Coca-Cola HBC AG today announces its third quarter 2025 trading update, the growth-oriented consumer goods manufacturing Group and strategic bottling partner of The Coca-Cola Company.
Key third quarter performance highlights:
• Net sales revenue increased by 5.0% on an organic basis¹, contributing to strong overall organic net sales revenue growth of 8.1% in the first nine months of the year.
- Organic volume growth of 1.1%, driven primarily by sparkling soft drinks and energy drinks.
- Organic revenue per case increased by 3.8%, resulting from targeted revenue management initiatives and lower inflation levels.
- Market share in value for ready-to-drink non-alcoholic beverages increased by 80 basis points in the first nine months of the year.
• Organic net sales revenue growth across all three business segments, despite varying consumer environment conditions between markets and less favorable weather conditions.
- Developed markets: Organic net sales revenue increased by 1.2%, with revenue per case growth while volume decreased by 1.0%.
- Developing markets: Net sales revenue increased by 4.8% organically, due to revenue per case expansion and volume growth.
- Emerging markets: Net sales revenue increased by 7.9% organically due to revenue per case expansion and 2.0% volume growth, mainly driven by strong performance in Nigeria and Egypt.
• Further investments in our strategic priorities.
- Successful implementation of the “Share a Coke” campaign during summer, supported by personalized experiences for consumers and customers across all markets.
- Launch of the new Monster edition with Lando Norris in 16 markets.
- Strong coffee sales growth in the out-of-home consumption channel, both Costa Coffee and Caffè Vergnano, as part of implementing our strategic decision to focus on this specific channel.
- Launch of Bambi snacks in Nigeria in October, with a specialized plan specifically adapted to the local market.
• Today we also announced the agreement to acquire Coca-Cola Beverages Africa (CCBA) from The Coca-Cola Company and Gutsche Family Investments. For more details see the related press release.
Mr. Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented:
“Our continued progress is reflected in another strong quarter, leading to 8.1% organic net sales revenue growth in the first nine months of the year. This performance highlights the strength of our portfolio and our ability to achieve volume growth, revenue per case increases and market share gains even amid varying consumer conditions across our markets. As we move toward the final quarter of the year, our focus on achieving consistent growth remains clear. Thanks to our strong 24/7 consumption product portfolio, specialized capabilities, team dedication and broad geographic presence, we are well-prepared to address ongoing macroeconomic and geopolitical uncertainty.
Confident in our capabilities, we reaffirm our financial guidance for the current year. We are also proud to announce the acquisition of a majority stake in Coca-Cola Beverages Africa, accompanied by a framework for acquiring the remaining stake. With our European markets and upcoming expansion into Africa, a new, strong foundation for growth and value creation is taking shape. We thank all our teams for their continued effort and dedication, as well as The Coca-Cola Company and the Gutsche family for the trust they show us.”
Business outlook
We recorded strong performance during the first nine months of the year, amid varying market conditions. Although we expect the broader macroeconomic and geopolitical environment to continue presenting challenges and remain unpredictable, we have particular confidence in our 24/7 consumption product portfolio, specialized capabilities, our people and growth opportunities in our diverse markets. We reaffirm our financial guidance for 2025:
• Organic net sales revenue growth at the upper end of the 6% to 8% range.
• Organic operating profit growth at the upper end of the 7% to 11% range. Technical analysis We updated certain points of our technical analysis for 2025, as follows:
Foreign exchange rates: We expect the positive impact on comparable operating profits from foreign exchange translation differences to reach €5-15 million levels (previously negative impact of €0-10 million).
Restructuring expenses: We do not expect significant restructuring expenses to arise (no change).
Taxes: We expect the comparable effective tax rate to range between 26% – 28% (no change).
Financial expenses: We expect net financial expenses to amount to approximately €10 – 20 million (previously €15 – 25 million).
Consolidation scope: We expect a small positive impact from the consolidation of BDS Vending in Ireland from February 28, 2025 (no change).
Developed markets
In Greece, sales volume decreased by a low single-digit percentage, against a high comparative base. Sparkling soft drinks recorded a low single-digit decrease, despite low double-digit growth of Coke Zero and growth recorded by Sprite. Energy drinks recorded strong double-digit growth and coffee recorded low single-digit growth. Non-sparkling soft drinks recorded a low single-digit decrease, however sports drinks continued to record strong growth.
Webcast invitation
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Definitions and agreements
Alternative Performance Measures (“APMs”) Organic growth Organic growth allows users to focus on the organization’s operational performance, on a basis unaffected by changes in foreign currency exchange rates from period to period or by changes in the Group’s consolidation composition (“consolidation scope”), i.e., acquisitions, divestments and restructurings leading to equity method accounting. Consequently, organic growth is designed to help users better understand the Group’s underlying performance.
Specifically, the following elements are adjusted from sales volume and net sales revenue to derive organic growth rates:
a) Foreign exchange impact The foreign exchange impact in calculating organic growth reflects the adjustment of prior period net sales revenue for the impact of changes in exchange rates applicable during the current period.
b) Impact of changes in consolidation scope
Current period sales volume and net sales revenue values are adjusted against the impact of changes in consolidation scope.
More specifically, adjustments are applied as follows:
i. Acquisitions: For current year acquisitions, current period results from acquired entities are not included in organic growth calculation. For prior year acquisitions, current period results from acquired entities for the corresponding prior year period during which these entities were not consolidated are not included in organic growth calculation.
For step acquisitions during the current year, where the Group gains control of a) entities previously subject to either joint control or significant influence and accounted for using the equity method, or b) entities previously accounted for at fair value through profit or loss or other comprehensive income, results arising during the current year from related entities for the consolidation period of these entities are not included in organic growth calculation. For such step acquisitions of entities previously accounted for using the equity method, the share of results for the specific period described above is included in current year organic growth calculation. For such step acquisitions of entities previously accounted for at fair value through profit or loss, fair value measurement gains or losses for the specific period described above are included in current year organic growth calculation. For such prior period step acquisitions, current year results from involved entities, for the corresponding prior year period during which these entities were not consolidated, are not included in current year organic growth calculation. However, the share of results or fair value measurement gains/losses of related entities, depending on their accounting method before the step acquisition, for the current year period during which these entities were not consolidated in the prior year, are included in organic growth calculation.
ii. Divestments:
For current year divestments, prior year results from sold entities, for the corresponding period during which these entities are no longer consolidated in the current year, are included in current year results for organic growth calculation. For prior year divestments, prior year results from sold entities, for the corresponding period during which these entities were consolidated in the prior year, are included in current year results for organic growth calculation.
iii. Restructurings leading to equity method accounting:
For current year restructurings, where the Group retains either joint control or significant influence over involved entities, resulting in their reclassification from subsidiaries or jointly controlled business activities to jointly controlled business entities or associates and accounting using the equity method, current year results from these entities for the period during which they are no longer consolidated are included in current year results for organic growth calculation. For corresponding prior year restructurings, current year results from involved entities, for the corresponding prior year period during which these entities were consolidated, are included in current year results for organic growth calculation. Additionally, the share of results of these entities in the current year, for the corresponding period as described above, is excluded from organic growth calculation. Organic growth calculation and reconciliation with the most directly related measures calculated according to International Financial Reporting Standards are presented in the tables below. Organic growth (%) is calculated by dividing the amount on the line titled “Organic change” by the amount on the related line titled “2024 published figures” or where shown, “2024 adjusted figures”.
