Future ready

innovating,

growing,

refreshing.

Coca-Cola HBC

Integrated Annual Report 2024

Reporting on a purposeful year

Please click here to view our

Integrated annual report online:

www.coca-colahellenic.com/en/

investor-relations/2024-integrated-

annual-report

Welcome to our 2024 Integrated Annual Report. Here, we share progress

on a year in which we embedded our purpose, Open up moments that

refresh us all, and delivered another year of strong financial results while

continuing to be leaders in sustainability. We are focused on innovating,

growing, refreshing and developing, ready to embrace the opportunities

and challenges that lie ahead.

We have restructured this year’s annual report, to provide a more concise communication of key

performance and strategic highlights. Wehave also added a new Sustainability Statement on pages 41

to 172 toalign with the Corporate Sustainability Reporting Directive (CSRD) requirements. This ensures

greater transparency and compliance regarding our sustainability initiatives and performance.

Volume

2,914.5

million unit cases

2023: 2,835.5 million unit cases

Comparable EBIT

€1,192.1m

2023: €1,083.8m

Profit before tax

€1,128.0m

2023: €910.3m

Comparable EPS

€2.275

2023: €2.078

Free cash flow

€712.6m

2023: €711.8m

Net sales revenue

€10,754.4m

2023: €10,184.0m

Comparable EBIT

margin

11.1%

2023: 10.6%

Net profit

€820.6m

2023: €636.5m

Primary packaging collected

forrecycling (equivalent)

58%

2023: 56%

Energy-efficient coolers

60%

2023: 55%

1. For details of APMs, refer to ‘Definitions and reconciliations of alternative performance measures (APMs)’ on

pages 345 to 351

2. Refers to net profit after tax attributable to owners of the parent

3. Excluding Egypt

Strategic Report

2024 highlights IC

Chair’s letter 1

Business overview 2

Market trends 4

Business model 6

Chief Executive Officer’s letter 8

Stakeholder engagement 10

Chief Operating Officer’s letter 12

Segment operational highlights 13

Growth pillar 1:

Leverage our unique

24/7 portfolio 14

Growth pillar 2:

Win in the marketplace 16

Growth pillar 3:

Fuel growth through

competitiveness

and investment 18

Growth pillar 4:

Cultivate the potential

of our people 20

Growth pillar 5:

Earn our licence to operate 24

Tracking our progress 30

Chief Financial Officer’s letter 35

Double materiality assessment

(DMA) 37

Sustainability Statement 41

EU Taxonomy 75

Task Force on Climate-related

Financial Disclosures (TCFD) 173

Non-Financial Reporting under

Swiss statutory law 174

SASB index 175

Business Resilience 178

Principal risks and

opportunities 181

Viability statement 190

Corporate Governance

Corporate Governance Report 191

Letter from the Chair

of the Board 192

Directors’ remuneration report 222

Statement of Directors’

responsibilities 248

Financial Statements

Independent auditor’s limited

assurance report on Coca-Cola HBC

AG’s Sustainability Statement 249

Independent auditor’s report

tothe General Meeting of

Coca-Cola HBC AG 251

Consolidated financial

statements 259

Notes to the consolidated

financial statements 263

Swiss Statutory Reporting

Report on the audit of the consolidated

financial statements 318

Report on the audit of the financial

statements 322

Swiss statutory reporting 324

Report of the statutory auditor to the

General Meeting on the statutory

remuneration report 2024 334

Statutory Remuneration Report 335

Supplementary Information

Alternative performance

measures 345

Independent Auditor’s Limited

Assurance Report 352

Shareholder information 357

Glossary of terms 358

Forward-looking statements 361

2024 highlights

Coca-Cola HBC Integrated Annual Report 2024

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Chair’s letter

Leadership for long‑term success

Another successful year

I’m pleased that 2024 was another successful

year,with Zoran and the Executive Leadership

Team (ELT) delivering continued strong financial

performance as well as making ongoing strategic

progress and maintaining our leadership in

sustainability. Despite a mixed macro-economic

environment across our markets, we remain on

track to meet the medium-term targets we set

out at our Investor Day in 2023. Our Growth

Storycontinues to drive revenue growth,

marginimprovements and sustained strong

cashgeneration.

I would like to thank our people for their

commitment and dedication in delivering

theseresults despite sometimes challenging

circumstances. This year was marked by some

increased consumer sensitivity to pricing as well

as continued inflation in some markets. We also

faced flooding in parts of Eastern Europe and

Nigeria. I would like to take this opportunity to

thank the Board for its counsel and guidance

in2024, and especially for supporting the ELT

andme.

Leading with purpose and responsibility

Our unique culture, heritage and values are a

fundamental part of delivering sustainable value

to all stakeholders. Monitoring and assessing the

Company’s culture, and its ongoing evolution,

continues to be a Board priority. It was wonderful

to see our culture in action at the company’s most

recent Leadership Conference in Prague, with

several inspiring breakout sessions presented

bycolleagues.

Our refreshed purpose, which was formally

launched in 2023, continues to be successfully

embedded throughout the organisation. It has

been a privilege to see colleagues thrive and

growas they have embraced this purpose.

Our considered, sustainable growth

strategy has laid strong foundations

and enabled us to be future ready.

Together, we have faced uncertainties

and made bold, ambitious choices,

opening up moments that refresh

usall – our people, our customers,

ourpartners, our shareholders and

our wider stakeholders.”

The Board continues to be proactive in

representing the interests of stakeholders on

adiverse range ofissues. In 2024, it focused

onoverseeing overall strategic execution,

theprogress of the sustainability agenda,

theFinlandia Vodka integration and reviewing

keyinsights on employee engagement.

Protecting our people and communities

We are cognisant of the ongoing situation in

Ukraine. First and foremost, we have focused

onprotecting our employees and ensuring,

asfaras possible, their health and safety.

The Coca-Cola HBC Foundation is dedicated to

supporting the communities where we operate.

This year, the Foundation approved grants for

flood relief efforts in Nigeria, Greece, Romania,

Poland, Hungary and Bosnia & Herzegovina.

Corporate Governance Report on p.198

Dividend growth and capital returns

For 2024, the Board is proposing a dividend of

€1.03per share, an 11% increase on the dividend

per share versus the prior year and is continuing

itscommitment to a progressive dividend. The

dividend represents a 45% payout ratio, within

ourtargeted range of 40% to 50% of comparable

earnings per share. Our progressive dividend

istestament to our confidence in the strong

fundamentals of the Company, as well as our

commitment to shareholders.

The Group’s capital allocation framework follows

clear priorities: organic investment in the business

todrive delivery of our medium-term financial

targets; payment of a progressive dividend;

strategic M&A; and additional capital returns.

In2023, the Board approved a share buyback

programme and by the end of 2024, €226 million

had been returned to shareholders. The share

buyback programme has been a compelling

opportunity to enhance shareholder value,

whilecontinuing to invest in the business.

Looking ahead

We continue to face uncertain markets, but as I

look ahead to 2025 and beyond, I have great

optimism, knowing we have built strong

foundations through thoughtful investment,

anadaptable culture and continued sustainability

leadership. I am confident we are future ready.

We will continue to make courageous choices

andlive our purpose: Open up moments that

refresh us all – our people, customers, partners

and wider stakeholders.

Anastassis G. David

Chair of the Board

Section 172

Section 172 of the UK Companies Act 2006

requires directors to promote the success of

theircompany for the benefit of the members

asawhole, having regard to the interests of

stakeholders in their decision making. Engaging

with stakeholders is an indispensable part of

howCoca-Cola HBC does business. The Board

considers the interests of the our employees

andother stakeholders in its decision making as

amatter of good governance, and understands

the importance, and value, of taking into account

their views, as well as considering the impact

ofour activities on the community, environment

and the Group’s reputation. TheBoard also

considers what is most likely topromote

thesuccess of the Coca-Cola HBC for

itsshareholders in the long term. Although

Coca-Cola HBC is Swiss incorporated and,

assuch, the UK Companies Act 2006 has no

legaleffect, this approach is in accordance with

the UK Corporate Governance Code2018.

How we ensure business resilience and manage

double materiality

Read more on p.200

Coca-Cola HBC Integrated Annual Report 20241

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We are a growth-focused consumer packaged goods business and strategic

bottling partner of The Coca-Cola Company. Our 24/7 portfolio is one of the

strongest and broadest in the beverage industry, with products that cater

toagrowing range of tastes, witha wide choice of healthier options.

Our portfolio addresses both affordability and premiumisation, combined with sustainable packaging,

enabling us to open up moments that refresh our consumers 24/7. Our performance is underpinned

by investment in our bespoke capabilities, delivered by exceptional people.

Share of Coca-Cola HBC

Group FY2024 revenue

Our portfolio includes some of the world’s best-known beverages

We produce and sell an unparalleled portfolio of beverage brands relevant to every customer, consumer

and occasion. Our route to market includes a wide range of consumer channels – from supermarkets,

convenience stores and vending machines to Hotels, Restaurants and Cafés (HoReCa) – and

encompasses more customers than any competitor. Customer centricity is critical for our business,

andwe are devoted to helping our customers grow their businesses, which in turn grows ours.

Our 24/7 portfolio has considerable growth potential, driven by our strategic priority categories,

Sparkling, Energy and Coffee, supported by locally relevant portfolios in Stills (Tea, Juices, Hydration),

Premium Spirits and Snacks.

Our journey

Our roots date back to 1951 when A.G. Leventis founded the Nigerian

Bottling Company in Lagos. Since then, the business hasexpanded,

now covering a wide territory from Armenia to Austria, Egypt to

Estonia, and Serbia to Switzerland, giving us a unique geographic

footprint across Western, Central and Eastern Europe, and Africa.

Wenow serve 750 million consumers across 29 countries and have

proven routes to market and leading market positions.

A responsible business

Sustainability is embedded in every aspect of our business as we

lookto create and share value with all our stakeholders. We make

astrong contribution to developing the communities in which

weoperate through employment and our wider supply chain,

aswellas through supporting community projects. Our progress

isrecognised by the most important ESG benchmarks.

Business overview

The leading 24/7 beverage partner

countries

750m

consumers

33,000

employees

Established

markets

Developing

markets

Emerging

markets

33%

of Group revenue

22%

of Group revenue

45%

of Group revenue

11.1%

Comparable

EBITmargin

9.5%

Comparable

EBITmargin

11.8%

Comparable

EBITmargin

Snacks

c. 1%

Premium Spirits

c. 4%

Tea

c. 2%

Juice

c. 8%

Coffee

c. 1%

Sparkling

c. 70%

Energy

c. 8%

Hydration

c. 7%

Coca-Cola HBC Integrated Annual Report 20242

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Read more on p.14 to 34

Business overview continued

We are well positioned for sustainable and profitable growth

Leader in thegrowing

non-alcoholic

ready-to-drink category

We are a leader in the growing

anddynamic non-alcoholic

ready-to-drink (NARTD) category.

The CAGR of NARTD value

between 2024 and 2028 is

expected to be4% to 6%

We are number one in the

sparkling category in 20 out

ofour 21 measured markets. We

also have opportunities in other

high-potential categories, to

continue to drive our growth.

A clear vision,

strategyand targets

The beverage category continues

to expand, and we see strong

growth opportunities within our

evolving brand portfolio and the

markets in which we operate.

Our growth strategy reflects

ourvision to be the leading 24/7

beverage partner and deliver

best-in-class financial returns.

Itis built on five key pillars

ofgrowth, each of which

isacorestrength or

competitiveadvantage.

We invest todrive growth,

with a relentless focus

oncost and efficiency

We continue to invest

toenableour growth

opportunities, including

inproduction capacity,

energy-efficient coolers,

ongoing automation in our

supply chain as well as digital

anddata solutions.

We have a strong track record

ofdriving cost efficiencies, and

this remains an important part

of our strategy.

A diverse, balanced

country portfolio

with strong exposure

toattractive

growthmarkets

Our geographic footprint

creates a diverse balance.

Wehave exposure to fast-

growing Emerging and

Developing markets as

wellasastrong foundation

inEstablished markets.

We also benefit from the

portfolio effect of exposure

todifferent economic cycles,

and we are proven operators

inmanaging risk in a variety

ofsocio-economic conditions.

The strongest,

broadestportfolio

ofbrands, anchored

around an exceptional

partnership with The

Coca-Cola Company

We have high-growth

opportunities across

high-value occasions and

categories. Our flexible portfolio

caters to a growing range of

tastes and preferences, with a

wider choice of both affordable

and premium products, and a

wide range of healthier options.

Our portfolio has evolved with

the proliferation of low- and

no-sugar variants, single-serve

packs and broader innovation

inflavours.

+4-6%

NARTD value

CAGR2024-2028

+16 markets

Monster Energy Green Zero

Sugar launched in 2024

+13.8%

FY2024 organic NSRgrowth

18.3% ROIC

FY2024

+12.2%

FY2024 organic

EBITgrowth

A clear strategy

frames our actions,

with five growth

pillars underpinning

our decision making

and focus.

1. Source: internal system projections excluding Russia and Ukraine

Leverage

our unique

24/7 portfolio

Win in the

marketplace

Fuel growth

through

competitiveness

and investment

Cultivate the

potential of

ourpeople

Earn our

licence

to operate

Coca-Cola HBC Integrated Annual Report 20243

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Market trends

Trends

In 2024, our categories grew, driven by both volume and

revenue per unit case. In Europe, category volume improved

compared to 2023, with different dynamics in each market,

while revenue per unit case growth was lower compared to

2023, reflecting a de-escalation of inflation.

The sparkling category grew overall, and Sports drinks saw

good growth as the best performing category within NARTD.

InAfrica, category volume continued to be volatile, coupled

with high revenue per unit case growth following inflationary

pressure. The impact of private label in our categories

remained modest.

How we are responding

We sustained our focus on improving our single-serve mix and

continued driving the shift from multi-serve packs to single-

serve packs across all markets, and in both the At-home and

Out-of-home channels.

We continued to invest in our bespoke capabilities, particularly

on embedding digital tools and our data insights & analytics

capability to ensure we provided retail customers with relevant

insights to maximise their value-added. This contributed to an

improved Net Promoter Score, further improvements to pack

mix, and value and volume share gains in key channels and

mostmajor markets.

Growth pillars

Leverage our unique 24/7 portfolio

Win in the marketplace

+100bps

We improved single-serve mix by 100bps across

theGroup in 2024

Trends

Consumer confidence remains low as high living costs pressure

disposable incomes. Consumers have shown sensitivity to

price increases, adopting price-driven shopping, downtrading

and budgeting behaviours.

NARTD and the sparkling category have continued to gain

traction, being perceived as affordable treats. Despite ongoing

budget constraints, opportunities continue to exist for

premiumisation, as shoppers prioritise quality and indulge

insmall treats, considering healthy and sustainable options

asworth paying for.

How we are responding

We continued adapting our portfolio to deliver both affordable

offerings as well as premium products presented in appropriate

pack sizes and combinations, as well as promotions, to

capitalise on the summer with music and sport, offering

consumers attractive choice.

To support category growth, we have focused on a wider

rangeof single-serve offerings and multipacks of single

serves,as well as affordable multi-serve options. This allows

usto compete effectively at attractive price points for the

consumer and to penetrate smaller baskets in a more

effectiveway.

Growth pillars

Leverage our unique 24/7 portfolio

Win in the marketplace

+150bps

We gained or maintained share in the majority

ofour markets in NARTD, gaining 150bps of value

shareinNARTD

Retail Consumer

While there are significant geopolitical and

economic trends that can influence overall market

growth, we focus on the following five areas: retail,

consumer, digital, sustainability andregulatory.

These areas are where we react dynamically and

create long-term value for our customers,

consumers and shareholders.

Coca-Cola HBC Integrated Annual Report 20244

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Market trends continued

Trends

The sustainability landscape was impacted by significant

political shifts and regulatory changes in 2024 and we saw

companies retreating on ESG goals. The rise of mandatory

sustainability reporting required considerable resources

andtime fromcompanies.

2024 saw extreme weather events and was the warmest

yearon record, which presents a critical need for companies,

governments and individuals alike to take steps on climate,

environmental and societal actions as never before.

How we are responding

We are on track to deliver our 2025 sustainability targets and

making good progress towards our long-term goal of achieving

NetZeroby40. We cannot solve the global challenges alone, but

through collaboration and collective actions, innovation and

investment, we can lead the implementation of much-needed

new business solutions. These new solutions create value for

us, our customers, our suppliers and our communities, opening

up a more sustainable future. We will continue to report our

progress transparently and in line with the best practices and

mandatory regulations.

Growth pillars

Leverage our unique 24/7 portfolio

Win in the marketplace

Fuel growth through competitiveness and investment

Cultivate the potential of our people

Earn our licence to operate

-18%

We have reduced absolute carbon emissions in all

three scopes by 18% in 2024 compared with 2017

1. Copernicus Climate Change Service/ European Centre for Medium-Range

WeatherForecasts

Trends

Policymakers keep considering measures to protect

publichealth, address budget deficits and counter inflation.

Theseinclude discriminatory taxes, price caps, and marketing

restrictions in specific product categories. The European Union

has adopted the Packaging and Packaging Waste Regulation

(PPWR), followed by discussion on the Green Claims Directive.

Several European countries have already implemented deposit

return schemes (DRS) and others are preparing to start them.

Leading health authorities maintained their focus on nutrition,

with no current proposed changes in safety approvals for

non-sugar sweeteners from food safety authorities.

How we are responding

We remain committed to working with regulators,

governments and industry partners to address emerging

trends. We are supporting the launch of DRS across more

European countries, with experience of this in several of our

markets already. In addition we continue to make progress

towards more sustainable packaging. We are expanding our

low- and no-sugar variants to meet consumer demands,

andwe remain dedicated to providing transparent nutrition

information for our products, in line with local regulations,

tohelp consumers make informed decisions. Our Mission

2025goals guide us as we actively support new EU Commission

priorities through industry associations.

Growth pillars

Leverage our unique 24/7 portfolio

Win in the marketplace

Fuel growth through competitiveness and investment

Earn our licence to operate

9 markets

DRS are now active in 9 of our markets, with two more

expected to launch in 2025

Trends

Consumers havebecome much more comfortable and familiar

with e-commerce. Convenience and ease-of-use of online

shopping have improved. Companies continue to invest in

digital tools to improve efficiency of operations, customer

service and the effectiveness of their marketing spend.

Artificial Intelligence (AI) has exploded in 2024, with companies

embracing AI tools within their day-to-day operations.

How we are responding

We continue to invest in building and upskilling our

talentedin-house teams, as well as working with leading

technologypartners.

We remain focused on developing our leading data, insights and

analytics (DIA) capabilities which leverages statistics, machine

learning and AI to turn data into actionable insights and a

customised product and service offering to each outlet.

Growth pillars

Leverage our unique 24/7 portfolio

Win in the marketplace

Fuel growth through competitiveness and investment

11.5%

Customer orders made through our e-business-to-

business platform, Customer Portal, up from 10% in2023

Sustainability RegulatoryDigital

Coca-Cola HBC Integrated Annual Report 20245

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Business model

Delivering value for our stakeholders

4 2

How we do it

What we do

Partnering with our customers

We grow by supporting our customers’ growth,

leveraging our 24/7 portfolio, focusing on areas of

high-value opportunity and executing with excellence.

Producing

beverages

efficiently and

sustainably

Using concentrate

fromThe Coca-Cola

Company along with

other ingredients,

weprepare, package

anddeliver products

withan optimised

manufacturing

infrastructure and

logistics network.

Serving our

consumers and

communities

Our 24/7 product

portfolio caters to

arange of tastes and

preferences and we

continually innovate

tolead thesector.

Working with suppliers

We work with our suppliers to procure high-quality

ingredients, sustainably sourced raw materials, and

equipment and services required to produce beverages.

Human

Our success is dependent on the passion and

customer focus of our talented people – our secret

ingredient. We empower them to pursue growth

opportunities, both for themselves and our Company.

Natural

To create our products, we use natural resources

including water, agricultural ingredients and paper.

Wesource theseusing sustainable practices and

seekto usethemefficiently.

Social and relationships

Maintaining the trust of stakeholders is essential to

ourbusiness. Our most valuable human connections

and relationships are with The Coca-Cola Company,

our people and the communities we operate in, and our

customers, suppliers, governments and regulators.

Financial

Our business activities require financial capital, which

we allocate efficiently. This capital is provided by our

equity and debt holders, as well as cash flow earned

from our operations.

Intellectual

Innovation is embedded in our culture. The intellectual

property from innovation includes new packaging

know-how, new products, and improvements in

manufacturing, logistics and sales execution.

Manufacturing

Investing in our plant and logistics assets allows us

toefficiently prepare, package and deliver our products

tomeet the needs of customers and consumers.

We are a strategic bottling partner of

The Coca-ColaCompany (TCCC)

We have rights from TCCC in the Coca-Cola HBC

marketswhere the Group produces, sells and distributes

TCCC’s trademarked beverages. We also partner with

other beverage businesses such as Monster Energy,

Brown-Forman and Edrington to sell their products

inourmarkets.

How our partnership works

TCCC owns and develops its brands while we are

responsible for producing, distributing and selling these

beverages, using concentrate we buy from TCCC under

an incidence-based pricing model. We work together

toensure we have the right portfolio for our customers

and consumers in each market and to ensure excellent,

efficient execution. We also share marketing costs and

responsibilities: TCCC markets to consumers, while we

take responsibility for trade marketing to our customers.

Our capital resources

Coca-Cola HBC Integrated Annual Report 20246

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Business model continued

• In 2024 we employed 33,018 FTEs, as we operate in

29countries

• Median basic salary ratio women/men: 1.37

• We increased the frequency of our customer

engagement, providing customers with better support

• In the marketplace, we achieved a total number of 60%

energy-efficient coolers

• In 2024, we trained 174,902 young people

through our

#YouthEmpowered programme to boost employability

• We invested €8.4 million in local community initiatives

• We delivered strong financial performance in 2024, with

organic revenue up 13.8% and reported revenue up 5.6%.

Inrecognition of our business strength and future

opportunities, the Board proposed a dividend of €1.03 per

share, an 11% increase compared with last year

• Our business activities generate revenue for our suppliers

and contractors and their extended value chain

• We provide high-quality beverages and healthy options,

reducing calories per 100ml of sparkling soft drinks by

18% in 2024 compared to our 2015 baseline

• We spent €7.14 billion

with suppliers and contractors

• We are working with our suppliers to support their

sustainable practices and emissions reduction plans

We believe that the only way

tocreate long-term value for

allour stakeholders is through

sustainable growth.

We create socio-economic

valuefor the societies in which

weoperate by creating jobs,

training people, building physical

infrastructure, procuring raw

materials, transferring

technology, paying taxes,

expanding access to products

and services, and creating

growth opportunities for

ourcustomers, distributors,

retailers and suppliers.

Measuring and managing

thesecontributions through

thesustainable growth of our

business is an important part

ofour purpose. Since 2010 we

have conducted socioeconomic

impact studies in our markets

tobetter understand the range

and extent of the value we

create in our ecosystem.

659,000

training hours

for our people

€1, 297.4m

total employee

costs

43.5%

women in

managerial

positions

1.8m

customers

served

1 job ->

13 jobs

1 job in our

system supports

13 in the

community

501,982

indirect jobs

across the

valuechain

1,119,850

cumulative

2017-2024

number of young

people trained in

our communities

€679.3m

Capex spend

Comparable EPS grew by 9.5%

to€2.28, supported by strong

EBIT delivery

€5.3b

paid in taxes across

ourvalue chain

€14.4b

supported inadded

value across our

value chain

750m potential

consumersrefreshed

over 14,000

suppliers operating

across our value chain

€7.14b

spent with suppliers,

ofwhich 97.7% were local

Value created Our impactSocio-economic contribution

To read the methodology

behind our socio-economic

impact numbers

Read more on p.360

Our investors

Our consumers

Our suppliers

Our customers

Our people

Our wider stakeholders

Our communities

1. Excluding Egypt

2. EU countries supplies are considered local for CCHBC EU based BUs.

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Chief Executive Officer’s letter

Opening up moments together

Seizing the opportunities ahead

2024 has been another extraordinary year.

Theexternal environment continued to be

challenging across our markets. Along with

othersin our industry, we navigated normalised

inflation in Europe and high inflation in Nigeria

andEgypt, aswell as geopolitical tensions,

adynamic macroeconomic backdrop and

someuncertaintyinthe consumer environment.

In true Hellenic spirit, we reflect and learn from

these challenges so we are prepared and can

takebolder decisions to drive growth and win

inthe market… in every challenge we search

forthe opportunity.

The consistent strategic choices we have made,

along with our bespoke capabilities, put us in a

strong position to go after many opportunities.

We have solid foundations, ambitious plans and

hardworking, cohesive, resilient teams who are

equipped and ready to adapt as needed. All of this

is underpinned by our vision of being the leading

24/7 beverage partner and by our commitment

tobe the first-choice partner for our customers.

The importance of our teams

It has been over a year since we launched our

renewed purpose: to open up moments that

refresh us all, which has been very well embraced

with positivity by our teams across our business

units. Along with our vision and values, our

purpose serves as the anchor for each of us

everyday, to continuously grow and succeed.

Ourstrong employee engagement results this

year area testament to the strong culture we are

embedding and maintaining across our business.

I would like to thank all our colleagues for their

extraordinary efforts over the past year, as well as

The Coca-Cola Company (TCCC), our customers

and our partners for their valued partnership and

trust, which continues to push us to go the extra

mile. Together, we are creating value for all that

weserve.

Strong partnerships, a 24/7 portfolio

and unrivalled market execution

With our valued partners, including TCCC,

Monster, other brand partners, and our

customersand suppliers, we are developing

impactful promotional activation plans and

best-in-class market execution, with a clear

focuson building the future together.

We continue building and strengthening our

24/7portfolio, which is suited to offer consumers

avariety of brands and products for all drinking

moments throughout the whole 24 hours.

Sparkling, Energy and Coffee continue to be

ourstrategic priority categories within our 24/7

portfolio. Sparkling is the most important driver

ofour growth. Working closely with TCCC, we

have developed targeted marketing campaigns

andactivations for world-leading events including

Euro2024 and the Olympic Games. Coca-Cola

has continued to drive our volume growth over

thelast several years. Adult Sparkling has been

apositive contributor to volume and revenue-per-

case expansion, and we have benefitted from

innovations in Schweppes and Kinley, as well as

thelaunch ofThree Cents into more markets.

Our energy category continued to grow in 2024,

with increases in share and volume. This year was

the ninth consecutive year of strong double-digit

volume growth. During the year, we introduced

Monster Energy Green Zero Sugar to open up

newopportunities for incremental expansion

within the category through a no-sugar option.

Our multi-brand portfolio in Energy provides

atargeted offering to different markets,

demographics and affordability needs.

Our coffee portfolio also delivered strong results.

Caffè Vergnano has expanded across our markets

in premium Hotel, Restaurant and Café (HoReCa)

outlets, while Costa has seen impressive growth

inour focus area of the Out-of-home channel.

Among several other consumer relevant

categories like Tea, Water and Juices I would single

out the very inspiring and growing opportunity

with the sports drink category where we have

been achieving excellent results with Powerade.

Following our acquisition of Finlandia Vodka in

2023, I’m pleased with its smooth integration into

our business and the expansion of distribution into

our markets. I look forward to seeing exciting plans

come to life that will elevate Finlandia in 2025 and

beyond. We continue our strong partnership with

Premium Spirits brand owners, including Brown-

Forman, Edrington and Bacardi.

Investing for growth

In 2024, we made further significant progress

inourdigital transformation journey. We continue

to invest in data, insights, analytics and advanced

digital tools so we can better support our

customers in driving joint growth and

identifyingnew opportunities.

We have also started establishing a new Digital

Hub inCairo to complement our Digital Hubs in

Sofia and Athens, empowering our teams across

the whole company with more in-house resources

and digital tools to fuel innovation. The new Digital

Hub will create roles in critical areas such as data

engineering, AI engineering and data visualisation

by the end of 2026.

Our industry-leading, comprehensive learning

curriculum supports and upskills our teams to

bebest-in-class, and to be able to adapt and thrive

in fast-changing environments. Our prioritised

capabilities differentiate us in the eyes of our

customers across all channels. Our bespoke

programmes, such as the Sales Academy, Data,

Insights & Analytics Academy and Supply Chain

Academy are equipping our teams to be the best

in the industry.

We continue to prioritise a Make It Simple

mindset,with each of us playing a conscious

roleinsimplifying all that we do. Since 2023,

ourefforts have released more than one million

hours of employee time, boosting employee

engagement, proactive collaboration and

customer satisfaction.

In 2024, we achieved another strong

year of growth in a range of market

conditions, while continuing to evolve

our culture across our markets. Our

passionate teams executed with

excellence, further strengthening

relationships with our partners

and creating joint value with our

customers. We look forward to

opening up more opportunities

forgrowth for all we serve in 2025.”

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Chief Executive Officer’s letter continued

Sustainability remains a core focus

This year, we were ranked – for the eighth time –

asthe world’s most sustainable beverage company

in the Dow Jones Best-in-Class Indices. Retaining

our leadership position is a real achievement and

comes from our clear and ambitious sustainability

strategy and our consistent approach to

investment, innovation and partnerships.

We feel proud to be leaders in sustainability and

areon target to meet our objective of achieving

netzero by 2040. 2025 will be the final year of our

Mission 2025 goals and we have already reached

9out of our 18 targets, ahead of the target year.

For the fourth consecutive year, we are reducing

our absolute greenhouse gas emissions (scope 1, 2

and 3) and performing in line with our NetZeroby40

roadmap, while growing our business.

Packaging circularity remains a critical priority.

Ourfirst Coca-Cola System-owned and operated

packaging collection hub in Nigeria which we

Linking our vision, purpose,

growth pillars and targets

We have five strategic growth pillars

Leverage our unique

24/7 portfolio

Win in the

marketplace

Fuel growth through

competitiveness and investment

Cultivate the potential

of ourpeople

Earn our licence

to operate

Read more on p.222

launched at the beginning of 2025 is a great

example: we see empty bottles as a valuable

resource that can be given another life, help to

decrease our costs, and achieve our collection

targets. Nine of our markets have Deposit Return

Schemes (DRS) with the most recent schemes

launched in Romania, Hungary, Ireland and Austria.

Early results are encouraging – for example, in

Romania, the average return rate reached 77%

ofcontainers sold in the market inthelast three

months of 2024.

The communities where we operate have

alwaysbeen important to us. We exceeded our

#YouthEmpowered target of training one million

young people in 2024 – a year early. The Coca-Cola

HBC Foundation made donations to flood-relief

initiatives: rebuilding houses and community

centres; providing food and emergency supplies;

and replacing damaged medical equipment in

hospitals in Greece, Nigeria, Poland, Romania,

Hungary and Bosnia & Herzegovina.

Strong financial performance

I am proud that we have delivered yet another year

of double-digit growth, with a 13.8% increase in

organic revenues. Growth was high quality, with

volume expansion in each of our segments and

across our three strategic priority categories, and

with continued share gains. This growth is driving

real benefits for our customers. In 2024, we were

once again the number one contributor to retail

customers’ absolute revenue growth within

fast-moving consumer goods (FMCG) in Europe,

according to Nielsen.

The resilience of our business is supported by

thediversity and growth potential of the market

weoperate in. In 2024, we navigated a range

ofmacroeconomic conditions to achieve

anexpansion in organic EBIT of 12.2% and

a9.5%improvement in Comparable EPS.

Throughout the year, we continued to invest in

developing our 24/7 portfolio, our markets and our

capabilities, all in service of our vision to be the leading

24/7 beverage partner. These investments are also

generating strong returns and, in 2024, our ROIC

expanded by 190bps to 18.3%, testament to the

value we are creating for investors.

Looking ahead

We have a culture where the growth mindset of our

people is the driving force of our development and

progress. We have built our resilience and agility to

make sure we are able to overcome challenges and

grow. Our sustainability strategy is central to those

efforts, as we believe that achieving strong results

goes hand in hand with doing that in a good way.

Ourvalued partnerships, our unrivalled 24/7

portfolio, our bespoke capabilities and, of course,

ourpassionate and committed team, are key

components in our success. At the same time, we

continue to listen to our customers and consumers,

to understand and respond to their needs and

market trends. I am excited by the abundance

ofopportunities that we have in our industry.

Together, as One Team, I look forward to

continuing to shape the future and create shared

value; acting on our purpose to open up moments

that refresh us all.

Zoran Bogdanovic

Chief Executive Officer

Nigeria’s first-ever

Coca-Cola System-owned

and operatedpackaging

collection hub

Our Purpose

Open up moments that refresh us all

Our Vision

The leading 24/7 beverage partner

Our Values

• Customer first

• We over I

• Make it simple

• Deliver sustainably

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Stakeholder engagement

Material issues and topics of interest

• E1 – Climate change mitigation

• E3 – Water consumption

• S3 – Water and sanitation

• E5 – Resource outflows related to products

andservices

• S3 – Training and skills development

• S3 – #YouthEmpowered

Growth pillars

Key challenges

• Climate change

• Waste from our packaging

• Water conservation

• Empowering young people and women

How we engage

• We engage with customers and partners

tounderstand what skills and training young

adults need in specific markets

• Via our #YouthEmpowered sessions, we

increase the employability of young people

• We participate actively to support the set-

up and implementation of new packaging

collectionschemes

• Addressing water challenges in water

prioritylocations

Outcomes of engagement

• Our support of new collection schemes is

translating into increased collection rates

forpackaging waste in many markets

• We have committed to NetZeroby40 across

theentire value chain

• Water stewardship community projects in

waterpriority locations

Relevant KPIs

• Number of young people trained in our

communities through #YouthEmpowered

• Percentage of absolute emissions reduction

• Number of water stewardship projects in water

priority locations

• Percentage of primary packaging collected

• Number of volunteering hours

• Number of, and investments in,

communityprojects

Principal risks

• Geopolitical and security environment

• Cost and availability of sustainable packaging

• Managing our carbon footprint

• The impact of climate change on the cost

andavailability of water

• Suppliers and sustainable sourcing

Material issues and topics of interest

• E5 – Resource outflows related to products

andservices

• S4 – Consumers’ health and safety

• S4 – Responsible marketing practices

Growth pillars

Key challenges

• Ensuring product safety and supply

• Continuously evolving our products to meet

consumers’ needs for healthy hydration, quality,

taste, innovation and convenience

How we engage

• Together with TCCC, we understand consumers’

needs and preferences through our access to

consumer insights

• Consumers also provide feedback on social

media and via consumer hotlines

Outcomes of engagement

• We continued to evolve our portfolio to address

changing consumer occasions and invested

further in digital and e-commerce to meet

newshopper needs

Relevant KPIs

• Percentage reduction of calories per 100ml

Sparkling Soft Drinks (SSD) vs 2015

• Number of consumer complaints

Principal risks

• Product quality and food safety

• Omni-channel evolution

• Product category acceptability

• Business interruption

Material issues and topics of interest

• E1 – Climate change mitigation

• E5 – Resource outflows related to products and

services

• S3 – Training and skills development

Growth pillars

Key challenges

• Opportunities for growth and value creation

• Offering a 24/7 beverage portfolio that meets

thechanging preferences of consumers

andcustomers

• Managing supply and delivery challenges

How we engage

• Key account managers engage with our

customers at a strategic level

• Our Business Developers visit outlets with

digitaltools and insights to add value

• Partnering to reduce food loss and waste

• Introducing new packaging types and supporting

packaging collection

Outcomes of engagement

• We increased direct engagement via our

customer teams and via customer surveys

• Programmes to reduce food loss and waste

Relevant KPIs

• Volume and organic revenue growth

• Customer feedback from surveys

• Cooler coverage of high-potential outlets

Principal risks

• Omni-channel evolution

• Product quality and food safety

• Business interruption

Material issues and topics of interest

• S1 – Health and safety

• S1 – Secure employment

• S1 – Training and skills development

• S1 – Adequate wages

• S1 – Gender equality and equal pay

forworkofequal value

• S1 – Diversity

Growth pillars

Key challenges

• Building the best teams in the industry

• Engagement as hybrid working continues

• Mental wellbeing

• Protecting our people in a more volatile

securityenvironment

How we engage

• Focused and continuous conversations,

plusregular employee surveys to understand

and act on needs and wellbeing

• Employee Assistance Programme

• Offering personalised experiences

and opportunities for personal and

professionalgrowth

• Ongoing dialogue with employee

representative bodies

Outcomes of engagement

• Maintaining high engagement levels

• Higher levels of engagement were reported

aswe focused on simplification, collaboration

and retention

Relevant KPIs

• Employee engagement score

• Percentage of managers who are women

• Lost Time Accident Rate per 100 FTE

Principal risks

• Health and safety

• People attraction and retention

• Geopolitical and securityenvironment

Our people

Our customers

Our consumers

Our communities

Leverage our unique

24/7 portfolio

Win in the marketplace

Fuel growth through

competitiveness andinvestment

Cultivate the potential

of our people

Earn our licence tooperate

This year we are reporting under the CSRD for the first time, using the European Sustainability Reporting

Standard (ESRS) framework and methodology. Our material issues and topic of interest are now

categorised under the ESRS, for example, ESRS E1, ESRS S1 and ESRS S2 etc. Please see Annex 1 of the

Commission Delegated Regulation (EU) 2023/2772 for the full set of reporting standards.

Coca-Cola HBC Integrated Annual Report 202410

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Stakeholder engagement continued

Material issues and topics of

interest

• E1 – Climate change mitigation

• E3 – Water consumption

• E5 – Resource inflows,

includingresources

• E5 – Resource outflows related

toproducts and services

• S3 – Water and sanitation

• S4 – Consumers’ health and safety

Growth pillars

Key challenges

• Industry and/or product specific

policies, such as taxes, restrictions

orregulations

• Environmental policies

How we engage

• Much of our engagement with

governments is conducted at an

industry level through trade associations

• We partner with local governments to

tackle waste collection challenges and

water availability

Outcomes of engagement

• In response to regulations and levies

on certain types of plastic packaging,

we have lightweighted packages and

used more sustainable materials

• To address health and nutrition

concerns, we continue to add low-

or no-sugar drink options in every

market and provide transparent

nutritional information

Relevant KPIs

• Percentage of absolute

emissionsreduction

• Percentage reduction of calories

per100ml SSD vs 2015

• Percentage of primary

packagingcollected

• Number of water stewardship

projects in water priority locations

Principal risks

• Product-related taxes and

regulatory changes

• Ethics and compliance

• Product quality and food safety

• Marketplace economic conditions

Material issues and topics of

interest

• E1 – Climate change mitigation

• E3 – Water consumption

• E4 – Land-ecosystem use change

• E5 – Resource outflows related

toproducts and services

• S3 – Water and sanitation

• S3 – Training and skills development

• S3 – #YouthEmpowered

Growth pillars

Key challenges

• Climate change mitigation and

adaptation, move towards net zero

emissions and water and energy use

• Packaging waste

• Sustainable sourcing

• Partnerships with communities

andgrassroots organisations

• Diversity and human rights

How we engage

• We include NGOs and community

partners in our leadership

development programmes, offering

online training for managing virtual

teams and leading in times of crisis

• We partner with specific NGOs

fortargeted environmental and

social projects

• We engage through our annual

Group Stakeholder Forum and our

annual materiality assessment, as

well as through adhoc meetings

Outcomes of engagement

• Percentage of participants from NGOs

in our first-time manager programmes

• Increased number of community

projects for waste reduction, water

stewardship and carbon removal

Relevant KPIs

• Number of, and investments

in,community projects

Principal risks

• Cost and availability of

sustainablepackaging

• Managing our carbon footprint

• Suppliers and sustainable sourcing

• The impact of climate change on

thecost and availability of water

• Ethics and compliance

Governments NGOs

Material issues and topics of

interest

• E1 – Climate change mitigation

• E5 – Resource outflows related

toproducts and services

• S4 – Consumers’ health and safety

Growth pillars

Key challenges

• Increasing focus on ESG reporting,

such as CSRD

• Maintaining focus on long-term

potential of the Group while

navigating short-term volatility

How we engage

• Ongoing dialogue with

analystsandinvestors, including

communication of our financial

results, as well as during our AGMs

and investor roadshows.

• In 2024 we launched our firstbitesize

investor event

Outcomes of engagement

• Consistent two-way dialogue

between the Company and

investors, ensuring both good

understanding of long-term

Company strategy in the markets

and that investor concerns, are

considered in decision making

Relevant KPIs

• Management access for investors

and analysts

• Fair and positive investor

perceptions of company

fundamentals and strategy

Principal risks

• Cost and availability of

sustainablepackaging

• The impact of climate change on

thecost and availability of water

• Product-related taxes and

regulatory changes

• Foreign exchange fluctuations

• Managing our carbon footprint

• Geopolitical and security environment

• Suppliers and sustainable sourcing

Material issues and topics of

interest

• S4 – Consumers’ health and safety

• S4 – Responsible marketing practices

• S3 – Training and skills development

• S3 – Water and sanitation

• E5 – Resource inflows,

includingresources

Growth pillars

Key challenges

• Support for consumers, customers

and communities

• Profitable growth opportunities

• Value share in our markets

• Sustainable sourcing

How we engage

• Day-to-day interaction as business

partners, joint projects, joint

business planning, functional groups

on strategic issues and ‘top-to-top’

senior management forums

Outcomes of engagement

• Our partnership added to the

strength and depth of our 24/7

portfolio

• Ongoing partnership within

sustainability, with a particular

example being the launch of the

first Coca-Cola System-owned and

operated packaging collection hub

in Nigeria

Relevant KPIs

• Revenue

• Value share

Principal risks

• Cost and availability of

sustainablepackaging

• Suppliers and sustainable sourcing

• Product-related regulatorychanges

and taxes

Material issues and topics of

interest

• E1 – Climate change mitigation

• E2 – Pollution of soil

• E3 – Water withdrawals

• E4 – Land-ecosystem use change

• E5 – Resource inflows,

includingresources

• S2 – Training and skills development

• S2 – Secure employment

• S2 – Gender equality and equal pay

for work of equal value

Growth pillars

Key challenges

• Rising costs of ingredients, labour,

packaging materials, energy and water

• Minimising the environmental

impactof water, energy resources,

and emissions

• Traceability in the whole value chain,

including Tier 2 and 3 suppliers for

human rights risk and biodiversity

How we engage

• Feedback received through our

annual Group Stakeholder Forum

• Regular meetings with suppliers

• Regular, ongoing interaction with

the Coca-Cola System’s central

procurement group and our

technology and commodity suppliers

Outcomes of engagement

• Our long-term work with partners

to reduce our water and energy use

has also brought efficiencies. This

is particularly important given our

NetZeroby40 commitment

• Activities related to sustainable

sourcing and certifications

Relevant KPIs

• Percentage of key agricultural

ingredients sustainably certified

• Percentage of our suppliers adopting

our Supplier Guiding Principles

Principal risks

• Cost and availability of

sustainablepackaging

• The impact of climate change on

thecost and availability of water

• Ethics and compliance

• Managing our carbon footprint

• Suppliers and sustainable sourcing

The Coca-Cola

Company

Our investors

Our suppliers

Leverage our unique

24/7 portfolio

Win in the marketplace

Fuel growth through

competitiveness andinvestment

Cultivate the potential

of our people

Earn our licence tooperate

Coca-Cola HBC Integrated Annual Report 202411

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Chief Operating Officer’s letter

Growing across our markets through operational excellence and our bespoke capabilities

Playing to win

2024 has been a year marked by strong growth in

acompetitive environment. We have focused on

both the ‘what’ and the ‘how’ to win in the market.

Our intentional choices and strategic initiatives

have positioned us well for continued success,

helping us create our own opportunities.

24/7 portfolio driving growth

Our 24/7 portfolio has continuously delivered

inarange of market conditions, and 2024 was

noexception. Growth was led by our three priority

categories – Sparkling, Energy and Coffee.

Sparkling remains the most important engine of

growth for our company, and we continued to gain

share and strengthen our leadership this year by

focusing on key occasions.

Energy performed well, with strong performances

from Monster, Predator, Fury and our premium

brand, Burn. We also saw growth in Coffee

volumes for Costa Coffee and Caffè Vergnano.

Bespoke capabilities as a key enabler

Our bespoke capabilities remain a differentiating

factor that sets us apart in the eyes of our

customers across all channels. These capabilities

are critical for us to better understand the real and

changing needs of our customers and consumers,

drive profitable revenue growth, and anticipate

orreact to new challenges faster and smarter.

Byaccelerating our bespoke capabilities, we drive

ourgrowth algorithm. It is one of the reasons

thatwehave delivered strong results, even

inchallenging markets.

In 2024, we made significant progress in

revenuegrowth management (RGM), route

tomarket (RTM), digital commerce, customer

management, data, insights & analytics (DIA)

andtalent development.

RGM continues to drive profitable growth through

smart affordability and premiumisation solutions.

We deployed various RGM initiatives throughout

the year to maximise opportunities, for example

focusing on premium glass bottles in HoReCa.

When it comes to focusing on affordability, we

wereagile with promotions and launched relevant

affordable pack propositions across all our

markets. In Nigeria and Egypt, we saw strong

results from our returnable glass bottles (RGBs),

our key affordable pack in these markets.

Our omni-channel RTM further fuels our growth

journey, adapting to customer needs, with physical

and digital touchpoints.

In October, I had the privilege of participating in

our first bitesize investor event, showcasing our

DIA capabilities. This event highlighted how we

turn data into actionable insights, acting as a

connector and accelerator of our key capabilities.

Putting customers first

We are committed to putting our customers

firstand our capabilities have allowed us to

servethem even more effectively through

atailor-made approach.

We are pleased that our efforts have led to

positive Net Promoter Score results, which is

ourcustomer value creation metric. We are

committed to closing the loop, with 24/7 support

available through our sales portal and a promise

torespond to customer queries within 48 hours.

In June, we were proud to hold our largest-ever

Market Impact Team (MIT) activation across the

organisation, where more than 7,000 colleagues

and our brand partners came together to support

more than 50,000 customers before the start of

the busy summer period. The dedication displayed

by teams across our markets was genuinely

remarkable and I am proud of the huge effort

made to create value for our customers.

Looking ahead

With our strong 24/7 portfolio, bespoke

capabilities and opportunities across our diverse

markets, weare positive about our ability to drive

growth with our partners.

As we look ahead to 2025, I would like to thank

ourpassionate, dedicated and resilient team.

Asan organisation, we put our people at the

heartof our success, and our growth is

atestament to their commitment and

can-doattitude.

I am confident that 2025 will be another great year

in which we will continue to play to win together.

Naya Kalogeraki

Chief Operating Officer

At Coca-Cola HBC, we play to win.

This mindset is part of who we are,

and we channel it every single day

— not only in what we do, but in

how we do it, with our customers

at the heart of everything.”

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Segment operational highlights

Our three business segments create a unique and diverse balance of markets which allows us to capture

growth opportunities.

2024 2023

% change

reported

Population (million)

91 91

–

GDP per capita (thousands US$)

43.8 43.5 0.7%

Bottling plants (number) 15 15 –

Employees (number) 7,135 6,809 4.8%

2024 2023

% change

reported

Population (million)

77 77 –

GDP per capita (thousands US$)

19.5 19.0 2.4%

Bottling plants (number) 9 9 –

Employees (number) 4,338 4,227 2.6%

2024 2023

% change

reported

Population (million)

582 576 1.0%

GDP per capita (thousands US$)

5.9 5.8 2.3%

Bottling plants (number) 38 38 –

Employees (number) 21,545 21,712 -0.8%

Italy 39%

Greece

Austria

20%

13%

Others 28%

Volume breakdown

per country (%)

Poland 45%

Hungary

Czech Republic

21%

12%

Others 22%

Volume breakdown

per country (%)

Nigeria 24%

Russia

Egypt

22%

17%

Others 37%

Volume breakdown

per country (%)

1. Data source: UN. Population excludes

NorthMacedonia.

2. Data source: IHS Dec 2024 release.

GDP refers to ‘GDP, real, harmonised’

in US Dollars.

3. Restated number as per data source.

Established markets

We were pleased to see organic

volume and revenue expansion

in2024 despite a more sensitive

consumer environment in some

markets. Growth was fuelled by

strong execution supported by

our bespoke capabilities. We saw

growth from low- and no-sugar

offerings, particularly Coke Zero,

as well as Adult Sparkling and an

ongoing strong performance

from Energy.

Developing markets

The segment showed ongoing

good momentum with broad-

based volume growth across

most categories and markets.

Sparkling grew well, supported

bygrowth from Coke Zero

andSprite, while Energy also

expanded. Revenue per case

expansion benefitted from

continued revenue growth

management actions, and also

therollout of Finlandia distribution.

Emerging markets

Volume growth was driven by most

categories, with strong double-

digit growth of Energy and Coffee.

Our DIA and RGM capabilities

allowed us to swiftly react to

macroeconomic challenges

andtake pricing actions through

the year. Our affordable offers

continue to unlock further

per-capita consumption,

whileother premiumisation

initiatives remain.

Net sales revenue (NSR)

€3,501.3 m

NSR growth (organic)

+3.3%

NSR per case growth (organic)

+3.0%

Volume (million unit cases)

631.3

Volume growth (organic)

+0.3%

Net sales revenue (NSR)

€2,385.2 m

NSR growth (organic)

+12.7%

NSR per case growth (organic)

+10.0%

Volume (million unit cases)

482.6

Volume growth (organic)

+2.5%

Net sales revenue (NSR)

€4,867.9 m

NSR growth (organic)

+23.3%

NSR per case growth (organic)

+18.9%

Volume (million unit cases)

1,800.6

Volume growth (organic)

+3.7%

Coca-Cola HBC Integrated Annual Report 202413

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Leverage our unique 24/7 portfolio

Growth pillars

2024 highlights

• Focused delivery of our strategic priority

categories ofSparkling, Energy and Coffee

• Continued close partnership with The Coca-

Cola Company to drive growth across our

unique 24/7 portfolio

• Expanded our low- and no-sugar ranges,

including launching Monster Energy Green

Zero Sugar in 16 markets

• Drove Coffee growth with an increasing focus

on the Out-of-home channel, in line with

ourplans

• Integrated Finlandia Vodka into our business and

expanded distribution to a further 19 markets

• Continued to focus on driving mixability

opportunities through Adult Sparkling and

Premium Spirits

KPIs

• Organic revenue growth

• Organic revenue per case growth

• Volume growth

Principal risks and opportunities

• Marketplace economic conditions

• Product-related regulatory changes

andtaxes

• Product quality and food safety

Read more on p.181 to 189

Material issues and topics of interest

• E5 – Resource outflows related to products

and services

• S4 – Consumers’ health and safety

• S4 – Responsible marketing practices

Read more on p.83 to 172

Stakeholders

Read more p.10 to 11

Innovating in a mixed

consumer environment

Our 24/7 portfolio meets consumer

needs for every occasion throughout the

day. Our advantaged categories, locally

relevant brands, andconstant innovation

in collaboration with our partners keeps

us at the forefront of consumer choice

and customer preferences. With our

24/7 portfolio, we operate in a targeted,

locally relevant way, increasing value

forus and our customers.

Organic volume grew by 2.8% in 2024 (2023: 1.7%),

with all of our strategic priority categories of

Sparkling, Energy and Coffee, delivering growth,

Key to our growth is understanding our

consumers, and our partnership with TCCC

focuses on consumer loyalty, innovation and

marketing. We also workclosely with our other

brand partners, innovating andexpanding

ourofferings.

Sparkling is our growth driver

Sparkling is one of our key growth drivers,

comprising c. 70% of our business. In 2024,

organic volume grew 1.5% (2023: 2.5%),

Trademark Coke grew by low-single digits,

whileCoke Zero grew by mid-single digits.

Withinthe flavoured sparkling portfolio, both

FantaandSprite declined by low-single digits.

Our partnership with TCCC enables us to build

relevant consumption moments for consumers.

In2024, we capitalised on the summer with music

and sport, activated across our At-home and

Out-of-home channels, and successfully

executed our Christmas campaign.

Innovation remains critical to attract new

consumers. We have introduced new, improved

formulas of Fanta and Sprite, as well as zero-sugar

versions. We have launched Coke Creations

flavours and Fanta Beetlejuice, and are benefitting

from on-pack Coca-Cola Marvel activations in

targeted markets.

Our low- and no-sugar propositions in Coca-Cola,

Fanta and Sprite are growing in our Established,

Developing and Emerging segments, driven by

consumer demand, innovation andexecution.

In 2025 we will continue to create demand

foroursparkling portfolio through consumer

marketing programmes, product innovation

andbest-in classshopper activations.

Adult Sparkling continues to grow,

ahead of Sparkling

Adult Sparkling delivered high single-digit

organicvolume growth in 2024 and above average

revenue per case. We focused on driving mixability

and premiumisation, innovating with Schweppes

and Kinley, as we leverage our 24/7 portfolio and

expand into premium non-alcoholic sparkling

drinks and alcohol-free cocktails.

Our super-premium categories continue to grow

and we launched Three Cents in 11 new markets,

bringing the total to 19 markets. The brand has great

potential from mixability trends in social occasions.

Our enhanced capabilities in data, insights &

analytics are helping us to target high-end Hotel,

Restaurant and Café (HoReCa) outlets, and we

continue to expect good growth inthis category.

Energy continues its growth momentum

Energy is one of our fastest-growing segments

withinNARTD, growing 30.2% and contributing

c.8% of Group revenue in 2024 (2023: c. 7%).

Ongoing innovations include thelaunch of

Monster Energy Green Zero Sugar, whichhave

been successful inour Established andDeveloping

markets. InEmerging, continued strong growth of

our affordable brands, Predator inNigeria and Fury

inEgypt, was driven by football campaigns and

local influencers.

We have navigated new regulatory measures

inPoland and Romania, which restrict sales

ofenergy drinks to minors. We are positive

aboutthemid-term potential of Energy and

areattracting new consumers through disruptive

marketing anda wide range of flavours.

Coffee growth driven

byOut-of-home channel

We saw 23.9% organic volume growth in Coffee in

2024 (2023: 31.5%) and we expanded distribution

across our markets, adding another 4.300 new

outlets in the year.

We are focused on driving growth in the Out-of-

home channel with both Costa Coffee and

CaffèVergnano, while premium HoReCa customers

remain our priority for CaffèVergnano.

Our Coffee Academy trained an additional

2,000colleagues in 2024, enhancing our future

growth capabilities.

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Quality and consumer feedback

We are committed to ensuring the safety and

quality of all the products we manufacture

and distribute. Food loss and waste, and

product quality are both material topics

forour business. In 2024, consumer

complaints were broadly similar to previous

years. There was one product quality incident

in 2024, resulting in a product recall in Austria.

We marked World Food Safety Day

andWorldQuality Week with targeted

campaignson our journey from compliance

toperformance. Read more about our

approach to food loss and waste and how

weare mitigating agriculture’s social and

economic impacts on our website Policies |

Coca-Cola HBC.

Premium Spirits expand with roll-out

ofFinlandia

Premium Spirits delivered organic volume growth

of31.8% in 2024. A large driver of this was the

expansion of Finlandia Vodka, which we acquired

from Brown-Forman in November 2023. In 2024,

we expanded into 19 new markets where we didn’t

have distribution rights prior to the acquisition.

Finlandia Vodka enhances our premium spirits

credentials and opens up mixability opportunities

with our NARTD portfolio.

Partnerships are key to growth in Premium Spirits.

In2024, we grew our partnership with Bacardi,

rolling out distribution into an additional nine

markets after starting with the Czech Republic

and Hungary in 2022. Along with Bacardi, we

continued our successful partnership with

Brown-Forman, expanding our portfolio with

super-premium Gin Mare, and with Edrington,

celebrating the 200th anniversary of

TheMacallan.

We launched the ready-to-drink Jack Daniel’s &

Coca-Cola canin a further 15 markets, following

Poland, Hungary and the Island of Ireland launches

in2023.

Still brands powered by summer of sport

Sport drinks remain one of the fastest-growing

categories in NARTD and our leading brand,

Powerade, was launched in three new markets

in2024 and delivered strong mid-teens volume

growth. Powerade played a prominent role

inmajor local running events and marathons,

suchas the Vienna City Marathon and the Athens

Classic Marathon, as well as other local sporting

events, including tennis and padel tournaments.

Additionally, Powerade was the official sports

drinkof the Paris 2024 Olympic Games, creating

opportunities for consumer engagement

activations across our territories. By aligning with

high-profile athletic events, Powerade reinforced

itsbrand presence and deepened its connection

with active consumers.

Ready-to-drink tea delivered mid-single digit

volume growth in2024 (2023: low-single digit

growth) despite challenging conditions. We

prioritised profitable revenue growth in Water,

witha focus on profitable packs and brands. Juice

volume declined low-single digits (2023: low-single

digit decline), impacted by market dynamics.

Sustainable packaging

is one of our material

topics, and you can

read more about this

inEarn our licence

tooperate.

Priorities in 2025

• Continue to deliver growth across our

unique 24/7 portfolio, led by our strategic

priorities of Sparkling, Energy and Coffee

• Continued strong Sparkling growth,

supported by our partnership with TCCC

• Drive growth and premiumisation with

AdultSparkling

• Continue to grow in Energy, supported by

the roll-out of Monster Green Energy Zero

Sugar and affordable offers in Africa

• Increased prioritisation of the Out-of-home

channel in Coffee

• Accelerate Stills, particularly focused on

Powerade and FUZETEA

• Drive profitable growth and value share

inclose partnership with TCCC through

keyoccasions

• Increase marketing of low- and

no-sugar drinks

• Ensure product quality, safety and integrity

remain key

UN Sustainable

Development Goals

We serve our consumers with a

broadrange of high-quality products.

Indoing so, we create value by

contributing to the Sustainable

Development Goals for good health

andwellbeing, innovation, responsible

production and consumption, as well

aspartnerships.

Giving consumers choices for their

diet and lifestyle

We are committed to satisfying great taste

andpromoting healthy and balanced diets,

supporting recommendations by leading

healthauthorities and prioritising responsible

marketing, which is one of our material topics.

Inline with our business strategy, we are focused

on giving consumers broader choices to meet

current and future preferences. We produce

new innovative low- and no-sugar drinks, offer

small packs for portion control, and promote

low- and no-sugar beverages. Read more

onour approach to nutrition on our website,

Nutrition | Coca-Cola HBC, in our GRI Content

Index and in the Sustainability Statement,

including our commitments, nutritional labelling

and responsible marketing practices.

See our World Food Safety

Day video:

www.coca-colahellenic.com/

en/

Watch our Finlandia Vodka showcase

videoatthe Athens Bar Show

Growth pillars continued

Leverage our unique 24/7 portfolio continued

Read more on p.24 to 29

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Revenue growth

management

RGM enables us to drive

premiumisation and smart

affordability solutions

Data, insights

&analytics

Data driven insights, allow

micro-segmentation of

ourcustomers

Route to market

Cost optimised, value creating

outlet coverage, that is both

physical and digital.

Talent

development

Investing in our

peopleand their

development remains

our‘lighthouse’capability

Customer management

Joint value creation is at the

heart of customer partnership.

Digital commerce

Route-to-customer through

eB2BRoute-to-consumer

throughe-retail and

delivery apps

Our bespoke capabilities enable us to target execution

excellence for every outlet

Execution

Excellence

for every

outlet

Win in the marketplace

2024 highlights

• Strong revenue expansion and continued

profit growth

• The leading contributor to revenue growth

inFMCG across our retail customers

• Rolled out our next-generation CRM system

to a further five markets, bringing the total to

23 markets

• Used our data, insights & analytics (DIA) tools

to develop leads and opportunities for the

HoReCa channel

KPIs

• Organic revenue growth

• Organic revenue-per-case growth

• Volume growth

Principal risks and opportunities

• Foreign exchange fluctuations

• Marketplace economic conditions

• Business interruption

• Product quality and food safety

• Geopolitical and security environment

• Cost and availability of sustainable packaging

• Suppliers and sustainable sourcing

• Cyber incidents

Read more on p.181 to 189

Material issues and topics of interest

• E1 – Climate change mitigation

• E5 – Resource outflows related to products

and services

• S3 – Training and skills development

Read more on p.83 to 172

Stakeholders

Read more on p.10 to 11

Bespoke capabilities with

exceptional people

To win in the marketplace, we develop

and deploy our bespoke capabilities,

which are critical for understanding the

changing needs of both our customers

and consumers. We also rely on our

talented salespeople, or Business

Developers, who develop long-lasting,

winning partnerships with customers.

Our customers range from global supermarket

brands and independent convenience stores

torestaurants and e-retailers. Understanding

their needs and consumer relationships is critical

toourcontinued success.

In 2024, our winning customer partnerships

resulted in strong revenue-per-case expansion

and profit growth, driving 150bps

of value share

expansion in NARTD

in 2024, and a 20bps

improvement in value share expansion

inSparkling

Targeting personalised execution for every

outlet – using our bespoke capabilities

Our goal is personalised execution for every outlet.

This requires continuous development ofour

bespoke capabilities, including DIA, revenuegrowth

management (RGM) and route tomarket (RTM).

Customer management

In 2024, we were once again the leading

contributor to revenue growth in FMCG

acrossourretail customers

Our approach to joint value creation lies at the

heart of our successful customer partnerships.

In2024, werolled out our next-generation CRM

system to five more markets, bringing the total to

23 markets, and westrengthened our customer

managementcapabilities.

1. Basis points

2. According to market researcher Nielsen

3. Excluding Russia

CustomerGauge ‘voice of customer’ software,

which enables instant feedback from customers,

isnow rolled out in all markets and our Net Promoter

Score has increased from 59 to 65, in part a

reflection of increasing the number of resolved

customer cases within 48 hours to 93% (2023: 83%).

Digital commerce

In 2024, we continued investing in digitalising our

route to market, both route to customer and route

to consumer.

We have continued to collaborate with Food

Service Aggregators (FSAs), plus e-retailers

andfood delivery platforms, for omnichannel

consumption. Our focus on digital shelf execution

and data-driven shopper activation led to strong

double-digit revenue growth online, together with

online market share expansion. On food delivery

platforms, we aimto sell a drink with a meal, and

this ‘beverage attachment’ rate grew to 27%

from26%3 in 2023.

Our Customer Portal e-business-to-business

(eB2B) platform has continued to grow and is our

main order-taking channel, representing 11% of

ordersmade in 2024.

Growth pillars continued

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Watch our highlights video from INNOvember

Watch our DIA capability webinar

Refreshing more consumers and customers than ever before

through our physical and digital routes to market

2024 in numbers4

12,200

Business Developers

1.8 million

Customers

70%

of stores visited directly

1.3 million

Cooler doors

>90%

Cold drink equipment

(CDE)coverage in

high-potential outlets

Meanwhile, we have scaled our business-to-

business digital marketing capabilities, launching

automated customer engagement journeys, and

piloting generative AI marketing campaigns, with

promising first results on customer engagement.

Sirvis, our 24/7 multi-category, eB2B aggregator

ordering platform, was rolled out in three new

countries in 2024. The platform connects

Out-of-home outlets to wholesale suppliers

ofgoods and services providers, and provides

anadditional growing revenue stream for us.

Data, insights & analytics – translating

data into actionable insights

DIA is vital in understanding our customers and

consumers so we can serve them better and

achieve personalised execution in every outlet.

In October we hosted our first bitesize investor

event: a deep dive into our DIA capability, sharing

how we turn data into actionable insights, leveraging

statistics, machine learning and AI.Wediscussed

how we use AI algorithms toscan external sources

and prioritise outlets, pinpointing leads and

opportunities, to expand our 24/7 portfolio.

We also shared powerful case studies. For example,

in Egypt we have used data to prioritise investment

in Cairo and Giza, to drive higher visibility of our

brands, improving execution and driving sales.

Weidentified 11,000 kiosks and grocery stores to

activate and place our coolers in, resulting in a 33%

increase in sales compared with benchmark outlets

that were not activated in this way. We are looking

to scale this approach to more outlets in 2025.

We have focused on using more data, for example,

image recognition, cooler door openings and DIA

insights, to continue to improve our in-store

execution. We have upgraded our physical RTM

toadapt to our digital transformation and we now

have around 200,000 active digital customers

through all our B2B platforms.

Talent development is our

lighthousecapability

We are building capabilities by offering world-class

training for colleagues in our Sales Academy, and

our recently launched DIA and Digital Commerce

Academies. We are on track to upskill more than

6,000 Business Developers by the end of 2025.

Our learning culture is embedded throughout our

Company as we make learning accessible through

technology-enabled solutions. One example of

this in practice was in November, when we held a

month-long celebration of learning and innovation,

INNOvember, inspiring colleagues to embrace

technology in their everyday work, in particular AI.

You can read more about talent development in

Cultivate the potential of our people on p.20 to 23.

4 Data excluding Russia

Priorities in 2025

• Strive towards personalised execution for every

outlet, leveraging our bespoke capabilities

• Accelerate digital commerce with Customer

Portal and Sirvis, our eB2B aggregator

ordering platform

• Build analytics for Customer Portal,

with intelligent and personalised digital

marketing, and improve our current

algorithms with generative AI solutions

• Continue to enhance our competitive

advantage from segmented execution

insights, particularly in our HoReCa channel,

and leverage insights from promotion analytics

• Upskill more than 6,000 Business Developers

inDIA and digital commerce by the end of 2025

UN Sustainable

Development Goals

As we build our business by helping our

customers to grow and thrive, we contribute

toachieving Sustainable Development

Goalsrelated to ending poverty, decent

work, sustainable communities, responsible

production and partnership.

In 2025, we will also focus on building analytics

forour Customer Portal with intelligent and

personalised digital marketing, and using

generative AI to improve our current algorithms.

We will increase the variety of external data sets

we use in the model, such as using outlet images,

customer reviews, comments and feedback

tofurther increase the intelligence of the model

and improve our targeting ability.

The bitesize DIA investor event was hosted by our

COO, Naya Kalogeraki, and led by our Head of DIA,

Ruchika Sachdeva. Follow the link from the QR

code to watch it.

Revenue growth management

We are using our RGM framework to meet

consumer demand for affordability and

premiumisation. We benefit from the breadth

ofour 24/7 portfolio, with different price points,

aswell as our ability to adapt package formats

fordifferent occasions and affordability needs.

Using our RGM capabilities, we implemented

priceincreases where required in 2024, aswell

asdrove mix increases, balancing premiumisation

and affordability to meet local needs.

Our affordably priced, returnable glass bottles

(RGB) in Nigeria and Egypt continued to deliver

astrong performance, and we increased sales

ofpremium small glass bottles in HoReCa in

ourEstablished segment through the summer.

Route to market

Each day, our Business Developers serve

almosttwo million customers across our markets.

In2024, we deployed our dynamic routing tool

in18 countries with an estimated 15%reduction

intravel time for our Business Developers,

freeingup more time for them to meet face

toface with customers.

We also added 57,000 more cooler doors, which

helps to drive single-serve mix and revenue

growth. We now have over 90% coverage of

coolers inhigh-potential outlets.

Growth pillars continued

Win in the marketplace continued

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Growth pillars continued

Sustainability investment – a consistent

focus across all our investments

Our approach to sustainability is doing what

isright, while creating value for the business

andstrengthening resilience. Sustainability

investment cuts across all our investment

categories and underpins every investment

decision we make. In 2024, we achieved

thefollowing:

Energy-efficiency

• Increased the number of new energy- efficient

coolers in customers’ premises, bringing the

total to 60%

(2023: 55%), supporting our

revenue growth management strategy and

sustainability goals.

• Installed a further 1MW of solar generation

in Nigeria, increasing the total of on-site

renewable capacity to 13MW, improving

the security of supply and reducing

carbonemissions.

• Increased on-site photovoltaic (PV) capacity

inEurope by 1MW, completing installation

inthe Czech Republic and Greece,

bringing total installed PV

capacity across all

our countries

to24MW.

Fuel growth through competitiveness and investment

2024 highlights

• Added a new Monster canning line in Italy

• Ramped up our €11 million rPET unit in

Romania to full production

• Reached 60%

energy-efficient, connected

coolers across our markets

• Rolled out ‘Digital Twin’ in three

additionalplants

• Integrated Finlandia Vodka into our supply

chain, driving growth in Premium Spirits

KPIs

• Organic EBIT growth

• Comparable EBIT

• Comparable EBIT margin

• Capex as % of NSR

• ROIC

Principal risks and opportunities

• Marketplace economic conditions

• Product quality and food safety

• Suppliers and sustainable sourcing

• Cyber incidents

• Cost and availability of sustainable packaging

• The impact of climate change on the cost and

availability of water

• Managing our carbon footprint

Read more p.10 to 11

Investing to refresh and

grow,sustainably

We continue to invest to support

our growth ambitions and have a

broad footprint of 62 production

plants, including five mega-plants,

across29countries.

Our investment falls into four broad

categories, all of which integrates

sustainability investment.

Investing in renewal and refreshment

ofEuropean capacity

We are investing in renewing capacity in Europe,

replacing older lines and implementing new

technologies. Every new line:

• enables innovation of the product and

packagefor consumer attractiveness;

• improves our environmental footprint

(water and energy); and

• improves productivity and reduces our

cost-per-unit case of production.

Investing in growth

We invest to enable our growth ambitions

andtargets.

In our Emerging segment, we are seizing the

growth opportunities from both a young and

fast-growing population, and the opportunity

toincrease per-capita consumption of

NARTDbeverages.

For example, in Egypt, we installed an additional

PET line in 2024 to meet increasing demand. This

line has also allowed us to expand our production

ofEnergy drinks, a category that we launched inthe

market in 2023 and which has seen rapid growth.

We are also investing in growth in our Established

segment. For example, in January 2024, we

commissioned a Monster canning line in Italy.

Thisis now fully operational, bringing our total

number of Monster producing canning lines to

seven across six countries. We continue to invest

in our partnership with Monster Energy, with

Energy being one of the fastest-growing

categories in NARTD beverages.

Investing in digital, data and technology

Fuelling our growth requires investment behind

digital technology and new business models,

blended with our continuous focus on

productivityand efficiency improvement.

In 2024, we continued to focus on embedding digital

ways of working throughout the Group todeliver

prioritised business outcomes. We consider three

critical categories when investing in digital, data and

technology: consumer and customer centricity (read

more in ‘Win in the marketplace’ on pages 16 to 17);

employee experience (read more in ‘Cultivate the

potential of our people’ on pages 20 to 23); and

operational productivity.

We were able to achieve an improvement in

production overheads as a percentage of NSR

in2024, supported by the ongoing end-to-end

understanding of our manufacturing and logistics

network, enabled by technology and digital

solutions. One example is the roll-out of ‘Digital Twin’

in three markets in 2024. Digital Twin creates adigital

replica of a plant enabling optimised resource use and

efficiency savings, We plan toexpand this into two

additional plants in 2025, In2024 we also finished

thetechnical roll out of our advanced demand

andsupply planning system Blue Yonder, finalising

the replacement of our oldsystems.

Investing in logistics, including

automated warehouses

Our logistics strategy targets unparalleled service

and being a reliable, trusted and preferred partner

for our customers. In 2024 we started further

improvements and digital investments into our

end-to-end order process and real time tracking

ofour delivery services.

We also continue expanding our automated

warehouse capacity which allows us to support

ourgrowth ambitions while continuously

improvingproductivity.

1. Excluding Egypt

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Growth pillars continued

Sustainable packaging

• Ramped up our €11 million rPET unit in Romania

to full production, enabling the production

of 100% rPET bottles and capitalising on the

new nationwide DRS. This investment brings

all three elements of packaging circularity,

(meaning beverage container collection, rPET

production and 100%rPET bottles), to fruition

inthe business unit.

• Reached full production capacity on our new

reusable glass bottle (RGB) line in Austria.

The line is also filling our new ‘universal’

reusable glass bottle. Premium RGB beverage

production continues to increase, reaching

16% of total Austrian volume in 2024, up c.2%

on the prior year, while volumes packaged in

glass increased by 9% overall. Our recovery rate

of RGBs in Austria is >85% and is an important

element ofour circular packaging strategy.

• Following the successful transition to tethered

closures across all our EU markets, we continue

tofocus on further optimisation opportunities.

We will roll out a new PET bottle neck finish

across all our geographies starting with

Nigeria in2025. This initiative further reduces

the weight of the PET bottle and closure.

Full roll-out savings are estimated at 12,000

tonnes of plastic material and13,900 tonnes

ofCO

annually.

• In Italy, we introduced a lightweighted carton

forour 150ml can multipack. This is a further

evolution of our initial step of substituting

plastic shrink film with a more circular-friendly

carton packaging solution. This successful

pilot willbe rolled out in other geographies

whereapplicable.

Our new RGB line in Austria

• In 2024, we have continued to reduce the

amount of material used in our labels across

most of our markets. We expect to complete

this project inallour markets by the end of 2025,

delivering approximately 550 tonnes of plastic

and 1,000 tonnes of CO

reduction respectively.

Strengthening our supplier partnerships

and supply chain effectiveness

We consider our suppliers as critical partners,

contributing to the ongoing and sustainable

success of our business. Under a unified

procurement framework, we divide our supply

baseuniverse of around 15,000 parent level

supplier organisations into direct and indirect

spend suppliers, and segment according to

theirimportance.

Click here to read more

Monitoring supply chain effectiveness

Our robust, collaborative approach to monitoring

our supply chain is crucial for reducing our scope 3

emissions and ensuring compliance with our

Supplier Guiding Principles. We monitor the

performance of our key suppliers through annual

internal assessments and third-party compliance

audits, the EcoVadis IQ Plus Tool and EcoVadis Risk

Assessment platform. EcoVadis helps us monitor,

assess and benchmark risks using 21 criteria and is

our common ESG assessment platform across

the Coca-Cola System, where we exchange

information on supplier ESG performance.

We recognise supplier certifications (including

ISO9001, ISO 14001, ISO 50001, FSSC 22000

andISO 45001). For agricultural commodities,

werecognise international certifications such

asthe Rainforest Alliance, Fairtrade, Bonsucro,

theSustainable Agriculture Initiative (SAI),

Platform Farm Sustainability Assessment (FSA),

VIVE1 and Global GAP+GRASP2. All long-term

contractors and contracted services on site are

assessed on human rights through workplace

audits every three years.

We are investigating how to extend risk

assessment in our supply base, leveraging AI

andcustomised alerts, giving our strategic

procurement team fasteraccess to critical events,

and information, affecting our supply chain.

We are also supporting our suppliers in improving

their ESG performance. In 2024, we initiated ESG

performance debrief sessions with specialists

from sustainability intelligence platform EcoVadis

and our vendor teams. We are committed to

ourannual capability-building programmes.

Theserange from training by in-house teams

andpartners like EcoVadis, VIVE and Bonsucro,

torunning higher-level academy sessions

targeting critical topics suchas reducing GHG

emissions insupport of our scope3 targets.

Youcan read more on this in Earn our licence

tooperate on pages 24 to29.

Fuel growth through competitiveness and investment continued3

Priorities in 2025

• Enable profitable business growth through

securing product availability, innovation

and cost management

• Continue to improve the environmental

impact of our operations and packaging

• Install additional lines to meet demand and

execute automated warehouse projects

• Achieve unparalleled customer experience

with continued logistics and planning focus

as well as expansion of digital tools

• Roll out Digital Twin to two further plants

UN Sustainable

Development Goals

Our sustained efforts to reduce our

costs and improve our impact have

generated significant results for our

business, our communities, society

andthe environment. These results

correspond to contributions to the

Sustainable Development Goals for

clean water and sanitation, clean energy,

economic growth, industry innovation,

sustainable communities, responsible

production, climate action, life below

water and life onland.

1. VIVE is a sustainable supply programme

2. Certification and benchmarking for responsible farmingpractices

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Transforming the digital

employeeexperience

In 2024, we continued our digital transformation

journey, helping to shape a future-ready, engaging

and innovative workplace. Our new Helo and

Refresh platforms digitalise processes and foster

an inclusive and productive employee experience.

• Helo, on the Workday platform, streamlines

workforce administration by empowering

employees with self-service tools and equipping

managers with resources to better support their

teams. This frees up time for employees and

simplifies ways of working across the organisation.

• Refresh, on Microsoft Viva and SharePoint,

is our enhanced employee experience and

intranet platform, replacing fragmented

intranet pages across our markets. It centralises

tools and resources, enhancing productivity,

enabling smarter working, strengthening

connections and cultivating a truly global

workplace culture.

We have also introduced a digitalised end-to-end

onboarding journey for external candidates and

internally promoted employees, which covers

pre-onboarding orientation, hiring administration

and a comprehensive learning journey. Our new

approach provides newcomers with 360-degree

support from managers, colleagues and buddies.

Our rewards process is also being digitalised

toimprove transparency and provide a better

experience for line managers, employees and

People & Culture teams. In 2024, we started to roll

out the digital merit increase and annual bonus

processes for managers, and have received positive

feedback on the new digitalised experience.

Cultivate the potential of our people

2024 highlights

• Continued to build high-performing sales

teams and strengthened our commercial

talent pipeline with internal successors

• Improved our engagement score to 88%,

staying resilient and connected with our

teams through continuous listening

• Embedded our growth mindset-driven

culture through leadership role-modelling

behaviours, focusing on driving simplicity

andproactive collaboration

• Strengthened workforce diversity by

increasing share of female leaders, while

building an inclusive workplace

KPIs

• Employee engagement

• Percentage of managers who are women

• Lost Time Accident Rate

Principal risks and opportunities

• Geopolitical and security environment

• Health and safety

• Business interruption

• People attraction and retention

Read more on p.181 to 189

Material issues and topics of interest

• S1 – Health & Safety

• S1 – Secure employment

• S1 – Training and skills development

• S1 – Diversity

• S1 – Gender equality and equal pay

Read more on p.83 to 172

Stakeholders

Read more on p.10

Strengthening our culture

We believe that it is only with the strength,

competence and engagement of our

people that we will achieve our vision and

ambitious growth plans. Our colleagues

across all our markets have truly

embraced our purpose, Open up moments

that refresh us all. This purpose is our

North Star as we aim to drive impact,

operating with agrowth mindset and a

belief in creating abetter shared future.

Over the past two years, we’ve embedded

ourculture manifesto across Coca-Cola HBC,

including our purpose, vision, leadership model,

values and behaviours. In 2024, we focused on

building understanding, integration and helping

leaders to bring our values to life.

To ensure that we live our behaviours day by day,

they are integrated into employee performance

reviews. Three key behaviours (collaboration with

a customer-centric mindset, growing ourselves

and others, and make it simple) encapsulate our

Growth pillars continued

People & Culture –

Purpose and Vision

Building on global trends and reflecting on the

insights from our employees, line managers and

our Executive Leadership Team, we involved our

People & Culture community to co-create our

People & Culture Purpose and Vision.

Our People & Culture purpose unites us:

Together, we open up the potential of all our

people. At the core of our vision is a dedication

to growing the best teams to deliver our growth

strategy, through nurturing our unique culture,

cultivating the talent of our people, enhancing

our employee experience and driving

continuous growth.

core expectations and we have developed

measures to evaluate them, ensuring maximum

impact on both personal growth and our business.

To bring our culture to life and support teams

across our markets, we have introduced our

LineManagers & Employee Handbook. Our

purpose and values awareness campaign in 2024

showcased what it means for us to live our values

and behaviours. Sharing stories from our diverse

and talented people across our markets continues

to be a platform for recognising our culture

ambassadors and promoting the behaviours

wewould like everyone to live at Coca-Cola HBC.

Itensures colleagues feel seen, heard, valued

andconnected to each other and to our culture.

Together, we open up the potential

of all our People.

Grow the best Teams to deliver our

Growthstrategy

People

Focused

Business

Relevant

Simple &

Sustainable

Manifesting our values

Redtalks – the power of storytelling

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Engagement and collaboration

We believe employee engagement drives

motivation, productivity and organisational success.

We measure engagement through six key metrics:

teamwork, energy, resources, strategy belief, pride

and advocacy. To track focus areas and overall

engagement, we conducted two employee

surveys in 2024, achieving a 90% participation

rate(88% in 2023). Our focus in 2024 included

simplification (+2 percentage points (pp) from 2023),

collaboration (+2pp from 2023), retention (+1pp from

2023) and overall engagement. These efforts led to

an all-time high sustainable engagement index score

of 88% (+2pp from 2023). Our Business Developer

and newcomer engagement scores were also up

3pp compared with last year. Our engagement

score exceeded thePerceptyx GlobalTop Decile

Norm by 2 pp, reaffirming our performanceagainst

top-tier companies.

88%

sustainable engagement index score

89%

belief in our strategic priorities

93%

feel proud to be part of Coca-Cola HBC

89%

would recommend working at Coca-Cola HBC

Our cross-functional collaboration has also

significantly improved, as measured through

ourinternal Collaborating for Impact survey.

OurNet Promoter Score from our country

teamslanded at 28 (+3pp from 2023). Through

systematic cross-functional action plans, we

aimto elevate both customer and employee

experience, leading to a more collaborative

andcustomer-centric organisation.

We have updated our feedback loops, including

colleague feedback and upward feedback, to occur

twice a year, aligned with our performance reviews.

We are aiming to increase the number of employees

covered by our feedback cycles and are gaining more

valuable insights, with 70% coverage rate in colleague

feedback (67% in 2023) and 80% in upward feedback

(82% in 2023). We have streamlined performance

reviews, reducing the number of formal steps and

allowing for more meaningful dialogues.

Employee turnover has continued to fall, landing

at10.5% compared with 11.4% in 2023. Retention

remains a key priority, through attractive

remuneration and benefits, as well as our focus

onemployee wellbeing and engagement.

Wellbeing and rewards

We strive to ensure everyone feels valued,

recognised and supported in their pursuit of

professional development and wellbeing through

ourpolicies, comprehensive benefits and innovative

wellbeing initiatives. Our Wellbeing Framework

focuses on physical, mental, financial and

socialhealth.

In 2024, we reinforced our commitment to

employee wellbeing through dedicated sessions

across our regions, highlighting our Employee

Assistance Programme (EAP), which is available to

more than 26,600 employees. As a result of these

sessions, we have increased EAP utilisation and

improved the engagement with the EAP app.

OurWellbeing Hub features a wealth of resources,

including stress management booklets and other

wellbeing-focused materials. Our commitment to

employee wellbeing earned ushigh commendation

in the European Wellbeing Excellence category

ofthe TELUS Health 2024 Wellbeing Awards.

Health and safety

We are committed to driving an occupational

health and safety culture to provide a safe place

ofwork for all our employees, contractors, visitors

and individuals under our supervision, targeting

zero accidents across all our operations and sites.

We are continually improving our systems and

initiatives, and expanding our behaviour-based

safety (BBS) programme to broaden the reach

ofour safety culture.

In 2024, we launched the BBS programme

intheroute-to-market (RTM) area in several

countries, including some external distribution

centres. We have continued quarterly compliance

assessments, adhering to TCCC’s Life Saving

Rules in all our facilities

, with an implementation

rate of 86.8%. Each assessment is followed by

dedicated corrective actions to address any

critical gaps.

We are proud to report zero on-site fatalities this

year. However, we regret to report two fatalities

among contractors and employees due to road

accidents (five in 2023). Whilst our Lost Time

Accidents (LTAs) among employees since 2017

have reduced by 2.4 times, unfortunately they

increased last year (100 in 2024; 89 in 2023).

Thankfully no severe injuries were recorded across

the organisation. Ona positive note, we report a

reduction in contractors’ LTAs compared with the

previous year, underscoring our relentless efforts

toensurea safer working environment for

everyoneinvolved.

We launched a new interactive health &safety

e-learning course, which is mandatory forall

employees. Our Sales Academy was also enhanced

with new health & safety-related e-learning courses,

which have already been completed by more than

3,200 learners, ensuring thatsafety is a priority

across all functions.

In 2024, we introduced monthly Safety

AwarenessDays and strengthened our health &

safety culture and engagement through increased

communication from our senior leaders. For the

first time, a dedicated health & safety update was

included in our Leadership Conference as a key

topic, highlighting our commitment to integrating

safety into all aspects of our operations.

Supporting our people

inUkraine

During the third year of the war in Ukraine,

ourpeople, with the support of the whole

Coca-Cola System, continued to demonstrate

resilience, mutual support and collaboration.

Their safetyremains our number one priority,

while adaptation and winning in the new reality

became our motto for 2024. This year, we

continued with stress management and

resilience webinars, and town halls with our

General Manager and the local leadership team.

Based on these discussions, we implemented

several initiatives, including the upgrade of the

basement of our premises into a fully operating

shelter with comfortable working conditions.

We also launched an internship programme,

covering all functions and enriching our

organisation with 15 young talents.

We continue supporting our Diversity, equity

&inclusion (DEI) agenda, having started a

cooperation with the ‘Zhyttelyub’ foundation,

which helps the more senior population of

Ukraine in reskilling and employment. We are

developing our ‘Women in Sales’ community

to support female employees in their

careerdevelopment. We continue living our

corporate values, driving internal volunteering

and helping the wider community of Ukraine.

Growth pillars continued

Cultivate the potential of our people continued

1. Excluding Russia

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We received nine diversity-related awards in

2024 in recognition of our efforts to increase

gender diversity.

In Greece, we received the Gold award for

Accelerating Female Professionals.

In Austria, our four awards include the Seal of

Quality of In-house advancement of Women.

The Women

of CCHBC

International

Women’s Day

Women in

Leadership

Growth pillars continued

Cultivate the potential of our people continued

Diversity and inclusion

Diversity, equity & inclusion (DEI) is key for

diversity ofthinking and fostering psychological

safety throughout our organisation, so everyone

feels they are respected and belong. During 2024,

we continued to uphold our DEI commitments by

increasing the number of our female leaders.

Weare closely monitoring our progress across

recruitment, talent development and retention,

and embedding inclusive leadership in our

leadership development programmes.

43.5%

female leaders

56%

external female managerial hirings

45%

internal female managerial appointments

As we strive to build a gender-balanced

organisation, our focus is on increasing the

representation of women throughout Coca-Cola

HBC. We have improved our gender balance at all

levels, with 43.5% of management positions now

held by women, a 1.7pp increase since last year.

We held Women Network sessions in Austria,

Ireland, Egypt and Nigeria, and virtual talkswith

our women in the DTPS and Finance functions

toincrease visibility and knowledge sharing.

Over the past year, 69 of our female leaders

participated in our Women in Leadership

programme, which aims to build engaged and

capable female leaders, support their transition

into new roles and challenge cultural factors

thatmay hold them back. Since the start of the

programme in 2022, 56% of participants who

completed the first programme, and 50% of

participants who completed the second

programme, have been promoted.

We also held female community talks, featuring

our COO, Naya Kalogeraki, and our CPCO, Ebru

Ozgen, who joined our female leaders in a panel

discussion. In Nigeria, we have developed a female

development programme, helping women to build

self-belief and self-confidence.

Further highlights include the following:

• Our CEO continuing to be a judge at the WeQual

awards for female leaders

• Participating in the LEAD conference in

Hungary, as a TCCC partner and beverage

sponsor – the largest diversity and inclusion

event for the European FMCG and retail industry

• Supporting The Boardroom in Greece and

Switzerland to develop women for board roles

To ensure we adhere to all applicable laws and

regulations and demonstrate best practice

around DEI, we regularly review our Human Rights

Policy, our Code of Business Conduct and other

internal standards. Read more on pages 131 to

132 and on our website.

Talent development:

Our lighthouse capability

Our commitment to people development is

supported by our evolving Talent Review Framework,

which enables us to identify successors for senior

leadership roles. In 2024, we identified 64 successors

to country function head roles and 18 have taken

over. We have a broader, gender-balanced pool with

more than 300 future successors and early talents,

and we will tailor their development and accelerate

their growth. To enhance talent visibility across

business units and functional areas, we worked

with 17 cross-country talent pools, enabling more

internal moves across our countries and functions.

This contributed to 84 appointments transitioning

into senior leadership roles, with 77% of the

managerial roles filled internally.

We are focused on bespoke capabilities to identify

where we need to invest in external hires or internal

capability development. More than 300 employees

took part in our acceleration programmes in

2024,which continue to drive our internal

succession plans.

We have evolved our definition of potential, to help

our employees learn and develop in a way that is

fair and transparent. Our starting point is that

everyone has potential, and our talent strategy

aims to release it. We have introduced three

levelsof potential that will enable us to have

moreholistic conversations, and create more

long-term, strategic talent and development

plans to support our people so they can thrive.

Helping our people realise their potential

As a learning organisation, we actively reinforce

continuous learning and upskilling, while giving

people opportunities for personal growth. By

making learning accessible to all, we delivered over

659,000 hours of learning in 2024. Over 29,000

ofour employees participated in some form of

training, of which 25% was in personal skills, 25%

was compliance related and 50% was in functional

skills. Most of our employees learned online,

with69% of the learning activity self-paced

andself-initiated. Initsfifth consecutive year,

ourvirtual LearnFest drew in more than 8,000

attendees across 10 sessions running throughout

themonth of November.

659,000

hours of learning

69%

of learning done online

8,000

participants in LearnFest

We provide access to coaching and mentoring

through technology-enabled solutions. After

asuccessful campaign to inspire and encourage

internal coaching, in 2024, we incorporated it into

other learning and talent initiatives, and have

continued to grow our pool of internal coaches.

Developing critical sales and supply

chain capabilities

To help our customers and our people adapt to the

changing external environment, we are building high-

performing sales teams with a focus on upskilling

and building critical capabilities. Under the flagship

ofthe Sales Academy, our suite of academies

supports professional development for new joiners

and existing colleagues, including Sales, Premium

Spirits,Coffee and Digital Commerce.

Coca-Cola HBC Integrated Annual Report 202422

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Growth pillars continued

We’ve had another year of strong uptake in

professional development in 2024, with more than

1,300 new Business Developers becoming certified

inLicence to Start and Licence to Sell and 89% of

existing Business Developers achieving certification.

In addition, more than 500 commercial employees

embraced learning paths from the Data, Insights

&Analytics Academy.

1,300

new Business Developers certified

89%

of existing Business Developers achieved

certification

Our Supply Chain (SC) Academy covers 115

different groups of roles in manufacturing, logistics,

quality, planning and procurement across Coca-

Cola HBC, and is now also available in Egypt. Our

SC Academy incorporates the latest innovative

technology tools in logistics and planning. In 2024,

83% of our SC workforce has participated in the SC

Academy and, out of those, 42% have already been

fully certified. Under SC Academy alone, our

employees completed over 175,000 hours of

learning, indicatingour commitment to growing

capabilities and achieving operational excellence.

83%

of our SC workforce has participated in the

SCAcademy

175,000

hours of learning under the SCAcademy

Finding and developing our

futureleaders

We develop leaders at all levels, with our leadership

programmes for first-time leaders, middle managers

and senior leaders available to everyone who is

promoted to next-level leadership. We believe all

our leaders should develop their people, building

the most capable and most engaged teams.

Our International Leadership Trainee flagship

programme continues to challenge and develop

GenZ graduates to become our next generation

ofleaders. Our first group in 2024 experienced

international assignments, a leadership development

programme with HULT business school in London,

mentoring and reverse mentoring with our senior

leaders. They alsoparticipated in global events

around sustainability and other topics.

Our employer branding campaign to attract

futuretalent, called ‘Bring your own magic’,

achieved more than 16 million views and 14,000

applications. Through an intense recruitment

process, we’ve since welcomed 15 new trainees

across 12 countries, including – for the first time

– four trainees in Africa.

Recognised as an employer

of choice

Our attractiveness as an employer in the

Universum 2024 rankings increased to 7th

place overall and 5th place for Business

Developers, from 12th place in both

categories last year. In Greece, Cyprus,

Ukraine, Armenia, Moldova, Poland & Baltics,

and in our Adria business unit, we are now a

1st FMCG employer. This has been a result

oftargeted campaigns, presence on social

media and engagements at local universities.

Additionally, we won 51 external awards

including three Gold awards for Best

Marketing Strategy, as well as the Top

Employer certification for Greece, Bulgaria

and Italy by the Top Employers Institute.

Priorities in 2025

• Elevate our bespoke capabilities andevolve

our learning experiences to accelerate

performance and development

• Stay resilient and connected with our

teams through continuous listening, while

rebooting our rewards strategy to boost

our attractiveness and maximise retention

• Cultivate our growth mindset-

driven culture through simplicity

andproactivecollaboration

• Enable our people and teams to drive higher

impact, through gender-balanced teams

and more productive ways of working

UN Sustainable

Development Goals

Efforts to foster an engaging workplace

andan inclusive environment, nurture

anddevelop the capabilities of our

people, increase gender balance in our

management ranks, and reduce stress

and support employee wellbeing all

contribute toward global goals for

development. The specific Sustainable

Development Goals we support include

good health and wellbeing; gender

equality; decent work and economic

growth; reducing inequalities; and peace,

justice and strong institutions.

Coca-Cola HBC Sales

Academy

Coca-Cola HBC Key

Accounts Sales

Academy

Our International

Leadership Trainee

programme

Inside the Coca-Cola

HBC International

Leadership Trainee

experience

Cultivate the potential of our people continued4

Coca-Cola HBC Integrated Annual Report 202423

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Earn our licence to operate

2024 highlights

• Continued our decarbonisation in line

withourNetZeroby40 roadmap

• Updated NetZeroby40 roadmap,

incorporatingFLAG emissions and Egypt

• Focused on packaging decarbonisation using

ahigher percentage of recycled materials

• Supported roll-out of DRS in EU markets

• Promoted EPR policies and launched new

packaging collection systems

• Expanded our partnerships in water

andwastereduction

• Continued our focus on #YouthEmpowered

• Ongoing support to communities in need.

