n \n \n 83.4 \n \n \n 100.8 \n \n \n \n \n Tax paid \n \n \n (308.7) \n \n \n (288.6) \n \n \n \n \n Net cash from operating activities \n \n \n 1,513.5 \n \n \n 1,391.9 \n \n \n \n \n Acquisition costs paid \n \n \n 14.1 \n \n \n 4.0 \n \n \n \n \n Net cash from operating activities, excluding acquisition costs paid \n \n \n 1,527.6 \n \n \n 1,395.9 \n \n \n \n \n Payments for purchases of property, plant and equipment 15 \n \n \n (764.1) \n \n \n (627.1) \n \n \n \n \n Principal repayments of lease obligations \n \n \n (69.6) \n \n \n (60.8) \n \n \n \n \n Proceeds from sales of property, plant and equipment \n \n \n 6.1 \n \n \n 8.6 \n \n \n \n \n Capital expenditure \n \n \n (827.6) \n \n \n (679.3) \n \n \n \n \n Free cash flow \n \n \n 700.0 \n \n \n 716.6 \n \n \n \n \n   \n 15 Payments for purchases of property, plant and equipment for 2025 include €11.5 million (2024: €11.7 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 cash flow statement. \n   \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 plus 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 31 December \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 Current borrowings \n \n \n 805.6 \n \n \n 888.7 \n \n \n \n \n Non-current borrowings \n \n \n 3,107.4 \n \n \n 3,091.9 \n \n \n \n \n Interest rate swaps (fixed-to-floating) \n \n \n (23.2) \n \n \n (24.0) \n \n \n \n \n Other financial assets \n \n \n (115.2) \n \n \n (884.0) \n \n \n \n \n Cash and cash equivalents \n \n \n (2,541.7) \n \n \n (1,548.1) \n \n \n \n \n Net debt \n \n \n 1,232.9 \n \n \n 1,524.5 \n \n \n \n \n   \n Return on invested capital ('ROIC') \n ROIC is an APM used by management to assess the return obtained from the Group's asset base and is defined as the percentage of comparable net profit excluding net finance costs divided by the five-quarter average capital invested in the business ('capital employed'). Capital employed is defined as the average net debt and shareholders' equity attributable to the owners of the parent, as illustrated below. The Group presents ROIC because it believes the measure assists users of the financial statements in understanding the Group's capital efficiency. \n   \n \n \n \n \n   \n \n \n Year ended 31 December \n \n \n \n \n   \n \n \n 2025 \n € million \n \n \n 2024 \n € million \n \n \n \n \n Comparable operating profit \n \n \n 1,356.2 \n \n \n 1,192.1 \n \n \n \n \n Plus: Share of results of non-integral equity method investments \n \n \n 0.9 \n \n \n 3.1 \n \n \n \n \n Less: Comparable tax \n \n \n (366.8) \n \n \n (306.8) \n \n \n \n \n Tax shield 16 \n \n \n (0.3) \n \n \n (16.3) \n \n \n \n \n Comparable net profit excl. finance costs, net (a) \n \n \n 990.0 \n \n \n 872.1 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Average net debt 18 \n \n \n 1,604.6 \n \n \n 1,715.5 \n \n \n \n \n Plus: Average equity attributable to owners of the parent 18 \n \n \n 3,510.5 \n \n \n 3,042.1 \n \n \n \n \n Capital employed (b) \n \n \n 5,115.1 \n \n \n 4,757.6 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Return on invested capital (a/b) \n \n \n 19.4% \n \n \n 18.3% \n \n \n \n \n 16 Tax shield is calculated as the comparable effective tax rate times finance costs, net as illustrated below: \n   \n \n \n \n \n \n \n \n Year ended 31 December \n \n \n \n \n   \n \n \n 2025 \n € million \n \n \n 2024 \n € million \n \n \n \n \n Finance costs, net \n \n \n 1.1 \n \n \n 60.5 \n \n \n \n \n Comparable effective tax rate (%) 17 \n \n \n 27% \n \n \n 27% \n \n \n \n \n Tax shield \n \n \n 0.3 \n \n \n 16.3 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n 17 C omparable effective tax rate is calculated as the comparable tax divided by comparable profit before tax, as illustrated below: \n   \n \n \n \n \n \n \n \n Year ended 31 December \n \n \n \n \n   \n \n \n 2025 \n € million \n \n \n 