• Activated the Coca-Cola HBC Foundation

KPIs

• Absolute greenhouse gas emissions inscope1,2

and 3

• Water usage in water risk areas

• Young people trained through #YouthEmpowered

• % primary packaging collected

Principal risks and opportunities

• Cost and availability of sustainable packaging

• The impact of climate change on the cost and

availability of water

• People attraction and retention

• Health and safety

• Suppliers and sustainable sourcing

• Managing our carbon footprint

• Product quality and food safety

• Complying with international sanctions

Read more on p.181 to 189

Material issues and topics of interest

• E1 – Climate change mitigation, E1 – Energy

• E3 – Water consumption, E3 – Water withdrawal

• E4 – Land-ecosystem use change

• E5 – Resource inflows, including resources,

E5– Resource outflows related to products

andservices

• S2, S3 – Training and skills development

• S3 – Water and sanitation, S3 –

#YouthEmpowered (company-specific)

• S4 – Consumer’s health and safety,

S4 – Responsible marketing practices

Read more on p.83 to 172

Stakeholders

Read more on p. 10 to 11

Growth pillars continued

Consistent progress across our markets

• Making progress on circular packaging:

Empty bottles are a valuable resource, and

recycling them can help to decrease our costs

and achieve our collection targets. Nine of our

markets now have Deposit Return Schemes

(DRS). Four successful DRS have been launched

between December 2023 and January 2025

in Romania, Hungary, the Republic of Ireland

and Austria. DRS help to consistently deliver

high packaging collection rates. For example, in

Romania (launched December 2023) results are

encouraging, with an average return rate of 77%

of containers sold in the market in the last three

months of 2024. In 2025, we expect to achieve, on

average, above 60% recycled material in our PET

packaging in all our EU countries and Switzerland.

• Driving progress through innovative business

models: In Nigeria, our innovative approach

to collection and recycling is creating value for

us and local communities. In 2024, we built the

country’s first-ever Coca-Cola System-owned

and operated packaging collection hub, allowing

us to collect plastic bottles for recycling.

• Expanding reusable packaging: We continue

to grow our transactions sold in Returnable Glass

Bottles (RGB) with a 1pp increase compared with

last year, including Africa. We are testing new

business models such as a circular packaging

campus with a leading university in Italy and we

expect to expand this model across our territories.

• Partnering with local stakeholders: We

started to collaborate on a project in Nogara,

Italy, that will add up to 1.5 million m

of water

every year to the local aquifer near our production

plant. We will help to create a network of canals,

trees and shrubs to revitalise fresh water for

agriculture and community use.

• Investing for sustainable growth: We received

a $130 million loan from the EBRD to finance

capex and working capital requirements in Egypt.

This loan recognises our long-term commitment

to Egypt and allows us to invest in energy-efficient

coolers and sustainable packaging innovation

and continue to fund our #YouthEmpowered

and ‘She Leads’ programmes.

Introduction

We are proud to remain global industry leaders

insustainability this year, with leading scores

andrankings in ten of the most-recognised

ESGratings. We were ranked as the world’s most

sustainable beverage company in the 2024 Dow

Jones Best-in-Class Indices for the eighth time.

We believe our success comes from continuously

evolving our business model to deliver growth and

taking a strategic approach to sustainability. This

approach allows us to both grow and make our

business more resilient.

In 2024, we made good progress towards our

ambitious and measurable 2025 sustainability

objectives by focusing on areas where we can have

the greatest impact: climate, packaging and water.

We have reduced emissions for the past four

years, in line with our NetZeroby40 roadmap.

In early 2025, the Science Based Targets initiative

(SBTi) approved our NetZeroby40 target which,

forthe first time, includes Egypt. We also published

our first Sustainability Statement as part of the

Corporate Sustainability Reporting Directive

(CSRD)requirements.

Read more on p.41 to 172

Packaging

collection

hubinNigeria

• Supporting communities: We awarded grants

totalling €1.55 million from the Coca-Cola HBC

Foundation to help rebuild communities in

Europe and Nigeria impacted by severe floods.

We have also collaborated with governments

and NGOs to assist impacted communities,

delivering almost 400,000 litres of beverages

through local charities and municipalities.

• Adding value for our customers: Sustainability

initiatives are increasingly important for our

customers and consumers. Our customers tell

us they value our sustainability expertise and

that joint sustainability initiatives help grow their

business, which, in turn helps make our own

business stronger.

This year, we continued to build our capabilities,

collaborate and learn from our experience to build

a strong and resilient business that is opening up a

more sustainable future.

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4,400

4,991

3,684

3,485

1,637

930

563

391

255

2017

010

2024

2030

2040

024 Actual: -31% vs 2010

024 Actual: -18% vs 2017 (SBTi base year)

From 2024 to 2039:

Beyond value chain mitigation

Neutralisation of residual

emissions as of 2040

#NetZeroby4

goal

2019

5,920¹

4,075

4,963

Scope 1+2

Scope 3

Carbon Removal Projects Scope 1+2+3 emissions

#NetZeroby40 roadmap for scope 1, 2 and 3

Scope 1, 2 and 3 incl. Egypt; FLAG and non-FLAG emissions;

newly established science-based target for scope 3 based

on Well-Below-2-Degrees (WB2D) scenario by 2030 and

then 1.5°Cpathway until 2040; changed baseline year from

2017to 2019.

S1+2: -46.2% in 2030 vs 2019

S3: -28% in 2030 vs 2019

Overall

reduction

S1+2+3 in 2040

vs 2019: 88%

1. Scope 1+2+3: all numbers exclude Egypt.

2. As defined based on Science Based Targets initiative.

Updated SBTi roadmap applicable since 2025

Growth pillars continued

Climate

On the pathway to net zero emissions

We were among the first companies to adopt

science-based reduction targets by the Science

Based Targets initiative (SBTi). Our aim is to

achieve net zero emissions across our entire value

chain by 2040. Each year we make steady progress

towards this target.

We have decreased our absolute direct emissions

by 58% and reduced our absolute total value chain

emissions in scope 1, 2 and 3 by a third from 2010

to the end of 2024, despite a global increase

inemissions.

In 2024, we made important changes to our net zero

roadmap after the SBTi validated and approved:

• Renewed climate targets for 2030 and

NetZeroby40, including Egyptian operations

forthe first time.

• Targets for Forest, Land and Agriculture (FLAG)

that apply to commodities from forestry, land

and agricultural sectors. These are covered

in our scope 3 emissions, for example,

in packaging, wood and paper pulp, and

ingredients such as sugar and fruit juices.

These changes are now reflected in our climate

transition plan with a clear set of actions on how

toachieve these targets. We will report on these

from 2025:

• In scope 1 and 2 we will follow the 1.5°C pathway

for 2030 and 2040.

• In scope 3, we will split our targets into two

categories: energy and FLAG. Our energy-

related targets will follow the Well-Below-2-

Degrees (WB2D) scenario until 2030 and then

the 1.5°C pathway until 2040, our net zero year.

Scope 1 and 2

In 2024, our core initiatives to reduce carbon

emissions included:

• Manufacturing: we spent €26 million in 2024

on our Top 20 energy savers programme, which

covers technical solutions to reduce energy

consumption and improve energy efficiency. We

have initiatives across our markets, for example, in

Belgrade we have installed a new heat pump that

captures heat from external sources and heats

it up using electricity from renewable sources.

• Removing CO

from our manufacturing

processes by using sterile air or nitrogen

instead of CO

for all processes except

carbonating our drinks.

Scope 3: Reducing indirect emissions from our

value chain

Packaging, ingredients and coolers were our main

focus in scope 3, where over 90% of our carbon

emissions come from. So the work we do with

suppliers is vital to our success.

• Evolving our pack mix towards lower carbon

intensive packaging by increasing recycled

content, expanding reuse with sustained

growth in refillable packaging in our portfolio

(+1pp in transactions compared with last year),

leveraging packageless in relevant sub-channels

and eliminating unnecessary packaging. For

moredetail, see packaging onpage 27.

• Exceeded our Mission 2025 target of 50% energy-

efficient coolers in shops and outlets – now at

60%. This means we reduced CO

e emissions by

100,829 tonnes compared with our 2017 baseline.

To continue on our emissions reduction journey,

the decarbonisation efforts of our suppliers are

critical. By the end of 2024, it was clear that our

engagement with suppliers had accelerated:

• 187 of our significant suppliers disclose

theiremissions through CDP.

• 119 have already set, or have committed toset,

science-based targets.

• These 187 suppliers buy – on average – 19%

of their energy from renewable sources and

generate over 3% from their own renewables.

Earn our licence to operate continued5

Coca-Cola HBC Integrated Annual Report 202425

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Going greener:

We’re powering our work in sales and

distribution in Switzerland using electricity.

Withover 177 branded electric cars, our

salesfleet is fully electric, and we expect 700

tonnes ofCO

emissions reduction annually.

Weare also investing in our infrastructure for

charging stations for cars during the day and

trucks overnight across our facilities. We’ve

launched partnerships with transport suppliers

and thefirst e-trucks are on the road using

locally produced electricity in Austria and

Switzerland. We expect tosave about 95

tonnesof CO

emissions per e-truck in 2025.

Wehave introduced alternative fuels, HVO

andBioLNGinItaly, with the goal to expand

theusage of this solution in other BUs.

Absolute scope 1 and 2 CO

e emissions

(’000 tonnes)

100

200

300

400

500

600

Excluding Egypt.

563

538

481

432

426

443

-55%

2030 vs 2017

357

391

255

-4%

-14%

-23%

-24%

-21%

-36%

-55%

2017 2018 2019 2020 2021 2022 2023 2024

2030

goal

-31%

1000

2000

3000

4000

5000

Absolute scope 3 CO

e emissions

(’000 tonnes)

1,000

2,000

3,000

4,000

5,000

2017* 2018 2019

4,400

4,359

4,195

2020

3,902

2021

4,046

2022

3,775

2023 2024

-21%

2030 vs 2017

Emissions are recalculated due to conversion factors change and exclude Egypt.

3,684

3,791

2030

goal

3,485

-1%

-5%

-11%

-8%

-14% -14%

-16%

-21%

Renewable and clean

electricity in the

European Union and Switzerland

(%)

100

2017 2018 2019

78 87 89

2020

2021

2022

2023 2024

100% in 2025

100

2025

goal

100

4. Clean source means CHP using natural gas.

100

Growth pillars continued

Decarbonising our value chain

Our 2025 objective is for 50% of our manufacturing

plants to use renewable or clean energy. In 2024,

weachieved 53%

. This is the second year we have

exceeded this Mission 2025 goal, and all our EU

andSwiss manufacturing facilities continued to

use100% renewable and clean electricity sources.

Significant step forward on our green fleet

In 2024, we reduced our own fleet’s carbon footprint

by 42%, a reduction of about 42,465 tonnes of CO

compared with our baseline of 2017.

Our green fleet now comprises 47 % of our own

light fleet.

Emissions from our third party logistics providers

have increased by 4,6% (equivalent to 8,002

tonnes) compared with our baseline, while our

volume growth was 24,2 % over the same period.

Earn our licence to operate continued5

Watch here: Green fleet in Switzerland

1. Excludes Egypt

Coca-Cola HBC Integrated Annual Report 202426

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Growth pillars continued

Packaging

Towards a circular economy

Our objective is to create packaging for our drinks that

can be recycled or reused, so that it can be collected

and transformed into new recycled packaging, such

as an rPET bottle. This circular packaging approach

reduces our carbon emissions and helps to lower

packaging waste in the environment. We are making

progress towards this by:

• increasing recycled content with a focus on our

primary packaging

• building our in-house rPET production

infrastructure

• expanding reusable formats such as reusable

glass bottles

• supporting effective collection models in our

markets, including Deposit Return Schemes

in Europe and other types of locally relevant

Extended Producer Responsibility schemes.

Collecting and recycling

In 2024, we continued to focus our efforts on

increasing packaging collection rates across

ourterritories.

• From December 2023 to January 2025, new

DRS went live in Romania, the Republic of

Ireland, Hungary and Austria. DRS help to

consistently deliver high packaging collection

rates. For example, in Romania (launched

December 2023), results are encouraging with

an average return rate of 77% of containers sold

in the market in the last three months of 2024.

• In Nigeria, we built our first Coca-Cola System-

owned and operated packaging collection hub

in 2024. It opened in January 2025, and we

expect the hub to collect and process up to

13,000 metric tonnes of PET bottles once it is

fully operational. We continued to support the

work of the Food and Beverage Recycling

Alliance (FBRA) and other packaging collection

projects in the country.

• Our overall packaging collection rate in 2024

was 58%

. We expect this figure to increase

significantly in 2025 when the full benefit from

recent system launches in several countries

isrealised.

rPET

We make our packaging more sustainable by

investing in recycled content and producing our

own recycled PET (rPET). This gives us a high-

quality, steady supply of foodgrade rPET in selected

markets, and reduces supplier and transport costs.

Our Mission 2025 objective is for 35% of the PET

that we use acrossmarkets to be rPET. In 2024, we

made significant progress, increasing to 24% rPET

compared with 16% in 2023. We have committed to

achieving 50% rPET in plastic bottles across our

portfolio in EU markets and Switzerland by 2025. In

these markets, the rPET we use increased to 46% by

December 2024. In 2025, we expect to achieve over

60%, whichexceeds our target.

Expanding reusable packaging

We keep our focus on delivering programmes that

will increase reusable packaging – both refillable glass

bottles and drinks dispensers, such as fountains or

freestyle machines that use reusable vessels.

• In 2024, across all our territories, 13% of the

drinks sold were in returnable containers and

4% were through dispensers

. This implies an

increase of 1pp in transactions in returnable

containers compared with the previous year,

with Africa leading the growth supporting both

waste reduction and affordability. Dispensers,

which are mostly used in sub-channels such as

quick service restaurants, cinemas and leisure,

are flat overall. This increase is in line with our

Pack Mix of the Future vision where reusable

packaging isexpected to play abigger role.

• We continued to help our customers and

consumers adopt new reuse models. In 2024,

we worked with a leading university in Italy to

deploy the first circular packaging campus.

Thisallows students to enjoy our products

while minimising the amount of packaging.

Wehave installed new dispensers to offer

great-tasting ‘packageless’ drinks to be

consumed with reusable vessels. We also

implemented a full bottle-to-bottle process

by offering a wide range of drinks in 100%

rPET bottles that can becollected through

a reverse vending machine. The empties are

then sent for recycling, and the flakes are used

in our rPET production facility. We plan to offer

similar schemes in2025 across our territories

oncethebusiness model isvalidated.

Eliminating unnecessary packaging

• In 2024, we trialled a water-based adhesive

that secures the layers of pallets together and

eliminates layer pads in Poland, Serbia, Croatia,

Romania and Nigeria. This has saved almost 2,000

tonnes of corrugated cardboard packaging.

• We’ve completed testing a new, high-

performing stretch film in Ireland and Austria

that uses 30% less material and we will include

itin our sparkling range in 2025.

Increasing recycled material in secondary

packaging

• We rolled out 100% post-consumer recycled

shrink film for secondary packaging in Italy,

Poland and Switzerland after a successful pilot.

Water

We use water in every part of our business: itisthe

main component of our drinks, is needed to grow

core ingredients such as sugar and fruit, and helps

usto clean, wash and sanitise our production

equipment. We recognise the need to protect

thisvaluable resource, especially in areas of our

operations where water is scarce or at risk. In

2024, we invested €5.2 million in water saving

andwater efficiency programmes.

Customer collaboration

We partnered with Carrefour Italy and

developed a three-year sustainability-driven

strategic roadmap with the objective to increase

the share of beverages sold in rPET bottles

byputting various initiatives in place. ‘Let’s

recycle together’ was the first initiative that

was deployed in co-operation with Marevivo,

alocalNGO protecting sea and environment.

Dedicated in-store activations aimed to

educate consumers on how to properly recycle

beverage packaging and demonstrate the role

that our 100% rPET portfolio plays in circular

packaging. This joint initiative generated

incremental sales and showed better results

than previous activations, creating value for

both us and Carrefour.

Supporting DRS in Europe

DRS are fast becoming the system of choice

inEurope.

They consistently deliver high rates of

collection, typically over 90%, with an

exceptional quality of foodgrade feedstock for

recycling. This in turn supports higher recycling

yields for bottle-to-bottle and can-to-can

recycling compared with a co-mingled

collection approach.

Nine of our Coca-Cola HBC markets now have

DRS in place, with two more expected in2025

and up to 10 more anticipated in 2026-2028.

Earn our licence to operate continued5

1. Excludes Egypt.

2. Numbers refer to transactions and include Egypt.

Coca-Cola HBC Integrated Annual Report 202427

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Growth pillars continued

watershed in Bulgaria, and improve land and water

use in the context of supply chain, agricultural

practices and natural water retention in Bulgaria,

Romania and Hungary.

People and communities

We focus on making a positive impact in different

ways in the local communities where we operate,

such as through financial support, volunteering

and training for young people.

Flood support for communities impacted by

devastating flooding

In 2024, the Coca-Cola HBC Foundation donated

€1.55 million to communities impacted by

devastating floods in Europe and Nigeria. These

grants will support projects that target local needs,

for example, rebuilding houses and community

centres, providing food and emergency supplies,

andreplacing damaged medical equipment. Founded

in 2023, the Coca-Cola HBC Foundation continues

our tradition of giving back to our communities.

Support for Ukraine

Since the beginning of the conflict in Ukraine, the

Coca-Cola System and The Coca-Cola Foundation

have committed to donating US$40 million. In 2024,

we helped in the followingways:

• Donated €5 million for 60 mobile boilers to

provide heating and support to communities, in

collaboration with the Ukrainian Red Cross Society.

This brought the total number of boilers donated

to 105. In partnership with governmental bodies,

the Ukrainian Red Cross ensures the boilers are

distributed to themost vulnerable communities.

• In 2024, we started rebuilding a kindergarten

that was completely destroyed in Bohdanivka,

in the Kyiv region. This initiative was supported

by the Coca-Cola System. In 2023, The Coca-

Cola Company contributed US$1.2 million, and

Coca-Cola HBC donated US$1.8 million. We

expect construction to be completed in 2025.

• At the end of 2024, we continued the tradition

ofspreading joy and supporting Ukrainians during

the winter holidays season, starting with the

donation of 1.5 million specially produced Coca-

Cola bottles to the most vulnerable Ukrainians.

Watch here: The Living Danube Partnership

Training young bartenders

In Greece, we collaborated with top HoReCa

customers and our recognised Brand

Ambassadors to offer free masterclasses

to570 bartenders and baristas, levelling

uptheir capabilities on modern mixology,

spirits, and coffee trends and techniques.

This initiative equipped participants with

advanced skills and industry connections,

and offered globally recognised scholarships

incoffee and spirits. In Romania, we have

launched the Barmasters Academy to offer

specialised bartending and barista training

for aspiring HoReCa professionals.

Partnering with HoReCa customers, this

programme offers practical, high-quality

learning experiences for young people.

Watch here: Red Cross support

Water reduction in our operations

Our Mission 2025 objective is to reduce the

waterwe use in our production plants located

inwater-risk areas by 20%, compared with our

2017 baseline

In 2024, we took an important step forward and

started to certify our 60 beverage production

plants in all markets with a new water efficiency

management standard ISO 46001. This focuses

on water efficiency and sets targets to improve

water consumption and means all our plants will

beaudited and meet the same standard. So far,

42% of our plants have been certified and we

willcomplete the rest by the end of 2025.

We used new and innovative approaches to

optimise water use in our production processes.

For example, zero-liquid discharge equipment

inPoland recycles water instead of discharging

itinto the nearby river. We then use this water

inprocesses that do not come into contact

withproducts or packaging.

Working with our suppliers

We measure the water consumption of our

criticalsuppliers to assess their basin and

operational water risks using the Water Risk

Filtermethodology. We then work with suppliers

operating in high-risk areas to develop plans so

they can reduce their water use.

Water stewardship community projects

In 2024, we started new projects in four more water

priority locations and we now report at least one

water stewardship project in 16 out of our 19 water

priority locations. In Italy, we are partnering with the

municipality to restore and maintain Rionero city

fountains. In Bulgaria, we have started a long-term

project to increase the water supply capacity in

twomunicipalities, which will help add more than

1.0 million m

of water each year.

Forest Infiltration Area, Italy

In Nogara, Italy, we launched a joint project that will

add up to 1.5 million m

of water every year to the

local aquifer near our production plant. The Forest

Infiltration Area – a joint project between Coca-Cola

HBC Italy and the Consorzio di Bonifica Veronese –

will be a new network of canals, trees and shrubs that

will revitalise fresh water. Water extracted from the

River Adige will continuously flow into the network of

canals to refresh the groundwater acquifer. From this

aquifer, hundreds of local wells will be used to extract

water for agriculture and community use.

Living Danube Partnership

This year, we joined the Living Danube Partnership

2.0 (LDP), the continuation of LDP 1.0, which

started 10 years ago between WWF-CEE and The

International Commission for the Protection of the

Danube River (ICPDR). Funded by The Coca-Cola

Foundation it helps to restore the vital wetlands and

floodplains along the Danube river.

In addition to the support of The Coca-Cola

Foundation and Coca-Cola Europe, we are

supporting LDP 2.0 to demonstrate and promote

good water stewardship and explore additional

opportunities for collective action on the Iskar

Earn our licence to operate continued5

#YouthEmpowered

By the end of 2024, we had trained 1,119,850

young people since the programme started in

2017, exceeding our Mission 2025 target one

yearearly. #YouthEmpowered focuses on young

people who arenot in employment, education

ortraining (NEET) or at risk of becoming NEET.

Weoffer skills, guidance and support to young

adults between 18 and 30, along with a network

connecting young people to future employment

and development opportunities.

Volunteering

3,793

employees have volunteered

acrossallourmarkets

1. We have 19 water priority locations, including Armenia, Bulgaria,

Cyprus, Greece, Italy and Nigeria and excluding Egypt.

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Growth pillars continued

Sustainable sourcing, nutrition

andbiodiversity

Sustainable sourcing

This year, we sourced 96% of our key ingredients

from sustainable sources, in line with The

Coca-Cola Company’s Principles for Sustainable

Agriculture. We aim to protect forests, natural

habitats, biodiversity and ecosystems, and

manage soil and agrochemicals in a sustainable

way. Upholding human and workplace rights,

ensuring animal health and welfare, and helping

build thriving communities are key parts of our

principles.

Nutrition

We want to continue delivering great-tasting

softdrinks that support balanced diets. We

dothisthrough:

• Less sugar, more choices: we are committed

to reducing calories per 100ml of sparkling soft

drinks by 25% between 2015 and 2025 across

all our markets and have achieved a reduction

of 18% so far. Zero formulations, such as Fanta

Zero, were introduced in Czech Republic,

Slovakia, Switzerland, Serbia and Bulgaria.

• New and different drinks: we are responding to

changing consumer preferences by innovating

our recipes and pack sizes, offering more

choice. In 2024, we launched Powerade Zero

in Italy, Austria and Greece, Cappy Lemonade

Pineapple Zero in Bulgaria and Serbia, as well as

Coca-Cola K-Wave and Coca-Cola Oreo limited

editions in select markets.

• Informed decisions: we are providing clear and

transparent nutrition information about what’s

inside our drinks, such as the Guideline Daily

Amount and traffic-light labels on our core

sparkling drinks.

• Responsible marketing: we are committed

to not marketing any of our drinks directly to

children under 13, and do not offer any soft

drinks in primary schools.

• Promoting low- and no-sugar choices:

weareencouraging more people to choose

low- and zero-sugar drinks through marketing

campaigns that promote low/no sugar

alternatives and often showcase different

variants.

Read more on p.15

A good day on Romania’s

ViaTransilvanica

In 2024, the largest clean-up on Via Transilvanica in Romania

mobilised more than 3,400 volunteers from 84 schools.

They joined educational workshops and a large-scale clean-up

with more than 7,800 kilograms of waste being collected from

nature, covering over 1,000 km. The initiative also included

developing five drinking water sources along the route.

Good Day on Via Transilvanica is one of the largest projects of the

Tășuleasa Social Association in partnership with Coca-Cola HBC

Romania, through our local sustainability platform After Us.

Priorities in 2025

• Continue delivering on our Net Zero

Transition Plan

• Support the roll-out of new DRS and other

packaging collection schemes

• Further drive our packaging circularity,

focusing on the % of recycled content and

reusable packaging formats

• Accelerate joint sustainability programmes

with our customers

• Continue with social initiatives, focusing on

#YouthEmpowered

• Support our communities through the

Coca-Cola HBC Foundation

• Secure compliance with the EU’s

Deforestation Regulation

• Develop a new set of our sustainability

targets beyond 2025

UN Sustainable

Development Goals

Our initiatives in communities help advance

theglobal objectives of good health and

wellbeing, and sustainable cities and

communities. Our initiatives to empower

youthandwomen contribute to the

goals forquality education, decent work

and economic growth, sustainable cities

and communities, and partnerships. Our

initiatives regarding water stewardship, CO

emissions reduction and waste reduction aid

global progress towards the SDGs for clean

water and sanitation, andclimateaction.

Earn our licence to operate continued5

Biodiversity

We aim to achieve a net positive impact on

biodiversity in critical areas in our supply chain

by2040 and eliminate deforestation in our supply

chain by 2025. This is a critical priority as we

develop our sustainability strategy and

businessmodel.

Our main focus is avoiding deforestation from

agricultural commodities, by focusing on how we

source wood for our paper packaging materials.

The Principles for Sustainable Agriculture

(PSA)target eliminating deforestation for ourmain

ingredients by 2025 and are aligned with

recommendations by the Science Based Target

initiative for companies with Forest, Land and

Agricultural (FLAG) activities.

We are also working cross-functionally to meet

the EU Deforestation Regulation by the end of

2025. We voluntarily report on sites next to legally

protected areas. It has been externally confirmed

that these sites have no negative impact on all

thewater sources we use in direct operations.

Coca-Cola HBC Integrated Annual Report 202429

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-2

-1

Organic

volume growth (%)

2021

2022

2023

14.0

-1.5

1.7

2024

2.8

Organic

revenue per case growth (%)

2021 2022 2023

5.8

15.9

2024

10.7

15.0

Organic

revenue growth (%)

2021 2022 2023

20.6

14.2

2024

13.8

16.9

Tracking our progress

Key performance indicators

We measure performance against

our strategic objectives using

specific key performance indicators

(KPIs). These KPIs allow us, and our

stakeholders, to track our progress

indelivering on our targets.

How we measure our progress

Volume is measured in unit cases, where

oneunit case represents 5.678 litres. We grow

volume as we expand per-capita consumption

of our products and expand into new markets or

categories. Since the start of 2022 we measure

volume growth on an organic basis

What happened in the year

Volumes increased by 2.8% on an organic basis,

with all our strategic priority categories driving

growth, Sparkling +1.5%, Energy +30.2% and

Coffee +23.9%.

Link to remuneration

Revenue (weighting 40%) is used to assess

business performance for the purpose of

theannual Management Incentive Plan (MIP)

bonusaward, and volume growth drives

revenueperformance.

Full description of the MIP p.228

How we measure our progress

We measure revenue per case and revenue

onan organic basis to allow better focus on

theunderlying performance of the business.

Wegrow organic revenue per case through

pricing and improving mix.

What happened in the year

Organic revenue per case grew by 10.7%,

drivenby targeted revenue growth management

(RGM) initiatives. Organic revenue grew by

13.8%, driven by focused execution of our

strategic priorities.

Link to remuneration

Revenue is a performance measure used in

thecalculation of the annual Management

Incentive Plan (MIP) award as described above.

Full description of the MIP p.228

1. For details of APMs, refer to ‘Definitions and reconciliations of alternative performance measures (APMs)’ on pages 345 to 351.

Growth pillars

Leverage our unique

24/7 portfolio

Win in the marketplace

Organic

volume growth (%)

Organic

revenue per case growth (%) Organic

revenue growth (%)

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Comparable EBIT margin (%)

2021 2022 2023

11.6 10.1

2024

11.1

10.6

200

600

400

800

1,200

1,000

Comparable EBIT (£m)

2021 2022 2023

831.0

929.7

2024

1,192.1

1,083.8

Capex

as a percentage of NSR (%)

2021 2022 2023

7.5

6.4

2024

6.3

6.6

ROIC

(%)

2021 2022 2023

14.8

14.1

2024

18.3

16.4

Comparable EBIT

margin (%)

ROIC

(%)

Comparable EBIT

(£m)

Capex

as a percentage of NSR (%)

Tracking our progress continued

Key performance indicators continued

Growth pillars

Fuel growth through

competitiveness

andinvestment

How we measure our progress

Using comparable EBIT and comparable EBIT

margin allows us to adjust for one-off items that

impact comparability of performance year on

year. We generate positive operational leverage

as we grow revenues on our efficient cost base.

What happened in the year

Comparable EBIT grew by 10.0% on a reported

basis and by 12.2% on an organic basis.

Comparable EBIT margin improved 40 basis

points on a reported basis to 11.1%, down

20basis points on an organic basis.

Link to remuneration

Comparable EBIT (weighting 40%) is used to

assess business performance for the purpose

of our MIP award.

Full description of the MIP p228

How we measure our progress

We measure capital expenditure (Capex) as

apercentage of net sales revenue (NSR), and

return on invested capital (ROIC), to ensure

prudent capital allocation and efficient working

capital management. Disciplined investment

supports our growth.

What happened in the year

Capex as a percentage of revenue was 6.3%,

slightly below our target range of 6.5% to 7.5%,

impacted by low levels of investment in Russia.

ROIC expanded by 190 basis points to 18.3%,

driven by higher profit and lower capital employed.

Link to remuneration

ROIC is given a 42.5% weighting in the

assessment of performance used to determine

long-term Performance Share Plan (PSP) awards.

Full description of the PSP p.228

1. For details of APMs, refer to ‘Definitions and reconciliations of alternative performance measures (APMs)’ on pages 345 to 351.

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Tracking our progress continued

Key performance indicators continued

Employee engagement score

20%

60%

40%

80%

100%

Global top

decile norm

2023

86%

2024

88%

86%

Percentage of managers who are women

10%

30%

20%

40%

50%

2025

target

2023

50%

2024

43.5%

41.8%

Employee engagement score Percentage of managers who are women

Growth pillars

Cultivate the

potential of

ourpeople

How we measure our progress

We conduct an engagement survey with

anindependent third party and measure

ourresults against the norm for companies

which perform highly on this metric.

What happened in the year

Our employee engagement score increased,

outperforming the global top-decile norm

bytwopercentage points.

Link to remuneration

Maintaining our high engagement score

isoneofthe CEO’s individual performance

metrics.These are used along with business

performancemeasures to determine the

CEO’sannual MIP bonus award.

Full description of the MIP p.228

How we measure our progress

One of our Mission 2025 commitments is to

haveat least 50% of management positions

heldby women by 2025.

What happened in the year

In 2024 women held 43.5% of management

roles,compared with 41.8% in 2023. Our efforts

tocreate a more diverse work environment

were recognised externally in 2024 with nine

diversity-related awards.

Read more on p.240 to 241

Mission 2025 – our sustainabilitycommitments

Sustainability is integrated into many aspects

ofourbusiness. It is fundamental to our business

strategy, which aims to create and share value

withall of ourstakeholders.

Our Mission 2025 approach is based on our

stakeholder materiality matrix and is fully aligned

with the United Nations Sustainable Development

Goals (SDGs) and their targets. Our six key focus

areas reflect our value chain: reducing emissions;

water reduction and stewardship; packaging;

ingredient sourcing; nutrition; and our people

andcommunities.

The table provides data on the progress

ofeachofthe six sustainability pillars.

Key to performance status

Each of the Mission 2025 commitments is

broken down into a series of annual targets that

need to be met in order to be fully on track with

our 2025 goal. The colour coding below reflects

the current status in relation to the desired

position atthis point in time on the trajectory

towards 2025 andour agreed action plans, i.e.:

on track

progress made but acceleration required

no significant progress

Sustainability areas and

materialissues and topic of interest

UN’s Sustainable Development Goals (SDGs)

andtheir targets

2025

commitments

2024

performance Status

Climate and

renewable energy

• E1 – Climate change

mitigation

• E1 – Energy

7.2

7.3

9.4 11.6

30%

reduction in carbon ratio in

directoperations

42%

12.2 13.1

50%

increase in energy-efficient coolers

tohalfof our coolers in the market

60%

50%

of our total energy from renewable

andclean

sources

53%

100%

total electricity used in the EU

andSwitzerland from renewable

andclean

sources

100%

Water reduction

andstewardship

• E3 – Water consumption

• E3 – Water withdrawal

• E2 – Pollution of water

• S3 – Water and sanitation

6.1

6.4

6.5

6.6

9.4 11.6

20%

water reduction in plants

locatedinwater-risk areas

(waterpriority locations)

Impact from Russian operations. Further

implementation of successful practices and

innovations for those locations is planned.

12.1

12.2

12.4

15.1 17.17

100%

help secure water availability for all

ourcommunities in water-risk areas

(water priority locations)

84%

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Tracking our progress continued

Key performance indicators continued

Sustainability areas and

materialissues and topic of interest

UN’s Sustainable Development Goals (SDGs)

andtheir targets

2025

commitments

2024

performance Status

Packaging and Waste

management

• E5 – Resource inflows,

including resources

• E5 – Resource outflows

related to products

andservices

• E2 – Pollution of soil

8.4 9.4 11.6

75%

help collect the equivalent of 75% of our

primary packaging

58%

12.1

12.2

12.5

14.1 17.17

35%

of total PET used from recycled PET

and/or PET from renewable material

24%

Significant progress from 16% last year.

100%

of consumer packaging to be recyclable

100%

Ingredient sourcing

• E1 – Climate change

mitigation

• E4 – Land-ecosystem use

change

• S2 – Secure employment

• S2 – Adequate wages

• S2 – Training and skills

development

8.3

8.8

13.1

9.4 12.1

12.2

12.4

12.6

12.7

100%

of our key agricultural ingredients

sourcedin line with sustainable

agricultural principles

96%

Nutrition

• S4 – Consumer’s

healthand safety

• S4 – Responsible

marketing practices

3.4 12.8

25%

reduce calories per 100ml ofsparkling

soft drinks (allCCHBCcountries)

18%

Our people and

communities

• S1– Health & Safety

• S1,S2– Secure

employment

• S1,S2, S3– Training

andskills development

• S1– Diversity

• S1 – Gender equality

andequal pay for work

ofequal value

• S3 – #YouthEmpowered

(company-specific)

3.4

3.6

4.3

4.4

5.5

10%

community participants

infirst-time managers’

development programmes

10%

8.5

8.6

8.8

10.2

10.4

11.6

train one million young people through

#YouthEmpowered

1,119,850

Cumulative number 2017-2024;

2024-only number is 174,902.

12.2

12.4

16.7 17.16

17.17

engage in 20 zero-waste partnerships

(city and/ or coast)

10%

of employees take part in volunteering

initiatives

13%

ZERO

target zero fatalities among

ourworkforce

ZERO

Egypt is excluded from Mission 2025 however

we report one employee fatality there.

50%

reduced lost time accident rate

per100FTE

20%

The main causes: falls / slips / trips, road

accidents and contact with machinery and tools.

50%

of managers are women

43.5%

Female retention, capability building, balanced

external hiring, country specific targets and

plans, see page22.

Note: The 17 SDGs are an urgent call for action by all countries – developed and developing – in a global partnership.

Each of the 17 goals has very specific targets and in the number references above we disclose the SDG targets

relevant for our business, where we contribute positively to the UN SDG agenda, for example, 3. 4, 8.5.

1. Baseline 2017. Egypt is excluded as it was not foreseen in the baseline year nor in the target year.

2. Clean source means CHP using natural gas.

3. Technical recyclability by design.

4. Baseline 2015.

5. Supported by The Coca-Cola Foundation

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Chief Financial Officer’s letter

Disciplined execution powers another year of strong growth

I am very proud of our achievements,

not only in delivering another year

of strong financial performance and

disciplined capital allocation, but

also in developing our talent and

capabilities to be truly future ready.”

Strong execution drives continued

profitable growth

As I reflect on my first year as CFO, I am very proud

of the strong financial performance of the business

in 2024, while we continued to navigate through

geopolitical and macro-economic challenges.

In 2024, organic revenue growth was 13.8%

(up5.6% on a reported basis), and we saw good

organic volume growth of 2.8%. This volume

growth was broad-based, with growth in each

segment, and driven by our strategic priority

categories of Sparkling, Energy and Coffee.

Organic revenue per case increased by 10.7%,

driven by targeted revenue growth management

actions. Pricing remained the most important

driver of revenue per case as we took action to

mitigate ongoing inflation, currency devaluation,

regulation and taxation in specific markets.

Comparable gross profit grew by 8.9%, and

grossprofit margin expanded by 110 basis points

to36.1%. We benefitted from strong top line

growth,combined with the easing rate of inflation

in our key commodities, with Comparable COGS

per unitcase up 1.0%. Comparable operating

expenses asapercentage of revenue increased by

70 basis points to 25.1% in 2024, impacted by the

non-cash foreign currency remeasurement of an

intercompany loanin Egypt in the first half of 2024,

as well as continued investment in the business.

Comparable EBIT increased by 10.0% on

areported basis to €1,192.1 million, driven

bygrowth across our markets, only partially

offsetby negative foreign currency movements.

Our comparable EBIT margin was 11.1%, up 40

basis points on a reported basis, benefitting

fromoperational leverage. On an organic basis,

comparable EBIT increased by 12.2%, and margins

contracted 20 basis points, mainly due to negative

foreign currency movements.

Comparable basic EPS grew 9.5% in 2024 to

€2.275, supported by strong profit delivery

andeffective management of financial costs.

ROIC remains an important KPI and in 2024 ROIC

expanded by 190 basis points to 18.3%, driven

byhigher profit and lower capital employed.

Capital allocation discipline

Our priorities for capital allocation remain

unchanged and are set in service of our strategy

and vision to be the leading 24/7 beverage partner.

We continue to invest in the business organically.

Capital expenditure was €679.3 million in 2024,

or6.3% of revenue, as we invested in growth

initiatives such as production capacity, ongoing

automation in supply chain, digital and data

solutions, and energy-efficient coolers.

The Group has a progressive dividend policy, with

atarget payout ratio of 40% to 50%. The Board

ofDirectors has proposed an ordinary dividend

of€1.03 per share for 2024, an increase of 11%

from €0.93 per share paid in 2023. The dividend

payment will be subject to shareholders’ approval

at our Annual General Meeting.

We also look to make value accretive acquisitions

that further enhance our portfolio or our capabilities.

In 2024 we focused on integrating our most recent

acquisition, Finlandia Vodka, into our business.

Our capital discipline has also allowed us to drive

higher returns to shareholders, while maintaining

astrong balance sheet. We have progressed

wellwith our share buyback programme, having

returned €226 million to shareholders, since its

launch in November 2023. At the close of the

yearnet debt to comparable EBITDA was 1.0x.

Overall, I’m really pleased that we’re successfully

achieving a combination of investment in the

business, strong improvements in ROIC and

increased shareholder returns.

Please click here to view our 2024 full year results:

https://www.coca-colahellenic.com/en/investor-relations/results-reports-

presentations

Accelerating digitalisation and

enhancing our strong talent pipeline

We are accelerating the digitalisation of the

finance function with the development of new

tools and capabilities. For example, we are

enhancing our End-to-End planning capabilities by

implementing new systems and tools while

connecting different parts of the organisation in

an integrated streamlined process.

We are also leveraging our digital platforms and

technologies for automation, reporting, insights, and

analytics, that will allow our people to focus on value

creation and growth generative business partnering.

Finally, through our dedicated processes and

programs on talent development we are building

astrong talent pipeline of future ready leaders.

Looking ahead

Overall, we have delivered a strong performance in

2024, in a challenging business environment. In2025,

we expect the macroeconomic and geopolitical

backdrop to remain challenging, but we have

highconfidence in our 24/7 portfolio, bespoke

capabilities, our people and the opportunities

forgrowth in our diverse markets.

At our FY 2024 results on 13 February 2025, we

shared that we expect to achieve organic revenue

growth in the range of 6% to 8% and to deliver

organic EBIT growth in the range of 7% to 11%

in2025. We expect to also make continued

progress towards our medium-term growth

targets in 2025 and beyond.

Anastasis Stamoulis

Chief Financial Officer

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QR code

Segment financial highlights

Established

Developing

Emerging

Volume breakdown

22%

16%

62%

Net sales revenue

breakdown

Established 33%

Developing

Emerging

22%

45%

Comparable EBIT

breakdown

Established 33%

Developing

Emerging

19%

48%

Total Tax by category

Corporate Income Tax

56.8%

Withholding Tax

Payroll Taxes

3.6%

31.2%

VAT (cost)

3.1%

Other taxes

5.3%

2024 borrowing structure

Bonds €3,372.3m

Commercial paper

Leases

€215.0m

€254.0m

Other €139.3m

Chief Financial Officer’s letter continued

Established markets

Net sales revenue (NSR) grew by 3.3% and 4.3% on

anorganic and reported basis respectively. Volume

increased by 0.3% on an organic basis. Organic

growth in net sales revenue per case was 3.0%,

benefitting from pricing actions and package mix,

with a 110bps improvement in single-serve mix.

Comparable EBIT increased by 1.8%, broadly

unchanged on an organic basis. Comparable EBIT

margin was 11.1%, down 40bps on an organic basis,

due to a step up in investment to drive growth.

2024 2023

% change

reported

% organic

change

Volume (m unit cases) 631.3 628.7 0.4% 0.3%

Net sales revenue (€ million) 3,501.3 3,358.5 4.3% 3.3%

Operating profit (EBIT) (€ million) 385.8 379.2 1.7%

Comparable EBIT (€ million) 388.0 381.1 1.8% -0.1%

Comparable EBIT margin (%) 11.1 11.3 -30bps -40bps

Total taxes (€ million)

194.1 163.8 18.5%

2024 2023

% change

reported

% organic

change

Volume (million unit cases) 482.6 471.0 2.5% 2.5%

Net sales revenue (€ million) 2,385.2 2,088.6 14.2% 12.7%

Operating profit (EBIT) (€ million) 223.6 152.6 46.5%

Comparable EBIT (€ million) 227.4 153.8 47.9% 39.6%

Comparable EBIT margin (%) 9.5 7.4 220bps 180bps

Total taxes (€ million)

101.6 73.4 38.3%

2024 2023

% change

reported

% organic

change

Volume (million unit cases) 1,800.6 1,735.8 3.7% 3.7%

Net sales revenue (€ million) 4,867.9 4,736.9 2.8% 23.3%

Operating profit (EBIT) (€ million) 576.0 421.8 36.6%

Comparable EBIT (€ million) 576.7 548.9 5.1% 13.0%

Comparable EBIT margin (%) 11.8 11.6 30bps -110bps

Total taxes (€ million)

220.0 243.0 -9.5%

Developing markets

NSR grew by 12.7% on an organic basis, or by 14.2%

on a reported basis. Volume grew by 2.5% organically.

Net sales revenue per case grew 10.0% organically,

benefitting from pricing actions, as well as favourable

category mix and the rollout of Finlandia distribution.

Comparable EBIT increased by 39.6% and 47.9% on an

organic and reported basis respectively. Comparable

EBIT margin was 9.5%, up 180bps on an organic basis,

as operational leverage and cost control more than

offset COGS inflation.

Emerging markets

NSR grew by 23.3% on an organic basis, or by 2.8%

ona reported basis, impacted by currency headwinds

from the Nigerian Naira, Egyptian Pound and Russian

Rouble. Volume grew by 3.7% organically. NSR per

case grew 18.9% organically, primarily due to pricing

actions taken to manage the impact of currency

devaluation, regulation and cost inflation. Comparable

EBIT grew by 13.0% on an organic basis and 5.1% on

areported basis. Comparable EBIT margin was 11.8%,

down 110bps on an organic basis, impacted by foreign

currency remeasurement of balance sheet items in H1.

1. Total taxes include corporate income tax, withholding tax and deferred tax, aswell as social

security costs and other taxes that are reflected as operatingexpenses; as per IFRS accounts.

Taxes we contribute to

our communities

Coca-Cola HBC stands firmly

behind the principle of paying

relevant taxes in the countries

where value is created and

ensuring that we are fully

compliant, not only with the letter

of tax laws and regulations, across

all jurisdictions we operate in, but

with the spirit as well. In addition,

we commit to being open and

transparent with tax authorities

about the Group’s tax affairs and

to disclose relevant information to

enable tax authorities to carry out

their reviews effectively, efficiently

andwithout unwarranted delays.

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DMA process followed in 2024

Coca-Cola HBC has performed rigorous

materiality assessments for many years.

We assess our impacts on people and the

environment as part of our daily activities,

engaging with relevant stakeholders

and experts, and considering emerging

sustainability trends. This approach

allows us to actively identify and

manage our evolving impacts, risks and

opportunities (IROs) as the business

develops. Our robust risk management

process integrates risks and opportunities

(ROs) deriving from sustainability issues.

We conduct our formal materiality analysis

annually. For 2024, we undertook a double

materiality analysis (DMA) as per the European

Sustainability Reporting Standards (ESRS)

requirements, and this is our first year of

reporting on this basis.

We included all main business activities (core

andsecondary); main business model inputs

(rawand packaging materials and other supplies);

main business model outputs (main products and

services from all business segments); and main

externalities (i.e. greenhouse gas emissions and

waste). We followed a top-down approach, at Group

level, for IRO identification, assessment and

prioritisation involving our internal Group experts.

In the final assessment of the impact, we took

allour subsidiaries into consideration, using

specific local data for our manufacturing plants

and Tier 1 suppliers.

Impact

materiality

Financial

materiality

Double materiality

• Map the value chain activities

• Identify the affected

stakeholders

• Define the impact universe

• Define the time horizons

• Define the criteria for

impactassessment

• Assess the impact

• On the environment and

onthepeople

• Positive or negative

• Actual and potential for

threetime horizons

• Separated for each part of the

value chain

• Link the impact to ESRS topics

• Define the sources and

methodology for RO identification

• Define the time horizons

• Assess the magnitude of the

financial effect (quantitative

orqualitative)

• Assess the likelihood of RO

occurrence

• Link ROs to ESRS topics

• Define the financial

materialitythreshold

• Create a list with the

financiallymaterial ROs

• Define the impact materiality

quantitative threshold

• Recognise the material

impacts,based on the

materiality threshold

Create DMA table and

link it to the

ESRStopics

Finalise DMA

methodology

document

Approval by

management and

Board committees

External verification

by a third-party

assurance provider

Publish DMA table

Focusing on the impact

As ESRS topics include both impacts (i.e. pollution

and climate change) and causes of impacts (i.e.

waste and energy), our approach was to keep the

impact analysis on the ‘impact’ level, and then to

link the prioritised impacts to the respective ESRS

topics/sub-topics for reporting purposes.

Environmental impacts

We leveraged the impact drivers of nature change

under the Taskforce on Nature-related Financial

Disclosures (TNFD), to identify a suitable impact

level universe under a commonly established

impact taxonomy.

We developed specific quantitative criteria, based

on scientific tools and reports (such as the WWF

Biodiversity Risk Filter, the WWF Water Risk Filter

and the SBTN Unified Water Availability Dataset),

relevant legislative frameworks, standards and

guidelines, compliance management systems

andvarious ISO audit reports.

People impacts

For a commonly established impact taxonomy for

social and socio-economic impacts, we leveraged

the United Nations Environment Programme

(UNEP) Impact Radar

We use generic qualitative criteria, including

assessment reports of impacts on people,

information from legal reviews, compliance

management systems, the GRI Content Index,

theUN Global Compact Communication on

Progress and various internal reports.

Identify and assess the

actual and

potentialimpacts

Set thresholds

andprioritise the

impacts

Identify and assess

therisks and

opportunities

Set thresholds and

prioritise risks and

opportunities

1 . Impacts to the environment under the UNEPFI were not used,

aswe used the TNFD categorisation of impact drivers instead.

Double materiality assessment (DMA)

Resulted in topics being material from either an impact perspective or financial perspective or both

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Methodology

We assessed the positive and negative impacts

onnature and people, considering 2024 actual and

potential impacts in three different time horizons

(short – 2025, medium term – 2030 and long term

– 2030+). Each part of our value chain (upstream,

direct (own) operations and downstream) was also

assessed separately.

We assessed the severity (negative impact)

andsignificance (positive impact) of each impact,

andlikelihood of occurrence of potential impact.

• Negative impact: scale (how grave the impact

is), scope (how widespread the impact is)

and irremediability (how easy the impact

canberesolved).

• Positive impact: scale (how beneficial theimpact is)

and scope (how widespread theimpact is).

Quantitative thresholds range from 1 to 5,

where1is low severity/significance/likelihood,

while 5 is high severity/significance/likelihood.

After applying a specific formula, this creates

afive-step scale for each impact: critical, major,

moderate, minor and insignificant. The ‘major’

and‘critical’ impacts are material.

Experts’ view and stakeholder

involvement

In the initial assessment, we considered the

internalexperts’ views from different departments.

We then engaged with external subject matter

experts and impacted stakeholders in 26 dedicated

interviews (including investors, shareholders,

customers, suppliers, industry associations,

NGOsand IGOs, community participants and

international institutions), which were performed

byan independent organisation.

This created a solid evidence base to inform the

DMA, including: a) the perspective of affected

stakeholders to understand the level of impact

materiality and manage the total level of disclosure

required; and b) better understanding the nature

ofthe impacts, to guide any disclosure, in line with

the needs of users of sustainability statements.

The secondary objective was to understand the

strategic implications to guide ongoing development

and execution of our sustainability strategy,

programmes and stakeholder engagement.

The output of the interviews confirmed that

thetopics of greatest interest to our external

stakeholders are packaging (in-flow and out-flow),

climate change mitigation, water and consumers’

health concerns.

Financial materiality

For the identification of ROs, linked to either

principal or emerging risk categories, we leveraged

our risk universe and our Business Resilience

Framework, which is described in detail in the

‘Business resilience’ section of this Integrated

Annual Report (IAR). We also identified ROs arising

from negative and positive impacts, as well as

from dependencies across the value chain, using

external tools such as Encore. We then mapped

each RO to the relevant stage ofour value chain –

upstream, own operations or downstream – as

well as to the time horizons set inthe impact

assessment, indicating when it is most likely to

occur. As a last step of this process, we ensured

aclear link between ROs and the corresponding

ESRS topics and sub-topics.

To assess the ROs, we evaluated both the

likelihood of their occurrence and the magnitude

of their financial effect on CCHBC. The financial

effect was determined either quantitatively or

qualitatively, depending on data availability,

considering effects on the financial position,

financial performance, cash flows, cost of capital

and access to finance. Where possible, we used

the percentage of comparable EBIT as a

quantitative metric to measure magnitude.

Finally, we prioritised ROs based on their inherent

risklevel, derived from the combination of financial

magnitude and likelihood. The inherent risk heatmap

used follows a 1 to 5 scale, similar to the one used

forimpact materiality. Setting the threshold to

aboveaverage, all ‘high’ and ‘critical’ ROs were

deemed material.

Double materiality approval

Having assessed both impact materiality and

financial materiality, we created our materiality

table disclosing each material topic from

eitherperspective (impact or financial)

orbothperspectives.

Our DMA was then approved by CCHBC

management (including the ELT-level members),

endorsed by the Social Responsibility Committee

and the Audit and Risk Committee of the Board

ofDirectors. Our DMA was assured by a

third-party organisation.

Please see 2024 Materiality table on pages 39 to40.

More information is available in the Sustainability

Statement on pages 41 to 172.

Stakeholder Forum – hearing from our

stakeholders on what matters most

Stakeholder engagement is essential to grow

ourbusiness and fulfil our purpose. Engaging and

collaborating with various stakeholders facilitates

better business decisions and alignment with

commitments. Our key internal and external

stakeholders include investors, employees,

customers, consumers, suppliers, governments

and regulators, The Coca-Cola Company and

localcommunities. We also engage with other

businesses through trade associations

anduniversities.

Every year, we hold a Stakeholder Forum, to

discuss our material topics with a group of

experts. In 2024, our theme was ‘Harnessing the

Circular Economy for Packaging – driving change

through innovation and collaboration’, a topic of

significant importance both to us and to many

ofour key stakeholders.

During the event, we welcomed 160 participants,

including customers, suppliers, NGO partners,

academics, policymakers, investors and other

interested parties, from more than 30 countries.

Discussions covered four key topics:

• Empowering consumers to adopt circular

packaging solutions

• The future of recycling and the role of

innovation and technology

• Reusable packaging systems and how to

successfully scale these models

• Creating value through strategic partnerships.

The Forum’s central message was the importance of

aligning business growth with sustainability

toensure long-term resilience and success.

Ourstakeholders shared valuable insights

andrecommendations, including:

• Sustainability has evolved beyond an

environmental imperative; it is now a social

asset that shapes consumer identity and

brandengagement

• Progress depends on collaboration – partnering

with our suppliers and stakeholders will accelerate

innovation in sustainable packaging, from new

materials to advanced recycling technologies

• Sustainable choices must be made more

attractive, accessible, and convenient

foreveryone

• Achieving sustainability goals requires building

networks, sharing ideas and collaborating on

common solutions

• Profit and purpose can,and must,

co-existeffectively.

These insights have been reviewed by the Social

Responsibility Committee and we will work to

implement the Forum’s recommendations.

Wewillalso engage with our stakeholders, sharing

theactions we are taking, throughout the year.

Double materiality assessment (DMA) continued

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MATERIAL impacts, risks and opportunities (IROs) and the respective value chain segments

Material ESRS topics

IMPACT

Actual

Impact

Potential impact

RISK

Current

financial

effect

Anticipated financial effect

Topic Sub–Topic

Sub–Sub–

topic 2025 2030 >2030 2025 2030 >2030

E1 – Climate

Change

Climate Change

Mitigation

Energy

–

Negative impact to the state of nature

through contribution to Climate Change

Upstream

Downstream

Across Value

Chain

Across Value

Chain

–

Managing our carbon

footprint

– –

Own

Operations

Downstream

Own

Operations

Downstream

E2 – Pollution and

E5 – Circular

Economy

Pollution

Resource

Outflows

Pollution

ofSoil

Negative impact to the state of nature

through Soil Pollution

Downstream

Upstream

Downstream

Upstream –

The cost and availability

of sustainable packaging

(outflows – E5)

– – Downstream Downstream

E2 – Pollution Pollution

Pollution

ofWater

Negative impact to the state of nature

through Water Pollution

Downstream Downstream – – – – – – –

Pollution

ofWater

Positive impact to the state of nature

through Water Pollution Removal

– – Downstream Downstream – – – – –

E3 – Water and

marine resources

Water and Marine

Resources

Water

consumption

Water

withdrawals

Negative impact to the state of nature

through Water Use

Upstream

Own

Operations

Upstream

Own

Operations

Upstream Upstream – – – – –

Positive impact to the state of nature

through Water Replenishment

Own

Operations

Downstream

Own

Operations

Downstream

Own

Operations

Downstream

Own

Operations

Downstream

– – – – –

E4 – Biodiversity

and Ecosystems

Biodiversity and

Ecosystems

Land

ecosystem

usechange

Negative impact to the state of nature

through Land Ecosystem Use Change

– – Upstream – – – – – –

E5 – Circular

Economy

Resource Inflows – – – – – –

The cost and availability

of sustainable packaging

(inflows)

– – Upstream Upstream

Key:

Negative Impact

Positive Impact

Risk

Double materiality assessment (DMA) continued

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MATERIAL impacts, risks and opportunities (IROs) and the respective value chain segments

Material ESRS topics

IMPACT

Actual

Impact

Potential impact

RISK

Current

financial

effect

Anticipated financial effect

Topic Sub–Topic

Sub–Sub–

topic 2025 2030 >2030 2025 2030 >2030

S1 – Own

Workforce and

S2 – Workers in

the value chain

Equal treatment

and opportunities

for all

Diversity

Contribution to Diversity and Gender

Equality of own workforce

Own

Operations

Own

Operations

– – – – – – –

Gender

equality

andequal

payforwork

ofequal value

Training & Skills

development

Improved Access to Education

forownworkforce

Own

Operations

Own

Operations

Own

Operations

Own

Operations

– – – – –

Working

Conditions

Health &safety

Contribution to the Health & Safety

ofownworkforce and workers of suppliers

Own

Operations

– – – – – – – –

Negative Impact to Health & Safety

through loss of life, injuries and

occupational diseases

Upstream

Own

Operations

Upstream

Own

Operations

– – – – – – –

Secure

Employment

Contribution to Employment across

thevalue chain

Across Value

Chain

Across Value

Chain

Across Value

Chain

Across Value

Chain

– – – – –

Provision of Social Protection and Social

Security for own workforce and workers

of suppliers

–

Upstream

Own

Operations

Upstream Upstream – – – – –

Adequate

wages

Accessibility to a Living Wage for own

workforce and workers of suppliers

Own

Operations

Upstream

Own

Operations

Upstream

Own

Operations

Upstream

Own

Operations

– – – – –

S3 – Affected

Stakeholders

Communities’

economic, social

and cultural rights

Water &

Sanitation

Availability, Accessibility,

Affordabilityand Quality of Water

forlocalcommunities

Across Value

Chain

Across Value

Chain

Across Value

Chain

Across Value

Chain

– – – – –

Company-specific IRO #YouthEmpowered: Access to Education Downstream Downstream Downstream Downstream – – – – –

Topic of interest of specific stakeholders’ groups

S4 – Consumers

and End Users

Personal safety

ofconsumers

and/or end-users

Consumers’

health and

safety

Social inclusion

ofconsumers

and/or end-users

Responsible

marketing

practices

Social inclusion

ofconsumers

and/or end-users

Access

to(quality)

information

Access to

products

andservices

Double materiality assessment (DMA) continued

Key:

Negative Impact

Positive Impact

Risk

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Sustainability

Statement

Sustainability Statement

General Disclosures

Basis for preparation

BP-1 General basis for preparation of

sustainability statement

BP-1_01,02

The Sustainability Statement has been prepared

on a consolidated basis, with the scope of

consolidation being the same with that of the

financial statements, and in addition, including

relevant upstream and downstream elements of

the value chain where applicable. Joint Ventures,

where we have operational control are also

reported as part of our own operations. Mission

2025 sustainability commitments exclude

Egyptian operations, as they were not foreseen in

the baseline year nor in the target year.

BP-1_03

All subsidiaries are included in the consolidated

report.

BP-1_04

The statement covers all our value chain

segments, as it includes information identified

asmaterial in the double materiality assessment

of impacts, risks and opportunities (IROs).

Themapping of our value chain was initially

categorised in three segments (upstream – own

operations – downstream).

For own operations, we mapped out our core and

secondary activities, including a mapping of Group

entities that are linked to each business activity

and each respective product category.

For upstream activities, the analysis of business

relationships was limited to Tier 1 suppliers, and

for downstream, to main business partners and

main customers, including product-use phase

andend of life, and the local communities

wherewe operate.

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Sustainability Statement continued

Value chain

Consumers & Community

Value shared

Packaging materials

Ingredients

Resources

SalesDistribution ConsumersBottling operations Customers

PET, glass,

aluminium,

carton

Water, CO

sweeteners, juice,

concentrate

Water, energy,

fuel

Bottles, cans,

cartons

Coca-Cola HBC

countries

Sales

people

Warehouses and

distribution

centres

Sales cars

andvans

Customers

Consumers

Consumer

marketing with

TheCoca-Cola

Company

Recycling and

recovery

Packaging

compliance

schemes

Community programmes

Water stewardship,

#YouthEmpowered,

packaging and waste

management programmes,

disaster relief

Outlets

Drink

equipment

Owned and

leasedtrucks

Trade marketing

and activation

tools

Product

manufacture

Sparkling

beverages, juice,

water and other

still beverages

Product portfolio

Coca-Cola HBC

Bottling and

Distribution

Value created

Sales & Customer relationships

Value added

Cash distribution

to shareholders

Direct and indirect

employment

Taxes

and fees

Payments to

suppliers

Skills and

knowledge

transfer

Community

investment

programmes

Financial capital

Human capital

Manufacturing

capital

Plants,

warehouses,

distribution

centres

Natural capital

Water, biodiversity,

eco-system health

Intellectual

capital

Brands, standards,

processes,

manufacturing,

reputation

Shared and

relationship

capital

Suppliers,

customers,

government

agencies,

communities

Capital Community

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Sustainability Statement continued

BP-1_05

We have not used the option to omit any specific

piece of information corresponding to intellectual

property, know-how, or the results of innovation

as per ESRS 1 section 7.7 ‘Classified and sensitive

information and information on intellectual

property, know-how, or results of innovation’.

BP-1_0 6

For the year 2024, no exemption from disclosure

of impending developments or matters in the

course of negotiation, as provided for in articles

19a(3) and 29a(3) of Directive 2013/34/EU, has

been used.

BP-2 Disclosures in relation to specific

circumstances

Value chain estimation

BP-2_03

Some metrics presented across the statement,

especially for upstream and downstream value

chain segments, have been estimated using

indirect sources. The respective estimations

andDatapoints are:

• E1: The calculation of scope 3 greenhouse

gas (GHG) emissions categories for both

the upstream and downstream value chain

segments, specifically the CO

e factor used

(Datapoints: E1-6_04-05 & 26_27_29).

• E5: Data related to percentage recycled

aluminium and percentage recycled glass

materials is coming from our suppliers where

sometimes industry-average figures are used

(Datapoints E5-4_02, E5-4_03, E5-4_04, E5-

4_05).

BP-2_04

The basis for preparation for the metrics

estimated using indirect sources is as follows:

• E1: For the calculation of scope 3 GHG

emissions’ categories, a range of different

methods were deployed, such as average

dataset method (e.g., average CO2e factor for

paper, PET, aluminium, PE materials; average

factors for ingredients, electricity grid factors

as per the IEA), distance-based method and

spend-based method. In terms of emission

factors used, these were either market-

based or taken from existing datasets, such

as the GHG Protocol, Ecoinvent Database

or calculated for the Coca-Cola System by a

specialised company and provided to bottling

companies. The quantity for each scope 3

category (e.g. quantity of purchased materials,

electricity consumption of drink equipment)

was available as actual primary data, and no

estimation was performed. More details on

the calculation methodology for each scope 3

category can be found in Table 15 of ESRS E1

Climate Change.

• E5: Percentage of recycled aluminium and

percentage of recycled glass materials are

coming from our suppliers where sometimes

industry-average figures are used, however

the quantities of those purchased materials

areprimary data with no estimation.

BP-2_05,06

The use of estimates and external data from

credible sources is explained in the section of the

relevant metrics throughout the report, indicating,

for example, whether or not external data is used.

We are planning to start using supplier-specific

emissions factors, where possible, as a basis for

the sustainability report in the future and

therefore data quality and accuracy is expected to

improve over time.

Sources of estimation and outcome

uncertainty

BP-2_07,08,09

As a result of the rigorous reporting process

thathas been in place for over a decade, capturing

primary and actual data for environmental and

social KPIs in all value chain steps (upstream,

ownoperations, downstream), our disclosure of

actual performance hasno data where high level

of measurement uncertainty exists.

The monetary amounts disclosed across the

sustainability statement are subject to low/

moderate levels of uncertainty. All current

financial data presented in the statement stems

from our financial statements. Regarding the

monetary amounts that correspond to our

anticipated financial effects, they are subject to

moderate uncertainty because they depend on

the outcomes of future events and regulatory

changes. When quantifying these amounts, it is

assumed that the uncertainty increases across

longer time horizons.

Changes in preparation or presentation of

sustainability information

BP-2_10

Using the clause of paragraph 10.3 of ESRS 1,

wewill not disclose any comparative information

required by section. Therefore, no comparative

figure will be presented in the sustainability

statement. Data from any prior year is available in

our GRI Content Index; specifically, 2022 and 2023

data are in the 2024 GRI Content Index, published

on our website.

BP-2_11,12

As for the comparative information and figures for

prior years, no recalculation done in 2024.

Similarly, no differences neither in baseline nor in

2023 have been made.

Disclosures stemming from other

legislationorgenerally accepted

sustainabilityreporting pronouncements

BP-2_16

We disclose as per the Task Force on Climate-

related Financial Disclosure (TCFD) requirements.

No other framework or reporting standard was

applied for the sustainability statement.

However, due to stakeholders’ interest, we have

included in the sustainability statement a chapter

related to ‘S4 Consumers and end-users’, even

ifitwas not deemed as material during the

doublemateriality analysis. Further information is

available in ESRS S4 – Consumers and end-users.

BP-2_18,19

Furthermore, we rely on European Standards

torecognise our suppliers. The European

Standardisation System we use comprises ISO

9001, ISO 14001, ISO 50001 and ISO 45001. We

maintain ISO/IEC 27001 certification (Information

Security Management Systems), providing us

robustness to mitigate any cyber incident. In 2024,

100% of our manufacturing plants were certified

with ISO 9001, ISO 14001, FSSC 22001 and ISO

45001. Our two main centres for IT function in

Bulgaria and Greece maintain their ISO/IEC 27001

certification.

Incorporation by reference

BP-2_ 20

Our aim is to provide our stakeholders with a clear

view of our operations, ambitions, goals, impacts,

and achievements. Thus, we have complied with

and provided information according to ESRS

requirements. However, in cases where pieces of

information were mentioned in previous sections

of the IAR, we used the option of incorporation by

reference. The respective Disclosure Points (DP)

and Disclosure Requirements (DR) are:

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Sustainability Statement continued

Table 1: Incorporation by reference

Incorporation by Reference

Disclosure Requirements Datapoints Respective Reference

GOV-1 The role of the

administrative, management

and supervisory bodies

GOV-1_01,02,05,06,07 ‘Governance at a glance’, Corporate

Governance Section

‘The Executive Leadership Team’,

Corporate Governance Section

GOV-1_ 08 Corporate Governance Section

GOV-1_ 04 Corporate Governance Section

GOV-1_16 Corporate Governance Section

GOV-2 Information provided to,

and sustainability matters

addressed by CCHBC’s

administrative, management

and supervisory bodies

GOV-2_03 ‘Double materiality Assessment’,

Strategic Report

SBM-1 Strategy, business model

and value chain

SBM-1_01 ‘Growth pillars’, Strategic Report

SBM-1_02 ‘Growth pillars’, Strategic Report

SBM-1_03,04 ‘Cultivate the potential of our people’,

Strategic Report

SBM-1_21 ‘Earn our Licence to operate’,

StrategicReport

‘Tracking our progress’,

StrategicReport

SBM-1_23 ‘Earn our License to operate’,

StrategicReport

‘Cultivate the potential of our people

section’, Strategic Report

SBM-1_25 ‘Value Chain’, Strategic Report

SBM-1_26 ‘Value Chain’, Strategic Report

SBM-1_27 ‘Socio-economic contribution’,

Strategic Report

Incorporation by Reference

Disclosure Requirements Datapoints Respective Reference

SBM-2 Interests and views of

stakeholders

SBM-2_02 Strategy Section

SBM-2_03,04 Strategy Section

SBM-2_08,09 ‘Market trends’, Strategic Report

‘Chief Executive Officer’s letter’,

Strategic Report

SBM-2_10 ‘Chair’s letter’, Strategic Report

‘Chief Executive Officer’s letter’,

Strategic Report

SBM-3 Material impacts, risks

and opportunities and their

interaction with strategy and

business model

SBM-3_01,06,07 ‘Double materiality Assessment’,

Strategic Report

SBM-3_03,10 ‘Business Resilience’, Strategic Report

SMB-3_08,09,10 ‘Principal risks & opportunities’,

Strategic Report

SBM-3_12 ‘Double materiality Assessment’,

Strategic Report

IRO-1 Description of the process

to identify and assess material

impacts, risks and opportunities

IRO -1_ 01 ‘Double materiality Assessment’,

Strategic Report

IRO -1_11 ‘Business Resilience’, Strategic Report

E3.IRO-1_02 & E2.

IRO-1_02 & E4.IRO-1_05&

E5.IRO-1_02 & IRO-1_05

‘Stakeholder Forum – hearing from our

stakeholders on what matters most’,

Strategic Report

Topical Standards E1. M D R-T_ 0 8 ‘Licence to operate’, Strategic Report

E5.MDR-A_06,07,09,10 Financial Statements

E5.MDR-A_11,12 Financial Statements

S1-2_01,02,04 ‘Engaging with our stakeholders’,

Governance section

S1-6_17 ‘Note 8’, Financial Statements

S4-2_04 ‘Market trends’ , Strategic Report

‘Leverage our unique 24/7 portfolio’,

Strategic Report ‘

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Sustainability Statement continued

Governance

GOV-1 The role of the administrative,

management and supervisory bodies

GOV-1_01,02,05,06,07

Board structure and diversity: please refer to

‘Corporate Governance Report’, part ‘Governance

at a glance’ on page 191. ELT information: please

refer to ‘Corporate Governance Report’, part ‘The

Executive Leadership Team’ on pages 207-209.

GOV-1_ 03

Our administrative, management and

supervisorybodies are in accordance with

regulatory requirements. The representation of

workers in those bodies is based on local law, and

countries adhere to that. For example, in Austria

there is representation of the local works council

in the supervisory board based on local law.

GOV-1_ 08

Responsible for oversight of impacts, risks

andopportunities are, at Board level, the Social

Responsibility Committee and the Audit and Risk

Committee of the Board of Directors.

The Social Responsibility Committee of the

Boardof Directors establishes principles

governing social and environmental management

and oversees the performance management

toachieve our sustainability goals (social and

environmental). It establishes and operates

acouncil responsible for developing and

implementing policies and strategies to

achievethe Company’s social responsibility and

environmental goals (in all environmental, social

and governance pillars, such as climate change,

water stewardship, packaging and waste,

sustainable sourcing, health and nutrition, our

people and communities, and biodiversity). It

ensures Group-wide capabilities to execute

thesepolicies and strategies, and approves our

sustainability strategy, commitments, targets

andpolicies.

The function of the Audit and Risk Committee

isto serve as an independent and objective body

with oversight of the Group’s accounting policies,

financial reporting, and disclosure controls and

procedures; the Group’s approach to internal

control and risk management; the quality,

adequacy, and scope of internal and external

auditfunctions; and the Group’s compliance

withlegal, regulatory and financial reporting

requirements. In addition, the external

auditorreports directly to the Committee.

Further information regarding the responsibilities

of the Committees is available in the Governance

section of the report, ‘Social Responsibility

Committee’ and ‘Audit and Risk Committee’ parts.

GOV-1_ 09

Our CEO and the ELT are ultimately accountable

for performance against our sustainability goals

and for the execution of our sustainability agenda.

The Sustainability Steering Committee

(‘Sustainability SteerCo’), led by the CEO and

including members from various functions such

asSupply Chain, Procurement, Corporate Affairs

&Sustainability, Finance and Commercial, meets

regularly. During these meetings, they discuss

performance, approve new strategic initiatives and

allocate resources. Sustainability SteerCo, through

its respective ELT members, is responsible for:

• setting corporate sustainability targets;

• measuring progress towards environmental

andsocial corporate targets;

• conducting environmental scenario analysis;

• managing public policy engagement related to

environmental and social issues;

• implementing business strategies related to

sustainability (environmental and social) issues;

• managing acquisitions, mergers and

divestitures related to environmental and

socialissues;

• overseeing major capital and/or operational

expenditures related to environmental and

social issues;

• assessing the results of environmental

dependencies, impacts, risks and opportunities;

• providing employee incentives related to

sustainability performance;

• implementing a climate transition plan;

• managing sustainability reporting, audit and

verification processes; and

• measuring progress towards science-based

environmental targets and social targets.

GOV-1_10 ,11

The Sustainability SteerCo receives regular

information and updates on sustainability issues

from various departments, who own the

respective agenda, such as the:

• Corporate Sustainability team, which monitors

and reports on the Company’s Mission 2025

commitments (our environmental and social

targets), sustainability projects, stakeholders’

engagement and external ESG trends;

• Business Resilience team, which facilitates,

in collaboration with various Group and BU

functions, the identification, assessment and

development and monitoring of management

plans for all principal risks and opportunities,

including those relating to climate change;

• Quality, Safety and Environment (QSE) and

Engineering teams, which explore and evaluate

new technologies and partnerships that

can enhance the Company’s environmental

performance and competitiveness;

• People and Culture team, which monitors and

reports on some of the social targets and KPIs,

projects and diversity, equity & inclusion (DEI)

agenda; and

• Procurement team, which monitors sustainable

sourcing and suppliers’ engagement.

At the local/market (business unit) level, our

business unit General Managers (GMs) have

frontline responsibility for: monitoring the local

business unit sustainability performance regularly;

localising sustainability strategy for their market/

business unit; and prioritising the local initiatives.

Together with the local leadership teams, our GMs

are responsible for the execution of sustainability

goals at market/business unit level.

GOV-1_12

The reporting lines for the governance structure

on sustainability extend from the Board level, and

further downwards to the ELT, and the Group level

to the BU and country level. This vertical and

horizontal interaction ensures a robust interface

among committees, teams and leadership,

facilitating the sharing of responsibilities for

various aspects of sustainability.

GOV-1_13,14

We have dedicated controls and procedures

inplace to manage our impacts, risks and

opportunities. Each function is responsible

foritsrespective area, such as:

• QSE, for emissions, energy, water usage ratio,

waste;

• Procurement, for ensuring sustainability at

supplier level and sustainable sourcing;

• People and Culture, for overseeing people-

related KPIs, human rights and employee

engagement;

• Corporate Affairs and Sustainability, for

packaging collection, recycled PET, community

social programmes, volunteering, water

stewardship at community level;

• Business Resilience for overall risk management

and scenario analysis; and

• Legal, for compliance, corporate governance

agenda, Code of Business Conduct.

All functions conduct regular performance

reviews, at least quarterly and often monthly,

where sustainability-related KPIs and

performance are presented and discussed, and

action plans are agreed upon. These reviews start

at local plant, warehouse, country and BU levels on

a monthly basis and continue up to the Group

functions. Group functions, along with their

respective heads and ELT-responsible members,

monitor the targets monthly.

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Sustainability Statement continued

We also develop short- and long-term sustainability

targets (e.g., targets set for 2025 in 2018, as well

as targets for 2030 and 2040) that address the

most material impacts across all three segments

of the value chain.

Every set of sustainability targets is aligned

withthe respective responsible function, before

being presented and endorsed by the ELT and

subsequently by the Social Responsibility

Committee of the Board of Directors. This

process has been followed for all Mission 2025

sustainability targets, science-based targets

related to carbon emissions, the NetZeroby40

target, biodiversity and others.

We also apply very rigorous quality, food safety,

health and safety and environmental standards

ofThe Coca-Cola Company (TCCC), so-called

KORE standards, mandated for each of our

manufacturing sites, warehouse and distribution

centres, where the control is under the local

plant-level management and it is assured via

regular cross-border internal audits, external ISO

audits, external audits by TCCC, and external

Workplace Accountability audits.

GOV-1_ 04

Our Board and ELT comprises of experienced

individuals from diverse backgrounds, countries

and industries. Their biographies, found on

pages195 to 197 and 207 to 209 of the ’Corporate

Governance’ section highlight their

extensiveexperience.

GOV-1_15

We are proud of the diverse skills and experiences

of our Board. 10 out of 13 Board members

possess the appropriate skills and experience

insustainability matters.

For example, in relation to ESG matters, we have

members who are familiar with environmental

matters, such as climate, water stewardship,

biodiversity and packaging, and with social and

governance, such as Anastasios Leventis,

Evguenia Stoitchkova, Charlotte Boyle and

ZoranBogdanovic.

GOV-1_16

We ensure that the Board members and each

Committee receives a satisfactory ongoing

training and education programme as necessary

to deliver on the Group’s strategy, including the

sustainability-related trainings. That is a

responsibility of our Nomination Committee.

Further details can be found on page 211 in the

‘Corporate Governance’ section of thereport.

GOV-1_17

We ensure our Board’s competency on both

environmental and social issues and impacts, and

on risks and opportunities. Our Board includes

members who hold significant positions (co-

founder, CEOs) andare members of various

organisations and institutions, such as the

European Council of the Nature Conservancy, the

WWF Hellas (Greek branch of WWF), the Overseers

of the Gennadius Library in Athens, the UK for UN

High Commission for Refugees (UNHCR). These

roles provide our Board members with deep

insights into environmental conservation, social

responsibility and risk management, which are

directly relevant to our Company’s material

impacts, risks and opportunities. More

information is available in the ‘Corporate

Governance’ section, paragraph ‘2024 actions

based on 2023 Board evaluation findings and

previous experience’, page 214.

GOV-2 Information provided to,

andsustainability matters addressed

by,CCHBC’sadministrative, management

andsupervisory bodies

GOV-2_04

The Board reviews and approves strategy,

monitors performance towards strategic

objectives, oversees implementation by the ELT

and approves matters reserved for Board decision

by the Articles of Association. The governance

process of the Board is outlined in our Articles of

Association and the Organisational Regulations.

For further details, please consult our website.

GOV-2_02

In 2024, we developed our Business Resilience

(BR) Framework, which replaces our Enterprise

Risk Management Programme. The BR Framework

maintains all key aspects of effective risk

management but also incorporates other

BRelements – security, business continuity,

insurance and crisis management.

The Board retains overall accountability and

responsibility for the Group’s business resilience,

risk management and internal control systems.

Itprovides direction to the business on the level

ofacceptable risk through the Risk Appetite

Statement and receives regular reports from

theCRO (Chief Risk Officer) on the extent to

which that statement in applied throughout the

business. In 2024, the Board reviewed the Risk

Appetite Statement and that was applied through

the setting of risk tolerance levels for every risk

that business units and Group functions assessed.

The Board also reviews the Principal and

EmergingRisks and key resilience management

plans, includingour Group and Local insurance

programmes annually and, through the work of

theAudit and Risk Committee, receives quarterly

updates on the effectiveness of the business

resilience and risk management program. Insights

from our assessment of principal and emerging

risks and opportunities are taken into account

bythe Board as part of their continuous review

ofthe relevance and effectiveness of our

businessstrategy.

For more information on our Business Resilience

Programme, see section ‘Business Resilience’

inthe strategic part of this IAR.

GOV-2_01

Additionally, to ensure the effectiveness of our

policies and actions, the Social Responsibility

Committee reviews Group policies on

environmental issues, human rights and other

topics as theyrelate to social responsibility.

Further information regarding the responsibilities

of the Social Responsibility Committee can be

found on the pages 215 to 216 of the report, while

for details on our policies, please visit our website.

During 2024, the Social Responsibility

Committeemet four times, as noted in the

Governance section, Social Responsibility

Committee, part of the report. In every meeting,

sustainability-related topics, such as climate, water

stewardship, packaging, public policies and others,

are discussed, and the Committee stays informed

about material sustainability matters that

emerged during the reporting year.

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Sustainability Statement continued

GOV-2_03

The results of our materiality assessment were

reviewed and approved by CCHBC management

and endorsed by the Social Responsibility and

Audit and Risk Committees of the Board of

Directors. The lists of the reviewed material topics

are presented in our Table on pages 39-40 in the

‘Double Materiality Assessment’ of the Strategic

Report.

GOV-3 Integration of sustainability-related

performance in incentive schemes

GOV-3_01

In Coca-Cola HBC, we provide both monetary

andnon-monetary incentives for achieving

oursustainability goals across all organisational

leadership layers, not only on Group & C-suite

levels, but also on country and plant-management

levels down to production shop floor. We believe

each employee plays an important role in the final

achievement of our sustainability targets and has

these goals embedded into their work culture

andethics, therefore all employees can receive

recognition for their performance in minimising

our impact on climate and environment and

improving our social performance. Substantiated

violations of our Company’s Code of Business

Conduct result in disciplinary measures, which

include loss of bonus, unpaid suspension,

formalwritten reprimand and termination.

GOV-3_06

The Remuneration Committee’s role includes

incentivising strong business performance and

appropriately rewarding contributions to the

Company’s long-term success. The Committee

has reviewed the policy-based outcomes under

the performance share plan (PSP).

GOV-3_04

The CEO’s individual performance is measured

inkey strategic areas and taken into account for

MIP. Please refer to the Corporate Governance

section, ‘Directors’ remuneration report’, the

content and table under the paragraph ‘2024 MIP

performance outcome’ on pages 223 to 224.

E1.GOV-3_01

Coca-Cola HBC has introduced GHG emission

reduction targets as one of the elements in its

long-term management incentive plan (LTIP) and

also PSP. This was selected to directly align with

and incentivise delivery of the Company’s ESG

objectives, particularly our ambitious goal to achieve

net zero emissions across our entire value chain

by2040.

GOV-3_02,04 & E1.GOV-3_01,03

Since 2021, the reduction in GHG emissions metric

was selected as part of the LTIP to directly align

with and incentivise delivery of the Company’s ESG

objectives. This includes our ambitious goal to

achieve net zero emissions across our entire value

chain by 2040, covering all scopes of emissions

(scope 1, 2, 3) in all territories where we operate

and our approved by the Science Based Targets

initiative (SBTi) targets (2030 target year). The CO

emissions target in the PSP implicitly captures

reduction in plastics. Also, it indirectly captures

water as linked to climate risk scenarios (both

physical and transition).

E1.GOV-3_03

Since its inclusion in the LTIP in 2021 until 2024,

wehave achieved our annual roadmap for absolute

emissions reduction, and we are progressing as

per the net zero transition plan to reach our

science-based absolute emissions reduction

by2030 and further to net zero by 2040.

Our Mission 2025 sustainability commitments

related to the percentage energy-efficient

coolers are up to 60% in 2024 versus 55% in 2023,

meaning that in both years we exceeded our 2025

target (2025 target is 50%); also, we continue

using 100% renewable and clean electricity in

ouroperations in EU and Switzerland (2025 target

is100%) and we overachieved our 2025 target

ontotal renewable and clean energy in direct

operations reaching 53% (2025 target is 50%).

GOV-3_02

Aligned with science and 1.5-degree Celsius

scenarios and approved by the SBTi, our PSP

hassome specific characteristics, as presented

inthe ‘Directors’ remuneration report’ section

ofthe report.

GOV-3_03

The vesting schedule for PSP performance

conditions is a straight line between the threshold

and maximum performance levels. For the first

time the emissions reduction was introduced in

the LTIP in 2021. Additionally, Mission 2025

commitments performance is part of the annual

individual performance metrics measured, and the

achievement of the goals of helping communities

in water risks areas by implementing water

stewardship projects, #YouthEmpowered,

%women in management, % energy-efficient

coolers, progress made towards packaging goals,

and CO

emissions ratio are included.

E1.GOV-3_02

emissions are part of the LTIP (15% weight)

and PSP of all people eligible, including all C-suite

and senior management members.

E1.GOV-3_01

LTIP awards are cascaded down to select

members of middle and senior management.

Specifically, for CEO- and Director-level

remuneration arrangements, annual variable

compensation includes sustainability objectives

such as employee engagement and sustainability

commitments from Mission 2025 as disclosed in

the Corporate Governance section, ‘Directors’

remuneration report’ on page 222 to 247.

GOV-3_04

Please refer to the Corporate Governance

section, ‘Directors’ remuneration report’, the

content and table under the paragraph ‘2024 MIP

performance outcome’ on pages 240 to 241.

GOV-3_03

The CEO’s individual performance metrics were

measured versus the following priorities in 2024:

• Business performance

• Employee engagement

• Sustainability commitments

The Remuneration Committee took into account

additional achievements during 2024, among

them: the leading score in beverage industry at

S&P Global Corporate Sustainability Assessment

(DJSI), achieved top scores in S&P Global

Sustainability Yearbook, double A from CDP,

GOV-3_05

The proportion of variable remuneration

dependent on sustainability-related targets

and/or impacts is up to 15%.

1. In the last two years, due to the geopolitical situation and inability to influence some factors outside of our control, Russia and Ukraine are excluded from the GHG emissions data in the LTIP and PSP.

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Sustainability Statement continued

GOV-4 Statement on due diligence

GOV-4_01

Our due diligence work is conducted in accordance with the OECD Guidelines for Multinational Enterprises and implemented by our members from various functions, such as Supply Chain, Procurement,

Corporate Affairs & Sustainability, Finance, Risk and Commercial, and then presented to the Social Responsibility Committee, which reports to the Board of Directors.

Table 2: Elements of due diligence within the sustainability statement

Core elements

of due diligence

Paragraphs in the

sustainability statement Pages in the sustainability statement

Embedding duediligence

ingovernance, strategy

and business model

GOV-2 Information provided to and

sustainability matters addressed

CCHBC’s administrative, management

and supervisory bodies

Read more p.114, 118, 125,

126, 142

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Sustainability Statement continued

GOV-5 Risk management and internal controls

over sustainability reporting

GOV-5_02

Sustainability is embedded as a core element

ofour management practices and a key element

of our Business Resilience Framework. We take

the same approach to identifying risks and

opportunities, developing management plans to

reduce negative impact or leverage opportunity,

and reporting of sustainability-related risks as we

do with all risks and opportunities.

Our Risk Management programme is a five-step

process that is linked to our strategies and can

beapplied across all business activities (e.g.,

business risk, project risk, new product

development). Itinvolves:

1. Risk identification.

2. Analysing the inherent risk by evaluating

potential impact and likelihood.

3. Assigning current risk ownership, mitigation

activities and internal controls, and analysing

residualrisk.

4. Preparing appropriate action plans to manage

the risk and achieve our risk objective.

5. Monitoring, reviewing and auditing and

reporting.

GOV-5_01

Governance of all risks, including sustainability-related

risks, is the responsibility of the Board. During the year,

the Board reviews our principal and emerging risks and

opportunities, including those associated with climate

change, water management and health & safety.

Additionally, the Social Responsibility Committee

ofthe Board takes a particular interest in risks

associated with climate change.

Reporting of our sustainability-related risks,

including climate-related risks, are integrated

intoour Risk Management programme. Prior to

external disclosure, all risk assessments and

management plans, including sustainability-

related risks and opportunities are subject to

rigorous review by the Group Business Resilience

Team, the Group Risk and Compliance

Committee, the ELT, the Audit and Risk

Committee of the Board and the full Board; and

are subject to internal audit.

Our approach to ESG data management

supported by the Finance function continues to

evolve by applying financial reporting principles

toour non-financial data and through the

development of a robust control environment,

alongside policies, to progress our ESG objectives.

We have internal sustainability process guidelines,

which establish the minimum requirements for

environmental management and provide

frameworks, templates and tools to ensure a

unified approach across all CCH markets. All CCH

entities are required to adhere to these guidelines.

This year, we have reviewed the data governance

interaction model we follow. This was undertaken

to clarify roles and responsibilities and to provide

updated documentation and training for Data

Stewards at the business unit level.

We continue to update the process in the business

units for data gathering of formal evidence (e.g.,

photos of water meters, email communication,

reports) for all water usage for the year to ensure

traceability and accuracy. We have put a process

inplace to ensure that all strategic goals related

toNetZeroby40 and other sustainability

commitments are clearly set out and

monitoredproperly.

Our health and safety rules are communicated to

our employees. In addition, we have established

processes and procedures to ensure that regular

training is provided to employees in accordance

with their roles and responsibilities and any

relevant regulatory requirements. Finally, local

health and safety regulations are properly

monitored to ensure continuous compliance.

Wehave set a process in place to ensure that any

health and safety issues are followed up in a timely

way and remediated through reporting channels.

We comply with the local QSE requirements, and

we monitor closely any legislation changes.

GOV-5_04

Sustainability-related risks are integrated into

ourRisk Management Programme, as detailed

inthe IAR section ‘Business Resilience: Proactive

management of risks and opportunities’. As part of

our Risk Management programme, sustainability-

related risks and opportunities are discussed,

monitored and prioritised, relative to other risks,

during the principal risk assessment process. The

outcomes of engagement with business units

andcross-functional teams are integrated into a

principal risk report, which is reviewed by the Group

Risk and Compliance Committee (GRCC). The

Committee ensures that principal risks, as detailed

in the IAR section Principal Risks and Opportunities,

are reviewed with a broader, cross-functional

perspective, integrating findings into the principal

risk report submitted to the ELT and quarterly to

the Audit and Risk Committee of the Board.

Once a risk is identified and assessed, risk owners,

accountable managers and risk mitigation plan

owners are assigned for monitoring, developing

and implementing mitigating actions and to

ensure clear accountabilities at all stages of the

process. The outcomes of these assessments

and the monitoring of the effectiveness of the

management plans and internal controls

associated with them are reviewed by the Group

Business Resilience Team in collaboration with

Group risk owners, the Regional Management

Teams, the Group Risk and Compliance

Committee, and are subject to internal audit.

GOV-5_05

Our internal audit department conducts

independent cross-regional sustainability audits,

assessing the processes that support sustainability

reporting and data-collection standardisation

across a sample of business units and Group

functions, aiming to identify opportunities to

enhance the overall effectiveness and efficiency of

processes and controls. The audits are conducted

in conformance with the International Standards

for the Professional Practice of Internal Auditing.

The findings are submitted to the Audit and Risk

Committee. The Board and its Committees

conduct annual reviews of the effectiveness

ofour internal controls.

Our local compliance with QSE regulations is

reviewed quarterly, either internally or externally,

within the context of ISO Audits for Quality,

FoodSafety, Occupational Health and Safety,

andEnvironment. On a quarterly basis, the results

ofsuch reviews and inspections are presented

tothe Board’s Audit and Risk Committee.

GOV-5_03

Variations in data collection practices present

challenges to a company’s sustainability reporting

process. Some metrics presented across the

statement, especially for upstream and downstream

value chain segments, are estimated using indirect

sources. For example, the calculation of scope 3

greenhouse gas (GHG) emissions and data related to

the percentage of recycled materials. The timing and

availability of data across the value chain are crucial

for effective decision-making and operational

efficiency. Ensuring data synchronization across

different stages of the value chain is essential for

providing appropriate accuracy. While these factors

introduce some risks, they are manageable with

careful planning and attention.

Strategy

SBM-1 Strategy, business model and value chain:

SB M-1_ 01

Our growth strategy reflects our vision to be

theleading 24/7 beverage company. It is built on

five key pillars of growth, each of which is a core

strength or competitive advantage, while at the

same time, they reflect on different sustainability

aspects. Our five strategic growth pillars include:

• Leverage our unique 24/7 portfolio.

• Win in the marketplace.

• Fuel growth through competitiveness

andinvestment.

• Cultivate the potential of our people.

• Earn our Licence to operate.

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Sustainability Statement continued

For more information, please visit the ‘Strategic

Report – Growth pillars’ section of the IAR.

Our portfolio includes some of the world’s best-

known beverages. We produce and sell an

unparalleled portfolio of beverage brands relevant

toevery customer, consumer and occasion. Our

portfolio is one of the strongest, broadest and most

flexible in the beverage industry, offering consumer-

leading brands in the Sparkling, Juice, Water, Sport,

Energy, Ready-to-drink Tea, Coffee, Adult Sparkling,

Snacks and Premium Spirits categories.

We have high-growth opportunities across

high-value occasions and categories. Our flexible

portfolio caters to a growing range of tastes and

preferences, with a wider choice of both affordable

and premium products, and a wide range of

healthier options. Our Sparkling portfolio has

evolved with the proliferation of zero-sugar and

light variants, single-serve packs and broader

innovation in flavours, and it is the most significant

group of products as it represents the main source

of revenue. Our 24/7 portfolio has considerable

growth potential, driven by our strategic priority

categories, Sparkling, Energy and Coffee.

SB M-1_ 02

We operate in markets with different profiles,

aspresented in the ‘Strategic Report – Growth

pillars’. Every market we serve holds significant

importance to us, contributing substantially to

ouroverall revenue and growth. Our ‘Emerging’

markets contribute to the 45% of our revenues,

followed by the ‘Established’ markets with 33%

and the ‘Developing’ markets with 22%. Further

details are available on pages 2-3.

Our route to market includes a wide range

ofconsumer channels – from supermarkets,

convenience stores and vending machines,

to‘Hotels, Restaurants and Cafés’ (HoReCa).

Our roots date back to 1951 when A.G. Leventis

founded the Nigerian Bottling Company in Lagos.

Since then, the business has expanded, now

covering Armenia to Austria, Egypt to Estonia

andSerbia to Switzerland. We serve 750 million

potential consumers across 29 countries and have

proven routes to market and leading market

positions in aunique geographic footprint across

Western, Central and Eastern Europe, and Africa.

SBM-1_03,04

We are approximately 33,000 passionate, diverse

and committed professionals. The geographical

distribution of our employees (FTEs) is as follows:

Table 3: Geographical distribution of

employees

2024

Geographical area Permanent Temporary

Region 1 5,914 98

Region 2 7,829 679

Region 3 12,368 2,595

Italy 1,991 20

Corporate Centre 1,508 18

Subtotal 29,609 3,409

Total 33,018

• Region 1 includes the following countries:

Austria, Czech Republic, Slovakia, Hungary,

Republic of Ireland, Northern Ireland, Poland,

Estonia, Lithuania, Latvia and Switzerland.

• Region 2 includes the following countries:

Bosnia and Herzegovina, Slovenia, Croatia,

Bulgaria, Greece, Cyprus, Romania, Serbia

(including the Republic of Kosovo), Montenegro,

Ukraine, Moldova andArmenia.

• Region 3 includes the following countries:

Russia, Nigeria, Egypt and Belarus.

Further information about our employees is

available in the ‘Cultivate thepotential of our

people’ section of the IAR.

SBM-1_05,06

None of our products are banned in the markets

where we operate, and we comply with all local

legal requirements for the sale and marketing of

those products. Wherever there is stakeholder

concern expressed relating to beverage industry

ingredients, we address those concerns through

our industry associations and other alliances. As

presented in the Financial Statements, our annual

revenue reached €10,754 million.

SB M-1_ 21

Sustainability is embedded in every aspect of

ourbusiness as we look to create and share value

with all our stakeholders. We make a strong

contribution to developing the societies in which

we operate through employment and our wider

supply chain, as well as through supporting

community projects.

We have established strong targets to embrace

sustainability. Our Mission 2025 commitments

onclimate, packaging, water, ingredients, nutrition,

people and communities set measurable targets.

Further details and data related to ‘Our Mission 2025’

sustainability-related goals and the relationships

with stakeholders are available inthe Strategic

Report, ‘Earn our Licence to operate’ and ‘Tracking

our progress’ sections of the report.

Our Company announced our commitment to

achieving net zero emissions across its entire

value chain by 2040, and we are firm in our target

to reduce our emissions footprint across scope 1,

2 and 3. This commitment is approved by the SBTi.

Together with the Coca-Cola System, we have

started to actively engage with our significant

suppliers that represent over 70% of our scope 3

emissions, on how to measure GHG and prompt

them to actively disclose in the CDP and develop

their own science-based target commitments.

In 2023, we joined the engagement programme

ofthe Science Based Targets Network (SBTN),

and we are committed to follow their guidelines

and methodology for setting science-based

targets for nature. Our target is to make a net

positive impact on biodiversity in critical areas

ofour operations and supply chain by 2040 and

eliminate deforestation in our supply chain by

2025, and we focus our efforts on the relevant

actions so both nature and business can thrive.

We strive to minimise food loss andfood waste in

our operations as this helps us preserve water and

other natural resources, avoid carbon emissions

and mitigate the social and economic impacts of

agriculture. Our target to tackle food waste and

loss across our activities and operations is to

decrease our absolute food losses (in dry matter)

by 30% by 2025 compared toour 2019 baseline,

and further reduce by 40% by 2030 versus 2019.

We also strive to reach 100% recycled waste and

have zero waste to landfill from manufacturing.

SB M-1_ 22

When setting our sustainability goals, we consider

our main activities and their impact, and the goals

cover all our business units, not only the largest

ones. We require each of our operations to

followour sustainability standards, with each

sustainability target set first at the overall

Grouplevel, and then we disaggregate for

eachofouroperations.

The disaggregation leads to an individual country/

business unit annual roadmap, and we conduct

performance reviews based on those annual

roadmaps. In some areas, such as water,

wherechallenges and risks are very local (e.g.,

watershed-specific challenges and risks), we set

our Group target for those risky areas, but the

individual plant target considers the local issue

and specifics.

For suppliers, our overall ESG requirements apply to

every supplier or partner (e.g., our Supplier Guiding

Principles). However, for some specific goals,

suchas sustainable certification of agricultural

ingredients, we consider only the main and most

impactful agricultural ingredients representing

asignificant part of our procurement spend.

In our Mission 2025, as set in 2017 and endorsed

in2018, when the Egyptian operations were not

yet part of CCH, the actual and target data

excludes Egypt. Our updated 2030 emissions

target, and in our long-term commitments, such

as NetZeroby40 and a positive impact on

biodiversity by 2040, Egypt is included.

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Sustainability Statement continued

SB M-1_ 23

Our boldest sustainability commitment,

NetZeroby40, requires significant decarbonisation

of each part of the value chain and decoupling the

emissions from the business growth. In some

cases, for example to reduce emissions from

packaging materials and increase packaging

circularity, we will use more reusable bottles

(returnable glass bottles), which lead to more

waterconsumption in our manufacturing sites for

cleaning of the bottles and also more kilometres

driven for reverse logistics (transportation of

theempty bottles back to the plants). Using more

natural ingredients and providing more beverages

with no preservatives to respond to the health

andnutrition expectations of our consumers lead

to increased requirements of our suppliers and

highercost of sourcing the ingredients.

For more information on our actions, please

seethe ‘Licence to operate’ and ‘Cultivate the

potential of our people’ sections of this report.

SB M-1_ 25

Our business model describes the essence

ofwhat we do: how we create value for all our

stakeholders from the resources and relationships

we need to operate the business. Analytical

description of our business model is available

inthe Value Chain graphic on page 42.

SB M-1_ 26

For further details regarding the inputs and our

approaches to gather, develop and secure those

inputs, please see the Value Chain graphic on page

42and ‘Business model’ section on pages 6-7.

SB M-1_ 27

We believe that the only way to create long-term

value for all our stakeholders is through sustainable

growth. Our stakeholders and the wider communities

where we operate benefit inmultiple ways. Each

stakeholder group has different benefits

depending on their position inthe value chain.

Forour stakeholders’ benefits, please consult

the‘Business model’ section on page 7.

We have a strong socio-economic impact. As a

strategic bottling partner of TCCC, we are aware

that our impact on society is significant.

We create value for the societies we operate in by

creating jobs, training workers and as community

participants, building physical infrastructure,

procuring raw materials locally, transferring

technology, paying taxes, expanding access

toproducts and services, and creating growth

opportunities for our customers, distributors,

retailers and suppliers.

Through the Socio-Economic Impact Study, which

we perform in each of our markets together with

TCCC, we understand how our activities benefit

economies and societies and what our total

contribution is to the domestic economy, local

communities and employment. Further details

regarding the metrics of our socio-economic impact

are available in the Strategic Report, ‘Socio-

economic contribution’ paragraph on page7.

SB M-1_ 28

Our upstream value chain segment incorporates

all the activities that supply us with the key

sustainably produced raw materials and resources,

equipment and services to produce our products.

For that purpose, we partner with our suppliers.

We transform these resources into products

through anoptimised manufacturing

infrastructure, creating valuefor our employees,

investors and governments in thecountries where

we operate. We are an exclusive partner of TCCC

in 28 markets. TCCC owns, develops and

marketsits brands with the end-consumer.

Weareresponsible for producing, distributing

andselling these beverages. We work together

toensure thatwe have the right portfolio

forourmarkets andto ensure excellent, efficient

execution. We buy concentrate from TCCC

underanincidence-based pricing model. We

alsoshare marketing costs and responsibilities;

TCCC undertakes marketing to consumers

whilewe take responsibility for trade marketing

toourcustomers.

In the downstream value chain segment, we

deliver our products through a robust channel

network andpartner with our customers for the

products’ delivery to the end-users (consumers).

Data & Insights

Portfolio Strategy

Investments in

Revenue Growth

Capabilities Plans

Talent Exchange

Making Our

Packaging Circular

Brand

Ownership

Portfolio

Development

Consumer

Marketing

Concentrate

Supply

Production

of Beverages

Portfolio Sales &

route to market

Customer Marketing,

Execution & Management

Bottling Capex

Investments

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Sustainability Statement continued

ﬃ

Our

stakeholders

SBM-2 Interests and views of stakeholders

SBM-2_01,03

We partner and we engage with stakeholders that share our commitment to a sustainable future and

have a stake in our business. Engaging with our stakeholders strengthens our relationships and helps

usmake better business decisions and deliver on our commitments.

SBM-2_02

Except for our people (employees), our key stakeholders include a) investors (shareholders and

analysts), b) customers, c) consumers, d) suppliers, e) governments and regulatory authorities,

f)NGOsand IGOs, g) communities and h) TCCC. Further information is available in the‘Stakeholder

engagement’section on pages 10-11.

SBM-2_03,04

We strive for long-term partnerships with non-governmental organisations, customers, suppliers,

academia and other stakeholders to maximise the impact of community programmes.

We have organised various types of engagement tailored to each stakeholder’s nature, their

relationship with our value chain, and their specific needs.

Our people • Focused and continuous conversations

• Employee Assistance Programme

• Regular employee surveys to understand and act on needs and wellbeing

• Offering personalised experiences and opportunities for personal and

professionalgrowth

• Ongoing dialogue with employee representative bodies

Our customers • Key account managers engage with our customers at a strategic level

• Our business developers visit outlets with digital tools and insights to add value

• Partnering to reduce food loss and waste

• Introduce new packaging types and support packaging collection

• We regularly search for feedback, measure and analyse customer engagement

Our consumers • Together with TCCC, we understand consumers’ needs and preferences

through our access to consumer insights

• Consumers also provide feedback on social media and via consumer hotlines

Our communities • We engage with customers and partners to understand what skills and training

young adults need in specific markets

• Via our #YouthEmpowered sessions, we increase the employability of

youngpeople

• We participate actively to support the set-up and implementation of new

packaging collection schemes

• Addressing water challenges in water priority locations

• We participate in different volunteering initiatives

• We launched the Coca-Cola HBC Foundation to support communities where

we operate

• We provide disaster relief in every business unit where we operate

Governments • Much of our engagement with governments is conducted at an industry level

through trade associations

• We partner with local governments to tackle waste-collection challenges and

water availability

NGOs • We include NGOs and community partners in our leadership development

programmes, offering online training for managing virtual teams and leading in

times of crisis

• We partner with specific NGOs for targeted environmental and social projects,

and for disaster relief

• We engage through our Group Annual Stakeholder Forum and our annual

materiality assessment, as well as through ad hoc meetings

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Sustainability Statement continued

Our suppliers • Feedback received through our Group Annual Stakeholder Forum

• Regular, ongoing interaction with the Coca-Cola System’s central

procurementgroup and our technology and commodity suppliers

• Sustainability workshops organised with main suppliers

• Specific meetings for sustainability discussions with critical suppliers

• Training opportunities provided via SLoCT, EcoVadis IQ, etc.

The Coca-Cola

Company (TCCC)

• Day-to-day interaction as business partners, joint projects, joint business

planning, functional groups on strategic issues and ‘top-to-top’ senior

management forums

Our investors • Communication during our Annual General Meetings, investor roadshows,

press releases and results briefings, and ongoing dialogue with analysts

andinvestors

• Monitoring and implementing the emerging trends and investors’ expectations

via participation in the ESG benchmarks and ESG raters

Further information related to our stakeholder engagement is available in the ‘Stakeholder

engagement’ section of the report, and details about our types of engagement can be found on our

website.

SBM-2_05

Our Annual Stakeholder Forum brings together stakeholders from each stakeholder group to address

their concerns, discuss impacts and risks and propose improvement opportunities.

List of the last six Stakeholder Forums:

1. 2019 Stakeholder Forum: Water efficiency and use, water stewardship in communities,

watereducation.

2. 2020 Stakeholder Forum: Climate action in the new normal.

3. 2021 Stakeholder Forum: Winning ESG partnerships: When one plus one exceeds two.

4. 2022 Stakeholder Forum: Bridging the social and the economic: How can companies invest to deliver

value both for business and society?

5. 2023 Stakeholder Forum: Water regeneration – partnering to strengthen communities’ resilience

anddrive economic growth.

6. 2024 Stakeholder Forum: Harnessing the circular economy for packaging.

SBM-2_07

Besides the annual stakeholder forum, we actively seek out our stakeholders’ opinions and insights by:

• interviewing key internal decision makers and external partners;

• conducting 26 in-depth interviews for our impact materiality with global stakeholders representing

the main stakeholder groups: investors, shareholders, customers, industry associations, NGOs,

local communities, suppliers and international institutions such as the UN Global Compact and

theInternational Organisation of Employers;

• engaging with external stakeholders on an ongoing basis;

• surveying the local external stakeholders during the materiality surveys for the local business

unitsustainability reports;

• considering the material issues list of TCCC and other bottlers as well as other food and

beveragecompanies;

• regular Employee Engagement surveys for our own employees;

• reviewing the feedback received via our ‘SpeakUp!’ line, consumer link, social media, company’s

contacts/emails and customers’ surveys;

• joint sustainability events with peer companies and customers at local business unit level;

• interviews for specific topics done by external auditors during the ISO audits, workplace

accountability and suppliers audits; and

• listening to feedback from our Group Risk and Compliance committee and all risk registers of

ourmarkets.

Hearing from our stakeholders on what matters most is essential for us. Every year, we bring together

(in virtual format) a group of diverse stakeholders to formally review our sustainability performance

andto understand their expectations for the future.

SBM-2_05,06

We aim to strengthen our relationships with our stakeholders that would help us make better business

decisions and deliver on our commitments.

When introducing new packages or products, developing strategies or setting targets to manage the

social and environmental impacts of our operations, we consider what is meaningful and valuable to our

stakeholders. This requires understanding our stakeholders’ priorities and expectations. For instance,

to build trust by operating responsibly and sustainably, and addressing issues that are material for our

communities, we engage directly with people in the markets in which we operate, particularly those

living in the areas around our bottling operations, and through third-party partnerships.

We identify and select all types of stakeholders that can have an impact on or are affected by our

business now and in the future. This process is done both at the Group and country levels, and the

overall input is consolidated and used for our materiality surveys. Specifically, for our thematic Annual

Stakeholder Forum, we aim for at least 50% of our invited stakeholders to be directly relevant to the

issues discussed each year, with the other 50% being from all other categories. Stakeholders’ maps

areupdated regularly by the countries and Group.

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Sustainability Statement continued

SBM-2_12

We seek our stakeholders’ feedback and

recommendations because they are of paramount

importance. We take their insights seriously.

Wealso conduct regular customer satisfaction

surveys and consider any feedback from our

customers. Employee engagement surveys

arealso performed regularly, ensuring thevoice

ofouremployees is heard and resulting inclear

actions to improve.

The Social Responsibility Committee formally

reviews this feedback, looking forward to

accelerating our sustainability-related impacts.

Results of our annual materiality surveys have been

presented to our ELT and Social Responsibility

Committee of the Board every year.

SBM-2_08,09

Please see the Strategic Report, ‘Market trends’

section and specifically paragraphs ‘How we are

responding’ and in the ‘Chief Executive Officer’s

letter’ section on page 9.

In Q4 2024, we opened a new Digital Hub in Egypt

to complement our existing Digital Hubs in Sofia,

Bulgaria, and Athens, Greece. This initiative is part

of the Digital Technology Platforms’ (DTPs’) new

sourcing strategy, which aims to ensure we remain

competitive, agile and future-ready. By bringing

450 more technology roles in-house and investing

in software and customised development, we are

positioning ourselves to better meet the evolving

needs of our stakeholders.

We have continued to leverage our revenue growth

management (RGM) framework to enhance our

customer offerings. This includes initiatives focused

on affordability and premiumisation, ensuring that

we cater to a broad spectrum of consumer needs.

Our leading data, insights and analytics (DIA)

capabilities are integral to this process, enabling

ustoperform micro-segmentation of customers.

This allows us to address specific consumer needs

more effectively and personalise our execution.

By investing in digital capabilities and refining our

customer offerings, we are not only enhancing

ourcompetitive edge but also ensuring that

weremain responsive to the demands and

expectations of our diverse stakeholder base.

SBM-2_10

We are committed to continuing the development

of our 24/7 portfolio, ensuring a consistent range

of choices and strengthening our organisational

capabilities. Our goal is to be recognised as the

best partner by our customers through

distinctiveness and excellence.

Sustainability remains at the top of our

agenda.Building on our strong track record,

wewillcraft the journey to net zero and continue

raising thebar with packaging, collection and

recycling,waterusage, our #YouthEmpowered

programme,gender diversity and other

keysustainability commitments.

Please see the Strategic Report, ‘Chair’s letter’

and ‘Chief Executive Officer’s letter’, paragraphs

‘Looking ahead’.

SBM-2_11

Engaging with stakeholders is a fundamental

aspect of our business operations. We prioritise

theinterests of the Group’s employees and other

stakeholders in our decision-making process,

recognising the importance and value of their

perspectives. This includes considering the impact

of the Company’s activities on the community,

theenvironment and the Group’s reputation.

Overall, these strategic steps are expected

tofoster stronger relationships with our

stakeholders, as they align with their interests

anddemonstrate our commitment to continuous

improvement and innovation.

S1.SBM-2_01

We have organised various types of engagement

forour employees, which enable us to comprehend

their interests and views, as presented previously.

Respect for human rights remains a cornerstone of

our operations. Our updated Human Right Policy

aligns with current global trends in human rights,

positioning us at the forefront in this vital area across

all aspects of our business. To ensure everyone fully

understands our human rights commitments, we

introduced a Humans Rights Manager Guide and

mandatory training for all employees, which must

becompleted every three years.

S2.SBM-2_01

Regarding the value chain workers, we engage with

them through regular audits, and we understand

their concerns via the ‘SpeakUp!’ line which are then

considered in our decision-making processes. We

are dedicated to upholding the human rights of all

value chain workers. Our Supplier Guiding Principles

apply to our suppliers and are aligned with the

expectations and commitments of our Human

Rights Policy. All long-term contractors and

contracted services on site are assessed on human

rights through workplace audits, which have a

three-year cycle.

S3.SBM-2_01

We follow international human rights standards

and ensure our operations respect the rights

ofaffected communities, considering them

inourdecision-making processes. This includes

honouring the rights of indigenous peoples, where

applicable, and recognising their unique cultural,

social and economic contributions.

S4.SBM-2_01

At Coca-Cola HBC, we prioritise the interests,

views and rights of our consumers and end-users

as essential to our strategy and business model.

We continuously assess these impacts and

engage with our consumers through various

mechanisms, including regularly collecting

andanalysing feedback from them, to understand

their needs, preferences and concerns.

We are committed to ensuring that our operations

respect the human rights of consumers and

end-users. Our stringent quality control measures

ensure the safety and reliability of our products,

reflecting our dedication to consumer protection.

To effectively address the evolving needs and

expectations of our consumers and end-users,

Coca-Cola HBC adapts its business model and

strategy by developing new products and services,

such as low- and zero-sugar products, products

with natural ingredients, etc. Furthermore, we

maintain open and transparent communication

with consumers about our practices, products

andany potential risks.

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Sustainability Statement continued

SBM-3 Material impacts, risks and

opportunities and their interaction with

strategy and business model

SBM-3_03,10

Our Business Resilience (BR) programme is

designed to embed the capability, processes and

mindset that enable us to proactively manage

risks – and embrace opportunities – so that we

grow sustainably and meet our short-, medium-

and long-term objectives.

The Group-wide programme includes appropriate

mitigation and response systems that can be

deployed when and where required. Our

integrated and holistic approach has been

particularly important in recent years of

geopolitical, economic and environmental

change.We continue to embed the key principles

ofBusiness Resilience and Risk Management

throughout our business, providing managers

atall levels with the processes and tools they

needto proactively identify and assess risks,

makewell-thought-out decisions and take

appropriate and timely actions.

We measure the extent to which the BR principles

and processes are embedded in our business

through key performance indicators, including

theoutcomes of our annual resilience maturity

survey involving over 350 senior managers

acrossall areas, designed to measure our risk

andresilience culture.

For more information, please see the Business

resilience section of the IAR, page 178.

Working in close collaboration with risk-owners

across our business units, Group functions and

the ELT, the CRO is tasked with maintaining a

wide-angled view of all business streams and

identifying emerging risks and opportunities.

Through regular reporting, the CRO ensures

visibility and provides decision support to the

ELTand our Board.

Our process recognises that, the earlier we

identify, assess and manage risk, the higher the

likelihood is of preventing or reducing negative

impacts and taking advantage of opportunities.

For those events that we cannot prevent or that

are unforeseeable, we have well-established

processes to reduce impact on the business.

These include tested contingency plans, a

business continuity programme, our Incident

Management and Crisis Resolution (IMCR)

programme and an insurance programme.

In 2024, we focused on further embedding our

integrated approach across our business units.

This included piloting a new risk management

toolto improve visibility of key risks and enhance

best-practice sharing and analysis. It also involved

optimising assessment of business interruption

risks and embedding the outcomes in our

insurance and business continuity programmes.

Within the double materiality assessment

process, we have reassessed risks and

opportunities facing our business, the

environment and society. One ofthe most

significant risks to our resilience over the longer

term is climate change. By proactively preparing

for and managing climate risk throughour

business strategy and capital investments,

however, we can harness significant

opportunities. Climate risk is fully integrated

intoour risk management programme, and

ourCRO facilitates more frequent discussions

witha cross-functional team that includes

representatives from Business Resilience,

Finance, QSE, and Corporate Affairs and

Sustainability functions.

SBM-3_02

Following the DMA process, we identified two

material risks across our value chain. The first,

‘Managing our carbon footprint’, refers to our own

operations and to the downstream value chain

and is directly tied to our progress towards

achieving our NetZeroby40 commitment.

The second material risk, ‘Cost and availability of

sustainable packaging’, emerged as material in

both the upstream and downstream segments of

our value chain. In the upstream value chain, this

risk relates to sourcing of sustainable packaging

materials for our products. In the downstream

segment, it relates to reducing packaging waste

and supporting the availability of sustainable

solutions inthe post-consumption phase.

SBM-3_08,09,10

The financial effect for 2024 of the material risk

‘Managing our carbon footprint’ is primarily driven

by the €131.1 million of Capex invested on projects

aimed at reducing emissions, mainly related to

energy efficiency, the expansion of our green fleet

programme and energy-efficient coolers. For the

risk related to ‘Cost and availability of sustainable

packaging’, the current financial effect amounts

to€68.6 million Capex, reflecting investments

made during the year, particularly in returnable

containers and packaging-related projects,

and€30 million, reflecting the increased cost

ofrecycled PET used to bottle our beverages.

Forthe next reporting period, we do not foresee

significant riskof material adjustment to the

carrying amounts of assets and liabilities

reportedinthe financial statements as the

resultof the material risks identified.

The capital and operating expenditure mentioned

above are reflected in our financial statements,

aspart of the overall amounts reported in the

cashflow and income statement respectively.

Ouraccounting system does not separately

classify sustainability-related investments

orcosts, as both are reported in accordance

withthe general financial reporting principles.

ForCapex, however, we apply an internal process

to identify expenditures associated with growth

initiatives with sustainability benefits and we

arethus able to identify the above-mentioned

amounts. For details on Capital expenditure,

please refer to p.350.

As we move forward with our transition plan,

weanticipate that Capex investments that

support it, will gradually increase to 37% oftotal

Capex in 2030. After that, we expect to continue

the 2025-2030 trajectory of investments, for both

Capex and Opex/Cogs, to helpus meet our

NetZeroby40 commitment.

We are confident that we will be able to fund

theaction plan linked to the two material risks

mentioned above. Our sustainable finance

approach underpins the Group’s ability to

alignfunding strategies with sustainability

commitments while supporting the UN

Sustainable Development Goalsand EU

Environmental Objectives. Financing mechanisms

include a diverse range of instruments,

ensuringflexibility in meeting both current and

future financial requirements for action plans.

In 2024, we updated our quantitative assessment

ofthese two material risks. While their inherent

financial effect is material, we have undertaken

considerable planning to ensure that they will

nothave animpact on our business strategy,

therefore reducing their residual effect to our

business. Weconfirmed the resilience of our

strategy through the assessment of these

risksover theshort (2025), medium (2030)

andlong term (>2030) and under different

climatescenarios.

For the ‘Managing our carbon footprint’ risk,

weupdated our comprehensive quantitative

assessment in line with our continuing refinement

ofour NetZeroby40 transition plan and carbon

reduction glidepath. We estimated the future cost

ofcarbon under multiple climate scenarios,

including RCP1.9 (Paris Ambition) and RCP4.5

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Sustainability Statement continued

(stated policy) as well as several transition

scenarios, including theNGFS and IEA transition

scenarios. We have identified several initiatives to

reduce our scope 1 and 2 emissions, including a

decrease in our overall use of energy and the

increase in the use of renewable energy. In

addition, 90% of our emissions are scope 3 thus,

we are dependent on our suppliers and customers

to reduce those emissions. As a result, our climate

transition plan ensures that we are able to

maintain and grow our business, through effective

management of the carbon risks.

For scope 1 emissions, we used projected carbon

pricing for the soft drinks industry, and for scope 2

we used projected carbon pricing for utilities. We

used these projections to estimate the impact of

climate change on future annual operating costs

for generating carbon and applied that to our

projected carbon emissions to 2040 as set out

inour NetZeroby40 roadmap.

Based on the Paris Ambition (RCP1.9) scenario,

wehave estimated that the additional direct

annual carbon cost, associated with scope 1 and 2,

will peakat €25.5 million by 2030, reducing to

€9.3 million by 2040. Under a Stated Policy

(RCP4.5) scenario, wehave estimated that the

additional direct annualcarbon cost for scope 1

and 2, will reach €10.8 million by 2030, reducing

to€2.8 million by 2040. We also performed

apreliminary assessment of the carbon cost

associated with scope 3 emissions (excluding

packaging and ingredients that are covered

underseparate risks). Due to the indirect nature

ofthese potential costs and the uncertainty

around the extent of their residual financial

effectto our business, we will continue to

refineour methodology and update our

assessment next year.

The second material risk, ‘Cost and availability of

sustainable packaging’ is closely linked to the

‘Managing our carbon footprint’ risk, as packaging

represents more than 30% of our emissions. Our

Package Mix of the Future strategy, established in

2023, prepares us well to maintain and grow our

business over the longer term through effective

management of the ‘Cost and availability of

sustainable packaging’ risk. Initiatives such as

increasing the use of recycled and refillable

packaging along with advancing decarbonisation

in the packaging industry contribute significantly

to our journey towards NetZeroby40.

Based on the updated quantification assessment

that we performed in 2024, which was based on

the future cost of carbon related to packaging, we

estimate that the annual cost of packaging under

a Paris Ambition (RCP1.9) scenario will increase

by13.2% by 2030 and by 2.2% by 2040. Under a

Stated Policy (RCP 4.5) scenario, we estimate that

the annual cost of packaging will increase by 4.2%

by 2030 and by 0.4% by 2040.

For the medium and long term, both material risks

are included within our viability statement.

Following a thorough and robust assessment of

the Group’s risks that could threaten our business

model, future performance, solvency or liquidity,

the Board has concluded that the Group is well

positioned to effectively manage its financial,

operational and strategic risks.

For the likelihood assessment of risks linked

toclimate change please see IRO-1_09.

For more details on the material risks, please

seesection ‘Principal risks and opportunities’

ofthis IAR.

SBM-3_01,06,07

In addition to these material risks, we have also

identified material impacts across our value chain.

To describe what the material impacts are,

wefollowed a holistic process as described in

theStrategic Report, ‘Materiality assessment’

section. We identified 16 material positive

andnegative impacts, with at least one impact

identified in each value chain segment

(upstream,own operations and downstream).

Material impacts that are associated with own

operations in any of the horizons, correspond to

those arising from our own activities, while those

connected to upstream or downstream segments

correspond to those arising from business

relationships and activities.

In the upstream value chain, we identified

impactson both the environment and people.

Theenvironmental impacts were negative,

whereas the impacts on people were mostly

positive. The impacts in upstream segment

stemfrom our suppliers’ agricultural activities,

manufacturing ofraw materials, capital goods,

utilities and transportation.

In our own operations we observe negative and

positive impacts on environment and people,

coming from activities related to products’

production and packaging, warehousing,

andowndistribution.

In the downstream value chain segment, we

identified both material negative and positive

impacts to environment, while the material

impacts to people were allpositive. These impacts

come from our third-party distribution, product

use phase andproducts’ end-of-life.

We have conducted our evaluation across four

time-horizons. While not all our impacts and risks

are confined to a single time-horizon, there are

instances where an impact or risk is material

across multiple time-horizons.

For further details please refer to Materiality

tablein ‘Double Materiality Assessment’

onpages39 to40.

SBM-3_04,05

Our assessment highlights the varying nature of

our impacts across different segments. We have

recognised the impact we create to environment

and to people through our business model and

value chain activities, as well as our business

relationships with our stakeholders.

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Sustainability Statement continued

Table 4: List of impacts

Impact Impact nature Impact time Effect

• Climate change Negative Actual/

Potential

GHGs are an externality of our business model and value chain. Therefore, we take targeted actions across thevalue

chain to reduce them and to contribute to climate change mitigation. Our largest emissions come from packaging

and ingredients suppliers (upstream) and from the electricity used for our drink equipment (downstream). At our

own operations, we strive to minimise scope 1 and 2 emissions, through decarbonisation actions focusing on

composition of energy sources. For scope 3, we work with our suppliers and partners todecarbonise.

• Soil pollution Negative Potential Upstream: We recognise that the excessive use of nitrogen and phosphorus fertilisers in agriculture can pollute

the soil (our Tier 2 and Tier 3 suppliers).

• Soil pollution

• Water pollution

Negative Actual/

Potential

Downstream: Indirect impact from post-consumer waste, in countries where effective collection programmes

and schemes are lacking, can lead to pollution in soil and water.

• Water pollution removal Positive Potential Downstream: We have also identified indirect positive impact through our packaging initiatives, the execution of

SBTN actions and water/nature replenishing programmes.

• Water use Negative Actual/

Potential

Own operations: The food and beverage (F&B) sector can significantly impact water resources through various

activities associated with food and beverage production. These include using water as a fundamental ingredient,

as well as for essential processes such as cleaning equipment, mixing ingredients and washing. We acknowledge

the extent of our influence on water resources, particularly through the abstraction and consumption of

waterinwater-stressed or high-risk areas, often referred to as priority locations, as part of our production

operations.

Upstream: Water is used by our agricultural suppliers (Tier 2 and Tier 3) for growing the agricultural ingredients. The

agricultural sector requires a steady and safe supply in large amounts of water to ensure the health and wellbeing of

crops, as well as for the processing of these as ingredients in our products. Therefore, our impact is considered to

be material taking into account the current and projected quantity of products.

• Water replenishment Positive Actual/

Potential

Own operations and Downstream: We have identified significant positive impact on nature, particularly with our

water stewardship and replenishment projects. We have expanded water stewardship efforts by increasing the

number of community projects in water risk areas from 12 in 2023 to 16 in 2024, as well as by replenishing water

back to communities and nature through various water projects outside the manufacturing plant boundaries,

resulting in a net positive water balance.

• Land-ecosystem

usechange

Negative Potential Upstream: We have recognised land-use change as a negative impact due to potential deforestation coming

mainly from Tier 2 and 3 suppliers. Agricultural suppliers cannot quickly and sustainably reduce their impact

regardless of our efforts.

• Health and Safety Negative Actual/

Potential

Health and safety of our employees are of paramount importance. Employees can be affected by any types of

accidents in any activity (manufacturing, warehousing, administration, marketplace activities by commercial

team, etc.) at own operations. We keep metrics to track our progress, and we have set specific goals. Similarly,

‘Health and safety’ remains critical for our contractors and workers in the value chain performing work at our

premises and in 3PL distribution, as any accidents can cause serious injuries or even death.

• Health and Safety Positive Actual Furthermore, as part of our internal health and safety management system, all employees (100%) receive

mandatory safety training. Health and safety trainings are developed also as Group e-learning programmes.

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Sustainability Statement continued

Impact Impact nature Impact time Effect

• Contribution to

employment

Positive Actual/

Potential

Additionally, we provide an Employee Assistance Programme (EAP), health insurance to employees and training

on financial wellbeing. For our suppliers and workers in the value chain, we contribute to their employment, by

offering a living wage, and social security through fair practices and long-term contracts. We have in place the

Principles of Sustainable Agriculture and Suppliers Guiding Principles ensuring that all our suppliers treat their

co-workers and the environment with respect.

• Provision of social

protection and social

security

Positive Potential

• Gender equality Positive Actual/

Potential

Related to gender equality in our operations, we have established special programmes for women, ‘Women

Leaders Network’, to enhance female equality.

• Accessibility of living wage Positive Actual/

Potential

Due to our size, we employ hundreds of employees, positively affecting their employment status with a

corresponding wage, offering our employees the financial incentives and stability they deserve.

• Access to education Positive Actual/

Potential

Besides training related to health and safety to our employees, we offer numerous training materials and

education to all our employees, enhancing their background to key issues.

Additionally to our employees and workers, we provide training and capacity-building to our communities, under

the umbrella of #YouthEmpowered, through which we are equipping them with the skills, experience and

confidence they need to secure a brighter future. Additionally, 10% of community participants join our internal

management programmes which enable skills and knowledge development to different community members.

• Availability, accessibility,

affordability and quality

ofwater

Positive Actual/

Potential

We positively impact our communities, particularly in the availability, accessibility, affordability and quality of water.

We have implemented community WASH programmes in priority locations to strengthen their water, sanitation

and hygiene (WASH) systems. Furthermore, we have provided 7.2 million litres of beverage to Red Cross and other

NGOs for disaster relief and for other community supporting activities. Overall, we have created 501,982

indirect jobs across the value chain, and 1job in our system corresponds to 13 in the community.

• Access to (quality)

information

• Health and safety

• Access to products

andservices

• Responsible marketing

practices

*No impact identified

Disclosed due to stakeholders’interest

We ensure that our products are compliant with regulatory frameworks for food safety, while we provide the

respective information to consumers regarding the quality and nutritional value of our extended portfolio.

Themarketing practices used follow the appropriate legislation, and no misleading content is incorporated.

SBM-3_11

During the previous reporting period, ‘Coca-Cola HBC AG 2023 Integrated Annual Report’ had been prepared in accordance with the Global Reporting Initiative Standards (GRI Universal Standards 2021), where

we have considered impact but also the interest and concerns of our stakeholders, as well as the importance of the topic to the business.

Following the ESRS requirements, we updated our materiality analysis in 2024 to consider impact materiality, risks and opportunities. While no new material areas were identified that had not been previously

considered in our materiality analysis and strategy, we now align our topics with the ESRS standards.

SBM-3_12

All of our impacts and risks are linked to ESRS topics, sub-topics and sub-sub-topics, as presented in our ‘Materiality Table’. We identified positive impact to communities, referred as ‘Access to Education

(#YouthEmpowered)’, which has been covered within ESRS S3 by providing entity-specific metric. The rest of our impacts and risks are covered by the topical ESRS Disclosure Standards.

For further details please refer to Materiality table in ‘Double Materiality Assessment’ on pages 39-40.

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Sustainability Statement continued

IRO-1 Description of the process to identify

and assess material impacts, risks and

opportunities

IRO-1_01

In 2024, we conducted a double materiality

analysis based on the European Sustainability

Standards (ESRS) requirements. We regularly

assess our impacts on people and the

environment as part of our day-to-day activities,

engaging with relevant stakeholders and experts.

These ongoing steps allow us to actively identify

and manage our impacts, risks and opportunities

as we evolve, and as new ones arise. At the

sametime, we have developed a robust risk

management process that integrates risks and

opportunities deriving from sustainability issues

(see also ‘Double Materiality Assessment’ of the

IAR).

We followed a top-down approach at the Group level

for identifying, assessing and prioritising Impacts,

Risks and Opportunities (IROs). Regarding impacts,

we decided to keep the analysis at the ‘impact’ level

to identify impacts on the environment and people.

Specifically, for impacts to the environment, in

orderto identify suitable impact level universe to be

utilised for identifying impacts under a commonly

established impact taxonomy, we leveraged the

impact drivers of nature change under the Taskforce

on Nature-related Financial Disclosures (TNFD).

Respectively, to identify impacts on people under

a suitable impact level universe with a commonly

established impact taxonomy (for social and

socio-economic impacts – which are missing from

the ESRS), we leveraged the UNEP Impact Radar

(impacts to the environment under the UNEPFI

were not utilised as the TNFD categorisation of

impact drivers was used).

Yet, it should be clarified that all actions have

beentaken to alleviate any possible negative

impact, are not considered positive impact,

butmitigation actions. Therefore, their mapping

isconsidered supplementary to the negative

impacts’ identification and aims to facilitate

theIROs’ prioritisation, based on the existing

sustainability targets.

In assessing the materiality of both actual and

potential impacts, we categorise the severity

ofcurrent impacts into three dimensions: scale,

scope and remediability. For potential impacts,

weassess them in terms of severity and likelihood.

Current impacts are identified by considering the

interface of activities with nature. Potential

impacts are identified using the ENCORE

platform, which provides us with scientifically

rigorous information about the impacts of

pollution of our sector and our value chain.

Furthermore, within the framework of the

Science-Based Targets for Nature (SBTN) to

which we are aligned, we take into account all five

key environmental pressures (Land, water, sea use

change, Resource exploitation, Climate change,

Pollution, Invasive species) in the context of

identifying and assessing impacts to nature.

IRO-1_04

Impacts’ identification and assessment were

conducted across the value chain (upstream, own

operations, downstream). Specifically, for those

identified in our own operation, we assessed them

based on the specific quantitative criteria set.

Quantitative criteria were used for some of the

impacts on nature in upstream activities,

specifically for Tier 1 suppliers.

IRO-1_06

Actual negative impacts on people and the

environment were assessed based on the severity

of the impacts in terms of scale, scope and

irremediability, following the guidelines of ESRS 1.

Actual positive impacts to environment and to

people were assessed based on the significance

of the impacts in terms of scale and scope.

Regarding the potential negative and positive

impacts to environment, we also considered

thelikelihood of the impacts. Regarding the

assessment of potential impacts to people,

theirseverity takes precedence over the

likelihood, as determined by ESRS 1

1&2

IRO-1_02

The process encompassed all the segments ofour

value chain, including upstream, own operations and

downstream. To enable impact identification and

assessment, both internal and external sources were

utilised to understand the causes generating various

impacts. The impacts were assessed on a scale of 1

to5 based on quantitative and qualitative criteria and

categorised according to the impact topic they affect.

IRO-1_14

Internal sources (e.g., 2023 IAR, CDP

assessments, GRI Index file, etc.), and external

sources (e.g., Encore database, TCFD, TNFD,

WWF Water Risk Filter, WWF Biodiversity Risk

Filter, external literature review) were used to

identify impacts

. To construct the assessment

criteria, an external scientific literature review was

also conducted.

To facilitate the impacts’ assessment,

existingassessment reports of impacts on the

environment and people, information from legal

reviews, anti-corruption compliance management

systems, occupational health and safety policies,

ISO audit reports, enterprise risk management

systems and performance KPIs already monitored

were also considered.

IRO-1_15

During the previous reporting period, ‘Coca-Cola

HBC AG 2023 IAR’ was prepared in accordance

with the Global Reporting Initiative Standards

(GRIUniversal Standards 2021). Currently,

bothESRS Standards and the GRI Universal

Standards are used.

IRO-1_03

The business model aspects under the analysis,

atGroup level, included:

a. Main business model activities, including

manufacturing of non-alcoholic, ready-to-drink

beverages, manufacturing of packaging

materials (inhouse rPET), manufacturing of

snacks, distribution of alcoholic (sparkling and

premium) and coffee drinks, as well as

secondary activities as marketing, warehousing,

and transportation and distribution.

b. Main business model inputs (including

rawmaterials (ingredients, packaging)

andothersupplies).

c. Main business model outputs (including

mainproducts and services from all

businesssegments).

d. Main externalities (i.e., GHG emissions,

waste,etc.).

1. ESRS 1, chapter 3.4, paragraph 45.

2. ESRS 1, Application Requirement AR. 11.

3. ESRS 1, Application Requirement AR. 9(b).

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Sustainability Statement continued

IRO-1_01

Identifying risks and opportunities is crucial for comprehensive sustainability reporting. The process

ofidentifying the risks and opportunities is aligned with the requirements of the ESRS and ensures a

comprehensive assessment of financial effects. More specifically, Coca-Cola HBC’s risk universe

includes 20 risk categories aligned with the growth pillars.

Table 5: Risk universe – Categories

Leverage 24/7

Beverage

Portfolio

Win in the

Marketplace

Fuel Growth

Through

Competitiveness

&Investment

Cultivate the

Potential of

OurPeople

Earn our Licence

toOperate

Product Category

Acceptability

Commercial New Business

Initiatives

Health and Safety Sustainability

Stakeholder

Relationships

Product Quality

andFood Safety

Financial

Management

People Environmental

Impact

Competing in the

Digital Marketplace

Cyber – IT

Resilienceand

DataPrivacy

Tax Geopolitical

andSecurity

Environment

Legal and Regulator

Fraud Macroeconomic

Environment

Business

Transformation

Business

Interruption

In addition to the already identified sustainability-related risks and opportunities, the following sources

are also examined in order to ensure the completeness of the list:

• risks and opportunities arising from negative and positive impacts identified during the impact

materiality; and

• dependencies in the value chain (ENCORE tool).

Each risk category is assessed considering all value chain segments (upstream, own operations and

downstream). The identified risks are categorised as either environmental, social or governance risks

based on their nature.

IRO-1_07

To ensure effective management and

communication of these risks, we have

established regular updates and discussions.

Twice a year, the Business Resilience team hosts

aconference where all risk sponsors, risk and

insurance coordinators, and Business Resilience

Managers are updated on key trends and

emergingrisks across the business. The CRO

alsofacilitates discussion with the regional

management teams twice a year to discuss risk

and resilience issues and trends, and to calibrate

and benchmark risks across the business. At least

every two years, each business unit participates

inan IMCR validation exercise led by a cross-

functional Group team. This includes training

andparticipation in crisis simulation based on a

relevant business risk.

IRO-1_08,12

We carry out an analysis of the main current and

emerging ESG trends in the beverage industry

byusing desktop research, benchmarking with

peer companies, output from different ESG

ratersand indices, reports and articles on global

trends and beverage industry trends, regulatory

developments and standards (such as CSRD,

ESRS, ISSB, SASB, ENCORE and the GRI Standards),

and by listening to the concerns of ourstakeholders

at both local and Group level.

IRO-1_08

Our materiality assessment is integrated into

ourrisk management programme, and we

evaluate the risks and opportunities associated

with priority topics.

IRO-1_12

Over the years (including in January 2024), we have

performed annual materiality surveys where we

consulted with more than 500 internal and external

stakeholders, including customers, wider consumers,

employees, suppliers, community representatives,

governments, non-governmental organisations,

investors, trade associations and academics. Their

feedback is considered in our sustainability strategy.

IRO-1_13

Opportunities are identified by using the same

process as risks. Both risks and opportunities are

evaluated by measuring likelihood and consequence.

Potential risks and opportunities are identified and

documented in the Risk Universe, which is reviewed

and updated annually.

IRO-1_10

Within the ESG materiality assessment process we

have assessed a long list of risks and opportunities.

Among these, climate change stands out as one

of the most significant risks to our long-term

resilience. However, by proactively preparing for

and managing climate risk through our business

strategy and capital investments, we can turn

challenges into opportunities. Climate risk is fully

integrated into our BR programme, and our CRO

facilitates frequent discussions with a cross-

functional team that includes representatives

fromBusiness Resilience, Finance, QSE, and

Corporate Affairs and Sustainability.

Another critical sustainability-related risk is

linkedto the cost and availability of sustainable

packaging, which aligns with our commitments

tocircular economy. This issue represents a key

focus within our broader sustainability strategy.

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Sustainability Statement continued

Sustainability-related risks are included in our Risk

Management programme and are prioritised in

the same way as other risks. The prioritisation of

risks is based first on the assessed level of residual

risk, followed by inherent risk.

IRO-1_11

The Board retains overall accountability and

responsibility for the Group’s risk management

and internal control systems. For more details,

please refer to the ‘Business Resilience’ section.

Our internal audit department conducts an annual

independent audit of the Business Resilience

programme and its implementation, assessing the

Company’s risk management, business continuity

and crisis management processes, and their

application against business best practices and

the International Accounting Standards. The Head

of Corporate Audit makes recommendations to

improve the programme, where required, and

thefindings are submitted to the Audit and Risk

Committee. The Board and its Committees

conduct annual reviews of the effectiveness

ofour internal controls including sustainability-

related controls.

E1.IRO-1_05

The time horizons that are considered for the

assessment of the risks and opportunities are

aligned with the ESRS requirements and can be

linked to our strategic and financial planning. These

time horizons for the 2024 reporting yearare:

• Current: 2024

• Short-term: 2025 (equal to the horizon of

thebusiness planning process and targets)

• Medium-term: 2030 (equal to the horizon

ofourlong-range plan process)

• Long-term horizon: >2030

IRO-1_09

The magnitude of the financial effect is calculated

either quantitatively or qualitatively for all the risks

and opportunities identified, taking into account

whether and to what extent they affect one or

more of the following financial metrics for

Coca-Cola HBC; financial position, financial

performance, cash flow, cost of capital and access

to finance.

Where possible, the quantitative metric of

percentage of comparable EBIT (cEBIT) is used

toassess the financial effect of each risk and

opportunity, considering a five-step scale.

For those risks and opportunities where the

quantitative metric could not be calculated,

aqualitative magnitude is provided using

thesamefive-step scale.

For the current (2024) financial effect, their

magnitude is solely used along with a suitable

threshold to address materiality. Specifically, the

materiality threshold is set such that all risks and

opportunities that have a potential impact on the

business assessed as ‘Critical’ or ‘Major’ are

considered material, while those that have a

potential impact assessed as ‘Moderate’, ‘Minor’

or‘Insignificant’ are deemed non-material.

Regarding the anticipated risks and opportunities,

the likelihood of occurrence needs also to be

clarified for each corresponding time horizon. To

evaluate the likelihood of occurrence for each risk

or opportunity, the scoring considered is: ‘Almost

certain’, ‘Likely’, ‘Possible’, ‘Unlikely’ and ‘Rare’.

Considering the combination of the financial

effect magnitude and the likelihood scoring

asdefined above, a scale for the inherent risk

emerges: ‘Critical’, ‘High’, ‘Moderate’, ‘Low’ and

‘Very low’.

For the anticipated (short-, medium- and

long-term) risks and opportunities, the above

scale is used along with a suitable threshold

toaddress their materiality. Specifically, the

materiality threshold is set such that all risks

andopportunities labelled as ‘Critical’ or ‘High’

areconsidered material while those categorised

as‘Moderate’, ‘Low’ or ‘Very low’ are deemed

non-material.

E1.IRO-1_01

Through our annual carbon accounting process,

we calculate the GHG emissions across our entire

value chain, encompassing our own operations

aswell as upstream and downstream activities.

The impact on climate change is directly

correlated with the severity of both direct

andindirect GHG emissions.

Our screening process for activities impacting

climate change is closely linked to the significance

level established in our carbon footprint

assessment, which aligns with SBTi criteria.

Accordingly, we estimate and report emissions

that constitute a material portion of our total

carbon footprint, totaling to >95% of our

overallcarbon footprint inventory.

To identify potential future sources of GHG

emissions and assure that we report every activity,

entity or emission’s sub-category as per our

materiality threshold, we periodically conduct

acomprehensive carbon footprint assessment

across our entire value chain. This process

includes evaluating prospective investments,

enabling the business to project our carbon

footprint inventory over the coming years in

alignment with our business plan.

Scale is measured by our annual progress

inalignment with our roadmap for achieving

ourvalidated by the SBTi goals. Scope is

predetermined, due to the impact of GHG

emissions, to be global in reach. Remediability

refers to the ability of natural systems to restore

the climate to its prior state, and is set exceeding

30years, reflecting the extended timeframe

required for significant environmental restoration.

E1.IRO-1_02,03,04,06,07,08,09,10,11,12,13,15,16

Following our assessment, we have identified

three risks that have been linked to ESRS E1 –

Climate Change:

• Managing our carbon footprint

• Impact of extreme weather on our production

and distribution and,

• Impact of climate change on the cost and

availability of key ingredients

Out of the above three risks, only ‘Managing

ourcarbon footprint’ has been deemed

financiallymaterial.

As part of the ‘Managing our carbon footprint’

riskassessment, for scope 1 emissions, we used

projected carbon pricing for the soft drinks

industry, and for scope 2 we used projected

carbon pricing for utilities. For further details

regarding the scenarios and time horizons

usedplease refer to SBM-3_08,09,10.

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Sustainability Statement continued

Global warming has intensified extreme weather

events, such as droughts and storms, increasing

risk to our operations. In assessing the ‘Impact

ofextreme weather on our production and

distribution’ risk, we used different climate

scenarios, including RCP8.5, to assess the

sensitivity of 62 locations to flood risk, likelihood

of wildfires, precipitation and drought. As a result,

we identified 20 plants at higher risk. While all 20

plants have mitigation plans for business

interruption, only five require additional Capex

directly due to climate change. One-off

investments to strengthen resilience are

estimated at €28 million by 2030, of which

€6.9 million are specifically linked to climate

change.

Rising insurance premiums reflect also increased

climate-related risks. The SwissRe Institute

projects rate increases of 40% for fire and 25%

forflood and precipitation. If applied to the higher

risk facilities, we have estimated potential annual

increases in insurance premiums as a direct result

of climate change to be approximately €2.0 million

per annum by 2040.

During 2024, we enhanced our assessment of the

potential for business interruption in our plants,

for any reason, including climate change and

estimate that climate change will only minimally

contribute to the increase of this risk. As a result

ofthis assessment, we are updating our business

continuity plans to enhance our ability to continue

to supply our customers at acceptable levels and

within our risk tolerance if reasonably foreseeable

disruptive events occur.

Finally, when it comes to the ‘Impact of climate

change on the cost and availability of key

ingredients’ risk, we have considered the physical

risk related to the changing productive capacity of

key agricultural regions supplying our ingredients.

Some of the main sugar producing regions are

projected to face productivity declines under

most scenarios, while other growing regions may

benefit. If alternative sources compensate, our

overall sugar supply risk remains neutral. Most

suppliers are conducting contingency planning,

including diversifying sourcing. While physical risks

to our ingredient supply are a concern, their longer

timeframe allows for proactive measures and

resilience-building.

While all ingredients and materials remain subject

to market dynamics, the application of carbon

pricing mechanisms due to regulatory pressures,

are expected to have the greatest impact on costs

and supply stability. Regulatory measures

targeting agricultural emissions and shifts

inclimate-related policies may drive higher

production costs for key ingredients, leading to

increased input cost for us. Emissions-related

costs are expected to drive annual cost rises of

9.2% by 2030 and 1.3% by 2040 under an RCP1.9

scenario and 4.4% by 2030 and 0.5% by 2040

under an RCP4.5 scenario. To mitigate this risk,

weare working closely with our suppliers to

monitor and support potential changes in crop

yields, diversify our supplier base and identify

alternative growing regions where necessary.

It is important to note that we have identified one

material risk ‘Cost and availability of sustainable

packaging’ that is partly driven by transition risk,

aswe expect higher cost of sustainable packaging

materials due to the future cost of carbon.

However, this risk has been linked to the E5

‘Circular economy’ standard, for the purposes

ofthis sustainability statement. For more details,

please see below, section E5.IRO-1_01.

Finally, we recognize the opportunity for our

business in meeting or exceeding stakeholder

expectations in managing our carbon footprint.

Asnoted in our assessment of the impact of our

sustainability performance on our reputation

(see‘Emerging Risk: The impact of consumer

perceptions of our environmental performance’

inthe ‘Risk’ section of the IAR), an increase in

perceptions of our environmental performance

has a direct link to an increase in consumers’

intentto purchase and therefore sales.

E1.IRO-1_10

Given climate-related risks impact Coca-Cola

bottlers globally in similar ways, we have taken

aCoca-Cola System approach to the

identification ofrisks. We have identified and

assessed four transition risks: managing our

carbon footprint, the cost and availability of

sustainable packaging, the impact of consumer

perceptions of our environmental performance on

our reputation and the effect of increasing

government regulation on the cost and availability

of water. Ofthese risks, we have assessed

managing our carbon footprint and the cost and

availability ofsustainable packaging as material

and the outcome of the assessment of those risks

is detailed in section SBM-3_08,09,10 of the

Sustainability Statement, and the ‘Principal risks

and opportunities’section of the IAR.

E1.IRO-1_14

As part of the cross-functional work on our

climate transition plan, we have assessed the

potential of locked-in GHG emissions by 2030

and2040. This has been incorporated into the

emissions glidepath that we use as the basis for

the calculation of our transition risks. For more

details on the locked-in GHG emissions, please

refer to section E1-1_07 of this document.

E2.IRO-1_01

We employ a robust and systematic process

toidentify and assess material impacts, risks

andopportunities related to pollution. To identify

the material impacts, risks and opportunities, we

follow the ‘LEAP’ approach as proposed by ESRS

guidelines. This approach encompasses all value

chain segments and is divided into the following:

• Locate: We apply a screening process to

identify sites with significant environmental

interfaces. Specifically, we focus on locations

where pollution impacts water excluding

GHG emissions. Our assessment criteria

encompass both qualitative and quantitative

indicators, evaluating factors such as pollutant

types, discharge volumes and concentrations,

proximity to vulnerable ecosystems, and

regulatory compliance.

• Evaluate: We assess scale using the WWF

Biodiversity Risk Filter in conjunction with the

received notices of violation, which highlight

the level of significance. Scope is assessed

using the level of geographical occurrence

of facilities with relevant impact, and for

remediability, we estimate the anticipated time

required for natural restoration. The likelihood

of potential impacts is assessed by considering

best practices, the business model and the

mitigation measures we implement.

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Sustainability Statement continued

• Assess: We have assessed the financial

effect of transitional risks due to regulation

and impact on our reputation. We have also

assessed the risk related to disruption in our

production process due to unavailability of key

raw ingredients due to soil pollution, as part of

theupstream value chain. None of these risks

was deemed financially material.

E2.IRO-1_03

To avoid pollution from own operations, we adhere

to the strict environmental standards of TCCC

(KORE standards), which in many cases are more

stringent than the local legislation. We also treat all

of our wastewater to the levels that support aquatic

life. All our manufacturing sites are certified under

the ISO 14001 Environmental Management

System. Upstream pollution may come from soil

pollution at farmers’ level, which are our Tier 2 and

Tier 3 suppliers if they do not follow our Principles

for Sustainable Agriculture (PSA). Downstream

pollution is linked to leakages in soil and water

fromimproperly collected post-consumer waste

(packaging waste from our beverages), mostly in

emerging countries such as Egypt and Nigeria.

E3.IRO-1_01

We employ a robust and systematic process

toidentify and assess material impacts, risks

andopportunities related to water and marine

resources, applying the 4 Phase approach

asindicated in the ESRS. This approach

encompasses all value chain segments

andisdivided into the following:

• Locate: We apply a screening process to

identify plants located in areas at water risk,

including areas of high-water stress which

are considered to be priority locations. As

per our rigorous risk assessment, in 2024,

we had 19 plants located in water risk areas,

that interface with surface and groundwater

resources through withdrawal, consumption

and discharge. The risk would include water

stress but also some water quality risk or

WASH risk for communities (lack of clean

water and sanitation). Additionally, Coca-

Cola HBC considers where the interface with

marine resources takes place. Using the S&P

Global definition coming from the biodiversity

criterion of the Corporate Sustainability

Assessment, sites that interface with marine

resources as those located either within or

adjacent to a distance of 0 to 2 kilometres

from marine resources. For the year 2024,

these sites include only the Aeghion plant in

Greece and the Vladivostok plant in Russia.

Additionally, we consider the Heraklion plant in

Greece (situated at 2.5 kilometres from marine

resources) as relevant due to its proximity within

municipalities or geographical areas adjacent to

the seashore.

None of these plants had directly interfaced with

marine resources, for example via abstraction of

seawater and/or discharge of treated wastewater

in marine water bodies. The screening process

isextended to the upstream and downstream

value chain, following the same process as in own

operations, for major suppliers and communities.

The related activities of the whole value chain

that occur in priority locations proceed to the

‘Evaluate’ step.

• Evaluate: Ιn order to assess the severity,

we use the SBTN indicators related to water

availability and consumption to assess how

grave our impact is (scale); we estimate the

scope which assesses the level of geographical

occurrence of facilities with impact to water

resources, and remediability which assesses the

anticipated time required for natural restoration

of water bodies, taking into account the impact

caused. The likelihood of potential impacts

assesses theprobability of an impact to occur

considering best practices and based on the

business model and the mitigation measures

that we implement.

• Assess: Risks in own operations identified

are the insufficiency of water to service our

needs (throughout the production process),

which is a physical chronic risk; the increased

water costs, which is a transition market risk;

and the potential damage to our reputation

due to the use of significant amounts of water

from the local watershed that could reduce the

availability of water for local communities, which

is a transition reputational risk. Regarding the

identified water-related opportunities, water

recovery from sewage treatment emerged,

which is a resource efficiency opportunity. None

of these risks and opportunities was deemed

financially material.

Furthermore, on a plant level, a tailored risk

assessment framework exists. Based on this

framework, the most relevant dependency-

related water risks considered are:

• watershed baseline water stress;

• ecological status and qualitative risks

ofwaterresources;

• communities’ access rights to clean water

resources;

• hygiene and sanitation services;

• regulatory framework; and

• biodiversity and important water-related

areas surrounding our manufacturing sites.

For further information related to the water risk

assessment that is carried out on our plants,

please visit Water Stewardship and Water Risk

Management Programmes.

• Methodologies, assumptions and tools

utilised: Coca-Cola HBC applies the WWF

Water Risk Filter, which provides detailed

information regarding water risk on water

availability, quantity, quality and other risks in

different locations worldwide. The indicators

monitored are: water use/water withdrawal per

source, water reused or recycled, clean unused

water and quantity of wastewater discharged.

Moreover, location-based assessments are

carried out in each plant in order to evaluate

the vulnerability of the associated water

resources. In Alliance for Water Stewardship

(AWS) certifications or ISO 46001 certifications,

verified by a third party, the impact of water

withdrawal is assessed on both site level and

watershed scale. This assessment includes

important water-related areas, the value chain,

local communities and indigenous people,

and biodiversity value. The risk assessment

is conducted taking into consideration the

severity of impacts and the frequency for

two separate categories (frequent and

non-frequent physical risks). Also, to identify

potential impacts, the ENCORE platform

isutilised.

Water risk management programmes are

organised in all our bottling operations. They

allowus to implement successive risk assessment

steps, create appropriate mitigation measures

and actively follow-up the results of the mitigation

plan and effectiveness in reducing the water

risklevels. By implementing the water risk

management programme, we aim to do

thefollowing:

• Assess specific location-based water risks and

vulnerabilities relevant to each plant.

• Identify the water priority locations for which

external goals are raised.

• Implement appropriate mitigation measures for

the identified water risks and vulnerabilities.

We evaluate the water risks and vulnerabilities

foreach plant based on a common risk scoring

methodology that captures strategic, operational

and reputational risks.

We extend the scope of water risk assessments

from the plant level to the watershed and

communities. Our evaluation comprises several

water risk aspects, such as supply reliability, water

efficiency, compliance, water economics, product

quality and food safety, water sustainability, and

local and social aspects. For all these water risk

aspects, we are considering: 1) the dependencies

of our manufacturing sites to the overall

organisational context, and 2) the impact of

operations to the environment, watershed and

local communities. Most relevant dependency-

related water risks considered in our assessment

are: watershed baseline water stress, ecological

status and qualitative risks of water resources,

communities’ access rights to clean water

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Sustainability Statement continued

resources, hygiene and sanitation services,

regulatory framework, biodiversity and important

water-related areas surrounding our

manufacturing sites. The most significant

impact-related water risks considered in our

assessment are: the impact of our water use on

the naturally renewable water resources, the

impact of our wastewater operations and

discharge to the natural environment, and the

impact of our community projects on the

watersheds health status. During the mid-term

and long-term water risk assessment processes,

we evaluate the future trends that might impact

the current water risks. The starting point for the

climate change impact on water resources is

related to water availability. We use the publicly

available information from recognised platforms

such as Aqueduct (WRI) and Water Risk Filter

(WWF) to evaluate the change in baseline water

stress of the areas in which our plants are located.

We also factor in the current source water

utilisation rate (calculated as water use volume

divided by available water at source). This allows

usto calculate the future source water utilisation

rate. If this value exceeds 100%, it means we need

to optimise and expand our water infrastructure

toensure future available water volumes for our

production needs. We also quantify the climate

change impact on water resources availability

asfinancial risk. We specifically quantify the

additional operational and capital expenditure we

need to increase water availability for the climate

scenarios of 2030 and 2040, under two different

climate scenarios. We actively monitor the

regulatory changes that may potentially impact

water resources so we can proactively upgrade

plants’ water supply and water treatment

infrastructures. The reputational issues are

considered in our stakeholders’ engagement

process, and we agree common actions

toaddress shared, current and future

waterchallenges.

E4.IRO-1_01,02,03,04

We apply the LEAP approach, specifically the Locate,

Evaluate and Assess steps as indicated inESRS.

These steps can be further analysed asfollows:

• Locate: We develop a list of the locations of our

assets and identify the biomes and ecosystems

our assets interface with. Consequently,

we identify the integrity and importance of

biodiversity in these areas and carry out a

mapping of the biodiversity-sensitive areas.

Finally, we identify our activities as well as those

in our upstream and downstream value chain.

In 2024, 7 plants were in close proximity to

legally protected areas. Out of them, 5 plants

are in proximity from zero to 2 kilometres as

per the definition of the S&P Global Corporate

Sustainability Assessment biodiversity criterion.

• Evaluate: Regarding the identification of current

impacts, we consider the direct impact of the

interface of our activities with the biodiversity

in the material locations. Moreover, we indicate

the size, scale, frequency of occurrence and

timeframe of the impacts on biodiversity and

ecosystems in these areas. We estimate the

percentage of our procurement spent from

major suppliers with facilities located in risk-

prone areas (with threatened species on the

IUCN Red List of Species, the Birds and Habitats

Directive or national list of threatened species,

or in officially recognised Protected Areas,

the Natura 2000 network of protected areas

and Key Biodiversity Areas). Furthermore, we

indicate the size and scale of the dependencies

on biodiversity and ecosystems, including on

raw materials, natural resources and ecosystem

services. Regarding the identification of potential

impacts, we use the ENCORE platform that

provides us with scientific rigorous information

about the impacts on water resources of

the sector and our value chain. After the

identification process, we assess the severity

and likelihood (for potential impacts) of the

positive and negative impacts. Specifically, to

assess the severity of our impact, we assess:

the scale through the WWF Biodiversity Risk

Filter, the scope which assesses the level of

geographical occurrence of facilities with impact

to biodiversity and the remediability which is

determined by the anticipated time required

for natural restoration of ecosystems. Also,

likelihood of potential impacts assesses the

probability of an impact to occur considering

best practices and based on the business model

and the mitigation measures that we implement.

At a site level, we have conducted biodiversity

impact and risk assessment throughout our

value chain which can be found in our 2022

Biodiversity Impact and Risk Assessment.

Additionally, on a five-year basis, we conduct

aSource Vulnerability Assessment, which

includes impact assessment related to

biodiversity within our own operations.

• Assess: Physical and transition risks (including

systemic risks) and dependencies in relation to

nature are considered during the ‘assess’ step.

Based on the assessment process, the risks

for further consideration are three transition

risks. In the upstream value chain, difficulties in

accessing ingredients and/or potential increase

in their cost driven by climate change, and low

quality or quantity of agricultural ingredients

used in our production triggered by invasive

species in our supply chain are assessed as

transition market risks. In the downstream

value chain, the impact on our reputation if we

do not meet our deforestation commitment, is

assessed as a transition reputational risk. None

of these risks was deemed financially material.

E4.IRO-1_06

Please read our Biodiversity Impact and Risk

Assessment for detailed insights regarding our

sites: within our seven manufacturing sites in

close proximity to legally protected areas up to

30kilometres, there is no site with negative

impact on biodiversity.

E4.IRO-1_07

For calibration of our material impact, we

haveapproached representatives from the

localcommunities in Europe and Africa, and we

have captured their feedback. In every Annual

Stakeholder Forum, there are representatives

from local communities who discuss the relevant

sustainability topic and suggest actions

forimprovement.

Within the WASH projects, we provide clean water

access and sanitation to communities in need, and

we work together with NGOs, local municipalities

and local representatives. In other water

stewardship projects, e.g., for providing water

forirrigation, we work with affected farmers.

E4.IRO-1_08

Negative impacts on ecosystem services are

avoided by implementing replenishment projects

in our plants in countries we operate. Our negative

impact assessed in direct operations is related

only to water use, however, we address water

across the entire value chain by:

• undertaking Source Vulnerability Assessments

in 100% of our manufacturing sites, which

serves as a basis for our Source Water

Protection Plan;

• actively reducing the amount of water used in

the production of our beverages and treating

wastewater at levels that support aquatic life;

• partnering with suppliers to minimise our water

footprint across the entire value chain;

• investing in community water conservation

projects designed to replenish the water we use

through innovative sustainable technologies;

and

• delivering Alliance for Water Stewardship or ISO

46001 Water efficiency management systems

certification at all our manufacturing sites.

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Sustainability Statement continued

E4.IRO-1_14

As of 2024, we have one site overlapping with a

legally protected biodiversity area (Natura 2000,

Category IV-VI) and six sites located near other

legally protected areas up to 30 kilometres.

E4.IRO-1_15

Even though we have activities near legally

protected areas, we do not negatively affect these

areas by any means of deterioration of habitats

and/or species. This is confirmed in our Source

Vulnerability Assessment (SVA), an assessment

done regularly for each manufacturing site by an

external independent expert and documented in

the SVA.

E4.IRO-1_16

We fully comply with all local biodiversity

regulations and, on top, we have voluntarily

certified our sites in ISO 14001 and Water

stewardship certifications (AWS or ISO 46001).

Asno negative impact has been identified, our

measures are rather for addressing the positive

impact, such as replenish water.

E5.IRO-1_01

Resource inflows, outflows and mostly waste were

used as drivers of impacts which affect soil and

water bodies. Furthermore, TNFD does not have

aspecific impact topic related to circular

economy, soto be compliant with TNFD, we

incorporated them as drivers of impacts to soil

and water pollution. To determine the latter, all

activities of our value chain (upstream, own

operation and downstream) were screened, and

according to their location in the value chain,

different assumptions were made.

The ROs identification process included a thorough

review to capture the full scope of ROs, incorporating

the ERM, Impact Universe, SASB sectoral analyses

and ENCORE dependency assessments.

The identified and evaluated risks were grouped

under the broader risk ‘Cost and availability of

sustainable packaging’, that was deemed financially

material. This risk includes risks related to regulatory

targets on collection, waste management and

specific packaging types, increased cost of

packaging materials due to climate change-related

regulation and Capex costs associated with

changing packaging mix. We have also identified a

few opportunities, such as the opportunity

associated with the launch of innovative packaging

solutions, which were not deemed financially

material. For the risks’ identification and assessment,

please refer to section ‘IRO-1_09’.

E3.IRO-1_02 & E2.IRO-1_02 & E4.IRO-1_05&

E5.IRO-1_02 & IRO-1_05

We conduct consultations with affected

stakeholders, including communities, and we

ensure that their feedback is taken into account.

Every year we carry out an Annual Stakeholder

Forum, the aim of which is to supplement the

process of material IROs identification and

assessment and to take insights regarding our

impacts on both people and nature. The theme

ofthis forum changes each year aswell.

In 2023, we focused on ‘Water Regeneration –

partnering to strengthen communities’

resilienceand drive economic growth’. Over

130representatives, from customers, industry

associations and academia, to NGOs,

policymakers and peer companies – and 25

countries – came together to our Annual Forum.

The theme was covered in the context of climate

resilience, economic growth and the wellbeing of

people. Further information regarding our Annual

Stakeholder Forum is available in our website.

In 2024, we welcomed over 160 (167) stakeholders

to our Annual Stakeholder Forum, themed

‘Harnessing the Circular Economy for Packaging’.

Further insights regarding our 2024 Annual

Stakeholder Forum are available on page 38 ofthe

Strategic Report, paragraph ‘Stakeholder Forum

– hearing from our stakeholders on what matters

most’.

In addition to our Annual Stakeholder Forum,

weregularly organise supplier sustainability

events(especially with our main sugar and

sweeteners suppliers) and meetings where

wediscuss different ESG aspects, including

biodiversity, deforestation and soil practices

thatprevent pollution.

During the annual innovation day with suppliers,

we also discuss with packaging suppliers solutions

for alternative packaging, lightweighting and

recyclability to minimise packaging waste and

increase circularity and thus reduce further soil

and water pollution.

Furthermore, in the context of environmental

permitting process and updates regarding the

performance towards the licensing environmental

authorities, we consult various stakeholders such

as NGOs, environmental and subject-matter

(pollution, water and biodiversity-related) experts

and affected communities.

Lastly, we engaged with subject-matter experts

and impacted stakeholders through dedicated

interviews as an additional source for identifying

impacts and understanding how our business

activities, including those across the value chain,

affect the environment and people.

In particular, an independent organisation

conducted 26 interviews with various external

stakeholders and experts, representing a diverse

range of our stakeholders, including investors,

shareholders, customers, suppliers, industry

associations, NGOs, IGOs, community

participants, and international institutions such

asthe UNGC and the International Organisation

ofEmployers. Interviews’ objectives were to hear

the perspective of affected stakeholders to

understand the level of impact materiality, to

support decisions on setting the materiality

thresholds and manage the total level of disclosure

required, as well as to understand the nature of the

impacts, to guide any disclosure, in line with the

needs of users of sustainability statements.

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Sustainability Statement continued

IRO-2 Disclosure Requirements in ESRS covered by CCHBC’s sustainability statement

IRO-2_01

Table 6: Datapoints from list of the Disclosure Requirements

Disclosure Requirement

Location in the sustainability

statement(page/paragraph)

BP-1 General basis for preparation of sustainability statements

p.41

BP-2 Disclosures in relation to specific circumstances

p.43

GOV-1 The role of the administrative, management and supervisory bodies

p.45

GOV-2 Information provided to and sustainability matters addressed

byCCHBC’s administrative, management and supervisory bodies

p.46

GOV-3 Integration of sustainability-related performance in incentive schemes

p.47

GOV-4 Statement on due diligence

p.48

GOV-5 Risk management and internal controls over sustainability reporting

p.49

SBM-1 Strategy, business model and value chain

p.50

SBM-2 Interests and views of stakeholders

p.52

SBM-3 Material impacts, risks and opportunities and their interaction with

strategy and business model

p.55

IRO-1 Description of the process to identify and assess material impacts,

risks and opportunities

p.59

IRO-2 Disclosure Requirements in ESRS covered by CCHBC’s

sustainabilitystatement

p.66

E1-1 Transition plan for climate change mitigation

p.83

E1.SBM-3 Material impacts, risks and opportunities and their interaction

with strategy and business model

p.84

E1-2 Policies related to climate change mitigation and adaptation

p.85

E1-3 Actions and resources in relation to climate change policies

p.87

E1-4 Targets related to climate change mitigation and adaptation

p.90

E1-5 Energy consumption and mix

p.92

E1-6 Gross scopes 1, 2, 3 and Total GHG emissions

p.93

E1-7 GHG removals and GHG mitigation projects financed through carbon credits

p.98

Disclosure Requirement

Location in the sustainability

statement(page/paragraph)

E1-8 Internal carbon pricing

p.99

E1-9 Anticipated financial effects from material physical and transition risks

and potential climate-related opportunities

-----

Ε2-1 Policies related to pollution

p.100

Ε2-2 Actions and resources related to pollution

p.102

Ε2-3 Targets related to pollution

p.103

Ε2-4 Pollution of air, water and soil

------

Ε2-5 Substances of concern and substances of very high concern

------

Ε2-6 Anticipated financial effects from material pollution-related risks and

opportunities

------

E3-1 Policies related to water and marine resources

p.104

E3-2 Actions and resources related to water and marine resources

p.106

E3-3 Targets related to water and marine resources

p.112

E3-4 Water consumption

p.114

E4.SBM-3 Material impacts, risks and opportunities and their interaction

with strategy and business model

p.115

E4-1 Transition plan and consideration of biodiversity and ecosystems in

strategy and business model

p.115

E4-2 Policies related to biodiversity and ecosystems

p.116

E4-3 Actions and resources related to biodiversity and ecosystems

p.117

E4-4 Targets related to biodiversity and ecosystems

p.118

E4-5 Impact metrics related to biodiversity and ecosystems change

p.118

E4-6 Anticipated financial effects from material biodiversity and

ecosystem-related risks and opportunities

------

E5-1 Policies related to resource use and circular economy

p.119

E5-2 Actions and resources related to resource use and circular economy

p.120

E5-3 Targets related to resource use and circular economy

p.125

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Sustainability Statement continued

Disclosure Requirement

Location in the sustainability

statement(page/paragraph)

E5-4 Resource inflows

p.127

E5-5 Resource outflows

p.128

E5-6 Anticipated financial effects from material resource use and circular

economy-related risks and opportunities

p.129

S1. SBM-3 Material impacts, risks and opportunities and their interaction

with strategy and business model

p.130

S1-1 Policies related to own workforce

p.131

S1-2 Processes for engaging with own workers and workers’ representatives

about impacts

p.135

S1-3 Processes to remediate negative impacts and channels for own

workers to raise concerns

p.136

S1-4 Taking action on material impacts on own workforce, and approaches

to mitigating material risks and pursuing material opportunities related to

own workforce, and effectiveness of those actions

p.137

S1-5 Targets related to managing material negative impacts, advancing

positive impacts, and managing material risks and opportunities

p.141

S1-6 Characteristics of CCHBC’s employees

p.142

S1-7 Characteristics of non-employee workers in CCHBC’s own workforce

p.143

S1-8 Collective bargaining coverage and social dialogue

------

S1-9 Diversity metrics

p.144

S1-10 Adequate wages

p.144

S1-11 Social protection

p.144

S1-12 Persons with disabilities

------

S1-13 Training and skills development metrics

p.144

S1-14 Health and safety metrics

p.144

S1-15 Work-life balance metrics

------

S1-16 Compensation metrics (pay gap and total compensation)

p.145

S1-17 Incidents, complaints, and severe human rights impacts

p.145

Disclosure Requirement

Location in the sustainability

statement(page/paragraph)

ESRS 2 SBM-3 Material impacts, risks and opportunities and their

interaction with strategy and business model

p.146

S2-1 Policies related to value chain workers

p.148

S2-2 Processes for engaging with value chain workers about impacts

p.150

S2-3 Processes to remediate negative impacts and channels for value chain

workers to raise concerns

p.151

S2-4 Taking action on material impacts on value chain workers, and

approaches to managing material risks and pursuing material opportunities

related to value chain workers, and effectiveness of those actions

p.151

S2-5 Targets related to managing material negative impacts, advancing

positive impacts, and managing material risks and opportunities

p.153

ESRS 2 SBM-3 Material impacts, risks and opportunities and their

interaction with strategy and business model

p.155

S3-1 Policies related to affected communities

p.156

S3-2 Processes for engaging with affected communities about impacts

p.157

S3-3 Processes to remediate negative impacts and channels for affected

communities to raise concerns

p.158

S3-4 Taking action on material impacts on affected communities, and

approaches to managing material risks and pursuing material opportunities

related to affected communities, and effectiveness of those actions

p.158

S3-5 Targets related to managing material negative impacts, advancing

positive impacts, and managing material risks and opportunities

p.159

ESRS 2 SBM-3 Impacts, risks and opportunities and their interaction with

strategy and business model

p.161

S4-1 Policies related to consumers and end-users

p.162

S4-2 Processes for engaging with consumers and end-users about impacts

p.165

S4-3 Processes to remediate negative impacts and channels for consumers

and end-users to raise concerns

p.166

S4-4 Taking action on material impacts on consumers and end-users, and

approaches to managing material risks and pursuing material opportunities

related to consumers and end-users, and effectiveness of those actions

p.167

S4-5 Targets related to managing material negative impacts, advancing

positive impacts, and managing material risks and opportunities

p.172

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Sustainability Statement continued

IRO-2_02

Table 7: Datapoints from other EU legislation

Disclosure Requirement

and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference

Benchmark Regulation

( 25 ) reference

Climate Law

( 26 ) reference

Location in the

sustainability

statement

Materiality of

information

(Group level)

ESRS 2 GOV-1

Board’s gender diversity

paragraph 21(d)

Indicator number 13 of Table

#1 of Annex 1

Commission Delegated

Regulation (EU) 2020/1816 ( 27 ),

Annex II

p.45 Material for Group

Level

ESRS 2 GOV-1

Percentage of board members who

areindependent paragraph 21 (e)

Delegated Regulation (EU)

2020/1816, Annex II

p.45 Material for Group

Level

ESRS 2 GOV-4

Statement on due diligence

paragraph30

Indicator number 10 Table

#3 of Annex 1

p.48 Material for Group

Level

ESRS 2 SBM-1

Involvement in activities related to

fossil fuel activities paragraph 40 (d) i

Indicators number 4 Table

#1 of Annex 1

Article 449a Regulation (EU) No

575/2013;

Commission Implementing

Regulation (EU) 2022/2453 (28)

Table 1: Qualitative information

onEnvironmental risk and Table 2:

Qualitative information on

Socialrisk

Delegated Regulation (EU)

2020/1816, Annex II

– Not Material

ESRS 2 SBM-1

Involvement in activities related to

chemical production paragraph 40 (d) ii

Indicator number 9 Table #2

of Annex 1

Delegated Regulation (EU)

2020/1816, Annex II

– Not Material

ESRS 2 SBM-1

Involvement in activities related to

controversial weapons paragraph 40

(d) iii

Indicator number 14 Table

#1 of Annex 1

Delegated Regulation (EU)

2020/1818 (29) , Article 12(1)

Delegated Regulation (EU)

2020/1816, Annex II

– Not Material

ESRS 2 SBM-1

Involvement in activities related to

cultivation and production of tobacco

paragraph 40 (d) iv

Delegated Regulation (EU)

2020/1818, Article 12(1)

Delegated Regulation (EU)

2020/1816, Annex II

– Not Material

ESRS E1-1

Transition plan to reach climate

neutrality by 2050 paragraph 14

Regulation (EU) 2021/1119,

Article 2(1)

p.83 Material for Group

Level

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Sustainability Statement continued

Disclosure Requirement

and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference

Benchmark Regulation

( 25 ) reference

Climate Law

( 26 ) reference

Location in the

sustainability

statement

Materiality of

information

(Group level)

ESRS E1-1

Exclusion from Paris-aligned

Benchmarks paragraph 16 (g)

Article 449a

Regulation (EU) No 575/2013;

Commission Implementing

Regulation (EU) 2022/2453

Template 1: Banking book – Climate

change transition risk: Credit quality

of exposures bysector, emissions

and residual maturity

Delegated Regulation (EU)

2020/1818, Article12.1 (d) to (g),

and Article 12.2

p.83 Material for Group

Level

ESRS E1-4

GHG emission reduction targets

paragraph 34

Indicator number 4 Table #2

of Annex 1

Article 449a

Regulation (EU) No 575/2013;

Commission Implementing

Regulation (EU) 2022/2453

Template 3: Banking book –

Climate change transition risk:

Alignment metrics

Delegated Regulation (EU)

2020/1818, Article 6

p.91 Material for Group

Level

ESRS E1-5

Energy consumption from fossil

sources disaggregated by sources

(only high climate impact sectors)

paragraph 38

Indicator number 5 Table #1

and Indicator n. 5 Table #2 of

Annex 1

p.92 Material for Group

Level

ESRS E1-5 Energy consumption

andmix paragraph 37

Indicator number 5 Table #1

of Annex 1

p.92 Material for Group

Level

ESRS E1-5

Energy intensity associated with

activities in high climate impact

sectors paragraphs 40 to 43

Indicator number 6 Table #1

of Annex 1

p.92 Material for Group

Level

ESRS E1-6

Gross scope 1, 2, 3 and Total GHG

emissions paragraph 44

Indicators number 1 and 2

Table #1 of Annex 1

Article 449a; Regulation (EU)

No575/2013; Commission

Implementing Regulation (EU)

2022/2453 Template 1: Banking

book – Climate change transition

risk: Credit quality of exposures

bysector, emissions and

residualmaturity

Delegated Regulation (EU)

2020/1818, Article 5(1), 6 and 8(1)

p.93 Material for Group

Level

ESRS E1-6

Gross GHG emissions intensity

paragraphs 53 to 55

Indicators number 3 Table

#1 of Annex 1

Article 449a Regulation (EU) No

575/2013; Commission

Implementing Regulation (EU)

2022/2453 Template 3: Banking

book – Climate change transition

risk: Alignment metrics

Delegated Regulation (EU)

2020/1818, Article 8(1)

p.98 Material for Group

Level

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Sustainability Statement continued

Disclosure Requirement

and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference

Benchmark Regulation

( 25 ) reference

Climate Law

( 26 ) reference

Location in the

sustainability

statement

Materiality of

information

(Group level)

ESRS E1-7

GHG removals and carbon

creditsparagraph 56

Regulation (EU) 2021/1119,

Article 2(1)

p.98 Material for Group

Level

ESRS E1-9

Exposure of the benchmark portfolio

to climate-related physical risks

paragraph 66

Delegated Regulation (EU)

2020/1818, Annex II Delegated

Regulation (EU) 2020/1816,

Annex II

– Material for the

Group

(use of phased-in

option)

ESRS E1-9

Disaggregation of monetary amounts

by acute and chronic physical risk

paragraph 66 (a)

Article 449a Regulation (EU) No

575/2013; Commission

Implementing Regulation (EU)

2022/2453 paragraphs 46 and 47;

Template 5: Banking book –

Climate change physical risk:

Exposures subject to physical risk.

– Material for the

Group

(use of phased-in

option)

ESRS E1-9

Location of significant assets at

material physical risk paragraph 66 (c)

– Material for the

Group

(use of phased-in

option)

ESRS E1-9 Breakdown of the carrying

value of its real estate assets by

energy-efficiency classes paragraph

67 (c)

Article 449a Regulation (EU)

No575/2013; Commission

Implementing Regulation (EU)

2022/2453 paragraph 34;

Template 2:Banking book –

Climate change transition risk:

Loans collateralised by immovable

property –Energy efficiency of

thecollateral

– Material for the

Group

(use of phased-in

option)

ESRS E1-9

Degree of exposure of the portfolio

toclimate-related opportunities

paragraph 69

Delegated Regulation (EU)

2020/1818, Annex II

– Material for the

Group

(use of phased-in

option)

ESRS E2-4

Amount of each pollutant listed in

Annex II of the E-PRTR Regulation

(European Pollutant Release and

Transfer Register) emitted to air,

water and soil, paragraph 28

Indicator number 8 Table #1

of Annex 1 Indicator number

2 Table #2 of Annex 1

Indicator number 1 Table #2

of Annex 1 Indicator number

3 Table #2 of Annex 1

– Not Material

ESRS E3-1

Water and marine resources

paragraph 9

Indicator number 7 Table #2

of Annex 1

p.104 Material for Group

Level

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Sustainability Statement continued

Disclosure Requirement

and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference

Benchmark Regulation

( 25 ) reference

Climate Law

( 26 ) reference

Location in the

sustainability

statement

Materiality of

information

(Group level)

ESRS E3-1

Dedicated policy paragraph 13

Indicator number 8 Table 2

of Annex 1

– Not Material

ESRS E3-1

Sustainable oceans and seas

paragraph 14

Indicator number 12 Table

#2 of Annex 1

– Not Material

ESRS E3-4

Total water recycled and reused

paragraph 28 (c)

Indicator number 6.2 Table

#2 of Annex 1

p.114 Material for Group

Level

ESRS E3-4

Total water consumption in m3 per net

revenue on own operations

paragraph 29

Indicator number 6.1 Table

#2 of Annex 1

p.114 Material for Group

Level

ESRS 2- SBM 3 – E4 paragraph 16 (a) i Indicator number 7 Table #1

of Annex 1

– Not Material

ESRS 2- SBM 3 – E4 paragraph 16 (b) Indicator number 10 Table

#2 of Annex 1

– Not Material

ESRS 2- SBM 3 – E4 paragraph 16 (c) Indicator number 14 Table

#2 of Annex 1

– Not Material

ESRS E4-2

Sustainable land / agriculture

practices or policies paragraph 24 (b)

Indicator number 11 Table

#2 of Annex 1

p.116 Material for Group

Level

ESRS E4-2

Sustainable oceans / seas practices

or policies paragraph 24 (c)

Indicator number 12 Table

#2 of Annex 1

– Not Material

ESRS E4-2

Policies to address deforestation

paragraph 24 (d)

Indicator number 15 Table

#2 of Annex 1

p.116 Material for Group

Level

ESRS E5-5

Non-recycled waste paragraph 37 (d)

Indicator number 13 Table

#2 of Annex 1

– Not Material

ESRS E5-5

Hazardous waste and radioactive

waste paragraph 39

Indicator number 9 Table #1

of Annex 1

– Not Material

ESRS 2- SBM3 – S1

Risk of incidents of forced

labour paragraph 14 (f)

Indicator number 13 Table

#3 of Annex I

– Not Material

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Sustainability Statement continued

Disclosure Requirement

and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference

Benchmark Regulation

( 25 ) reference

Climate Law

( 26 ) reference

Location in the

sustainability

statement

Materiality of

information

(Group level)

ESRS 2- SBM3 – S1

Risk of incidents of child

labour paragraph 14 (g)

Indicator number 12 Table

#3 of Annex I

– Not Material

ESRS S1-1

Human rights policy

commitments paragraph 20

Indicator number 9 Table #3

and Indicator number 11

Table #1 of Annex I

p.134 Material for Group

Level

ESRS S1-1

Due diligence policies on issues

addressed by the fundamental

International Labour Organization

Conventions 1 to 8, paragraph 21

Delegated Regulation (EU)

2020/1816, Annex II

p.134 Material for Group

Level

ESRS S1-1

processes and measures for

preventing trafficking in human

beings paragraph 22

Indicator number 11 Table

#3 of Annex I

– Not Material

ESRS S1-1

workplace accident prevention policy

or management system paragraph 23

Indicator number 1 Table #3

of Annex I

p.131 Material for Group

Level

ESRS S1-3

grievance/complaints handling

mechanisms paragraph 32 (c)

Indicator number 5 Table #3

of Annex I

p.136 Material for Group

Level

ESRS S1-14

Number of fatalities and number

and rate of work-related accidents

paragraph 88 (b) and (c)

Indicator number 2 Table #3

of Annex I

Delegated Regulation (EU)

2020/1816, Annex II

p.145 Material for Group

Level

ESRS S1-14

Number of days lost to injuries,

accidents, fatalities or illness

paragraph 88 (e)

Indicator number 3 Table #3

of Annex I

p.145 Material for Group

Level

ESRS S1-16

Unadjusted gender pay gap

paragraph 97 (a)

Indicator number 12 Table

#1 of Annex I

Delegated Regulation (EU)

2020/1816, Annex II

p.145 Material for Group

Level

ESRS S1-16

Excessive CEO pay ratio

paragraph 97 (b)

Indicator number 8 Table #3

of Annex I

p.145 Material for Group

Level

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Sustainability Statement continued

Disclosure Requirement

and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference

Benchmark Regulation

( 25 ) reference

Climate Law

( 26 ) reference

Location in the

sustainability

statement

Materiality of

information

(Group level)

ESRS S1-17

Incidents of discrimination

paragraph 103 (a)

Indicator number 7 Table #3

of Annex I

p.145 Material for Group

Level

ESRS S1-17 Non-respect of UNGPs

onBusiness and Human Rights and

OECD Guidelines paragraph 104 (a)

Indicator number 10 Table

#1 and Indicator n. 14 Table

#3 of Annex I

Delegated Regulation (EU)

2020/1816, Annex II Delegated

Regulation (EU) 2020/1818

Art 12 (1)

p.145 Material for Group

Level

ESRS 2- SBM3 – S2

Significant risk of child labour or

forcedlabour in the value chain

paragraph 11 (b)

Indicators number 12 and n.

13 Table #3 of Annex I

– Not Material

ESRS S2-1

Human rights policy

commitments paragraph 17

Indicator number 9 Table #3

and Indicator n. 11 Table #1

of Annex 1

p.149 Material for Group

Level

ESRS S2-1

Policies related to value

chain workers paragraph 18

Indicator number 11 and n. 4

Table #3 of Annex 1

p.148 Material for Group

Level

ESRS S2-1

Non-respect of UNGPs on Business

and Human Rights principles and

OECD guidelines paragraph 19

Indicator number 10

Table#1 of Annex 1

Delegated Regulation (EU)

2020/1816, Annex II Delegated

Regulation (EU) 2020/1818,

Art 12 (1)

p.149 Material for Group

Level

ESRS S2-1

Due diligence policies on issues

addressed by the fundamental

International Labor Organisation

Conventions 1 to8, paragraph 19

Delegated Regulation (EU)

2020/1816, Annex II

p.149 Material for Group

Level

ESRS S2-4

Human rights issues and incidents

connected to its upstream and

downstream value chain paragraph 36

Indicator number 14

Table#3 of Annex 1

p.149 Material for Group

Level

ESRS S3-1

Human rights policy

commitments paragraph 16

Indicator number 9 Table

#3of Annex 1 and Indicator

number 11 Table #1 of

Annex 1

p.157 Material for Group

Level

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Sustainability Statement continued

Disclosure Requirement

and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference

Benchmark Regulation

( 25 ) reference

Climate Law

( 26 ) reference

Location in the

sustainability

statement

Materiality of

information

(Group level)

ESRS S3-1

non-respect of UNGPs on Business

and Human Rights, ILO principles or

OECD guidelines paragraph 17

Indicator number

10Table#1 Annex 1

Delegated Regulation (EU)

2020/1816, Annex II Delegated

Regulation (EU) 2020/1818,

Art 12 (1)

p.157 Material for

Group Level

ESRS S3-4

Human rights issues and

incidents paragraph 36

Indicator number 14

Table#3 of Annex 1

p.157 Material for

Group Level

ESRS S4-1 Policies related to

consumers and end-users

paragraph 16

Indicator number 9

Table#3and Indicator

number 11 Table #1 of

Annex 1

p.162 Not Material*

(*disclosed due

to stakeholders’

interests)

ESRS S4-1

Non-respect of UNGPs on Business

and Human Rights and OECD

guidelines paragraph 17

Indicator number

10Table#1 of Annex 1

Delegated Regulation (EU)

2020/1816, Annex II Delegated

Regulation (EU) 2020/1818,

Art 12 (1)

p.165 Not Material*

(*disclosed due

to stakeholders’

interests)

ESRS S4-4

Human rights issues and

incidentsparagraph 35

Indicator number

14Table#3 of Annex 1

p.165 Not Material*

(*disclosed due

to stakeholders’

interests)

ESRS G1-1

United Nations Convention against

Corruption paragraph 10 (b)

Indicator number

15Table#3 of Annex 1

– Not Material

ESRS G1-1

Protection of whistle-blowers

paragraph 10 (d)

Indicator number 6

Table#3of Annex 1

– Not Material

ESRS G1-4

Fines for violation of anti-corruption

and anti-bribery laws paragraph 24 (a)

Indicator number 17

Table#3 of Annex 1

Delegated Regulation (EU)

2020/1816, Annex II)

– Not Material

ESRS G1-4

Standards of anti- corruption and

anti- bribery paragraph 24 (b)

Indicator number 16

Table#3 of Annex 1

– Not Material

IRO-2_13

The material information to be disclosed regarding impacts, risks and opportunities is determined based on specific and/or generic criteria established during the double materiality assessment process across

all ESRS topics. Consequently, each general and topical ESRS provides further elaboration on the utilised materiality assessment criteria.

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As part of the EU’s plan to direct investments towards a more sustainable economy aligned with the European Green Deal, the European Commission defined

aclassification system of sustainable activities under the Taxonomy Regulation in 2020. The EU Taxonomy Regulation establishes a common definition of

environmentallysustainable economic activities for investors, corporates, policymakers and other stakeholders.

The Climate Delegated Act

introduced two environmental objectives – climate change mitigation and climate change adaptation – which have applied since 2022. In June2023,

the Environmental Delegated Act

brought into effect the remaining four objectives: sustainable use and protection of water and marineresources; transition to a circular economy; pollution

prevention and control; and protection andrestoration of biodiversity and ecosystems.

We believe the EU Taxonomy is a valuable tool for guiding our sustainability strategy, including decarbonisation, the circular economy and sustainable product development. However, itis important to recognise

two key factors:

1. According to the EU Taxonomy Delegated Acts, our main economic activity of ‘Food and beverage manufacturing’ is not considered eligible.

2. EU Taxonomy is still evolving and is open to interpretation, potentially leading to adjustments in the future.

Taxonomy eligibility and alignment assessment

An economic activity is considered Taxonomy-eligible if it is described in the relevant Delegated Acts for one of the six environmental objectives, irrespective of whether it meets the technical screening criteria

(TSC).

For an eligible economic activity to be considered aligned with the EU Taxonomy, it must:

a) substantially contribute to at least one environmental objective;

b) meet the TSC defined for each activity;

c) do no significant harm (DNSH) to any of the remaining objectives; and

d) comply with minimum social safeguards.