2024 \n € million \n \n \n \n \n Comparable tax \n \n \n 366.8 \n \n \n 306.8 \n \n \n \n \n Comparable profit before tax \n \n \n 1,356.0 \n \n \n 1,134.7 \n \n \n \n \n Comparable effective tax rate (%) \n \n \n 27% \n \n \n 27% \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n 18 Five-quarter average net debt and equity attributable to owners of the parent are calculated as presented below: \n   \n \n \n \n \n 2025 \n \n \n Q4 2024 \n € million \n \n \n Q1 2025 \n € million \n \n \n Q2 2025 \n € million \n \n \n Q3 2025 \n € million \n \n \n Q4 2025 \n € million \n \n \n Average \n € million * \n \n \n \n \n Net debt \n \n \n  1,524.5 \n \n \n 1,868.1 \n \n \n 1,646.6 \n \n \n 1,750.8 \n \n \n 1,232.9 \n \n \n 1,604.6 \n \n \n \n \n Equity attributable to owners of the parent \n \n \n  3,205.7 \n \n \n 3,479.7 \n \n \n 3,370.1 \n \n \n 3,652.5 \n \n \n 3,844.6 \n \n \n 3,510.5 \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 2024 \n \n \n Q4 2023 \n € million \n \n \n Q1 2024 \n € million \n \n \n Q2 2024 \n € million \n \n \n Q3 2024 \n € million \n \n \n Q4 2024 \n € million \n \n \n Average \n € million * \n \n \n \n \n Net debt \n \n \n  1,595.3 \n \n \n  1,876.3 \n \n \n  1,826.6 \n \n \n  1,754.8 \n \n \n  1,524.5 \n \n \n  1,715.5 \n \n \n \n \n Equity attributable to owners of the parent \n \n \n  3,092.8 \n \n \n  2,943.2 \n \n \n  2,909.7 \n \n \n  3,059.2 \n \n \n  3,205.7 \n \n \n  3,042.1 \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 * Certain differences in calculations are due to rounding. \n   \n   \n   \n   \n   \n Condensed consolidated financial statements for the six months and the year ended \n 31 December 2025 \n   \n   \n   \n   \n   \n Condensed consolidated income statement (unaudited) \n   \n \n \n \n \n   \n \n \n   \n \n \n           Six months ended \n          31 December \n \n \n \n \n   \n \n \n Note \n \n \n 2025 \n \n \n   \n \n \n 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 5,984.2 \n \n \n   \n \n \n 5,578.8 \n \n \n \n \n Cost of goods sold \n \n \n \n \n \n (3,780.2) \n \n \n   \n \n \n (3,570.9) \n \n \n \n \n Gross profit \n \n \n \n \n \n 2,204.0 \n \n \n   \n \n \n 2,007.9 \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 (1,552.1) \n \n \n   \n \n \n (1,395.5) \n \n \n \n \n Share of results of integral equity method investments \n \n \n \n \n \n 9.1 \n \n \n   \n \n \n 6.9 \n \n \n \n \n Operating profit \n \n \n 3 \n \n \n 661.0 \n \n \n   \n \n \n 619.3 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Finance income/(costs), net \n \n \n 5 \n \n \n 0.2 \n \n \n   \n \n \n (14.1) \n \n \n \n \n Share of results of non-integral equity method investments \n \n \n \n \n \n (0.4) \n \n \n   \n \n \n 1.8 \n \n \n \n \n Profit before tax \n \n \n \n \n \n 660.8 \n \n \n   \n \n \n 607.0 \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 (191.0) \n \n \n   \n \n \n (167.6) \n \n \n \n \n Profit after tax \n \n \n \n \n \n 469.8 \n \n \n   \n \n \n 439.4 \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 469.8 \n \n \n   \n \n \n 439.0 \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n - \n \n \n   \n \n \n 0.4 \n \n \n \n \n   \n \n \n   \n \n \n 469.8 \n \n \n   \n \n \n 439.4 \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 1.29 \n \n \n \n \n \n 1.21 \n \n \n \n \n   \n   \n   \n   \n   \n   \n Condensed consolidated statement of comprehensive income (unaudited) \n   \n \n \n \n \n   \n \n \n     Six months ended \n         31 December \n \n \n \n \n   \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n € million \n \n \n € million \n \n \n \n \n Profit after tax \n \n \n 469.8 \n \n \n 439.4 \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 (1.3) \n \n \n (0.8) \n \n \n \n \n Net loss from cash flow hedges \n \n \n (30.4) \n \n \n (11.3) \n \n \n \n \n Foreign currency translation