Substantial contribution

Economic activity makes

substantial contribution to at

least one of the environmental

objectives

Economic activity complies with

the applicable TSC

Economic activity does not

cause significant harm to the

other environmental objectives

Company establishes minimum

safeguarding procedures for

human rights, bribery and

corruption, taxation and

faircompetition

Do no significant harm

(DNSH)

Technical screening

criteria (TSC)

Minimum safeguards

Economic

activity is

taxonomy-

aligned

+ + =+

1. Commission Delegated Regulation (EU) 2021/2139, CommissionDelegated Regulation (EU) 2023/2485

2. Commission Delegated Regulation (EU) 2023/2486

Sustainability Statement continued

EU Taxonomy

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Taxonomy Eligibility Assessment

Since our core economic activity of ‘Food and beverage manufacturing’ does not qualify, we instead focus on investments and operating expenses linked to eligible activities either directly under our control,

such as water treatment initiatives at our facilities, or through the procurement of Taxonomy-eligible assets or services from business partners. Such an example is our investment in our vehicle fleet (see below,

section ‘Transportation-related activities’).Following an assessment of our economic activities across all territories, we have identified the following activities that meet the EU Taxonomy eligibility criteria. The

table below groups these activities according to our business areas, including recycling, energy, transportation, real-estate and water.

Economic activity Code Environmental objective Relevance to Coca-Cola HBC

Recycling-related activities

Manufacture of plastic

packaging goods

1.1 Transition to a circular

economy (CE)

Our Gaglianico plant in Italy produces 100% rPET preforms

Energy-related activities

Production of heat/

cool using waste heat

4.25 Climate change

mitigation (CCM)

Heat sourced from existing processes within our

plant in Serbia, reducing reliance on natural gas

Transportation-related activities

Transport by motorbikes, passenger

cars and light commercial vehicles

6.5 Climate change

mitigation (CCM)

Use of passenger cars, including conventional, hybrid and electric

vehicles, for management and business development teams

Installation, maintenance and repair

of charging stations for electric vehicles

inbuildings

7.4 Climate change

mitigation (CCM)

Charging stations to support hybrid plug-in and electric cars

Real estate-related activities

Acquisition and ownership of buildings 7.7 Climate change

mitigation (CCM)

Relevant to non-production buildings (e.g. offices)

leased for Coca-Cola HBC use

Water-related activities

Construction, extension and operation

of water collection, treatment and

supply systems

5.1 Climate change

mitigation (CCM)

Capacity expansion projects related to water supply and treatment, improving

water-use ratio

Renewal of water collection,

treatment and supply systems

5.2 Climate change

mitigation (CCM)

Upgrade projects related to water supply and treatment

Urban waste water treatment 2.2 Sustainable use and protection

of water and marine resources (WTR)

Projects related to wastewater treatment

Sustainability Statement continued

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Taxonomy non-eligible activities

We regularly monitor relevant updates in the EU

Taxonomy regulation across all areas of interest

for the Group. As part of our eligibility assessment

this year, we reviewed several investments with

sustainability benefits that are currently not

considered eligible. For example, our investment

in energy-efficient coolers, which play a crucial

role in reducing our scope 3 emissions. By the end

of 2024, 60% of our coolers in markets outside

Egypt were energy efficient, versus 55% in 2023.

We continue to monitor such investments, to

bebetter prepared to assess alignment should

relevant activities become eligible in the future.

Taxonomy alignment assessment –

Substantial contribution

To ensure an accurate interpretation of the

EUTaxonomy regulation and its TSC, we have

formed working groups of internal and external

industry and environmental experts and have

adopted a prudent approach for assessing

Taxonomy alignment.

Recycling-related activities

According to EU Taxonomy,the Gaglianico plant

fits the criteria of eligibility under the CE1.1

economic activity, significantly contributing to the

‘transition to a circular economy’ environmental

objective. To enable thetransition of our Italian

business to 100% rPET

, we have converted our

Gaglianico plant into aninnovative hub, which can

transform up to 30,000 tonnes ofpost-consumer

PET per year into new 100% recycled PET

preforms, covering our beverage bottling needs

inthe country. In addition, the plant’s use of 100%

renewable electricity reduces CO

emissions per

preform byup to 70%, compared to virgin plastic.

Using circular feedstock as its primary input and

surpassing theminimum required percentage

ofrecycled post-consumer material, the plant

meets this specific requirement and fully satisfies

the remaining TSC.

Energy-related activities

At our Belgrade facility in Serbia and in line

witheconomic activity CCM4.25 we have installed

aheat pump that recovers waste heat from existing

processes and repurposes it in subsequent

production processes, fully meeting the TSC.

Byreducing our reliance on natural gas, this initiative

lowers our direct scope 1 emissions and supports

our goal of achieving net zero emissions by 2040.

Transportation-related activities

Our continuous investment in our fleet is considered

eligible under the economic activity CCM6.5. This

includes investments in both conventional and

alternative fuel vehicles used by management

andbusiness development teams. In 2024, we

have reduced our own fleet’s carbon footprint by

42%, a reduction of about 42,465 tonnes of CO

compared to our 2017 baseline2.

As we procure our vehicles from a select

groupofleasing companies, our ability to claim

alignment with the EU Taxonomy depends on their

compliance with its criteria. Original Equipment

Manufacturers (OEMs) provide most of the

required information, leading to a significant

partof our fleet meeting the TSC. However, due

to challenges with the DNSH criteria, as described

in the ‘Pollution prevention and control’ section

below, we will claim zero alignment to CCM6.5 in

2024. We will review alignment again in 2025, as

regulatory developments and suppliers’

progressmay allow for a reassessment

ofcompliance with Taxonomy criteria.

To support the expansion of our electric andhybrid

fleet, we are investing in charging infrastructure in

line with economic activity CCM7.4. By engaging

qualified contractors, we are installing charging

points at our offices and facilities, ensuring

convenient access and encouraging further

adoption of low-emission vehicles.

Real estate-related activities

Eligible buildings associated with economic

activity CCM7.7 include non-production-related

properties, such as office premises or standalone

warehouses, which we lease for administrative and

support functions. Due to limited availability of

data per property and challenges related to DNSH

criteria, we will not claim alignment in 2024.

Water-related activities

Climate change affects both water availability and

quality. We are committed to protecting this valuable

resource, particularly in areas facing scarcity or

heightened risk. Our Mission 2025 sets specific

targets for water, including reducing water used per

litre of beverage by 20% compared with our 2017

baseline, in plants located in water risk areas. We also

recycle wastewater from our manufacturing sites,

returning it safely to the environment.

With our growing presence in Egypt, we continue to

improve our water management and wastewater

treatment efforts in the country. At our Alexandria

plant, we are replacing and expanding the water

treatment infrastructure in line with activity

CCM5.1, meeting the relevant TSC. At our Sadat

plant, we are introducing a new wastewater

treatment facility under activity WTR2.2. Due to

the complexity of data collection relevant to this

project, we cannot conclude with the Taxonomy

assessment. For more details on initiatives

concerning Egypt, including the loan awarded

bythe European Bank for Reconstruction and

Development and the Global Environment Facility

grant, see ‘E3 Water and Marine Resources’

section of the Sustainability Statement.

In addition, we are undertaking water loss

prevention projects in countries such as Italy and

Nigeria, linked to activity CCM5.2. The TSC require

closing the gap between current leakage levels

and the prior three-year average by at least 20%.

These projects are designed to meet this

requirement, further strengthening our approach

to sustainable water management.

Taxonomy alignment assessment –

DoNo Significant Harm

For all economic activities that demonstrate

substantial contribution to at least one EU

Taxonomy environmental objective, we have

conducted an assessment against the DNSH

criteria. Where we have direct oversight – such

asin our own facilities – we have carried out a

detailed evaluation based on available data from

localoperations. If the activity fallsoutside our

direct control, as is the case for our vehicle leasing

under activity CCM6.5, we rely on suppliers to

provide the necessary DNSH-related information.

Climate change mitigation

For activity CE1.1, the process relies entirely

onmechanical recycling, without the use

ofchemically recycled or sustainable

bio-wastefeedstock.

Climate change adaptation

For economic activities CE1.1, CCM4.25, CCM5.1,

CCM5.2 and CCM7.4, the EU Taxonomy requires a

robust climate risk and vulnerability assessment.

In accordance with the DNSH criteria, we

conducted such analyses at our relevant sites,

assessing potential physical climate-related risk

factors based on material climate risks as defined

in Appendix A3 of the Regulation. We have

considered Intergovernmental Panel on Climate

Change scenarios and multiple time horizons.

Where we identified exposure to physical risks in

certain asset locations, we performed a second-

level assessment to review asset readiness and

local regulations and then analysed potential

adaptation measures as needed.

1. Excluding Water

2. Excluding Egypt

3. Delegated Act (EU) 2021/2178.

Sustainability Statement continued

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Sustainable use and protection of water

andmarine resources

For activity CE1.1, which involves producing

preforms, the dry production process does not

materially impact water resources and the plant

operates under a valid environmental permit. For

activities CCM5.1 and CCM5.2, we review source

vulnerability assessments that inform our water

management protection plans, which are

periodically updated.

Transition to a circular economy

For activity CCM4.25, the EU Taxonomy requires

using equipment and components that are

durable, recyclable and easy to dismantle and

refurbish, where feasible. It is confirmed by

oursupplier that the equipment used meet

thesecriteria.

Pollution prevention and control

For pollution prevention and control, the

Taxonomy Regulation emphasises avoiding the

manufacture, placement in the market or use of

restricted and reportable substances as defined

by European legislation on chemicals. In the case

of activity CE1.1, where we produce preforms

forbeverage bottles, we follow all applicable

regulations and no harmful substances are used.

For activity CCM4.25, it has been confirmed by

oursupplier that the heat pump meets Ecodesign

and Energy Labelling requirements

, aligns with

thetop energy class standards

and represents

thebest available technology.

For activity CCM6.5, certain DNSH requirements

remain an industry-wide challenge, such as the

one requiring vehicle tyres to comply with strict

noise and rolling resistance standards. Given the

current limitations in verifying full alignment

across all required criteria, we are following a

prudent approach and will not claim alignment for

activity CCM6.5 in 2024. Despite this, we remain

committed to fleet electrification as part of our

long-term transition strategy.

Protection and restoration of biodiversity

andecosystems

For activity CE1.1, a biodiversity impact screening

was conducted when granting the environmental

permit for the Gaglianico plant, in line with local

legislation. For activity CCM4.25, environmental

impact assessments are mandatory for facilities

with a capacity of ≥ 50MW. However given our

0.8MW heat pump falls below this threshold,

nostudies are required as confirmed by the

relevant environmental authority. In addition,

environmental impact assessments are

availablefor the key sites relevant to activities

CCM5.1 and CCM5.2.

Taxonomy alignment assessment –

Minimum safeguards

For an economic activity to be considered aligned

with the Taxonomy, Coca-Cola HBC must comply

with the minimum social safeguards defined in

Article 18 of the Regulation

Unlike the TSC and DNSH criteria, which apply at

the activity level, compliance with the minimum

safeguards is assessed

at Group level. The EU

Taxonomy identifies four key pillars ofthese

safeguards – human and labour rights, anti-bribery

and anti-corruption, fair competition andtaxation.

We have reviewed each pillar and have concluded

that we apply the necessary procedures and

policies to meet the EU Taxonomy standards.

Human and labour rights

We are committed to upholding internationally

recognised human rights and labour standards as

outlined in the United Nations Universal

Declaration of Human Rights, the International

Labour Organization’s fundamental conventions,

the United Nations Global Compact and the

United Nations Guiding Principles on Business and

Human Rights and OECD Guidelines. This

commitment is embedded in our Human Rights

Policy and enforced through our Code of Business

Conduct (‘Code’) and Supplier Guiding Principles.

All our employees, managers and Directors, as

well as business partners such as suppliers,

distributors and contractors, are expected to

follow these principles. To prevent potential

issues, we identify and assess adverse impacts

and conduct independent third-party audits of

both our plants and key suppliers of ingredients

and packaging materials. Ifbreaches occur,

employees and third parties can report them

through the Ethics and Compliance helpline –

ourwhistleblower ‘SpeakUp!’ hotline – that allows

anonymous submissions. We also provide

regularmandatory training on the Code to

ensureongoing compliance and understanding.

As of 2024, Coca-Cola HBC has not been found

liable for anyhuman rights or labour violations,

norhas itbeen involved in related litigation.

Anti-bribery and anti-corruption

We maintain a zero-tolerance approach to

briberyand corruption. As part of our Group

riskassessment, we regularly review the risk

ofinadvertent non-compliance with anti-bribery

and anti-corruption laws to maintain the

higheststandards of ethical business conduct.

Our Anti-bribery Policy applies to all employees,

subsidiaries and joint ventures under our control

worldwide. For joint ventures where we do not

have control, we actively encourage our partners

to adopt similar standards. The Policy also extends

to third parties acting on our behalf, such as

suppliers, distributors, agents, consultants and

contractors, and includes any subcontractors

theyengage. These expectations are reinforced

through our Supplier Guiding Principles, which

include a specific section on Anti-bribery

andrelevant procedures and align with our

commitment to ethical and transparent business

practices. Our Suppliers Guiding Principles are

regularly communicated to all our suppliers as

partof their selection process, as well as during

physical audits where applicable. We have also

established an anti-bribery due diligence process

on third parties representing us with government

authorities. To support compliance, weconduct

mandatory training for all employees on our Code

and our Anti-bribery Policy every three years.

Inaddition, for employees in higher-risk roles,

including senior management, the legal

department provides targeted annual training

toaddress specific regional and functional risks.

We have established grievance mechanisms,

including an independently operated

whistleblower ‘SpeakUp!’ line, available in all

Coca-Cola HBC countries in local languages.

1. Directive 2009/125/EC

2. Regulation (EU) 2017/1369

3. Regulation EU (ΕΕ) 2020/852

4. Assessment based on the ‘Final Report on Minimum Safeguards’ published by the Platform on Sustainable Finance (PSF) in October 2022, in the absence of further guidance from the European Commission

Sustainability Statement continued

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In 2024, we identified four confirmed cases

ofcorruption involving employees. All were

thoroughly investigated in accordance with

internal guidelines, resulting in appropriate

actions, including the dismissal of four individuals

– one of whom had already left the company

before the violation was discovered. Of the

fourincidents, three resulted in employee

dismissal or disciplinary action, while one

involveda supplier, leading to the non-renewal

oftheir business contract. No public legal

caseswere brought against Coca-Cola HBC

during the reporting period.

Fair competition

We are committed to promoting awareness

andensuring full compliance with applicable

competition laws and regulations across all our

operations. Mandatory annual trainings on

competition law for employees, including senior

management, are implemented across all

countries. In 2024, there were no decisions with

findings of anti-competitive behaviour on the

partof our company.

Taxation

We are committed to complying with both the

spirit and letter of all applicable tax laws, rules and

regulations in every jurisdiction where we operate.

Our Tax Policy outlines governance procedures

and risk management best practices to ensure

robust tax compliance and reporting across the

Group. We publish a Tax Transparency Report that

reflects our commitment to openness and

accountability. Additionally, we closely monitor

developments in the fast-evolving tax reporting

landscape to prepare for upcoming regulatory

changes. In this regard, we collaborate with

trusted tax advisers and statutory auditors to

ensure our approach remains compliant and

aligned with best practices.

Explanation of key performance indicators

In accordance with Annex I to the Delegated Act

under Article 8 of the EU Taxonomy Regulation,

the following KPIs are used to determine the

proportion of eligible and aligned activities. By

relying on our detailed financial statements,

clearly distinguishing activity definitions and

allocating appropriately expenses, we ensure that

double counting is avoided.

Turnover

Turnover corresponds to the net sales figure

presented in the consolidated income statement

under IFRS 15, as detailed in Note 7 to the

consolidated financial statements. No eligible or

aligned turnover is recognised, as the ‘Food and

beverage manufacturing’ economic activity is not

in scope of the EU Taxonomy Regulation.

Capital expenditure (Capex)

Taxonomy-relevant Capex is determined as

follows:

• Capex denominator: This includes the total

additions of property, plant and equipment, and

intangible assets as well as the addition of right-

of-use assets for leases recognised under IFRS

16. These relate to Notes 13, 14 and 16 of the

consolidated financial statements. In 2024, the

Capex additions amounted to €795.2 million.

• Capex numerator: For eligibility, capital

expenditure has been allocated to assets

associated with the Taxonomy-eligible activities

listed above. For alignment, the eligible assets

have been thoroughly assessed against the

respective TSC and DNSH criteria. As a result,

we identified €5.3 million in EU Taxonomy-

aligned investments linked to activities CE1.1,

CCM4.25, CCM5.1, CCM5.2 and CCM7.4.

Operating expenditure (Opex)

• Opex denominator: This refers to direct

non-capitalised costs related to research and

development, building renovation measures,

short-term leases, maintenance and repair

and other direct expenses necessary for

the continued and effective functioning of

property, plant and equipment. The cost of

goods sold is excluded from the definition,

meaning the installation of solar panels through

Power Purchase Agreements and the cost of

sustainable packaging materials, such as rPET,

are considered out of scope. For Coca-Cola

HBC, we considered expenditures related to

repair & maintenance, day-to-day servicing of

assets and short-term leases.

• Opex numerator: This captures Opex

associated with activities deemed eligible and

aligned. In 2024, while activities CE1.1, CCM6.5

and CCM7.7 were all identified as having eligible

Opex, only activity CE1.1 contributed to the

€1.0 million of aligned Opex.

Our operations do not include activities related

tonatural gas or nuclear energy, as per the

following table:

Nuclear energy related activities

CCHBC carries out, funds or has exposures

to research, development, demonstration

and deployment of innovative electricity

generation facilities that produce energy from

nuclear processes with minimal waste from

the fuel cycle.

CCHBC carries out, funds or has exposures

to construction and safe operation of new

nuclear installations to produce electricity or

process heat, including for the purposes of

district heating or industrial processes such

as hydrogen production, as well as their safety

upgrades, using best available technologies.

CCHBC carries out, funds or has exposures to

safe operation of existing nuclear installations

that produce electricity or process heat,

including for the purposes of district heating

or industrial processes such as hydrogen

production from nuclear energy, as well as

their safety upgrades.

Fossil gas related activities

CCHBC carries out, funds or has exposures

to construction or operation of electricity

generation facilities that produce electricity

using fossil gaseous fuels.

CCHBC carries out, funds or has exposures to

construction, refurbishment, and operation

of combined heat/cool and power generation

facilities using fossil gaseous fuels.

CCHBC carries out, funds or has exposures to

construction, refurbishment and operation of

heat generation facilities that produce heat/

cool using fossil gaseousfuels

1. With most CHP facilities operated by third parties, the most

relevant expenditures fall under Opex, specifically utilities, which

represent insignificant amounts. Moreover, utilities are not

recognized as part of the EU Taxonomy denominator.

Sustainability Statement continued

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Tables of EU Taxonomy KPIs

Turnover

Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)

Economic Activities Code

Absolute Revenue

Proportion of

Revenue

Climate Change

Mitigation

Climate Change

Adaptation Water Pollution

Circular

Economy

Biodiversity and

ecosystems

Climate Change

Mitigation

Climate Change

Adaptation Water Pollution

Circular

Economy Biodiversity

Minimum

Safeguards

Taxonomy

aligned (A.1.) or

eligible (A.2)

proportion of

Revenue (2023)

Enabling

activities

category

Transitional

activities

category

€ million % Y, N, EL, N/EL2 Y, N, EL, N/EL Y, N, EL, N/EL Y, N, EL, N/EL Y, N, EL, N/EL Y, N, EL, N/EL Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N % E T

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Turnover from environmentally sustainable activities (Taxonomy-aligned)

Turnover from environmentally

sustainable activities

(Taxonomy-aligned) (A.1)

0.0 0.00%

Of which enabling (E) 0.0 0.00%

Of which transitional (T) 0.0 0.00%

A.2 Taxonomy-Eligible Turnover (not Taxonomy-aligned)

Turnover from Taxonomy-

eligible but not

environmentally sustainable

activities (activities that are

not Taxonomy-aligned) (A.2)

0.0 0.00%

A. Turnover from Taxonomy-eligible

activities (A.1+A.2)

0.0 0.00%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

Turnover from activities that

are not Taxonomy-eligible

10,754.4 100.00%

Total (A+B) 10,754.4 100.00%

1. The Code abbreviations of the relevant environmental objective to which the economic activity is eligible to make a substantial contribution: CCM = climate change mitigation; CCA = climate change adaptation; WTR = water and marine resources; PPC = pollution, prevention and control;

CE = circular economy; BIO = biodiversity and ecosystems.

2. Meaning of abbreviations: Y = Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective; N = No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective; EL = Eligible, Taxonomy-eligible activity for the relevant

objective; N/EL = Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective; n/a = Not applicable, the criterion does not apply when assessing the DNSH of the specific activity.

3. Enabling Activities: An economic activity qualifies if it directly supports other activities in achieving a substantial contribution to one or more environmental objectives. To be classified as enabling, the activity must not result in a lock-in of assets that undermine long-term environmental

goals, considering the economic lifetime of those assets and have a substantial positive environmental impact based on life-cycle considerations.

4. Transitional activities: These are activities for which no technologically and economically feasible low-carbon alternatives currently exist but that support the transition to a climate-neutral economy. They must align with a pathway that limits the global temperature increase to 1.5 degrees

Celsius above pre-industrial levels.

Sustainability Statement continued

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Tables of EU Taxonomy KPIs continued

Capex

Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)

Economic Activities Code

Absolute Capex

Proportion of

Capex

Climate Change

Mitigation

Climate Change

Adaptation Water Pollution

Circular

Economy

Biodiversity and

ecosystems

Climate Change

Mitigation

Climate Change

Adaptation Water Pollution

Circular

Economy Biodiversity

Minimum

Safeguards

Taxonomy

aligned (A.1.)

or eligible (A.2)

proportion of

Capex (2023)

Enabling

activities

category

Transitional

activities

category

€ million %

Y, N, EL,

N/EL2

Y, N, EL,

N/EL

Y, N, EL,

N/EL

Y, N, EL,

N/EL Y, N, EL, N/EL

Y, N, EL,

N/EL Y/N/n /a Y/N/n /a Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N % E T

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Capex from environmentally sustainable activities (Taxonomy-aligned)

Manufacture of plastic

packaging goods

CE 1.1 0.5 0.06% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y n/a Y Y

Production of heat/cool using

waste heat

CCM 4.25 0.8 0.10% Y N N/EL N/EL N/EL N/EL n/a Y n /a Y Y Y Y

Construction, extension and

operation of water collection,

treatment and supply systems

CCM 5.1 1.0 0.12% Y N N/EL N/EL N/EL N/EL n/a Y Y n/a n/a Y Y

Renewal of water collection,

treatment and supply systems

CCM 5.2 2.7 0.34% Y N N/EL N/EL N/EL N/EL n/a Y Y n/a n/a Y Y

Installation, maintenance and repair

of charging stations for electric

vehicles in buildings (and parking

spaces attached to buildings)

CCM 7.4 0.4 0.05% Y N N/EL N/EL N/EL N/EL n/a Y n/a n/a n/a n/a Y E

Capex from environmentally sustainable

activities (Taxonomy-aligned) (A.1)

5.3 0.67% 0.61% 0.00% 0.00% 0.00% 0.06% 0.00% Y Y Y Y Y Y Y

Of which enabling (E) 0.4 0.05% 0.05% 0.00% 0.00% 0.00% 0.00% 0.00% E

Of which transitional (T) 0.0 0.00% 0.00% T

A.2 Taxonomy-Eligible CapEx (not Taxonomy-aligned)

Urban waste water treatment WTR 2.2 1.2 0.15% N/EL N/EL EL N/EL N/EL N/EL

Construction, extension and

operation of water collection,

treatment and supply systems

CCM 5.1 0.4 0.06% EL N N/EL N/EL N/EL N/EL

Renewal of water collection,

treatment and supply systems

CCM 5.2 1.7 0.21% EL N N/EL N/EL N/EL N/EL

Transport by motorbikes,

passenger cars and light

commercial vehicles

CCM 6.5 48.7 6.12% EL N N/EL N/EL N/EL N/EL

Installation, maintenance and

repair of charging stations for

electric vehicles in buildings

CCM 7.4 0.4 0.05% EL N N/EL N/EL N/EL N/EL

Acquisition and ownership of

buildings

CCM 7.7 33.9 4.26% EL N N/EL N/EL N/EL N/EL

Capex from Taxonomy-eligible but not

environmentally sustainable activities

(activities that are not Taxonomy-aligned) (A.2)

86.3 10.85% 10.70% 0.00% 0.15% 0.00% 0.00% 0.00%

A. Capex from Taxonomy-eligible

activities (A.1+A.2)

91.6 11.52% 11.30% 0.00% 0.15% 0.00% 0.06% 0.00%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

Capex from activities that are not

Taxonomy-eligible

703.6 88.48%

Total (A+B) 795.2 100.00%

CE = circular economy; BIO = biodiversity and ecosystems.

goals, considering the economic lifetime of those assets and have a substantial positive environmental impact based on life-cycle considerations.

Celsius above pre-industrial levels.

Sustainability Statement continued

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Opex

Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)

Economic Activities Code

Absolute Opex

Proportion of

Opex

Climate Change

Mitigation

Climate Change

Adaptation Water Pollution

Circular

Economy

Biodiversity and

ecosystems

Climate Change

Mitigation

Climate Change

Adaptation Water Pollution

Circular

Economy Biodiversity

Minimum

Safeguards

Taxonomy

aligned (A.1.) or

eligible (A.2)

proportion of

Opex (2023)

Enabling

activities

category

Transitional

activities

category

€ million %

Y, N, EL,

N/EL2

Y, N, EL,

N/EL

Y, N, EL,

N/EL

Y, N, EL,

N/EL Y, N, EL, N/EL

Y, N, EL,

N/EL Y/N/n /a Y/N/n /a Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N % E T

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Opex from environmentally

sustainable activities (Taxonomy-aligned)

Manufacture of plastic

packaging goods

CE 1.1 1.0 0.26% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y n/a Y Y

Opex from environmentally sustainable

activities (Taxonomy-aligned) (A.1)

1.0 0.26% 0.00% 0.00% 0.00% 0.00% 0.26% 0.00% Y Y Y Y n/a Y Y

Of which enabling (E) 0.0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% E

Of which transitional (T) 0.0 0.00% 0.00% T

A.2 Taxonomy-Eligible Opex (not Taxonomy-aligned)

Transport by motorbikes,

passenger cars and light

commercial vehicles

CCM 6.5 32.8 8.45% EL N N/EL N/EL N/EL N/EL

Acquisition and ownership of

buildings

CCM 7.7 31.0 7.99% EL N N/EL N/EL N/EL N/EL

Opex from Taxonomy-eligible but not

environmentally sustainable activities

(activities that are not Taxonomy-aligned)

(A.2)

63.8 16.45% 16.45% 0.00% 0.00% 0.00% 0.00% 0.00%

A. Opex from Taxonomy-eligible activities

(A.1+A.2)

64.8 16.71% 16.45% 0.00% 0.00% 0.00% 0.26% 0.00%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

Opex from activities that are not

Taxonomy-eligible

323.0 83.29%

Total (A+B) 387.8 100.00%

CE = circular economy; BIO = biodiversity and ecosystems.

goals, considering the economic lifetime of those assets and have a substantial positive environmental impact based on life-cycle considerations.

Celsius above pre-industrial levels.

Sustainability Statement continued

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Sustainability Statement continued

ESRS E1 – Climate

change

Strategy

E1-1 Transition plan for climate

changemitigation

E1-1_01,02,03,05,06,12,13,14,15,

E1.MDR-A_06,07,09,10,11,12 & E1-3_05,06,

E1-4 _ 23

Our focus on clear targets and robust action plans

around climate change is evident in our climate

transition plan. We have committed to our

NetZeroby40 journey since 2021, and the healthy

liquidity position of the Group ensures proper

funding of relevant initiatives every year.

Our climate transition plan, first developed in

2021, covers the full value chain (scope 1, 2 and 3)

and it is as per the 1.5 degree scenario, approved

by the SBTi.

Developed by a cross-functional team of experts,

the plan was approved by the ELT (through

Sustainability SteerCo) and endorsed by the

SocialResponsibility Committee of the BoD.

Coca-Cola HBC considers five main levers and

those arethe main actions for each lever:

1. Manufacturing (includes scope 1 fuels used,

scope 1 losses of CO

used for beverage

carbonation, scope 2 electricity/heat/steam/

hot water purchased)

• Continue implementing and accelerating

the energy-efficient projects in our plants

(deployment of energy saving projects, old

equipment modernization, and installation

ofheat pumps & electrification).

• Improving the CO₂ yield in the plants.

• Accelerating usage of renewable and/

or cleaner energy to replace fossil fuel

inscope1or electricity/heat/steam/

hotwater in scope 2.

2. Transportation (includes scope 1 fuels used

forown transport, both light and heavy,

andscope 3 fuels used for outsourced

logisticsand transportation)

• Optimising the routes of light and heavy fleet,

increasing logistics efficiency and increasing

heavy trucks utilization.

• Shifting the existing fleet to innovative

technologies and renewable

oralternativefuels.

• Enhancing the strategic partnerships

withour third-party logistics providers

andjoint investments (accelerate shifting

toalternative fuels, route to market evolution,

shifting of more volume to trains and applying

industry innovations).

3. Packaging (includes scope 3 from all primary,

secondary and tertiary packaging used for

ourproducts)

• Implementing our Packaging Mix of the

Future strategy (increasing recycled PET,

moving from non-reusable one-way glass

bottles to reusable glass bottles and

providing more packageless solutions).

• Implementing decarbonisation of our

primary and secondary packaging materials

(aluminium cans, PET bottles, glass bottles,

plastic labels, closures, stretch films etc.).

4. Ingredients (includes scope 3 from all

ingredients used for manufacturing of our

beverages)

• Decarbonisation initiatives with our suppliers

(engagement of farmers through co-

development of farming pilots with suppliers,

using regenerative agricultural practices).

• Continue reformulation of our products and

moving to more lights and zero products in

our beverage portfolio.

5. Drink Equipment (includes scope 3 of electricity

used by our customers for the drink equipment

we provide, scope 1 for refrigerant losses from

cold drink equipment)

• Accelerate the process of providing energy

efficient drink equipment to our customers

and finding innovative solutions for further

energy efficiency of our drink equipment.

• Greening the electricity grid mainly in Europe

and with slower pace in Africa.

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Sustainability Statement continued

For more details on emissions reduction per lever,

please see Table 9: Mitigation actions per

decarbonisation lever.

Coca-Cola HBC is not excluded from the EU

Paris-aligned benchmarks. NetZeroby40 roadmap

is presented in the Strategic Report, section ‘Earn

our Licence to operate’ on page 25.

In 2024, we invested €200 million of capital

expenditure (Capex) on projects supporting the

implementation of our climate transition plan,

representing 29.4% of total Capex. We also

invested €30 million driven by the higher cost of

recycled PET compared to virgin PET, as we

pursue our strategic objective to reach 35% rPET

by 2025, positively influencing both the reduction

of our scope 3 emissions and the transition to a

circular economy.

Our accounting system does not separately

classify sustainability-related investments or

costs, as both are reported in accordance with the

general financial reporting principles. For Capex,

however, we apply an internal process to identify

expenditures fully aligned with the levers of the

transition plan. This allows us to track and

monitorinvestments that directly support our

commitment to emissions’ reduction but does

notnecessarily consider larger investments that

have multiple objectives, even when sustainability

is one of them. The Capex and cost of packaging

materials mentioned above are reflected in

ourfinancial statements, as part of the overall

amounts reported in the cash flow statement

andthe income statement, reinforcing our

climatechange mitigation actions.

In 2025, we plan to follow a similar approach,

investing 30% of total Capex on projects

supporting the implementation of our climate

transition plan. We also expect that the higher

spend for recycled PET compared to virgin PET

willincrease further in 2025 to approximately

€60 million, as we accelerate our performance

against our Mission 2025 target but also due to

the EU requirement for a 25% minimum recycled

content on PET beverage bottles.

In the medium term, for the period 2026-2030,

Capex investments that support our transition

plan will gradually increase to reach 37% of Capex

in 2030. Main drivers are the acceleration of

investments to improve energy efficiency of our

manufacturing plants and using more renewable

fuel alternatives, the switch to coolers with even

better energy profile and the increase in the

contribution of returnable glass bottles to our

package portfolio. As far as investments in Opex/

Cogs are concerned, we expect that they will also

gradually increase, as we will use more packaging

materials with recycled content and purchase

more ingredients that are sustainably sourced.

For the period after 2030, we expect to continue

on the 2025-2030 trajectory of investments,

bothCapex and Opex/Cogs to support the

fasterreduction of emissions so that we can

meetour NetZeroby40 commitment.

Given the fast-paced nature of our business,

beinga consumer goods company, the rapid

technological advancements, and the uncertainty

in the regulatory environment, an attempt to

assign investment amounts per decarbonisation

action could result in misleading information.

Hence, we maintain the approach we have

followed in the past few years and report the

percentage of total Capex that is related to

projects that support the implementation

ofourtransition plan.

Our sustainable finance approach underpins the

Group’s ability to align funding strategies with

sustainability commitments, while supporting

theUN Sustainable Development Goals and EU

Environmental Objectives. Financing mechanisms

include a diverse range of instruments, ensuring

flexibility in meeting both current and future

financial requirements for action plans.

The Group’s €500 million green bond, issued

inSeptember 2022 under the Green Finance

Framework, was fully allocated to eligible projects

by September 2023, as detailed in our Green

Finance Report. Our sustainability-linked revolving

credit facility of €800 million remains available until

April 2026, although not specifically earmarked for

funding the transition plan.

These initiatives complement the Group’s

broaderaccess to diversified financial resources.

Further details on financial instruments and

resource allocation are available in Note 25, p.306.

E1-1_ 07

By 2030, the only assets from scope 1 and 2

inmanufacturing that could potentially lead

tosignificant locked-in GHG emissions are the

CHPplants outside Europe and boilers used in

manufacturing facilities, as they will still operate

with fossil fuels (natural gas mainly), and it will be

difficult to switch to alternative or renewable fuels.

We will run an innovation project in two of the

manufacturing sites to use biomass for the boilers

and based on the results we are planning to

implement across all plants by 2040. In logistics,

we will have around 2,000 own trucks (scope 1) by

2030 using fossil fuel. In light fleet, which is leased

and changed every four years, we don’t expect

significant locked-in emissions.

As per our NetZeroby40 commitment, by 2050

wewill not have main assets with significant

locked-in emissions: CHP in operations will be

either decommissioned or replaced by renewable

fuel, and boilers’ fuel will be replaced by alternative

systems. By 2050, we don’t expect any of our own

trucks to run on fossil fuel.

Cumulatively, by 2030 those locked-in emissions

would be around 256,000 tonnes of CO

e or 6.9%

of our scope 1, 2, 3 emissions. Those locked-in

emissions are not likely to affect our NetZeroby40

commitment, as they will be effectively managed

and minimised before 2040 as shared above.

Aswe sell beverages, we don’t expect significant

locked-in emissions in scope 3 category ‘Use

ofsold products’, neither by 2030 nor by 2040

or2050.

ESRS 2 SBM-3 Material impacts, risks and

opportunities and their interaction with

strategy and business model

E1.SBM-3_01,05

Climate change – caused by greenhouse gas

(GHG) emissions, emitted from every business

and activity – is leading to global temperature

increase and extreme weather conditions around

the world. Global warming impacts environment

and society across our entire value chain: from

suppliers, to customers and consumers.

Managing our carbon footprint is our major

transition risk related to climate change in the mid

and long term, as emerged from the 2024 Double

Materiality Assessment. The time horizons

applied in the analysis and their business

scenariosalignment are:

• Short-term horizon: 2025

Annual business planning cycle which

includesconsideration of short-term

risksandopportunities that affect

annualperformanceobjectives.

• Medium-term horizon: 2030

Long-range planning that includes

consideration of risks and opportunities that

may affect medium-term objectives, financial

viability assurance and allocation of capital

formedium-term investments.

• Long-term horizon: >2030

Long-term strategic planning including capital

investments, mergers and acquisitions, impact

of climate change, including meeting our

NetZeroby40 commitments.

Further details on the DMA process can be found

in the ‘Materiality’ section of the IAR on pages

37to 40 and on page 59 of this document.

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Sustainability Statement continued

E1.SBM-3_02

We have a thoroughly designed Business

Resilience programme that enables us to

proactively manage risks – and embrace

opportunities – so that we grow sustainably

andmeet our short-, medium- and long-term

objectives. One of the most significant risks

toourresilience over the longer term is climate

change. By proactively preparing for and managing

climate risk through our business strategy and

capital investments, however, we can harness

significant opportunities.

E1.SBM-3_03,04

In our resilience analysis conducted in 2024,

weused a variety of climate scenarios in our

assessment of the potential impact of climate

change on our business, including: RCP1.9, in

order to be consistent with our Science Based

Targets initiative (SBTi) commitment and as

representation of a best-case scenario from

aclimate action point of view; RCP4.5, as it

represents the stated policy position and provides

a midpoint scenario, and; RCP8.5, as the ‘worst-

case’ or ‘extreme’ scenario, particularly for

physical risks. This enabled us to consider

abroadrange of drivers and their impact.

In considering the cost of carbon emissions,

themore ambitious scenarios assume a greater

amount of government use of regulation, taxes

and levies and hence the higher costs of carbon.

However, we also assumed that government

intervention would not be consistent across all our

markets given our diverse operating territories,

and therefore countries were grouped into

leaders, followers and laggards in evaluating

potential increases in taxes and levies.

As around 90% of our carbon emissions are scope

3, we are dependent on suppliers and customers

reducing their carbon emissions. In estimating the

reduction in overall carbon emissions and our

ability to meet our NetZeroby40 targets, we used

NGFS data toestimate industry decarbonisation

rates which are assumptions built into our internal

plans for meeting our NetZeroby40 target.

Included in our assessment of the impact

ofclimate change on our production and

distribution, we used external data used by the

insurance industry which we consider to be robust.

However, we note that climate-related data can

project general changes under different climate

scenarios, but cannot predict the timing and

severity of extreme events, which our facilities

aremost at risk from. We used assumptions on

projected increases in insurance premiums from

statements made by the insurance industry on

the impact of climate change, however, we note

that the impact that those projections are based

on may not apply to us as they do not take into

account the actions we are taking to adapt to and

mitigate the impact of environmental changes.

We used a number of internal assumptions about

production volume increases to 2040 in order to

estimate carbon emissions and resource usage,

but we recognise that a considerable number of

variables, such as domestic growth rates in each

of our operating countries, changes in consumer

demand and preferences, weather, industry

actions and competition and government

regulations, mayaffect those estimates.

E1.SBM-3_06

As a result of our resilience analysis, we continued

to improve our assessment of the effects of

climate change, with a focus on clear targets

androbust action plans. This enables us to

deliveron our commitments, mitigate risks

andtake advantage of the opportunities

inherentin change.

E1.SBM-3_07

We are keenly aware of the importance of

delivering on our plans and the potential to adjust

our strategy to respond to emerging needs and

priorities. We continue to decarbonise our value

chain, while updating our net zero transition plan

and developing long-term climate scenarios.

Weare also working towards our bold

commitment to achieving a net-positive

impactonbiodiversity by 2040 in critical areas

ofour value chain, implementing the guidelines

ofthe Science Based Targets Network, and we

shifted our deforestation-free commitment

from2030 to 2025. We continue to expand

ourpartnerships and seek new collaborations,

asour ambitious goals and commitments can

onlybe achieved through collective action.

With prudent financial risk management, the

Group maintains a healthy liquidity position

andaccess to various funding sources. As of

31 December 2024, the Group had €1.6 billion

available under €5.0 billion Euro medium term

note programme, €0.8 billion available under

€1.0 billion Euro-commercial paper programme,

undrawn revolving credit facility of €0.8 billion and

several bilateral bank loan facilities.

None of the Group’s debt facilities are subject to

financial covenants that could impact liquidity

oraccess to capital. For further details,

refertoNote 25, p.306.

Strong treasury governance ensures a consistent

supply of committed funding at both central and

operational levels, optimising liquidity and funding

risk management to secure the most efficient

financing solutions.

This diversified funding strategy supports both

operational and strategic needs, enabling the

Group to allocate resources effectively to the net

zero transition plan as necessary.

Impact, risk and opportunity management

E1-2 Policies related to climate change

mitigation and adaptation

E1.MDR-P_01, E1-2_01

Our NetZeroby40 commitment is fully aligned

with our philosophy to support the socio-

economic development of our communities and

to make a more positive environmental impact.

Inaccordance with the Climate Change Policy

andour overall Environmental Policy, we will:

• strive to reduce all our emissions across

thevalue chain as much as possible by:

• advancing the reduction of the energy

usedinour operations;

• expanding our use of renewable energy

technologies;

• deploying more energy-efficient coolers

inthe marketplace;

• accelerating our sustainable packaging

agenda and ourgreen fleet;

• engaging with relevant stakeholders

tocombat climate change;

• working with suppliers to reduce their

carbonfootprint and to minimise their

climate impacts; and

• setting roadmaps for emissions reduction

forall our operations and the main steps in

the value chain.

• keep CO

emission reduction targets as one of

the elements of our long-term management

incentive plans;

• work with other partners (industries, academia,

non-governmental organisations (NGOs),

governments, etc.) on climate change

mitigationand climate change adaptation;

• consider all climate risks and opportunities

andintegrate them in our business strategy;

• investigate the opportunities for finding

solutions for our residual emissions, such

asbiological and/or technological removals;

• monitor, report and audit our GHG emissions,

targets, results and activities, and publish

transparently our progress in our public files.

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Sustainability Statement continued

E1.MDR-P_01,02

More specifically, our climate change

commitments and our climate change policy

cover our entire Company, allscopes 1, 2 and 3,

and allthree value chain segments (i.e., upstream,

own operations, downstream). We aim to reach

net zero emissions across the entire value chain

by 2040 as per the 1.5 degree scenario, and our

intermediate emission reduction target by 2030 is

approved by theSBTi. There is no greater threat to

our collective future than climate change, and we

believe that industry has a key role to play in

finding sustainable solutions to today’s climate

challenges. We were one of the first companies

tocommit to and deliver science-based carbon

reduction targets (SBTs) back in 2016, immediately

after the UN COP21 in Paris and, after reaching

those first SBTs, we published our NetZeroby40

commitment across the entire value chain.

Moreover, in our Environmental Policy, we also

cover:production operations and business

facilities; products and services; distribution and

logistics; environmental due-diligence in each

step of the value chain, including mergers and

acquisitions, divestments and investments;

management of waste; suppliers, service

providers and contractors; and other key

businesspartners (including co-packers,

jointventures, etc.).

The monitoring process for our policies’

objectives – including the assessment of

associated impacts, risks and opportunities –

isdynamic and rigorously conducted through

ourSustainability Committees and the

DMAprocedure.

E1.MDR-P_02,05

Our engagement strategy also focuses on gaining

insights from the different types of relevant

stakeholders that influence our policies, which are

indicatively the following:

• We engage with different stakeholders,

such asNGOs, suppliers, peer companies,

regulators, investors, academia, communities,

etc., through our Group Annual Stakeholder

Forums and our annual materiality assessment,

as well as through ad hoc meetings.

• We participate actively to support the set-

up and implementation of new packaging

collection schemes at local business unit-

level by engaging with peer companies,

municipalities, regulators, customers, etc.

• We partner with specific NGOs for targeted

environmental and social projects.

• We have regular calls with investors and

financialinstitutions.

• We proactively monitor different environmental,

social and governance (ESG) raters/frameworks

in order to understand and adapt to the external

emerging trends and expectations.

• We are part of UNESDA, the Brussels-based

trade association representing the non-

alcoholic beverages sector.

• We engage with academia, suppliers and

start-ups for innovative solutions to tackle

theESGchallenges.

• We engage with our customers through different

value creation activities in sustainability.

• We engage with our employees through regular

meetings, surveys, ‘Tone of the Top’ messages,

awareness campaigns, townhall meetings, etc.

• Our local business units actively engage with

the local stakeholders.

E1.MDR-P_04

Through our Environmental Policy, we are

committed to implement environmental

management systems, such as ISO 14001.

Moreover, through our Climate Change Policy, we

are committed to be aligned with SBTi for our

targets.

E1.MDR-P_03,06

All policies are publicly available at our website

(Policies | Coca-Cola HBC) where affected

stakeholders can easily have access to them.

Moreover, the net zero transition plan is publicly

available on our website.

The CEO is overall responsible for the

implementation of our sustainability policies.

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Sustainability Statement continued

E1-3 Actions and resources in relation to climate change policies

E1.MDR-A_01,02,03

We have in place a number of existing and planned actions in order to deliver our climate change policies and achieve our targets and commitments, as presented in the following table.

Table 8: Key actions (existing and planned) in relation to climate change policies

Time horizon Scope of Action

List of

actions Current Planned

Expected

outcome

Relation to policy objectives/ targets(where

relevant) Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Top 20 energy savers

programme

Yes Continuous Scope 1 carbon emissions

reduction and cost savings

In accordance with the Climate

Change Policy and our overall

Environmental Policy, we strive to

reduce allour emissions across

thevalue chain as muchaspossible

by advancing thereduction of the

energy usedin our operations.

Reduction of energy consumption

by improving efficiency of main

energy consumers such as high-

pressure compressors, boilers,

bottle blowing processes and

introducing heat pumps

Own

operations

All markets Employees,

Suppliers

Increase of renewable

energyconsumption

throughthe installation

ofsolarPV

Yes Continuous Scope 1 & 2 (market-based)

emissions savings and climate

resilience

Expanding our use ofrenewable

energy technologies

Current installations of roof-top PVs

owned by Coca-Cola HBC and also

owned by third-party providers

Own

operations

Egypt, Nigeria,

Switzerland, Italy,

Austria, Czech

Republic, Greece,

Romania, Croatia

Employees,

Suppliers

Yield improvement Yes Continuous Scope 1 carbon emissions

reduction

Advancing the reduction ofthe

energy used in ouroperations

yield improvement by replacing

sterile air and nitrogen

Own

operations

All markets Employees,

Suppliers

Heat pumps and

electrification

of energy

Yes Continuous Scope 1 & 2 carbon emissions

reduction

Advancing the reduction ofthe

energy used in our operations;

Expanding ouruseof renewable

energytechnologies

Energy recovery from existing

manufacturing processes and

thermal energy electrification

Own

operations

EU countries Employees,

Suppliers

Alternative and low-carbon

fuelsintroduction

Continuous Scope 1 carbon emissions

reduction

Advancing the reduction ofthe

energy used in our operations;

Expanding ouruseof renewable

energytechnologies

Introduction of biomass, biogas and

other developing solutions

Own

operations

N. Ireland,

Austria, Italy,

Greece

Employees

Modernisation of

manufacturingequipment

Continuous Scope 1 & 2 carbon emissions

reduction

Advancing the reduction ofthe

energy used in our operations;

Expanding theuseof renewable

energytechnologies

Replacement of depreciated own

production lines and installation of

new ones withhighenergy efficiency

Own

operations

Selective

markets as per

transition plan

Employees,

Suppliers

Green Fleet Programme Yes Continuous Scope 1 carbon emissions

reduction

Accelerating our green fleet Increase the number of electric and

hybrid fleet (own and leasedfleet)

Own

operations

EU countries Employees,

Suppliers

Low carbon alternative

fleetintroduction of

transportation solutions

Yes Continuous Scope 3 carbon emissions

reduction

Working with suppliers to reduce

their carbon footprint and to

minimise their climate impacts;

Expanding our use of renewable

energy technologies.

Distribution fleet electrification in

Austria, Switzerland and low carbon

fuel (HVO) in Italy

Upstream Austria,

Switzerland,

Italy

Third party

logistics

providers,

Customers

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Time horizon Scope of Action

List of

actions Current Planned

Expected

outcome

Relation to policy objectives/ targets(where

relevant) Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Increase the number of

energy-efficient coolers

inthemarketplace

Yes Continuous Scope 3 carbon emissions

reduction

Deploying more energy-efficient

coolers at the marketplace; Engaging

with relevant stakeholders to

combat climatechange

Continue purchasing energy

efficient new coolers from

oursuppliers and replacing

oldcoolers with energy-efficient

ones

Downstream All markets Customers,

Suppliers

For packaging initiatives

contributing to scope 3, please

refer to ESRS E5 on pages

121to 124

Yes Continuous Scope 3 carbon emissions

reduction

Accelerating our packaging

andpackaging waste agenda;

Engaging with relevant

stakeholders to combat

climatechange

Using more recycled content and

reusable/refillable packaging

solutions, decarbonisation at

supplier level; all initiatives for

packaging collection that increase %

collected and recovered packaging

Downstream All markets Customers,

Consumers,

Suppliers

Use of ISO standard for

commodities and supplier

specific LCA development for

keydirect supplies of raw and

packaging materials

Yes Continuous Scope 3 carbon emissions

reduction

Working with suppliers to reduce

their carbon footprint and to

minimise their climate impacts

Using supplier-specific emission

factors,providing guiding suppliers

to work on decarbonisation plans

and renewable energy, providing

supplier Carbon emission

development programme (Supplier

Leadership on Climate – SLoC).

Upstream Global Suppliers

E1.MDR-A_04

As per UNESDA statement “Beverage sector acknowledges its responsibility in playing its part in the fight against climate change and we are committed to help the European Union become a climate neutral

continent by 2050 by driving decarbonisation throughout our value chain – from responsible sourcing of our ingredients to production and distribution of the final products. We know our competitiveness and

long-term success depend on the sustainability of our operations and the resilience of our value chain”. We have not identified direct harm to any stakeholders’ group from our actual impact. All actions we take

are towards decarbonisation by following the applicable regulatory, industry and international standards.

E1.MDR-A_05

In 2024, we made progress on our climate-related actions and plans and for the fourth consecutive year we reached our annual roadmap:

• continued our decarbonisation journey in all five levers in alignment with our NetZeroby40 roadmap;

• focused on packaging decarbonisation using a higher percentage of recycled materials and improving percentage packaging collection;

• supported further roll-out of Deposit Return Schemes in our EU markets;

• promoted Extended Producer Responsibility (EPR) policies and the launch of new packaging collection systems in priority markets;

• cooperated with eight other industry players and three organisations to publish CSR Europe Biodiversity Alliance White Paper “How Companies in Europe Address Biodiversity’;

• expanded our partnerships in water and waste reduction.

In 2021, we committed to achieve net zero emissions across the entire value chain by 2040. This is our most ambitious, complex and forward-looking commitment. We were among the first companies to adopt

science-based reduction targets. In our existing net zero roadmap, our starting point is 2017, the baseline for our science-based targets. We have reduced our absolute total value chain emissions in scopes 1, 2

and 3 by 31% (excluding Egypt) from 2010 to the end of 2024, our absolute value chain reduction in 2024 versus 2017 is 18% (excluding Egypt). These results come from our sustained investment and focus, and

highlight our consistent approach to decarbonisation. Reducing carbon emissions is the non-negotiable goal for our business. We continued to work across our value chain to reduce emissions, with a particular

focus on energy efficiency and renewal, packaging, coolers and ingredients. We do this because we will make the biggest progress by delivering sustainable solutions in these parts of our value chain.

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Sustainability Statement continued

In 2024, we updated our net zero roadmap with three important changes. We integrated our Egyptian operations into our 2030 and NetZeroby40 climate targets, we added new Forest, Land and Agriculture

(FLAG) targets, and we updated our mid-term emissions goal to follow the Well-Below-2-Degrees (WB2D) pathway until 2030 and then the 1.5 degrees pathway until 2040. Due to the FLAG targets

requirements, we are moving our baseline year for the mid-term 2030 emissions reduction targets from 2017 to 2019. With all those changes, our NetZeroby40 target was formally validated by the SBTi. As the

validation came in December 2024, in 2025 we will work to update the roadmap with all those changes and communicate transparently on our website.

E1-3_01,03,04

Table 9: Mitigation actions per decarbonisation lever (action, GHG reductions)

The actions per lever consider our updated net zero roadmap as approved by the SBTi in late December 2024. It includes Egypt acquisition, scope 3 accelerated climate scenario (well below 2 degree Celsius),

and a new baseline year of 2019 (instead of 2017) as per the SBTi Net Zero guideline and the SBTi requirements for FLAG emissions, where 2017 cannot be used as a baseline year. We are going to perform

carbon boundary review and recalculation of our emissions to include FLAG factors in 2025 and will update the roadmap accordingly.

GHG emissions reduction

Achieved

(2024 vs. 2019)

tCO

Expected

(2030 vs. 2019)

tCO

Time horizon for

completing the action

Year

Relevant target

(link to E1-4)

Manufacturing (includes scope 1 fuels used, scope 1 losses of CO

used for beverage carbonation, scope 2 electricity/heat/steam/hot

water purchased, scope 3 CO

in product (carbonation) and scope 3 CO

produced in CHPs):

• continue implementing and accelerating the energy-efficient projects in our plants (deployment of energy-saving projects, old

equipment modernisation, and installation of heat pumps and electrification);

• improving the CO₂ yield in the plants;

• accelerating usage of renewable and/or cleaner energy to replace fossil fuel in scope 1 or electricity/heat/steam/hot water in scope 2.

+1kt

+0.2%

-198kt

-46%

2030 Scope 1 and 2 decrease by

2030 vs. 2019 as per the 1.5

degree climate scenario

(SBT)

Transportation (includes scope 1 fuels used for own transport, both light and heavy, and scope 3 fuels usedfor outsourced logistics and

transportation):

• optimising the routes of light and heavy fleet, increasing logistics efficiency and increasing heavy trucksutilization;

• shifting the existing fleet to innovative technologies and renewable or alternative fuels;

• enhancing the strategic partnerships with our third-party logistics providers and joint investments (accelerate shifting to alternative

fuels, route to market evolution, shifting of more volume to trains andapplying industry innovations).

+6kt

+2%

-8kt

-3%

2030 Scope 1 and 2 decrease by

2030 vs. 2019 as per the 1.5

degree climate scenario (SBT);

Scope 3 decrease by 2030 vs.

2019 as per the well below 2

degree climate scenario

Packaging (includes scope 3 from all primary, secondary and tertiary packaging used for our products):

• implementing our Pack Mix of the Future strategy (increasing recycled PET, moving from non-reusable one-way glass bottles to

reusable glass bottles and providing more packageless solutions);

• implementing decarbonisation of our primary and secondary packaging materials (aluminium cans, PETbottles, glass bottles, plastic

labels, closures, stretch films, etc.).

+271kt

+21%

-309kt

-21%

2030 Scope 3 decrease by 2030

vs. 2019asper the well below

2 degree climate scenario

Ingredients (includes scope 3 from all ingredients used for manufacturing of our beverages):

• decarbonisation initiatives with our suppliers (engagement of farmers through co-development offarming pilots with suppliers, using

regenerative agricultural practices);

• continue reformulation of our products and moving to more lights and zero products in our beverageportfolio.

+135kt

+10%

-243kt

-17%

2030 Scope 3 decrease by 2030

vs. 2019asper the well below

2 degree climate scenario

Drink equipment (includes scope 3 of electricity used by our customers for the drink equipment weprovide,scope 1 for refrigerants’

losses from cold drink equipment):

• accelerate the process of providing energy-efficient drink equipment to our customers andfinding innovative solutions for further

energy efficiency of our drink equipment;

• greening the electricity grid mainly in Europe and with slower pace in Africa.

-500kt

-38%

-929kt

-63%

2030 Scope 3 decrease by 2030

vs. 2019asper the well below

2 degree climate scenario

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Sustainability Statement continued

E1-3_07,08, E1-1_04,06,08

As detailed in the EU Taxonomy section of this

sustainability statement, our core economic activity

is not yet included in the published Delegated Acts

and is therefore not considered Taxonomy-eligible

at this stage. However, we have assessed secondary

activities that contribute toclimate change

mitigation. In 2024,0.67% of total Capex was

Taxonomy-aligned, also driven by activities

connected to our climate transition plan. Specifically,

CCM4.25 ‘Production of heat/cool using waste heat’ ,

CCM7.4 ‘Installation, maintenance, and repair of

charging stations for electric vehicles in buildings’

and CE1.1 ‘Manufacture of plastic packaging

goods’ contributed to aligned Capex.

We have also assessed CCM6.5 ‘Transport by

motorbikes, passenger cars, and light commercial

vehicles’, which relates to the electrification of our

fleet. Although a significant part of our fleet meets

the TSC, due to challenges with the DNSH criteria,

we will claim zero alignment to EU Taxonomy in 2024.

Looking ahead, we expect to maintain or increase

EU Taxonomy alignment as we continue to

evaluate investment plans and operational

expenditures in areas that could become eligible

with the introduction of regulatory updates.

Metrics and targets

E1-4 Targets related to climate change

mitigation and adaptation

E1.MDR-T_01,02,03,05,06,07, E1-4_01,24

NetZeroby40

Multiple climate scenarios have been taken into

consideration, as outlined in SBM-3_08_09_10,

helping assess external drivers, including policy

developments and market shifts.

In October 2021, we announced our NetZeroby40

transition plan, as part of our commitment to

reach net zero absolute emissions across all

scopes by 2040. This target is fully aligned with

the1.5 degree pathway, and it was approved

bythe SBTi in December 2024 (link to the SBTi

website). NetZeroby40 is a carbon emissions

roadmap including our base-year results,

year-on-year emissions targets, 2030 near-term

and our 2040 net zero targets. The plan’s main

targets are:

Overall net-zero target:

• Coca-Cola HBC AG commits to reach net zero

greenhouse gas emissions across the value

chain by 2040.

Near-term targets:

• Energy & Industry: Coca-Cola HBC AG commits

to reduce absolute scope 1 and 2 GHG emissions

by 46.2% by 2030 from a 2019 base year. Coca-

Cola HBC AG also commits to reduce absolute

scope 3 GHG emissions by 27.5% within the same

timeframe.

• FLAG: Coca-Cola HBC AG commits to reduce

absolute scope 3 FLAG GHG emissions by

33.3% by 2030 from a 2019 base year.* Coca-

Cola HBC AG commits to no deforestation

across itsprimary deforestation-linked

commodities, with a target date of December

31, 2025.

* The target includes FLAG emissions and removals.

Long-term targets:

• Energy & Industry: Coca-Cola HBC AG commits

to reduce absolute scope 1 and 2 GHG emissions

by 90% by 2040 from a 2019 base year. Coca-

Cola HBC AG also commits to reduce absolute

scope 3 GHG emissions by 90% within the same

timeframe.

• FLAG: Coca-Cola HBC AG commits to reduce

absolute scope 3 FLAG GHG emissions by 72%

by 2040 from a 2019 base year.*

* This target includes FLAG emissions and removals.

Science-based targets: please see above.

Mission 2025

Developed in 2018, Mission 2025 is a set of

sustainability commitments based on our stakeholder

materiality matrix and aligned with the UN Sustainable

Development Goals (SDGs) and their targets. It spans

across six key focus areas to cover our entire value

chain, including emissions reduction, with the

following commitments:

• Reduce direct carbon emissions ratio by 30%

vs 2017.

• 50% of our refrigerators in customer outlets

willbe energy efficient.

• 50% of total energy used in our plants will be

from renewable and clean sources.

• 100% of the total electricity used in our plants

inEU and Switzerland will be from renewable

and clean source.

E1. MDR-T_ 0 4

Our recently approved by the SBTi targets for

reducing scope 1 and 2 and scope 3 emissions have

organisation-wide coverage. We are covering 100%

of our operational activities.E1. MDR-T_10

As previously mentioned, our climate change

commitments cover our entire Company, all scope

1, 2, 3, and we aim to reach net zero emissions

across the entire value chain by 2040 as per the 1.5

degree scenario, as well as our intermediate

emissions reduction target by 2030 is approved by

the SBTi.

E1. MDR-T_ 0 8

The Group’s annual roadmap of net zero target by

2040 is shown in the net zero chart in the strategic

part of the IAR, section ‘License to operate’,

page25.

Mission 2025 targets related to climate and energy

are disclosed in the Strategic Report, ‘Key

performance indicators’ section on pages 33 to 34.

Those targets don’t have interim targets, but only

annual roadmaps at Group level disaggregated

further down per BU.

E1.MDR-T_09, E1-4_22

At the end of 2020, we set and received approval by

the SBTi of our Science-Based Targets by 2030, as

our previous SBT period-closing was end of 2020.

Those targets are reported in the 2024 IAR (as an

oldroadmap): Reduction of absolute scope 1, 2

emissions by 55% by 2030 vs 2017 baseline following

the 1.5 degree global warming scenario and

reduction of scope 3 emissions by 21% by 2030 vs.

2017. So far, we have achieved 31% reduction of

ouroperational emissions vs 2017 (excluding Egypt).

Those approved by the SBTi targets are without

the integrated new acquisition, Coca-Cola HBC

Egypt operations, asits integration happened in

2022, after targets submission and approval in

2021.For the newest targets, approved by the

SBTi in December 2024, please refer to previous

page (Net Zero targets and FLAG targets). We report

as per the GHG Protocol Corporate Accounting and

Reporting Standard. We are covering 100% of our

operational activities. We account and report all

seven GHG emissions and report those as

equivalent to CO

. Under scope 2 emissions, we are

reporting market-based GHG emissions and

separately the location-based scope 2 emissions.

Our climate targets are also aligned with the UN SDG

Target 13.1, i.e. strengthen resilience and adaptive

capacity to climate-related hazards and natural

disasters in all countries, as well as Targets 7.2 and 7.3

on increased renewable energy and energy

efficiency. We do notuse any carbon removal nor

neutralisation or off-setting/insetting

methodologies to achieve our GHG internal

annual roadmap targets as per the SBTi

guidelines.

E1.MDR-T_11

The Group sets measurable, outcome-oriented

andtime-bound targets on material sustainability

matters through a structured and inclusive process.

Stakeholder engagement plays a pivotal role in this

process, particularly through our Annual Stakeholder

Forums, where key discussions are taken, and the

insights gathered are integrated into the formulation

of our targets.

Additionally, the Group takes into account the

requirements of ESG raters, including those of our

investors, ensuring that our targets are aligned with

their evolving expectations. The UN SDGs also

form a crucial foundation for the Group’s target-

setting process, guiding our efforts in addressing

global sustainability challenges. Through this

comprehensive approach, the Group ensures that

its targets are relevant, ambitious and responsive

to both stakeholder input and global standards.

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Sustainability Statement continued

E1.MDR-T_12

As per the GHG Protocol, the recalculation policyfor base-year emissions and previous years’ emissions is applicable in case of the following changes: 1) significant change in calculation methodology, 2) significant

change in emissions conversion factors (LCAs), 3) investment, divestment, mergers and acquisitions with significant impact to business financials and emissions (>3% of the volume), 4) significant change in the

business growth rate or activity, and5) mistake or calculation gap found which is bigger than 3%.

In 2024, we have not recalculated our emissions. Emission factors are provided to us by the Institute of Energy and Environment (IFEU) assigned by TheCoca-Cola Company (TCCC) and used as the emissions factors

data source to TCCC and their bottling system for regular updates (update as of January 2024).

E1.MDR-T_13

In 2024, we reached 18% reduction of our absolute value chain emissions versus 2017 which is the fourth year of meeting our annual roadmap (please see the Mission 2025 performance table inthe strategic

part of the IAR: we overachieved our target on percentage energy-efficient coolers, we continued with 100% renewable and clean electricity in our EU and Swiss plants, and we overachieved our percentage

renewable and clean energy across Coca-Cola HBC plants.)

As part of our performance review, each target is monitored regularly (monthly or quarterly). We report the progress in a specific dashboard. There the status versus the target is colour-coded and disclosed as

difference (absolute and in %). Performance review includes setting corrective measures and follow up.

E1-4 _01-17

Table 10: GHG emission reduction targets

Scope

Baseline

year

Baseline

GHG

emissions

Current

Reporting Year

Value Target year

Target

reduction:

% of baseline

GHG emissions

Target % of scope 1, 2 and 3

Scope 2 location /

market-based Coverage of GHG (Year) (tCO

e) (tCO

e) (Year) (%)

Old SBT target (by 2024):

reduce GHG emissions from direct operations 55% by 2030 vs 2017 (CCH excl. Egypt)

100% scope 1

and2

Scope 2

market-based

Scope 1 and 2

combined 2017 562,608 390,622 2030 55%

Old SBT target (by 2024):

reduce scope 3 GHG emissions 21% by 2030 vs 2017 (CCH excl. Egypt) 100% scope 3 n/a Scope 3 only 2017 4,399,075 3,684,002 2030 21%

Revised target (from 2025)

Energy and Industry:

reduce absolute scope 1 and 2 GHG emissions 46.2% by 2030 from a 2019 base year

100% scope 1

and2

Scope 2

market-based

Scope 1 and 2

combined

(scope 2

market-based) 2019

545,386 (to be

adjusted in 2025

after fullcarbon

inventory

completion)

Will be

reported in

2025 2030 46.2%

Revised target (from 2025):

reduce absolute scope 3 GHG emissions 27.5% by 2030 from a 2019 base year 100% scope 3 n/a Scope 3 only 2019

4,622,844 (to be

adjusted in 2025

after fullcarbon

inventory

completion)

Will be

reported in

2025 2030 27.5%

Revised target (from 2025) FLAG:

reduce absolute scope 3 FLAG GHG emissions 33.3% by 2030 from a 2019 base year

100% FLAG part

ofscope 3 n/a

FLAG

scope 3 only 2019

536,389 (to be

adjusted in 2025)

Will be

reported in

2025 2030 33.3%

Our targets refer to all GHG types according to the SBTi methodology (e.g., CO

, CH4, N2O, etc.) and they correspond to gross emissions.

Our old roadmap and targets are based on the approved SBT in 2021 when FLAG targets and Net Zero Guidelines were not available.

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Sustainability Statement continued

Our revised roadmap and targets are based on the

formally approved by the SBTi in December 2024

net zero target by 2040 and SBT including FLAG

by 2030.

E1-4 _18

Within our recently approved NetZeroby40

targets, we have included all relevant emissions

from all our entities from our financial reporting,

following the materiality threshold as per the GHG

Protocol Standard. We also report 100% of

emissions from our joint ventures as there we

have operational control. Our NetZeroby40 target

was formally approved by the SBTi in December

2024. In 2024 we report as per the old science-

based target by 2030, also approved by the SBTi

where Egyptian operations are excluded as they

were acquired in 2022, after setting the target.

E1-4_19

We have decreased our absolute direct emissions

by 58% and reduced our absolute total value chain

emissions in scopes 1, 2 and 3 by 31% from 2010

to the end of 2024. All our emissions in those years

have been assured by an external organisation,

and the assurance statement is available in each

of our Integrated Annual Reports published on

thewebsite.

E1-4 _ 20

Our baseline values are with primary data, assured

externally. 2017 was selected as we developed our

Mission 2025 in 2018. Now 2019 is selected as per

the FLAG requirements and considering the most

credible data for our Egyptian operations which

were acquired in 2022. We follow GHGP, and we

have a recalculation policy to recalculate baseline

year as required by the GHG Protocol.

E1-4 _ 21

The only occasion where we have slightly modified

our baseline year was regarding the development

of our FLAG targets. To meet the new SBTi

recommendation for FLAG targets, that baseline

year should not be older than 2018, we had to

change our original 2017 baseline to 2019 for

compliance purposes. Furthermore, there were

no credible emissions data for our Egyptian

operations related to the years prior to 2019.

E1-5 Energy consumption and mix

E1-5_ 01-15

Table 11: Energy Consumption and mix

Energy consumption and mix 2024

(1) Fuel consumption from coal and coal products (million \MWh) 0

(2) Fuel consumption from crude oil and petroleum products (million MWh) 0.47

(3) Fuel consumption from natural gas (million MWh) 1.11

(4) Fuel consumption from other fossil sources (million MWh) 0

(5) Consumption of purchased or acquired electricity, heat, steam and cooling from

fossil sources (million MWh) 0.36

(6) Total fossil energy consumption (million MWh) (calculated as the sum of lines 1 to 5) 1.94

Share of fossil sources in total energy consumption (%) 76%

(7) Consumption from nuclear sources (million MWh) 0

Share of consumption from nuclear sources in total energy consumption (%) 0

(8) Fuel consumption from renewable sources, including biomass (also comprising

industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)

(million MWh) 0

(9) Consumption of purchased or acquired electricity, heat, steam and cooling from

renewable sources (million MWh) 0.62

(10) The consumption of self-generated non-fuel renewable energy (million MWh) 0

(11) Total renewable energy consumption (million MWh) (calculated as the sum of lines

8 to 10) 0.62

Share of renewable sources in total energy consumption (%) 24%

Total energy consumption (million MWh) (calculated as the sum of lines 6, 7 and 11) 2.56

Energy intensity per revenue: 0.2379 kWh/€ revenue.

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Sustainability Statement continued

E1-6 Gross scopes 1, 2, 3 and Total GHG emissions

E1-6_01-07,08,09,10,11,12,13,17,18,19,20,21,22,24,25,28

Table 12: Gross scopes 1, 2, 3 and Total GHG emissions

Gross emissions 2024

Scope 1

Gross scope 1 GHG emissions (in metric tonnes of CO

e) 342,742

% of scope 1 GHG emissions from regulated emission trading schemes 0

Biogenic emissions of CO

from the combustion or bio-degradation of biomass

(include emissions of other types of GHG (in particular CH

and N

O))

Scope 2

Gross scope 2 GHG location-based emissions (in metric tonnes of CO

e) 342,047

% of gross scope 2 GHG location-based emissions 7.1%

Gross scope 2 GHG market-based emissions (in metric tonnes of CO

e) 111,670

% of gross scope 2 GHG market-based emissions 2.4%

% of contractual instruments used for sale and purchase of energy bundled with

attributes about energy generation in relation to scope 2 GHG emissions

42.8%

% of contractual instruments used for sale and purchase of unbundled energy

attribute claims in relation to scope 2 GHG emissions

57.2%

Biogenic emissions of CO

carbon from the combustion or biodegradation of

biomass (include emissions of other types of GHG (in particular CH

and N

O))

Scope 3

Gross scope 3 GHG emissions for each significant category (in metric tonnes

ofCO

eq)

4,135,467

% of emissions calculated using primary data obtained from suppliers or other

value chain partners

100%

Biogenic emissions of CO

carbon from the combustion or biodegradation

ofbiomass that occur in upstream value chain (include emissions of other

typesof GHG (in particular CH

and N

O))

Gross emissions 2024

Biogenic emissions of CO

carbon from the combustion or biodegradation

ofbiomass that occur in downstream value chain (include emissions of other

types of GHG (in particular CH

and N

O))

Emissions of CO

that occur in the lifecycle of biomass other than from

combustion or biodegradation (such as GHG emissions from processing or

transporting biomass)

Totals

Total GHG emissions with location-based scope 2 4,820,256

Total GHG emissions with market-based scope 2 4,589,879

E1-6_02

Table 13: Gross emissions percentages

Gross emissions percentages 2024

Gross scope 1 emissions from the consolidated accounting group (parent and

subsidiaries)

100%

Gross scope 2 emissions from the consolidated accounting group (parent and

subsidiaries)

100%

Gross scope 1 emissions from investees* 0%

Gross scope 2 emissions from investees* 0%

* Associates, joint ventures or unconsolidated subsidiaries that are not fully consolidated in the financial statements of the consolidated

accounting group, as well as contractual arrangements that are joint arrangements not structured through an entity (i.e., jointly controlled

operations and assets), for which it has operational control.

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Sustainability Statement continued

E1-6_03

Table 14: Gross emissions absolutes

Emissions category

Gross emissions

(tCO

2024

Greenhouse gas emissions from operations (Total scope 1) 342,742

e from energy used in plants (scope 1) 196,244

e from fuel used in Company vehicles 84,800

Coolant emissions from Cold Drink Equipment (CO

e ) 4,352

e for product carbonation (CO

losses) 50,582

e from remote properties’ fuel consumption 6,764

Energy indirect GHG emissions (scope 2 market-based) 111,670

e from electricity used in plants (scope 2 market-based) 73,258

e from electricity used in plants (scope 2 location-based) 301,897

e from supplied heating and cooling (scope 2) 34,142

e from electricity consumption in remote properties, market-based 4,270

e from electricity consumption in remote properties, location-based 6,007

Total emissions scope 2 market-based 111,670

Total emissions scope 2 location-based 342,047

Total emissions (scope 1 and 2 market-based) 454,413

Emissions category

Gross emissions

(tCO

2024

Total emissions (scope 1 and 2 location-based) 684,789

Other indirect GHG emissions (scope 3) 4,135,467

e from electricity use of cold drink equipment 806,639

e embedded in packaging (Cradle-to-Gate) 1,549,287

e from sugar and Juice concentrates 1,457,043

e from third-party transports 193,241

e from flights 2,595

e from product carbonation 102,799

e from Remote Properties fuel consumption 5,922

e from electricity consumption in rented and outsourced Remote Properties

market-based 6,315

e from CO

production in CHPs 11,626

GHG emissions absolute and intensity (scope 1, 2 and 3

– scope 2 market-based) 4,589,879

GHG emissions absolute and intensity (scope 1, 2 and 3

– scope 2 location-based) 4,820,256

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Sustainability Statement continued

E1-6_04,05,26,27,29

Table 15: Scope 3 categories (numbers don’t include any FLAG emissions, as we are planning to introduce their reporting from 2025 onwards).

Significant categories

of scope 3 emissions

Criterion for significance (Magnitude,

financialspend, influence, related

transitionrisks, stakeholder views, other

Scope 3 emissions

magnitude (tCO

Relevance as per materiality threshold

(Y/N)

(E1-6_26, 27)

Reporting boundaries considered, calculation methods

for estimating GHG emissions, calculation tools applied

(E1-6 _29)

1. Purchased goods and

services

Magnitude/ Materiality to

Corporate Carbon emissions

inventory

3,017,955 Y Average data method.

For emission quantification, we multiply the quantities of purchased

materials by the respective ingredients/packaging GHG emissions

factors. We use Ecoinvent, World Food Database and IFEU LCA

assigned by TCCC among others as the source of emission factors.

In the near future, we expect this category emission accounting to

move from current method to a hybrid data method and use supplier-

specific emissions factor where available and reliable.

In 2024, we used specific emission factor for our own in-house

produced rPET. The factor was developed based on the LCA prepared

by IFEU independent experts.

In addition, for our main primary packaging materials, as PET,

aluminum for cans, glass for returnable and one-way bottles, we are

including in the calculation recycling content of materials used

(recycled content comes from our suppliers).

In 2024 we enhanced our reporting capability by automating the

report of the raw and packaging materials used in production. During

this automation process we improved data accuracy.

We are looking in the future to split category 3.1. Ingredients and

packaging emissions based on respective LCA to three main parts:

materials upstream activity, materials transport to Coca-Cola HBC

facility and materials End-of-Life.

2. Capital goods Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N Not reported in Scope 3 as this category is below materiality

threshold, based on The Coca-Cola Company Materiality Analysis

done in 2023 based on biggest bottlers’ input data (including CCHBC)

3. Fuel-and-energy-related

activities (not included in

scope 1 or 2)

Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N Referring to latest Materiality Assessment done by TCCC

4. Upstream transportation

and distribution

Magnitude/ Materiality to

Corporate Carbon emissions

inventory

193,241 Y Distance-based method.

Under this category, we quantify emissions captured from mileage

driven by third-party fleet, including product Haulage and Distribution,

multiplying by the GHG factor (emissions based on distance from the

calculation tool of WRI-WBCSD GHG Protocol). GHG emission factors

include Tank-To-Wheel emissions.

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Sustainability Statement continued

Significant categories

of scope 3 emissions

Criterion for significance (Magnitude,

financialspend, influence, related

transitionrisks, stakeholder views, other

Scope 3 emissions

magnitude (tCO

Relevance as per materiality threshold

(Y/N)

(E1-6_26, 27)

Reporting boundaries considered, calculation methods

for estimating GHG emissions, calculation tools applied

(E1-6 _29)

5. Waste generated in

operations

Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N Not reported in Scope 3 as this category is below materiality

threshold, based on The Coca-Cola Company Materiality Analysis

done in 2023 based on biggest bottlers’ input data (including CCHBC).

6. Business travel Magnitude/ Materiality to

Corporate Carbon emissions

inventory

2,595 Y Distance-based method.

Since 2018, we report GHG emissions from flights related to all

Company employees. We receive emission data from the travel

agencies, they use GHG factors based on the distance travelled and

the travel class (from GHG Protocol). GHG factors used include

Tank-To-Wheel emissions.

7. Employee commuting Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N We have company owned and leased fleet, including management and

functional cars in addition to the company owned and leased heavy

fleet (trucks, vans, etc.) used for the product transportation to

customers and reported under Scope 1 (mobile combustion).

Management and functional cars are used by employees also to

commute between home and office. Fuels and energy used for this

activity is reported as part of Scope 1 (mobile combustion) and that’s

why not included here (to avoid double reporting). Rest of the

employee commuting is below materiality threshold, based on The

Coca-Cola Company Materiality Analysis done in 2023.

8. Upstream leased assets Magnitude/ Materiality to

Corporate Carbon emissions

inventory

12,237 Y Average data method.

The emissions captured under this category are emissions from

electricity and fuel used in rented and outsourced Remote Properties.

We use location-based emission factors for electricity used in rented

and outsourced Remote Properties.

9. Downstream transportation

and distribution

Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N These emissions are moved to category 3.4 as 3rd party

transportation and distribution services (as they are contracted and

paid by the company).

10. Processing of sold

products

Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N We sell Ready-to-Drink products, no processing required by

consumers.

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Significant categories

of scope 3 emissions

Criterion for significance (Magnitude,

financialspend, influence, related

transitionrisks, stakeholder views, other

Scope 3 emissions

magnitude (tCO

Relevance as per materiality threshold

(Y/N)

(E1-6_26, 27)

Reporting boundaries considered, calculation methods

for estimating GHG emissions, calculation tools applied

(E1-6 _29)

11. Use of sold products Magnitude/ Materiality to

Corporate Carbon emissions

inventory

102,799 Y Primary data method.

In this category we include carbon dioxide used for our product

carbonation. We quantify carbon dioxide based on the product

formulations and multiply by the GHG factor. In case of carbon dioxide,

the GHG emission factor is equal to 1.

12. End-of-life treatment of

sold products

Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N End of life treatment is included in the CO

emission factor of

packaging materials and therefore reported in category 3.1.

13. Downstream leased

assets

Magnitude/ Materiality to

Corporate Carbon emissions

inventory

806,639 Y Average data method.

In this category we include emissions from electricity consumption

related to downstream leased assets, which are drink equipment

placed in the customers’ outlets in all our markets. We receive the

information on electricity consumption by type of equipment from

producers. We know number and type of the units in each market and

multiply electricity consumption by the number of units for each type.

Subsequently, the total electricity consumption is multiplied by the

country (location-based) grid factor taken from the IEA database. In

essence, electricity consumption is with primary data and the grid

factor is country average location-based.

14. Franchises Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N We do not operate any franchises.

15. Investments Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N We do not operate with investments

Other upstream Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N No other upstream activities are operated by the company.

Other downstream Magnitude/ Materiality to

Corporate Carbon emissions

inventory

0 N No other downstream activities are operated by the company.

In the above table all CCH subsidiaries and parent companies are considered.

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Sustainability Statement continued

E1-6_06

Scope 1 (Direct emissions in direct operations): 7.5%

Scope 2 (Indirect emissions in direct operations (purchased)): 2.4%

Scope 3 (Indirect emissions up/downstream): 90.1%

E1-6_14

There were no significant changes in the definition of our upstream and downstream value chain

related to emissions reporting.

E1-6_15

The methodologies and significant assumptions for calculation GHG emissions were as follows:

Scope 1: in our GHG emission factors are included: CO

, CH

, N

O, HFCs, PFCs, SF

, NF

. We use

Greenhouse Gas Protocol Corporate Accounting and Reporting Standard. CO

e factors: mobile

stationary combustion: GHGP tool; Refrigerants: IPCC 2021.

Scope 2 includes the activities under our operational control, described in our Environmental

Whitebook. In our GHG emissions factor are included: CO

, CH

, N

O, HFCs, PFCs, SF

, NF

Scope 3: in our GHG emissions factors are included: CO

, CH

, N

O, HFCs, PFCs, SF

, NF

. We use

Greenhouse Gas Protocol Corporate Accounting and Reporting Standard. CO

e factors: mobile and

stationary combustion: GHG tool; electricity: from IEA location-based; Ingredients/Pack materials: LCA

studies made by TCCC.

We are working also with the Coca-Cola System team on the Supplier Specific Emission Factors in

collaboration with key commodities suppliers, which will enable us to define value chain emissions

brought to the business in a much more accurate way in the future. This will create clear visibility of the

common interest projects and initiatives with suppliers and partners to decarbonise the business and

reach our long-term climate goal – NetZeroby40.

E1-6_23

Coca-Cola HBC is using a range of contractual instruments for sale and purchase of energy across the

countries in which it operates. Sourcing methods employed include purchasing from an on-site installation

(on-site PPA), and unbundled procurement of energy attribute certificates (EACs), while the main tracking

instruments used are Guarantees of Origins (GOs) or contracts. For more information on the contractual

instruments per country of operation, you may refer to the 2024 CDP Corporate Questionnaire.

E1-6_30, 31

Table 16: GHG emissions intensity (total GHG emissions per net revenue)

GHG emissions intensity (total GHG emissions per net revenue)

Scope 1, 2 (Location-based) and Scope 3 Scope 1, 2 (Market-based) and Scope 3

2024 2024

448.2 g CO

e/EUR 426.8 g CO

e/EUR

E1-6_32,35

Table 17: Net revenue amounts for GHG intensity

Net revenue used to calculate GHG intensity €10,754.4 million

Net revenue (other) €0.0 million

Total net revenue (infinancial statements) €10,754.4 million

Emissions intensity is calculated in grammes CO

e per litre of produced beverage and in 2024 it is

287.32g/lpb (all 29 countries included).

E1-7 GHG removals and GHG mitigation projects financed through carbon credits

E1-7_01

Coca-Cola HBC is not currently using any carbon removal or neutralisation or off-setting/insetting

methodologies to meet our GHG roadmap targets. As per the SBTi guidelines, carbon removal

measures are not permitted at this stage. We commenced the purchase of a small amount of carbon

removals in 2023 and 2024, we accumulate them but we don’t use them in our carbon inventory as per

the SBTi guidelines. At present, we are still gaining knowledge on carbon removals, and we plan to

develop a comprehensive removal strategy once the formal guidelines on removals are finalised.

E1-7_02

We plan to purchase and cancel carbon credits for neutralisation at the end of our net zero target (2040).

E1-7_ 20

We intend to neutralise any residual emissions with permanent carbon removals at the end of the target.

E1-7_ 21

No public claims on GHG neutrality involving use of carbon credits were made in 2024.

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Sustainability Statement continued

E1-8 Internal carbon pricing

E1-8_01,04,06,08

Table 18: Internal carbon pricing (ICP) schemes

Types of internal

carbon price scheme

Volume

at stake (tCO

% of gross scope emissions

(percentage

of the respective scopes

that are covered by

ICP schemes)

Perimeter description/

Scope of application

Shadow price

applied for risk

assessment

(evolutionary,

updated on

ayearlybasis)

Scope 1:

342,742

Scope 2:

111,670

Scope 3:

4,135,467

Scope 1: 100%

Scope 2: 100%

Scope 3: 100%

Applicable across all

geographies and entities,

forthe inclusion of climate-

related considerations in risk

assessment of production and

operational activities. Across

scope 1, 2 and 3 emissions.

E1-8 _05

We employ an internal price on carbon (ICP) mechanism, to incentivise consideration of climate-related

issues in risk assessment. Specifically, since 2022, we work with an external provider to analyse various

publications and assimilate the results in terms of Euros per tCO₂e extending to the year 2050.

Thisprocess involves a top-down assessment of the required global average carbon price per tonne

toencourage the level emissions reduction consistent with the emissions pathways we assessed.

Thedata was collected from various sources including the International Monetary Fund (IMF), the

International Energy Agency (IEA), the Inevitable Policy Response (IPR), the High-level Commission

onCarbon Pricing (CPLC), and the Network of Central Banks and Supervisors for Greening the

FinancialSystem (NGFS).

Carbon prices were differentiated for scope 1, 2 and 3 emissions based on sector-specific data and

were calculated as a weighted average based on each country’s contribution to total Group emissions.

For scope 1 emissions, we used projected carbon pricing from the soft drinks industry. For scope 2,

weapplied projections from the utilities sector. For scope 3, we assigned different rates for ingredients,

packaging and other key drivers.

We assessed different climate scenarios, including Paris Ambition (RCP1.9) and Stated Policies

(RCP4.5). The maximum projected prices used in our analysis were:

• Scope 1: Carbon price is expected to reach €81.8/tCO₂e in 2030 and €155.1/tCO₂e in 2040 under

the Paris Ambition scenario, and €38.4/tCO₂e in 2030 and €53.8/tCO₂e in 2040 under the RCP4.5

scenario.

• Scope 2: Carbon price is expected to reach €93.1/tCO₂e in 2030 and €189.9/tCO₂e in 2040 under

the Paris Ambition scenario, and €35.1/tCO₂e in 2030 and €48.6/tCO₂e in 2040 under the RCP4.5

scenario.

• Scope 3: Carbon price is expected to reach €227.4/tCO₂e in 2030 and €466.3/tCO₂e in 2040 under

the Paris Ambition scenario, and €72.5/tCO₂e in 2030 and €80.3/tCO₂e in 2040 under the RCP4.5

scenario.

Using the ICP for climate risk quantification has allowed us to fully comply with TCFD guidance and has

provided management with valuable information for assessing and managing climate-related risks and

opportunities. Additionally, we have a well-established strategic business planning process that forms

the basis of the Board’s quantitative assessment of the Group’s viability. This plan reflects our current

strategy over a rolling five-year period and includes the impact of climate change under multiple

scenarios. The annual operating costs of scope 1 and 2 carbon emissions, calculated using the ICP

methodology, are integrated into the financial forecasts used for the viability assessment.

E1-8 _09

For goodwill and indefinite-lived intangible assets, impairment testing is conducted annually using

forward-looking projections which cover a five-year period, based on current operational and market

conditions. The assumptions used in the impairment test are then reviewed at the Group level to

determine whether an impairment loss should be recorded. This process also takes into consideration

the potential adverse impact to future cash flows arising from climate change risk. Such potential

impacts include the increased capital expenditure required to mitigate climate-related risks and

focuson the impact from disruptions to production and distribution due to extreme weather and the

increased cost of water, as well as managing the Group’s carbon footprint in line with our NetZeroby40

commitments. For more details, please refer to Note 13 of the consolidated financial statements.

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Sustainability Statement continued

ESRS E2 –

Pollution

Impact, risk and opportunity

management

E2-1 Policies related to pollution

E2 .MDR- P_ 01

We recognise pollution as a material topic in our

upstream and downstream value chain segments.

In this context we have in place the following

policies that address the protection of

environment from pollution from different

business activities:

• Principles for Sustainable Agriculture

• Environment Policy

• Supplier Guiding Principles Policy

• Water Stewardship Policy.

According to ‘Principles for Sustainable Agriculture’,

our approach to agriculture and livestock

production emphasises resilience, environmental

sustainability and minimal environmental impact,

striving to restore and enhance the surrounding

ecosystems. This includes:

• monitoring water quality in irrigated crops; and

• minimising water quality impacts from

wastewater discharges, erosion and nutrient/

agrochemical runoff.

Moreover, according to our Environment Policy,

inorder to fulfill our long-term environmental

commitments, we:

• Adhere to all applicable legislative requirements.

• Optimise resource efficiency, prevent pollution

and reduce emissions.

• Conserve watersheds through water

savings,wastewater treatment and water

stewardship initiatives.

Furthermore, we have in place the Supplier

Guiding Principles Policy, which mandates that

oursuppliers are expected to:

• embrace pollution prevention and waste

management practices; and

• enhance resource efficiency throughout the

product lifecycle.

According to the Water Stewardship Policy, we

actively invest in educational, volunteer and

community-based initiatives to mitigate

packaging pollution in seas, oceans and rivers.

For the monitoring process, please refer to ESRS

E1.MDR-P_01, as it constitutes a standard

procedure for all policies apart from their topic.

E2 .MDR- P_ 02

The Principles of Sustainable Agriculture (PSA)

Policy and the Supplier Guiding Principles Policy

pertain specifically to the upstream value chain

andpossess global applicability, aligning seamlessly

with Coca-Cola HBC’s operational framework.

ThePSA Policy predominantly influences suppliers

operating within the agricultural supply chain,

whereas the Supplier Guiding Principles Policy

encompasses the entirety of suppliers engaging

with Coca-Cola HBC.

Finally, the Water Stewardship Policy is

directeddownstream as well, focusing on local

communities, and is similarly characterised by

itsglobal applicability.

E2 .MDR- P_ 03

For more information regarding the highest in our

corporate hierarchy responsible for implementing

the relevant policy, please refer to ESRS E1.

MDR-P_ 03.

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E2.MDR-P_04

For more information regarding the third party

standards and initiatives used in the context of the

relevant policy, please refer to ESRS E1 Climate

change section.

E2.MDR-P_05

Coca-Cola HBC, as an integral part of the

Coca-Cola System, has formally adopted specific

policies aligned with the priorities of TCCC.

As of April 2021, the Principles for Sustainable

Agriculture (PSA) have been recognised as the

prevailing supplier guidance framework. During

2021, the engagement of the supply base was

successfully completed to incorporate the

updated elements introduced in the PSA, which

expand upon the Supplier Guiding Principles

(SGPs) by providing targeted directives to

suppliers of agricultural ingredients. These

principles serve as a cornerstone for articulating

our commitment to sustainable sourcing and are

seamlessly integrated into internal governance

frameworks and procurement processes.

In addition, Annual Stakeholder Engagement

Forums are conducted, providing a platform for

feedback and recommendations that may

influence policy updates. Coca-Cola HBC actively

collaborates with suppliers to enhance overall

performance and foster the development of a

responsible and sustainable supply chain. This

collaboration is further strengthened through

joint value creation initiatives, sustainability

events, participation in industry associations,

workshops on sustainable supply practices, annual

supply chain innovation workshops, materiality

surveys, and the utilisation of a CSR platform for

ethical and sustainable supply chain management.

E2 .MDR- P_ 06

For stakeholder access to the relevant policies,

please refer to ESRS E1 Climate change section.

E2-1_01

According to PSA Policy, Coca-Cola HBC’s

suppliers are committed to adhere to the following:

• Environment and Ecosystems: Agriculture

and livestock production should be resilient,

environmentally sustainable, cause minimal

damage and, where possible, be restorative

tothe surrounding environment in all areas

andactivities on the farm.

• Soil Management: Maintain and improve

soils and prevent degradation, minimise

GHG emissions, protect soil biodiversity

and enhance soil structure. Implement

aNutrient Management Plan based on an

integrated Nutrient Management approach

and incorporate the ‘Four Rs of nutrient

stewardship’ to maintain and enhance soil

quality and minimise impacts on air, water

andbiodiversity.

• Agrochemical Management: Follow national

and/or local regulations and label requirements

for safe and proper use of all agrochemicals,

in accordance with label directions, to

ensure proper protection of farm personnel

and the environment. Do not use or store

agrochemicals that are banned in the country of

operation or are prohibited under international

treaty. All agrochemicals are managed in a

manner that respects Maximum Residue Limits

(MRLs) of the countries where agricultural

materials are grown and – when possible – of

the countries where they are being used as

ingredients to help prevent negative impacts

on human health. All products used to protect

crops from pest pressures, including, but

not limited to, insects, weeds and diseases,

are clearly documented and are part of an

Integrated Pest Management System.

E2-1_03

We have implemented a comprehensive set of

policies and procedures to proactively prevent,

manage and mitigate the risks of incidents and

emergency situations across our value chain, with

a focus on minimising impacts on both people and

the environment.

In Coca-Cola HBC, we have local emergency

preparedness procedures available and regularly

tested in each site and business unit, e.g., the spill

prevention is tested annually. The Group Business

Resilience team is leading emergency preparedness

assessment of all our operating business units.

Thisassessment includes response in

emergencysituations.

Upstream value chain

• Supplier engagement and risk assessments

Coca-Cola HBC actively collaborates with its

significant suppliers to apply robust standards for

environmental and social responsibility. An annual

risk assessment exercise is conducted to identify

potential vulnerabilities across the entire supply

base, and the depth increases as the exposure and

importance of each supplier starting from Platform

enabled tools on ESG Risk Identification, all the way

to full ESG assessments and physical audits. In this

way Coca-Cola HBC isable to proactively identify

supply disruptions or unsafe practices and

prioritise corrective actions. The Supplier Guiding

Principles mandate compliance with

environmental standards to avoid incidents such

as spills, contamination orresource overuse.

• Incident prevention measures

Suppliers are required to implement and maintain

safety management systems, including

contingency plans for environmental

emergencies. Monitoring tools are in place to

track compliance with sustainable sourcing

policies, especially concerning water stewardship

and raw material procurement.

• Emergency response

In case of upstream incidents, we collaborate with

suppliers to contain and remediate impacts by

means of tracking supplier activities through the

development of corrective actions and following

through to completion.

Downstream value chain

• Distribution and logistics

We incorporate sustainable logistics practices,

including optimised route planning to reduce the

environmental footprint and minimise the risk of

transport-related incidents. Emergency

preparedness protocols, such as proper driver

training, are standard across fleet operations.

• Customer and consumer safety

We ensure that products adhere to the highest

food safety and quality standards, with stringent

testing procedures. Emergency response

mechanisms are in place to address recalls or

product withdrawals.

• Partnerships and collaboration

Collaboration with retailers and distributors

includes training and sharing best practices for

product handling and waste management to avoid

downstream incidents.

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Sustainability Statement continued

E2-2 Actions and resources related to pollution

E2.MDR-A_01, 02, 03, 05 & E2-2_02

Table 19: List of actions in relation to pollution

Time – reference Scope of action

Progress of actions/

action plans disclosed

in prior periods

List of actions Current Planned

Time horizon of

actioncompletion Expected outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

PSA certification of

our key agricultural

ingredients

2024 2025 2025 100% Sustainable Agriculture –

PSAcompliance

100% by 2025 PSA

compliance

Recruitment of

Suppliers for Sugar

& Juices under PSA

Upstream Global Suppliers 96% (excluding

Multon Partners

Juices)

More actions preventing pollution downstream are disclosed in section ESRS E5 Resource use and circular economy, pages 121 to 124.

Pollution is an important environmental matter for us. We implement actions that focus on the prevention of pollution either in soil or water. We have the PSA certification of our key agricultural ingredients

through which we plan to achieve 100% Sustainable Agriculture by 2025. To achieve our goal, we have collaborated with sugar and juice suppliers of the countries from which we are sourcing our ingredients.

E2.MDR-A_04

Coca-Cola HBC has implemented comprehensive mitigation measures and monitoring processes across all facilities to minimise the environmental impact of our operations on water resources. Additionally, a

robust monthly monitoring and tracking system is in place to identify and address any environmental non-compliances, violations, or fines. This data is systematically reviewed and communicated to senior

management on a quarterly basis to ensure continuous oversight and accountability. In 2024, we did not report any significant non-compliance with environmental laws and regulations. We recorded 18

environmental notices of violation, amounting to a total of €254.

For details on operational and capital expenditures required to support our action plan related to pollution, please refer to E5.MDR-A_06.

E2.MDR-A_ 06, 07, 09, 10, 11, 12

As part of our continuous engagement with suppliers, we actively promote responsible environmental practices. The development and implementation of pollution prevention initiatives require though

investments from them. As a result, there is no significant Opex or Capex to disclose related to this standard’s action plan. Nevertheless, our Group’s treasury strategy ensures the availability of financial

resources to support related initiatives, if and when required. By leveraging a diversified range of financing mechanisms, we can effectively address both current and future priorities.

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Sustainability Statement continued

Metrics and targets

E2-3 Targets related to pollution

E2.MDR-T_01-13 & E2-3_02, 03

Table 20: List of targets’ progress

Target s Type of target Target duration

Baseline/

Baseline

number Target to be achieved

Value chain and

geographical boundaries 2024 status

Alignment with

international initiative Stakeholders Involvement

Planning to

achieve the

target

Sustainable sourcing of our key

agricultural ingredients

Relative in % 2018-2025

(8years)

2017/

33%

100% of our key agricultural

ingredients sourced in line with

sustainable agricultural principles

Upstream/ Global In 2024, we achieved

compliance rate of96%

(excluding Multon

Partners Juices)

Sustainable

Development Goal

Suppliers 2025

All targets have a designated target year of 2025, with no intermediate milestones. Instead, we adopt a disaggregated approach, setting annual roadmaps that outline the trajectory towards our objectives.

Noassumptions were made in the definition of these targets.

The calculations and methodologies employed are meticulously documented in our internal guidebooks, providing a clear and consistent framework. In establishing these targets, we have incorporated

feedback from NGOs, the UN SDGs, industry benchmarks, ISO standards and ESG rating agencies, ensuring alignment with globally recognised standards.

Since their initial establishment, our targets have remained unchanged, reflecting our commitment to consistency and long-term strategic planning. As part of our performance review process, each target

issubject to regular monitoring, conducted either on a monthly or quarterly basis, depending on its nature and criticality.

Progress is systematically reported through a dedicated dashboard, where performance is colour-coded to visually represent the status relative to the target. The dashboard discloses the absolute and

percentage difference between actual performance and the predefined goal, enabling a precise assessment of progress. Corrective measures are promptly identified and implemented when necessary

toensure alignment with the annual roadmap and overarching objectives.

E2-3_09

The targets we have established in this context are voluntary. In alignment with our Environmental Policy, we ensure that all operations are conducted in full compliance with applicable legislative requirements.

Consequently, if any mandatory targets are introduced within our territories, we adhere to them fully and without exception.

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Sustainability Statement continued

ESRS E3 – Water

and marine

resources

Impact, risk and opportunity

management

E3-1 Policies related to water and marine

resources

E3.MDR-P_01 & E3-1_01, 02, 06, 11, 12

We firmly believe that environmental protection

isacornerstone of long-term success, and we are

embedding this principle in our corporate strategy

and policies. Water, as a critical ingredient, central

to our manufacturing processes, and essential

forour agricultural supply chains, is at the core of

these efforts. Ensuring access to safe, clean water

in sufficient quantities and adequate sanitation is

fundamental to sustaining ecosystems, supporting

communities and fostering economic growth.

To this extent, we implement an internal water

stewardship programme across all production

facilities, in order to mitigate business risks related

towater and promote sustainable development.

Themain objectives of the programme are to ensure

good quality safe water, in sufficient quantities, as

well as access to clean water and sanitation which

are essential to the health of people and ecosystems

and vital for sustaining communities and supporting

economic growth. Moreover, the Group is

committed to constantly reduce the amount

ofwater use in priority locations, and after

implementing the conventional water efficiency

practices, the next big opportunity resides in the

circular water use for utilities, ensured by wastewater

recovery. Recognising the importance of local

contexts, we tailor our initiatives to address specific

challenges in water-risk areas. By 2030, climate

change is expected to exacerbate risks to water

availability and quality for our operations and supply

chains, making sustainable water management

abusiness priority.

Through comprehensive risk assessments,

usingglobally accredited tools like the WWF

WaterRisk Filter, WRI Aqueduct, and TCCC’s

Facility Water Vulnerability Assessment (FAWVA),

we have identified 19 bottling plants in water-risk

regions, including Nigeria, Armenia, Bulgaria,

Cyprus, Greece and Italy. In Nigeria, the focus

isonwater access and sanitation (WASH),

whileinother locations, efforts centre on water

replenishment, nature-based solutions and water

quality improvements.

To this end, our Principles for Sustainable

Agriculture Policy ensures the long-term

sustainability of water resources at supplier

levelby measuring water use in irrigated crop

production, optimising efficiency and minimising

impacts on water quality.

Our Water Stewardship Policy focuses on:

• Reducing water consumption and

improvingefficiency.

• Fully treating wastewater to sustain

aquaticecosystems.

• Educating communities and reducing

packagingpollution in water bodies.

• Assessing water availability and mitigating

related risks.

• Ensuring continued access to fresh drinking

water and improving community water systems.

• Working with suppliers to optimise water use in

agricultural and raw material sourcing.

• Working with suppliers to understand the

water footprint of our agricultural ingredients

and other raw material, as well as promoting

and helping them implement efficient water

management solutions.

• Continuously decreasing the amount of water

use in own operations and assessing the future

availability of water in relevant catchment areas,

to ensure access to fresh drinking water for local

communities.

• Partnering with stakeholders to promote water

conservation awareness.

• Establishing collaborations with organisations

such as the UN, different NGOs and peer

companies.

• Promoting water stewardship practices and

transparency in reporting progress.

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As part of our ISO 14001 certification, which

mandates rigorous monitoring practices and in

line with the strict requirements of TCCC KORE

requirements which are in many cases stricter

than the local requirements, we consistently

conduct comprehensive assessments of all water

parameters, such as raw water quality parameters,

wastewater quality parameters, water withdrawal

quantity, water discharge quantity, etc.

For the monitoring process, please refer to ESRS

E1, as it constitutes the standard procedure

applicable to all relevant topics.

E3.MDR-P_02-05

We engage with a broad range of stakeholder

groups for water resources, including our

communities, governments, NGOs, investors and

suppliers, taking into account their

recommendations in the process of setting water

resources-related policy.

We have linked our material issues to specific

Sustainable Development Goals (SDGs),

established by the UN to achieve long-term

growth and development by 2030 (SDG 6, 14, 15).

The stakeholder groups impacted by our

water-related policies include:

• Our Customers

• Our People

• Our Consumers

• Our Communities

• Governments

• NGOs

• Our Suppliers

• The Coca-Cola Company

• Our Investors

For more information on how we engage with each

group, please refer to E1 section.

E3.MDR-P_ 03

For further details on the highest level of our

corporate hierarchy responsible for the

implementation and approval of the relevant

policy, please refer to E1 section.

E3.MDR-P_04

We actively participate in and align with various

third-party standards and initiatives that reinforce

our commitment to sustainable practices, such as

the following:

CEO Water Mandate

We adhere to the objectives of this initiative,

furthering our commitment to sustainable water

management as part of our broader

environmental strategy.

Alliance for Water Stewardship (AWS)

orWaterEfficiency Management

ISO46001certification

In 2024, 25 out of our 60 beverage plants were

certified, while the rest, 35, are under preparation

process and will be certified in the next years

confirming compliance with the global benchmark

for responsible water stewardship.

For more information on the initiatives where we

participate, please refer to E1 section.

E3.MDR-P_ 06

For the relevant policies’ access path to relevant

stakeholders please refer to E1 section.

E3-1 _ 03, 10

As a beverage producer, we uphold stringent

quality standards to ensure sustainable

watersourcing. Our water treatment process

begins with treating raw water entering our

manufacturing facilities in compliance with

TCCCKORE standards, which often exceed local

regulatory requirements. Additionally, wastewater

discharged from our operations undergoes strict

monitoring to align with TCCC’s high-quality

standards and assure the treated water is

suitablefor aquatic life.

To reinforce our commitment to sustainable water

stewardship, we implement comprehensive water

risk management practices, including mandatory

Source Vulnerability Assessments (SVAs) and

source water protection programmes across

allmanufacturing plants. These measures

underscore our dedication to environmental

responsibility and sustainable practices.

E3-1 _ 04, 05

We actively contribute to improving water

resources through investments in educational

initiatives, volunteering and community-based

projects aimed at reducing packaging pollution

inseas, oceans and rivers. Additionally, we

collaborate with governments and industries to

develop legal frameworks that promote economic

progress and landfill diversion. This includes

conducting packaging collection modeling studies

to identify the most effective solutions for each

market. We also support and advocate for public

policy interventions and technological innovations

that enable a circular economy for packaging – a

key concept in pollution prevention. In line with our

Packaging Waste Management Policy, we aim to

collect 75% of our primary packaging materials at

marketplace by 2025, which reduces potential

pollution events in soil and water.

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E3-2 Actions and resources related to water and marine resources

E3.MDR-A_01, 02, 03, 05 & E3-2_03

Table 21: List of actions in relation to water management

Time – reference Scope of action

Progress of actions/

action plans disclosed

in prior periods

List of actions Current Planned

Duration until objective is

expected to be reached Expected outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

Source Vulnerability

Assessment (SVA)

2024 2024

(regularly)

All plants have

performed SVA

audits according to

the renewal calendar

(with five-year

frequency), with

reports and

mitigation plans

validated by CCH

and TCCC.

Comprehensive water risks

assessment performed by external

consultant, used to define strategic

priorities in water resource protection

and development, according to

ourbusiness needs, and local

environmental and society

waterchallenges.

Ensure sustainable

water supply for our

bottling operations.

Site audits by

external consultant

Own

operations

Europe, Asia,

Africa

Communities,

other water

users

All plants (100% or

60 bottling plants)

have undergone

the assessment.

Theassessment

isrepeated

everyfive years

onaverage.

Facility Water

Vulnerability

Assessment

(FAWVA)

2024 2024

(regularly)

All plants have

performed the

FAWVA renewal

in2024.

Internal classification of all plants

according to water risk categories

(Leadership Locations, Advance

Efficiency Locations, Contributing

Locations), for which external

commitments are raised. This is

aninternal (TCCC+CCH) water risks

assessment process, with 3-year

frequency. The outcome will be used

forthe new external water goals (after

the completion of Mission 2025).

Prioritise plants

bywater risks

categories, and

subsequently

defineexternal

commitments for

each risk category.

Internal rigorous

water risk

evaluation, through

own developed

methodology,

including external

sources such as

WRI Aqueduct and

internal assessment

and data.

Own

operations

Europe, Asia,

Africa

Communities,

other water

users

All plants (100% or

60 bottling plants)

have undergone

the assessment.

The assessment is

repeated every 3

years on average.

Water Risk

2024 2024 All plants have

performed the

yearly update of the

Water Risk Register

in 2024.

The Water Risk Register is the central

repository of all active and strategic

risks, to serve for better prioritisation of

the associated mitigation plans. During

the yearly update of the Water Risk

FAWVA are re-evaluated for their current

status, and the risk level is updated.

Enable timely

implementation

ofwater mitigation

plans.

Internal risk

evaluation process,

targeting the

current and

strategic water

risk,focused on

business priorities.

Own

operations

Europe, Asia,

Africa

Communities,

other water

users

All plants (100% or

60 bottling plants)

have undergone

the assessment.

Theassessment

isrepeated on a

yearly basis.

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Time – reference Scope of action

Progress of actions/

action plans disclosed

in prior periods

List of actions Current Planned

Duration until objective is

expected to be reached Expected outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

Certification of

plants according to

the AWS (Alliance for

Water Stewardship)

or ISO 46001

standard

2024 2025 The external AWS

certification was

achieved for all

plants(except newly

acquisition Lurisia,

Neresnica and

Egyptian plants) by

2023. In 2024, we

have started the

shiftfrom AWS to

ISO46001.

External recognition of our water

stewardship programme.

Reduction of water

consumption,

stakeholders

engagement and

improved reputation.

Site audits by an

external

independent body

Own

operations

Europe, Asia,

Africa

Communities,

other water

users

The external AWS

certification was

achieved for all

plants (except newly

acquisition Lurisia,

Neresnica and

Egyptian plants)

by2023. In 2024

westarted the shift

from AWS to

ISO46001. 25

plants certified in

2024, 35 plants

planned in

2025-2026.

True Cost of Water

(TCoW)

2024 2024 All plants are

expected to

calculate and

updateyearly

theTrue Cost

ofWater.

Convert the operational aspects of

water use such as water fees, utilities

and discharge costs and inherited

water risks of the local watershed, for

example the local economic value of

water, into the True Cost of Water.

Reduction of water

consumption, by

providing proper value

of water use into the

payback calculations

Calculation

oftheTCoW,

basedonown

methodology,

updated on

yearlybasis

Own

operations

Europe, Asia,

Africa

Communities,

other water

users

Fully implemented.

100% of the plants

(60 bottling plants)

with implemented

true cost of water

and used for

decision making

Water Usage Ratio

(WUR) Targeting

Tool

2024 2024 All plants are

expected to

calculatethe WUR

target according

tothis tool, based

onthe specific

manufacturing

complexity of

eachplant.

Forecast the expected WUR for each

plant depending on the water-risk

category of the location and the

manufacturing complexity.

Reduction of water

consumption

Calculation

oftheWUR

TargetingTool,

based on own

methodology,

updated on

yearlybasis

Own

operations

Europe, Asia,

Africa

Communities,

other water

users

Fully implemented

(100% or 60

plants).

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Time – reference Scope of action

Progress of actions/

action plans disclosed

in prior periods

List of actions Current Planned

Duration until objective is

expected to be reached Expected outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

Water Maturity

Self-Assessment

Tool

2024 2025 All plants are

expectedto perform

the Water Maturity

Self-Assessment,

inorderto identify

theimprovement

opportunities in terms

of capabilities and

water- efficiency

practices. The tool is

used in conjunction

with the TCoW

andTargeting

Tool,toprovide

acomprehensive

system of water

saving opportunities.

Assess water stewardship capabilities

at plant level and the implementation

status of water efficiency practices.

Reduction of water

consumption

Calculation of the

Water Maturity

Self-Assessment,

based on own

methodology,

updated on

yearlybasis

Own

operations

Europe, Asia,

Africa

Communities,

other water

users

Updated in 38

plants in 2024. The

rest of plants have

initiated the

update and the

process will be

finalised in 2025

Water use

optimisation for

cooling towers

2024 2025 Implemented in

2024

Reducing the water use for utilities. Reduction of water

consumption

In-line monitoring

of flowrate and

chemical

parameters ofwater

use for cooling

towers.

Predictive

maintenance.

Own

operations

Africa Communities,

other water

users

Fully implemented

in Ikeja plant

(Nigeria). Planned

for deployment in

all five plants in

Egypt in 2025

Commission of a

new water treatment

in the Sadat plant in

Egypt to increase

capacity and

improve water

efficiency

2024 2024 Implemented in

2024

Improved water treatment

conditions,setting the basis for

highercapacity and water reuse.

Reduction of water

consumption

Replacement

oftheold water

treatment plant

with a new unit.

Own

operations

Africa Communities,

other water

users

Project completed

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Time – reference Scope of action

Progress of actions/

action plans disclosed

in prior periods

List of actions Current Planned

Duration until objective is

expected to be reached Expected outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

Integrating new

flowmeters and

updating water

mapsfor all plants

inEgypt

2024 2024 Implemented in

2024

Improved and accurate

flowratemonitoring.

Reduction of water

consumption

Accurate mapping of

the water

infrastructure.

Installation of

newflowmeters.

Setting up a

monitoring system

with improved

database.

Own

operations

Africa Communities,

other water

users

Project completed

in all five plants, 67

flowmeters

installed

Water treatment

overhaul in Tanta

plant (Egypt)

2024 2024 Implemented in

2024

Improved reliability of water

treatmentprocesses.

Reduction of water

consumption

Replacement of

sand and activated

carbon filtration

media.

Replacement of

reverse osmosis

membranes.

Own

operations

Africa Communities,

other water

users

Project

completed.

Replacement of

reverse osmosis

membranes,

decreasing the

reverse osmosis

reject flow and

pressure, replacing

the sand carbon

filtration materials

Water treatment

upgrade in Oricola

plant, Italy

2024 2024 Implemented in

2024

Increased capacity of water treatment. Secure water use for

plant operations

Extended the water

treatment capacity

with additional

equipment

Own

operations

Europe Communities,

other water

users

Project

completed. Water

treatment

capacity increase

by 50 m3/h

Raw water

treatmentupgrade

inAsejire plant,

Nigeria

2024 2024 Implemented in

2024

Improved water treatment conditions,

setting the basis for higher capacity

and water reuse.

Reduction of water

consumption

Replacement of

traditional sand

filtration with

ultrafiltration

membrane system

Own

operations

Africa Communities,

other water

users

The chemical

coagulation/

floculation plant

replaced by

submerged

membrane

filtration

Wastewater

treatment plant

upgrade in

Knockmore Hill

2024 2024 Implemented in

2024

Improved reliability of wastewater

treatment operations.

Maintain wastewater

compliance

Replacement

ofworn-out

equipment

Own

operations

Europe Communities,

other water

users

Project

completed.

Installation of new

aeration

membranes,

aspirating mixers

and monitoring

instrumentation

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Time – reference Scope of action

Progress of actions/

action plans disclosed

in prior periods

List of actions Current Planned

Duration until objective is

expected to be reached Expected outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

Implementation of

community water

projects to help local

communities

2024 2025 All 19 projects are

expected to be

completed by 2025

as part of Mission

2025 goals

Secure water availability, increase

water resilience

Help secure water

availability in all

areaswith water

risk;engaging with

communities and

otherstakeholders to

increase the awareness

of water protection

measures; access to

fresh drinking water

forlocal communities;

establishing water

stewardship

partnerships with

localand international

organisations.

Implemented water

stewardship

projects in Italy,

Bulgaria, Multon

Downstream Europe, Asia,

Africa

Local

Communities,

NGOs,

municipalities

Roadmap 2024

implemented and

16 water

stewardship

projects in

communities

executed. More

projects planned

in 2025

Engagement with

WWF on Living

Danube partnership

2024 2030 2024-2030 Enhanced climate resilience through

improved watershed health in the

Danube River, delivering benefits for

nature and people.

Establishing

waterstewardship

partnerships with

localand international

organisations;

engaging with

communities and

other stakeholders

toincrease the

awareness of water

protection measures.

River, floodplain and

wetland restoration;

collective actions on

watershed; improved

land and water use

atsuppliers/farmers

level; awareness

raising and

communications

Upstream and

downstream

Europe NGOs,

suppliers, peer

companies,

municipalities,

communities

Kick-off of three

innovative

interventions in

Hungary, Romania

and Bulgaria;

agreed roadmap

for each of them

Perform an update

of the Risk

Assessment for

Group Critical Tier 1

suppliers by using

WWF Water Risk

Filter

2024 2024 Implemented in

2024

Update of the suppliers with sites in

water risk

Engagement in the

value chain

Perform an

updateof the Risk

Assessment for

Group Critical Tier 1

suppliers by using

WWF Water Risk

Filter

Upstream Global Suppliers Fully implemented.

100% of the Group

critical suppliers

are with updated

information on

WWF WRF

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Sustainability Statement continued

E3.MDR-A _04

We have implemented comprehensive mitigation

actions and monitoring processes across all our

plants to minimise potential impacts on water

resources resulting from our operations.

Additionally, a robust monthly monitoring and

tracking system is in place to identify and record

any environmental non-compliances, violations

orfines across all facilities. This information is

systematically reported to senior management

ona quarterly basis. In 2024, we reported four

minor notices of violations related to wastewater

or water (three in Egypt and one in Northern

Ireland), all of those with zero fine (€0).

E3.MDR-A _07

We allocate funds every year to implement our

action plan related to water management, both

Capex and Opex. In 2024, we invested €5.2 million

of Capex for projects related to water optimization

and wastewater treatment upgrades, with the

largest projects in Egypt, Italy and Ireland. We also

allocated around €0.5 million on Opex to cover

theISO 46001 certification of 20 production sites,

to perform Source Vulnerability Assessments

(SVAs) and to support water stewardship and

water community projects.

While our accounting practices do not separately

classify sustainability-related investments or

costs, we apply an internal process to identify

Capex directly linked to relevant initiatives.

Thisapproach enables us to track investments

inpriority areas, such as water efficiency

initiatives, primarily for monitoring and

strategicplanning purposes.

The Capex and operating expenditure mentioned

above are reflected in our financial statements, as

part of the overall amounts reported in the cash

flow and income statement respectively.

Moving ahead, we will continue to support our

action plan on water management as required.

Tosupport our actions, financial resources

mustbe secured through targeted allocation.

Oursustainable finance approach underpins the

Group’s ability to align funding strategies with

sustainability commitments, while supporting the

UN SDGs and the EU Environmental Objectives.

Financing mechanisms include a diverse range

ofinstruments, ensuring flexibility in meeting

bothcurrent and future financial requirements

foraction plans.

In particular, Coca-Cola HBC Egypt has been

awarded, in July 2024, a $130 million loan

bytheEuropean Bank for Reconstruction

andDevelopment (EBRD) to finance capital

expenditures and working capital requirements.

This loan will also support the Group’s investment

in people development and sustainable business

practices in Egypt. A $0.75 million complementary

grant from the Global Environment Facility (GEF)

has been secured to promote the implementation

of advanced wastewater treatment technologies

and water management systems in Egypt. These

future investments are designed to meet EU and

local discharge standards and further the Group’s

long-term environmental goals.

Further details on financial instruments are

available in Note 25, p.306.

E3. MDR-A_09, 12

Target 1: Achieve a 20% reduction in water

usagein plants located in water-risk areas

by2025vs 2017.

Actions: In 2024, water usage reduction plans

were implemented across operations, water

stewardship programmes were deployed in

water-priority locations to mitigate shared water

risks, and source vulnerability assessments were

updated for all plants. Plans were refined, including

the identification of additional capital investments

required for infrastructure enhancement.

Environmental KPIs monitoring and reporting

mechanisms are integrated across all facilities. In

2025, further innovations will be implemented to

reduce water usage, particularly in water-priority

locations, including additional improvements in

Egyptianplants.

• Capital Expenditure: In 2024, €5.2 million were

invested in water sustainability initiatives.

Target 2: Ensure water availability for all

communities in water-risk areas, with a target

completion year of 2025.

• Action: By 2024, we executed 16 water

community projects in our water priority

locations. In 2025, we plan to perform new

projects in Nigeria and Greece, and continue

having community benefits from the

currentprojects.

Target 3 (rolling target): Constantly assure that

our wastewater meets either the local regulatory

standard or TCCC KORE standards, whatever is

more stringent.

• Action: Constant monitoring of the

parameters, upgrade and expansion of the

wastewater facilities, building a new facility

inSadat plant in Egypt.

Target 4 (rolling target): Assure water

stewardship/water management certification in

each plant (either Alliance for Water Stewardship

(AWS) or ISO 46001).

• Action: Recertification every three years.

Target 5 (annual target): Decrease water usage

ratio per litre of produced beverage by at least 1%

in 2024 vs 2023.

• Action: Deploying water successful practices,

according to the TCCC Water Maturity Self-

Assessment tool, which is an integral part of

our water stewardship programme, requested

to be fulfilled and updated on a yearly basis by

every bottling plant. The TCCC Water Maturity

Self-Assessment tool contains a list of 48

water-saving practices, with a proper library

of details and implementation tips, which

has to be assessed by every plant. Examples

of recommended water-saving practices

are: reuse of package rinsing water, reuse

of sand filters and carbon filters backwash,

water recovery from in-line instruments, dry

lubrication of conveyor belts, cooling towers

blow-down frequency, etc.

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Sustainability Statement continued

Metrics and targets

E3-3 Targets related to water and marine resources

E3.MDR-T_01-07, 09, 13 & E3-3_03, 09

For all bottling operations, we have implemented the ISO 14001 Environmental Management System, which encompasses comprehensive risk assessments, well-defined operational procedures, and a

commitment to continuous improvement. One of our core objectives is to maintain ISO 14001 certification across all production facilities, as this serves as a testament to the effective and responsible

environmental management of our operations. In 2024, 100% of production volume is certified against ISO 14001. Further targets related to water can be found in the table below.

Table 22: List of targets’ progress

Target s Type of target

Target

duration Baseline

Target to be

achieved 2024 status

Alignment with

international initiative Description of target Planning to achieve the target

Reduction in water

usage (withdrawals)

per unit ofproduction

in water priority areas

Relative 2017-2025

(9 years)

1.97 20%

reduction

(1.57)

1.84

Water Resilience

Coalition

Our target is to decrease water usage per

production unit (litre of beverage produced)

in water priority areas by 20% by2025 vs

2017. The measurement is litreofwater

usage (withdrawal) per litre of

beverageproduced.

In order to achieve the objective for the target year, we

haveimplemented a solid investment and optimisation plan,

with progressive improvement for 2024 and final efficiency

improvement in 2025. This is mainly covering the big

production sites, such as the bottling facilities in Greece,

Bulgaria and Nigeria. For each critical location, we have

introduced site-specific end-to-end water assessments,

which resulted in identification of water-saving opportunities

and subsequent Capex/Opex allocation plan.

Number of

implemented

waterstewardship

projects inwater

riskcommunities

(helpsecure

wateravailability)

Absolute 2017-2025

(9 years)

2 19 water risk

locations

Water Resilience

Coalition

Our target is to help secure water availability

inall water risk (water priority) locations.

Those are 19 locations across 7 of our

countries (e.g., in Greece, Cyprus, Bulgaria,

Nigeria, Armenia, Italy). We count the water

stewardship projects there which tackle the

specific local context (local risk). Those 19

locations are defined after detailed risk

assessment by using the WRI Aqueduct

Water Risk Atlas and WWF Water Risk

Filterdata.

We have executed projects in 16 of water priority locations

sofar out of 19. Examples of those projects: In Nigeria, in

collaboration with the Kano State Water Board and local

communities, we have invested in new water wells and

installed new pipes to transport water from the Challawa

River– this provides clean water to one million people; In2023,

we built sanitation and water facilities in Benin, Kano, Lagos,

Maiduguri and Owerri. In Greece, sinceQ4 2022, two projects

started: in Heraklion (Zero Drop with GWP-Med) to facilitate

the useoftreated wastewater for irrigation in collaboration

with the municipality and in Schimatari for water reuse in

collaboration with NGO. In2024 we started a project for water

supply capacity increase in Bulgaria.

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Sustainability Statement continued

Target s Type of target

Target

duration Baseline

Target to be

achieved 2024 status

Alignment with

international initiative Description of target Planning to achieve the target

Constantly assure that

our wastewater meets

the local regulatory

standard or TCCC KORE

standards, whatever is

the stringent

Absolute Yearly 2009 Continuous 100%

Water Resilience

Coalition

Assure that every manufacturing plant

meets the criteria for wastewater

treatment and treat the wastewater to

thelevels supporting aquatic life either via

investment in own wastewater treatment

facility or by joining municipality (or private)

treatment facility.

Constant monitoring of the parameters, upgrade and

expansion of the wastewater facilities, building a new facility

in Egypt.

Assure water

stewardship/water

management

certification in each

plant (either Alliance

for Water Stewardship

(AWS) or ISO 46001)

Absolute Yearly 2015 Achieve

100% of

plants to be

certified and

maintain

continuously

25 plants

out of 60

beverage

plants; the

remaining

35 are in a

preparation

process

Water Resilience

Coalition

Assure water stewardship/water

management certification in each plant

(either Alliance for Water Stewardship

(AWS) or ISO 46001)

2026 and recertification every 3 years

Decrease water usage

ratio per litre of

produced beverage

Relative Yearly 2023

(prior

year as it

is rolling

target)

At least 1%

reduction vs

2023

1.78

Water Resilience

Coalition

Decrease water usage ratio per litre of

produced beverage by at least 1% in 2024

vs 2023

Deploying water successful practices, according to the TCCC

Water Maturity Self-Assessment tool, which is an integral part

of our water stewardship programme, requested to be fulfilled

and updated on a yearly basis by every bottling plant. TCCC

Water Maturity Self-Assessment tool contains a list of 48

water-saving practices, with a proper library of details and

implementation tips, which has to be assessed by every plant.

Continuous process of water savings implementation.

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Sustainability Statement continued

E3.MDR-T_10, 11 & E3-3_01

We set measurable, outcome-oriented and

time-bound targets for water stewardship,

grounded in the TNFD framework and aligned

withthe UN SDGs. All of the targets are voluntary.

We follow a three-step process to ensure our

targets are scientifically sound and relevant.

These targets are developed through a

structured, inclusive and scientifically sound

process. The approach begins with identifying

keyareas where our operations depend on or

impact water resources, with a focus on high-risk

geographies identified through comprehensive

risk assessments. These water-risk, or water-

priority locations face specific challenges such

aswater scarcity, limited access to water and

sanitation services for local communities,

anddeclining water quality within watersheds.

Evidence-based evaluations of water-related

risksand opportunities guide our actions to

ensure they are beneficial to local ecosystems.

Lastly, we have initiated our engagement with

theSBTN. Notably, SBTN has recently updated its

methodology, and as a result, we plan to establish

our freshwater targets in alignment with their

framework in the next years.

Stakeholder engagement is pivotal to this

process,particularly through Annual Stakeholder

Forums and frequent meetings with local

communities, farmers, municipalities, NGOs and

primary sugar and sweetener suppliers to address

critical environmental topics, including water

footprint, water usage, emissions reduction and

deforestation. The insights gathered from these

engagements, along with the expectations of ESG

raters and investors, inform the formulation of

ambitious, data-driven targets, such as reducing

water usage and replenishing water resources

inhigh-risk locations. Additionally, the Group

prioritises initiatives such as water-replenishment

activities, nature-based solutions, wetland

restorations, and improvements to water

qualityinthese regions. Collaborating closely

withstakeholders and local communities,

westriveto ensure access to safe, clean water,

whileaddressing water-related challenges

throughsustainable water management

acrossour operations.

E3-4 Water consumption

E3-4 _ 01-07, 11

Table 23: Water consumption performance

Parameters Unit

Performance

(2024)

Water withdrawal m

30,894,756

Total water consumption m

18,239,702

Total water consumption in areas at water risk, including all areas of

high-water stress m

9,415,396

Total water consumption only in areas of high-water stress m

6,470,879

Total water recycled and reused m

1,680,670

Total water stored and changes in storage m

Changes in storage m

Water withdrawal is measured using flowmeters installed in any of the water source we use, while water

consumption is calculated as the difference between withdrawal and discharged wastewater. Primary

data on water extraction, categorised by source, is collected on a monthly basis. Progress towards

water usage targets is monitored regularly using specialised software, ensuring accurate and timely

tracking of performance. Monthly reviews with the management at local plant, country and Group

levelare performed to monitor performance and actions.

Following the ESRS definition on water risk, we have 29 plants located in areas with certain waterrisk (lack

of clean water and sanitation (WASH) for communities, water quality, reputational risk, high-water stress).

Out of them, 20 plants are situated in watersheds with high-water stress as per thelatest version of the

WRI Aqueduct tool. For example, one of those watersheds is the Asopos River basin in Greece where

weimplement water replenishment activities in collaboration with the local municipality and NGOs.

As per our internal evaluation, considering the local site-specific context, done for our Mission 2025

commitments, 19 of our plants are designated as priority plants, located in areas facing challenges

related to basin water quantity, water quality or WASH (water, sanitation and hygiene) for communities.

E3-4_08, 10

Table 24: Water intensity index

Intensities

Total water

consumption

(m3)

Net revenue

(million EUR)

Production

(million litres)

Performance

(2024)

Water intensity per net revenue 18,239,702 10,754.4 – 1.696 l/EUR

Water intensity per units of production 18,239,702 – 15,974.9 1.142 l/lpb

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Sustainability Statement continued

ESRS E4 –

Biodiversity

andecosystem

SBM-3 Material impacts, risks and

opportunities and their interaction with

strategy and business model

E4.SBM-3_05

Through our double materiality assessment, we

have identified a material impact within our

upstream value chain specifically related to land use

change. However, no material impact has been

identified in relation to soil degradation,

desertification, or soil sealing.

E4-1 Transition plan and consideration of

biodiversity and ecosystems in strategy and

business model

E4-1_01

Protection of biodiversity and ecosystems is one of

our main sustainability priorities. Our biggest impact

on the biodiversity landscape occurs in the upstream

segment of our value chain, and it is related to the

potential deforestation (land use change) from some

agricultural commodities, mostly wood (used for

ourpaper packaging materials). We are committed

to eliminate deforestation of our main ingredients

by 2025, and it is aligned with the

recommendations by the Science Based Targets

initiative (SBTi) for companies with Forest, Land

andAgricultural Activities (FLAG). Due to FLAG

recommendations we have updated our net zero

plan as stated in ESRS E1.

Also, in our Principles for Sustainable Agriculture

(PSA), we have requirements related to

deforestation, and our target is to achieve 100%

sustainable sourcing by2025. We voluntarily report

the sites which are adjacent to legally protected

areas, and for all of them we have a confirmed ‘no

negative impact’ by anexternal expert which

performs so-called Source Vulnerability Assessment

for all the water sources we use in direct operations.

In 2022, we published our biodiversity statement

where we set a goal to achieve a net positive impact

on biodiversity in critical areas in our operations and

supply chain by2040 and eliminate deforestation in

our supply chain by 2025.

The time horizons we use are defined as follows:

short-term (2024), medium-term (2025-2030),

and long-term (2031-2050).

E4-1_02

Environmental risks at supplier level, including

deforestation risk, are mitigated through our robust

programme at procurement level. We annually review

the risks and performance of all our suppliers against

our SGPs, PSA principles for agricultural ingredients,

Water Risk Assessment, as well as other equally

important aspects that impact our business, such

assupply risk and financial stability. Overall, it is

important to point out that sustainability is one of

thekey criteria in supplier selection under strategic

sourcing, as well as a criterion for the Annual Supplier

Review process that we conduct cross-functionally

across our supply base.

In more detail, to ensure that suppliers demonstrate

ESGrequirements’ compliance we rely on multiple

screening and assessment practices that offer us

aholistic view of their performance. This means we

collect primary and secondary data that we combine

together and analyse to identify priority areas for

critical to our operations suppliers. The Sustainable

Agriculture programme secures ESG monitoring

through PSA certification process of the Coca-Cola

System across our main agricultural commodities.

For the remaining supply base, we have designed a

robust assessment journey leveraging ESG physical

audits, as well as a number of globally recognised

screening and assessment tools such as EcoVadis IQ

Plus, EcoVadis Assessments, SEDEX, WWF Water

Risk Filter Assessment, Resilience Event Watch,

Exiger and Moody’s Analytics. Additionally, annual

Supply Base Assessments are carried out by

specialist consultants for Group Critical suppliers.

These assessments evaluate Tier 1 and Tier 2

suppliers on various criteria, including water risk,

climate change, forced labour, child labour, labour

rights, biodiversity, and financial risk.

In case of any risk identified, the supplier is asked to

provide an action plan which is monitored regularly.

For deforestation, we have a specific project in place

where we perform readiness assessment for all our

supplier under therequirements of EUDR and we

are currently organising our internal process to

ensure we are ableto assess risks and take

necessary actions on anon-going basis from the

moment that EUDR is formally introduced as of 1st

of January 2026. While EUDR is covering specific

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Sustainability Statement continued

commodities, we are proactively collecting

deforestation information fromall agricultural

ingredients suppliers across all our countries in

order to have a holistic view of the exposure and

potential risk. By the end of 2025, we will have a

programme in place to cover any identified gaps.

Last but not least, we are in process of implementing

a deforestation tracking platform on top of any other

activities already in motion, which will also be ready

before the end of 2025.

E4-1_03, 04, 05

The Intergovernmental Science-Policy Platform

onBiodiversity and Ecosystem Services (IPBES) has

identified five pressures on nature: 1) land/water/sea

use change, 2) resource exploitation, 3) climate

change, 4) pollution and 5) invasive species. In

2023,we undertook the mapping and materiality

assessment on biodiversity across our value chain

and we assessed those pressures following the

SBTN guideline step 1 and 2. We have collected all

our activity data, covering: 1) upstream activities

(volumes sourced and origin of raw materials), 2)

direct operations (consumption of water and

energyof all sites), and 3) downstream (packaging

distribution by country). Then we translated the

activity data into pressures on nature across five

metrics. These pressures on nature were weighted

by local nature vulnerability indicators assessing

thestate of nature in the locations where the

activityoccurs. Time horizons used in the analysis

are as described in E4-1_01. We considered in the

assumptions the tighter environmental regulations

(e.g., EUDR), carbon pricing policies which would

include land conversion activities, deforestation-free

commitments from suppliers, and climate risks (e.g.,

water scarcity, extreme weather events).

The result shows that the biggest impact we

haveis in upstream activities, mainly agricultural

suppliers and their impact on land-use change

ordeforestation. Our procurement strategy to

purchase certified raw materials that meet our

PSA and our goal of achieving deforestation-free

supply chain, support mitigation of the impact

andalso reduce any potential risk that may occur.

E4-1_0 6

Relevance to stakeholder engagement is

described in E4.MDR-T_11.

E4-2 Policies related to biodiversity and

ecosystems

E4.MDR-P_01 & E4-2_01, 20

We have adopted policies that address

deforestation and sustainable land practices. Our

overarching goal for biodiversity is to achieve a net

positive impact on biodiversity in critical areas in

supply chain by 2040 and eliminate deforestation in

our supply chain by 2025.

Besides, we have set our Environmental Policy,

themain objective of which is to minimise the

environmental impact of the Group, and the

Biodiversity Statement, the objective of which

isto enhance biodiversity by reducing emissions

and water use, by preserving and reinstating water

priority areas, and by sourcing agricultural

ingredients sustainably.

Moreover, through the Biodiversity Statement,

CCHBC is committed to promoting sustainable

forest management and helping protect

woodlands from deforestation and illegal

harvesting.

For the monitoring process, please refer to

ESRSE1 section, as it constitutes the standard

procedure applicable to all relevant topics.

Our policies support biodiversity conservation,

sustainable land management, and responsible

sourcing. We are committed to achieving a net

positive impact on biodiversity in critical areas

by2040 and eliminating deforestation in our

supplychain by 2025. Thus, our policies address

ecosystem protection, sustainable forest

management, and mitigation of environmental

impacts. We recognise the importance of

biodiversity for long-term resilience, as our Natural

Capital Impact Study and Source Vulnerability

Assessments (SVA) help identify key dependencies

and risks, while sustainable sourcing practices

mitigate transition risks. We implement traceability

mechanisms through certifications, verification

schemes, and supplier requirements aligned with

The Coca-Cola Company’s Principles for

Sustainable Agriculture and EcoVadis assessments.

Moreover, our policies prioritise collaboration with

NGOs, communities, and industry stakeholders

toensure sustainable supply chains that respect

human rights, promote responsible land use,

andprotect natural ecosystems.

E4.MDR-P_02

The policies are applicable across all geographies

where Coca-Cola HBC operates. Among the

affected stakeholder groups, farmers, other

suppliers and local communities associated with

the Group’s upstream value chain, are most

significantly impacted.

E4.MDR-P_03

Policies/statements related to environment

(including biodiversity) are approved and endorsed

by the Social Responsibility Committee of the

Board of Directors, and they apply to all Coca-Cola

HBC employees, regardless oflevel and function.

E4.MDR-P_04 & E4-2_02

In June 2022, we joined the SBTN Corporate

Engagement Program. We will continue working to

implement the SBTN’s guidance, in order to map

and assess the material impacts on biodiversity

ofour critical commodities and suppliers and

thenset science-based targets in priority areas.

E4.MDR-P_05

We engage with a broad range of stakeholder

groups for biodiversity, including our communities,

governments, NGOs, investors and suppliers,

taking into account their recommendations in

theprocess of setting biodiversity-related policy.

For more information, please refer to E1 section.

E4.MDR-P_06

The Environmental Policy and the Biodiversity

Statement are publicly available at our site

(Policies | Coca-Cola HBC), which affected

stakeholders can easily access.

E4-2_03

The critical areas in our supply chain are defined

based on the material dependencies that we

havein relation to biodiversity, for example the

provision of water, agricultural raw materials

andwood.

E4-2_04

We started mapping all our operations and critical

commodities/suppliers. For our sustainability

assessment, we use the risk-based approach

withthe support of our partners (EcoVadis).

Transparency and traceability of material supply

chains is established through certifications/

verification schemes or by ensuring suppliers

haverobust traceability of supply that meets our

expectations (please see ‘Supplier Engagement,

Verification and Assurance’ from TCCC Principles

for Sustainable Agriculture). Also, we regularly

measure and report on the progress made against

our Mission 2025 commitments, and all other

commitments, including those related to

biodiversity and deforestation. The annual

performance is disclosed in our Annual Report and

the GRI Content Index, verified by an independent

auditor, and published on our website.

E4-2_05, 06, 07, 18

We are committed to sourcing 100% of our

keyingredients in line with the Principles for

Sustainable Agriculture as set out by TCCC. These

principles protect and support biodiversity and

ecosystems, uphold human and workplace rights,

ensure animal health and welfare, and help build

thriving communities. They apply to primary

production, i.e., at farm level, and form the basis

forour continued engagement with Tier 1

suppliers to ensure sustainable long-term supply

at a lower environmental impact. This extends in

particular to the sections Conservation of Forests,

Conservation of Natural Habitats, Biodiversity

andEcosystems, Soil Management and

Agrochemical Management.

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Sustainability Statement continued

Metrics and targets

E4-3 Actions and resources related to biodiversity and ecosystems

E4.MDR-A_01, 02, 05 & E4-3_01

Table 25: List of key actions and resources in relation to biodiversity

Time – reference Scope of action

Progress of actions/

action plans disclosed in

prior periods

List of actions Current Planned Expected outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Application of

mitigation

hierarchy

Quantitative and qualitative

information

Biodiversity impact

and risk assessment

Yes Yes, it

continues

in 2025

Identify CCH’s most material

impactson nature and where

theyoccur in the value chain

Prioritise a shortlist of key

contributors by location for

targetsetting

Net positive impact

on biodiversity in

critical areas inour

operations and

supply chain

by 2040

Use of the SBTN methodology.

Assessment of the three steps

ofthevalue chain.

Set targets for water replenishment.

Entire value

chain

Global Suppliers,

NGOs,

communities,

own

employees,

regulators

Avoidance Completed step 1

and 2 of the SBTN

methodology

Collaborate with

suppliers to develop

plans to address land

conversion risks and

develop an appropriate

monitoring system

tomeasure

deforestation

atsupplier level

Yes Yes, it

continues

2025-

2026

The amount and % of our

maincommodities which

aredeforestation-free

Eliminate

deforestation in

oursupply chain

by2025

Continue collaboration with main

agricultural suppliers; cross-functional

work for assuring compliance with the

EU DR

Upstream Global Suppliers,

NGOs,

regulators

Avoidance,

Minimisation

Meetings with

mainsugar suppliers

performed in 2024;

meetings with

software provider

forgeo-satellite

monitoring and

deforestation

monitoring done

Biodiversity action

near our Tylicz plant

in Poland

Yes Yes, it

continues

in the next

three

years

Minimise negative impact and

enhance river’s biodiversity

Net positive impact

on biodiversity in

critical areas inour

operations and

supply chain by 2040

Fish stocking of the Muszynka River near

our Tylicz plant in Poland; two clean-up

activities near plant and onriverbanks

Own

operations,

downstream

Poland Nature,

communities,

local

municipality

Reducing,

restoring

3,000 common trout

released in three

river locations;

400kg waste

collected

Issue Biodiversity

Whitepaper

Yes 2025 Publish CSR Europe Alliance

Biodiversity Whitepaper

Build awareness

andcollaborate with

industries andother

stakeholders

Work with other industry players from

CSR Europe, NGOs and otherpartners

to publish ‘How companies in Europe

address biodiversity: Learning from

disclosure’ Whitepaper

Downstream Europe Other

industry

players,

NGOs,

regulators

Transform Whitepaper

published in

February 2025

At this stage, we have not utilised biodiversity offsets or incorporated specific indigenous knowledge into our actions. Our approach is grounded in best practices, scientific knowledge and in the collaboration with our suppliers.

For water stewardship projects that also impact biodiversity, please see ‘Table 21: List of actions in relation to water management’ on page 106.

E4.MDR-A_03

Our biodiversity journey started in 2022. Our actions are work in progress as we follow the SBTN guidelines, and they are also in dynamic development phase. Our water replenishment activities will continue at least until

2030. Deforestation actions will continue beyond 2025.

E4.MDR-A_04

Every site adjacent to legally protected areas has Source Vulnerability Assessment, which shows no negative impact on biodiversity.

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Sustainability Statement continued

E4.MDR-T_01-07, 09, 13 & E4-4_06, 07, 09

E4-4 Targets related to biodiversity and ecosystems

While the action plan described above is essential to our sustainability strategy, there are no significant Capex or Opex to disclose for the related initiatives. Our Group’s treasury strategy ensures the availability

of financial resources to support related initiatives. By leveraging a diversified range of financing mechanisms, we can effectively address both current and future priorities.E4.MDR-T_01, 02, 03, 04, 05, 06, 07,

09, 13 & E4-4_06, 07, 09

Table 26: List of targets’ progress

Target s Type of target

Target

duration Baseline

Target to

achieved 2024 status

Alignment with

internationalinitiative Geographical scope Description of target Mitigation hierarchy

Relation of target to

identified material impacts Planning to achieve the target

Eliminate

deforestation

in our supply

chain

Absolute 2025 2020

(cut-off

year)

100% Sugar/juices

are 96%

(certified)

Regulation on

Deforestation-free

Products (EU DR).

Global Biodiversity

Framework’s ‘30x30’

conservation target.

Main

commodities

(sugar/juices), and

critical for

biodiversity ones,

global scope

Eliminate

deforestation in our

supply chain

Avoidance,

minimisation,

restoration

Land use ecosystem

change

100% certification for

sugar/juices in 2025; In the

EU we focus on full EU DR

compliance (coffee and

paper/wood) in 2025

100%

sustainable

sourcing

Absolute 2025 2017 100% 96%

(excluding

Multon

Partners

Juices)

FAO Good

Agricultural

Practices; ILO

Main

commodities

weuse, global

scope

Achieve 100%

adherence to the

PSA in main

agricultural

commodities

Avoidance,

minimisation,

restoration and

rehabilitation,

compensation or

offsets

Land use ecosystem

change

In 2024, we have 100%

sustainable sourcing for

our main agricultural

ingredients in Europe.

Plan to achieve 100% in

Africa in 2025.

No assumptions are used to define targets. We have considered the critical areas and commodities based on the risk assessment. We took into consideration the best global practices and guidelines such as the

SBTN, FAO Good Agricultural Practices, ILO and EU regulations. Targets are monitored quarterly by obtaining information from suppliers for their sustainable certifications. The amount of procured quantity of

raw materials certified is divided by the total procured volume for the raw materials in scope. Current status is as per the initial plans. Targets are set for the upstream part of the value chain due to the biggest

impact there.

E4.MDR-T_10 & E4-4_05

The targets set are in line with the Kunming-Montreal Global Biodiversity Framework and its mission to halt and reverse biodiversity loss to put nature on a path to recovery, and they are aligned with EU 2030

Biodiversity Strategy, where the goal for protecting 30% of land in the EU is stated as well as with the EU Regulation on Deforestation-free Products (EU DR).

E4 . MDR-T_11

Stakeholder engagement plays a pivotal role in this process, particularly through our Annual Stakeholder Forums, where key discussions take place, and the insights gathered are integrated into the formulation

of our targets. Also, during the supplier sustainability events we organise regularly, we discuss different ESG aspects, including biodiversity and deforestation. Additionally, the Group takes into account the

requirements of ESG raters, including those of our investors, ensuring that our targets are aligned with their evolving expectations. Moreover, we have conducted several meetings with our main sugar and

sweeteners suppliers where we discussed environmental topics, among them the deforestation issue.

E4-5 Impact metrics related to biodiversity and ecosystems change

E4-5_04

Our operations are primarily based in cities, so we do not have a direct impact on biodiversity and ecosystem change. The impact is linked to Tier 2 and 3 suppliers in the upstream part of the value chain, specifically

concerning agricultural ingredients and primarily paper/ wooden materials.

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Sustainability Statement continued

ESRS E5 –

Resource use

and circular

economy

Impact, risk and opportunity management

E5-1 Policies related to resource use and

circular economy

E5.MDR-P_ 01

Packaging plays a vital role in keeping our products

fresh and safe. Sustainable packaging and waste

management are important to our business, given

the amount of packaging we use, the variety of

pack materials we use and the need to recover

andrecycle them after consumption.

E5-1_03 & E5-1_04

Beverage packaging has value and life beyond itsinitial

use, and we believe that it should be collected and

recycled into a new package as part of a circular

economy. To deliver this vision, we own, invest in and

take responsibility for collected packaging material

asmembers of authorised recovery organisations.

Our commitments

E5.MDR-P_01 & E5.MDR-P_04

We are committed to continually improving

ourenvironmental performance in the areas of

packaging and packaging waste. Since packaging

remains critical for us, as already stated through

ourDMA, and thus we have adopted the ‘Packaging

Waste Management Policy’. This policy includes

objectives relevant both to packaging materials

andpackaging waste, and as all our environmental

policies, it considers the ISO 14001 Environmental

Management System and the GRIStandards.

E5-1_01 & E5.MDR-P_01

Our Packaging Waste Management Policy commits

to collect the equivalent of 75% of our packaging for

recycling or reuse by 2025, use 35% recycled PET

(rPET) by 2025 in our PET bottles, and in the EU

countries, our objective is to reach 50% rPET by 2025.

We also are committed to have 100% recyclable

by design primary packaging materials and

toinvest in recycling infrastructure and new

technologies that enable increased usage

ofrecycled content in our packaging, where

technically and economically feasible.

E5-1_03 & E5-1_04

Additionally, for our engagements regarding

recyclability and recycled packaging, we have

included targets relevant to:

• Collection: Recover 75% of our primary

packaging for recycling or reuse by 2025.

• Eliminate Unnecessary Packaging: Building

on the extensive light-weighting programme

delivered over the past decade, we will continue

to light-weight our primary packaging towards

‘best-in-class‘ bottles and cans in each

market, while innovating to remove shrink

filmfrommultipacks.

• Expand Reusable Packaging: Deliver

programmes to increase reusable packaging

from 12% of transactions sold in ‘returnable’,

and4% in ‘dispensed,’ formats.

• Reduce Virgin Plastic: Through the increased

useof circular PET (rPET), light-weighting,

removal of plastic film and expansion of reusable

packaging formats.

• Innovation: Deliver new sustainable packaging

solutions through partnerships and R&D.

• Inspire and Engage Consumers: Use the power

ofour brands to encourage consumersto recycle.

E5-1_02 & E5.MDR-P_02

Furthermore, under the umbrella of our Biodiversity

Statement, as already mentioned inthe ESRS E4 –

Biodiversity and ecosystem, sustainable sourcing

of packaging is also taken into account. We aim

tosource all our paper-based primary packaging

materials from sustainable forest sources. All our

paper bricks we use are FSC-certified.

The scope of our commitments is to improve

thecircularity of our packaging and to avoid

packaging waste, which in turn contributes to better

environmental performance. Among thekey areas

we focus on, and relevant to the materiality analysis,

is the circular economy. We take action to improve

packaging sustainability, including its recycling into

new packages and measuring, evaluating and

sharing progress across regions and stakeholders,

providing therespective transparency.

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Sustainability Statement continued

Sustainable packaging

E5.MDR-P_02 & E5.MDR-P_01

We seek to minimise the overall amount ofpackaging

that we use. Together with our suppliers and partners,

we are working to design more sustainable packaging

and take action toensure that our packaging doesn’t

end up aswaste.

The big amount of packaging we use for our finished

products, if not collected and recycled properly,

would end up in the soil, in the rivers and then in the

seas and the oceans, which could have a negative

impact on ecosystems, human health (toxicity)

andsociety.

Packaging waste and climate change are

interconnected global challenges, and an area

offocus for businesses and communities. 34%

ofour value chain emissions come from packaging

materials, and to achieve our NetZeroby40

emissions goal we invest in sustainable packaging

solutions. When we light-weight our packaging,

incorporate more recycled and bio-based

material, invest in local recycling programmes and

increase our use of reusable packaging, we reduce

both waste and our GHG emissions.

Transparency

E5.MDR-P_ 06

All our policies and commitments are publicly

available via our website. By having the policies

publicly available, we inform all our stakeholders

ofour goals and, where needed, we ensure their

involvement, as happens with the ‘Packaging Waste

Management Policy’, which applies to all Coca-Cola

HBC employees, regardless of level and function. All

our policies are translated in the local language of our

countries and available on their local websites as well.

E5.MDR-P_05

Additionally, every year, we perform an annual

materiality survey, and we ask more than 500

stakeholders from different stakeholder groups

across all our 29 markets and beyond to help us gauge

our sustainability agenda and priorities. During our

Annual Stakeholder Forums, we discuss the most

important ESG areas for our business, and we set

actions to improve both our stakeholder engagement

and our performance. With suppliers, we have

sustainable supply events where we gain their views

on how to collaborate in the area of sustainability.

Throughout the year, we proactively monitor and take

into consideration the requirements by different

ESR raters and frameworks; also we perform

regular calls with sustainability experts of investors,

banks and other financial institutions.

E5.MDR-P_ 03

The Corporate Social Responsibility Committee

of the Board of Directors is responsible for

establishing the principles governing the

Group’spolicies on social responsibility and

theenvironment (including packaging waste)

toguide management’s decisions and actions.

All our policies, such as our Packaging Waste

Management Policy, are owned and endorsed

bythe Corporate Social Responsibility Committee

of the Board of Directors. Sustainability SteerCo

atELT level is responsible for developing and

implementing policies and executing the strategies

to achieve the Company’s social responsibility and

environmental goals.

Further details regarding our sustainability

governance are available in GOV-1 ‘The role of

theadministrative, management and supervisory

bodies’ and on our website.

E5-2 Actions and resources related to resource

use and circular economy

E5.MDR-A_01, 02, 03, 05 & E5-2_08

The objectives from the Packaging Waste

Management Policy require continuous

improvement and progress. Therefore, each yearwe

strive to improve our performance by establishing

new actions and working on the existing ones.

Packaging can only be circular if it is recyclable.

Since 2022, 100% of our primary packaging – PET,

glass, aluminium and aseptic cartons – has been

recyclable by design. We achieved this milestone

three years ahead of our 2025 target. We are also

leading industry efforts to introduce effective

andefficient collection systems in all our markets.

These include Deposit Return Schemes (DRS)

inmost of our EU markets. Therefore, we work

with governments and industry to create a legal

framework in which economic progress and

diversion of material from landfill can be achieved.

For the reporting year, we focused on different

pillars, and we worked with specific focus on each

of them. These pillars include:

• Recyclability

• Recycled packaging

• Eliminate unnecessary packaging

• Expand reusable (returnable) packaging

• Packaging collection

Stakeholder engagement

E5-2_07 & E5-2_09

For the implementation of all actions, the

contribution of our stakeholders was of utmost

importance. Collective actions are important when

systemic changes are required and we have

established strong relationships with our main

stakeholders.

In December 2024, we welcomed 167

stakeholders, including our suppliers, to our

Annual Stakeholder Forum, themed ‘Harnessing

aCircular Economy for Packaging’, to explore what

actions are needed to help deliver this objective.

Additionally, together with our suppliers and

partners, we are working to design more

sustainable packaging and take action to ensure

that our packaging doesn’t end up as waste.

Each year, we host a supplier innovation day where we

engage with key partners and potential new suppliers

in the area of sustainable packaging. Previous to

thereporting year, we have piloted and then scaled

technologies that now allow us to replace plastic

filmon multipacks with carton solutions, such as the

KeelClip™ roll-out, the cardboard holder for cans

multipacks, and process non-food grade ‘hot washed’

PET flakes to produce high-quality food-grade rPET.

Furthermore, since 2022, we started an ongoing

collaboration with the University of Portsmouth,

to investigate the potential commercialisation

oftechnologies and processes for the enzymatic

recycling of PET. This co-funded research project

is exploring new applications for bio-recycling

enzymes that could have the potential to promote

packaging circularity at industrial scale.

As already stated, in countries where effective

collection systems do not exist, we are working

together with peers and governments to design

and implement new systems. Such cases are our

alliance with the Food and Beverage Recycling

Alliance (FBRA) inNigeria and our partnership

withthe recycler BariQ inEgypt.

A new approach to promotional displays has been

piloted with our customer Żabka, a large chain of

convenience stores in Poland. This new system

only requires the customer to change the

branding of our products in stores – not the

display units themselves. This means that our

customer retains a high-quality display, and we

save money on transport and production costs.

This collaborative initiative created commercial

value for us and for our customers while reducing

waste and cutting down on CO

emissions.

Lastly, we are members of the European

Organisation for Packaging and the Environment

– EUROPEN and UNESDA Soft Drinks Europe.

EUROPEN is the voice of the packaging supply

chain industry in Europe on topics related to

packaging and the environment. This membership

provides us the opportunity to understand the

challenges of the wider packaging supply chain

(from producers of packaging all the way to

recyclers) and to work with governments and the

European Commission around issues. The role of

EUROPEN within the circular economy is to:

a) continuously improve the environmental

performance of packaging and packaged

products all along the supply chain;

b) promote the role, functionalities and benefits

ofpackaging within all relevant EU policies; and

c) achieve a harmonised policy framework and a

functioning EU internal market for packaging

and packaged products.

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Sustainability Statement continued

UNESDA Soft Drinks Europe enables us to talk with one voice and discuss with governments and the EU as a whole matters relating specifically to the soft drinks sector. With UNESDA, we also have set

commitments for circular packaging which the corporate members have committed to achieving, thus enabling improved overall sectoral approach to circular packaging, including recycled content targets,

collection and recyclability ahead of legal requirements.

Table 27: List of key actions and resources in relation to circular economy

Time – reference Scope of action

Progress of actions/

action plans disclosed in

prior periods

List of actions Current Planned

Time

horizon of

action

completion

Expected

outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

Recyclability – 100% of our primary packaging and using alternative packaging materials

Maintained KeelClip™ as a

carton-based solution that

removes plastic shrink film

previously used to hold

canmulti-packs together,

in23 countries, helping

ustoreduce our plastic

packagingfootprint

2024 – Ongoing To reduce

environmental

impact (water

and soil) and

reduce waste

(Avoid 2,300

tonnes of

plastic shrink

annually)

Supports the delivery of our

packaging waste

management policy

objectives:

• Innovate to minimize the

amount of packaging that

we use, while ensuring

that the packaging

that we do use is as

sustainable as possible

• Provide sustainable

packaging options

meeting consumers’

needs

Production and packaging:

Maintain solutions and

continueinnovate

Own

operations &

Downstream

Europe

(23 countries)

Consumers,

Customers,

Communities

Progress as per

theplan

Maintained QFlex carton-

based solution that removes

plastic shrink film previously

used to hold large multi-

packs cans together in

Ireland and Northern Ireland,

helping us to reduce our

plastic packaging footprint

2024 – Ongoing Ireland,

Northern

Ireland

Lite Pac launch & expansion

in other markets

2024 – Ongoing Removal of

135 tonnes of

plastic from

our supply

chain annually

Austria

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Time – reference Scope of action

Progress of actions/

action plans disclosed in

prior periods

List of actions Current Planned

Time

horizon of

action

completion

Expected

outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

Recycled Packaging

In-house rPET production

and transitioning to 100%

rPET locally produced

portfolio

2024 - Ongoing To reduce

virgin and

increased

recycled

plastic

content in our

packaging

Supports the delivery

ofourpackaging waste

management policy

objective:

• Continue to increase

recycled content in

our primary beverage

packaging, with an

emphasis on PET

beverage bottles

• accomplishment of the

Mission Target 2025 to

35% rPET usage

Production & Packaging Own

operations

Downstream

Switzerland

Italy

Austria

Romania

Republic

ofIreland

Northern

Ireland

Consumers,

Customers,

Communities

23.8% compared

to 16.1% (in 2023);

45.9% in EU

countries and

Switzerland

Eliminate unnecessary packaging

Light-weight our primary

packaging

(Aluminum Cans)

2024 - 2024 To reduce

weight of

materials used

(decrease

emissions)

Reduction of waste,

NetZeroby40

Design optimisation to reduce the

weight of Cans bodies and ends

Upstream,

Downstream

Ireland,

Czech

Republic,

Egypt,

Greece,

Serbia

Customers,

Consumers,

Suppliers

Can body:-1.9%

average reduction;

Can end: – 9.8%

average reduction

in material

Light-weight our primary

packaging (Preforms) and

Test in 5 new markets before

introducing it to our 2025

portfolio

2024 - 2024 To reduce

weight of

materials used

(decrease

emissions)

Reduction of waste,

NetZeroby40

Design optimisation to reduce weight

of preform

Upstream,

Downstream

Bulgaria,

Czech

Republic,

Poland and

Baltics

Customers,

Consumers,

Suppliers

Average reduction

in material is under

calculation

2025 2025

Replacement of tethered

closures with lighter option

2024 - 2024 To reduce

weight of

HDPE used by

300 tonnes

and

to decrease

emissions

by 600 tonnes

Reduction of waste,

NetZeroby40

Design optimisation to reduce weight Upstream,

Downstream

Ireland, Italy,

Bulgaria,

Austria,

Hungary,

Romania,

Bosnia,

Czech,

Lithuania,

Poland,

Serbia,

Cyprus

Customers,

Consumers,

Suppliers

0.3% reduction in

closure weight

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Time – reference Scope of action

Progress of actions/

action plans disclosed in

prior periods

List of actions Current Planned

Time

horizon of

action

completion

Expected

outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

Label height reductions 2024 2025 2025 To reduce

weight of

plastic used by

200 tonnes

Reduction of waste,

NetZeroby40

Design optimisation to reduce weight Upstream,

Downstream

Greece,

Cyprus,

Poland & Italy

Customers,

Consumers,

Suppliers

Progress made as

per the planned

activities

Expand Reusable (Returnable) Packaging

Usage of returnable and

refillable glass, and

dispensers such as fountains

or freestyle machines

2024 - Ongoing To reduce

environmental

impact (water

and soil) and

reduce waste;

Decrease

emissions in

scope 3 and

help achieving

our net zero

emissions goal

Expand Reusable

Packaging:

• Deliver programmes

to increase reusable

packaging (returnable

and dispensed) formats

• Reduce packaging

amount in absolute

terms.

Continue the implementation of Pack

Mix of the Future initiatives, focused

on expanding RGB across markets

setting our vision for profitable

growth while reducing CO

footprint

Activated Packageless pilot in leading

university in Italy. Replicable

programme envisioning packageless

campus

Downstream Europe and

Africa

Consumers,

Customers,

Communities

Refillables 12.7% in

2024 from 11.7% in

2023*

Packageless stable

at 4.3%*

*Transactions in

NARTD excluding

N. Macedonia

Increase packaging collection

Continue to actively engage

with governments and peer

companies to establish and

ensure that effective

operation of Extended

Producer Responsibility (EPR)

Organizations, including

Packaging Recovery

Organizations (PRO) and

Deposit Return Schemes

(DRS).

2024 - Ongoing To reduce

environmental

impact (water

and soil) and

decrease

plastic waste

Supports the delivery of our

packaging waste

management policy

objectives:

• Work through cross-

sector packaging

associations to develop

and support effective

waste management and

packaging collection

solutions

• Enhance the efficiency

and effectiveness

of established post-

consumer packaging

waste management

organisations

Participated in the supervisory board

of EPR organizations in 16 of our

countries, providing strategic

direction and support

Downstream Bosnia,

Bulgaria,

Czech,

Estonia,

Italy,Latvia,

Lithuania,

Moldova,

North

Macedonia,

Poland,

Ireland,

Romania,

Serbia,

Slovakia,

Slovenia,

Switzerland

Communities,

Governments,

Customers,

Peer

Companies

Progress made in

line with roadmap

plans to achieve

our75% collection

target by 2025. We

ensured ongoing

implementation of

our policy objective

to ensure effective

packaging waste

management

activities are in

place across our

markets.

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Time – reference Scope of action

Progress of actions/

action plans disclosed in

prior periods

List of actions Current Planned

Time

horizon of

action

completion

Expected

outcomes

Achievement of policy

objectives & targets Activities

Value chain

segment

Geographical

boundaries

Affected

stakeholders

Quantitative and

qualitative information

We support well-designed

deposit return schemes

(DRS)in our European

markets, wherever an

effective alternative

doesn’talready exist.

Asof2024, eightof our

marketsnow haveDRS in

place to assist inthe design

and implementation

ofnewnational DRS in

eachofthesecountries.

2024 2028 By 2028 To reduce

environmental

impact (water

and soil) &

Decrease

plastic waste

Fulfill our Mission 2025

target of 75% collection of

primary packaging by 2025

Deliver EU collection

targets of 90% separate

collection for PET and

beverage cans by 2029

Played a critical role in the successful

launch of new DRS in Romania,

Ireland and Hungary

Established a new DRS operator

inPoland (Kaucja.pl) with CCHBC

asashareholder to support the

successful launch of DRS in Poland

in2025

Made preparations for the successful

Jan 2025 launch of DRS in Austria

Actively participated in a cross-

industry coalition that offered

adviceand strategic input to the

Greek government on DRS, while

developing a business plan for the

application for a DRS operator licence

Downstream Croatia,

Estonia,

Hungary,

Latvia,

Lithuania,

Republic of

Ireland,

Romania and

Slovakia. We

are engaging

proactively in

Austria,

Bulgaria,

Cyprus,

Czech

Republic,

Greece,

Moldova,

Northern

Ireland,

Poland,

Serbia and

Slovenia

Communities,

Governments,

Customers,

Peer

Companies

2024 roadmap and

plans implemented

(including launches

in Ireland, Romania

and Hungary)

A clear action plan

for 2025 aligned

and approved by

senior

management

(including DRS

launches in Austria,

Poland and Greece)

Development of EPR

schemes in countries where

it is not mandatory in order to

reduce the downstream

pollution

2024 2028 2028 To reduce

environmental

impact (water

and soil) and

reduce waste,

increase

packaging

collection

Fulfill our Mission 2025

target of 75% collection of

primary packaging by 2025

We continued to support the

workofthe Food and Beverage

Recycling Alliance (FBRA) and other

packaging collection projects

Open the first-ever Coca-Cola

System-owned and operated

packaging collection hub

Downstream Nigeria Consumers,

Customers,

Communities,

Peer

companies

Progress made in

Egypt and Nigeria

as per the plan

Continue working with BariQ in Egypt Egypt

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Sustainability Statement continued

E5.MDR-A_04

As seen, we have established a comprehensive

action plan and implemented several actions

related to circular economy and packaging. By

those actions, we demonstrate our support to

nature and to people independently on whether

they are harmed or not. In 2024, no negative

incident related to circular economy has

beenrecorded.

Financial Resources

E5.MDR-A_06, 07, 09, 11

Specifically, to support our actions related to

theexpansion of reusable/refillable packaging,

wemake investments every year for the renewal

or increase of the returnable containers fleet. In

2024, this investment reached €59 million. We also

invested €9.5 million in production infrastructure,

mainly for new returnable glass production lines

inItaly and Nigeria.

In addition, we invest significant amounts to

support our action plan around the increase

ofrecycled content in our packaging, specifically

byexpanding the use of recycled PET. Building

onthe significant in-house rPET production

infrastructure investments we have made in the

past few years inItaly, Poland and Romania, we

allocated €30 million in 2024 to support the higher

costofrecycled PET compared with virgin PET.

The Capex and cost of packaging materials

mentioned above are reflected in our ‘Financial

Statements’, in the cash flow statement and the

income statement, respectively.

Moving ahead, we will continue to support

ourcircular economy action plan as required.

Specifically for 2025, we plan to continue our

investments in production infrastructure in Italy

tosupport the RGB expansion inthe market, and

we will allocate significant Capex onreturnable

containers across our markets.

We alsoexpect thatthe higher spend for recycled

PET compared with virgin PET will increase further

to approximately €60 million, as we accelerate our

performance against our Mission 2025 target, but

alsodue to the EU requirement for a 25% minimum

recycled content on PET beverage bottles.

To support our actions, financial resources

mustbesecured through targeted allocation.

Oursustainable finance approach underpins the

Group’s ability to align funding strategies with

sustainability commitments, while supporting the

UN SDGs and the EU Environmental Objectives.

Financing mechanisms include a diverse range of

instruments, ensuring flexibility in meeting both

current and future financial requirements for

action plans.

Metrics and targets

E5-3 Targets related to resource use and

circular economy

E5-3_01

We have set voluntary targets that promote circular

economy, and they are designed to address both

resource inflows and outflows, and the lifecycle

ofproducts and materials.

E5-3_02

Our objective is to keep our primary packaging

100% recyclable by design. Therefore, we have

established a target related to circular product

design, which isalready achieved. We have made

our primary packaging 100% fully recyclable three

years ahead of the expected timeline and 2025

target. For us, recyclability is calculated as

technical recyclability by design, and here we

consider all beverage packaging which is made of

glass, aluminium/steel, PET and aseptic cartons.

All of those are able to be recycled fully. We

consider as technical recyclability by design any

reuse or recycle option for those materials. In the

definition, we do not take into consideration the

packaging collection rates in every country.

E5-3_03 & E5-3_04

Our resource inflows targets focus on the

continuous improvement of recycled material use.

They have a double role, since by increasing their

recycled content, the rates of primary raw materials

decline. The targets refer to the recycled PET used

for plastic bottles. Furthermore, we aim to remove

an additional 2,800 tonnes of our light-weight

packaging by 2025 compared with 2023 data.

E5-3_05 & E5-3_09

As already stated, we aim to source all our paper-

based primary packaging materials from sustainable

forest sources. Now, 100% of our paper bricks

(aseptic carton) we use are FSC

-certified. Driven by

the materiality results, and focusing on the material

topics, our targets address the prevention layer

(including the reduction) of the waste hierarchy

pyramid, as well as recycling and recovering.

Returnable glass bottles address reuse layer

ofthewaste hierarchy.

E5.MDR-T_01

The majority of those targets are connected

withthe Packaging Waste Management Policy

andreflect total Group targets. To track our

performance and our contribution to the final

target, every year we set a yearly target as an

annual milestone.

E5.MDR-T_12

For our targets we use actual data to report the

progress, e.g., for recyclability we use the technical by

design data of our primary packaging materials (glass,

PET, aluminium/steel can, paper, aseptic paper).

Our time horizons could be an annual goal aligned

with the Business Planning process (BP), mid-term

targets aligned with our long-range plan (LRP) and

business objectives, or long-term targets such as

NetZeroby40 aligned with the external trends.

All those targets, however, are disaggregated to

annual roadmaps, and our regular performance

review is two-pronged:

a) versus the annual roadmap; and

b) versus the direction of the target year.

On this way, we are able to set actions and correct

course if needed.

E5-3_01 & E5-3_09 & E5.MDR-T_02 –

E5.MDR-T_0 8

Table 28 below provides further details oneach

target, including their characteristics (targets’

level, their units, their time-boundaries, the

progress made over the baseline measurements),

illustrating how they contribute to our overall

sustainability goals and circular economy

principles. Targets are voluntary.

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Sustainability Statement continued

Table 28: List of targets

Targets Type of target

Target

duration

Baseline

and

Baseline

number Target to be achieved

Value chain and

geographical boundaries 2024 status

Alignment with

international initiative

Stakeholders

Involvement

Planning to

achieve the target

Relation to waste

hierarchy

Recyclability by

design

Relative in % 2018-2025

(8years)

2017

(99%)

100% of consumer packaging to

berecyclable

Upstream/Global Percentage of recyclable by

design materials from main

packaging used in 2024: 100%

Sustainable

Development Goal

8, 9, 11, 12, 14 & 17

Suppliers 2025 Recycling

Light-weight

Packaging

Absolute in

tonnes

2023-2025 2023 Remove 2,800 tonnes of

packagingthrough light-weighting

our packaging

Own operations/

Global

Continue implementing best in

class packaging weight

Suppliers,

Customers

Prevention

(Reduce)

PET used from

recycled PET

and/or PET

from renewable

material

Relative in % 2018-2025

(8years)

2017

(9%)

35% of PET used from

recycledPETand/or PET from

renewable material

Upstream & Own

Operations/Global

23.8% rPET (placed on the

market in 2024)

Suppliers,

Customers

2025 Recycling

50% of PET used from

recycledPETand/or PET from

renewable material

Upstream & Own

Operations/EU

countries and

Switzerland

45.9% rPET (placed on the

market in 2024)

Suppliers,

Customers

2025

Zero Waste

partnerships (city

and/or coast)

Absolute 2018-2025

(8years)

2017

(0)

Engage in 20 zero waste

partnerships (city and/or coast)

Downstream/Global 20 out of 20 zero waste projects NGOs, Communities,

Local municipalities

2025 –

Collection rate

of our primary

packaging placed

on the market

Relative in % 2018-2025

(8years)

2017

(41%)

Help collect the equivalent of 75%

of our primary packaging

Downstream/Global 57% оf primary packaging placed

on the market in 2024 (including

Egypt);

Excluding Egypt, the amount is

58%

Government

and Regulators,

Peer companies,

Customers,

Suppliers, NGOs

2025 Recycling

Coca-Cola

System-owned

& operated

packaging

collection facility

Absolute in

tonnes

2025 2024 Collect 1,000 metric tonnes of

packaging materials

Downstream/Nigeria In 2024, together with TCCC,

the Coca-Cola system-owned

packaging collection facility was

completed

NGOs, Communities,

Local municipalities.

Government and

Regulators, Peer

companies

>2025 Recycling

Paper Bricks Absolute in % Continue

(rolling

target)

n/a Source all our paper-based

primary packaging materials from

sustainable forest sources

Upstream/Global 100% of our paper bricks (aseptic

carton) used are FSC-certified

Suppliers >2030 –

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Sustainability Statement continued

E5.MDR-T_12 & E5-3_13 & E5.MDR-T_01

We have not changed any of our targets, as

forusany sustainability target means to deliver,

toexecute – an opposite of an aspirational target.

The Single Use Plastics Directive, which was

introduced after our 2025 commitments, applies

only to EU Member States. However, we have

voluntarily extended these commitments to

include our other markets, ensuring they

reflectour entire value chain.

E5-3_13 & E5.MDR-T_09

The Single Use Plastics Directive imposed in 2019

a77% separate collection target of PET beverage

bottles by 2025 and a recycled content target of

25% in PET beverage bottles. For our collection

targets, these were set in 2018, following a previous

commitment of 40% total packaging collected by

2020, which we had already overachieved in 2018.

For 2025, we have setambitious targets as an

average for all ourmarkets.

Not all markets are in the EU, therefore the 75% on

average was much more ambitious than the Single

Use Plastic Directive or any other local targets.

The Single Use Plastic Directive also only defines

collection for PET bottles whereas we are going

beyond this, including all our primary packaging

(such as glass bottles and aluminium cans). For

recycled content, this is also above Single Use

Plastic Directive targets for 2025.

E5.MDR-T_13

We have specialised software to monitor and review

for each of our ESG goals/targets, and we report

monthly the actual performance and status (if we

areon track, lagging behind or partly on track) to the

members of the ELT who are accountable for the

respective KPIs. The actuals are easily available in our

EDGE dashboards. Quarterly, the performance and

the related actions to achieve the annual goals are

reported to the Social Responsibility Committee

of the Board of Directors.

E5.MDR-T_10 & E5.MDR-T_11

We have also involved our stakeholders in the

process of target-setting. We use the industry

best practices for setting the targets and clearly

describe the calculations and methods used in our

internal guidebooks. Feedback by NGOs, industry

associations such as UNESDA, and suppliers,

butalso strategic initiatives such astheUN SDGs,

are considered.

Stakeholder engagement is pivotal, particularly

through Annual Stakeholder Forums and frequent

meetings with all relevant stakeholders (NGOs, peer

companies, customers, municipalities). The insights

gathered from these engagements, along with the

expectations of ESG raters and investors, inform

the setting of ambitious, data-driven targets.

E5-3_08

We strive to minimise food loss and food waste in our

operations. Our target to tackle food waste and loss

across our activities and operations is: to decrease

our absolute food losses (in dry matter) by 30%

by2025 compared to our 2019 baseline despite

volume growth, an increase in portfolio/beverage

categories, and expansion to emerging markets,

andfurther reduce by 40% by 2030 vs2019.

Food loss and waste at our manufacturing sites

are part of the overall waste management

process. Westrive to reach 100% recycled waste

and zero waste to landfill in manufacturing. We

have reduced the percentage of manufacturing

waste going to landfill significantly: in 2024, only

1.6% of our manufacturing waste went to landfill,

while in 2015 it was 10.1%. This means in 2024

98.4% of total manufacturing waste was recycled

or used for alternative usage..

E5-4 Resource inflows

E5-4_01

Resource inflows, relevant to upstream activities and reported within this chapter, take into account the

results of the materiality analysis. This analysis has identified packaging inflows as a material topic.

Our packaging inflows include different streams of packaging, such as:

• Plastic, which is used for plastic bottles, closures, HDPE/LDPE bottles, labels and stretch/shrink films;

• Glass, which is used for glass bottles;

• Metal, which are used for aluminium cans and metal crowns; and

• Paper, which is used for paper labels, composite aseptic carton, cardboard and wood pallets).

All data relevant to our packaging inflows quantities that we used during the reporting period is

disclosed in the following table.

E5-4_02 – E5-4_05

Table 29: Material Inflows Indicators

Parameters Unit 2024

The overall total weight of products (beverage+packaging) Tonnes 20,382,929

The overall total weight of technical materials used

(ingredients+ packaging materials) Tonnes 2,143,227

Total Plastic Tonnes 427,749

PET (bottles) Tonnes 346,143

Plant-Pet Tonnes 0

Plastic (closures + HDPE/LDPE bottles) Tonnes 30,268

PE (labels and stretch/shrink films) Tonnes 51,338

Total Glass Tonnes 193,285

Glass (Bottles) Tonnes 193,285

Total Metal Tonnes 80,508

Aluminium (cans) Tonnes 73,608

Metal (crowns) Tonnes 6,900

Tot al Paper Tonnes 153,133

Paper (labels) Tonnes 1,318

Composite carton (Tetra Pak, bricks) Tonnes 26,232

Cardboard Tonnes 72,788

Wood (pallets) Tonnes 52,795

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Sustainability Statement continued

1. Excluding water.

Parameters Unit 2024

The weight of secondary reused or recycled components

usedto manufacture CCHBC’s products and services

(includingpackaging) Tonnes 199,648

The weight of secondary reused or recycled components

usedto manufacture CCHBC’s products and services

(includingpackaging) Percentage

23% out of total

packaging materials

The weight of secondary intermediary products

usedtomanufacture CCHBC’s products and services

(includingpackaging) Tonnes 0

The weight of secondary intermediary products

usedtomanufacture CCHBC’s products and services

(includingpackaging) Percentage 0

The weight of secondary materials used to manufacture

CCHBC’s products and services (including packaging) Tonnes 0

The weight of secondary materials used to manufacture

CCHBC’s products and services (including packaging) Percentage 0

Data Methodology

E5-4_06

The data derives from direct measurements, detailing each material that enters our operations. The

data is based on the purchased volume we use either for the manufacturing of our packaging (only in

the in-house rPET plants) or for the packaging which is being supplied from external suppliers. The data

relevant to recycled content for the packaging is based on our suppliers’ data, and then we calculate the

weighted average based on the amount purchased by each of those suppliers.

E5-4_08

We ensure that there is no overlap or double

counting between the categories of reused and

recycledmaterials.

Reusable glass bottles are reported only with

thenew number of bottles purchased in the

respective year. We have invoices and number

ofpurchasing orders with the respective amount

purchased for all materials that are entering in

ourplants.

In our systems, we have master data of each

material which is part of the product recipe,

meaning that for each of our produced products,

weknow how much material we have used.

Thesame for resource outflows – we know

theexact amount of every ingredient and

packaging material used in any sold products.

Reusable packaging is not reported to the

Packaging Recovery Organisations (PROs) for the

floating volumes (i.e., all the bottles in circulation).

We report only the new quantities of bottles

purchased each year. This approach assumes

thatnew bottle purchases are not solely due to

increased volume but also because some reusable

bottles were not collected and ended up in the

recycling stream. Additionally, once reusable

bottles reach the end of their lifespan, they will

eventually become waste and be recycled.

So, we avoid double counting by only reporting

tothe PROs the new quantities purchased each

year, and not the whole floating (or in circulation)

volume related to reusable/refillable glass bottles.

E5-5 Resource outflows

Outflows

Resource outflows are another material topic for us.

E5-5_01

We are committed to incorporate more circular

principles in our production processes, and for that

purpose we have implemented key actions and

innovations. Now, five of our water brands are sold in

100% rPET bottles: Romerquelle (Austria, Czech

Republic, Slovakia, Serbia, Croatia and Slovenia),

Deep RiverRock (Republic of Ireland and Northern

Ireland), Valser (Switzerland), Dorna (Romania)

andNatura (Czech Republic and Slovakia).

Switzerland was also our first country to move

itsentire locally produced PET portfolio to 100%

rPET. This was followed by Italy

and Austria,

andin2023, Romania, the Republic of Ireland and

Northern Ireland also transitioned to 100% rPET

for the locally produced PET portfolio. In addition,

since 2023, Romania successfully combined a

100% rPET local bottle portfolio, an in-house rPET

facility and a Deposit Return Scheme, helping us

close the loop for plastic packaging circularity.

We continue our use of recycled shrink film

inIreland, where our Deep RiverRock water

multipacks arepackaged in Reborn®, a fully

recycled plastic film made from post-industrial

and post-consumer waste. We are exploring

opportunities to launch Reborn® in other

markets. Our corrugated cardboard packaging in

Europe contains >80% recycled content, while our

composite paper carton packs, KeelClip™,

Qflexand LitePac Top, are 100% FSC-certified.

Our wooden pallets are 100% reusable.

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Sustainability Statement continued

E5-5_04

As mentioned, we ensure that our packaging

includes recyclable content. For 2024, the overall

recyclable content rate of our packaging is 100%.

We do not engage in the production or

commercialisation of durable plastic goods and/or

components, including those made from mixed

materials. Additionally, we do not produce goods

with an expected usage period exceeding three

years. Our beverages, in particular, have a

significantly shorter expected usage period,

defined by their shelf life which is between four

and 12 months.

Extended Producer’s Responsibility

E5-5_18

We make strong efforts to ensure that our products,

especially their packaging materials, will not end up

as waste. We prove our engagement in product

end-of-life waste management, since, as mentioned

earlier, we support the foundation of effective and

efficient collection systems in all our markets.

We are leading industry efforts to introduce DRS

across the majority of our EU countries. In 2024,

weplayed a pivotal role in the successful go-live

ofnew DRS in Romania, Ireland and Hungary.

Well-designed DRS have a proven track record of

delivering very high collection rates, typically over

90%, once the schemes reach maturity. We are

encouraged by the results from year 1 in Romania,

where the scheme was delivering an average return

rate of 76% for all in-scope containers across the

last three months of the year. Additionally, our

teams in Austria, Poland and Greece have been

making intensive preparations to support

successful DRS launches in 2025. These extensive

preparations include the development of DRS

business plans, the establishment of a new DRS

administrator company in Poland, as well as the

extensive internal planning to ensure that

DRS-compliant packaging is available to the

consumer on shelf in time.

Coca-Cola HBC is also heavily involved in EPR

systems in 25 of our countries, and members of

the supervisory board in 16 of these countries.

Extended producer responsibility is a policy

approach that holds producers accountable for

their products throughout the entire lifecycle,

including the post-consumer stage. Further

information is available at Ε5-2 ‘Actions and

resources related to resource use and

circulareconomy’.

Data methodology

E5-5_06

The relevant data used is sourced mainly from

direct measurements, which are taken from our

production and operational records. Products are

classified as designed along circular principles if

they are recyclable by design. This means that the

packaging is compatible with waste management

and processing, including collection, sorting,

recycling and the use of recycled materials to

replace primary raw materials.

We know the exact amount of every ingredient and

packaging material used in any sold products. For

packaging collection data, we have a calculation

methodology document which details step by

stephow the data is collected. We report to our

collection systems the amounts of packaging per

type of material placed on the market. They then

report back to us via emails and reports how much

equivalent packaging was collected for recycling

– this is validated following the Packaging Recovery

Organisation’s (PRO’s) own external auditing

processes. This is done per material type, both

forprimary and for secondary/tertiary packaging.

If packaging materials contain the amount of

thesame material coming from post-consumer

waste, they are with recycled content. The

percentage of recycled content in our products

and packaging is determined based on actual data

from our suppliers and on what we have been

using inour production.

E5-6 Anticipated financial effects from

material resource use and circular economy-

related risks and opportunities

E5-6_02, 03, 04

Given the potential impact that significant changes

to our packaging mix could have to longer-term

capital investment in production and distribution,

and the influence that packaging has on our ability to

meet our NetZeroby40 commitments – packaging

represents over 30% of our emissions – managing

the risk and opportunity associated with sustainable

packaging directly impacts and is impacted by our

future business strategy. It is closely linked with

the ‘Managing our carbon footprint’ risk, which is

covered in detail under ESRS E1 ‘Climate change’.

During 2024, we continued building on our Pack

Mixof the Future vision. The development of

aprofitable packaging strategy aims to reduce

ourenvironmental impact, address escalating

stakeholder concerns relating to packaging waste

and takes into account new EU regulations such as

the EU Directive on packaging and packaging waste.

Initiatives such as increasing the use of recycled

andrefillable packaging and decarbonisation in the

packaging industry contribute significantly to our

journey towards NetZeroby40.

Based on the 2024 quantification of this risk we

expect higher cost of packaging materials, mainly

rPET, aluminium and glass. The quantification was

performed by applying the projected carbon price

per packaging material under different climate

scenarios to the corresponding packaging

emissions as per our glidepath to 2040.

These financial effects are anticipated to arise

inthe mid to long term. While the timing remains

uncertain, we are aligning our strategy with the

evolving market conditions.

Failing to respond to consumers’ concerns about

packaging could also impact our reputation and

consumer base, potentially leading to revenue

losses for products that do not meet sustainability

standards. Other challenges associated with

packaging relate to dependencies on sourcing

sustainable materials from suppliers, and to the

increasing regulatory focus on impacts to natural

ecosystems caused by packaging waste.

E5-6_05 & E5-6_06

Our assessment shows we do not have any

product at risk in the short-, medium- or long-

term horizon. For the assessment of products

atrisk, the same time horizons as those used in

the Double Materiality Assessment were applied,

as presented in the E1.IRO-1_05.

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Sustainability Statement continued

Strategy

SBM-3 Material impacts, risks and

opportunities and their interaction

withstrategy and business model

S1. SBM-3_01, 02, 03, 04, 06, 11

At Coca-Cola HBC, all employees and non-

employees within our workforce who could

bematerially impacted by our operations are

included in the scope of the disclosures under

ESRS 2. This includes addressing impacts

arisingfrom our ownoperations, our value

chain,our products and services, and our

businessrelationships.

Αctual impacts on our workforce, such as secure

employment, adequate wages, health and safety,

gender equality, training, and diversity guide our

strategic decisions by enabling us to implement

targeted initiatives, ensuring that we create a

supportive work environment that meets the

needs of our employees, who are the most

important asset and support us in achieving

ourbusiness objectives.

While non-employees are considered in the

materiality assessment, they are not included in all

social KPIs (e.g., basic salary male/female, gender

equality KPIs). Number of non-employees is minor

compared to all employees.

Types of employees and non-employees

We provide the following information regarding

the types of employees and non-employees in

ourown workforce subject to material impacts

byour operations:

Types of employees

Permanent employees are individuals who have

an indefinite employment contract with Coca-

Cola HBC. This means there is no end date

specified in their contract. These employees are

paid through the Company’s payroll and enjoy the

stability and benefits associated with long-term

employment. They are integral to our operations

and contribute to the continuity and growth of

ourbusiness.

Temporary employees, on the other hand,

haveadefinite employment contract with Coca-Cola

HBC. Their contracts specify an end date, indicating

thetemporary nature of their employment. Like

permanent employees, temporary employees are

also paid through the Company’s payroll. They play

a crucial role in supporting our operations during

peak periods, special projects or when specific

expertise is required for a limited time.

Types of non-employees

Non-employees at Coca-Cola HBC are individuals

who work for the Company but are not directly

employed by us. They do not receive compensation

through the Company’s payroll and do not have

adirect contract with Coca-Cola HBC. These

non-employees can either be self-employed or

employed through a third-party agency. Despite

notbeing on the Company’s payroll, they actively

participate and contribute to Coca-Cola HBC’s

processes, and they follow all our standards,

whichare also part of their contract.

Non-employees are considered part of our own

workforce in general:

• They are provided by a third party (e.g., an

employment agency) but work under our

directcontrol, following our instructions,

schedules and operational guidelines.

• They are self-employed individuals

contractedto work directly for us and

areintegral to our operations.

Our negative impact

We strive to achieve zero occupational health

andsafety incidents, and potentially every

accident affects individually the person injured.

In2024, we reported 1 fatality in Egypt and 0.30

Lost Time Accidents per 100 full-time employees

(FTEs) in our workforce. All health and safety-

related incidents are being investigated locally by

cross-functional teams of experts from different

departments. Steps taken for the investigations

are based on 14 internal investigation principles

which are published in our Incident Management

Investigation document. The investigation teams

use a Structured Problem-Solving methodology,

including Fishbone analysis and five WHY principles.

ESRS S1 – Own

workforce

Social information

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Sustainability Statement continued

After the incident investigation, a one-page

lessons learned document is created and shared

locally with all respective teams. It serves as a

toolfor learning and prevention of similar incidents

in the future. This document is published on a

special internal platform for knowledge sharing,

accessible for all.

Brief description of the activities that result

inthe positive impacts

Contribution to employment

In 2024, we employed 33,018 FTEs in 29 countries.

In 2019, for the first time, we developed our Group

socio-economic impact study (SEIS) by aggregation

of the data from all local SEIS reports, which is

regularly updated. Together with TCCC, in all our

territories we support more than 501,982 indirect

jobs throughout our value chain. Thismeans that

with every job in our system, wecreate an

additional 13 jobs in the value chain, and we

contribute approximately €14.4

billion in value

added annually.

Accessibility to a living wage

In every country, all employees earn at least the

minimum wage. People and Culture function

monitors wage levels to ensure they are

competitive relative to the industry and local labour

market. This includes the lowest paid employee

categories, such as junior line operators and

entry-level merchandisers. We regard our external

reporting segments as key operational areas, which

also form the basis of financial consolidation. On

average, junior line operators and merchandisers

earn approximately 1.2 times the local minimum

wagein our Established markets, approximately 1.9

times in our Developing markets and approximately

2.2 times the local minimum wage in our Emerging

markets. The range of ratios is similar for both male

and female employees.

Improved health, safety and wellbeing

The health, safety and wellness of our employees

is one of our top priorities. That is why we looked

for new approaches to wellbeing and employee

support which was easily accessible to our employees

in our plants, offices or when working remotely.