gains/(losses) \n \n \n 14.6 \n \n \n (77.7) \n \n \n \n \n Share of other comprehensive income of equity method investments \n \n \n 0.8 \n \n \n 0.2 \n \n \n \n \n Income tax relating to items that may be subsequently reclassified to income statement \n \n \n 2.2 \n \n \n 3.4 \n \n \n \n \n \n \n \n (14.1) \n \n \n (86.2) \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 loss on equity investments at fair value through other comprehensive income \n \n \n - \n \n \n (0.1) \n \n \n \n \n Actuarial losses \n \n \n (4.9) \n \n \n (0.3) \n \n \n \n \n Income tax relating to items that will not be subsequently reclassified to income statement \n \n \n 1.3 \n \n \n 0.9 \n \n \n \n \n   \n \n \n (3.6) \n \n \n 0.5 \n \n \n \n \n Other comprehensive loss for the period, net of tax \n \n \n (17.7) \n \n \n (85.7) \n \n \n \n \n Total comprehensive income for the period \n \n \n 452.1 \n \n \n 353.7 \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 452.4 \n \n \n 353.3 \n \n \n \n \n Non-controlling interests \n \n \n (0.3) \n \n \n 0.4 \n \n \n \n \n \n \n \n 452.1 \n \n \n 353.7 \n \n \n \n \n   \n   \n   \n Condensed consolidated income statement (unaudited) \n   \n \n \n \n \n   \n \n \n   \n \n \n Year ended 31 December \n \n \n \n \n   \n \n \n Note \n \n \n 2025 \n \n \n   \n \n \n 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 11,604.5 \n \n \n   \n \n \n 10,754.4 \n \n \n \n \n Cost of goods sold \n \n \n \n \n \n (7,336.6) \n \n \n   \n \n \n (6,876.9) \n \n \n \n \n Gross profit \n \n \n \n \n \n 4,267.9 \n \n \n   \n \n \n 3,877.5 \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 (2,977.7) \n \n \n \n \n \n (2,705.7) \n \n \n \n \n Share of results of integral equity method investments \n \n \n \n \n \n 15.4 \n \n \n   \n \n \n 13.6 \n \n \n \n \n Operating profit \n \n \n 3 \n \n \n 1,305.6 \n \n \n   \n \n \n 1,185.4 \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 (1.1) \n \n \n   \n \n \n (60.5) \n \n \n \n \n Share of results of non-integral equity method investments \n \n \n \n \n \n 0.9 \n \n \n   \n \n \n 3.1 \n \n \n \n \n Profit before tax \n \n \n \n \n \n 1,305.4 \n \n \n   \n \n \n 1,128.0 \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 (365.1) \n \n \n   \n \n \n (308.3) \n \n \n \n \n Profit after tax \n \n \n \n \n \n 940.3 \n \n \n   \n \n \n 819.7 \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 940.4 \n \n \n   \n \n \n 820.6 \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n (0.1) \n \n \n   \n \n \n (0.9) \n \n \n \n \n   \n \n \n   \n \n \n 940.3 \n \n \n   \n \n \n 819.7 \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 2.59 \n \n \n \n \n \n 2.25 \n \n \n \n \n   \n   \n   \n Condensed consolidated statement of comprehensive income (unaudited) \n   \n \n \n \n \n   \n \n \n Year ended 31 December \n \n \n \n \n   \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n € million \n \n \n € million \n \n \n \n \n Profit after tax \n \n \n 940.3 \n \n \n 819.7 \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 (3.3) \n \n \n (2.3) \n \n \n \n \n Net (loss)/gain from cash flow hedges \n \n \n (59.4) \n \n \n 10.8 \n \n \n \n \n Foreign currency translation gains/(losses) \n \n \n 90.0 \n \n \n (209.5) \n \n \n \n \n Share of other comprehensive loss of equity method investments \n \n \n (0.4) \n \n \n (4.6) \n \n \n \n \n Income tax relating to items that may be subsequently reclassified to income statement \n \n \n 6.8 \n \n \n 1.0 \n \n \n \n \n \n \n \n 33.7 \n \n \n (204.6) \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 (0.2) \n \n \n \n \n Actuarial (losses)/gains \n \n \n (0.8) \n \n \n 1.0 \n \n \n \n \n Income tax relating to items that will not be subsequently reclassified to income statement \n \n \n 0.2 \n \n \n 0.1 \n \n \n \n \n   \n \n \n (0.3) \n \n \n 0.9 \n \n \n \n \n Other comprehensive