Two of the initiatives, which focused on the mental

wellbeing of our employees, were the introduction

of the Employee Assistance Programme (EAP),

with the organisation of a session focused on

resilience and stress management led by a

professional counsellor from this programme

andthe launch of a dedicated mental-wellbeing

platform, a wellbeing framework, centred around

physical, mental, financial and social wellbeing,

toprovide our people with the resources needed.

We also continue to provide our framework for

health and dependent care and offer a range

offlexible working arrangements.

As part of our internal health and safety

management system, all employees (100%)

receive mandatory safety training. No employee

isallowed to start working for CCHBC without

completing this mandatory safety training.

Access to education

All our employees are part of the numerous training

materials and education programmes. We provide

learning and development opportunities for all

ouremployees (in all our activities), reflecting a key

pillar of our people strategy, which is democratised

learning. In 2024, our learning programmes covered

leadership, functional training and general business

training, and we report 659,353 training hours

across all management layers. Average training

hours per FTE: 20.1.

Gender equality

One of our key efforts is the Women in Leadership

programme, which supports the growth and

development of women in leadership roles. In 2024,

69 female leaders participated in this six-month

programme, enhancing their leadership skills and

fostering a network of women leaders within the

organisation. Additionally, our local business units

continue to design regionally targeted campaigns

to empower and uplift women, tailored to the

specific needs of each market.

We are also focused on creating equal opportunities

in hiring and career advancement. The gender

balance in our workforce reflects this commitment.

45% of internal appointments were made

towomen, and 39% of our external hires were

female. Notably, among our external hires for

management positions, women represented 53%,

showcasing our dedication to promoting women

into leadership roles. Among our sales-based

external hires, women made up 42% ofthetotal.

To further support women in the fields traditionally

employing males, we created a Women in Sales

community specifically for our female Ukrainian

sales teams. This initiative aims to amplify learning

and development opportunities for women in sales

and create a supportive environment, where

female employees can thrive and grow.

Moreover, the ratio of the basic salary between

women and men is 1.37, underscoring our ongoing

efforts to ensure equitable pay across genders.

Net zero transition plan

Within our net zero transition plan, we do not

expect any negative impact on our employees.

Onthe contrary, we expect more ‘green’ roles

tobe included, such as people responsible for

decarbonisation, ESG reporting, internal audit

forESG data, etc.

Own workforce and occupational health and

safety risk assessment

For every workplace, we conduct on a regular

(annual, or in case of significant change more

frequently) basis, a risk assessment process

wherewe assess any potential health and safety

risk. Based on this, a mandatory corrective action

and mitigation plan is developed at manufacturing

site level. The process is documented.

Own workforce involved in occupational activities

who have a high incidence or high risk of specific

diseases, refers to 2,867 employees who operate in

Nigeria, where the risk of exposure to communicable

diseases (such as malaria, HIV, etc.) is generally higher

than the average for our Group employees. There is a

higher exposure risk for 22 CCH employees who work

at our wastewater treatment facilities, where both

production wastewater and communal wastewater

are treated. Those two groups of employees have

been assessed based on our detailed Occupational

Health and Safety (OHS) risk assessment and hazard

prevention programmes.

In general, during our detailed OHS risk assessment

we evaluate the OHS risks and hazards in each

working place (each job). This is a documented

process done at country and plant level, and

mitigation plans and specific requirements are

issued for each high risk. It is also audited during

the ISO 45001 audits.

Impacts, risks and opportunities

management

S1-1 Policies related to own workforce.

S1.MDR-P_01, 02, 03, 04, 05, 06 & S1-1_01, 02,

09, 10, 11, 12, 13, 14, 16, 17, 21

The relevant policies adopted to manage material

sustainability matters are Code of Business

Conduct, Whistleblowing Policy, Human Rights

Policy, Inclusion and Diversity and Anti-Harassment

Policy, HIV/AIDS Policy, Fleet Safety Policy, and

Occupational Health and Safety Policy. These

policies cover all our own workforce that was

mentioned in the previous section.

Code of Business Conduct

Key contents of the Code

The Code of Business Conduct (the ‘Code’) is

Coca-Cola HBC’s essential overarching policy.

Allour employees are responsible for upholding

our commitment to the highest standards of

business conduct. The Code is composed of

several chapters whose contents include:

• Our Commitment

• How to Use This Code

• Human Rights, Diversity and Inclusion

• Reasonable Use of Coca-Cola HBC Assets

• Protection of Information and

OperationalAssets

• Dealing with Customers and Suppliers

• Conflicts of Interest

• Anti-Bribery

• Environment, Health and Safety

• Competing Honestly in the Marketplace

andComplying with Competition Laws

1. Numbers presented are aggregated based on the local SEIS reports from CCHBC territories in the period 2018-2024. All KPIs represent annual impact.

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Sustainability Statement continued

• Privacy and Protection of Personal Data

• Dealing in Company Securities

• Training

• Investigations.

Training on the Code is conducted on a regular

basis. It is the responsibility of every employee

toundergo mandatory training and to do so in

aresponsible and engaged manner.

Objective

The Code provides what is expected of everyone

working for Coca-Cola HBC worldwide regardless

of location, role or level of seniority. This includes

all employees, managers and members of the ELT.

Our suppliers, distributors, agents, consultants

and contractors are also subject to many of the

principles of our Code through our Supplier Guiding

Principles. Failure to comply with the Code by any

employee is treated very seriously and may result

in disciplinary action, up to and including dismissal.

Process for monitoring

We encourage our employees to speak up and

look for guidance where needed, and to make

surethat they have all necessary approvals for

keydecisions. This minimises the risk of deviation

from, or violation of, the guidelines set out in the

Code of Business Conduct.

The Code sets accountable officers in each

business unit, the Ethics and Compliance Officers,

as well as implementation of remediation plans. It

also clarifies how grievances should be reported

and escalated.

The Internal Control team runs periodic testing on

key controls related to the Code. The corporate Audit

team runs periodic risk-based compliance audits.

The Audit and Risk Committee reviews the results

of the internal audit reports during each meeting,

focusing on the key observations of any reports

where processes and controls require improvement.

The Audit and Risk Committee is also provided

with updates on the remediation status of

management actions of internal audit findings

andon the internal audit quality assurance and

improvement programme at each meeting.

Scope

The Code applies to all employees of Coca-Cola

HBC worldwide regardless of location, role or level

of seniority. This includes all employees,

managers, members of the ELT and Directors of

Coca-Cola HBC.

Most senior level accountable for

theimplementation of the ‘Code’

Coca-Cola HBC’s Board of Directors and the Head

of Corporate Audit approve the Code, and it has

been adopted with the full support of our ELT.

Commitment to respect third-party standards

The Code refers to specific policies per area.

These policies may define requirements as

pertheinternationally recognised third-party

standards such as the UNGC, ILO, etc.

Consideration given to the interests of

keystakeholders in setting the policy

Whenever the Code is updated, inputs from

Corporate Audit team, based on investigated

cases and relevant management actions, and

country teams are considered.

Policy available to potentially affected stakeholders

The Code of Business Conduct is publicly available

on our website. We share the Code with all employees

upon joining the Company. Additionally, we share

the Code in our internal communication platforms,

so employees can easily access it. The Code is

also translated into our local languages to ensure

that all employees can fully understand it. We

regularly train our employees on the Code through

mandatory e-learning and other training sessions

that are part of our mandatory training programme.

If an employee has a question about the rules of

the Code and how they apply to real-life situations,

there are colleagues, our Ethics and Compliance

Officers, available to offer guidance. The Ethics

and Compliance Officer that an employee should

contact depends on his/her role:

• Country Employees: Country Legal Manager

• Group Functions Employees: Head of

LegalCompliance

• General Managers, ELT members, Board

members: General Counsel

• CEO: Chair of the Audit and Risk Committee

The Ethics and Compliance Officers are available

to receive requests of clarifications on the Code’s

provisions from our Company’s employees. This

may happen from time to time. Such requests for

clarifications are aimed at making sure that the

Code is complied with and no violation occurs by

the requesting employees.

Human Rights Policy

Key contents of the policy

The key contents of the policy include:

• Respect for Human Rights

• Community and Stakeholder Engagement

• Valuing Diversity

• Freedom of Association and Collective Bargaining

• Safe and Healthy Workplace

• Workplace Security

• Slavery, Forced Labor and Human Trafficking

• Child Labour

• Work Hours, Wages and Benefits

• Guidance and Reporting for Employees

The process to monitor material sustainability

matters, related to human rights, follows the

stepsbelow:

When a conflict arises between the language of

the policy and the laws, customs and practices of

the place where an employee works, or questions

arise about this policy or in case an employee

would like to report a potential violation of this

policy, those questions and concerns can be

raised through existing processes, which make

every effort to maintain confidentiality. For more

information, please see the Human Rights Policy.

The updated policy is communicated to our

Top300 senior managers by the ELT responsible

(Chief People and Culture Officer), and then it is

cascaded to all employees locally by the local

People and Culture business unit directors.

We have developed an e-learning course related

to human rights, automatically communicated

toall employees via email, and we follow the

completion rate regularly. All policies are part of

the onboarding programme for every new CCH

manager/supervisor and every new employee.

In the core leadership programmes, such as

Passion to Lead and LEAP, we also cover the

DEIand human rights areas.

Objective

Coca-Cola HBC respects human rights, and we

are committed to identifying, preventing and

mitigating any adverse human rights impacts in

relation to our business activities through human

rights due diligence and preventive compliance

processes. We are committed to respecting

human rights of all individuals regardless of race,

sex, gender identity, colour, national or social

origin, religion, age, disability, sexual orientation

orpolitical opinion, who may be at heightened risk

of becoming vulnerable or marginalised, including

but not limited to migrants, indigenous people,

refugees and minorities.

Process for monitoring

Regular reviews ensure that we adhere to

allapplicable laws and regulations, our Code

ofBusiness Conduct and internal standards.

Certification on a regular basis confirms that

weare in legal compliance, processes are well

implemented, targets are set and reached, and

reporting is timely and accurate. In addition,

wehave a well-publicised whistleblower system

inplace, with all cases investigated. Our due

diligence compliance model is driven through an

external audit process. Workplace Accountability

Audits are conducted with a minimum cycle of

every three years in each of the Coca-Cola HBC’s

plants by an independent external provider.

Scope

Our Human Rights Policy applies to Coca-Cola

HBC, the entities that we own, the entities in

whichwe hold a majority interest, and the facilities

that we manage.

Most senior level accountable for the

implementation of the policy

This policy has been approved by the Coca-Cola

HBC ELTand signed by the CEO. Accountable for

the implementation of the policy is Chief People

and Culture Officer at Group level and at local

business unit level is the business unit’s People

and Culture Director. All employees are

responsible for committing to the policy.

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Sustainability Statement continued

Consideration given to the interests of

keystakeholders in setting the policy

Our Human Rights Policy is guided by international

human rights principles, encompassed in the

United Nations Universal Declaration of Human

Rights, the International Labour Organisation’s

Declaration on Fundamental Principles and Rights

at Work, the United Nations Global Compact and

the United Nations Guiding Principles on Business

and Human Rights.

Via our Employee Engagement surveys done

regularly, we capture the view and feedback

ofouremployees. The surveys are in the local

language. With regular dialogue with the

employees’ representatives in the Work

Councils,we also take feedback from

employeesand act upon suggestions.

Policy available to potentially

affectedstakeholders

The Human Rights Policy covers all employees

inown workforce and is publicly available on our

website. We share this policy with all employees

through regular training sessions and have

included it in our mandatory e-learning courses.

Additionally, we share the policy in our internal

communication platforms, so employees can

access it easily. The policy is also translated into

local languages to ensure that all employees can

fully understand it. E-learning courses also are

available in local languages and accessible to

everyemployee via our training portal.

Inclusion and Diversity and

Anti-Harassment Policy

Key contents of the policy

At Coca-Cola HBC, we benefit greatly from the

skills, experience and commitment of the diverse

range of people who work with us. We recognise

that diversity is essential to serving our customers

effectively, and we strive to ensure that no one is

treated inappropriately or disrespectfully in our

workplace. This is aligned with our Values to act

with integrity and care for our people. Inclusion

and Diversity and Anti-Harassment Policy sets out

our approach to inclusion, diversity, anti-harassment

and the avoidance of discrimination at work.

Inclusion and diversity for the purposes of this

policy means the creation of a respectful work

environment in which people neither discriminate

nor are discriminated against in any context based

on the following characteristics:

1) age

2) disability

3) gender or gender reassignment

4) sex or sexual orientation

5) marital or civil partnership status

6) family status including pregnancy, maternity,

paternity or other carer status

7) race including ethnic origin, nationality or colour

8) religious, political or other beliefs

9) full-time or part-time status

10) any other characteristic in respect of which

legal protection is afforded by local law

Incidents of non-compliance with this policy or

ofany other conduct that affects inclusion and

diversity should ordinarily be reported to line

managers in the first instance. Such incidents

mayalternatively be reported to a line manager’s

line manager or to a member of the People and

Culture department, or to the ‘SpeakUp!’ line.

Likeevery policy, Inclusion and Diversity and

Anti-Harassment Policy is published on the website,

and it is cascaded to all employees by the local

business unit senior managers. Communication is

mandatory to every new employee as part of the

onboarding process. There are a few e-learnings

courses related to Inclusion, Diversity and

Anti-Harassment available on our intranet training

platform in local languages. It is also part of the

regular updates done to all local senior leaders

responsible for the implementation of the policy.

We are committed to dealing promptly and

thoroughly (and with as much confidentiality

andsensitivity as possible) with any such

complaints. We do not tolerate any form of

victimisation relating to any complaint made

ingood faith. Victimisation includes not only

conduct directed at the complainant but also

conduct directed at any other person involved in

any related investigation. We may commence

disciplinary or other applicable proceedings under

our Code of Business Conduct against any person

who we consider may have breached this policy.

Such proceedings may lead to the imposition of

appropriate disciplinary sanctions up to and

including dismissal. We reserve the right to

reviewand amend this policy from time to time

toensure that we are adequately promoting

inclusion and diversity and anti-harassment.

Formore information, please visit our Inclusion

and Diversity and Anti-Harassment Policy.

Training on non-discrimination:

We support all people who work for us to comply

with this policy, including, where appropriate,

training, guidance and support from the People

and Culture Department.

There are a few e-learning courses related to

Inclusion, Diversity and Anti-Harassment available

on our intranet training platform. It is also part of

the regular updates sent to all local senior leaders

responsible for the implementation of the policy.

In the core leadership programmes, such as Passion

to Lead and LEAP, designed for our middle and top

managers and future leaders, we also cover the

DEI and human rights areas.

Specific policy commitments related to

inclusion or positive action for people from

groups at particular risk of vulnerability in

ownworkforce

Our women’s networks, in our Corporate Service

Centre and in several of our business units,

connect and empower women across our

business. Members come together to share

experiences and learning, helping to foster

individual professional development, as well

asshape our organisation’s culture.

Objective

Coca-Cola HBC is committed to fostering an

inclusive and diverse workplace through our

Inclusion and Diversity and Anti-Harassment

Policy, same as mentioned above for our

HumanRights Policy.

Process for monitoring

To ensure compliance with our Inclusion and

Diversity and Anti-Harassment Policy, we have

established several key processes. All employees

undergo regular training to understand and uphold

these values. We provide clear channels for reporting

any incidents of harassment or discrimination,

ensuring anonymity and protection against

retaliation. Our Ethics and Compliance Officers

thoroughly investigate all reported cases. Regular

internal and external audits are conducted to

assess compliance, with results reviewed by the

Audit and Risk Committee. Remediation plans are

implemented as needed to address any issues.

These measures help us maintain a respectful,

inclusive and diverse workplace.

Scope

This policy applies to all people who work for us

(including our employees, contractors, consultants,

advisers and agency workers) and applies throughout

the course of their dealings with us, including

when they apply to work for us and after they

cease working for us. It covers all aspects of

employment with us, including recruitment, pay

and conditions, training, appraisal, promotion,

conduct at work, disciplinary and grievance

procedures, and termination of employment.

The policy creates both rights to be enjoyed by

people who work for us and responsibilities for

those same people to behave in a similar manner

to ensure that others enjoy those same rights.

Leaders and managers within our business should

assume responsibility to give effect to inclusion and

diversity and anti-harassment, and robustly and

promptly address any conduct that breaches this

policy of which they become aware. All employees

are responsible for adhering to the policy.

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Sustainability Statement continued

Most senior level accountable for

theimplementation of the policy

Inclusion and Diversity and Anti-Harassment

Policy has been approved by the CEO. Accountable

at Group level is Chief People and Culture Officer.

At country level, accountability is within the

business unit People and Culture Director.

We assign responsibility at senior management

level for equal treatment and opportunities in

employment. Clear Company-wide policies

andprocedures guide our equal employment

practices, and we link advancement to desired

performance in this area.

Commitment to respect third-party standards

When we developed the policy, we considered the

best industry standards and practices in DEI, such

as ISO 30415:2021 Human resource management

— Diversity and inclusion.

Consideration given to the interests of

keystakeholders in setting the policy

We have been collecting the feedback by our

employees as part of the regular employee

meetings handled in each of our business units and

at Group level, Townhall meetings and Coke breaks.

Via our Employee Engagement surveys done

regularly, we capture the view and feedback of

ouremployees. The surveys are in the local

language. With regular dialogue with the

employees’ representatives in the Work

Councils,we also take feedback from

employeesand act upon their suggestions.

Policy available to potentially

affectedstakeholders

The Inclusion and Diversity and Anti-Harassment

Policy is publicly available on our website. We share

this policy with all employees through regular

training sessions and have included it in our

mandatory e-learning courses. Additionally, we

share the policy in our internal communication

platforms, so employees can access it easily. The

policy is also translated into local languages to

ensure that all employees can fully understand it.

In the core leadership programmes such as

Passion to Lead and LEAP, we also cover the DEI

and human rights areas. The training sessions

ande-learning courses are translated into local

languages to ensure that all employees can fully

understand it.

Occupational Health and Safety Policy

Key contents of the policy

The Occupational Health and Safety Policy

supports the implementation of the occupational

health and safety management system ISO

45001, as well as the following health and

safetyprinciples:

• Provide an environment where work-related

health and safety risks are controlled to prevent

injuries and occupational ill health.

• Comply with all legal and other applicable OH&S

requirements from, e.g., TCCC in all Coca-Cola

HBC territories and conform with relevant

international standards by implementing

continuous improvement programmes.

• Implement an effective OH&S management

programme integral to ongoing business activities.

Objective

Through this policy, we aim to provide and

maintain a healthy and safe working environment

by eliminating hazards, reducing health and safety

risks and raising awareness among employees,

contractors, visitors and others who may be

affected by business-related activities, thus

addressing health and safety material topic.

Process for monitoring

Compliance to the Group OH&S Policy is being

monitored through ISO 45001 certification,

LifeSaving Rules (LSR) implementation and

compliance, internal x-boarder audits, and

TCCCGlobal Audit Organisation (GAO) audit

results. We mandate every employee to go

regularly through our health and safety annual

training and we monitor participation rate.

Scope

This policy applies to Coca-Cola HBC’s:

• production operations and business facilities

• products and services

• distribution and logistics

• suppliers, service providers and contractors

• other key business partners (including

co-parkers, joint ventures, etc.)

Most senior level accountable for the

implementation of the policy

The CEO is committed to ourOH&S policy,

whichisowned and endorsed bythe Risk and Audit

Committee of the Board of Directors and the Health

and Safety Committee of the ELT. The CEO is

determined to provide the leadership and resources

required to ensure this policy is fully implemented.

That said, every Coca-Cola HBC employee at every

level and at every function in the organisation is

responsible for thesuccessful implementation

ofthis policy andthe related programmes.

Commitment to respect third-party standards

We commit to respect occupational health and

safety management system ISO 45001, which is

implemented in the context of our OH&S policy

and programme.

Consideration given to the interests of key

stakeholders in setting the policy

When setting the policies, we took all regulatory

requirements, the international standards such as

ISO 45001 and best industry practices in OH&S,

such as safety risk identification and management,

also the requirements by investors and ESG

raters, such as S&P Global, MSCI ESG, and also

consultations with the employees Work Councils.

Policy available to potentially affected stakeholders

OH&S Policy is publicly available on our website.

We share this policy with all employees – we have

included it in our new OH&S e-learning course

where it is translated in every local language,

anditis mandatory for all CCH employees.

Thepolicy is also uploaded on the internal Group

QSE SharePoints. In every manufacturing site,

theOH&S Policy is printed and disclosed as well.

Furthermore, we ensure that the OH&S Policy is

communicated to all relevant individuals, groups

or entities who are expected to implement it or

have a direct interest in its implementation.

S1-1_03, 04, 05, 06, 07 & S1.MDR-P_04

Human Rights Policy commitments

Commitments and respect for the human

rights, including labour rights, of people

inownworkforce and alignment with

international instruments

Please see

S1.MDR-P_01, 02, 03, 04, 05, 06 & S1-1_01, 02,

09, 10, 11, 12, 13, 14, 16, 17, 21

We respect human rights, thus we are committed

to identify and prevent any adverse human rights

impacts in relation to our business activities

through human rights due diligence and

preventive compliance processes.

Regular reviews ensure that we adhere to

allapplicable laws and regulations, and our

humanrights policy. In addition, we have a

well-publicised whistleblower system in place,

withall cases investigated. Our due diligence

compliance model is driven through an external

audit process. Compliance is monitored through

certifications, and Workplace Accountability

Audits are conducted with a minimum cycle of

every three years in each of the Coca-Cola

HBC’splants by an independent external provider.

Atlocal business unit level, during the regular

dialogue with the employees’ representatives

ofthe Work Council, we consider and act upon

anyconcern and feedback.

We compensate employees competitively relative

to the industry and local labour market. We operate

in full compliance with applicable wage, work

hours, overtime and benefits laws.

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Sustainability Statement continued

As a Group, we have a zero-tolerance approach to

modern slavery of any kind within our operations

and supply chains, and we are taking steps to

ensure that our employees and contractors

understand the Group’s commitment to human

rights, and their own rights and responsibilities.

We comply with all local laws on the minimum age

of employment, as provided in the ILO Convention

138. We prohibit the hiring of individuals that are

under 18 years of age for positions in which

hazardous work is required, as provided for

inILOConvention 182.

Engagement with people in own workforce

Where appropriate, we are committed to engaging

in dialogue with stakeholders on human rights

issues related to our business. We are committed

to creating workplaces in which open and honest

communications among all employees are valued

and respected. Our policy is to follow all applicable

labour and employment laws wherever we operate.

Regular reviews ensure that we adhere to all

applicable laws and regulations, and our policies. In

addition, we have a well-publicised whistleblower

system in place, with all cases investigated. Our

due diligence compliance model is driven through

an external audit process. Workplace Accountability

Audits are conducted with a minimum cycle of

every three years in each of the Coca-Cola HBC’s

plants by an independent external provider. At

local business unit level, during the regular dialogue

with the employees’ representatives of the Work

Council, we consider and act upon any concern

and feedback. Via our Employee Engagement

surveys done regularly, we capture the view and

feedback of our employees. The surveys are in the

local language. The results and actions to improve

engagement are reported to the Board of Directors.

Measures to provide and/or enable

remedyforhuman rights impacts

Our due diligence compliance model is driven

through an external audit process.

Workplace Accountability Audits (Supplier Guiding

Principles audits in our manufacturing operations)

are conducted with a minimum cycle of every three

years in our plants. Workplace Accountability

Audits are conducted through an internationally

recognised and accredited audit organisation. The

audits cover our own processes and employees,

contractors and others who are not employees

such as staff of third-party service providers,

(e.g.,for security or canteens). Identified risks and

mitigation plans are reviewed by senior management

The concerns raised via the ‘SpeakUp!’ line are

addressed and actions are implemented.

Based on internal human rights due diligence

process we have not identified any sites as high

risk. A medium risk finding was raised in one

manufacturing site in Russia and in one in Nigeria.

In both cases, findings have been addressed

through a corrective action plan. Every human

rights case which comes from either external

audits or internal audits is discussed and

addressed. We follow the corrective action

plansimmediately and re-audit to confirm the

case is closed and lessons are learned. The

summary of all ‘Notices of Violation’ we have

received is also reported to the Board of Directors

with the respective actions taken.

S1-2 Processes for engaging with own workers

and workers’ representatives aboutimpacts

S1-2_01, 02, 04

At Coca-Cola HBC, we have established

processes to ensure that the perspectives of our

workforce areconsistently considered in our

decision-making processes.

The Director, who is responsible for Workforce

Engagement, attends the Work Councils’ meetings

to gather insights from representatives across the

Company. For example, during 2024, these meetings

included discussion on workforce concerns about

inflation and its impact. The Company’s decision

to provide one-off bonuses provided at the end

of2023, to help alleviate the higher cost of living,

was well received by the workforce. As in previous

years, Charlotte Boyle, the Chair of the Remuneration

Committee, interacts directly with the representatives

to get their wider insights, which she takes back to

the Committee for discussion and to share with

the Board, and their perspectives are considered

in our decision-making processes.

Our local business units regularly capture

feedback at local level and address any concerns.

Please see the Governance section of the IAR,

‘Engaging with our stakeholders’ on pages 200

to201.

Besides, the Chief People and Culture Officer

atGroup level and business unit People and

Culture Directors have operational responsibility

for engagement with employees. The results of

employee engagement surveys are sent to all

countries and all functions, and the Function

Heads are responsible for analysing the results

and setting improvement actions.

S1-2_03

The stage(s) at which engagement occurs,

thetype of engagement and frequency of the

engagement are detailed in the table below:

Type of engagement Stages Frequency

Sustainable engagement

and values index surveys

Evaluating the

effectiveness

Annually

CEO management calls Determining

theapproach

Quarterly

Leadership conferences Evaluating the

effectiveness

Annually

Employee communication

channels such as intranet

and internal social media

Evaluating the

effectiveness

Regularly

Individual development

plans

Determining

theapproach

Bi-annually

Internal communication

campaigns

Evaluating the

effectiveness

Regularly

Community and active

lifestyle projects

Evaluating the

effectiveness

Regularly

Volunteerism Evaluating the

effectiveness

Regularly

Employee Works Council Evaluating the

effectiveness

Regularly

Whistleblower hotline

(‘SpeakUp!’ line)

Evaluating the

effectiveness

Regularly

Focused and continuous

conversations

Evaluating the

effectiveness

Regularly

Employee Assistance

Programme

Evaluating the

effectiveness

Regularly

Regular employee

surveys to understand

and act on needs and

wellbeing

Evaluating the

effectiveness

Annually

Ongoing dialogue

withemployee

representative bodies

Evaluating the

effectiveness

Regularly

1. As senior management, we consider our top 300 business leaders, which includes country function heads, Group sub-function heads and the ELT, including the CEO.

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S1-2_05

Global Framework Agreement and

engagementwith workers’ representatives

We regularly discuss with our local workers’

representatives and in European Work Council

(EWC). These discussions are guided by our

commitment to respect humanrights as

outlinedin our Global Framework Agreement.

Thisagreement ensures that we engage with

workers’ representatives on matters related

tohuman rights, allowing us to gain valuable

insights into the perspectives of our workforce.

The agreement facilitates open dialogue and

collaboration, ensuring that the views and

concerns of our employees are heard and

addressed in our decision-making processes.

Once per year, we hold our Culture and Engagement

or Pulse survey to understand the perspectives of

our employees on human rights and other topics

and turn their insights into concrete action plans

that are shared and discussed in our business

units, our functions, and as well with our ELT.

S1-2_06

Assessing the effectiveness of engagement

We assess the effectiveness of our engagement

with our own workforce through various methods,

including employee engagement surveys. We

have a continued high employee engagement

score and in 2024 it was 88%, 2 percentage points

higher than 2023. This high engagement score

indicates that our employees feel heard and

valued, and it reflects the effectiveness of our

engagement processes. Additionally, we review

the outcomes of our engagements, such as the

implementation of one-off bonuses to alleviate

the higher cost of living and monitor the feedback

from our workforce to ensure that our actions are

meeting their needs and expectations.

S1-2_07

Steps it takes to gain insight into the

perspectives of people in Coca-Cola HBC’s

own workforce who may be particularly

vulnerable to impacts and/or marginalised.

For people in Coca-Cola HBC’s own workforce

who maybeparticularly vulnerable to impacts

and/ormarginalised (for example, women,

migrants, people with disabilities), the same steps

are taken: e.g., grievance mechanism, surveys

(please check S1-1_03 to 07 & S1.MDR-P_04 ,

S1-3_01, 02, 05, 06, 07, 08, 09 & S1-1_21).

S1-3 – Processes to remediate

negativeimpacts and channels for

ownworkers to raise concerns

S1-3_01, 02, 05, 06, 07, 08, 09 & S1-1_21

Channels to raise concerns and general

approach and processes for providing or

contributing to remedy

Workplace Accountability Audits are conducted

through an internationally recognised and accredited

auditing organisation. The audits cover our own

processes and employees, our non-employees and

also contractors and others who are value chain

workers, such as staff of third-party service providers

(e.g., for security or canteens) working at our

territories in manufacturing plants and warehouses

and in third-party logistics. Identified risks and

mitigation plans are reviewed regularly by senior

management. Workplace accountability audits cover:

• Laws and regulations

• Human trafficking

• Abuse of labour

• Wages and benefits

• Equal pay commitment

• Working hours and overtime

• Business integrity

• Work environment

• Health and safety

• Demonstration of compliance

We have established grievance mechanisms.

Grievance mechanisms cover a wide range of

social, economic and environmental issues

including impacts on society and communities,

human rights, child and forced labour, wages and

hours, health, safety and wellbeing, preventing

harassment and discrimination, environmental

impact, as well as multiple others. We have the

following Group policies in place to remediate

negative impact on people in our own workforce:

1. Code of Business Conduct

2. Human Rights Policy

3. Inclusion and Diversity and

Anti-Harassment Policy

4. Occupational Health and Safety Policy

5. Fleet Safety Policy

6. Whistleblowing Policy

These policies set accountable officers as well as

implementation of remediation plans. They clarify

how grievances should be reported and escalated.

The effectiveness of our grievance mechanisms is

reviewed by the Internal Audit department, which

evaluates whether mitigation has been effective

and whether grievances have been addressed.

We also operate an independent whistleblower

‘SpeakUp!’ line, which can be used by our internal

and external stakeholders to report negative

impacts and non-compliances (violations). The

‘SpeakUp!’ line is managed by a third party and is

available to all employees. It can be accessed at

any time via phone or internet, and it is available

in26 languages. Specifically, the Audit and Risk

Committee reviews the results of the internal

audit reports during each meeting, focusing

onthe key observations of any reports where

processes and controls require improvement.

TheAudit and Risk Committee is provided with

updates on the remediation status of management

actions of internal audit findings and on the

internal audit quality assurance and improvement

programme at each meeting.

All communications received through the

‘SpeakUp!’ line are kept confidential and, where

requested, anonymous. The Head of Corporate

Audit liaises regularly with the General Counsel

and communicates all significant allegations to

the Chair of the Audit and Risk Committee. All

matters received via the ‘SpeakUp!’ line or any

other reporting mechanism are thoroughly

investigated. The Audit and Risk Committee

receives summary reports of escalated incidents

and instances of whistleblowing together with the

status of investigations and, where appropriate,

management actions to remedy issues identified.

The Committee reports to the Board on such

matters, which reviews and considers those

reports at least bi-annually as appropriate.

In addition to the ‘SpeakUp!’ line, European Works

Councils are organised with the participation of

elected employee representatives from our

businesses in EU countries, where various

concerns and matters are raised by them.

Charlotte Boyle, our designated non-Executive

Director, has the mandate for engagement

withour people. Employee engagement survey

annual results are shared with and reviewed by the

Nomination Committee and the Board. The CEO

held engagement sessions with employees during

the year, including Q&As. The results and actions

of the employee engagement surveys are addressed

by each Function Head and local senior managers

with their respective teams.

Tracking and monitoring issues raised

andensuring effectiveness of channels

Allegations received related to issues not covered

under the Code of Business Conduct are routed

tothe appropriate department for appropriate

handling. All allegations involving potential Code

ofBusiness Conduct violations are investigated

inaccordance with the Group Code of Business

Conduct Handling Guidelines. Importantly, we

make sure that the learnings from both the Code

of Business Conduct violations and allegations

reported through the whistleblower hotline are

drawn and result in relevant decision-making and

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Sustainability Statement continued

procedural changes, for example, the re-evaluation

of our procedures in connection with incidents

and the review, adjustment or update of related

policies. We also undertake measures to improve

our systems and use them to prevent as many of

these violations as possible from happening,

learning from our experience and that of others.

We assess the effectiveness of our ‘SpeakUp!’

linethrough feedback surveys conducted with our

employees as well as regular testing of key controls

conducted by our Internal Controls Department.

During the communication campaign on the

‘SpeakUp!’ line, we also ran a survey in 2024.

To ensure the effectiveness of the ‘SpeakUp!’

line,we involve stakeholders who are intended

users by:

1. Legitimacy and Accountability: Ensuring

appropriate accountability for the fair conduct

ofthe line and building stakeholder trust.

2. Accessibility: Making the line known and

accessible to stakeholders.

3. Clear Procedures: Establishing clear and known

procedures with indicative timeframes.

4. Access to Information: Ensuring reasonable

access for stakeholders to sources of

information, advice and expertise.

5. Transparency: Providing sufficient information

both to complainants and, whereapplicable, to

meet any public interest.

6. Human Rights Compliance: Ensuring

thatoutcomes achieved accord with

internationally recognised human rights.

7. Continuous Learning: Identifying insights

fromthe line that support continuous learning

in both improving the line and preventing

futureimpacts.

8. Dialogue: Focusing on dialogue with

complainants as the means to reach

agreedsolutions, rather than seeking

tounilaterally determine the outcome.

Assessing awareness and trust in structures

orprocesses as way to raise concerns

To ensure that our own workforce is aware of and

trusts our processes to raise concerns and the

‘SpeakUp!’ line, we conduct regular communication

campaigns, surveys and feedback sessions with

our employees. These surveys assess the levels of

awareness, accessibility and trust in the ‘SpeakUp!’

line. We gather relevant and reliable data about the

effectiveness of this line from the perspective of

the people concerned.

Protection against retaliation

We have in place a Whistleblowing Policy,

thepurpose of which is to:

• encourage the reporting of any form of

inappropriate behaviour;

• provide guidance on how to raise concerns; and

• confirm that confidentiality will be maintained

and that genuine concerns reported honestly

can be raised without fear of retaliation, even if

they turn out to be mistaken.

In addition, in accordance with the ‘SpeakUp!’

linesetup, all submitted reports are strictly

confidential and visible to the Corporate Audit

office only. The Company runs annual Ethics and

Compliance awareness campaigns highlighting

confidentiality of ‘SpeakUp!’ line reports, as well

asthe ‘no retaliation’ principle.

S1-4 Taking action on material impacts

on own workforce, and approaches to

mitigating material risks and pursuing

material opportunities related to

ownworkforce, and effectiveness

ofthose actions

S1.MDR-A_01, 02, 04, 05 & S1-4_01, 02, 03

A summarised description of the action plans and

resources to manage our material impacts related

to own workforce in relation to material sustainability

matters we have identified, is presented below:

Human rights, social protection

andsocialsecurity

Key actions taken

In 2024, we refreshed our Human Rights Policy,

strengthening commitment behind equal pay and

behind vulnerable individuals and communities.

In 2024, we refreshed our Human Rights Training

(mandatory for all employees) to further strengthen

awareness and knowledge about this vitally

important area. Additionally, in 2024, we reinforced

our commitment to employee wellbeing by

hosting dedicated sessions in local languages

across our regions, highlighting the support

available through our EAP, which is available

tomore than 26,600 employees. Since these

sessions, we increased EAP utilisation to 1.37%

(1.01% in 2023) and improved engagement with

the EAP app. Our Wellbeing Hub features a wealth

of resources, including our mental health policy,

stress management booklets for managers

andemployees, and other wellbeing-focused

materials. This commitment earned us high

commendation in the European Wellbeing

Excellence category of the TELUS Health 2024

Wellbeing Awards.

Please see also S1. SBM-3_01-04, 06, 11

according to ESRS S1 par. 14c (brief description of

activities that result in positive impacts with

regards to accessibility to a living wage, access to

education, gender equality)

Expected outcomes

Expected outcomes include increased awareness

and understanding of human rights among

employees, improved compliance with human

rights standards, and enhanced protection for

vulnerable groups.

How their implementation contributes to the

achievement of policy objectives and targets

The implementation of actions and the expected

outcomes further contribute to our zerotolerance

for discrimination and harassment, as this is

defined in our respective policy, ensuring a safe

and fair working environment for all employees,

which is confirmed by the fact of zero incidents

ofdiscrimination.

Scope of the key actions

The actions described above apply to all our

activities, the entities that we own, the entitiesin

which we hold a majority interest, andthe facilities

that we manage, in accordance with the Human

Rights Policy.

Gender equality

Key actions taken

Championing women in leadership:

During 2024, we continued to proudly uphold

ourcommitment to Diversity and Inclusion

byincreasing the share of female leaders.

Weareclosely monitoring our progress across

recruitment, talent development and retention,

and embedding inclusive leadership in our

Leadership Development programmes.

Wehaveimproved our gender balance at all

levels,with 43.5% of management positions

nowheld by women, a 1.7 percentage point

increase since last year.

As we strive to build a gender-balanced organisation,

we have a number of activities in place focused

specifically on women. For example, we held

several Women Network sessions in Austria,

Ireland and Northern Ireland, Egypt and Nigeria,

and virtual talks with our women in the DTPS

andFinance functions to increase visibility and

knowledge sharing. During the last year, 69 of

ourfemale leaders participated in our Women

inLeadership programme, which aims to build

engaged and capable female leaders, support

their transition into new roles and change cultural

factors that may hold them back. Since the start

of the programme in 2022, 56% of participants

who completed ‘Women in Leadership 1’ and 50%

of participants who completed ‘Women in

Leadership 2’ have already been promoted. We

held several female community talks, with one

ofthe highlights being our COO, Naya Kalogeraki,

and our CPCO, Ebru Ozgen, joining our female

leaders in a panel discussion. In Nigeria, we developed

a specific female development programme, with

the focus on developing women in their self-belief

and self-confidence.

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Expected outcomes

We were proud to receive nine diversity-related

awards. In Greece, we received the Gold award for

Accelerating Female Professionals. In Austria, our

four awards include the Seal of Quality of In-house

Advancement of Women. Further highlights

included the following:

• Increased visibility and recognition of female

leaders within the organisation and the industry.

• Enhanced Company reputation as a champion

of gender diversity.

• Strengthened partnerships within the fast-

moving consumer goods (FMCG) and retail

industry, resulting in collaborative initiatives

that promote diversity and inclusion.

• Development of a pipeline of qualified female

candidates for managerial positions.

• Enhanced the organisation’s influence in

promoting gender diversity at the managerial

level,contributing to a broader cultural

shiftincorporate governance.

Further highlights included the following:

• Ten women senior managers joined WeQual,

an initiative that brings together global

organisations to drive gender equality. Our CEO

continues to be a judge at the WeQual awards

for female leaders.

• Participating in the LEAD conference, as a

TCCC partner – the largest Diversity and

Inclusion event for the European FMCG and

retail industry.

• Support The Boardroom in Greece to develop

women for Board positions.

How their implementation contributes to the

achievement of policy objectives and targets

• The implementation of our Women in Leadership

programmes increases the representation of

women in senior roles by providing targeted

leadership development, directly addressing

gender imbalances. Our Women Leader

Stories Video Series inspires and motivates

other women by sharing success stories,

enhancing the visibility of female role models and

supporting career growth. Regionally targeted

campaigns empower women in various roles

and industries, breaking down stereotypes and

promoting gender equality. Participation in the

WeQual initiative and the LEAD conference

highlights our commitment to gender equality,

supports the development of female talent,

and promotes collaboration and knowledge

sharing. Additionally, supporting The Boardroom

in Greece enhances governance and decision-

making by increasing the representation of

women at the highest levels of leadership.

Scope of the key actions

The actions described above apply to all our

organisation activities.

• Women in Leadership programmes:

Targetedat female leaders within the

organisation, focusing on professional

development and leadership skills.

• Women Leader Stories Video Series:

Aimedat a broad audience to inspire and

shareexperiences related to work-life balance,

career growth and leadership.

• Regional campaigns: Regionally targeted

initiatives to empower women, addressing

specific cultural and industry-related challenges.

• WeQual Initiative: Participation of senior

women managers and CEO involvement

todrive gender equality.

• LEAD conference participation: Engagement

with industry leaders and partners to promote

Diversity and Inclusion.

• Support for The Boardroom in Greece: Focus

on developing women for board positions,

enhancing governance and decision-making.

Progress of actions or action plans

disclosedinprior periods

Regarding Mission 2025 commitment ‘50% of

manager positions to be held by women by 2025’,

wemonitor our progress using as a KPI the rate of

manager positions held by women. By the end of 2024,

43.5% of management positions are now held by

women, a 1.7 percentage point increase since last year.

Please see

S1.MDR-T_01, 02, 03, 04, 05, 06, 07, 08, 09,

11, 12, 13

Training and development

Key actions taken

As a learning organisation, we actively reinforce

continuous learning and upskilling, while giving

people opportunities for personal growth. By

making learning accessible to all, we delivered over

640,000 hours of learning in 2024, of which 25%

was in personal skills, 25% was compliance related

and 50% was in functional skills. Most of our

employees learned ‘online’, with 67% of the learning

activity self-paced and self-initiated. In its fifth

consecutive year, our virtual LearnFest drew

inover 8,000 attendees across 100 sessions

running throughout the month of November.

By ensuring our employees also learn from each

other, we provide access to coaching and mentoring

through technology-enabled solutions. After a

successful campaign to inspire and encourage

internal coaching, in 2024 we incorporated it into

other learning and talent initiatives and continued

to grow our pool of internal coaches.

Please see Access to education on p.131

Expected outcomes

With the education programmes we expect to

enhance employee skills, improve leadership

capabilities and increase overall business

knowledge. By investing in our employees’

development, we aim to foster a culture

ofcontinuous learning and professional

growth,ultimately leading to higher employee

satisfactionand retention and thus to better

Company performance and reputational gains.

How their implementation contributes to the

achievement of policy objectives and targets

The implementation of actions and the expected

outcomes contribute to our objective for

continuous education and awareness, promoting

understanding and respect for human rights

throughout the organisation.

Scope of the key actions

Please see Access to education on p.131

Progress of actions or action plans

disclosedinprior periods

Building on the success of our previous learning

initiatives, we have expanded our programmes in

2024 to include even more participations and a

broader range of topics. This demonstrates our

ongoing commitment to employee development

and our dedication to continuously improving our

training offerings based on feedback and evolving

business needs.

Occupational Health and Safety

Key actions taken

We are monitoring other relevant OH&S indicators,

such as Near miss, Severe near miss, Medical

treatment cases, First aid, Behaviour Based Safety

(BBS) observations conducted, Safety barrier

removal rate, BBS observers trained, and Accidents

per million km driven (APMK).

• OH&S programmes and initiatives

Our fleet safety training programmes aim to

improve safety for all drivers within the Group.

Theblend of classroom and on-the-road training

elements is adjusted for different groups, reflecting

their relative risk classification. To reduce the number

of road accidents, we have continued increasing

safety features installation in fleet vehicles.

In 2024, we also continued our Behaviour Based

Safety (BBS) programme with the inclusion of HOP

(Human and Operational Principles) philosophy

implemented across manufacturing and non-

manufacturing locations.

We continued quarterly LSR (Life Saving Rules)

assessments of all manufacturing and non-

manufacturing facilities. Based on these

assessments, each country has developed

specific corrective actions to address critical

gapsand achieve full compliance.

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Sustainability Statement continued

Regular health and safety awareness training

courses are completed by all our employees. In

2024, we have developed a new health and safety

e-learning course, which is mandatory for all CCH

employees. Moreover, we deployed monthly

safety awareness days (awareness campaigns),

where we engage with employees across the

markets in different health and safety topics.

OH&S management system

We have implemented our occupational health

and safety (OH&S) management system based on

both national standards in the country where we

operate and based on TCCC KORE requirements,

which are either equal or in many cases stricter

than the local regulations/requirements.

For our actions related to health and safety please

see also S1. SBM-3_01-04, 06, 11 according to

ESRS S1 par. 14c (brief description of activities

that result in positive impacts with regards to

improved health, safety and wellbeing).

Key actions taken to provide remedy and support

Unfortunately, in 2024 we had one employee’s

fatality reported (in Egypt) and one contractor’s

fatality reported, both coming from road accidents.

The proper root cause analysis has been

conducted for all, and corrective actions were

addressed via specific Toolbox talks developed,

and lessons learned were shared across all CCH

countries. Road safety remains our top priority so

the actions we took are: update of Fleet Safety

guidelines and communication to all relevant

people; continue with the regular routines to

reduce road incidents in the most critical business

units such as fleet safety trainings, communication

campaigns, lessons learned sessions.

Expected outcomes

The expected outcomes of our OH&S initiatives

include a reduction in fatalities and injuries among

employees and contractors, particularly through

improved road safety measures. By conducting

thorough root cause analyses and implementing

corrective actions, we aim to prevent future

incidents and ensure that lessons learned are

shared across all CCH countries. The focus on

updating the Fleet Safety guidelines and

establishing regular safety routines is anticipated

to decrease road incidents in critical business

units. Overall, these efforts are expected to foster

a safer working environment, enhance compliance

with safety regulations, and build a strong culture

of safety that improves employee wellbeing and

productivity.

Workplace-related accidents reduction

Through the actions described above, we aim to

provide and maintain a healthy and safe working

environment by eliminating hazards, reducing

health and safety risks and raising awareness

among our employees who may be affected by

business-related activities.

How their implementation contributes to the

achievement of policy objectives and targets

• Fleet safety guideline compliance to address

reduction of road accidents (drivers’ trainings,

increase of safety features in the vehicles).

• BBS programme driving safety observations

and conversations with employees, capturing

at-risk behaviour and addressing elimination

of barriers to safe behaviour, increasing health

andsafety culture and awareness.

• LSR compliance and health and safety

management systems implementation

addressing workplace safety and elimination

hazards coming from work environment.

• Safety awareness training and regular

campaigns to increase safety awareness,

understanding of hazards and eliminate

humanerrors.

Scope of the key actions

Ιn accordance with the Occupational Health and

Safety Policy, the actions described above apply

toCoca-Cola HBC’s:

• production operations and business facilities

• distribution and logistics

• suppliers, service providers and contractors

working in our premises

• other key business partners (including co-

parkers, joint ventures, etc.)

Progress of actions or action plans

disclosedinprior periods

Regarding Mission 2025 commitments ‘0 fatalities’

and ‘Reduce (lost time) accident rate by50% vs

2017’, we monitor our progress using as a KPI the

number of fatalities with our employees and lost

time accidents per 100 FTEs.

Please see

S1.MDR-T_01, 02, 03, 04, 05, 06, 07, 08, 09,

11, 12, 13

Emergency preparedness

In Coca-Cola HBC, we have local emergency

preparedness procedures available and annually

tested in each site. Testing is primarily done for

fire safety at manufacturing locations. It is also

conducted for the emergency spill preparedness

throughout working shifts. This testing includes

assurance ofemployees’ safety, and people

evacuation, and is conducted in collaboration with

local medical and fire protection emergency

services. Based onsafety risk assessment for high

complexity manufacturing sites, we have trained

dedicated fire emergency response teams. The

Group Business Resilience team is leading

emergency preparedness assessment of all our

operating business units. This assessment

includes OH&S response in emergency situations.

S1.MDR-A_03

Time horizons for key actions

Please see

E5.MDR-T_12 & E5-3_13 & E5.MDR-T_01

S1-4_04

Tracking and assessing the effectiveness

ofactions and initiatives

The Audit and Risk Committee reviews the

resultsof the internal audit reports during each

meeting, focusing on the key observations of

anyreports where processes and controls require

improvement. The Audit and Risk Committee is

also provided with updates on the remediation

status of management actions of internal

auditfindings and on the internal audit quality

assurance and improvement programme at

eachmeeting. Detailed information on a

numberof findings can be found in the

CorporateGovernance section of the IAR.

For health and safety incidents, we have a regular

(monthly) performance review at business unit

level, Group level and Function level. During those

meetings, not only results and targets are discussed,

but also actions and their status in order to improve

performance. We use a special dashboard where the

performance of each country and plant is monitored.

S1-4_05

Processes to identify needed actions

inresponse to negative impacts

All health and safety-related incidents are

investigated locally by cross-functional teams

ofexperts from different departments. Steps

taken for the investigation are conducted as

perthe ‘Incident Investigation training material/

curriculum’ included in our Supply Chain Academy.

The investigation teams also use structured

Problem-solving methodology, including

Fishboneanalysis, and ‘The 5 Whys’ principles.

The analysis of incidents is performed in steps:

1. Interviews

2. Incident preservation procedure

3. Root cause analysis

4. Corrective/preventive action plan

All business units are regularly conducting risk and

hazard identification with respective corrective

actions defined. Risk hazard assessment is in line

with legal requirements and follows the internal

OH&S management system processes.

After the incident investigation, a one-page

lesson learned document is created and shared

locally with all respective teams. It serves as a tool

for learning and prevention of similar incidents in

the future. Selected one-pager lessons learned

are published on a special internal platform for

knowledge sharing, accessible for all.

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Sustainability Statement continued

S1-4_08

Ensuring practices do not cause

orcontributeto negative impacts

Work-related health and safety risks analysis with

corrective actions is performed for each employee

position. Across all our operations, we have

implemented an effective OH&S management

programme integral to ongoing business activities.

In case of moving the business to a region, where

there are lower OH&S standards, we always

conduct risk assessment and gap analysis and

weare obliged to follow Group and TCCC OH&S

requirements (e.g., local safety regulation or KORE

requirements). So, the gap analysis is always being

conducted and then a Corrective Action Plan

(CAP) must be developed and followed.

Additionally, we ensure that human rights and

gender diversity considerations are included in

ourrisk assessments and corrective action plans.

This means that when moving operations, we

assess negative impacts on human rights and

gender diversity, and we take necessary actions

tomitigate these impacts. Our commitment to

respecting human rights and promoting gender

diversity remains steadfast, regardless of the

region in which we operate.

S1-4_09

The resources allocated to managing our material

impacts include internal functions responsible

foraddressing these impacts, as well as various

actions taken to mitigate negative effects and

promote positive outcomes, as outlined below.

Internal functions involved:

• People and Culture (P&C) Department:

Responsible for managing secure employment,

adequate wages, gender equality, equal pay

for work of equal value, training and skills

development, and diversity and inclusion.

• Health and Safety (H&S) Department: Focuses

on ensuring the health, safety and wellbeing

of employees, including mandatory safety

training and implementing health and safety

management systems.

• Ethics and Compliance Officers: Oversee

adherence to the Code of Business Conduct,

Human Rights Policy, and Inclusion and Diversity

and Anti-Harassment Policy.

• Internal Audit Department: Evaluates the

effectiveness of grievance mechanisms and

monitors compliance with policies and procedures.

• Corporate Audit Department (CAD): Receives

reports that are submitted through the

‘SpeakUp!’ line and ensures confidentiality

andprotection against retaliation.

Types of actions taken

Secure employment and adequate wages:

• In every country, all employees earn at least

the minimum wage. People and Culture

function monitors wage levels to ensure they

are competitive relative to the industry and

local labour market. This includes the lowest

paid employee categories, such as junior line

operators and entry-level merchandisers.

We regard our external reporting segments

as key operational areas, which also form the

basis of financial consolidation. On average,

junior line operators and merchandisers earn

approximately 1.2 times the local minimum

wage in our Established markets, approximately

1.9 times in our Developing markets and

approximately 2.2 times the local minimum wage

in our Emerging markets. The range of ratios is

similar for both male and female employees.

Health and safety:

• The H&S Department implements an

occupational health and safety management

system based on ISO 45001 standards.

• Regular safety training for all employees,

including mandatory safety training before

starting work.

• Implementation of fleet safety training

programs and collision avoidance technology

infleet vehicles.

• Development and execution of all OH&S

programmes such as Life Saving Rules,

Behavioural Based Safety, etc.

Training and skills development:

• Provision of learning and development

opportunities for all employees, including

leadership, functional training and general

business training.

• Launch of various academies (e.g., Supply

Chain Academy, Sales Academy, Corporate

Affairs and Sustainability Academy) to support

professional development.

Diversity:

• Promotion of a culture of respect and

inclusionthrough regular training and

awareness programmes.

• Monitoring and reporting on progress

inDiversity and Inclusion initiatives.

Grievance mechanisms:

• Operating the ‘SpeakUp!’ line for

employeestoreport concerns

confidentiallyand anonymously.

• Providing regular reviews of the

effectivenessofgrievance mechanisms

bytheInternal Audit department.

• Ensuring no retaliation against employees

whoreport concerns in good faith.

S1.MDR-A_06, 07, 09, 10, 11, 12

S1.MDR-A_06

The Group’s treasury strategy ensures the

availability of financial resources to support

sustainability-related actions across all key areas.

By leveraging a diversified range of financing

mechanisms, we can address both current and

future priorities effectively.

Our approach to workforce development and

policy implementation primarily relies on internal

resources and existing digital tools. This allows us

to effectively support continuous learning and the

advancement of key HR initiatives while promoting

efficiency and accessibility for our employees.

Similarly, our commitment to Health and Safety is

underpinned by significant investments to ensure

the effective implementation of associated

programmes and initiatives. In 2024, the Group

has allocated approximately €16 million in capital

expenditures and more than €3 million in operational

expenditures to support compliance with health

and safety standards, training and route-to-

market programmes. These investments reflect

our focus on safeguarding employees while

meeting regulatory requirements, implementing

preventative actions coming from lessons learned

and improving the working areas for our

employees across all operational sites. Looking

ahead, similar levels of spending are projected to

ensure continuity in our efforts to uphold health

and safety standards.

S1.MDR-A_07

The Capex and Opex mentioned above are

reflected in our financial statements, specifically

inthe cash flow statement and the income

statement, confirming our commitment to

employee health and safety.

Our accounting system does not separately

classify sustainability-related investments or

costs, as both are reported in accordance with the

general financial reporting principles. For Capex,

however, we apply an internal process to identify

expenditures associated with health and safety

initiatives. This allows us to track and monitor

investments that support our commitment to

workplace well-being.

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Sustainability Statement continued

Metrics & Targets

S1-5 Targets related to managing material

negative impacts, advancing positive impacts,

and managing material risks and opportunities.

S1.MDR-T_01, 02, 03, 04, 05, 06, 07, 08,

09, 11, 12, 13

A summarised description of the targets to

manage our material impacts related to our

ownworkforce is presented below.

Occupational Health and Safety Policy

We have set two targets, in connection with our

OH&S Policy which aims to provide and maintain

ahealthy and safe working environment by

eliminating hazards, reducing health and safety

risks, and raising awareness among employees,

contractors, visitors and others who may be

affected by business-related activities.

We have annual rolling targets related to

Accidents per million kilometres driven, Near

Misses reported, Behavioural Based Safety

observations. Those rolling targets are set only

atlocal business unit level and the actuals are

reported and monitored at local and Group level

via a specialised reporting software.

Human Rights Policy (equal opportunities)

We have set a target, in connection with our

Human Rights Policy, which aims to advancing

equal opportunities and equal remuneration.

The year to which targets apply is 2025,

Ourtargets are intrinsic and they are not

compared to any baseline. 2017 is the year we

setthe targets. The only exception is the target

oflost time accidents rate which is not intrinsic

and the base year from which progress is

measured for the targets is 2017, with the baseline

value being 0%. Targets cover our employees.

Every sustainability commitment has its annual

roadmap for all the years until the target year is

reached, and we follow it for our business planning

purposes for each respective year.

Table 30: Annual targets for employee engagement (2024 target = Top Decile Norm).

Name of the target

Description of the

relationship between

target and policy Performance

Target Application period Scope of target

Level

Absolute/

Relative Unit Time – period

Milestones/

Interim targets Activities

Value chain

segment

Geographical

boundaries

MDR-T_ 01 MD R-T_13 M D R-T_02 M D R-T_ 03 MD R-T_ 03 MDR-T_ 07 MDR-T_ 0 8 MDR-T_ 0 4

Work-related

fatalities with

our employees

Occupational

Health and

SafetyPolicy 1 0 Absolute # 2025 n/a

Own

operations

Own

operations All Group

Reduce lost time

accident rate

(per 100 FTEs)

vs2017

Occupational

Health and

SafetyPolicy 20 50 Relative % 2025 n/a

Own

operations

Own

operations All Group

Manager

positions will be

held by women

Human Rights

Policy 43.5 50 Absolute % 2025 n/a

Own

operations

Own

operations All Group

S1.MDR-T_11

Stakeholders have been involved

in target-setting

Please see

E1. MDR-T_11

S1. MDR-T_09

Contextual information

We believe that related to OH&S targets, only zero

is acceptable as a target which is in line with the

best practices globally. In terms of employee

engagement annual target, we compare ourselves

with the global top decile norm. On gender

diversity target, 50% is the desired global level.

The 2025 sustainability commitments, comprising

17 goals established in 2018, are based on our

stakeholder materiality matrix and aligned with

theUnited Nations SDGs and their targets. These

commitments focus on six key areas within our

value chain: reducing emissions, water reduction

and stewardship, packaging, ingredient sourcing,

nutrition, and our people and communities.

Wereport actual numbers for each of the

commitments. No assumptions are used

fortargets related to the own employees.

Localbusiness unit/country data are

aggregatedat Group level.

S1. MDR-T_12

Contextual information

We have not changed any of our commitments as

for us any sustainability target means to deliver, to

execute – an opposite of an aspirational target. For

our targets, we use actual data to report progress.

Our time horizons could be an annual goal aligned

with the Business Planning (BP) process, mid-term

targets aligned with our long-range plan (LRP) and

business objectives, or long-term targets such as

NetZeroby40 aligned with the external trends.

Please see E5.MDR-T_12 & E5-3_13 & E5.

MD R-T_ 01.

No changes in reporting in 2024 vs prior year. We

have used as sources of data various local files,

templates from our NGO partners, specialised

software where monthly our business units

reportthe progress and actual data.

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Sustainability Statement continued

S1. MDR-T_13

How targets are monitored and reviewed

We have specialised software for each of our ESG

goals/targets, and we report monthly the actual

performance and status (if we are on track, lagging

or partly on track) to the members of the ELT who

are accountable for the respective KPIs. The actuals

are easily available in our EDGE dashboards.

Quarterly, the performance is reported to the

Social Responsibility Committee of the Board

ofDirectors. At local business unit level, those

targets are also reviewed monthly.

For each of the targets, we have the same

process: setting annual targets for each year

bythe target year (so-called annual roadmaps),

monthly reporting of actuals, monthly performance

review and actions set by each owner, quarterly

report to the Social Responsibility Committee,

annual disclosure in the IAR and on the website.

S1-5_01, 02, 03

S1-5_01

Setting a target of zero fatalities and aiming for

zero occupational health and safety incidents

aligns with the expectations of both employees

and external stakeholders, as even a single incident

is one too many. Similarly, the goal of having 50%

women in leadership positions and striving to

achieve a top decile global norm in employee

engagement are fully aligned with our employees’

expectations. These targets reflect our commitment

to creating a safe and inclusive workplace.

S1-5_02

Tracking CCHBC’s performance

We conduct regular performance reviews for

eachof the KPIs used, including the ones for

people. During those performance reviews,

different levels of the organisation are included.

Workers’ representatives are being involved in

DEIreviews in local discussions.

Group OH&S results are being communicated to

all CCH countries via regular Group meetings and

routines established with the business units; country

results are being communicated via country

meetings across the organisation (shift review

meetings, plant management and all employees’

meetings, etc.) and are also displayed in specific

communication boards across our plants.

S1-5_03

Lessons learned or improvements

asaresultofCCHBC’s performance

We have introduced bi-monthly OH&S Lessons

learned meetings, where we present selected SIF

(Severe Injuries and Fatalities) and SIFp (events,

that have potential to become severe injury or

fatality – can be LTA or Severe Near Miss). Every

second month, we choose a few relevant SIF/SIFp

events and they are presented to all our countries.

Then each business unit should take proactive

action to avoid similar accidents from happening.

All documents are then uploaded on an internal

platform and shared again with all countries. Also,

we perform lessons learned from the major audit

findings where the respective country is required

to share their actions to improve.

We maintain strong collaboration with worker

representatives, both at the local level and

through the European Works Council (EWC),

whichholds two select committee meetings and

one plenary meeting each year. No issues have

been reported in these engagements in 2024.

S1-6 – Characteristics

ofCCHBC’semployees

S1-6_01-06 & S1-1_ 20

Records on recruitment, training and promotion:

We use specialised software integrated with our

business systems to keep up-to-date and detailed

records on recruitment, training and promotion.

Every employee is able to see their performance

review and data in the system. All new positions

are published transparently internally and externally.

Table 31: Total employee FTE by gender

Gender

2024

Number of employees (FTE)

Male 23,999

Female 9,019

Other 0

Not reported 0

Total employees 33,018

All data in the tables presents FTE (full-time

equivalent) calculation, and it is based on

International Financial Reporting Standards (IFRS).

We report full-year FTEs as the average number

ofactual active employees occupying a position

either on permanent or temporary contract within

the reported period, converted into full-time

equivalents. Yearly reporting cycle is applied

(1 Jan2024 – 31 Dec 2024).

Table 32: Total employee FTE in countries

whereCCHBC has at least 50 employees

representing at least 10% of its total number

ofemployees

Country

2024

Number of employees (FTE)

Armenia 344

Austria 868

Belarus 1,132

Bosnia and Herzegovina 286

Bulgaria 1,576

Croatia 498

Cyprus 256

Czech Republic 798

Egypt 5,466

Estonia 65

Country

2024

Number of employees (FTE)

Finland 19

Greece 2,116

Hungary 960

Italy 2,074

Kosovo 112

North Macedonia (only

corporate office

employees) 3

Latvia 88

Lithuania 116

Moldova 136

Montenegro 23

The Netherlands 59

Nigeria 2,874

Northern Ireland 535

Poland 1,701

Republic of Ireland 289

Romania 1,504

Russia 5,522

Serbia 1,546

Slovakia 148

Slovenia 82

Switzerland 687

Ukraine 1,135

Τot al

33,018

(33,068 based on

Headcount)

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Sustainability Statement continued

S1-6_07

Table 33: Information on employees by contract type, broken down by gender (head count or FTE)

FTE Female Male Other Not disclosed Total

Reporting year 2024

Total number of employees 9,019 23,999 0 0 33,018

Number of permanent employees 8,383 21,226 0 0 29,609

Number of temporary employees 636 2,773 0 0 3,409

Number of non-guaranteed hours employees N/A N/A N/A N/A N/A

Number of full-time employees 8,920 23,974 0 0 32,894

Number of part-time employees 99 25 0 0 124

S1-6_11-12

Turnover is being calculated as the sum of voluntary and involuntary permanent leavers in the total

reporting period, divided by the average number of permanent active employees over the total

reporting period, multiplied by 100.

Table 34: Number of employees who left the Group and turnover rate

Reporting year 2024

Number of employees who left the Group 3,340

Employee turnover rate 10.53%

Number of employees who left the Group voluntarily 2,374

Employee voluntary turnover rate 7.48%

Number of employees who left the Group involuntarily 966

Employee involuntary turnover rate 3.05%

S1-6_13-15

All materially impacted FTEs are included in the disclosure.

All data presents FTE (full-time equivalent) calculation, and it is based on IFRS (International Financial

Reporting Standards).

Yearly reporting cycle is applied (1 Jan 2024 – 31 Dec 2024).

S1-6_16

The percentage of seasonal employees vs Total Group FTE: 1%, i.e., not significant variation

(mostlyduring the high season which is the summer season).

Region 1 includes the following countries: Austria, Czech Republic, Slovakia, Hungary, Republic

ofIreland, Northern Ireland, Poland, Estonia, Lithuania, Latvia, Switzerland. Region 2 includes the

followingcountries: Bosnia and Herzegovina, Slovenia, Croatia, Bulgaria, Greece, Cyprus, North

Macedonia, Romania, Serbia (including the Republic of Kosovo), Montenegro, Ukraine, Moldova,

Armenia. Region 3 includes the following countries: Russia, Nigeria, Egypt, Belarus.

S1-6_17

Employee-related costs are included in the Group’s consolidated income statement and are split

between cost of goods sold and operating expenses. For more information, please refer to Note 8,

page 268 ofthe ‘Financial Statements’.

S1-7 – Characteristics of non-employee workers in CCHBC’s own workforce

S1-7_01-03 According to ESRS S1-7 par. 55 (a) – PH (1)

Table 35: Number of non-employees in CCHBC’s own workforce (FTEs)

Number of non-employees in CCHBC’s own workforce 2024

Number of people with contracts with CCHBC’s to supply labour

(self-employed people) 19

Number of people provided by CCHBC’s primarily engaged in ‘employment activities’

(NACEcode N78) 5,822

S1-7_06-08

Here we apply the same method as to our regular employees and that is reporting FTEs for the full year

as an average at the end of the reporting period.

S1-7_09

There is no significant fluctuation (less than 1%) between 2023 reporting period and 2024

reportingperiod.

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Sustainability Statement continued

S1-10 – Adequate wages

S1-10_01

Please see

S1. SBM-3_01-04, 06, 11 (Access to a living

wagepart).

S1-11 – Social protection

S1-11_01-05

In all Established, Developing and Emerging

markets, basic benefits may be provided to

bothfull-time and temporary employees, in

particular inrelation to labour rights and safety.

Stock ownership plans, where these are offered,

do not apply to temporary employees due to the

vesting periods (one year or more).

Benefit packages are provided according to

in-country guidelines and are available per

country. We do not disclose this information for a

single statement currently due to confidentiality.

S1-13 – Training and skills

developmentmetrics

S1-13_01-04 & S1-1_22

Programmes to promote access

toskillsdevelopment

We provide learning and development

opportunities for all our employees reflecting

akey pillar of our people strategy which is

democratised learning. In 2024, our learning

programmes covering leadership, functional

training, general business training and compliance

included 552,479 participations, across all

management layers.

S1-9 – Diversity metrics

S1-9_01-02

Table 36: Gender distribution in number and percentage at senior management level (our top

300/top 40 business leaders, including country function heads, Group sub-function heads and

the ELT, including the CEO)

Gender distribution in number and percentage at top management level

2024

(Headcount)

2024

(%)

Female 149 41%

Male 210 59%

S1-9_03-05

Table 37: Distribution of employees by age group

Distribution of employees by age group

2024

(%)

< 30 years old 16.4%

30 to 50 years old 67.0%

> 50 years old 16.6%

Our commitment to people development is

supported by our constantly evolving Talent

Review framework, which enables us to identify

successors for senior leadership roles.

We continued to optimise development tools,

such as STAY and career conversations, and

individual development plan guides. Talent

Builders was launched as a programme to support

all new people leaders on an end-to-end journey

dedicated to the essentials of recruiting,

developing and retaining people. We have

alsofocused on our critical growth capabilities,

introducing ‘x-ray’ reviews to proactively identify

where we need to invest in external hires or

internal capability development, which are

vitalforsustainable business performance

andgrowth.

We offer a suite of academies that support

professional development of key sales roles.

Alongside new Premium Spirits and Coffee

Academies, we launched a Digital Commerce

Academy and relaunched our Sales Academy for

Key Accounts. We also launched MYcroLearnings

across all our markets as five-minute bitesize

online sessions offered every two weeks to our

entire sales force to reinforce foundational and

critical elements of sales capabilities.

When it comes to investing in our supply chain

talent, we launched the Supply Chain Academy

toapproximately 95% of all supply chain

personnel across manufacturing, logistics,

quality, planning and procurement.

In 2023, we launched our Corporate Affairs and

Sustainability Academy, partnering with credible

European academia. The programme is long

term, continuing in 2024 and 2025.

Table 38: Percentage of employees who

participated in regular performance and career

development review by gender and average

number of training hours per employee

bygender.

Reporting year

Females Males

2024

Percentage of employees

that participated in regular

performance and career

development review 76.8% 50.5%

Average number of

training hours per FTE 19.9 20.2

S1-14 – Health and safety metrics

S1-14_01 & S1-1_18

Our Mission is to provide a safe place of work

forallour employees, contractors, visitors and

individuals under our supervision, with a target of

zero accidents across all our operations and sites.

For this reason, the following policy is applicable

toCoca-Cola HBC employees, contractors,

visitors and individuals across all our operations

and sites (i.e.,100% of CCH people working in

ourpremises are covered, including contractors

working in our premises). We deliver our OH&S

policy programme through a structured

implementation of the occupational health

andsafety management system ISO 45001.

Adjustments for disabilities: in every office

and manufacturing plant we have facilities

adjusted forpeople with disabilities, such as

ramps, lifts andtoilets.

We have established several Healthy working

environment initiatives focusing on ergonomic

workplace, illumination, noise, indoor air quality

and humidity. For each of these, specific design

requirements are described in our Engineering

Specifications, and regular trainings are offered

tothe employees (e.g., via specific Toolbox Talks).

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Sustainability Statement continued

S1-14_02-09

Table 39: Health and Safety KPIs

Type of own workforce Employees

Non-

employees

Reporting year 2024

Number of fatalities as

aresult of work-related

injuries and work-related

ill-health 1 0

Number of recordable

work-related accidents 100 0

Rate of recordable

work-related accidents 1.52 0

Number of cases of

recordable work-related

ill-health, subject to legal

restrictions on the

collection of data 0 0

Number of days lost

towork-related injuries

and fatalities from

work-related accidents,

work-related ill-health and

fatalities from ill- health. 2,009 0

S1-14_10, 11

We implement an occupational health and safety

management system. 100% of our manufacturing

sites are certified in ISO 45001, and 100% of our

direct operations are covered by the internal

Health and Safety audit process, to assure full

compliance with the local health and safety

standards and our internal requirements.

All our business units are covered by the

internalhealth and safety management system,

including manufacturing plants, offices, sales

offices, our own distribution centres and

warehouses, the contractors working in

ourpremises or third-party contractors.

S1-16 – Compensation metrics (pay gap

and total compensation)

S1-16_01

Table 40: Gender pay gap includes base salary,

short- and long-term cash incentives;

excludesbenefit in kind

Reporting year 2024

Gender pay gap (%) based on average -38.8%

Gender pay gap (%) based on median -38.6%

S1-16_02, 03

Table 41: Annual total remuneration ratio

Reporting year 2024

Annual total remuneration ratio (%) 5700

Since CCHBC operates across diverse markets including emerging

ones, the calculation is based on total remuneration compared

against workforce based in Switzerland.

More information is available in the ‘Corporate

Governance’ section, ‘Directors’ remuneration

report’, ‘CEO pay ratio’, on page 245.

S1-17 – Incidents, complaints and severe

human rights impacts

S1-17_01-02 According to ESRS S1-17 par. 103 (a)

Table 42: Total number of incidents of

discrimination, including harassment

reportedinthe reporting period

Reporting year 2024

Total number of incidents of

discrimination, including

harassment reported in the

reporting period

(20 reported, 6

confirmed and 14

unsubstantiated)

S1-17_03-05, 07

Table 43: Number of complaints* filed through

channels for employees to raise concerns

(including grievance mechanisms) and number

ofcomplaints filed to National Contact Points

forOECD Multinational Enterprises

Reporting year 2024

Number of complaints filed through

channels for employees to raise

concerns (including grievance

mechanisms) 580**

Number of complaints filed to

National Contact Points for OECD

Multinational Enterprises 0

* Please note that in some countries in which CCH operates,

thereare different complaint processes and people may

needtoapproach other authorities to file a complaint,

sosomecomplaints may not be included above.

** 580 is the total number of complaints (all issue types)

excludingthe20 reported as harassment/discrimination.

S1-17_08-12 & S1-17_14

In 2024, there were no findings of human rights

violations related to our employees, and no severe

human rights incidents occurred during the

reporting period. As a result, no remediation

actions or fines were required.

S1-17_13- V

We received 20 cases of alleged discrimination:

sixofthe matters were investigated in accordance

with Company policies and procedures and were

found to be substantiated. The Company took

immediate action, and the matters have been

resolved; the other 14 of the matters were

investigated in accordance with Company

policiesand procedures and were found to be

unsubstantiated. The matters have been resolved,

and no further action is required. Initiatives to

promote an inclusive workplace with appropriate

leadership behaviours include inclusive leadership

modules available in several of our local languages.

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Sustainability Statement continued

Strategy

SBM-3 Material impacts, risks and

opportunities and their interaction

withstrategy and business model

S2.SBM-3_01, 02, 03, 05, 06

At CCHBC, all value chain workers who may be

materially impacted by our operations are included

inthe scope of disclosures under ESRS 2. This

encompasses addressing impacts linked to our

own operations and value chain, including those

arising from our products, services and business

relationships. We specifically report on key areas

such as secure employment, adequate wages,

health and safety, gender equality, equal pay for

work of equal value, and training and skills development.

Types of value chain workers

We consider value chain workers, workers working

on our sites, but who are not part of own workforce,

i.e., who are not self-employed workers or workers

provided by third-party undertakings primarily

engaged in employment activities. In essence:

• They are outsourced to a separate company

that manages its own staff;

• Coca-Cola HBC does not directly control the

workers; instead, it has a business relationship

with the service provider;

• The responsibility for managing and

employingthe workers lies with the service

provider, even if the work is performed

atCCHBC’s premises;

• The external service provide retains

responsibility for hiring, managing and

supervising, and CCHBC has a business

relationship with the service provider,

nottheindividual workers.

Examples include pickers and forklift drivers in our

warehouses, workers sorting our empty reusable

bottles at our plant facilities, cleaning services

workers and workers working at our wastewater

treatment facilities in the plants and drivers of

thedelivery trucks by our outsourced logistics.

We also consider value chain workers, a variety

ofworkers in the supply base that execute various

activities either in an office context or within the

agricultural sector and industrial sectors. Our

supply base focus is Tier 1 suppliers and aspire to

cover for the Tier 2 or below suppliers through the

Supplier’s commitment on SGPs or PSA in the

case of agricultural ingredients. In Coca-Cola HBC,

100% of vendors must acknowledge acceptance

of CCH SGPs before they can proceed to work

with us across sectors and sourcing categories

and are monitored on compliance through various

tools depending on complexity and criticality of

their operations. Specifically, the Strategic Group

Suppliers, we actively ask them to confirm ESG

compliance including social and human rights

attributes, for their critical supply base, i.e. T2 layer

or below for CCH. This equally includes white and

blue collar works across industries. Specifically for

agricultural suppliers, we aspire to cover 100% of

our supply base through PSA certifications provided

by third-party specialists, which are specifically

covering through audits, the practices of farmers

and their positioning towards workers of the land

such as SAI FSA, ISCC Plus, BONSUCRO, REDcert2,

Rainforest Alliance, FairTrade International, Global

GAP+GRASP, Global GAP+FSA Add-On, UNILEVER

SAC, etc.

Our negative effect

We have no widespread or systemic material

negative impacts on value chain workers in

contexts where we operate. Regardless of the

high occupational health and safety standards we

require by our contractors and service providers,

we still report lost time accidents which is the

reason to consider negative impact there. Any

occupational health and safety incidents are

individual. One value chain worker’s fatality

wasreported in 2024. The contractor lost-time

incidents frequency rate (LTIFR) in 2024 is

decreasing to 1.31 compared to 1.72 in 2023.

ESRS S2 – Workers

inthe value chain

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Sustainability Statement continued

Brief description of the activities that

resultinthe positive impacts

In general

People who are considered as value chain workers,

such as staff of third-party service providers,

(e.g.,for security or canteens), who work at our

facilities are part of our OH&S, Food Safety,

including WASH (clean water and sanitation)

access, and Environmental programmes. In

addition, they are included in all our Workplace

Accountability audits, which are conducted

through an internationally recognised and

accredited auditing organisation. The audits

specifically cover third-party contracted labour

inour premises. Third-party logistics workers

(warehouse, transport and distribution) are also

mandated to follow our quality, health and safety

and environmental standards.

At CCHBC, we have a robust programme in

placeto annually review every year the risks

andperformance of all our suppliers against

ourSupplier Guiding Principles (SGPs), Principles

forSustainable Agriculture (PSA), Water Risk

Assessment, as well as other equally important

aspects with impact on our business, such as

supply risk and financial stability. Sustainability is

akey criterion in supplier selection under strategic

sourcing, as well as a criterion for the Annual

Supplier Review process that we conduct

cross-functionally for critical supply base.

To ensure that suppliers demonstrate ESG

requirements compliance, we rely in multiple

screening and assessment practices that offer us

a holistic view of their performance, leveraging

multiple tools depending on Supplier categorisation,

criticality and impact to our business. The Sustainable

Agriculture programme secures ESG monitoring

through PSA certification process of the Coca-

Cola System across all agricultural commodities.

For the remaining supply base, we have designed

arobust assessment journey leveraging ESG

physical audits, as well as a number of globally

recognised screening and assessment tools,

suchas EcoVadis IQ Plus, EcoVadis Assessments,

SEDEX, Supply Based Assessment executed by

specialist consultants for Group Critical suppliers,

WWF Water Risk Filter Assessment, Resilinc Event

Watch, Exiger and Moody’s Analytics.

One of our Mission 2025 commitments is to ensure

that 100% of our key agricultural ingredients (sugar,

high fructose starch syrup (HFSS) and Juices fruit

crops) are certified by third-party organisations that

specialise in agricultural practices providing trainings

and implementing audit to secure appropriate

implementation of our standards. Forfull compliance

with our PSA, we require our agricultural suppliers to be

assessed and certified inaccordance with third-party

standards, depending on the relevant ingredient.

For a comprehensive list of standards, please refer

at the text above ‘Types of value chain workers’.

Furthermore, ingredient and packaging suppliers

must meet GFSI recognised standards, and Tier 1

suppliers are prompted to comply with ISO 9001,

ISO 14001 and ISO 45000 as applicable depending

on their industry specifics, as well as impact and

criticality to our business.

Finally, we target over 95% of our procurement

addressable spending to be on local suppliers

inourcountries of operation (local sourcing). In

2024, we had 97.7% sourced locally representing

around €5.3 billion (excluding concentrate supplies)

of procurement addressable spend. Supply within

European Union we define as local toEU countries.

Through our socio-economic impact studies (SEIS),

we evaluate the direct, indirect and inducedimpact

we have from suppliers to ourtrade partners and

our contribution is significant, especially in

emerging markets. Thelatest SEIS shows that

every direct job in oursystem leads to 13 jobs in the

value chain, andin many of the countries where we

operate, our contribution to the beverage industry

is significant.

For the supplier workforce, we secure equal

access employment, adequate wages, health

andsafety, gender equality and equal pay for

workof equal value, training and skills development

through the application and compliance tracking

of the supplier SGPs and PSAs.

Workers in the value chain are supported with

training and capability building programmes

offered by supplier organisations and Coca-Cola

HBC to develop understanding of the sustainability

elements and positive impacts and are supported

to operate in a new innovative manner that secures

smooth transition to climate-neutral operations

without the loss of jobs. This is a journey of

transition that takes time, but we work with our

most significant suppliers to support and record

improvement. Gradually jobs are transformed to

support the new models and secured at a minimum,

while in many cases we detect the creation of new

positions and opportunities by supplier organisations

to support the climate transition.

Access to education

Since 2023, we have established annual trainings

delivered both to our buyers and our significant

suppliers on various topics, including ESG

requirements, actions to improve ESG scoring,

the importance of sustainability, the EcoVadis

Assessments, deforestation, modern slavery

andGHG emissions.

For strategic suppliers, we aim to recruit them all

under the EcoVadis Assessment Platform to track

ESG overall performance and, with the support

ofthe EcoVadis team, we promote the use of the

EcoVadis Academy to help vendors build better

knowledge of important ESG elements.

We place specific focus on developing GHG

performance tracking for our supply base,

startingwith a pilot programme for the

developmentof supplier-specific emission

factors(SSEFs) with our most sustainably

maturesuppliers that is now planned to be

expanded within 2025 to a much broader supply

base. For less mature suppliers, since 2022 we

have been working with Guidehouse on capacity

building programmes, offering training through

the Supplier Leadership on Climate Transition

(SLoCT) programme annually. This initiative helps

our less mature suppliers build a strong foundation

to start reducing GHG emissions.

In November 2023, we held our second Virtual

Supplier Sustainability Event, ‘Opening up a more

sustainable future together’, where we invited all

our Group critical suppliers to discuss emissions

reduction, biodiversity and deforestation. Over

400 participants from nearly 200 suppliers,

Coca-Cola System colleagues, and trade partners

attended our virtual Supplier Day conference.

Ourpartners, CDP and the World Economic

Forum, provided expert guidance, tools and

tipsfor suppliers on climate action. Additionally,

our suppliers Nordzucker, Ball Corporation and

Graphic Packaging International shared their

sustainability progress. In 2024, we expanded

upon this initiative, engaging with our key suppliers

on GHG performance. Through this engagement

we have begun developing emissions glidepaths

to enhance supplier emissions performance,

aiming to meet our scope 3 targets.

For more information about Annual stakeholder

forum please refer to SBM-2_05, 06.

Contribution to employment

Please see

S1. SBM-3_01-04, 06, 11 (Contribution to

Employment

Accessibility to a living wage

We expect our suppliers to compensate their

employees fairly and competitively within their

industry, fully complying with applicable local

andnational wage and hour laws. Additionally, we

encourage our suppliers to provide opportunities

for employees to develop their skills and capabilities,

and to adhere to the principle of equal remuneration

for men and women workers for work of equal value.

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Sustainability Statement continued

We aspire to secure correct practices towards

supplier workers through the SGPs and PSA

implementation. In Coca-Cola HBC, 100% of our

suppliers are obliged to acknowledge and agree to

the SGPs before obtaining the right to do business

with us, while we apply different monitoring

toolsto track compliance depending on supplier

category and impact to our business ranging

fromESG performance tracking by means of tools

such as EcoVadis IQ Plus all the way to full scale

assessments such as EcoVadis Assessment,

SEDEX and SGP physical audits. On agricultural

level, we leverage our third-party specialists to

conduct audits against the PSA principles, that

arecovering in an extensive manner all rules

andrequirements to secure farmer workers.

Provision of social protection and social security

Contractors who work on our premises are

included in our programmes and workplace

accountability audits, conducted within a

three-year audit cycle. During these audits, they

are assessed on human rights, and compliance

with local minimum wage laws is verified by an

external company. The workplace accountability

audits cover various areas, including laws and

regulations, wages and benefits, working hours

and overtime, business Integrity, work environment,

health and safety, environmental practices and

demonstration of compliance.

Occupational Health and Safety

In the context of our implementation of

Occupational Health and Safety Management

System (ISO 45001), we take actions which have

inscope value chain workers.

We implement health and safety programmes,

including Behavioural Based Safety and Life

SavingRules:

• We enhanced our behaviour-based safety

programme by embedding more human and

operational principles across manufacturing

and non-manufacturing locations.

• We ensured Life Saving Rules are in place and

incorporated in our cross-country verification

programme. We conducted quarterly

assessments of all manufacturing and non-

manufacturing facilities. Based on these

assessments, each country has developed its

own corrective actions to address critical gaps

and achieve full compliance.

Value chain workers in greater risk of harm

The service provided workers performing a job

atour premises are part of the same rigorous

hazardous analysis related to the occupational

health and safety, as our employees, e.g., confined

space work, work at height, electrical work, etc.

Based on those analysis and based on the external

occupational health and safety guidelines, we

know the jobs that potentially can lead to severe

OH&S incidents and thus we set up specific

measures to mitigate the potential risks and

avoidthe incident to happen.

Impact, risk and opportunity management

S2-1 Policies related to value chain workers

S2.MDR-P_01-06 & S2-1_06

The relevant policies adopted to manage material

sustainability matters include our Occupational

Health and Safety Policy and Principles for

Sustainable Agriculture (PSA), as well as our

Supplier Guiding Principles, which have been

adopted as part of ongoing effort to develop

andstrengthen our relationships with our direct

suppliers. These policies cover all types of value

chain workers mentioned in the previous section.

Occupational Health and Safety Policy

Please see

S1.MDR-P_01-06 & S1-1_01, 02, 09, 10, 11, 12, 13,

14, 16, 17, 21

Supplier Guiding Principles

Key contents of the policy

The ‘Supplier Guiding Principles’ includes

expectations regarding CCHBC’s suppliers to:

• judge their employees and contractors based

upon their ability to do their jobs and not upon

their physical and/or personal characteristics

or beliefs, affirming the principle of no

discrimination based on race, colour, gender,

age, religion, political opinion, national origin

orsexual orientation;

• provide a safe workplace with policies and

practices in place to minimise the risk of

accidents, injury and exposure to health risks;

• compensate their employees fairly and

competitively relative to their industry, in full

compliance with applicable local and national

wage and hour laws, and to offer opportunities

for employees to develop their skills and

capabilities, and to follow the principle of equal

remuneration for men and women workers for

work of equal value.

Objective

Through this policy, we seek to develop

relationships with suppliers that share similar

values and conduct business in an ethical manner.

Process for monitoring

Regarding the process for monitoring this policy,

in Coca-Cola HBC 100% of our supplier are

obliged to acknowledge and agree to the SGPs

before obtaining the right to do business with us,

while we apply different monitoring tools to track

compliance depending on supplier category and

impact to our business. To this purpose we use

various tools, ranging from EcoVadis IQ Plus all the

way to full scale assessments such SGP physical

audits, SEDEX and EcoVadis Assessment. We

collaborate with TCCC, which routinely utilises

independent third parties to assess suppliers’

compliance with the Supplier Guiding Principles.

The assessments include confidential interviews

with employees and on-site contract workers.

Scope

As part of ongoing efforts to develop and

strengthen our relationships with suppliers, we

have adopted these Supplier Guiding Principles

foruse with our direct suppliers.

Most senior level accountable for the

implementation of the policy

Each sustainability policy is approved by the CEO

and the ELT and endorsed by the Social Responsibility

Committee of the Board. The Chief Supply Chain

Officer and Chief Procurement Officer are

accountable for the implementation of the policy.

Commitment to respect third-party standards

We commit through the implementation

ofSupplier Guiding Principles to respect

applicablelaws and standards with respect

totheiroperations (e.g., ILO Standards, etc.)

Consideration given to the interests of key

stakeholders in setting the policy

In developing the SGP, we have considered

international standards such as ISO 14001,

ISO45000, the ILO and the UN Principles.

Wehavealso considered the requirements of

investors and ESG raters such as S&P Global,

MSCIESG and CDP as well as the practices

ofpeercompanies who are part of UNESDA

andBIER(Beverage Industry Environmental

Roundtable). Additionally, we have incorporated

good practices recommended by NGOs such

asWWF, and input from our suppliers.

Policy available to potentially

affectedstakeholders

All policies are available on our website.

Atbusiness unit level, they are translated and,

additionally, suppliers are mandated to sign our

SGP, which is included as part of our contracts.

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Sustainability Statement continued

Principles for Sustainable Agriculture

Key contents of the policy

The Principles for Sustainable Agriculture (PSA)

describe the Company’s principles for sustainable

agriculture based on environmental, social and

economic criteria. The Human and Workplace

Rights principles apply to all workers on the farm,

industrial processes associated or transport

services. All direct suppliers, intermediary

processors, producing farms and labour agencies

are expected to respect human rights and the

below principles in line with international human

rights principles and TCCC Supplier Guiding

Principles. This policy covers topics, such as ‘Work

Hours and Livelihoods’, ‘Eliminate Discrimination’

and ‘Health and Safety’, among others. For more

information, please visit the Principles for

Sustainable Agriculture (PSA).

Objective

Through ‘Principles for Sustainable Agriculture

(PSA)’ we aim at primary production – that is,

farm-level – and form the basis of our continued

engagement with suppliers to achieve productivity,

compliance, transparency, resiliency and continuous

improvement of their farm base against these

principles. On an agricultural level we leverage our

third-party specialists, such as SAI/FSA, VIVE,

Bonsucro, etc., to conduct audits against the PSA

principles, that are covering in an extensive

manner all rules and requirements to secure

farmer workers. The results are represented

tousby means of certifications obtained, that

otherwise would not be awarded to our suppliers

when discrepancies occur. We collect these

certifications on an annual basis.

Process for monitoring

We monitor compliance through EcoVadis

assessment and action plans, TCCC audit

processand sustainable certification schemes.

Scope

The PSA, as a set of global principles, applies to all

agricultural ingredients and plant-based packaging

used in TCCC products.

For our significant suppliers with substantial

potential environmental impact, we also prompt

and request that they embrace CDP for Climate,

Forest and Water for disclosure of more detailed

information and that they also build their own

SBTi/SBTN commitments. So far, we have

recruited 187 significant suppliers under CDP

ofwhich 119 have approved or committed to

theSBTi and continue to build on this further

byactively engaging, discussing and tracking

progress with the support of TCCC.

Most senior level accountable for the

implementation of the policy

Each sustainability policy is approved by the

CEOand endorsed by the Social Responsibility

Committee of the Board. The Chief Supply

ChainOfficer and Chief Procurement Officer are

accountable for the implementation of the policy.

Commitment to respect third-party standards

The Company has approved a limited set of global

third-party Sustainable Agriculture Standards as

aligned with the expectations outlined in the PSA,

among them is the ILO recommendations.

Consideration given to the interests of key

stakeholders in setting the policy

Having a secure, sustainable supply of agricultural

ingredients is imperative to meeting the expectations

of our consumers, customers and other stakeholders

– and to enabling the continued growth of our

Company. In this context, the PSA reflects the

most recent science and external stakeholder

perspectives, covers new product categories

andsimplifies language, where possible.

Policy available to potentially affected stakeholders

All policies are available on our website. At BU

level, they are translated and available at the

localwebsite.

S2-1_01-04, 08, 09 & S2-4_11

Human Rights Policy commitments

Commitments

Please see

S1.MDR-P_01-06 & S1-1_01, 02, 09-14, 16, 17, 21

Our ‘Supplier Guiding Principles’ apply to our

suppliers and are aligned with the expectations

andcommitments of the Human Rights Policy.

TheSupplier Guiding Principles are aligned with

internationally recognised instruments. If the

eightCore Conventions of the International Labour

Organisation establish higher standards than local

law, the supplier shall meet the ILO standards.

These minimum requirements are partof all

agreements between CCHBC and ourdirect

suppliers. For more information, pleasevisit Human

Rights Policy and Supplier Guiding Principles.

With regards to ‘Principles for Sustainable

Agriculture (PSA)’, human rights are based on

thesame guiding instruments too. We require

compliance with those principles.

Processes for monitoring compliance

withinternational instruments

Our Human Rights Policy is applicable to our

suppliers, partners, contractors and 3PL logistics

partners. Compliance is monitored through

certifications and Workplace Accountability

Audits. We monitor the performance of our

significant suppliers through our annual internal

supply base assessments, third-party audits of

compliance, the EcoVadis IQ Plus Tool and

EcoVadis Risk Assessment platform. EcoVadis

helps us monitor, assess and benchmark a range

of risks using 21 criteria from international

standard setters, including the UN Global

Compact, ISO 26000, the Global Reporting

Initiative (GRI), and the International Labour

Organisation (ILO). Based on the findings of

theaudits, wherever human rights issues were

identified, we engaged with our suppliers to

prepare corrective action plans. We monitor

theprogress and conduct audit within the year

tosecure no recurrence. In 2021, we revisited

ourProcurement Assessment guidelines to

implement stricter rules over Human Rights,

Ethics and Compliance practices expected from

our suppliers and re-trained our entire Buyers’

community to the Sustainability Risk Assessment

tools available for supplier selection and governance.

We expect our suppliers to develop and implement

appropriate internal business processes to ensure

compliance with the Supplier Guiding Principles.

Suppliers are 100% obliged to acknowledge

acceptance and adherence to the SGPs before

commencing any collaboration with Coca-Cola

HBC across all our business units. We track

adherence to SGPs by leveraging third-party tools

such as EcoVadis IQ Plus to full scale audit tools

like EcoVadis Assessments, SEDEX and collaborate

with TCCC, which routinely utilises independent

third parties to assess suppliers’ compliance with

the Supplier Guiding Principles by means of

physical audits, depending on the criticality

oftheir business to our operations. All these

activities are repeated by the Procurement

teamon annual basis. We apply the principle of

three-year audit cycle for compliant suppliers,

while for those suppliers with audit recommendations,

any findings are addressed within maximum

12 months. Our Procurement teams across

business units are trained on annual basis to

assess risks, recruit suppliers under appropriate

risk assessment mechanisms and ensure action

plans are in place as needed. We track supplier

performance and follow KBIs that indicate our

progress on annual basis.

Respect for the human rights, including

labourrights of workers

We are committed to identifying and preventing

any adverse human rights impacts in relation to

our business activities through human rights due

diligence and preventive compliance processes.

Moreover, regarding labour rights of our value

chain workers, we are committed to supporting

fair workplace practices, ensuring a fair work

environment, and providing fair wages and benefits.

Cases of non-respect to international instruments

There are minor findings identified under the UN

Guiding Principles on Business and Human Rights,

the ILO Declaration on Fundamental Principles

and Rights at Work or the OECD Guidelines for

Multinational Enterprises that involve value chain

workers have been reported in our upstream and

downstream value chain as follows.

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Sustainability Statement continued

For details you may also refer to sections 407.1,

408-1, 409-1, 414-1 and 414-2 of the 2024 GRI

report. Summary of findings for which we have

also mobilised correction actions plans.

Findings identified by third-party audit to

Supplier Guiding Principles

• Health and safety: a) Nigeria: lack of personal

protective equipment (PPE) and safeguards on

machines and vehicles; inadequate number of

restrooms on premises; improper ventilation

andlighting, b) Czech Republic: missing elements

in risk assessments for welding operators; fire

equipment access blocked; chemical storage eye

washer not properly drained, c) France: lack of

dust measurements in production area; lack of fire

permit certificate and drills not duly conducted,

d) Germany: lack of fire safety; unproperly marked

emergency exits; inadequate number of first aid

supplies; improper labeling; lack or handrails or

protective guards; improper temperature, noise,

ventilation, e) Poland: blocked emergency exits;

improper storage and labeling; missing elements

of occupational risk assessment for electricians,

f) Serbia: fire alarm not fully operable; improper

emergency lines; missing inspection records, g)

Spain: missing inspection records; inadequate

lighting levels for emergency evacuations; blocked

evacuation exits; missing first aid kits; missing fire

safety certification, h) Switzerland: emergency

exits finding; lack of evacuation plans and machine

safeguards; lack of fire certifications; improper

storage and labeling, i) United Kingdom:

missingfire certification; gaps in occupational

riskassessments.

• Wages and benefits: a) Nigeria: overtime

compensation violation; mandated maternity

leave not provided; missing pay slips, b) Germany:

not providing or not paying changing time for

workers; unintentional payroll calculation errors

in some cases.

• Discrimination: a) Spain: difference in wages

between people performing same work;

preferential religious accommodations.

• Laws and regulations: a) Spain: policies regarding

wages and benefits not properly communicated,

b) Nigeria: workers age documents not available;

labor contracts missing in some cases; some

terms not available in local language, c) Czech

Republic: working contracts only in local

language, including foreign workers, d) France:

missing GDPR clause in contracts; missing

grievance policy, e) Switzerland: missing

operating license for some buildings in the

samecampus.

• Working hours and overtime: a) Switzerland:

insufficient break time, b) United Kingdom:

incorrect calculation of holiday pay by contractor;

logistics contractors employment contracts do

not respect overtime and working hours legal

standards, c) Nigeria: insufficient break time for

workers; rest-day violations, d) France: missing

calculation method for compliance on obligatory

breaks for on-call employees, e) Germany:

violation of working hours for night-shifts, youth

workers and women, f) Spain: some people don’t

not have a record of start-end time.

• Forced labor: a) Nigeria: a supplier’ s workers

incurred a requirement to pay placement fee.

Findings identified by EcoVadis

Types of findings which include both freedom of

association and other social elements such as:

health & safety incidents, wages & benefits,

working hours and overtime, labor contracts,

missing actions regarding diversity, equity &

inclusion, lack of supporting documentation

against declared practices and polices etc.

All findings have been addressed, and an action

plan is already in place. Suppliers need to close

allactions before the next audit and no later

than12 months, otherwise their contracts

maybesuspended.

The number of human rights violations resulting

inlitigation against the Company was zero in 2024.

S2-2 Processes for engaging with value chain

workers about impacts

Through our ‘SpeakUp!’ line, available for both our

employees and externally to everyone, we are able

to see any comment or concern. The contacts of

our company are easily available on the website and

on the labels of our finished products. Through

regular meetings with suppliers, through interviews

by the external auditors they do with contractors

during the ISO and Workplace accountability audits,

and via the Work Councils we are also ableto take

into consideration the value chain workers’ view.

The engagement as described above is done with

the value chain workers directly during the ISO

andWorkplace Accountability audits’ interviews,

and in case of any signal on ‘SpeakUp!’ line, or

through credible proxies that have insight into

their situation such as NGOs or Work Councils.

We engage with our suppliers through the feedback

received from our Group Annual Stakeholder

Forum, as well as through the regular, ongoing

interaction with the Coca-Cola System’s central

procurement group and our technology and

commodity suppliers.

For contractor workers and health and safety,

wehave implemented standardised contractual

clauses including health and safety requirements.

All contractors working for CCH must have a

health and safety induction training, specific

forour premises. There are regular routines

established with all contractors at the local

business unit level, addressing not only OH&S

topics. We do also an annual vendor evaluation

where all contractors working at our premises

areassessed based on different criteria including

health and safety ones. After each external or

internal audit, we address any improvement

opportunity via an action discussed and agreed

with contractors. Each severe OH&S incident

orfatality is followed by a lesson learned session

with the respective contractor/service provider.

Most senior role that has operational

responsibility for ensuring that engagement

with value chain workers happens

For suppliers, the Chief Procurement Officer

hasthe most senior role with operational

responsibility for ensuring that engagement

withvalue chain workers happens. Under this

role,at the operational level, this includes all

Strategic Procurement Managers and the local

Procurement Managers in every business unit.

Forcontractors and 3PL Logistics contractors,

the Chief Supply Chain Officer has operational

responsibility for ensuring that this engagement

happens. Under this role, the responsibility lies

with the Head of Logistics, Head of QSE, Head

ofHealth and Safety, and at local business unit

level, with the country/business unit.

S2-2_05

We respect workers’ rights (in the value chain)

toform, join or not join a labour union without

fearof reprisal, intimidation or harassment, where

they are represented by a legally recognised union,

establish a constructive dialogue with their freely

chosen representatives and bargain in good faith

with such representatives. We do not control this

engagement, and we do not interview someone

directly. In case suppliers do not follow this

approach, CCHBC can cancel the contract.

S2-2_06

We assess indirectly the effectiveness of our

engagement with workers in the value chain,

inthree ways, through audit results, score

onquestions related to suppliers from ESG

ratersandthe number of grievances from

the‘SpeakUp!’line.

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Sustainability Statement continued

S2-2_07

For CCHBC’s workers in the value chainwho

maybeparticularly vulnerable to impacts and/or

marginalised (for example, womenworkers, migrant

workers, workers with disabilities), we use our

grievance mechanism togain insights and we review

the results of the audits. OH&S risks and hazards

areassessed foreach worker as required by our

standards andISO 45001, and there the specifics

ofthe vulnerable groups of people is considered.

S2-3 Processes to remediate negative

impactsand channels for value chain

workerstoraise concerns

S2-3_01-06 & S2-1_03 & S2-4_04

Please see

S1-3_01, 02, 05-09 & S1-1_21

Tracking and monitoring of issues raised and

addressed and ensuring the effectiveness of

thechannels

Please see

S1-3_01, 02, 05-09 & S1-1_21

Protection of individuals against retaliation

Suppliers who believe that an employee of CCHBC,

oranyone acting on behalf of CCHBC, has engaged

inillegal or otherwise improper conduct, should

report the matter to the Company. We would also

encourage all our suppliers to freely raise any

issuesof compliance or ethics you come across in our

company and feelconfident that your concerns will

be taken seriously and handled appropriately

byCCHBC. Concerns should be raised initially

withtheemployee’s manager in CCHBC or

withCCHBC Head of Legal Compliance at

compliance@cchellenic.com, or our ‘SpeakUp!’ line

can be used at www.cocacolahellenic.ethicspoint.

com. We do not tolerate a reprisal by any of our

employees against suppliers for reporting a concern

in good faith or assisting with an investigation.

Please see

S1-3_01, 02, 05-09 & S1-1_21

To assess that value chain workers are aware of

and trust these structures or processes to raise

their concerns or needs and have them addressed,

we monitor the responses in our ‘SpeakUp!’ line

and audit reports.

S2-4 Taking action on material impacts

onvalue chain workers, and approaches to

managing material risks and pursuing material

opportunities related to value chain workers,

and effectiveness of those actions

S2.MDR-A_01-05 & S2-4_01-07, 10

A summarised description of the action plans

andresources to manage our material impacts

related to value chain workers in relation to

material sustainability matters we have

identified,is presented below:

Occupational Health and Safety Policy

Key actions taken

For our actions related to health and safety,

Please see

S2.SBM-3_01-03, 05, 06

Expected outcomes

Through these actions, we aim to provide and maintain

a healthy and safe working environment by eliminating

hazards, reducing health and safety risks and raising

awareness among suppliers and their workers who

may be affected by business-related activities.

How their implementation contributes to the

achievement of policy objectives and targets

The implementation of the actions contributes

tothe achievement of Occupational Health and

Safety Policy objectives to provide and maintain

ahealthy and safe working environment.

Scope of the key actions

The scope of key actions taken includes:

• distribution and logistics

• suppliers, service providers and contractors

• other key business partners (including co-

parkers, joint ventures, etc.)

Time horizons under which CCHBC intends

tocomplete each key action

Time horizons for key actions that we presented

inpeople in our own workforce are the same for

workers in the value chain (please refer to S1).

S2-4_05_06_07

As the negative impact is solely related to the lost

time accidents we have with contractors, the

actions to reduce and eliminate any potential

health and safety incidents include establishing

the same requirements for safety rules for our

contractors as for our own employees. We have

implemented standardised contractual clauses

including health and safety requirements to our

contracting companies, so our health and safety

requirements are incorporated in the specific

types of contracts. We require in the contract

allour contracts to meet our safety standards.

Health and safety requirements are communicated

to contractors during the RFP process (vendor

selection). There is a specific TCCC KORE

requirement document in place for all business

units, and they need to comply with it (subject to

GAO audit). Contractors are included in our key

health and safety programmes and initiatives,

including BBS and LSR assessment.

Our Behavioral Based Safety programme is

implemented for contractors working within

ourpremises, plus in some high-priority business units

we have established BBS programme in RTMarea,

withthe regular performance monitoring and tracking.

We are continuously searching for innovations and

technologies to support health and safety in dedicated

working areas, preventing LTAs of contractors, too.

Our LSR (Life Saving Rules) programme has a

dedicated section for Contractors management

(requirements) and every facility conducts

quarterly self-assessment of the compliance,

followed by dedicated Corrective Action Plan. All

contractors working for CCH must have health and

safety induction training specific to our premises.

Overall, we have in place regular tracking of

healthand safety performance of our contractors,

including leading and lagging indicators. We mainly

take actions to avoid causing or contributing to

avoidance of workplace injuries and fatalities and

when this is not possible to provide or enable

remedy in the event of these injuries and fatalities.

Table 44: Quantitative and qualitative

information regarding the progress of

keyactions or actionplans disclosed

inpriorperiods

Health andsafety

programme KPI 2023 2024*

Behavioural

Based Safety

programme

Elimination

ofbarriers

tosafety 80.3% 86.1%

Compliance with

Life Saving Rules**

Compliance with

Life SavingRules 84.7% 86.8%

* The numbers disclosed for 2024 are for all employees and

contractors together.

** LSR implementation score includes the total for all 14 areas in the

questionnaire, not just contractors.

KPI 2023 2024

Number of Contractors trainedas

BBS Observers 740 1,251

Total Contractors trained asBBS

Observers cumulatively since 2019 1,969 3,220

This improvement reflects our ongoing

commitment to enforcing critical safety protocols

and underscores the effectiveness of our training

and awareness initiatives. The reduction in safety

incidents and the improvement is leading

indicators highlights the programme’s impact

oncreating a safer working environment.

Additional actions with the primary

purposeofdelivering positive impacts

forvalue chain workers

All actions we take are key actions aiming to avoid

any OH&S incidents to happen, so there are no

additional/secondary actions that are taken for

value chain workers.

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Supplier Guiding Principles

Key actions taken

100% of our suppliers are obliged to

acknowledgeand agree to comply with

theSGPsbefore commencing any work with

Coca-Cola HBC. From that point onwards

wemonitor supplier compliance to the SGPs

leveraging different tools from EcoVadis IQ Plus risk

monitoring system to full scale assessments such

asEcoVadis Assessment, SEDEX, PSA Certifications

and physical audits on SGPs in supplier premises,

depending on the supplier criticality, complexity and

impact to our business. The Supplier Assessment

exercise is repeated onan annual basis and the

results are disclosed. Our buyers are trained on

annual basis how to assess supplier risks, recruit

under EcoVadis platform and ensure action plans

exists and are duly tackled as necessary.

Expected outcomes

We aim to achieve full compliance with these principles.

How their implementation contributes to the

achievement of policy objectives and targets

The implementation of these principles contributes

to our objective to have all our business operations

and activities respecting human rights and

tomanaging our business withaconsistent set

ofvalues that represent thehighest standards

ofquality, integrity, transparency and excellence.

Scope of the key actions

As part of our ongoing effort to develop and

strengthen our relationships with suppliers, we

have adopted these Supplier Guiding Principles

foruse with our direct suppliers (upstream).

Time horizons under which CCHBC intends

tocomplete each key action

Compliance with SGPs is a rolling target, so the

actions that are taken to achieve it are ongoing.

Quantitative and qualitative information

regarding the progress of key actions or action

plans disclosed in prior periods

100% of our suppliers acknowledge our SGPs

andagree to comply with the SGPs before

commencing any work with Coca-Cola HBC

eachyear since 2017, where data was available.

2024 number is 100%.

Principles for Sustainable Agriculture (PSA)

Key actions taken

We, working with our supply partners, may

supportsustainable agriculture initiatives, such

astraining and extension services to farmers

toimplement more sustainable practices to

enhance quality, productivity and farmer incomes.

This includes providing tools for self-assessment to

track progress and continuous improvement ofbest

practices, contributing to shared learning platforms

through participation in seminars andwebinars

(e.g., SAI Platform), and engaging inpre-competitive

collaborative initiatives to address broad-scale

systemic changes (e.g., worker safety).

Expected outcomes

We believe that by implementing practices aligned

with the PSA expectations, we can achieve improved

farm incomes (higher yields, reduced costs, better

management and accounting), better product

quality and a more stable, long-term supply.

Key actions planned for the future

In advancing our sustainable agriculture programme,

the Company recognises the need and value of

industry collaboration, including with other buyers and

supply chain partners through recognised industry

collaboration platforms. We seek to partner with

others to help address and drive systemic change

atscale in a transparent and precompetitive manner.

Expected outcomes

By working with other companies through

organisations, such as SAI Platform or Bonsucro,

we seek to align expectations, combine resources

and bring greater efficiency to the interventions.

As an example, Bonsucro reports:

• Certified mills reduce water consumption by an

average of 42% after five years of certification.

• On average certified farms reduce land-

management GHG emissions by 14% within

fiveyears.

• 180,900 workers worldwide are covered by

the human rights measures detailed in the

Production Standard.

• Certified producers reduce the rate of accidents

by 17% in mills and 21% in farms over 5 years

ofcertification.

• Currently, on average, Bonsucro certified farms

pay 13% above the national minimum wage.

• 120,000 farm workers received essential

personal protective equipment from

theiremployers.

• Bonsucro certified farms reduce their

fertiliseruse by an average of 11% over

fiveyears of certification.

This framework for sustainable sourcing

isintegrated into internal governance and

procurement processes. Our 2025 target

foringredient sourcing is to achieve 100%

certification of our key agricultural ingredients

against the Sustainable Agriculture

GuidingPrinciples.

In 2024, 96% of the key commodities we purchased

for use as ingredients were certified, significantly

higher from 79% in 2023. Specifically, in 2024 we

achieved the following PSA certifications:

• 95% in Sugar and 100% in HFCS

(or96%forSugar and HFCS together)

• 100% for Juices (Fruit crops)

Our work to certify our key agricultural ingredients

will continue to expand in 2025, with close cooperation

with our Suppliers and the Coca-Cola System.

How their implementation contributes to the

achievement of policy objectives and targets

The PSA are aimed at primary production – that is,

farm-level – and form the basis of our continued

engagement with suppliers to achieve productivity,

compliance, transparency, resiliency and continuous

improvement of their farm base against these

principles. Through the implementation of

practices that align with the PSA we can manage

supply chain risks, reduce reputational risks and

deliver value for all: workers, farmers, suppliers,

customers, our brands and our business.

Scope of the key actions

The PSA and the actions included, as a set

ofglobal principles, apply to all agricultural

ingredients and plant-based packaging used

inTCCC products.

Time horizons under which CCHBC intends

tocomplete each key action

Each key action related to PSA has a time horizon

year 2025 in the context of ‘Mission 2025 Initiative’.

Tracking and assessing the effectiveness of

actions and initiatives in delivering intended

outcomes for value chain workers

The effectiveness of the actions is tracked via

external ISO and Workplace Accountability audits

and their results. Also, via the result we have on

the top 10 most recognised ESR raters where

ourresults are with a leading score among the

beverage peer companies.

The effectiveness of our grievance mechanisms

isreviewed by the Internal Audit department, where

they evaluate whether mitigation has been effective

and whether grievances have been addressed.

In 2024, we have reduced the number of the LTA

and fatalities at contractors. We have decreased

the LTA by 10 (or 15.4%) versus 2023 and we

report four less fatalities versus 2023.

S2.MDR-A_06-12

As part of our commitment to sustainability,

wework with supply chain partners to promote

responsible practices. While we provide guidance

and resources to support suppliers, the development

and implementation of specific initiatives also

require investments in their self-development.

Wefocus on fostering partnerships that empower

suppliers to take ownership of their progress,

ensuring a sustainable and resilient value chain.

With regard to health and safety, our approach aligns

closely with the standards and measures weapply

toour own workforce. We require contractors

toadhere to the same safety protocols and

frameworks that govern our operations. As aresult,

actions related to health and safety donotrequire

additional capital or operational expenditures

beyond those already accounted forunder S1.

MDR-A_06. This expenditure covers all workers,

including those in our supply chain, as our policies

and compliance structures are designed to ensure

aconsistent approach across our entire value chain.

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Sustainability Statement continued

S2-4_12

In OH&S, we have assigned responsible people starting from manufacturing sites and countries to the Group level: there is OH&S responsible in every plant and in every country. The Head of Health and Safety

isresponsible at Group level. Every year, Capex and Opex for meeting our safety priorities, targets and policies are allocated as part of the business plan process, for each business unit and at Group level.

For suppliers: the responsibility is with local Procurement teams and business unit Procurement Director and going to the Group level with Strategic Procurement Managers, Heads of Procurement and Chief

Procurement Officer. Every year, Capex and Opex for meeting our sustainable sourcing priorities and agenda are allocated as part of the business plan process to each business unit and at Group level.

Metrics and targets

S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

S2 . MDR-T_01-13

S2 . MDR-T_01- 0 8, 13

We have annual rolling targets related to suppliers, which apply also indirectly to CCHBC value chain workers. Those rolling targets are set at local business unit level and at Group level, and the actuals are

reported and monitored via a specialised reporting software. Also, we have target for 100% sustainable sourcing by 2025, part of our Mission 2025 goals.

All those targets contribute to our policies and their objectives related to suppliers, such as workplace practices, health and safety, child labour, forced labour, wages and benefit, environmental practices,

biodiversity, deforestation and land conservation, bribery and corruption, etc. We are committed to managing our business with a consistent set of values that represent the highest standards of quality,

integrity, transparency and excellence. We respect the unique customs and cultures in communities where we operate. In pursuing this policy, we seek to develop relationships with suppliers that share similar

values and conduct business in an ethical manner.

Actual numbers of the first three targets are for 12 month rolling period from December 2023 to November 2024, the actual data of the last three targets are for 12 month rolling period from December 2022 to

November 2023.

Table 45: List of targets

Performance

Target Scope of target

Level

Absolute/

Relative Unit Activities

Value chain

segment Geographical boundaries

MD R-T_13 MD R-T_ 02 MDR-T_ 03 M D R-T_ 03 M D R-T_ 03 M D R-T_ 03 M D R-T_ 04

Key agricultural ingredients to be compliant with our sustainable

agricultural guiding principles by 2025

96% 100 Absolute % Procurement Upstream Countries of sourcing/purchasing

Proportion of spend on local suppliers at significant locations of operation 97.7% >95% Absolute % Procurement Upstream Countries of operation

Suppliers to accept our Supplier Guiding Principles (SGP) 100% 100% Absolute % Procurement Upstream Countries of operation, countries

of sourcing/purchasing

Supplier Performance Screening for T1 suppliers: the Annual Screening of

our suppliers to cover min 95% of total Procurement Spend.

Reported everyMay

Last value 100%

min 95% Absolute % Procurement Upstream Countries of sourcing

Supplier performance assessment T1 & T2 suppliers*: Assess in ESG on an

annual basis at least 80% of our significant T1 and T2 suppliers

Reported everyMay

Last value 97.7%

80% Relative % Procurement Upstream Countries of sourcing

Promoting supplier improvement (significant suppliers T1& T2): On

annual basis we aim to have 80% of our significant suppliers (including T1

and T2) to be under corrective action support

Reported everyMay

Last value 88.8%

80% Relative % Procurement Upstream Countries of sourcing

* Tier 1 suppliers are directly assessed by Coca-Cola HBC, while Tier 2 suppliers are managed by the respective Tier 1 and the results are reported back to us.

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Sustainability Statement continued

S2.MDR-T_11

Contextual information

Please see

S1.MDR-T_11 according to ESRS2 par. 80.

S2 . MDR-T_0 9

Contextual information

To define our sustainability targets, we utilise

certification by third-party organisations, ensuring

compliance with recognised standards such as SAI

FSA, ISCC Plus,BONSUCRO and others.

Significant assumptions involve the accuracy and

completeness of supplier-provided information,

supported by third-party assessments and

certifications. Data sources include annual

supplier reports and external reports. Our targets

align with national, EU, and international policy

goals, ensuring that our practices support

broadersustainability objectives and consider

thelocal contexts of our operations.

Please also see

S1.MDR-T_09 (2nd paragraph) methodologies

that include independent S2. MDR-T_12

Contextual information

Please see

S1. M D R-T_12

S2.MDR-T_13

How targets are monitored and reviewed

Please see

S1. M D R-T_13

S2-5_01-03

S2-5_01

In setting our targets for secure employment,

adequate wages, health and safety, gender

equality, equal pay for work of equal value,

andtraining and skills development, we engage

with workers in the value chain through direct

consultations and discussions with their legitimate

representatives. This engagement ensures that

our targets are aligned with the actual needs and

expectations of the workers. We also consider the

best practices in the industry and globally.

We conduct regular performance reviews for

eachof the KPIs related to our engagement with

workers in the value chain. These reviews include

input from various levels of our organisation, as

well as feedback from the suppliers. We ensure that

this feedback is incorporated into our performance

tracking processes. For instance, we communicate

our training and skills development targets and

results to them through internal meetings and

feedback sessions.

S2-5_03

In identifying lessons or improvements as a result

of our performance, we engage indirectly with

workers in the value chain through their legitimate

representatives and credible proxies who have

insight into their situation. For example, each severe

OHS incident or fatality is followed by a ‘lessons

learned’ session with the respective contractor or

service provider. These sessions involve discussions

with workers and their representatives to review

the incident, understand the root causes and

identify actionable improvements. This collaborative

approach ensures that the insights and feedback

from those directly affected are incorporated into

our performance tracking and target-setting

processes, leading to continuous improvement

inhealth and safety practices.

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Sustainability Statement continued

Strategy

SBM-3 Material impacts, risks and

opportunities and their interaction

withstrategy and business model

S3.SBM-3_01, 02, 03, 05, 07

At CCHBC, we ensure that all affected communities

who could be materially impacted by our operations

are included in the scope of disclosure under ESRS 2.

This includes addressing impacts that are connected

with our own operations and value chain, including

through our products or services, as well as through

our business relationships. Specifically, we report

onkey areas such as water and sanitation

andcommunity programmes (i.e.,

#YouthEmpoweredprogramme).

Types of affected communities

Affected communities are communities living

orworking around our operating sites, factories,

facilities (such as warehouses), or other physical

operations. Additionally, more distant communities

impacted by activities at these locations, including

those experiencing downstream water pollution

and scarcity, are also considered. Furthermore,

wesupport the broader community in the

countries in which we operate through our

variouscommunity programmes.

In our operations, we have identified 19 water

priority locations, including Armenia, Bulgaria,

Cyprus, Greece, Italy, and Nigeria. These areas

face specific stress factors, such as water scarcity,

lack of access to water and sanitation services,

and deteriorating water quality in the watersheds.

With our actions on water stewardship, we

consider not only the communities near our

operations (plants, warehouses) but also those

sharing a common watershed, such as farmers

and other water consumers.

Affected communities in greater risk of harm

Our comprehensive Source Water Vulnerability

Assessment done by an independent expert, and

the detailed Water Risk Assessment, took into

account the water as an end-to-end process

where all affected users upstream and downstream

are considered. Besides, within the Alliance for

Water Stewardship and ISO 46001 certifications,

we also assess the impact on our stakeholders

and implement stakeholder engagement activities.

No negative impact has been identified.

Brief description of the activities that

resultinthe positive impacts

Water and sanitation

In line with our Mission 2025, we are committed to

help secure water availability for the communities

and environment specifically in those areas.

We protect the water resources supplying our

facilities, reduce the amount of water we use to

produce our soft drinks and treat wastewater to

levels that support aquatic life. We also partner

with suppliers to minimise our water footprint

across the value chain.

Addressing the water availability, we focus on

either water access initiatives or on replenishment

activities. For all these, we are partnering within

the Coca-Cola System, with other companies

operating in the relevant watershed area and

international organisations.

In 2024, we witnessed a number of severe weather

events globally, including in our territories. Expected

to be the hottest year on record, recent floods in

Nigeria and Central and Eastern Europe highlighted

the need for us to be ready to support our communities

when they need us most.

ESRS S3 – Affected

communities

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Sustainability Statement continued

In 2024, through the Coca-Cola HBC Foundation,

we donated €1.55 million to communities impacted

by the recent devastating floods in Europe and

Nigeria. These grants supported a variety of

projects, targeting specific local needs in each

country, including:

• Rebuilding houses and community centres

inthe village of Thessaly, Greece

• Providing food and emergency supplies

inMaiduguri, Nigeria

• Replacing damaged medical equipment

inhospitals in Poland

• Funding repair works for homes and other

assistance projects in Romania, Hungary

andBosnia and Herzegovina

Access to education (#YouthEmpowered)

We remain focused on making a positive impact

on the local communities where we operate.

Through our flagship community programme,

#YouthEmpowered, we have supported young

people by equipping them with the skills, experience

and confidence necessary for success.

By the end of 2024, we had trained 1,119,850

(excluding Egypt) young people since the

programme’s inception in 2017, surpassing

ourMission 2025 target of training one million

young people.

Here are just some of our 2024

#YouthEmpowered activities:

In Greece, we collaborate with top HoReCa

customers across the country and recognised

Brand Ambassadors to offer free Masterclasses

to570 aspiring Bartenders and Barista, levelling

uptheir capabilities, on modern mixology, spirits,

and coffee trends and techniques. This initiative

equipped participants with advanced skills, industry

connections, and offered globally recognised

scholarships in coffee and spirits.

In Nigeria, we have trained 15,585 young people

in83 cities, providing them with essential skills for

personal and professional growth. The program

focuses on entrepreneurship, employability,

financial literacy, and life skills to prepare

participants for a dynamic world.

In Romania, we launched the Barmasters

Academy to offer specialised bartending and

barista training for aspiring HoReCa professionals.

Partnering with prestigious HoReCa customers,

this program provided practical training for young

people and access to employment opportunities.

In Poland, Estonia, Latvia, and Lithuania,

theSkills4Future Platform was created by

Mentors4Starters Foundation with financial

support from The Coca-Cola Foundation. This

modern educational platform aimed at young

people who are at the threshold of entering the

labor market or have already gained some work

experience offer young people the opportunity

tobenefit from engaging learning materials and

webinars providing core knowledge in a number of

practical areas, such as applications of AI in life and

at work or creating an attractive CV. An important

element of the platform is certification, confirming

the completion of the course and the skills

acquired. Skills4Future is a solution that can

complement the #YouthEmpowered programme

dedicated to teaching in schools, as well as a

sourceof practical knowledge for young people.

Impact, risk and opportunity management

S3-1 Policies related to affected communities

S3. M D R- P_01-0 6

The relevant policy adopted to manage material

sustainability matters (water and sanitation) is the

Water Stewardship Policy. This policy covers all

types of value chain workers that were mentioned

in the previous section. For more information on

Water Stewardship Policy, please see E3-1 Policies

related to water and marine resources

Besides we have published Donations Policy.

Donations Policy

Key contents of the policy

We are determined to create value for all stakeholders

by supporting the socio-economic development

ofthe societies in which the business operates. As

a subset of our community engagement strategy,

donations are an integral part of thatvalue creation.

Over the years, our donations and other

community investments have evolved from

standalone philanthropic initiatives to long-term,

group-wide programmes closely linked to business

priorities and material issues. Wehave prioritised

the following programme areas that areof critical

importance across our markets, i.e.:

• Community resilience, including disaster relief

and recovery.

• Sustainable access to safe water for our

communities.

• Economic empowerment for young people

andwomen.

• Circular economy projects and initiatives.

This policy has been established to reflect scope,

processes and controls that are to be employed

toensure charitable actions are carried out with

fairness and due diligence and are reflective of

ourcore values and community approach.

Objective

We recognise the diversity of people, culture,

andsocial needs. With donations, we aim at

inspiring a better quality of life by means of

long-term, sustainable support for chosen

beneficiaries. Moreover, we support the

involvement of our employees in donations

andcommunity engagement.

Process for monitoring

We ensure applicants (continue to) comply

withthe terms and objectives of our Donations

Policy. We maintain a regular dialogue with

therecipient organisations to evaluate the

effectiveness and impact of our donations,

toimprove the management of existing projects

andto identify future opportunities.

We will review this policy at least once a year

tointegrate latest developments, stakeholder

feedback or other lessons learned.

This policy in reviewed by the SRC Committee

andLegal team.

Scope

This policy establishes principles and requirements

for making donations in the prioritised programme

areas above and applies to all CCHBC business

units and employees. The term ‘donations’, as

usedin this policy, refers to monetary or in kind

(including our product) charitable contributions.

Any charitable contribution must comply with the

CCHBC Code of Business Conduct, Anti-Bribery

Policy, TCCC’s Responsible Marketing Policy and

with all other applicable rules and regulations. For

more information, please See Donations Policy.

Most senior level accountable for the

implementation of the policy

The Community Contributions Policy is

signedbythe Chief Corporate Affairs and

Sustainability Officer.

For more information, please see Donations

Policy.

1. As mentioned in ESRS 2, par. 48h, not all our impacts are linked to ESRS topics, sub-topics and sub-sub-topics. We identified a positive impact, referred as ‘Access to Education (#YouthEmpowered)’, which has been covered within this standard by providing entity-specific disclosures wherever relevant.

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Sustainability Statement continued

Commitment to respect third-party standards

Any donation must comply with the CCHBC Code

of Business Conduct, Anti-Bribery Policy, TCCC’s

Responsible Marketing Policy and with all other

applicable rules and regulations.

CCHBC will not make donations toorganisations

that do not fully respect humansas per the UN

Guiding Principles on Business and Human Rights

and the resolutions ofILO Conventions.

Consideration given to the interests of

keystakeholders in setting the policy

When setting the policy, we have considered

theinterests of affected communities, the

diversity of people, culture, and their social

needs,to create value for all stakeholders by

supporting their socio-economic development

insocieties we operate.

Policy available to potentially

affectedstakeholders

The Donations Policy is publicly available on

ourwebsite.

S3-1_02-07 & S3-4_11

Human Rights Policy commitments

Commitments

Please see

S1.MDR-P_01-06 & S1-1_01, 02, 09-14, 16, 17, 21

We recognise our impact on the communities in

which we operate. We are committed to engaging

with stakeholders in those communities to ensure

that we listen to, learn from and take into account

their views as we conduct our business. Where

appropriate, we are committed to engaging in

dialogue with stakeholders on human rights

issuesrelated to our business. We believe that

local issues are most appropriately addressed at

the local level. We are also committed to creating

economic opportunity and fostering goodwill in

the communities in which we operate through

locally relevant initiatives. For more information,

please visit Human Rights Policy.

We are committed to ensuring minimal impact

onthe environment, particularly avoiding impacts

that may also result in increased risk to human

rights, such as access to water, sanitation and

clean environments. As a major buyer of several

agricultural commodities, we source our ingredients

via third parties and we are committed to buy

sustainably certified crops, thus supporting

andpromoting the protection of the land rights

oflocal farmers and communities.

Processes for monitoring compliance

withinternational instruments

The compliance monitoring process encompasses

a comprehensive mechanism designed to ensure

adherence to international instruments. The

establishment of policies, regular reporting and

documentation, internal audits and assessments,

external monitoring and verification, and continuous

training are components that ensure compliance

with these instruments.

Engagement with affected communities

Where appropriate, we are committed to engaging

in dialogue with stakeholders on human rights

issues related to our business.

We have a number of routines in place to capture

the feedback, input, improvement suggestions

from internal and external stakeholders. We have

been performing annual materiality assessment

for sustainability issues for more than a decade,

where we do engage a large number of external

stakeholders. Additionally, we host an Annual

Stakeholder Forum and Suppliers Sustainability

Day, where we engage in open dialogue with our

suppliers and other collaboration partners,

capturing all their feedback and input. We also

holdregular quarterly meetings with investors

andanalysts, during which we share critical

business results and topics, including

sustainability, and gather their input.

Cases of non-respect to international

instruments and measures to provide and/

orenable remedy for human rights impacts

There is no significant negative impact on local

communities. When we have any restructuring

initiatives that can have an impact on local

communities (e.g., involving closing or consolidation

of facilities), we take actions to minimise the

impact, for example by providing those people

affected with other employment opportunities

within the organisation, relocation support, or

voluntary exit packages and professional support

to facilitate employment elsewhere.

Besides, we have an internal due diligence

procedure for any investment/divestment,

mergers and/or acquisitions, where all social and

environmental aspects and impacts are

considered, evaluated and corrective actions are

taken prior to any investment/divestment, mergers

and/or acquisitions.

S3-2 Processes for engaging with affected

communities about impacts

S3-2_01-04

We are committed to engaging with stakeholders

in the communities we operate to ensure that

welisten to, learn from and take into account

theirviews as we conduct our business. We

haveanumber of routines in place to capture

thefeedback, input, and improvement

suggestions fromthem. The insights gained

contribute to theBoard’s decisions and activities

aimed at managing actual and potential impacts

on communities and ensuring the appropriate

support and resources for them.

Each of our local operations and Business Units

has specific community engagement process

andprogrammes. We don’t disclose separately

per country. At local level engagement occurs

both with affected communities or with their

legitimate representatives.

Local business units have an annual engagement

plan and organise sustainability events to gather

feedback from stakeholders regarding the approach

and effectiveness of our approach as well.

Business units also publish local sustainability

reports, conduct open plant visits for community

members, and offer numerous volunteering

initiatives that involve various stakeholders.

At local business unit level, the person responsible

for stakeholders’ engagement is the BU Corporate

Affairs and Sustainability Director, while at Group

level, it is the Chief Corporate Affairs and

Sustainability Officer.

S3-2_05

We have established grievance mechanisms that

allow community members to raise or report on

any concerns and complaints they might have with

regards to social, economic and environmental

issues including impacts on society and communities.

We also report and develop corrective actions

toall Notices of Violations (NoVs) issued by local

authorities during their visits at our premises.

Those visits sometimes could be triggered by

local community’s concerns.

S3-2_06

Steps to gain insight into the perspectives of

affected communities that may be particularly

vulnerable to impacts and/or marginalised.

We take steps to gain insight into the perspectives

of affected communities that may be particularly

vulnerable to impacts and/or marginalised through

our local engagement with specific NGOsand their

participation in our engagement process, as well

as through our voluntary programmes.

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Sustainability Statement continued

S3-3 Processes to remediate negative

impactsand channels for affected

communities to raise concerns

S3-3_11-15

Please see

S1-3_01, 02, 05-09 & S1-1_21

Additionally, through our consumer lines and

thecontacts published on our website and on

thelocal website of our business units, every

community member can approach us. The

consumer line is available on the labels of each

ofour products.

Tracking and monitoring of issues raised and

addressed and ensuring the effectiveness of

the channels

Please see

S1-3_01, 02, 05-09 & S1-1_21.

With regards to the consumer line, all signals and

feedback provided to this and via our website are

monitored. We utilise advanced monitoring tools

to track mentions and comments in real-time and

assign dedicated team members to handle feedback

ensuring timely and professional responses. In

addition, we analyse feedback to identify trends

and common issues that allow continuous

improvement, while engaging with consumers

andimplementing changes based on their input

demonstrates a commitment to customer

satisfaction and fosters positive relationships.

Assessing awareness and trust in structures

orprocesses as way to raise concerns

Communication channels are easily available on

our website and on the label of our products.

Protection of individuals against retaliation

Please see

S1-3_01, 02, 05-09 & S1-1_21.

S3-4 Taking action on material impacts on

affected communities, and approaches to

managing material risks and pursuing material

opportunities related to affected communities,

and effectiveness of those actions

S3.MDR-A_01-05 & S3-4_03, 04

A summarised description of the action plans and

resources to manage our material impacts related

to affected communities in relation to material

sustainability matters we have identified, is

presented below:

Water Stewardship Policy

Key actions taken

Please see

S3.SBM-3_01, 02, 03, 05, 07.

Expected outcomes

The expected outcome of these actions is to

ensure good quality safe water in sufficient

quantities, as well as access to clean water

andsanitation which are essential to the health

ofpeopleandecosystems and vital for sustaining

communities and supporting economic growth.

How their implementation contributes to the

achievement of policy objectives and targets

The implementation of actions described

above,contributes to the achievement of

policyobjectives to promote sustainable water

management by ensuring CCHBC’s water usage

aligns with the needs of local communities, while

supporting access to safe, high-quality water

andadequate sanitation.

Scope of the key actions

We implemented Community WASH programmes

in water priority locations including the following

countries: Armenia, Bulgaria, Cyprus, Greece,

Italyand Nigeria.

Time horizons under which CCHBC intends

tocomplete each key action

Each water stewardship project is specifically

designed for the local water challenge and its

duration is minimum 10 years.

Quantitative and qualitative information

regarding the progress of key actions or

actionplans disclosed in prior periods

Regarding out Mission 2025 commitment

‘Helpsecure water availability for all our

communities inwater risk locations’, we

monitorour progress using as a KPI the

numberofwater risk locations, in which we

securewater availability for all our communities.

Please see

S3.MDR-T_01-09, 11, 12, 13.

Additional actions with the primary

purposeofdelivering positive impacts

foraffected communities

In Nogara, Italy, a joint project by Coca-Cola HBC

Italy and the Consorzio di Bonifica Veronese will

add up to 1.5 million m³ of water annually to the

local aquifer.

The Forest Infiltration Area, featuring canals, trees,

and shrubs, will help refresh the groundwater

aquifer with water from the River Adige. This

aquifer will support local wells for agriculture

andcommunity use, becoming more resilient

toweather fluctuations.

This project is one of the ways in which we’re

expanding our knowledge on how to manage

water programmes that bring benefits to local

communities. These include the Living Danube

Partnership that runs in seven countries that

weoperate in.

Tracking and assessing the effectiveness of

actions and initiatives in delivering intended

outcomes for affected communities

Water stewardship projects’ benefits are lasting

atleast 10 years, and we measure the cubic

meters of water saved, the number of community

members who are benefitting, the number

offacilities for clean water or sanitation built,

etc.Within the local stakeholder’s engagement,

we receive feedback on the effectiveness of the

community project.

Donations Policy

Key actions taken

Please see

S3.SBM-3_01-03, 05, 07.

Expected outcomes

The expected outcomes of these actions are to

enhance access to water, sanitation and hygiene,

support education initiatives and create opportunities

to empower young people, drive job creation, and

advance corporate social responsibility (CSR) efforts.

How their implementation contributes to the

achievement of policy objectives and targets

The implementation of actions described

abovecontributes to the achievement of

policyobjectives to foster healthier, more

resilientand sustainable communities.

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Sustainability Statement continued

Scope of the key actions

All recipients of CCHBC donations must be

aregistered non-profit organisation, certified

school, hospital, or other academic or social

institution. We prefer organisations which:

• have long-term goals and objectives that are

publicly communicated;

• are committed to sustainable development;

• are renowned experts in the area for which

thecharitable contribution is made;

• encourage stakeholder engagement and

volunteerism; and

• are transparent about their activities and

reporton those publicly.

CCHBC will not make donations to:

• individuals, religious, political or legislative

organisations;

• organisations that discriminate on the basis

ofrace, colour, ethnicity, creed, religion, gender,

gender identity and/or expression, national

origin, citizenship, ancestry, sexual orientation,

age, pregnancy, disability or political affiliation;

• organisations that do not fully respect human

as per the UN Guiding Principles on Business

and Human Rights and the resolutions of

ILOConventions;

• organisations that are directly involved in gambling,

armaments, tobacco and recreational or illegal

drugs, with the exception of those organisations

specifically dedicated to tackling addiction or

drug abuse;

• professional local sports, family reunions,

beauty contests or commercial shows;

• organisations that conflict with CCHBC’s business

principles and Code of Business Conduct;

• projects with a detrimental effect of

environment or biodiversity;

• entities without good standing and a clean

record with authorities;

• projects which create the appearance of a bribe,

kickback, other corrupt practice or projects which

require any confidentiality about the contribution.

All donations are made at the discretion of

CCHBC. CCHBC reserves the righttodeny any

request for support.

Time horizons under which CCHBC intends

tocomplete each key action

All of the targets we set are disaggregated into

annual roadmaps and our regular performance

review is two-fold: a) vs the annual roadmap, and

b)vs the direction of the target year. In this way,

wecan set actions and correct course if needed.

Quantitative and qualitative information

regarding the progress of key actions or

actionplans disclosed in prior periods

Regarding mission 2025 commitment

‘#YouthEmpowered – train one million young

people cumulatively’, we monitor our progress

using as a KPI the number of young people

trainedcumulatively.

Please see

S3.MDR-T_01-09, 11-13.

Tracking and assessing the effectiveness of

actions and initiatives in delivering intended

outcomes for affected communities

For #YouthEmpowered, we track the number

ofpeople trained. In 2024, we conducted a Social

Return on Investment (SROI) study (based on

2022 data) to assess the impact of our initiatives

across selected markets. Our Youth Empowerment

Programme in the Adria Business Unit – comprising

Bosnia and Herzegovina, Croatia and Slovenia

– generated a Total Economic Value (TEV) of

€0.99 million. The programme’s key benefits

included enhanced future income potential and

reduced skill development costs, reflecting our

positive contribution to local communities.

Croatia delivered the highest impact, with

€0.41 million TEV, driven by the largest participant

base of 1,043 individuals, 19% of whom secured

employment. Slovenia achieved the highest SROI

value, at €18.75 per Euro invested, demonstrating

exceptional efficiency. In Bosnia and Herzegovina,

despite a smaller participant group of 391, 26%

employment placement highlighted the

programme’s meaningful influence.

S3.MDR-A_06-12 & S3-4_12

As part of our commitment to sustainability,

weremain focused on making a positive impact

onthe local communities where we operate.

Ourmarkets allocate their community budgets

forlocally relevant initiatives that reflect our

programme priorities and the needs of the

community. Community investments reached

€8.4 million in 2024 (excluding the Ukrainian

Solidarity Fund and Coca-Cola HBC Foundation),

More than €1.4 million of the above-mentioned

amount was directly attributed to our

#YouthEmpowered Programme.

For the water and sanitation programme,

investment is primarily driven through the

Coca-Cola HBC Foundation, providing strategic

support tailored to meet critical needs.

The Group’s treasury strategy ensures the

availability of financial resources to support

sustainability-related actions across all key areas.

By leveraging a diversified range of financing

mechanisms, we can address both current and

future priorities effectively.

Our accounting system does not separately

classify sustainability-related costs, as these are

reported in accordance with the general financial

reporting principles. The Opex mentioned above

is reflected in our financial statements, as part

ofthe overall amounts reported in the income

statement, confirming our commitment to the

Youth Empowerment Programme.

Metrics and targets

S3-5 Targets related to managing material

negative impacts, advancing positive impacts,

and managing material risks and opportunities

S3.MDR-T_01-09, 11-13

A summarised description of the targets

tomanage our material impacts related to

affected communities is presented below:

Water and sanitation

We have set the target of helping secure water

availability for our communities in water risk areas

we operate (19 water priority locations, including

Armenia, Bulgaria, Cyprus, Greece, Italy and

Nigeria)by 2025 to meet our policy objective. This

objective isto ensure good quality safe water in

sufficient quantities, as well as access to clean

water and sanitation, as these are essential to

thehealth of people and ecosystems and vital

forsustaining communities and supporting

economicgrowth.

Access to education (#YouthEmpowered)

We have set a target to train young people,

inconnection with our Donations Policy,

whichaimsto create value for youth people by

supporting their socio-economic development.

Theyeartowhich all targets apply is 2025 and the

target is cumulative, 2017-2025. Our targets are

intrinsic and they are not compared to any

baseline. 2017 is the year we set the targets.

Every sustainability commitment has its annual

roadmap for all the years until the target year is

reached and we follow it for our business planning

purposes for each respective year.

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Sustainability Statement continued

Table 46: List of targets

Description of

therelationship

between target

and policy Performance

Target Application period Scope of target

Level

Absolute/

Relative Unit Time – Period

Milestones/

Interim Targets Activities

Value Chain

Segment

Geographical

boundaries

MD R-T_ 01 M D R-T_13 M D R-T_ 02 M D R-T_ 03 M D R-T_ 03 M D R-T_ 07 M DR-T_ 0 8 MDR-T_ 0 4

Help secure water

availability for all our

communities in water

risk locations

Water

Stewardship

Policy 16 19 Absolute # 2025 n/a n/a All value chain

All Group

(except Egypt)

1#YouthEmpowered

– train one million

young people

cumulatively

Donations

Policy 1,119,850 1 million Absolute # 2025 n/a n/a All value chain

All Group

(except Egypt)

S3.MDR-T_11

Stakeholders have been involved

in target-setting

Please see

S1.MDR-T_11.

S3. M DR-T_09

Contextual information

Please also see

S2. M D R-T_ 09.

S3.MDR-T_12

Contextual information

Please see

S1. M D R-T_12.

S3.MDR-T_13

Performance against disclosed targets

Specifically, to #YouthEmpowered, the number

ofyoung people through #YouthEmpowered

ismeasured, monitored and reported monthly

atalocal/market (business unit) level. Water

stewardship projects are reported quarterly.

How targets are monitored and reviewed

Please see

S1. M D R-T_13

S3-5_01-03

S3-5_01

Affected communities engaged directly

insetting targets

In setting our targets, we actively engage

withaffected communities through direct

consultations and discussions with their

representatives, who have deep insights

intothesituations of these communities.

Thisengagement ensures that our targets, in

areasuch as water replenishment and providing

trainings to youth and community members, are

aligned with the actual needs and expectations

ofthe affected communities. For example, for our

water stewardship projects in Greece and Italy,

weengaged with farmers in order to set the

intervention that would help in their water agenda.

For water and waste projects in Cyprus, we

engaged with hotels’ owners to understand how

best to contribute to their environmental goals.

S3-5_02

Affected communities engaged directly in

tracking performance against targets

We conduct regular performance reviews for

eachof the KPIs related to our engagement with

affected communities. These reviews include

input from various levels of our organisation as

well as feedback from the affected communities.

We ensure that community feedback is

incorporated into our performance tracking

processes. For example, we communicate our

#YouthEmpowered targets and results to

community members through local meetings

andpublic forums. This transparency allows

ustomaintain accountability and continuously

improve our performance in collaboration with

thecommunities we impact.

S3-5_03

Affected communities directly in identifying

any lessons or improvements as a result of

CCHBC’s performance

We have established regular ‘Lessons learned’

sessions that include input from affected

communities. During these sessions, we review

significant projects, discussing the outcomes and

areas for improvement with community members.

This collaborative approach ensures that the

lessons learned are relevant and actionable for

both our organisation and the communities.

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Sustainability Statement continued

Strategy

SBM-3 Impacts, risks and opportunities

andtheir interaction with strategy and

business model

S4.SBM-3_01-05

At CCHBC, we are committed to ensuring that all

consumers and/or end users who may be impacted

by our operations, value chain, products and services,

and business relationships are included in the scope

of our disclosures under ESRS 2. While access to

products and services, health and safety, responsible

marketing practices, and access to quality information

were not identified as material, we recognise the

importance of transparency and accountability

inall aspects of our business. In the process of

stakeholder engagement and as an output of our

stakeholders’ interviews, the topic of health and

nutrition has been deemed as area of interest.

Investors and ESG raters also consider health

andnutrition as one of the main future risks for

soft drinks industry. In relation to the nutrition

andconsumers’ health and safety, we voluntarily

disclosed responsible marketing practices, access

to (quality) information, and access to products

and services as those are indirectly linked to the

consumers’ health and safety.

Types of consumers and end-users

The types of consumers

and/or end users include

persons who drink Coca-Cola HBC products.

As a part of the Coca-Cola System, we have long

believed inthe importance of providing people

with clear, simple and meaningful front-of-pack

information that can help support healthier and

more informed food choices, in line with national

regulatory requirements in the markets where we

sell ourproducts.

We support the recommendation of leading health

authorities that individuals should consume no

more than 10% of their total daily calories from

added sugar. We have committed to reduce

calories per 100ml of sparkling soft drinks by 25%

between 2015 and 2025 across all our markets.

The printed packs and labels of our drinks have

calorie information and back-of-pack nutrition

information with Guideline Daily Amounts (GDA)

inthe EU (as required by law). We also voluntarily

add front-of-pack traffic-light labels on our core

sparkling drinks in 22 markets, that outline whether

a food has high, medium or low amounts of fat,

saturated fat, sugars and salt per 100ml through

acolour scheme of red, amber and green. It also

includes the number of calories and kilojoules

perproduct.

We fully comply with the labelling regulations of the

country in which we operate. Labelling regulations

require a full list of ingredients, including additives

and allergenic ingredients to be labelled for

consumer safety and transparency.

In Europe we fully comply with the Food Information

to Consumers Regulation (1169/2011) that sets

out a uniform set of rules as to how the list of

ingredients must be presented on the packaging.

In markets where relevant regulations do not exist,

nutrition information is provided in line with the

Codex Guidelines on Nutrition Labelling. Nutrition

information is displayed on most of our product

labels, except for certain returnable bottles,

fountain beverages, alcohol ready-to-drink

beverages, and unsweetened, unflavoured waters.

We are committed to not marketing any of our

drinks directly to children under 13, with a 30%

audience threshold, in any channel or communication,

and to not offering any soft drinks in primary schools.

In UNESDA markets, we sell only no- and low-calorie

soft drinks, in non-branded vending machines.

ESRS S4 –

Consumers

and end-users

1. Consumer: Person who drinks Coca-Cola HBC products.

Customer: Retail outlet, restaurant or other operation that sellsorserves Coca-Cola HBC products directly to consumers.

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Sustainability Statement continued

To help people better manage their sugar intake

from our drinks, we are taking actions. These

include reducing sugar in our beverages, launching

new low- and no-sugar drinks, offering small packs

for portion control and promoting our low- and

no-sugar beverage choices.

Our impact

We have no widespread or systemic material

negative impacts on consumers and/or end-users

in contexts where we operate.

There was one product quality incidents resulting

in product recall in 2024 in Austria. We reported

14 minor notices of violations related to quality,

with the total amount of €3.79k fines paid.

In 2024, we recorded full compliance with our

Responsible Marketing Policies across all our

business units.

Brief description of the activities that result

inthe positive impacts

Health and food safety: At CCHBC, we have

implemented several initiatives to ensure the

health and safety of our consumers. We have

acontinuous process to evaluate and assess

product- and process-related food safety risks,

ensuring food safety through relevant prerequisite

programs such as HACCP and allergen management.

This process applies to all our products and services.

Additionally, all (100%) of our manufacturing bottling

sites, representing 100% of our production

volume, are certified according to the Food Safety

System Certification (FSSC) 22000 scheme,

recognised under the Global Food Safety Initiative

framework. Also, 100% of all our direct operations

are covered by the internal Quality and Food

Safety audit process to assure full compliance

withthe local health and safety, and food safety

standards and our stringent internal requirements.

All (100%) of our business units are covered by the

internal quality and food safety management

system, including manufacturing plants, offices,

sales offices, our own distribution centres and

warehouses, the contractors working in our

premises and third-party contractors.

We are committed to meeting evolving consumer

needs and preferences by offering more of the

products they want, including low- and no-sugar

options, across various categories and in more

packages. We focus on innovation, expanding

ourrange of zero-calorie drinks, and reducing

thecalorie content of many of our products

inourportfolio.

Access to (quality) information: At Coca-Cola

HBC, we are committed to providing clear and

transparent information to help consumers make

informed decisions about their diet. We ensure

that key nutritional information is available and

visible on the front-of-pack labels of our bottles

and cans. These labels include the Guideline

DailyAmount (GDA) information, which provides

at-a-glance details on calories, sugar, fat, saturated

fatand salt content. Additionally, we have introduced

traffic-light labels, as previously mentioned,

promoting informed choices.

In 2024, as required by law in the EU, the printed

packs and labels of our drinks included calorie

information along with back-of-pack nutrition

information with GDA details. This legal

requirement complements our own voluntary

initiatives to provide transparent and accessible

nutritional information to our consumers.

Furthermore, we provide product storage

instructions and freshness rules to customers,

aswell as best before-dates to consumers. This

helps ensure that our products are consumed at

their best quality. We also offer different serving

sizes for our products to fit the needs of consumers,

allowing them to manage their intake more effectively.

As mentioned earlier, in markets without specific

regulations, we follow the Codex Guidelines on

Nutrition Labelling. Most product labels include

nutrition information, excluding certain returnable

bottles, fountain beverages, alcohol-ready-to-drink

beverages, FINLANDIA Vodka, and unsweetened,

unflavoured waters.

Access to products and services: At Coca-Cola

HBC, we are dedicated to ensuring that our products

are accessible to a wide range of consumers with

diverse tastes and preferences. Our 24/7 product

portfolio caters to these varying preferences, and

we continually innovate, especially in low- and

no-sugar variants, to lead the sector and provide

choices that meet the needs of our consumers.

We are committed to evolving our portfolio to

address changing consumer moments and have

invested further in digital and e-commerce

platforms to meet new shopper needs.

To accommodate different consumer needs,

weprovide different serving sizes for our

products, allowing consumers to manage

theirintake more effectively. Additionally, we

collaborate with customers, NGOs, and peers

using alternative channels, such as food banks

ormarkets, to redirect surplus products to

support people in need.

Responsible marketing practices: At Coca-Cola

HBC, we are committed to responsible marketing

practices that promote healthier choices and

protect vulnerable populations. We take proactive

actions to help people better manage their sugar

intake from our drinks by reducing sugar in our

beverages, innovating new low- and no-sugar

drinks, offering small packs for portion control,

and promoting our low- and no-sugar beverage

choices. For more information, please refer to

pages 14 to 15 of the Strategic Report, ‘Leverage

our unique 24/7 portfolio’ section.

We adhere to TCCC’s Global Responsible

Marketing Policy, which includes its Global

SchoolBeverage Policy and Global Responsible

Alcohol Marketing Policy.

Furthermore, we are committed to implementing

the Union of European Soft Drinks Associations

(UNESDA) responsible marketing and school sales

pledges. This commitment reinforces our dedication

to responsible marketing practices and ensures

that our marketing efforts are conducted in a manner

that is ethical and respectful of all consumers.

S4.SBM-3_07

Consumers and/or end-users in greater

riskofharm

Our portfolio is one of the strongest, broadest and

most flexible in the beverage industry, offering

consumer-leading brands in the sparkling, juice,

water, sport, energy, ready-to-drink tea, coffee,

adult sparkling, snacks and premium spirits

categories. Our products cater to a growing range

of tastes with a wider choice of options, premium

products and increasingly sustainable packaging.

As a company we are continuously evolving

ourportfolio to help create a healthier food

environment. We are already reformulating

manyof our drinks to contain less sugar and

fewercalories. To give consumers more options,

we are also offering more diet, light and zero-

calorie drinks in our portfolio.

Impact, risk and opportunity

management

S4-1 Policies related to consumers

andend-users

S4.MDR-P_01-04, 06 & S4-1_01

The relevant policies adopted to manage

sustainability matters are Health & Wellness

Policy, Quality & Food Safety Policy and

Responsible Marketing Policy. These policies

cover all our consumers and/or end-users

thatwere mentioned in the previous section.

Health & Wellness Policy

Key contents of the policy

Coca-Cola HBC cares about the health of its

consumers. The Company offers an increasingly

wide range of drinks, from traditional sparkling

beverages, including regular, low and no-calorie,

to juices, waters and other still drinks. All of these

can be enjoyed as part of a healthy diet.

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Sustainability Statement continued

Coca-Cola HBC is committed to responsible

communication about its products and to promoting

clear, user-friendly front-of-pack nutritional labelling,

together with nutrition programmes and supporting

materials, to help consumers make well-informed

choices. Coca-Cola HBC is a founding signatory of

the UNESDA Commitments, a set of voluntary

industry obligations that address consumer

information and education, healthy lifestyles

andphysical activity, advertising, beverage

choiceand research in the European Union.

Our range of drinks is suitable for a wide variety

ofdrinking occasions from morning until night.

Inaddition, the Company supports activities

promoting fitness and physical exercise.

Coca-Cola HBC is committed to satisfying

consumer demand for:

• A Broad Choice of Beverages

• Increased Consumer Information

• Responsible Sales and Marketing

• Comprehensive Lifestyle Programmes

• Promoting Sports and Physical Activity

Objective

The Health & Wellness Policy aims to enhance

consumer well-being by ensuring that a wide

variety of beverage options are available,

supporting informed decision-making through

effective communication and labelling practices.

Process for monitoring

Monitoring is done via quarterly internal school

sales compliance reporting and annual written

confirmation of compliance from all General

Managers in our markets. The results are used to

confirm annual compliance to The Coca-Cola

Company on behalf of Coca-Cola HBC Group

(global annual bottler compliance confirmation

process). UNESDA also performs third-party

audits for its progress reports against its

commitments to the EU Code of Conduct on

Responsible Food Business and Marketing

Practices. On top, all relevant employees

participate in a dedicated annual responsible

marketing training.

Scope

The policy applies to all markets and geographies

where we operate, distribute and sell products. It

applies to our entire value chain including both our

own operations and downstream activities. The

affected stakeholder groups include consumers,

employees, communities, customers and investors,

ensuring that we address the sustainability

concerns of all relevant parties.

Most senior level accountable for the

implementation of the policy

The Health & Wellness Policy of Coca-Cola HBC

isowned and endorsed by the Corporate Social

Responsibility Committee of the Board of Directors.

Responsibility for the successful implementation

of the programme is with the Chief Customer and

Commercial Officer down to the business units.

Commitment to respect third-party standards

Coca-Cola HBC adheres to the Coca-Cola

Company Global Responsible Marketing Policy

andis a signatory to the European Soft Drinks

Association’s (UNESDA) advertising and

marketing practices. The Company is also

afounding signatory of the UNESDA Commitments,

which support the EU strategies to deliver sustainable

food and drinks production and consumption.

Policy available to potentially

affectedstakeholders

The policy is made available to consumers through

our website and covers all consumers who drink or

would drink our beverages and use our products.

To facilitate informed decision-making, we utilise

back-of-pack labelling to provide detailed

information about calories, sugar, fat, saturated

fat and salt content per serving, and a proportion

of a healthy diet. Additional information is provided

in Company publications, our website, customer

lines and consumer response services. The policy

is also translated into local languages to ensure

that all employees can fully understand it.

We place a specific emphasis on protecting

children under the age of 13, as we are committed

to not marketing any of our products to this age

group, regardless of nutritional profile.

While Coca-Cola HBC is responsible for customer

marketing and execution at the point of sale,

TCCC is responsible for all consumer marketing.

For more information, please refer to the full

policyavailable here: Coca-Cola HBC Health

&Wellness Policy.

Quality & Food Safety Policy

Key contents of the policy

The following quality and food safety principles are

the foundation of Coca-Cola HBC’s commitment

to quality and food safety:

• Manufacture and deliver products that meet

the highest quality and food safety standards.

• Meet all statutory, regulatory and mutually

agreed customer requirements.

• Ensure a sustainable quality and food safety

culture through effective management systems

compliant with ISO 9001, FSSC 22000 and Coca-

Cola System requirements and standards (KORE).

• Validate the effectiveness of our management

systems through recognised internal and

external audits.

• Apply a risk assessment methodology to

achieve and continually improve our objectives.

• Build a quality and food safety capability, mindset

and culture through structured programmes.

• Continually review policies, standards and

procedures to manage food safety risks.

• Include quality and food safety strategies

intheannual business planning process.

• Set annual measurable objectives for continuous

improvement and compliance with all standards.

• Ensure suppliers and contractors embrace the

same commitments and monitor their compliance.

• Communicate requirements to all relevant

parties and establish specifications for

ingredients, packaging, storage, distribution

and consumer guidelines.

• Communicate quality and food safety aspects,

strategies and performance to all stakeholders.

Objective

The Quality & Food Safety Policy aims to uphold

the highest standards in product quality and

safety, ensuring that all operations align with

regulatory requirements and foster a culture

ofcontinuous improvement.

Process for monitoring

It is monitored though the results of the ISO 9001

and FSSC 22001 audits, via the number of notices

of violations issued by different regulatory bodies,

via the results of the internal cross-boarder quality

audits and TCCC GAO audits, as well as by

monitoring and reporting of consumer

complaints.

Scope

The policy applies to all markets and geographies

where we operate, distribute and sell products.

Itapplies to our entire value chain including

upstream, own operations and downstream

activities. The affected stakeholder groups

include consumers, employees, communities,

suppliers, customers and investors, ensuring

thatwe address the sustainability concerns

ofallrelevant parties.

Most senior level accountable for the

implementation of the policy

The Quality & Food Safety Policy of Coca-Cola HBC

is owned and endorsed by the Board of Directors.

The management responsibility is within the Head

of Quality, Safety and Environment (QSE) who

reports to the Chief Supply Chain Officer. Each

CCH employee is responsible for meeting our

quality and food safety standards within their

leveland specific work.

Commitment to respect third-party standards

Ensure a sustainable quality and food safety

culture through the implementation, certification,

and continuous improvement of effective quality

and food safety management systems compliant

with ISO 9001, FSSC 22000, together with

Coca-Cola System requirements and standards

(KORE) in all operations and where applicable.

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Sustainability Statement continued

Policy available to potentially

affectedstakeholders

Communicate quality and food safety

requirements to consumers, and other relevant

interested parties by establishing specifications

for ingredients andpackaging materials,

productstorage and distribution, and consumer

guidelines. Communicate quality and food

safetyaspects, strategies, andperformance

toconsumers that have an impact on or are

affected by Coca-Cola HBC’s food safety and

quality management systems. The policy is also

translated into local languages to ensure that all

employees can fully understand it.

For more information, please refer to the full policy

available here: Quality & Food Safety Policy.

Responsible marketing policy

foralcoholicbeverages

Key contents of the policy

The Responsible Marketing Policy for Alcoholic

Beverages of Coca-Cola HBC includes the

following key objectives:

• Promoting responsible consumption.

• Preventing underage drinking and reducing

harmful use of alcohol.

• Providing clear guidance for responsible

marketing and promotion.

• Ensuring compliance with laws and

industryguidelines.

Objective

The Responsible Marketing Policy for Alcoholic

Beverages aims to promote responsible

consumption and prevent underage drinking

whileensuring that all marketing practices

complywith relevant laws and industry guidelines.

1. Please note, we are not focusing on the policy from an alcoholic perspective, as it pertains to specific stakeholders.

Process for monitoring

Monitoring is done via annual written confirmation

of compliance from all General Managers in

ourmarkets for both the Global Responsible

Alcohol Policy of TCCC, and the Coca-Cola HBC

Responsible Marketing Policy for Alcoholic

Beverages. On top, all relevant employees

participate in a dedicated annual responsible

marketing training.

Scope

The policy applies to our downstream activities.

The affected stakeholder groups include

consumers, communities and customers,

ensuring that we address the sustainability

concerns of all relevant parties.

The policy also applies to all marketing activities,

including but not limited to:

• selling activities

• merchandising

• sales and brand advertising

• on-and off-premises promotional activities

andrelated materials

• brand innovation activities

• experiential marketing

• consumer planning and market research

• relationship marketing

• consumer public relations

• the development and content of brand web

sites, electronic communications and digital

media, product placements and sponsorships,

and

• labelling and packaging

Most senior level accountable for the

implementation of the policy

The policy is to be strictly adhered to in the

samemanner as the codes, policies and

commitments on Coca-Cola HBC operations

andactivities in respect of the non-alcoholic

beverages we produce and distribute, in order to

reflect the company’s high standards, core values

and social responsibility commitments. The

implementation of this policy is under the

responsibility of the Chief Operating Officer.

Commitment to respect third-party standards

In November 2023, Coca-Cola HBC joined the

Global Standards Coalition. This initiative aims

toprevent underage drinking and reduce harmful

use of alcohol through stakeholder engagement,

training tools and best practices. The Global

Standards Coalition is driven by the International

Alliance of Responsible Drinking (IARD).

Policy available to potentially

affectedstakeholders

The Responsible Marketing Policy for alcoholic

beverages of Coca-Cola HBC is made available

toconsumers through Company publications,

itswebsite, and consumer response services.

Thepolicy is also translated into local languages to

ensure that all employees can fully understand it.

For more information, please refer to the full policy

available here: Responsible marketing policy for

alcoholic beverages.

All CCHBC policies are available on our website

and are cascaded to our local business units.

Quality and Food Safety Policy is also printed

anddisclosed in every manufacturing plant.

Quality and Food Safety training are mandatory

for each employee. Regularly we perform quality

and food safety campaigns to raise awareness

andunderstanding on the importance of quality

and food safety. Health & Wellness Policy

iscommunicated to all relevant groups

ofemployees, such as marketing and

commercialdepartments.

S4.MDR-P_05

Consideration given to the interests of

keystakeholders in setting the policies

inprevious section

In setting these policies, we have considered

theinterests of key stakeholders, including

consumers, nutrition experts, suppliers, and

industry partners to ensure that our offerings

andpractices align with their expectations and

promote overall wellbeing. We ensure compliance

with statutory and regulatory requirements,

promote a sustainable quality and food safety

culture, and communicate our standards and

performance to all relevant parties, to ensure

ourpractices align with their expectations and

promote responsible marketing.

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Sustainability Statement continued

S4-1_02 – S4-1_07

Alignment with Internationally Recognised

Instruments and Human Rights Policy

Commitments Relevant to Consumers

andEnd-Users

Coca-Cola HBC adheres to The Coca-Cola Company

Global Responsible Marketing Policy andis a signatory

to the European Soft Drinks Association’s (UNESDA)

advertising and marketing practices, which reflect

our commitment to responsible marketing and

consumer protection. Additionally, as a founding

signatory of the UNESDA Commitments, we

support the EU strategies to deliver sustainable

food and drinks production and consumption.

Currently, Coca-Cola HBC does not have specific

human rights policy commitments that are directly

relevant to consumers and/or end-users published

on our website. Our focus has been on ensuring

compliance with statutory and regulatory

requirements, promoting a sustainable quality

andfood safety culture, and communicating our

standards and performance to all relevant parties.

Cases of non-respect to

internationalinstruments

In 2024, we recorded full compliance with our

Responsible Marketing policies across all

ourbusiness units.

S4-2 Processes for engaging with

consumersand end-users about impacts

S4-2_01 & S4-2_03

At Coca-Cola HBC, we prioritise several key topics

that are important to our consumers, including:

• Health and nutrition

• Product quality

• Responsible marketing

How we engage:

At Coca-Cola HBC, it is essential to clarify that

every new product or packaging is developed

byTCCC. TCCC owns, develops and markets

itsbrands with the end consumers. Our role as

Coca-Cola HBC is to produce, distribute, and sell

these beverages, ensuring that we have the right

portfolio for the Hellenic markets and to ensure

executing our operations efficiently.

While we are responsible for the production and

distribution, consumer insights, research, and

testing are primarily conducted by TCCC. This

process is integral to our operations, but it is

managed by TCCC, allowing us to focus on

delivering quality products to our consumers.

To understand consumer needs and preferences,

we mostly cooperate with TCCC but also we

leverage various channels, including:

• feedback from social media and consumer hotlines

• local websites

• research initiatives

• surveys

• customers’ feedback via direct interactions

orthrough customer surveys

The stage(s) at which engagement occurs,

thetype of engagement and frequency of the

engagement are detailed below:

• Stage(s) of Engagement: Engagement occurs

at various stages, regular business updates,

andongoing feedback mechanisms.

• Type of Engagement: The types of

engagement include consumer insights,

social media feedback, consumer hotlines,

local websites, research, surveys, global/

local trends, focus groups or shopper needs

expressed indirectly via our customers, etc. The

engagement of consumers and/or end-users

from Coca-Cola HBC side is mainly through our

in-store/online presence of our products and

via customer media targeted to their shoppers.

• Frequency of Engagement: Engagement occurs

regularly or is always-on via in-store presence of

our products and the options via hotline, social

media or other channels. Customer insights are

gathered through research and surveys. Special

activations or promotional support is based on

activities agreed between TCCC and Coca-Cola

HBC based on the yearly business plan.

Outcomes of engagement:

Through our engagement efforts, we

continuously adapt our portfolio to meet changing

consumer preferences. Additionally, we have

made significant investments in digital and

e-commerce to meet new shopper needs.

S4-2_02

Engagement with stakeholders with

affectedconsumers and/or end-users

ortheirrepresentatives

We work closely with customers – ranging from

grocery stores, restaurants to street vendors,

convenience stores, movie theatres and

amusement parks, among many others –

toexecute localised strategies developed in

partnership with TCCC. Customers then sell

ourproducts to consumers.

While we collect direct feedback from consumers

through hotlines and surveys, TCCC has a more

extensive reach in obtaining direct consumer

feedback, as they own the brands and have

directinteractions with end-users.

This multi-faceted engagement ensures that

weare responsive to consumer needs and

preferences, allowing us to adapt our offerings

and marketing strategies effectively.

S4-2_04

Most senior role that has operational

responsibility for ensuring that engagement

with consumers and/or end-users happens is

Chief Operational Officer.

For more information on consumer trends, please

refer to Strategic Report, ‘Market trends’ section

on pages 4 to 5 and ‘Leverage our unique 24/7

portfolio’ section on pages 14 to 15.

As part of the Coca-Cola System, we are

committed to delivering both great taste,

healthyand balanced diets, aligning with

whatourconsumers desire.

Our actions across the system fall within five pillars:

1. Less Sugar, More Choices.

2. New and Different Drinks.

3. Informed Decisions.

4. No Marketing Targeting Children.

5. Promoting Low- and No-Sugar Choices.

S4-2_05

The effectiveness of our engagement with

consumers and/or end-users, and relevant

outcomes that result from such engagement

We assess the effectiveness of our

engagementwith consumers and end-users

through feedbackmechanisms and surveys.

Wemonitorconsumer satisfaction and track

feedback from various channels.

We review the outcomes of our engagements

toensure our actions meet consumer needs. For

example, based on feedback, we have added low

and no-calorie options and improved our digital

and e-commerce platforms.

This process helps us ensure our engagement

with consumers and end-users is effective and

responsive to their needs.

S4-2_06

The steps we take to gain insight into

theperspectives of our consumers and/or

end-users that may be particularly vulnerable

to impacts and/or marginalised (for example,

people with disabilities, children, etc.)

For CCHBC’s consumers and/or end-users who

may be particularly vulnerable to impacts and/or

marginalised, such as people with disabilities,

andchildren, we employ the same engagement

steps including surveys and feedback collection,

to ensure their perspectives are considered in

ourdecision-making processes.

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Sustainability Statement continued

S4-3 Processes to remediate negative impacts

and channels for consumers and end-users to

raise concerns

S4-3_01

Channels to raise concerns and general

approach and processes for providing or

contributing to remedy

Coca-Cola HBC has established dedicated

hotlines for consumer complaints, available in

each country where we operate and available

onthe labels of each of our products.

These hotlines allow consumers to provide

feedback and report issues directly. In some of

ourmarkets, CCHBC was the first company to

launch such a line. Our website contains the

contact information and consumers may

approach us via social media as well.

In case of any food safety incident with

consumers, as part of our quality and food

safety,and risk procedures we provide the

neededsupport to the consumer.

The effectiveness of our grievance mechanisms is

reviewed by the Internal Audit department, which

assesses whether mitigation has been effective

and whether grievances have been addressed.

Additionally, the effectiveness of our grievance

mechanisms and the outcomes of Food safety

audits are evaluated to ensure compliance and

continuous improvement in our processes.

S4-3_02

Consumer perspectives and engagement

indecision-making

Please see also S4.SBM-3_01-05, S4-2_01 &

S4-2_03, S4-2_02 and S4-3_01

While Coca-Cola HBC collects consumer

complaints, it is important to note that any

changes regarding products are managed by

TCCC. We facilitate thecollection of feedback,

butTCCC is responsible for addressing,

e.g.,product-related issues. Furthermore,

weactively monitor feedback through our

websiteand social media channels, ensuring

thatconsumer needs are addressed promptly.

S4-3_03

Support for feedback channels

inbusinessrelationships

Coca-Cola HBC encourages the establishment of

effective feedback channels among our suppliers

and partners. We provide guidelines to help them

develop mechanisms that allow consumers to

raise concerns.

S4-3_04

Tracking and monitoring issues raised

andensuring effectiveness of channels

At Coca-Cola HBC, we have fostered a culture

that prioritises Quality and Food Safety, while

always focusing on our consumers. We monitor

and report every consumer complaint received

through every available channel. Following this,

weperform root cause analysis and take all

necessary measures to ensure product safety,

prevent quality incidents and eliminate defects

through robust analytical governance and

strongcapabilities.

Regarding the consumer line, all signals and

feedback provided through this and via our

website are monitored. We utilise advanced

monitoring tools to track mentions and

comments in real-time and assign dedicated team

members to handle feedback ensuring timely and

professional responses. In addition, we analyse

feedback toidentify trends and common issues,

allowing forcontinuous improvement.

All consumer complaints or queries through

oursocial media are directed to the appropriate

point of contact in the specific region. Our

socialmedia accounts are monitored Monday

toFriday, and we have clearly sign posted contact

information on our website to support those who

want to get in touch. You can find the list here:

https://www.coca-colahellenic.com/en/contact-us.

Engaging with consumers and implementing

changes based on their input, demonstrates a

commitment to customer satisfaction and

fosterspositive relationships.

S4-3_05 & S4-3_06

Assessing awareness and trust in structures

orprocesses as way to raise concerns &

Protection against retaliation for feedback

External challenges of consumer sensitivity

remained on high level, increasing our still low

baseof consumer complaints from 0.14 to 0.16

per million bottles sold in 2024 compared to

2023.This increase is partially due to changes

inpackaging from sustainability initiatives, as well

asthe fluctuating natural colour range of orange

juice concentrate.

In Austria, we had an incident connected to 0.5L

PET carbonated soft drinks from one production

line. We informed authorities and initiated a

precautionary public recall, as it could not be ruled

out that some products might have been effected

by a technical incident in the production process.

When a consumer complaint is received,

weperform thorough root cause analysis, we

resolveit promptly and fairly, giving feedback

toconsumer and often providing a replacement

product. This approach ensures consumers feel

heard and trust our processes, with no retaliation

for raising concerns. Only 33% of reported

complaints were justified after investigation.

We continue to improve and modernise

ourmanufacturing processes, focusing

onproduct quality, safety and integrity,

tomaintain consumer trust.

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Sustainability Statement continued

S4-4 Taking action on impacts on consumers and end-users, and approaches to managing risks and pursuing opportunities related to consumers and end-users, and effectiveness ofthose actions

S4.MDR-A_01-05 & S4-4_01, 06, 07

A summarised description of the action plans andresources to manage our impacts related toconsumers and end-users in relation to sustainability matters we have identified, ispresented below:

S4.MDR-A_01

Key actions and future plans for policy implementation: Health & Wellness Policy, Quality & Food Safety Policy, and Responsible Marketing Policy for Alcoholic Beverages

Table 47: Key actions (existing and planned) in relation to consumers and end-users

List of actions

Time horizon

(MDR-A_03)

Expected outcome

Relation to policy objectives /

targets (where relevant)

Scope of action

(MDR-A_02)

Current Planned Activities Value chain segment

Geographical

boundaries Affected stakeholders

Continuous

evaluation/

assessment of

product- and

process-related

food safety risks

Yes Continuous Ensure food safety

and eliminate any

potential food

safety risk

Assure consumers and

customers food safety

through relevant

prerequisite programmes

(e.g., HACCP, allergen

management); Manufacture

and deliver products that

meet the highest quality

and food safety standards,

assuring product and

process integrity

62 out of 62 manufacturing

sites (both beverages and

snacks), representing 100% of

production volume, are

certified according to Food

Safety System Certification

(FSSC) 22000 scheme which is

recognised under Global Food

Safety Initiative framework

Own operations;

Upstream

(suppliers);

Downstream

(customers)

(suppliers)

Global Consumers;

customers;

suppliers; own

employees

Clear and

transparent

nutrition

information

Yes Continuous Increased

consumer trust;

help consumers

make well-

informedchoices

Coca-Cola HBC is

committed to responsible

communication about its

products and to promoting

clear, user-friendly front-of-

pack nutritional labelling,

together with nutrition

programmes and

supporting materials, to

help consumers make

well-informed choices;

Provide clear and transparent

nutrition information about

what’s inside our drinks, such as

the Guideline Daily Amount

(GDA) and traffic-light labels on

our core sparkling drinks in

22 markets; Support the

recommendation of leading

health authorities that

individuals should consume no

more than 10% of their total

daily calories from added sugar

Downstream;

Marketing and

labelling

22 markets Consumers

Consumer

feedback

mechanisms

Yes Continuous Better consumer

engagement

Collect and address

consumer feedback

Consumers provide feedback

on social media, via consumer

hotlines and indirectly via

customers

Customer Service Global Consumers;

customers

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List of actions

Time horizon

(MDR-A_03)

Expected outcome

Relation to policy objectives /

targets (where relevant)

Scope of action

(MDR-A_02)

Current Planned Activities Value chain segment

Geographical

boundaries Affected stakeholders

Evolve product

portfolio

Yes Continuous Address the

emerging

consumers; trends

Provide a broad choice

ofbeverages and help

consumers to manage

theircalories intake;

Address changing

consumer moments

Provide low and no- calorie

beverages, reformulation of our

existing beverages, expand

portfolio to more natural and

with functional benefits drinks;

Reduce sugar in our beverages,

innovate for new low- and

no-sugar drinks, offer small

packs for portion control and

promote low-and no-sugar

beverage choices

Downstream

– Product

development

Global Consumers;

communities

Provide

appropriate

portion sizes

Yes Continuous Help consumers

manage their intake

of calories;

Consumer choice

and customer

preference

Provide an appropriate

choice of portion sizes

soas to help consumers

manage their intake

ofcalories

Provide appropriate

portionsizes to manage

calorie intake

Product

development

Global Consumers

Responsible

marketing policies,

including school

beverage policy

and responsible

marketing policy

for alcoholic

beverages

Yes – Increased

consumer trust

The effective marketing of

our brands is a core driver

for our business, and we

take steps to ensure that

our marketing is not only

effective but responsible

and reasonable.

Adhere to responsible marketing

policies; We don’t do marketing

for any of our drinks directly to

children under 13, with a 30%

audience threshold, in any

channel or communication. We

alsodo not offer any soft drinks

inprimary schools

Marketing and Sales Global

Adhere to

theEuropean

SoftDrinks

Association

(UNESDA)

commitments

topromoting

balance diet

Yes Continuous Improved

consumer trust;

contribution to the

EU objectives for a

more sustainable

food system

Coca-Cola HBC is a founding

signatory of the UNESDA

Commitments, a set of

voluntary industry obligations

that address consumer

information and education,

healthy lifestyles and physical

activity, advertising, beverage

choice and research in the

European Union;

We will continue to promote

low and no calorie beverages.

Responsible advertising: not

tomarket or advertise any soft

drinks to children across all

media; Do not sell any soft drinks

in primary schools (through

direct distribution), the only soft

drinks we sell in EU secondary

schools are low- and no-calorie

(through direct distribution) and

only in non-branded (no logo)

vending machines

Downstream UNESDA

markets

Consumers,

communities

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Sustainability Statement continued

List of actions

Time horizon

(MDR-A_03)

Expected outcome

Relation to policy objectives /

targets (where relevant)

Scope of action

(MDR-A_02)

Current Planned Activities Value chain segment

Geographical

boundaries Affected stakeholders

Implement

statistical process

control on the

main quality

parameters in

manufacturing

sites

2024 Continuous Ensure product

quality and food

safety; proactive

prevention of any

deviation from

quality parameters

Manufacture and deliver

products that meet the

highest quality and food

safety standards, assuring

product and process

integrity.

Investing in technologies that

monitor, record and analyse

specific manufacturing

parameters that are important

for product quality; training of

the employees in the plants to

use this statistical control

Own operations –

Manufacturing

All countries

where we

operate

Own employees,

customers,

consumers

Capability

building;

implement

training

programmes

across different

layers and

functions in the

organisation

2024 Continuous Make sure every

person in the

organisation

understand and

follow high quality

standards so to

assure product

quality and safety

and thus consumer

preference

Ensure a sustainable quality

and food safety culture;

Build a quality and food

safety capability, mindset

and culture

Develop and perform different

quality training across

organisations based on the

specific roles: advanced

microbiological training,

SupplyChain Academy with

many modules on quality/food

safety, internal x-boarder

auditors for FSSC training

Own operations All countries of

operation

Own employees

Conduct

internalaudits

Yes Continuous Ensure continuous

improvement and

compliance with all

requirements and

our internal quality

standards

Validate the effectiveness

of the quality and food

safety management

systems

Perform validation and

continuously improve the

effectiveness of the quality and

food safety management

systems through internal audit

processes: (x-boarder with

internal experts; Global Audit

Organisation by TCCC audits;

Corporate Audit Organisation

(CAD) department audits,

Engineering audits for

equipment and facilities for

internal standards’ compliance).

Own operations All countries of

operation

Own employees,

consumers

Apply risk

assessment

methodology

across our plants

and suppliers

Yes Continuous Manage effectively

food safety risks

Apply a risk assessment

methodology

Conduct risk assessments

andimplement risk

mitigationstrategies

Manufacturing;

suppliers

Global Consumers,

Employees,

Suppliers

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Sustainability Statement continued

List of actions

Time horizon

(MDR-A_03)

Expected outcome

Relation to policy objectives /

targets (where relevant)

Scope of action

(MDR-A_02)

Current Planned Activities Value chain segment

Geographical

boundaries Affected stakeholders

Review quality

andfood

safetypolicies

Yes – Ensure continuous

improvement and

compliance with

allrequirements

Continually review quality

and food safety policies,

standards and procedures

and implement

improvements

Monitor the external trends

andCCHBC performance

andregularly review and

updatepolicies, standards,

andprocedures

Own operation,

Upstream

(suppliers),

Downstream

Global Consumers,

Employees,

Suppliers

Integrate quality

and food safety in

business planning

Yes – Ensure continuous

improvement and

compliance with all

requirements

Include quality and

foodsafety strategies

intheannual business

planning process

Integrate quality and food

safety strategies into business

planning to ensure that food

safety and quality remains an

integral part of operations.

Own operations Global Consumers,

Employees

Set annual quality

and food safety

objectives

Yes – Ensure continuous

improvement and

compliance with all

requirements

Set annual measurable

quality and food safety

objectives and targets,

monitor their progress and

perform corrective actions

in case of deviation

Establish and monitor quality

and food safety objectives

Own operations All countries of

operation

Consumers,

Employees

Perform annual

quality and food

safety awareness

campaigns for

employees

Yes Continuous Increase employees

understanding,

knowledge and

awareness and thus

improve quality

Build a quality and food

safetycapability, mindset and

culture through structured

programmes that develop

employees’ competencies

and technical skills, increase

awareness, manage risk

anddrive increasing levels

ofexcellence across

theorganisation

Regularly perform quality

andfood safety awareness

campaign focusing on different

topics and by using different

communication channels

Own operations All countries

ofoperation

Employees

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Sustainability Statement continued

S4.MDR-A_02

Disclosure requirements for policy

implementation and key actions

Please see

S4.MDR-P_01-04, 06 & S4-1_01.

S4.MDR-A_03

Time horizons for key actions

Majority of the actions are ongoing and continuous

in order to improve our performance every year and

reach our rolling targets.

Please see E5.MDR-T_12

S4.MDR-A_04 & S4-4_02

Key actions and results for

supportingremedies

In the event of any complaints, each one is treated

with the utmost seriousness. While we currently

donot have any significant complaints, we are

fullyprepared to handle them effectively should

they arise.

Each complaint is investigated thoroughly, and we

implement necessary actions to resolve the issue.

Ifneeded, we provide remedies such as replacement

products to ensure consumer satisfaction.

We continuously review our complaint

managementprocesses to improve their

effectiveness and ensure they meet our quality

standards. Our focus on consumer feedback

demonstrates our commitment to addressing

concerns and supporting those affected by

anyissues.

Quantitative and qualitative information

regarding the progress of actions or action

plans disclosed in prior periods

Regarding our ultimate goal to assure high-quality

products and continuously improve our quality

results, we monitor our progress using KPIs, such

asthe number of consumer complaints per million

bottles sold.

Table 48: Number of consumer complaints

KPI 2023 2024 status 2025 target

Number

consumer

complaints

permillion

bottlessold 0.14 0.16 0.13

S4.MDR-A_06,07

As part of our ongoing commitment to

sustainability and consumer satisfaction, we

continuously invest in enhancing the quality and

safety of our products. Although there are no

significant Opex and/or Capex to disclose, we focus

on allocating resources to ensure our products

meet the highest standards. This includes efforts

inquality control systems and customer service.

Our efforts are supported by our Group’s treasury

strategy, which ensures the availability of financial

resources to support these initiatives. By leveraging

a diversified range of financing mechanisms, we

canaddress both current and future priorities

effectively, ensuring that our products continue

tomeet the evolving needs and expectations of

ourconsumers.

S4-4_01

Please see

S4.MDR-A_01-05 & S4-4_01, 06, 07

S4-4_02

Please see

S4.MDR-A_04

S4-4_03

Additional actions with the primary purpose

ofdelivering positive impacts for consumers

and/or end-users

No additional actions.

S4-4_04

To track and assess the effectiveness of our

actionsand initiatives in delivering intended

outcomes for consumers and/or end-users,

weemploy several methods:

• We monitor the results, findings and actions

from all different audits on quality and food

safety performed in our manufacturing sites

and distribution centres: by an independent

auditor (ISO 9001, FSSC 22001); by TCCC

Global Audit; by the internal x-boarder.

• We monitor the results from school sales

reports provided by our commercial function

per country on a quarterly basis. On top, once

every year, all business units provide written

statements of compliance through the

business unit General Manager.

• We monitor our ESG score at the top 10 ESG

raters such as S&P Global (DJSI), CDP, MSCI

ESG, ISS etc. and our 2024 score is leading

among the beverage industry peers.

• We also have specific reputational metrics

where we survey how different E, S and G topics

are perceived by our consumers and we use

customer satisfaction survey where questions

on our sustainability approach are also asked.

S4-4_05

Processes to identify needed actions

inresponse to negative impacts

We identify the actions based on the risk analysis

on quality and food safety (HACCP), based on the

findings from all audits performed.

S4-4_06

Please see

S4.MDR-A_01-05 & S4-4_01, 06, 07.

S4-4_07

Please see

S4.MDR-A_01-05 & S4-4_01, 06, 07.

S4-4_10

Our approach when tensions arise between

theprevention or mitigation of negative

impacts and other business pressures

As a beverage producer, consumers’ safety

andproviding high-quality products is our main

priority. We take all measures across the entire

value chain, starting from requirements for

suppliers, through requirements and standards

inmanufacturing, storage, transportation,

distribution, to the end-point of selling. If any

tensions arise between preventing negative

impacts and other business pressures, we

prioritise consumer safety and product integrity.

We maintain rigorous quality and food safety

standards and procedures and follow our strict

responsible marketing practices.

S4-4_11

Severe human rights issues and incidents

connected to its consumers and/or end-users

No human rights incidents are reported in 2024

related to consumers and end-users.

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Sustainability Statement continued

S4-4_12

Resources allocated to the management of our

impacts with information that enables users to

gain an understanding of how these impacts

were managed

In every manufacturing site and in every business

unit, we have a dedicated Quality and Food Safety

Manager, who is part of the Supply Chain function,

in QSE department. At Group level, the Head of

Quality reports to the Head of QSE. Each Business

Plan allocates Capex and Opex for quality and food

safety in each business unit.

Responsible marketing is managed by our

Commercial team, with support from the

Corporate Affairs and Sustainability function

through the Market Regulation Manager. This

structure ensures that we have the necessary

resources and expertise to effectively manage

ourimpacts on quality, food safety and

responsible marketing.

Metrics and targets

S4-5 Targets related to managing negative

impacts, advancing positive impacts, and

managing risks and opportunities

S4.MDR-T_ 01-13

A summarised description of the targets

tomanage our impacts related to consumers and

end-users is presented below.

S4.MDR-T_ 01- 0 8

As part of our Mission 2025 goals, we have a target

related to calories decrease.

We have also set annual rolling targets related to

consumers and end-users. Those rolling targets

are set at Group level and at local business unit

level, and the actuals are reported and monitored

via a specialised reporting software.

Table 49: List of targets

Name of the

target

Description of

the relationship

between target

and policy

Target Baseline data Application period Scope of target

Level

Absolute/

Relative 2024 value Baseline value Baseline year Time – period

Milestones/

Interim targets Activities

Value chain

segment

Geographical

boundaries

MD R-T_ 01 MD R-T_ 02 MDR-T_ 03 M DR-T_ 03 M DR-T_ 05 M D R-T_ 06 M D R-T_ 07 M D R-T_ 0 8 MDR-T_ 0 4

Reduce

calories in

sparkling

soft drinks

Health &

Wellness

Policy

25%

reduction

Relative 18%

reduction

0% 2015 2025 n/a n/a Downstream All Group

S4.MDR-T_ 0 9

Methodologies and assumptions for

definingtargets

Please see

S1. M D R-T_ 09.

No assumptions are used for targets related to

the consumers and end-users.

S4.MDR-T_11

Stakeholders who are involved in target setting

We are gathering insights from consumer groups,

from investors through regular calls, analysing

emerging trends from ESG benchmarks, and

incorporating feedback and proposed actions

from our Annual Stakeholder Forums and

materiality surveys. Additionally, we consider input

from local business unit engagements to ensure a

comprehensive understanding of stakeholder

perspectives.

S4.MDR-T_12

Contextual information

Please see

S1. M D R-T_12.

S4.MDR-T_13

Performance against disclosed targets

To reach our commitment, we focus on growing

zero formulations such as Coca-Cola Zero Sugar

Zero Caffeine and new flavour creations within the

Fanta and Schweppes brands.

How targets are monitored and reviewed

Please see

S1. M D R-T_13

S4-5_01-03

S4-5_01

Target-setting process and engagement

withconsumers and end-users

In setting our targets for access to products and

services, consumers’ safety, responsible marketing

practices, and access to quality information, we

engage with consumers and end-users through

their legitimate representatives. This engagement

ensures that our targets are aligned with the

actual needs and expectations of the consumers

and end-users. We also consider best practices

inthe industry and globally via our membership

inindustry associations.

S4-5_02

Tracking CCHBC’s performance

We prioritise effective performance tracking to

enhance our engagement with consumers and

end-users. Our approach involves setting clear

key performance indicators (KPIs) and regularly

assessing our progress (e.g., consumer complaints).

We gather insights from various teams within our

organization and actively seek consumer feedback.

This information helps us refine our strategies and

communicate our nutrition and product quality

initiatives effectively through channels like

surveys and social media.

S4-5_03

Lessons learned or improvements

asaresultofCCHBC’s performance

In identifying lessons or improvements as a result

of our performance, we engage indirectly with

consumers and end-users through their legitimate

representatives and credible proxies who have insight

into their situation. For example, each significant

consumer complaint or incident is followed by

a‘Lessons learned’ session with the respective

stakeholders. These sessions involve discussions with

consumers and their representatives to review the

incident, understand the root causes, and identify

actionable improvements. This collaborative

approach ensures that the insights and feedback

fromthose directly affected are incorporated into our

performance tracking and target-setting processes,

leading to continuous improvement in our practices.

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Task Force on Climate-related Financial Disclosures (TCFD)

Climate change is having and will continue to have

asignificant impact on our business. As with all risks,

in order for our business to be truly resilient, we need

toidentify the potential changes, the potential impact

they may have on our business and ensure the business

is prepared via mitigation or adaptation over the

longerterm.