income/(loss) for the year, net of tax \n \n \n 33.4 \n \n \n (203.7) \n \n \n \n \n Total comprehensive income for the year \n \n \n 973.7 \n \n \n 616.0 \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 974.1 \n \n \n 617.8 \n \n \n \n \n Non-controlling interests \n \n \n (0.4) \n \n \n (1.8) \n \n \n \n \n \n \n \n 973.7 \n \n \n 616.0 \n \n \n \n \n   \n   \n   \n Condensed consolidated balance sheet (unaudited) \n   \n \n \n \n \n \n \n \n \n \n \n As at 31 December \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n 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 2,523.7 \n \n \n 2,506.7 \n \n \n \n \n \n Property, plant and equipment \n \n \n 8 \n \n \n 3,691.5 \n \n \n 3,197.3 \n \n \n \n \n \n Other non-current assets \n \n \n \n \n \n 437.8 \n \n \n 387.0 \n \n \n \n \n \n Total non-current assets \n \n \n   \n \n \n 6,653.0 \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 840.3 \n \n \n 863.9 \n \n \n \n \n \n Trade, other receivables and assets \n \n \n \n \n \n 1,375.8 \n \n \n 1,248.7 \n \n \n \n \n \n Other financial assets \n \n \n 10 \n \n \n 188.4 \n \n \n 901.7 \n \n \n \n \n \n Cash and cash equivalents \n \n \n 10 \n \n \n 2,541.7 \n \n \n 1,548.1 \n \n \n \n \n \n   \n \n \n   \n \n \n 4,946.2 \n \n \n 4,562.4 \n \n \n \n \n \n Assets classified as held for sale \n \n \n \n \n \n 0.1 \n \n \n 0.3 \n \n \n \n \n \n Total current assets \n \n \n   \n \n \n 4,946.3 \n \n \n 4,562.7 \n \n \n \n \n \n Total assets \n \n \n \n \n \n 11,599.3 \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 805.6 \n \n \n 888.7 \n \n \n \n \n \n Other current liabilities \n \n \n \n \n \n 3,343.2 \n \n \n 3,019.1 \n \n \n \n \n \n Total current liabilities \n \n \n \n \n \n 4,148.8 \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 3,107.4 \n \n \n 3,091.9 \n \n \n \n \n \n Other non-current liabilities \n \n \n \n \n \n 401.5 \n \n \n 351.0 \n \n \n \n \n \n Total non-current liabilities \n \n \n   \n \n \n 3,508.9 \n \n \n 3,442.9 \n \n \n \n \n \n Total liabilities \n \n \n \n \n \n 7,657.7 \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 3,844.6 \n \n \n 3,205.7 \n \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n 97.0 \n \n \n 97.3 \n \n \n \n \n \n Total equity \n \n \n   \n \n \n 3,941.6 \n \n \n 3,303.0 \n \n \n \n \n \n Total equity and liabilities \n \n \n   \n \n \n 11,599.3 \n \n \n 10,653.7 \n \n \n \n \n \n   \n   \n   \n Condensed consolidated statement of changes in equity (unaudited) \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/granted to employees exercising stock options (Note 11) \n \n \n 1.8 \n \n \n 2.0 \n \n \n - \n \n \n 5.2 \n \n \n - \n \n \n (2.4) \n \n \n - \n \n \n 6.6 \n \n \n - \n \n \n 6.6 \n \n \n \n \n \n Share-based compensation: \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    Performance shares \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 15.6 \n \n \n - \n \n \n 15.6 \n \n \n - \n \n \n 15.6 \n \n \n \n \n \n    Movement in shares held for equity compensation plan \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.4 \n \n \n - \n \n \n 0.4 \n \n \n - \n \n \n 0.4 \n \n \n \n \n \n Appropriation of reserves (Note 11) \n \n \n - \n \n \n - \n \n \n - \n \n \n 23.4 \n \n \n - \n \n \n (183.2) \n \n \n 159.8 \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n Purchase and dilution of shares held by non-controlling interests \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (8.1) \n \n \n (8.1) \n \n \n 5.2 \n \n \n (2.9) \n \n \n \n \n \n Acquisition of treasury shares (Note 11) \n \n \n - \n \n \n - \n \n \n - \n \n \n (183.0) \n \n \n - \n \n \n - \n \n \n - \n \n \n (183.0) \n \n \n - \n \n \n (183.0) \n \n \n \n \n \n Dividends (Note 13) \n \n \n - \n \n \n (342.9) \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n 3.2 \n \n \n (339.7) \n \n \n - \n \n \n (339.7) \n \n \n \n \n \n Transfer of cash flow hedge reserve, including cost of hedging, to inventories, net of tax (19) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 3.3 \n \n \n - \n \n \n 3.3 \n \n \n - \n \n \n 3.3 \n \n \n \n \n \n \n \n \n 2,032.1 \n \n \n 2,214.8 \n \n \n (6,472.1) \n \n \n (298.5) \n \n \n (1,708.9) \n \n \n 105.8 \n \n \n 6,714.7 \n \n \n 2,587.9 \n \n \n 99.1 \n \n \n 2,687.0 \n \n \n \n \n \n Profit for the year, net of tax \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 820.6 \n \n \n 820.6 \n \n \n (0.9) \n \n \n 819.7 \n \n \n \n \n \n Other comprehensive loss for the year, net of tax \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (213.2) \n \n \n 9.3 \n \n \n 1.1 \n \n \n (202.8) \n \n \n (0.9) \n \n \n (203.7) \n \n \n \n \n \n Total comprehensive income for the year, net of tax (20) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (213.2) \n \n \n 9.3 \n \n \n 821.7 \n \n \n 617.8 \n \n \n (1.8) \n \n \n 616.0 \n \n \n \n \n \n Balance as at 31 December 2024 \n \n \n 2,032.1 \n \n \n 2,214.8 \n \n \n (6,472.1) \n \n \n (298.5) \n \n \n (1,922.1) \n \n \n 115.1 \n \n \n 7,536.4 \n \n \n 3,205.7 \n \n \n 97.3 \n \n \n 3,303.0 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n   \n (19) The amount included in other reserves of €3.3 million for 2024 represents the cash flow hedge reserve, including cost of hedging, transferred to inventories of €4.0 million loss, and the deferred tax expense thereof amounting to €0.7 million. \n (20) The amount included in the exchange equalisation reserve of €213.2 million loss for 2024 represents the exchange loss attributable to owners of the parent, primarily related to the Nigerian Naira, the Russian Rouble and the Egyptian Pound, including €4.6 million loss relating to the share of other comprehensive income of equity method investments. \n The amount of other comprehensive income, net of tax included in other reserves of €9.3 million gain for 2024 consists of cash flow hedges gain of €8.5 million, valuation loss of €0.2 million on equity investments at fair value through other comprehensive income and the deferred tax income thereof amounting to €1.0 million. \n The amount included in retained earnings of €821.7 million gain attributable to owners of the parent for 2024 comprises profit for the year, net of tax of €820.6 million, actuarial gains of €1.0 million and the deferred tax income thereof amounting to €0.1 million. \n The amount of €1.8 million loss included in non-controlling interests for 2024, represents the exchange loss attributable to the non-controlling interests of €0.9 million, and the share of non-controlling interests in profit for the year, net of tax amounting to €0.9 million loss. \n   \n   \n Condensed consolidated statement of changes in equity (unaudited) \n   \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 2025 \n \n \n 2,032.1 \n \n \n 2,214.8 \n \n \n (6,472.1) \n \n \n (298.5) \n \n \n (1,922.1) \n \n \n 115.1 \n \n \n 7,536.4 \n \n \n 3,205.7 \n \n \n 97.3 \n \n \n 3,303.0 \n \n \n \n \n \n Shares granted to employees exercising stock options (Note 11) \n \n \n - \n \n \n - \n \n \n - \n \n \n 10.0 \n \n \n - \n \n \n (3.0) \n \n \n - \n \n \n 7.0 \n \n \n - \n \n \n 7.0 \n \n \n \n \n \n Share-based compensation: \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    Performance shares \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 22.1 \n \n \n - \n \n \n 22.1 \n \n \n - \n \n \n 22.1 \n \n \n \n \n \n    Movement in shares held for equity compensation plan \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.2 \n \n \n - \n \n \n 0.2 \n \n \n - \n \n \n 0.2 \n \n \n \n \n \n Appropriation of reserves (Note 11) \n \n \n - \n \n \n - \n \n \n - \n \n \n 25.4 \n \n \n - \n \n \n (22.6) \n \n \n...

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