Our primary disclosures relating to climate change can be found in

ourSustainability Statement on pages 41 to 172 and the Principal and

emerging risk section on pages 188 to 189. These sections along with

additional information on our website, include disclosures consistent with

the guidelines provided by the TCFD, however for convenience, we provide

the following to guide the reader on where those disclosures can be found:

Disclosure Reference Consistency status

1. Governance: Disclose the Company’s governance around climate-related risks and opportunities

a) Describe the Board’s oversight of climate-related risks and opportunities The role of the Board, Audit & Risk Committee and the Social Responsibility Committee are described on pages 45 to

46 of the Sustainability Statement, and on pages 178 to 180 of the business resilience section.

Fully consistent

b) Describe management’s role in identifying, assessing and managing

climate-related risks and opportunities

Management’s role in identifying, assessing and managing all risks and opportunities, including climate-related risks and

opportunities can be found on page 178 to 180 of the business resilience section with more detail found on our website.

Fully consistent

2. Strategy: Disclose the actual and potential impacts of climate-related risks and opportunities on the Company’s business, strategy and

financial planning where material

a) Describe the climate-related risks and opportunities that the organisation

has identified over the short, medium and long term

Climate-related risks and opportunities and relevant time horizons have been described on pages 186 to 187 of the

principal risks and opportunities section with further details available on our website.

Fully consistent

b) Describe management’s role in identifying, assessing and managing

climate-related risks and opportunities

Management’s role in identifying, assessing and managing all risks and opportunities, including climate-related risks and

opportunities can be found on pages 186 to 187 of the principal risks and opportunities section with more detail found

on our website.

Fully consistent

c) Describe the resilience of the organisation’s strategy considering different

climate-related scenarios, including a 2-degree or lower scenario

Pages 186 to 187 of the principal risks and opportunities section and pages 55 to 56 of the Sustainability Statement

describe our assessment ofclimate-related risks and opportunities and how we are managing those risks to ensure the

Company can continue to meet its strategy and objectives. More detail can also be found in the Principal and Emerging

Risk Section of our website.

Fully consistent

3. Risk Management: Disclose how the Company identifies, assesses and manages climate-related risks and opportunities.

a) Describe the Company’s process for identifying and assessing climate-

related risks and opportunities

The Company’s process for identifying and assessing all risks and opportunities including those related to climate

change can be found in the principal risks and opportunities section of the integrated annual report and our website.

Fully consistent

b) Describe the Company’s process for managing climate-related risks

andopportunities

The Company’s process for managing all risks and opportunities including those related to climate change can be

found in the principal risks and opportunities section of the integrated annual report and the principal and emerging

risk section ofourwebsite.

Fully consistent

c) Describe how these processes are integrated into the overall risk

management programme

The Company’s process for identifying, assessing and managing climate-related risks and opportunities are fully integrated

into our risks management programme and details can be found in the business resilience section of ourwebsite.

Fully consistent

4. Metrics and targets: Disclose the metrics and targets used to assess and manage climate-related risks and opportunities

a) Disclose the metrics used by the organisation to assess climate-related risks

and opportunities in line with its strategy and risk management process

Pages 186 to 187 of the principal risks and opportunities section, and pages 59 to 65 of the Sustainability Statement

disclose the metrics we use to assess climate-related risks and opportunities. Further details can also be found on

the Principal and emerging risk section our website.

Fully consistent

b) Disclose Scope 1, Scope 2 and, if appropriate Scope 3 greenhouse gas

emissions, and the related risks

Page 187 of the principal risks and opportunities section and pages 84 to 93 of the Sustainability Statement disclose

our Scope 1, 2 and 3 emissions and related risks.

Fully consistent

c) Describe the targets used by the organisation to manage climate-related

risks and opportunities and performance against targets

Page 187 of the principal risks and opportunities section relating to the Principal Risk: Managing our carbon footprint, and

pages 90 to 92 of the Sustainability Statement describe the targets used to measure performance again our targets.

Fully consistent

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Non-Financial Reporting under Swiss statutory law

This report is prepared in compliance

with the Swiss Code of Obligations

(CO) and comprises the report on non-

financial matters in accordance with

Art. 964a et seqq. CO as well as the due

diligence and transparency requirements

according to Art. 964j-I CO in relations

to the minerals and metals from conflict-

affected areas and child labour.

Report on non-financial matters as

perArt.964a et seqq. CO

The report on non-financial matters must, according to

Swiss law contain information on the following topics:

environment matters, in particular the CO

goals, social

issues, employee-related issues, respect for human

rights and combating corruption.

The sustainability aspects of this Integrated Annual

Report (IAR) comply with the requirements of the

Corporate Social Responsibility Directive (CSRD),

which mandates reporting in line with the European

Sustainability Reporting Standards (ESRS).

This IAR has been prepared inaccordance with the GRI

Standards (2021).

The following sections give information on the topics as

required under Art. 964b CO. The vote on the non-financial

report under Swiss statutory law at theannualgeneral

meeting is limited to the content ofthese sections:

General information required to

understand our business

• Section ‘Business overview’ on pages 2 to 3 of the

2024IAR

Description of the business model

• Section ‘Our business model’ on pages 6 to 7

and‘Stakeholder engagement’ on pages 10 to 11

ofthe 2024 IAR

Environmental matters (incl. CO

goals)

• Environmental policies on our website

• Biodiversity statement

• Climate change policy

• Environmental policy

• Food loss and waste policy

• Packaging and waste management policy

• Principles for sustainable agriculture

• Water stewardship policy

• Section ‘Earn our licence to operate’ on pages 24 to 29,

section ‘Non-financial reporting’ on page 174 of the

2024 IAR

• Section ‘Task Force on Climate-related Financial

Disclosures (TCFD) on page 173 of the 2024 IAR

• Environmental table of the 2024 GRI Content Index

(pages 51 to 55); sections 201-2 Financial implications

and other risks and opportunities due to climate

change, 301-3 Reclaimed products and their packaging

materials, all sections GRI 302 Energy, GRI 303 Water

and Effluents, GRI 304 Biodiversity, GRI 305 Emissions,

GRI 306 Waste, and GRI 308 Supplier environmental

assessment of the 2024 GRI Content Index

• Section ‘Principal risks and opportunities’ on

pages186 to 188

• Sections in Sustainability Statement of the 2024

IAR related to ESRS E1 Climate change, E2 Pollution,

E3 Water and marine resources, E4 Biodiversity

and ecosystems, and E5 Resource use and circular

economy pages 81 to 129

• With our reporting on climate matters in section

‘Task Force on Climate-related Financial Disclosures

(TCFD)’ on page 173 of the 2024 IAR and ‘ESRS E1 –

Climate change’ section on page 83 of the 2024 IAR,

we comply with the climate reporting obligations in

accordance with Art. 964b para. 1 CO with regard to

climate issues

Social issues

• Social policies on our website

• Community contributions policy (Donation policy)

• Health and wellness policy

• Occupational health and safety policy

• Responsible marketing policy for alcoholic beverages

• Quality and food safety policy

• HIV and aids policy

• Supplier guiding principles

• Principles for sustainable agriculture

• Section ‘Earn our licence to operate’ on pages 24

to29, section ‘Non-financial reporting’ on page 174,

section ‘Cultivate the potential of our people’ on

pages 20 to 23 of the 2024 IAR

• Social table of the 2024 GRI Content Index (pages 56

to 57); all sections GRI 413 Local communities, GRI

414 Supplier social assessment, GRI 416 Customer

health and safety, GRI 417 Marketing and labelling, GRI

418 Customer privacy of the 2024 GRI Content Index

• ‘Section ‘Principal risks and opportunities’ on pages 181

to 189 of the 2024 IAR

• Sections in Sustainability Statement of the 2024 IAR

related to ESRS S1 Own workforce, S2 Employees

in the value chain, S3 Affected communities, and S4

Consumers and end-Users, pages 130 to 172

Employee-related issues

• Policies on our website

• Occupational health and safety policy

• Inclusion and diversity policy

• Whistleblowing policy

• Quality and food safety policy

• Section ‘Non-financial reporting’ on page 174 of the

2024 IAR

• Section ‘Cultivate the potential of our people’ on

pages 20 to 23 of the 2024 IAR

• Social table of the 2024 GRI Content Index (pages 56 to

57); sections 2-7 Employees, 2-19 Remuneration policies,

2-21 Annual total Compensation ratio, 2-30 Collective

bargaining agreements, all sections GRI 401 Employment,

GRI 402 Labour/Management relations, GRI 403

Occupational health and safety, GRI404 Training and

education, GRI 405 Divers4ty and equal opportunity, GRI

406 Non-discrimination, GRI 407 Freedom of association

and collective bargaining of the 2023 GRI Content Index

• Section ‘Principal risks and opportunities’ on pages

181 to 189 of the 2024 IAR

• Sections in Sustainability Statement of the 2024 IAR

related to S1 Own workforce, pages 130 to 145

Respect for human rights

• Human rights policies on our website

• Human rights policy

• Human rights policy managers guide

• Slavery and human trafficking statement

• Inclusion and diversity policy

• Whistleblowing policy

• Section ‘Non-financial reporting’ on page 174 of the

2024 IAR

• Social table of the 2024 GRI Content Index (pages 56);

sections 2-26 Mechanisms for seeking advice and

raising concerns, all sections GRI 408 Child Labor, GRI

409 Forced or compulsory labour, GRI 414 Supplier

social assessment of the 2024 GRI Content Index

• Section ‘Principal risks and opportunities’ on pages

181 to 189 of the 2024 IAR

• Sections in Sustainability Statement of the 2024 IAR

related to ESRS S1 Own workforce, S2 Employees in the

value chain, S3 Affected communities, pages 130 to 160

Combating corruption

• Policy on our website

• Antibribery policy

• Code of business conduct

• Supplier guiding principles

• Community contributions policy

• Whistleblowing policy

• Section ‘Non-financial reporting’ on page 174 of the

2024 IAR

• Sections 2-27 Compliance with Laws and Regulations,

3-3 Management of material topics (Anti-corruption) on

page 18, 205-1 Operations assessed for risks related to

corruption, 205-2 Communication and training about

anticorruption policies and procedures, 205-3 Confirmed

incidents of corruption and actions taken, 206-1 Legal

actions for anti-competitive behaviour, anti-trust, and

monopoly practices of the 2024 GRI Content Index

Main performance indicators

• Section ‘Mission 2025’ on page 33, ‘Earn our licence to

operate’ on pages 24 to 29, ‘Cultivate the potential of

our people’ on pages 20 to 23 of the 2024 IAR

• Section ‘Tracking our progress’ on pages 30 to 34,

‘Business conduct, anti-bribery and anti-money

laundering’ and ‘Whistleblowing’ on page 221 of the

2024 IAR

• Tables in Sustainability Statement of the 2024 IAR,

pages 93, 94, 114, 127, 128, 142 to 145

References to national, European or

international regulations

• Section ‘About our report’ on page 361, SASB Index on

pages 175 to 177 of the 2024 IAR

• Sustainability Statement of the 2024 IAR on pages

44to 172

Reporting on compliance with

duediligence and transparency

requirements in relation to conflict

minerals and child labour

We have determined that we are out of scope from

the duediligence and reporting obligations in relation

tominerals and metals from conflict-affected areas as

wedo not place in free circulation or process any minerals

or metals as defined in Art. 964j CO.

Concerning the due diligence and reporting obligations

inrelation to child labour under Swiss law (Art. 964j et seqq.

CO), we comply and adhere with the ILO Conventions Nos

138 and 182 as well as the ILO-IOE Child Labour Guidance

Tool for Business of 15 December 2015 as well as the UN

Guiding Principles on Business and Human Rights, as noted

in our Human Rights Policy available on our website and

therefore we conclude, that we are exempt from reporting

in accordance with the Swiss law regulations in respect

ofchild labour according to Art. 964j CO.

Anastassis G. David

Chair of the Board

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SASB index

The majority of the information required by the Sustainability Accounting Standards Board (SASB) framework is included in the 2024 IAR and the 2024 GRI Content Index. Part of the information refers to our

public website https://www.coca-colahellenic.com/

All the numbers refer to total CCHBC markets including Egypt unless otherwise stated. Currently, we do not track all metrics included in the Non-Alcoholic Beverages Standards and will work towards including

more data in the future.

Table 1. Sustainability disclosure topics and accounting metrics

Topic Accounting metric Category Unit of measure Code Response

Fleet fuel

management

Fleet fuel consumed

Quantitative

Gigajoules (GJ)

FB-NB-110a.1

1,250,797

Percentage renewable Percentage (%) 0%

Energy management

Operational energy consumed

Quantitative

Gigajoules (GJ)

FB-NB-130a.1

7,958,638

Percentage grid electricity Percentage (%) 30%

Percentage renewable Percentage (%) 28%

Water management

Total water withdrawn

Quantitative

Thousand cubic

metres (m³)

FB-NB-140a.1

30,895

Total water consumed

Thousand cubic

metres (m³)

18,240

and percentage of each in regions with High or

Extremely High Baseline Water Stress

Percentage (%)

35% water withdrawal in regions with High and Extremely High

Baseline Water Stress, 35% water consumed in regions with High

and Extremely High Baseline Water Stress.

26% water withdrawal in regions with High and Extremely High

Baseline Water Stress (without Egypt), 26% water consumed

inregions with High and Extremely High Baseline Water Stress

(without Egypt).

Description of water management risks and

discussion of strategies and practices to mitigate

those risks

Discussion

and analysis

n/a FB-NB-140a.2

2024 IAR, Water section, Business resilience, and TCFD sections.

2024 GRI Content Index (GRI 303: Water and Effluents).

Our water management practices don’t result in tradeoffs

inlanduse, energy production, and greenhouse gas

(GHG)emissions.

CCHBC website – Water stewardship (https://www.coca-

colahellenic.com/en/a-more-sustainable-future/mission-2025/

water-reduction-and-stewardship)

Health and nutrition

Revenue from: zero- and low-calorie beverages

Quantitative

EUR

FB-NB-260a.1

€1,686 million only from SSD portfolio, 23% oftotalSSDrevenue

No added sugar beverages EUR

Not reported; we report towards our Mission 2025 commitment

forcalorie reduction per 100ml SSD by 25% (2025 vs 2015): in 2024

wereduced the calories in our SSD by 18% vs 2015.

Artificially sweetened beverages EUR

CCHBC website – Sustainability section – Nutrition (https://www.

coca-colahellenic.com/en/a-more-sustainable-future/

mission-2025/nutrition)

Not reported

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SASB index continued

Table 1. Sustainability disclosure topics and accounting metrics continued

Topic Accounting metric Category Unit of measure Code Response

Product labelling

andmarketing

Percentage of advertising impressions (1) made on

children and (2) made on children promoting

products that meet dietary guidelines

Quantitative Percentage (%) FB-NB-270a.1

Not reported. As a member of both the Coca-Cola System and

UNESDA, we abide by the respective responsible marketing

guidelines. In addition, we have a responsible marketing policy for

alcoholic beverages, while our strategic approach towards

marketing to children is covered by our health and wellness policy.

• https://www.unesda.eu/advertising-marketing-practices/

• Health and Wellness Policy (https://www.coca-colahellenic.com/

en/about-us/corporate-governance/policies/health-wellness-

policy)

• Responsible Marketing Policy for Alcoholic Beverages (https://

www.coca-colahellenic.com/en/about-us/corporate-

governance/policies/responsible-marketing-policy-for-

alcoholic-beverages)

Revenue from products labelled as (1) containing

genetically modified organisms (GMOs) and

(2)non-GMO

Quantitative

Reporting

currency

FB-NB-270a.2

(1) None – we don’t produce/sell GMO products.

(2) Non-GMO: €10,754.4 million (100% of the portfolio).

CCHBC website – GMO Policy (https://www.coca-colahellenic.

com/en/about-us/corporate-governance/policies/genetically-

modified-organism-position-statement)

Number of incidents of non-compliance with industry

or regulatory labelling and/or marketing codes

Quantitative Number FB-NB-270a.3

One minor incident of non-compliance with regulatory labelling and

zero incidents with industry marketing codes in 2024.

Refer to the 2024 GRI Content Index (417-2 and 417-3).

Total amount of monetary losses as a result of legal

proceedings associated with marketing and/or

labelling practices

Quantitative

Reporting

currency

FB-NB-270a.4

Total amount of monetary losses: €0 in 2024.

Refer to the 2024 GRI Content Index (417-2 and 417-3).

Packaging lifecycle

management

Total weight of packaging Metric tonnes (t) 854,675

(2) Percentage made from recycled and/or

renewablematerials

Quantitative Percentage (%)

FB-NB-410a.1

23.8% rPET (placed on the market); 35.8% glass; 51.7% aluminium

(3) Percentage that is recyclable, reusable,

and/or compostable

Percentage (%)

100% of primary packaging (recyclable by design)

Discussion of strategies to reduce the environmental

impact of packaging throughout its lifecycle

Discussion

and analysis

n/a FB-NB-410a.2

CCHBC website – Sustainability section – World without waste

(https://www.coca-colahellenic.com/

en/a-more-sustainable-future/mission-2025/world-without-

waste)

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Topic Accounting metric Category Unit of measure Code Response

Environmental and

social impacts of

ingredient

supplychain

Suppliers’ social and environmental responsibility

audit: non-conformance rate and associated

corrective action rate for (a) major and (b) minor

non-conformances

Quantitative Rate FB-NB-430a.1

2024 GRI Content Index (2-6, 308-1, 308-2, 407-1, 408-1, 409-1, 414-1,

414-2).

CCHBC website – Sustainable sourcing and Our suppliers sections

(https://www.coca-colahellenic.com/en/about-us/what-we-do/

supply-chain)

CCHBC website – Sustainability section – Sourcing

(https://www.coca-colahellenic.com/

en/a-more-sustainable-future/mission-2025/sourcing)

CCHBC website – Supplier Guiding Principles (https://www.

coca-colahellenic.com/en/about-us/corporate-governance/

policies/supplier-guiding-principles)

Ingredient sourcing

Percentage of beverage ingredients sourced from

regions with High or Extremely High Baseline

WaterStress

Quantitative

Percentage (%)

bycost

FB-NB-440a.1

https://www.coca-colahellenic.com/content/dam/cch/us/

documents/about-us/what-we-do/supply-chain/sustainability-

monitoring-program.pdf.downloadasset.pdf

List of priority beverage ingredients and

descriptionofsourcing risks due to environmental

andsocial considerations

Discussion

andAnalysis

n/a FB-NB-440a.2

CCHBC website – Sustainability section – Sourcing

(https://www.coca-colahellenic.com/

en/a-more-sustainable-future/mission-2025/sourcing)

2024 GRI Content Index (2-6, 308-1, 308-2, 407-1, 408-1, 409-1,

414-1, 414-2).

CCHBC website – Sustainable sourcing and Our suppliers sections

(https://www.coca-colahellenic.com/en/about-us/what-we-do/

supply-chain)

Table 2. Activity Metrics

Topic Accounting metric Category Unit of measure Code Response

Volume of

productssold Quantitative

Millions of

hectolitres (Mhl) FB-NB-000.A 16,710

Number of

production facilities Quantitative Number FB-NB-000.B 60 production facilities for non-alcoholic beverages

Total fleet road

miles travelled Quantitative Kilometres FB-NB-000.C 409,504,573

SASB index continued

Table 1. Sustainability disclosure topics and accounting metrics continued

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Our Business Resilience Framework

All functions and

business units

Identiﬁcation & assessment of

current & emerging risks

&opportunities

Eﬀective management

programs to reduce risk/

leverage opportunities

Eﬀective response

to incidents

• Executive

Leadership Team

• Board and

Committees

Internal &

External Auditors

Inc. Business Continuity &

Crisis Management

Inc. Security & Insurance

Business Resilience

Proactive management of risks and opportunities

In a volatile operating environment,

every business is presented with a similar

set of challenges whether it be economic

upheavals, pandemics, geopolitical crises

or regulatory changes. What sets those

companies that struggle apart from

those companies that not only survive

but thrive is the ability to identify

challenges and develop plans to

managethrough them; or if they can’t

beprevented or predicted, the agility and

responsiveness to reduce the impact and

even take advantage of the opportunity

inherent in change. This is what we call

Business Resilience.

After endorsement by the Audit and Risk Committee

and the Board, we conducted workshops with the

senior leadership teams ofevery business unit (BU)

in 2024 to get feedback and toprepare them for full

implementation in 2025. We also conducted a series

of pilots to refine ourapproach, including more

robust business interruption risk assessments

whichintegrated thework we are doing to better

understand thepotential impact of climate risk,

enhanced engagement with, and input from,

supply chain, risk engineering and IT; and

revalidation of propertydamage and business

interruption insurance coverage.

Our integrated and holistic approach to business

resilience has been particularly important in

recent years of geopolitical, economic and

environmental change. In 2024, we continued

toexperience volatility in the global geopolitical

and macroeconomic environment and, ultimately,

this did have an impact on our business. However,

maintaining our resilience mindset enabled the

business to adapt and respond to those

uncertainties and achieve good results.

Our Business Resilience programme

• Our Business Resilience (BR) programme

embeds the capabilities, processes and mindset

to enable the business to anticipate and

respond to change, support sustainable growth

and ensure we continue to meet our short-,

medium- and long-term objectives.

• The foundation of our BR programme is the

robust identification and assessment of current

and emerging risks and opportunities, and the

development of effective management plans

to proactively manage those risks and leverage

opportunities. We have a structured process, built

on the principles of the International Standard

for Risk Management which engages managers

from all functions, ensuring we have broad

perspectives, and we leverage the knowledge

andexperience of subject matter experts.

• Our BR programme also integrates key

management programmes – security, business

continuity, insurance and crisis management

toensure key functions are aligned

Our Business Resilience Framework

In 2024, we developed our Business Resilience (BR)

Framework, which replaces our Enterprise Risk

Management Framework. The BR Framework

maintains all key aspects of effective risk

management but also incorporates other

BRelements – security, business continuity,

insurance and crisis management.

The BR Framework provides more structure and

simplifies our processes to enable us to focus on

core BR principles:

• Proactivity – a more structured approach

to emerging risks and opportunities enables

us to be more forward-looking and put more

emphasis on leveraging opportunities

• Cross-functional – we operate under the

principle that no risk exists in isolation nor can

it be managed in a functional silo. Every aspect

of our BR programme requires strong cross-

functional engagement

• Capability and mindset – we have placed strong

emphasis on building capabilities – and encouraging

the right mindset, to ensure the programme is

embedded in core management practice

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Business Resilience continued

Proactive management of risks and opportunities continued

We are embedding the key principles of BR

throughout CCHBC, providing managers with

theprocesses and tools they need to proactively

identify and assess risks, take advantage of

opportunities, make well-thought-out decisions

and take appropriate and timely action.

We measure the extent to which BR principles

andprocesses are embedded in our business

through key performance indicators, including the

outcomes of our annual resilience maturity survey

involving over 350 senior managers across all areas,

designed to measure our risk and resilience culture.

At least every two years, every business unit goes

through a BR validation. Led by the Group BR team

and supported by senior managers from Group

Corporate Affairs and Sustainability; Group

Quality, Safety and Environment as well as other

Group functions depending on the key risks

assessed in the BU; validations are structured

onsite reviews of the risk management, security,

business continuity and crisis management

programmes, and include training and simulation

exercises. BU teams receive detailed feedback

along with a report highlighting elements

implemented well and areas for improvement.

Outside these reviews, the Group BR team

participates in BU senior leadership team risk

reviews, as well as maintaining regular contact

with key senior managers to support effective

implementation and training to build BR capability.

Our approach to risk

As the foundation of our BR programme, we

continue to improve our robust risk management

process. We capture all current and emerging risks

within the process including our sustainability-

related risks. We have a top-down, bottom-up

approach, facilitated by the Group BR team, but

driven also by risk owners at all levels.

Noted below is the role of the Board in setting our

risk appetite which provides top-down guidance to

Group functions and BUs on the type and level of

risk the Company is prepared to accept in

achieving our objectives. The Board, Audit and

Risk Committee and the Executive Leadership

Team (ELT) play an active role in reviewing the

outcomes of the risk management process which

starts with business units and Group functions.

We follow a 3 lines model in risk management.

1. The first line centres on Business Units where

functional managers acting as risk owners, in

aprocess facilitated by the Business Unit Risk

Coordinator, ensure risks are identified, assessed

and effectively managed. Risk assessments and

progress on managing current and emerging

risks and opportunities are formally discussed at

monthly BU senior leadership team risk reviews.

The Risk Coordinators ensure the outcomes

ofthose reviews are reflected in regular updates

tothe BU risk register. Likewise, Group functions

heads, acting as risk owners, are responsible for

identifying, assessing and managing risks and

opportunities across the Group relating to

theirfunction.

2. The second line focuses on the facilitation and

assurance role of the Group BR team. The team

develops and updates the Risk Management

Guidelines, which set out the process for how

risks are identified, assessed and managed. The

Group BR team reviews all BU risk registers and

facilitates the monitoring and calibration of BU

assessments through engagement with Group

functions who act as subject matter experts on

how risks are being managed consistently across

the Group. The Group BR team also facilitates

Regional and Group reviews and the assessment

of principal and emerging risks and opportunities

which are reported to and discussed with the

Group Risk and Compliance Committee (GRCC),

ELT, Audit and Risk Committee, and the Board.

3. The third line focuses on the activities of the

internal and external auditors. The internal audit

team is responsible for auditing the Business

Resilience programme, including the risk

management programme annually. It has full

visibility of Principal and Emerging Risk register as

well as the BU risk registers and conducts its

audit of the process at Group and BU level. The

external auditors participate in the Group Risk

and Compliance Committee meetings quarterly

when the outcomes of the BU and Group level

risk assessments are reviewed.

How we govern risk and resilience

• The Board retains overall accountability and

responsibility for the Group’s business resilience,

risk management and internal controlsystems.

• The Board provides direction to the business

on the level of acceptable risk through the

Risk Appetite Statement and receives regular

reports from the Chief Risk Officer (CRO) on

the extent to which that statement is applied

throughout the business. In 2024, the Board

reviewed the RiskAppetite Statement and

that was applied through the setting of risk

tolerance levels for every risk that business

units and Group functions assessed.

• The Board reviews the principal and emerging

risks and opportunities and key resilience

management plans, including our Group and

local insurance programmes annually and,

through the work of the Audit and Risk

Committee, receives quarterly updates on the

effectiveness of the business resilience and

risk management programmes.

• In 2024, our CRO conducted a risk management

workshop with the Board to refresh their

understanding of business resilience and risk

management principles, and how they are

applied within the business. This is part of our

regular business resilience and risk management

education programme at all levels throughout

the business.

• The ELT reviews the principal and emerging

risks and opportunities and the effectiveness

of mitigation and management plans. The CRO

ensures that members of the ELT individually

and collectively are continually updated on

the implementation of business resilience

programmes throughout the year.

• The GRCC, co-chaired by the CRO, meets

quarterly to update our Principal and Emerging

Risk Register and review the effectiveness

of business resilience across the Group. The

GRCC is our risk and compliance ‘think tank’

ensuring assessed risks and opportunities

receive broad input and critical review.

• Our internal audit department conducts an

annual independent audit of our BR programme

and its implementation, assessing our risk

management, business continuity and crisis

management processes, and their application

against business best practices and the

International Accounting Standard.

• The Head of Corporate Audit submits their

findings and recommendations to the Audit and

Risk Committee. The Board and its committees

conduct annual reviews of the effectiveness of

our internal controls. Details of the 2024 review

are in the Audit and Risk Committee report on

pages 217 to 221.

• Our external auditors participate in our

quarterly GRCC meetings as well as one-on-

one discussions with the CRO at least once per

year to ensure the business resilience program

has been implemented effectively and that the

principal and emerging risks and opportunities

disclosed publicly are an accurate reflection of

the material risks to the business.

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Assessing, reporting and reviewing risks and opportunities

Risk and Resilience Processes in BUs and Group Functions

Monthly reviews of the risk assessments and management plans across the BUs and at least biannually with Group functions

Overlaying of external trend analysis and business intelligence

Trend analysis, emerging risk and scenario analysis

Produces biannual risk summaries for COO and Regional Director review

Biannual

reviews

Risk information is

aggregated, and the insights

are elevated for strategic

evaluation

Feedback from all stages

of evaluation and informed

insights feedback to the

business units and functions

Risk Summary

Region 1

BusinessUnits

Risk Summary

Region 2

BusinessUnits

Risk Summary

Region 3

BusinessUnits

Board and Committees

(Audit and Risk Committee)

ELT

Sponsor: General Counsel

Group Risk and Compliance Committee

Co-Chair: Chief Risk Officer

Regional Director

Region 2

Risk Summary

Italy

County General

Manager

Group Function

Heads

Risk Summary

Group Functions

Regional Director

Region 1

Regional Director

Region 3

Sustainability risks

Sustainability is embedded as a core element ofour

management practices and a key element of our

business resilience framework. We take thesame

approach to identifying risks and opportunities and

developing management plans to reduce negative

impact or leverage opportunity with sustainability-

related risks as we do with all risks and opportunities.

On pages 186 to 187 we have summarised a

number ofprincipal risks and opportunities

associated withthe long term sustainability of our

business. On pages 188 to 189, we have also

provided a summary ofa number of emerging

risks and opportunities associated with the longer

term sustainability ofour business.

One of the most significant risks to our

resilienceover the longer term is climate change.

By proactively assessing the impact of climate

change and preparing for and managing climate

risk through our business strategy and capital

investments, however, we can harness significant

opportunities – as shown on pages 186 to 189,

below. Climate-related risk is fully integrated into

our risk management programme and our CRO

facilitates frequent discussions with a cross-

functional teamthat includes representatives

from BusinessResilience, Finance, Quality, Safety

andEnvironment, and Corporate Affairs

andSustainability.

We also remain committed to following guidelines

provided by the Taskforce for Climate-related

Financial Disclosures (TCFD). Disclosures related

to TCFD are summarised in the table on page 173;

and are embedded in our Sustainability Statement

on page 43 and also in our risk management

section on pages 181 to 189.

Principal and emerging risks and

opportunities

We define principal risks and opportunities

asthose that are, or could be, material to our

business and have the most potential to impact

our strategic objectives. We define emerging

risks and opportunities as those that may have

asignificant impact on our business in the future

– both positive and negative, but around which

greater uncertainty exists, and a number of

variables could change the nature of the risk

overtime.

We have summarised our principal risks and

opportunities within four key groups to emphasise

the interrelated nature of many of our risks:

• Group A: Responding to changes in the

geopolitical and macroeconomic environment

• Group B: Maintaining operational excellence in

volatile markets

• Group C: Protecting, supporting and developing

our people

• Group D: Enhancing the sustainability of

ourbusiness

On pages 188 and 189, we have also summarised

our emerging risks and opportunities as Group E.

For further information on our Business Resilience

programme and our principal and emerging risks

and opportunities, see our website.

Business Resilience continued

Proactive management of risks and opportunities continued

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Principal risks and opportunities

Group A. Responding to changes in the geopolitical and macroeconomic environment

Description: The risk of FX volatility and ratesfluctuations.

Key Drivers: Consequences Key Mitigation Actions:

• Geopolitical tensions

• Macroeconomic conditions

• Government responses to domestic

andinternational conditions

• Financial losses and increased costs

• Asset impairment

• Limits on cash repatriation

• Maintain target, where feasible, of hedging

25-80% of rolling 12-month foreign

currency exposures

• Use derivative instruments and hard currency

deposits to reduce exposures

• Close engagement with Financial Risk

Management Committee and Audit and

RiskCommittee of the Board

Trend: Outlook

Increasing

• Global growth for 2025 is expected at similar levels to 2024 with increased geopolitical

volatility. The new US administration is expected to introduce further import tariffs on Chinese

and European products, which are expected to drive inflation higher, and to be less predictable

in its engagement with other countries, which may increase market volatility. Weexpect

continuing FX volatility in key emerging markets, particularly Nigeria and Egypt.

A1. Foreign exchange

fluctuations

Included in viability

statement?

Risk owner:

Head of Treasury

Timeframe:

Short-medium

Strategic growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

Risk tolerance:

Group Treasury is required to continually monitor foreign

exchange risk and ensure to the extent possible, there are

effective mitigation plans inplace. While recognising

many external factors are largely out of our control,

residual risk is to remain at or below our ‘moderate’ rating.

A2. Marketplace economic

conditions

Included in viability

statement?

Risk owner:

Head of Strategic Finance

Timeframe:

Short-medium

Strategic growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

Risk tolerance:

Group Finance is required to continually monitor

economic conditions in collaboration with our business

units and ensure that effective mitigation plans are in

place. To the extent possible, residual risk should

remain at or below our ‘moderate’rating.

Description: The risk of adverse changes to consumer confidence and purchasing power.

Key Drivers: Consequences Key Mitigation Actions:

• Challenging economic conditions

• Government responses, particularly

taxesand interest rates

• Continuing geopolitical and

macroeconomicvolatility.

• Volume and revenue decline.

• Reduced profitability.

• Increased commodity costs

• Pricing and targeted actions to drive mix to

manage cost inflation.

• Carefully managed operational expense and

cost controls.

• Developed coordinated and targeted plans

with TCCC and other business partners on

promotions and marketing initiatives.

Trend: Outlook

Increasing

• The new US administration is expected to introduce further import tariffs to Chinese and

European products, which is expected to drive inflation up. Equally, the new administration is

less predictable on the geopolitical-front and this may increase further market volatility.

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Principal risks and opportunities continued

Group A. Responding to changes in the geopolitical and macroeconomic environment continued

A3. Suppliers and sustainable

sourcing

Included in viability

statement?

Risk owner:

Chief Procurement

Officer

Timeframe:

Short-medium

Strategic growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

Risk tolerance:

We only deal with suppliers that demonstrate a

capability for consistently delivering high-quality

products that meet our guiding principles. Residual

riskshould remain at or below our ‘low’ rating.

Description: The risk of being unable to secure supply of key ingredients, packaging and services at a reasonable cost.

Key Drivers: Consequences Key Mitigation Actions:

• Geopolitical and macroeconomic conditions

• Financial speculation on global commodities

markets

• Hard currency liquidity issues in emerging

markets

• Increased input costs

• Inability to supply customers as a result of

business interruption

• Expanded our supplier base and introduced

new and alternative suppliers

• Detailed business continuity plans (BCP’s) in

place per market and material

• Contracted volumes of key ingredients and

packaging materials

• Contracted prices with focus on local

currency wherever feasible

Trend: Outlook

Increasing

• We expect continuing pressure on commodity prices, energy prices and freight rates from Asia

related to geopolitical conditions, exacerbated by US threats to impose additional tariffs. Over

the longer term, we expect climate change and related regulations to affect the supply side

and cost of ingredients.

A4. Complying with international

sanctions

Included in viability

statement?

Risk owner:

Head of Legal Compliance

Timeframe:

Short-medium term

Strategic growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

Risk tolerance:

We have no tolerance for knowingly breaching legal and

regulatory requirements, our Code of Business Conduct,

Anti-bribery Policy, and other Group and BUs ethics and

compliance policies and international sanctions. Residual

risk should remain at or below our ‘low’ rating.

Description: The risk of inadvertent non-compliance with applicable international Sanctions.

Key Drivers: Consequences Key Mitigation Actions:

• The Russia/Ukraine crisis and the

international response.

• Potential for broadening of sanctions.

• Tougher economic conditions that increase

the risk of non-compliance.

• Significant financial and criminal fines.

• Litigation costs.

• Costs of remedies imposed by authorities in

negative ruling.

• Training on sanctions for targeted employees

• Sanctions Policy and Recusal Policy

• Russia and Belarus IT systems separation to

address impact of EU sanctions

• Internal investigation process led by the audit

department

• Enhanced third party screening

Trend: Outlook

Stable

• Given the current geopolitical environment and the territories we operate within, we expect

this risk to remain significant for the foreseeable future. We expect the international sanctions

environment to remain complex in the short to medium term.

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Principal risks and opportunities continued

Group B. Maintaining operational excellence in volatile markets

Description: The risk of network intrusion, service availability and breach of data confidentiality and integrity.

Key Drivers: Consequences Key Mitigation Actions:

• Increasing use of cloud-based IT solutions

and working from home

• Increasing sophistication of malware and

ransomware actors, use of AI

• Complex third-party ecosystem

• Operational disruptions and financial losses

• Damage to corporate reputation

• Data breaches and privacy violations

• Regulatory and legal costs

• Maintained ISO/IEC 27001 certification

(Information Security Management

Systems);

• Continue to strengthen our protection

capabilities to secure applications, data,

cloud, endpoints, identities and network

• Enhanced cyber threat detection and

incident response capabilities

• Simulated hacker attacks and vulnerability

assessments, remediation of findings

Trend: Outlook

Increasing

• The number and sophistication of cyber incidents is expected to increase in the short to

medium term. Stakeholder concerns about data privacy and requirements to protect it will

continue to increase. Government agencies will continue to improve their capabilities to

investigate and respond to cybercrime.

B1. IT resilience and data privacy

– Cyberincidents

Included in viability

statement?

Risk owner:

Chief Information Security

Officer

Timeframe:

Short-medium

Strategic growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

Risk tolerance:

We are committed to establishing and maintaining

strong internal controls related to cyber security

across our business. Residual risk should remain

atorbelow our ‘low’ rating.

B2. Business interruption

Included in viability

statement?

Risk owner:

Chief Supply Chain Officer

Timeframe:

Short-medium term

Strategic growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

Risk tolerance:

We have low tolerance for being unprepared for

disruptive incidents. All business units are required

toconduct risk assessments for business interruption

for every plant and use those assessments to develop

their business continuity plans. The residual risk should

remain at or below our ‘Low’ rating.

Description: The risk of being unable to supply our customers with product for an extended period in the event of a

major disruption.

Key Drivers: Consequences Key Mitigation Actions:

• Geopolitical instability

• Increasing frequency and severity of

extreme weather events resulting from

climate change

• Increasing risk of cyber attacks

• Impact on ability to deliver profitable growth

• Safety risk to employees

• Relationship with key customers in the event

of inability to supply

• Requirement that all plants have BCPs

consistent with new requirements by 2025

• Revision of Business Interruption insurance

cover to ensure we mitigate financial risk

• Business continuity plans based on robust

Business Interruption Risk Assessment in

every business unit for every plant

• Strengthen cyber security controls and

response in plants

Trend: Outlook

Increasing

• We expect continuing volatility in ingredients and raw material supply (short to medium). We

will see an increase in the number and severity of extreme weather events as a result of climate

change (medium to long term).

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Principal risks and opportunities continued

Group B. Maintaining operational excellence in volatile markets continued

B3. Product quality and food

safety – Quality incidents

Included in viability

statement?

Risk owner:

Chief Supply Chain Officer

Timeframe:

Short-medium term

Strategic growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

Risk tolerance:

Business units are required to maintain compliance with

Legal, CCH and TCC System Kore requirements. We haveno

tolerance for products that may pose a health or safety risk

for consumers and these should be classified as an incident

or elevated incident within the meaning ofthe IMCR program.

Residual risk should remain at orbelow our ‘Low’ rating.

Description: The risk of serious product quality incidents or contamination of our products

Key Drivers: Consequences Key Mitigation Actions:

• Changes to suppliers and their processes

• Potential for human error

• Equipment or system failure.

• Intentional acts

• Illness to consumer

• Adverse financial impact of events such as

product withdrawals and recalls

• Reputational damage

• QFS capabilities through Quality Academy

basic and advanced level implementation as

part of Maturity Matrix programme

• Full implementation of CCH QFS prevention

programmes

• QFS management system certification

• Elevated and risk-based supplier quality

management.

• Updated and tested product withdrawal and

recall plans

Trend: Outlook

Stable

• We have continued to reduce the number of quality-related incidents over time however, we

remain vigilant given the impact they can have on our business.

Group C. Protecting, supporting and developing our people

Description: The risk to the safety and security of our people and potential interruption of our business as a result of

geopolitical instability and volatile security environment.

Key Drivers: Consequences Key Mitigation Actions:

• Russia/Ukraine crisis

• Israel/Palestinian conflict and the potential

for expansion

• New US government policies and

approaches to its international relationships

• Safety of our people

• Financial impact of sanctions

• Supply chain instability

• Enhanced security risk assessments to

better inform management plans

• Improvement of emergency and

contingency plans for affected markets

• Continuing IMCR development and training

Trend: Outlook

Increasing

• Continuing volatility over the medium to long term. Although we may see a cease-fire in 2025,

we do not expect a lasting resolution of the Russia/Ukraine crisis in the short term. The Israel/

Palestine conflict is likely to continue in 2025, with a potential for anti-US sentiment and impact

on supply chains and oil prices. Increasing influence of far right sentiment in Europe may have

an impact on social cohesion.

C1. Geopolitical and security

environment

Included in viability

statement?

Risk owner:

Chief Risk Officer

Timeframe:

Short-medium

Strategic growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

Risk tolerance:

We have no appetite for knowingly exposing our employees

to potentially dangerous situations without having effective

plans in place to reduce the risk to acceptable levels.

These plans are reviewed and tested regularly. Residual

riskshould remain at or below our ‘Low’ rating.

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Principal risks and opportunities continued

C2. Health and Safety

Included in viability

statement?

Risk owner:

Head of Quality, Safety

and Environment

Timeframe:

Short-medium term

Strategic growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

Risk tolerance:

We have no tolerance for failing to comply with workplace

health and safety policies. Residual risk should remain at

or below our ‘low’ rating.

Description: The risk of health and safety and occupational workplace incidents involving our employees,

contractorsor 3PLs

Key Drivers: Consequences Key Mitigation Actions:

• Traffic conditions in selected countries

• Non-compliance with or breaches of health

and safety (H&S) requirements

• Inadequate contractual provisions and/or

behaviours of contractors

• Fatalities and/or serious injuries

• Damage to our reputation as a caring,

responsible employer if not handled properly

• Financial losses

• Continued implementation of our Behaviour

Based Safety (BBS) programme, including

human and organisational principles (HOP),

across the organisation

• Compliance with LSR (Life Saving Rules)

requirements

• Involved leaders on all levels in H&S

observations and H&S conversations

Trend: Outlook

Stable

• We remain optimistic that our training and awareness programmes will continue to reduce

fatalities and injuries.

Group C. Protecting, supporting and developing our people continued

C3. People attraction and

retention

Included in viability

statement?

Risk owner:

Head of People

Operations

Timeframe:

Short-medium term

Strategic growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

Risk tolerance:

We will strive to remain an employer of choice, provide

effective career development programmes and maintain

high levels of employee engagement. Residual risk should

remain at or below our ‘low’ rating.

Description: The risk of failing to attract and retain the highest calibre people to take advantage of opportunities in

thefuture.

Key Drivers: Consequences Key Mitigation Actions:

• Expectations for flexible working

arrangements

• Industry value proposition as an employer

of choice

• Development of technology and online tools

to enhance team engagement

• Failure to meet our goals

• High turnover in critical positions resulting in

knowledge and productivity loss

• Potential imbalance between male and

female employees

• Continuous listening to measure culture

andengagement and address findings

• Improved people management skills

to enhance engagement and energise

employees sustainably, including how

tomanage remote teams

• Maintained our leadership development

programme and continued to foster our

coaching and mentoring culture

Trend: Outlook

Stable

• Talent retention will be an ongoing challenge over the short to medium term as adjustments

are made to new ways of working. However, highly engaged and talented people are critical

forour resilience and our investment in our workforce presents a significant opportunity for

our business.

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Principal risks and opportunities continued

Group D. Enhancing the sustainability of our business

Description: The risk that health and environmental concerns and budgetary pressures will impact brand perceptions

and increase governments use of discriminatory taxes and regulations

Key Drivers: Consequences Key Mitigation Actions:

• Consumer concerns around health,

environmental and social issues

• Government responses to health issues

andbudgetary pressures.

• International initiatives/organisations

promoting discriminatory measures

• Financial impact

• Forced changes in product formulations

andportfolio mix.

• Impact on reputation and product

affordability and acceptability

• Monitor developments from leading

health/political organisations

• Constructive engagement with key

stakeholders to navigate possible tax/

regulatory changes

• Continue product innovation and

expansionof 24/7 portfolio to respond

toconsumer needs, including expansion

ofno/low caloriebeverages

Trend: Outlook

Increasing

• Heightening concerns around health into the medium to longer term. Increasingly demanding

regulatory environment in the EU. Increasing budgetary pressures and policies to address

consumer health concerns increase the risk of additional sugar/beverage taxes and regulations

in the short term.

D1. Product-related regulatory

changes and taxes

Included in viability

statement?

Risk owner:

Head of Public & Regulatory

Affairs

Timeframe:

Medium

Strategic growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

Risk tolerance:

All business units are required to continually monitor

regulatory and tax developments, fiscal pressures and

consumer concerns, and identify triggers that can translate

into regulatory changes and potential new taxes. Residual

risk should remain at or below our ‘moderate’ rating.

D2. Cost & availability of

sustainable packaging

Included in viability

statement?

Risk owner:

Head of Sustainability

Timeframe:

Medium-long term

Strategic Growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

Risk tolerance:

All business units are required to establish a process for

monitoring and reporting potential regulatory changes

relating to packaging. Residual risk should remain at or

below our ‘moderate’ rating.

Description: The risks and opportunities associated with designing and implementing a profitable future pack mix to

meet regulatory requirements and our sustainability targets.

Key Drivers: Potential Consequences Key Mitigation Actions:

• Price dynamics of recycle-friendly raw

materials such as rPET and aluminium

• Collection rates in high plastic volume

markets

• Access to quality feedstock

• New EU regulations on plastics and

packaging waste

• Impact on reputation

• Estimated increase in annual cost of packaging

of 13.2% by 2030 and 2.2% by 2040 under a

Paris Ambition (RCP1.9) climate scenario

• Estimated increase in annual cost of packaging

of 4.2% by 2030 and 0.4% by 2040 under

astated policy (RCP4.5) climate scenario

• Increase in sales and profits by developing

a profitable pack mix that resonates

withconsumers

• Continued implementing strategic

initiativesto drive circularity

• Increasing percentage of recycled

materialsand reusable packs

• Partnering with regulatory authorities,

industry peers, start-ups and NGOs to

develop effective package recovery systems

• Identifying new technologies and innovation,

focusing on new and alternative packaging

solutions such as packageless and refillables,

recycling to improve packaging carbon

footprint and reduce waste

Trend: Outlook

Increasing

• We will continue to see heightened stakeholder concerns over the medium term and increased

regulation across EU markets. The price of good quality recycled material will continue to rise

over the medium term as industries focus on increasing recycled content.

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Principal risks and opportunities continued

Group D. Enhancing the sustainability of our business continued

D3. Managing our carbon

footprint

Included in viability

statement?

Risk owner:

Head of QSE

Timeframe:

Medium-long term

Strategic growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

Risk tolerance:

We have a low tolerance for conducting activities that

are not optimising our overall carbon emissions over

the medium to long term. Residual risk should remain

at or below our ‘Low’ rating.

Description: The risks and opportunities associated with decarbonisation of our value chain.

Key Drivers: Potential Consequences Key Mitigation Actions:

• Increasing pressure to reduce emissions

andtransparency on our actions and targets

• Complexity of managing business growth

while reducing emissions

• Legal requirements linking sustainability

with financial reporting and investments

• Increasing use of carbon taxes and trading

schemes to reduce carbon emissions

• Impact on the environment and our

reputation

• Estimated annual costs of scope 1 and 2

emissions of €25.5m by 2030 reducing to

€9.3m by 2040 under an RCP1.9 scenario,

and €10.8m by 2030 reducing to €2.8m by

2040 under an RCP4.5 scenario

• Significant capital expenditure over the longer

term to fund carbon reduction initiatives

• Implemented actions guided by

NetZeroby40transition plans, including

mitigation and adaptation plans

• Stress tested adaptation plans against

multiple climate scenarios

• Embedded climate change response

intoallbusiness continuity plans

• Enhanced public transparency and

communication of climate change

risksandadaptation plans

Trend: Outlook

Increasing

• We expect that consumer, customer and regulatory pressure will continue to increase and apply

pressure on all companies to reduce their carbon footprint. We expect there will be increased

scrutiny on our sustainability initiatives from regulators and non-government organisations.

D4. The impact of climate change

on the cost and availability of

water

Included in viability

statement?

Risk owner:

Head of QSE

Timeframe:

Long term

Strategic growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

Risk tolerance:

We have a low tolerance for conducting activities that

do not optimise our use of water. Residual risk should

remain at or below our ‘Low’ rating.

Description: The risks related to the impact of climate change on water availability, water stress and water quality in

our areas of operation.

Key Drivers: Consequences Key Mitigation Actions:

• Increased water stress in eight countries

due to climate change under multiple

climate scenarios

• Local community needs for clean water,

particularly in areas of water stress

• Increased regulatory pressure, including

imposition of taxes and levies

• Climate change may increase the level of

water stress on 29 plants, with estimated

significant impact on 20 plants under an

RCP4.5 climate scenario and 17 plants under

an RCP8.5 climate scenario

• Climate change is unlikely to materially

increase the annual cost of water; however,

we estimate that we will need to invest up

to an additional €68.4m in Capex by 2030

and up to another additional €99.3m in the

period 2031-2040 in water infrastructure to

ensure sufficient availability for production

and to support local community needs

• Damage to our reputation

• Water usage reduction plans across

ouroperations

• Water stewardship programmes in water

priority locations to mitigate shared water risks

• Updated source vulnerability assessments for

all plants and enhanced our plans, including

identification of additional capital expenditure

required for enhancing infrastructure

• Focus on water treatment innovative

technologies for water priority locations

• Integrated environmental KPIs monitoring

and reporting for all plants

• Investment in enhancing water infrastructure

Trend: Outlook

Increasing

• Water stress in our water priority locations is likely to increase as a result of climate change. The extent

of that increase will depend both on our actions and on the global response to climate change.

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Principal risks and opportunities continued

Group E. Emerging risks

Although we are constantly monitoring our operating environment for potential new risks and opportunities, the following

emerging risks and opportunities are subject to additional assessment as at December 2024:

Description: The property damage and business interruption risk associated with increasing frequency and severity of

extreme weather.

Key Drivers: Potential Consequences: Key Indicators:

• Changing weather patterns

• Government and other organisation’s

responses to climate change

• Disruption to our production and distribution,

and inability to supply our customers

• Increased insurance premiums (estimated

at additional €2.05m annually by 2050 under

an RCP4.5 climate scenario)

• Inability to insure higher-risk properties

• Additional Capex of €6.8m to mitigate the

impact and/or implement adaptation plans

as a direct result of climate change

• Estimates of weather pattern changes over

the medium to long term

• International organisation and

governmentresponses to indicate most

likely climate scenarios

• Insurance industry outlook

• National government responses to

climatechange

Key Mitigation/Adaptations:

• Planned Capex to reduce risk of extreme weather events, enhancement of our business continuity programme.

Description: The impact of climate change on the cost and availability of key ingredients such as sugar, coffee and fruit

juices over the longer term, reducing crop yields in some areas but potentially improving growing conditions in others.

Key Drivers: Potential Consequences: Key Indicators:

• Changing weather patterns

• Government and other organisations’

responses to climate change

• Disruption to our production capabilities

ifwe cannot obtain sufficient quantities

ofkey ingredients

• Estimated increased annual costs of key

ingredients by 9.2% by 2030 and 1.3% by

2040 under an RCP1.9 climate scenario

• Estimated increased annual costs of key

ingredients by 4.4% by 2030 and 0.5% by

2040 under an RCP4.5 climate scenario

• Estimates of weather pattern changes over

the medium to long term

• International organisation and government

responses to indicate most likely

climatescenarios

• National government responses to

climatechange

Key Mitigation/Adaptations:

• Close collaboration with our suppliers to understand and, where appropriate, assist with potential changes in crop yields, broadening of supplier

base and identification of suppliers/growing regions that may be positively impacted.

E1. Impact of extreme weather

onour production and

distribution

Included in viability

statement?

Risk owner:

Chief Supply Chain Officer

Timeframe:

Medium-long term

Strategic growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

E2. Impact of climate change on

the cost and availability of key

ingredients

Included in viability

statement?

Risk owner:

Chief Procurement

Officer

Timeframe:

Long term

Strategic growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

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Principal risks and opportunities continued

Group E. Emerging Risks continued

Description: The risks associated with increasing incidents of misinformation and disinformation, particularly through

the use of Artificial Intelligence.

Key Drivers: Potential Consequences: Key Indicators:

• Technological development, particularly in AI

• Level and effectiveness of government

regulations and guard rails

• Reputation damage

• Management effort and potential legal costs

• Privacy and data security concerns

• Technological development in AI

• Investment levels

• Governments/international organisations

moves to impose regulation

Key Mitigation/Adaptations:

• Development of internal policies, standards and guidelines on use of AI. Development of governance model overseen by cross-functional team

and training for employees on safe and secure use of AI.

Description: The risks and opportunities associated with rapid changes in the retail environment particularly in the

development of omni-channel strategies by large retail customers.

Key Drivers: Potential Consequences: Key Indicators:

• Consumer demand for convenience

• Technological advances in e-commerce

anddata analytics

• Risk to market share and revenue if we don’t

adapt quickly enough to providing real-time

data and support for multiple sales channels

• Opportunity associated with building an

effective omni-channel strategy

• Retail customers’ focus on their

omni-channel strategy

• Consumer responses to different

retailstrategies

• Growth of online only vs multi-channel retailers

Key Mitigation/Adaptations:

• Enhance analysis to monitor change and identify gaps in capability, International key account strategies to have omni-channel focus,

Engagement with retail customers and use of data to leverage opportunities for our customers and ourselves.

E3. Impact of misinformation and

disinformation

Included in viability

statement?

Risk owner:

Chief Information Security

Officer

Timeframe:

Medium-long term

Strategic growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

E4. Omni-channel evolution

Included in viability

statement?

Risk owner:

Head of International Key

Accounts

Timeframe:

Medium-long term

Strategic growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

Description: The risks and opportunities associated with how consumers perceive our performance on a range of

environmental issues including reducing carbon emissions, packaging and water usage.

Key Drivers: Potential Consequences: Key Indicators:

• Consumer concerns about

environmentalissues

• Greater scrutiny of our environmental

performance

• Positive or negative impact on our

reputation, which leads to actual increase/

decrease in sales

• Changes to our ‘e-score’ relative to other

companies in the food and beverage industry

• Translation of ‘e-score’ to sales

Key Mitigation/Adaptations:

• Close monitoring of consumer perceptions, adjustment of sustainability strategy where appropriate.

E5. The impact of consumer

perceptions of our

environmental performance

Included in viability

statement?

Risk owner:

Head of Sustainability

Timeframe:

Medium-long term

Strategic growth pillar:

1 2 3 4 5

Considered in double

materiality assessment?

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Viability statement

Business model and prospects

Our business model and strategy, outlined on

page 6 of this report, documents the key factors

that underpin the evaluation of our prospects.

These factors include our:

• attractive geographic diversity;

• strong sales and execution capabilities;

• ability to innovate;

• market leadership;

• global brands; and

• diverse beverage portfolio.

The ongoing Russia/Ukraine conflict and

MiddleEast tensions as well as the prospect

ofheightened geopolitical instability as result

ofchanges in the US and its relationships with

other countries, could continue to impact

globalsupply chains and exacerbate economic

challenges in our markets, in combination with

persisting inflation and FX volatility particularly

inEgypt and Nigeria.

While the Board considers that our markets will

continue to face changes over the medium to

longer term it believes that our diverse geographic

footprint, including a balance of well-established

markets and exposure to emerging markets that

have low per capita consumption and therefore

greater opportunity for growth, and a proven

strategy in combination with our leading market

position, offer significant opportunities for

futuregrowth.

Our Board has historically applied and continues

to apply a prudent approach to the Group’s

decisions relating to major projects and

investments. From 2020 to 2024, we generated

free cash flow of €634 million per year on average.

Key assumptions of the business plan

and related viability period

The Group maintains a well-established strategic

business planning process which has formed the

basis of the Board’s quantitative assessment of

the Group’s viability, with the plan reflecting our

current strategy over a rolling five-year period.

The financial forecasts in the plan are based on

assumptions for the following:

• key macroeconomic data that could impact

ourconsumers’ disposable income and

consequently our sales volume and revenues;

• various scenarios relating to the ability

ofgovernments in key markets to manage

theeconomic conditions in their countries;

• key raw material and other input costs;

• the impact of climate change, particularly

associated with the transition to a lower carbon

economy and the costs of carbon under

multiple climate scenarios (see also pages 186

to 187 for more information on our quantitative

assessments of the impact of climate change.

In addition to 2030 and 2040, we also included

interim calculations to 2029 for the purpose of

our viability assessment);

• the impact of ongoing conflicts such as the

Russia-Ukraine crisis and ongoing instability in

the Middle East, including calls for boycotts of

US brands in some of our markets;

• foreign exchange rates; including the economic

conditions affecting the Egyptian pound, the

Nigerian Naira and the impact of the Russia-

Ukraine conflict on the Russian rouble;

• spending for production overhead and

operating expenses;

• working capital levels; and

• capital expenditure.

The Board has assessed that a viability period of

five years remains the most appropriate. This is

due to its alignment with the Group’s strategic

business planning cycle, consistency with the

evaluated potential impacts of our principal risks

as disclosed on pages 181 to 187 and our

impairment review process, where goodwill and

indefinite-lived intangible assets are tested based

on our five-year forecasts.

Assessment of viability

Qualitatively and quantitatively, we analysed the

output of our robust enterprise risk management,

internal business planning and liquidity

management processes, to ensure that the

risksto the Group’s viability are understood

andare being effectively managed.

The Board has concluded that the Group’s

well-established processes across multiple

streams continues to provide a comprehensive

framework that effectively supports the

operational and strategic objectives of the Group.

It also provides a robust basis for assessment and

confirmation of the Group’s ability to continue

operations and meet its obligations as they fall

due over the period of assessment.

Supporting the qualitative assessment was

aquantitative analysis performed as part of

strategic business planning. This assessment

included, but was not limited to, the Group’s ability

to generate cash.

We have continued to stress test the plan against

several severe but plausible downside scenarios

linked to certain principal risks as follows:

Scenario 1:

The impact of changes to foreign exchange rates

was considered, particularly the depreciation of

foreign currencies including the Egyptian pound,

Nigerian Naira and Russian Rouble, also

considering effects from the Russia-Ukraine

conflict and other geopolitical developments.

Principal risks: Foreign exchange fluctuations,

Marketplace economic conditions and

Geopolitical and security environment.

Scenario 2:

Lower estimates for sales volumes for various

reasons including the continuing difficult

economic conditions in our markets and the ability

of governments to manage these, including the

impact of the continued Russia-Ukraine conflict.

Principal risks: Marketplace economic conditions,

and Geopolitical and security environment.

Scenario 3:

Continued stakeholder focus on issues relating to

sugar and packaging resulting in the potential for

discriminatory taxation. Principal risks: Product-

related regulatory changes and taxes, and Cost

and availability of sustainable packaging.

Scenario 4:

Higher input costs including raw materials and energy

costs. Principal risks: Suppliers and sustainable

sourcing, and Marketplace economic conditions.

Scenario 5:

Lower sales volumes driven by climate change

including higher costs of water, the projected

costs of carbon emissions and the impact of

extreme weather on our production and

distribution under multiple climate scenarios.

Principal risks: The impact of climate change on

the cost and availability of water, Managing our

carbon footprint, Impact of extreme weather on

our production and distribution (Emerging risk).

The above scenarios were tested both in isolation

and in combination. The stress testing showed that

due to the stable cash generation of our business,

the Group would be able to withstand the impact

ofthese scenarios occurring over the period of

thefinancial forecasts. This could be conducted

bymaking adjustments, if required, to our operating

plans within the normal course of business, including

but not limited to adjustments to our operations and

temporary reductions in discretionary spending.

Following a thorough and robust assessment of

the Group’s risks that could threaten our business

model, future performance, solvency or liquidity,

the Board has concluded that the Group is well

positioned to effectively manage its financial,

operational and strategic risks.

Viability Statement

Based on our assessment of the Group’s prospects,

business model and viability as outlined above, the

Directors can confirm that they have a reasonable

expectation that the Group will be able to continue

operating and meet its liabilities as they fall due over

the five-year period ending 31 December 2029.

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Headings

Governance at a glance

Corporate Governance Compliance statement

As a Swiss corporation listed on the London Stock Exchange (LSE) with a secondary listing on the Athens Exchange,

we aim to ensure that our corporate governance systems remain in line with international best practices. Our

corporate governance standards and procedures are continuously reviewed in light of current developments and

rulemaking processes in the UK, Switzerland and also the EU. Find out more on pages 193 to 194.

Nationalities

American 2 15%

American/Brazilian 1 8%

British 4 30%

British/Cypriot 1 8%

Bulgarian 1 8%

Croatian 1 8%

Greek 1 8%

Nigerian 1 8%

Swiss 1 8%

Corporate

Governance

Report

Compliance with the UK Corporate Governance Code 2018

BoardleadershipandCompanypurpose

A Effective and entrepreneurial Board to promote the long-term sustainable success

oftheCompany, generating value for shareholders and contributing towider society.

B. Purpose, values and strategy with alignment to culture.

C. Resources for the Company to meet its objectives and measure performance.

Controlsframeworkfor management and assessment of risks.

D. Effective engagement with shareholders and stakeholders.

E. Consistency of workforce policies and practices to support long-term sustainable success:

• Letter from the Chair of the Board

• Board leadership and Company purpose

• Strategic Report

• Engaging with our key stakeholders

• Culture in action

• Overseeing strategic delivery

• Audit and Risk Committee

• Conflicts of interest

192

1, 198 to 199, 203

1 to 198

200 to 201

204

202

217

194

Division of responsibilities

F. Leadership of Board by Chair.

G. Board composition and responsibilities.

H. Role of NEDs.

I. Company’s policies, processes, information, time and resources:

• Board composition

• Key roles and responsibilities

• Division of responsibilities for the Board

• Support and training for the Board

• Board appointments and succession planning

193

195 to 197, 205

205 to 206

212 to 213

213

Composition,successionandevaluation

J. Board appointments and succession plans for Board and senior management andpromotion ofdiversity.

K. Skills, experience and knowledge of Board and length of service of Board as awhole.

L. Annual evaluation of Board, committees and Directors and demonstration ofwhether

each Director continues to contribute effectively:

• Board composition

• Application of Coca-Cola HBC’s corporate governance practices

• Diversity, tenure, skills and experience

• Board performance review

• Nomination Committee

193

194, 195 to 197, 213

214

211

Audit,riskandinternalcontrols

M. Independence and effectiveness of internal and external audit functions andintegrity of

financial and narrative statements.

N. Fair, balanced and understandable assessment of the Company’s position andprospects.

O. Risk management and internal control framework and principal risks the Company is willing to take

toachieveitslong‑term objectives:

• Audit and Risk Committee 217

• Strategic Report (Business Resilience) 178 to 180

• Fair, balanced and understandable Annual Report 217, 218 and 248

• Going concern basis of accounting 248

• Viability statement 190

Remuneration

P. Remuneration policies and practices to support strategy and promote long-term sustainable

success with executive remuneration aligned to Company purpose and values.

Q. Procedure for Executive Director and senior management remuneration.

R. Authorisation of remuneration outcomes:

• Remuneration Committee report 222 to 247

Independent NEDs 6

46%

NEDs

Executive directors

46%

1 8%

Board independence

(number and %)

TCCC

Kar-Tess Holding

Free �oat

Shareholder structure

(%)

Men 8

62%

Women 5

38%

Board gender diversity

(number and %)

18–19

23%

15%

Tenure (years)

0–1

1–2

3–4

5– 6

6–7

8–9

10–11

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Letter from the Chair of the Board

The governance imperative in times of change

DearStakeholder,

On behalf of the Board, I am pleased to share the

Corporate Governance Report for the financial

year ended 31 December 2024. The Board is

responsible for the effective leadership of the

Group and promoting the highest standards

ofcorporate governance, while also ensuring

ourgovernance standards and systems operate

inlinewith international best practices.

Ensuringtherightculture

The Board plays a critical role in shaping and

strengthening the culture of the Group by

promoting growth-focused and values-based

conduct with a focus on driving impact for our

people and our business. Over the past two years,

we have embedded our Culture Manifesto and

wecontinue focusing on bring our values to life.

Directors lead by example cascading good

behaviour throughout the Group. The Board

monitors and assesses our culture through

internal and external metrics. Our strong

employee engagement results this year are a

testament of our confidence that we have the

rightculture in place to achieve our purpose.

Stead fast governance for

complextimes

We aim to ensure best-practice governance

through robust processes and frameworks.

Ourconsidered, strategic and sustainable

approach has laid strong foundations and enabled

usto be future ready. Together, we have faced

uncertainties and made bold, ambitious choices,

opening up moments that refresh us all – our

people, our customers, our partners and our

widerstakeholders.

Throughout 2024, the Board has heard from

arange of speakers presenting on a variety

oftopics – from the financial markets to the

Corporate Sustainability Reporting Directive

(CSRD). External speakers enhance our

collectiveinsight and diversity of thought.

This, combined with each Board member’s

extensive knowledge and experience, ensures

wecontinue to be best placed to make bold and

informed strategic decisions, and to challenge

andsupport the ELT to reach better outcomes.

Leadership in action

2024 was another year of strong growth in

arangeof market conditions. I am reassured

bythe Board’s contribution in decision making

representing effectively the interests of all

stakeholders in a diverse range of issues, from

engaging with our communities and shareholders

to addressing the impact from the Bambi plant

fireand improving customer experience

andcollaboration.

Board composition and diversity

During the year, the Board’s composition,

skills,experience and broader aspects of diversity

were reviewed to ensure the Board continues to

function effectively. We believe that a diverse

Board fosters both innovation and resilience.

TheBoard is cognisant of the Financial Conduct

Authority’s (FCA) UK Listing Rules on targets for

gender and ethnic diversity (see the Nomination

Committee report on page 213). We continue to

attach great importance to all aspects of diversity

in our nomination processes for Board members

and the ELT, but continue to appoint candidates

for continued growth and performance within our

highly specialized sector. As at the date of this

report, female Directors comprised more than

38% of our Board – just below the FCA gender

target of 40%.

Coca-Cola HBC welcomed three new Board

members in 2024, Zulikat Wuraola Abiola, Elizabeth

Bastoni and Glykeria Tsernou, who bring a wealth

ofexperience and are already making significant

contributions. We are extremely grateful and would

like to thank Olusola (Sola) David-Borha, Alexandra

Papalexopoulou and Anna Diamantopoulou, who

retired from the Board and left Coca-Cola HBC

in2024, for their valuable contributions to the

Group over the years.

Board review and effectiveness

In accordance with the UK Corporate Governance

Code 2018 and the Board’s commitment to adhere

to best corporate governance practices, an

externally facilitated Board effectiveness review

was undertaken in the second half of 2024. Key

outcomes are included on page 214 of the

Nomination Committee report. The Board

concluded that it remains effective, as well as

fostering a positive culture, and maintains a strong

sense of accountability to its stakeholders. A review

will be undertaken in 2025 to apply the learnings.

Governancewithafuture-readylens

Despite the challenging markets, our resilience

isconfirmed by our continued revenue growth,

profit expansion and sustained strong cash

generation. Our people and culture are at the

heart of everything we do. As we continue to

focus on our sustainable growth and robust

governance, I would like to extend my gratitude

tomy Board colleagues and members of the ELT,

as well as offering my thanks to all Coca-Cola HBC

colleagues, customers, consumers and partners.

Their dedication, loyalty and hard work throughout

the year position the Company to remain on track

with our targets for sustainable, profitable growth.

Anastassis G. David

Chair of the Board

Our unique culture, heritage and

values are a fundamental part of

delivering sustainable value to all our

stakeholders. Our robust governance

practices are a strong foundation for

making our business future ready.”

Coca-Cola HBC Integrated Annual Report 2024192

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Compliance with the UK Corporate

Governance Code 2018

As a Swiss corporation listed on the LSE with a

secondary listing on the Athens Exchange, we aim

toensure that our corporate governance systems

remain in line with international best practices.

Wecontinuously review our corporate governance

standards and procedures considering current

developments and rulemaking processes in the UK,

Switzerland and the EU. Further details are available

on our website. Pursuant to our obligations under the

UK Listing Rules, we apply the principles and comply

with the provisions of the UK Corporate Governance

Code or explain any instances of non-compliance

inour Integrated Annual Report. For the year ended

31 December 2024, Coca-Cola HBC was subject

tothe UK Corporate Governance Code 2018 (UK

Corporate Governance Code). Our Board confirms

that Coca-Cola HBC applied the principles, as far as

possible and in accordance with and as permitted

by Swiss law, and complied with the provisions of

the UK Corporate Governance Code throughout

2024, except for the following provisions:

1. The Chair was not independent on appointment

(provision 9) and has been a Board member for more

than nine years (provision 19). Anastassis David was

originally appointed as a non-Executive Director

(NED) in 2006 at the request of Kar-Tess Holding and

was not, at the time of his appointment as Chair, in

2016, independent as defined by the UK Corporate

Governance Code. Further details are set out in

thesection on independence on page 194.

2. Provision 38 requires alignment of Executive

Director pension contributions with the wider

workforce. Our difficulties in compliance with this

provision due to existing contractual obligations

were outlined in the Annual Report published

in2021 and are explained on page 229 of

theDirectors’ remuneration report. On the

appointment of any new Executive Director,

weintend that their pension contributions

willbealigned with the pension scheme for

thewider workforce. For more information

onappointment of Directors and compliance

with the UK Corporate Governance Code

seepage 212 and 213.

Swisscorporaterules

There is no mandatory corporate governance

codeunder Swiss law applicable to Coca‑Cola HBC.

Themain source of law for Swiss governance rules

is thecompany law contained in article 620 et seqq.

oftheSwiss Code of Obligations. Swiss company

law includes provisions regarding the compensation

in listed companies and further limits the authority

of the Remuneration Committee and the Board to

determine compensation. The effective limitations

include an AGM approval requirement for the total

amount for the Board and the amount attributable

to each member, as well as the total amount for the

ELT and the highest amount attributable to an ELT

member. Other limitations include a requirement

that certain compensation elements be authorised

in the articles of association (Articles) and a

prohibition of certain forms of compensation, such

as severance payments and financial or monetary

incentives for M&A transactions. We are in

compliance with the requirements of Swiss

company law and the specific provisions therein

regarding the compensation in listed companies.

UK’sCityCodeonTakeoversandMergers

The UK’s City Code on Takeovers and Mergers

(the ‘City Code’) does not apply to Coca-Cola HBC

as it does not have its registered office in the

United Kingdom, the Channel Islands or the

IsleofMan. The Articles include specific provisions

designed to prevent any personacquiring shares

carrying 30% or more of thevoting rights (taken

together with any interest inshares held or

acquiredby the acquirer or persons acting in

concert with the acquirer), except if (subject to

certain exceptions) such acquisition would not

have been prohibited by theCity Code or if such

acquisition is made through an offer conducted in

accordance withthe City Code. For further details,

read ourArticles on our website.

Amending the Articles of Association

The Articles may only be amended by a resolution

of the shareholders passed by a majority of at least

two-thirds of the voting rights represented and an

absolute majority of the nominal value of the shares

represented. The Articles were amended at the

AGM on 21 May 2024 to incorporate changes

required by Swiss corporate law, including

enhanced protection of minority shareholders.

Sharecapitalstructure

Coca-Cola HBC has ordinary shares in issue with

anominal value of CHF 6.70 each. Rights attaching

to each share are identical and each share carries

one vote. Coca-Cola HBC’s Articles also allow,

subject to shareholder approval, for the conversion

of registered shares into bearer shares and bearer

shares into registered shares. Details of the

movement in ordinary share capital during the

year can be found on page 311. There are no

persons holding shares that carry special rights

regarding the control of Coca-Cola HBC.

PowersofDirectorstoissueandbuy

backshares

Subject to the provisions of the relevant laws and

the Articles, the Board acting collectively has the

ultimate responsibility for running Coca-Cola HBC

and the supervision and control of its executive

management. The Directors may take decisions

on all matters that are not expressly reserved to

the shareholders by the Articles. Pursuant to the

provisions of the Articles, the Directors require

shareholder authority to issue shares. Also,

inaccordance with the FCA’s UK Listing Rules,

theDirectors require shareholder authority to

repurchase shares. At the AGM on 21 May 2024,

the shareholders authorised the Directors to

repurchase ordinary shares of CHF 6.70 each in

the capital of Coca-Cola HBC up to a maximum

aggregate number of 15,000,000 representing

less than 10% of Coca-Cola HBC issued share

capital as of 10 April 2024.

The authority will expire at the conclusion

oftheAGM on 23 May 2025 or at midnight on

30 June 2025, whichever is earlier. Coca-Cola HBC

commenced a share buyback programme on

21 November 2023 and it is expected to run until

the end of December 2025. As at 31 December

2024, Coca-Cola HBC reported that 7,567,772

ordinary shares had been purchased at an average

price of 2,538.6033 pence per ordinary share and

are held in treasury. Shares held in treasury as at

10 March 2025 total 10,850,676, out of which

7,420,541 are held by CCHBC AG (including the

purchased shares) and 3,430,135shares are held

by its subsidiary, CCHBCServices MEPE.

Board composition

On 31 December 2024, our Board comprised

13directors: the Chair, one Senior Independent

Director, 10 NEDs and one Executive Director.

TheNEDs are experienced individuals from a

range of backgrounds, countries and industries,

asshown by their biographies on pages 195 to

197.Zulikat Wuraola Abiola and Glykeria Tsernou

were appointed to the Board at the 2024 AGM and

atthe conclusion of the AGM, Olusola (Sola)

David-Bohra and Alexandra Papalexopoulou

retired from the Board. Both Zulikat Wuraola

Abiola and Glykeria Tsernou were also elected

asmembers of the Audit and Risk Committee.

Elizabeth Bastoni was appointed to the Board

atanExtraordinary General Meeting held on

16 September 2024 and at the conclusion of

thatmeeting Anna Diamantopoulou retired

fromthe Board. Elizabeth Bastoni was also elected

as member of the Nomination Committee and

theRemuneration Committee. Read pages 211

to214 ofthe Nomination Committee report.

Corporate Governance Report

Application of Coca-Cola HBC’s corporate governance practices

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External appointments

Coca-Cola HBC’s Articles (article 36) set limits on

the maximum number of external appointments

that members of our Board and executive

management may hold. In addition, if a

Boardmember wishes to take up an external

appointment, he or she must obtain prior Board

approval. The Board will assess all requests on

acase‑by‑case basis, including whether the

appointment could negatively impact Coca-Cola

HBC or the performance of the Director’s duties

to the Group, taking into account external

guidance and proxy voting guidelines to ensure

the principles of major investors in respect of

‘overboarding’ are considered. The nature of the

appointment and the expected time commitment

are assessed to ensure that the effectiveness of

the Board would not be compromised. Read about

our Directors’ external appointments in their

biographies on pages 195 to 197.

Our Chair is active in the international community.

With regard to his external appointments, the

Board considers that fewer than four of the

positions held by the Chair are significant. Several

of our other Directors also have other external

roles, but the Board is satisfied that any additionally

disclosed positions are not significant. Having

considered the scope of the external appointments

of all Directors, including the Chair, our Board is

satisfied that they do not compromise the

effectiveness of the Board. Each Director has

sufficient time to devote as necessary for the

performance of their duties and according to the

terms of appointment to the Board. This includes

attending approximately 10 Board meetings per

year, plus AGMs and other meetings (see the table

of attendance of Board and Board Committee

meetings on page 206). Each Director was able to

devote the time required to discharge their duties

and the Board has determined that each Board

member commits sufficient time and energy to the

role, and continues to make a valuable contribution

to the Board and its committees.

Independence

The Board’s independence is of utmost importance,

as NEDs play a crucial role in overseeing management

performance and ensuring individual Executive

Directors are held accountable against established

performance objectives.

Our Board has concluded that Zulikat Wuraola

Abiola, Elizabeth Bastoni, Charlotte J. Boyle,

William W. (Bill) Douglas III, Reto Francioni and

Glykeria Tsernou are deemed independent,

representing half of the Board, excluding the

Chair,in accordance with the criteria set out in

theUK Corporate Governance Code, with such

individuals being independent in both character

and judgement. The other NEDs, including the

Chair were appointed following nomination by the

two major shareholders (see details below) and

they are therefore not considered by the Board to

be independent, as defined by the UK Corporate

Governance Code.

Anastassis G. David was appointed as Chair

on27 January 2016.The Board believes that

Anastassis David embodies Coca-Cola HBC’s

core values, heritage and culture. These

attributes,together with his strong identification

with Coca-Cola HBC and its shareholders’

interests, and his deep knowledge and experience

of the Coca-Cola System, ensure an effective and

appropriately balanced leadership of the Board

and Coca-Cola HBC. Anastassis David was first

appointed as a member of the Board in 2006

before being appointed Chair in 2016. Prior to his

appointment as Chair, major shareholders were

consulted, and an external search consultancy

engaged to find suitable candidates.

The consensus was that Anastassis David was

theappropriate candidate to become Chair and

that he continues to be effective in his leadership

ofthe Board. In accordance with the established

policy of appointing all Directors on an annual basis,

the Board continues to keep all positions under

regular review and subject to annual election by

shareholders at the AGM. The Board continues

tobelieve that the proven leadership ofour Chair

andhis deep knowledge of the Coca‑Cola System

position him as unique to steer the Group at the

current time. Accordingly, Anastassis David has

thecontinuing support of the Board and major

shareholders to remain as Chair.

Shareholder nominees

As described on page 357, since the main listing

ofCoca‑Cola HBC on the Official List of the London

Stock Exchange in 2013, Kar-Tess Holding, TCCC

and their respective affiliates have no special rights

in relation to the appointment or re-election of

nominee Directors. Those Directors originally

nominated for appointment by TCCC or Kar-Tess

Holding will be required to stand for re-election on an

annual basis in the same wayas the other Directors.

The Nomination Committee is responsible for

identifying and recommending candidates for

subsequent nomination by the Board for election

as Directors bythe shareholders on an annual basis.

As our Board currently comprises 13 Directors,

neither Kar-Tess Holding nor TCCC is able to

control (positively or negatively) decisions of the

Board that are subject to simple majority approval.

However, decisions of the Board subject to the

special quorum provisions and supermajority

requirements contained in the Articles, in practice,

require the support of Directors nominated at the

request of at least one of eitherTCCC or Kar‑Tess

Holding to be approved.

In addition, based on their current shareholdings,

neither Kar-Tess Holding nor TCCC is able to

control a decision of the shareholders (positively

or negatively), except to block a resolution to wind

up or dissolve Coca-Cola HBC, or to amend the

supermajority voting requirements. The latter

requires the approval of 80% of the total number

ofshareholders being represented and voting.

Depending on the attendance levels at AGMs,

Kar-Tess Holding or TCCC may also be able to

control other matters requiring supermajority

shareholder approval.

Anastassis G. David, Anastasios I. Leventis,

Christo Leventis, and George Pavlos Leventis

were nominated for appointment by Kar-Tess

Holding. Henrique Braun and Evguenia Stoitchkova

were nominated for appointment by TCCC.

Conflicts of interest

In accordance with Coca-Cola HBC’s Organisational

Regulations, Directors are required to arrange their

personal and business affairs to avoid a conflict of

interest with the Group. Each Director must disclose

to the Chair the nature and extent of any conflict of

interest arising generally or in relation to any matter

to be discussed at a Board meeting as soon as the

Director becomes aware of its existence. In the

event that the Chair becomes aware of a Director’s

conflict of interest, the Chair is required to contact

that Director promptly and discuss the nature and

extent of such a conflict of interest. Subject to

exceptional circumstances in which Coca-Cola

HBC’s best interests dictate otherwise, the Director

affected by a conflict of interest will not be permitted

to participate in discussions and decision-making

involving the interest at stake.

Corporate Governance Report continued

ApplicationofCoca-ColaHBC’scorporategovernancepracticescontinued

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Anastassis G.

David

Non-ExecutiveChair

Appointed: January 2016. Anastassis joined

the Board of Coca-Cola HBC as a NED in

2006 and was appointed Vice Chair in 2014.

Relevantskillsandcontribution:

Anastassis brings more than 20 years’

experience, globally, as an investor and non-

executive director in the beverage industry

with proven leadership qualities as well as a

deep understanding and knowledge of the

Coca-Cola System.

Experience: Anastassis is also a former

chair of Navios Corporation. He holds a BA

inHistory from Tufts University.

External appointments: Anastassis is

active in the international community. He

serves as vice chair of Aegean Airlines S.A.,

vice chair of the executive committee of

Cyprus Union of Shipowners, chair of the

board of Sea Trade Holdings Inc., chair of

the board of Nephele Navigation Inc., and

member of Adcom Advisory Ltd. He is also

a board member of Kar-Tess Holding. Also,

he is a member of the board of trustees

of College Year in Athens, and director of

George and Kaity David Foundation.

Nationality: British-Cypriot

Anastassis David has a shared directorship with

Anastasios Leventis, both being directors in Nephele

Navigation Inc. and Kar-Tess Holding and has a shared

directorship with Anastasios I. Leventis, Christo

Leventis and George Pavlos Leventis, all being

directors of Adcom Advisory Ltd.

Zoran

Bogdanovic

ChiefExecutiveOfficer,

ExecutiveDirector

Appointed: June 2018.

Relevantskillsandcontribution: Zoran has

wide-ranging experience of working across

Coca-Cola HBC’s operations and markets

and a track record of delivering results

across our territories and demonstrating our

Company’s values which are the foundation

of our Company’s culture.

Experience: Zoran was previously the

Coca-Cola HBC’s Regional Director

responsible for operations in 12 countries

and has been a member of the ELT since

2013. He joined Coca-Cola HBC in 1996

and has held a number of senior leadership

positions, including as General Manager of

the Coca-Cola HBC’s operations in Croatia,

Switzerland and Greece. Before joining

the Coca-Cola HBC, Zoran was an auditor

with auditing and consulting firm Arthur

Andersen. He holds a bachelor’s degree in

economics from the Faculty of Economics

in Zagreb.

External appointments: None

Nationality: Croatian

ZulikatWuraola

Abiola

Independent

non-ExecutiveDirector

Appointed: May 2024.

Relevantskillsandcontribution: Wuraola

brings over 25 years of experience, acquired

in her current and previous roles, of

strategy, business development, leadership,

governance, organisational development,

risk management and public sector policy in

Nigeria and throughout Africa.

Experience: Wuraola is the Managing

Director of Management Transformation

Ltd, a management consulting firm. Prior to

her current role, she worked at McKinsey &

Co, in New York and London, primarily in the

areas of strategy and organisation. Wuraola

lectures on Organisational Development

at the University of Lagos, as well as on

Strategy and Corporate Policy at the

University of Lagos Business School (ULBS).

She holds a bachelor’s degree in accounting

from the University of San Francisco and

a Ph.D. in Organisational Behaviour from

Imperial College in London.

External appointments: Wuraola is Managing

Director of Management Transformation

Ltd. She is also a non-executive senior

independent director and vice chair of

Frigoglass S.A.I.C. and chair of the board of

Appzone Mauritius Ltd. She is also a director

on the boards of Lekoil Nigeria Limited and

Summit Oil International Ltd (Nigeria). Until

April 2024, she was also a member of the

board of Beta Glass Nigeria PLC.

Nationality: Nigerian

Elizabeth Bastoni

Independent

non-ExecutiveDirector

N R

Appointed: September 2024.

Relevantskillsandcontribution: Elizabeth

brings experience of advising boards of

global companies on governance, executive

compensation, strategy development and

execution, and people development and

succession planning.

Experience: Elizabeth has developed her

expertise having held both executive and

non-executive director roles. She held

C-suite roles in HR and communications at

Cascade Asset Management Co (formerly

BMGI), Carlson, The Coca-Cola Company

(2005 to 2011) and Thales. Elizabeth

began her career with KPMG in Europe in

the International Tax practice. Elizabeth

obtained a BA in accounting from Providence

College in the, USA.

External appointments: Elizabeth is

currently an independt director and chair

ofthe board of Qorium B.V., an independent

director and audit committee member

with Jerónimo Martins, Audit Committee

independent director and chair of the

nomination and compensation committee

with Euroapi, and an independent director

with CNH Industrial, where she chairs the

human capital & compensation committee.

Nationality: American

Board committees

Committee Chair

Nomination Committee

Remuneration Committee

Audit and Risk Committee

S Social Responsibility Committee

Skillsandexperiencekey

Corporate governance

FMCG knowledge/experience

Risk oversight & management

Finance, investments &accounting

International exposure

Sustainability &community

engagement

The Board considers

thateachoftheDirectors

continuestocontribute

effectivelytotheworkand

deliberations of the Board.

Corporate Governance Report

Board of Directors

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Charlotte

J. Boyle

Independent

non-ExecutiveDirector

R N S

Appointed: Ju ne 2017.

Relevantskillsandcontribution: Charlotte

brings extensive advisory experience, especially

of advising boards on succession planning,

remuneration and ESG governance across

arange of sectors.

Experience: After 14 years with The Zygos

Partnership, an international executive search

and board advisory firm, including nine years

as a partner, she retired from her position in

July 2017. Prior to that, Charlotte worked at

Goldman Sachs International and at Egon

Zehnder International, an international

executive search and management

assessment firm. Charlotte obtained an

MBAfrom the London Business School

andanMA from Oxford University and

wasaBahrain British Foundation Scholar.

External appointments: Charlotte serves

aschair of UK for the UN High Commission

forRefugees (UNHCR), an non‑executive

director of Thatchers Cider Company Ltd,

anon‑executive director of Knight Frank LLP,

and an advisory board member of Worcester

College, Oxford University.

Nationality: British

HenriqueBraun

Non-ExecutiveDirector

Appointed: June 2021.

Relevantskillsandcontribution: Henrique has

vast experience in corporate functions as well as

regional and business unit operations in TCCC

worldwide, including expertise in supply chain, new

business development, marketing, innovation,

general management and bottling operations.

Experience: Henrique joined TCCC in 1996

in Atlanta and progressed with increased

responsibilities in North America, Europe and Latin

America. From 2020 to 2022, Henrique served

as President of the Latin America operating unit,

from 2016 to 2020, he served as the President

ofthe Brazil business unit and from 2013 to 2016,

he was the President for Greater China and

Korea. His other roles in TCCC in the past include

Vice President of Innovation and Operations

in Brazil and Director for Still Beverages (non-

carbonated beverages) in Europe. He first joined

TCCC as a trainee in Global Engineering in the US.

Henrique holds a bachelor’s degree in agricultural

engineering from the University Federal of Rio

de Janeiro, a master’s in industrial engineering

from Michigan State University and an MBA

from Georgia State University.

External appointments: Effective January

2025, Henrique serves as Executive Vice

President (EVP) and Chief Operating Officer for

TCCC with responsibility for all TCCC’s operating

units worldwide. Since 2022 Henrique served

as EVP, International Development for TCCC,

overseeing the company’s operating units for

Latin America, Japan and South Korea, ASEAN

and South Pacific, Greater China and Mongolia,

Africa, India and Southwest Asia and Eurasia and

Middle East. As Chief Operating Officer the role

includes oversight of North America and Europe.

Nationality: American and Brazilian

WilliamW.(Bill)

DouglasIII

Independentnon-Executive

Director

Appointed: June 2016.

Relevantskillsandcontribution: Bill brings

a wealth of financial, commercial, risk and

compliance expertise, including IT and cyber

issues and broad experience of working within

the Coca-Cola System until his retirement.

Experience: Bill is a former Vice President

of Coca-Cola Enterprises (July 2004 to

June2016). From 2000 until 2004, Bill served

as Chief Financial Officer (CFO) of Coca‑Cola

HBC. Bill has held various positions within

the Coca-Cola System since 1985. Before

joining TCCC, Bill was associated with Ernst

&Whinney, an international accounting firm.

He received his undergraduate degree from

the J.M. Tull School of Accounting at the

University of Georgia.

External appointments: Bill is the lead director

and chair of the audit committee of SiteOne

Landscape Supply, Inc. He is a non-executive

chair of the board of directors of The North

Highland Esop Holdings Inc. He is also a

non-executive director of Monster Beverage

Corporation and a non-executive director

ofDollar Tree, Inc.

Nationality: American

Reto

Francioni

SeniorIndependent

non-ExecutiveDirector

N R

Appointed: June 2016.

Relevantskillsandcontribution: Reto

brings extensive knowledge and experience

of capital markets, governance, financial

sector and risk management having worked

for several stock exchanges. He is the author

of several books on capital markets.

Experience: Reto has been Professor

ofApplied Capital Markets Theory at the

University of Basel since 2006. From 2005

until 2015, Reto was CEO of Deutsche Börse

AG and from 2002 until 2005, he served as

chair of the supervisory board and president

of the SWX Group, which owns the Swiss

Stock Exchange and has holdings in other

exchanges. Between 2000 and 2002, Reto

was co-CEO and spokesman for the board

of directors of Consors AG. Between 1993

and 2000, he held various management

positions at Deutsche Börse AG, including

that of deputy CEO. He earned his Doctorate

of Lawat the University of Zurich.

External appointments: Reto serves as

chair of the supervisory board of UBS Europe

SE and as the chair of the supervisory board

of Swiss International Airlines. Reto is also

a vice chair at the board of directors of

Medtech Innovation Partners AG, Basel.

Nationality: Swiss

AnastasiosI.Leventis

Non-ExecutiveDirector

Appointed: June 2014.

Relevantskillsandcontribution: Anastasios

brings experience from across the financial

services sector and extensive knowledge

on environmental, sustainability and social

responsibility issues.

Experience: Anastasios began his career

asa banking analyst at Credit Suisse and then

American Express Bank. He has previously served

on the boards of the Cyprus Development

Bank and Papoutsanis SA. He holds a BA in

Classics from the University of Exeter and an

MBA from New York University’s Leonard Stern

School of Business.

External appointments: Anastasios is a

board member of A.G. Leventis (Nigeria) Ltd,

vice chair of the board of Nephele Navigation

Inc, a board member of Maxenta Invest Corp.,

of Middle East Finance Sarl and ofAdcom

Advisory Ltd. He is a board member of Kar-

Tess Holding. Furthermore, Anastasios is a

member of the European Council of the Nature

Conservancy, a board member of WWF Hellas

(Greek branch of WWF), a member of the

board of Overseers of the Gennadius Library in

Athens, a member of the University of Exeter

Global Advancement Board, co-founder of the

Cyclades Preservation Fund. Member of the

board of trustees of A.G. Leventis Foundation,

and Director of Leventis Foundation Nigeria.

Nationality: British

Anastasios Leventis has a shared directorship with

Anastassis David, Christo Leventis and George Pavlos

Leventis, all being directors of Adcom Advisory Ltd. He

also has shared directorship with Anastassis David, both

being directors of Nephele Navigation Inc, and Kar-Tess

Holding and a shared directorship with Christo Leventis,

both being directors in Middle East Finance Sarl.

Corporate Governance Report continued

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Christo

Leventis

Non-ExecutiveDirector

Appointed: June 2014.

Relevantskillsandcontribution: Christo

brings over 30 years of expertise in finance

and investment.

Experience: Christo worked as an investment

analyst with Credit Suisse Asset Management

from 1994 to 1999 and as an equity research

analyst at J.P. Morgan Securities from 2000

to 2002, focusing on European beverage

companies. He founded Alpheus Capital, a

family office private equity investor. Christo

holds a BA in Classics from University College

London and an MBA from the Kellogg School

of Management, Northwestern University.

External appointments: Christo is a

chairman and a board member of Alpheus

Capital Ltd., a board member of Adcom

Advisory Ltd, a board member of Middle

East Finance Sarl and holds the following

positions within the Kar-Tess group of

companies: a board member of Kar-Tess

Holding and a board member of Torval

Investment Corp. He is also a trustee of the

Anastasios G. Leventis Foundation (Cyprus).

Nationality: British

Christo Leventis has a shared directorship with

Anastassis David, Anastasios Leventis and George

Pavlos Leventis, all being directors of Adcom Advisory

Ltd. He also has a shared directorship with Anastasios

Leventis, both being directors in Middle East Finance

Sarl and with George Pavlos Leventis, both being

Directors in Torval Investment Corp.

George Pavlos

Leventis

Non-ExecutiveDirector

Appointed: May 2023.

Relevantskillsandcontribution: George

brings management, investment and

governance experience and knowledge

from roles across a range of sectors as

well as expertise on environmental and

sustainability issues.

Experience: George was a non-executive

director and vice chair of the board of

Frigoglass S.A.I.C. from 2014 until May 2023.

George previously worked as an analyst in

fund management and holds an Investment

Management Certificate from the CFA

Society. He graduated with a bachelor’s degree

in modern history from Oxford University and

holds a postgraduate law degree from City

University in the, UK.

External appointments: George is a board

member of Adcom Advisory Ltd, of Chalet

Alpette Sarl and of 8 Kensington Park Road

Ltd. He is also a board member of Torval

Investment Corp., a company within the Kar-

Tess group of companies. Furthermore, he is

a director of the Terra Cypria Foundation, a

charitable non-governmental organisation,

which promotes environmental awareness

and sustainability.

Nationality: British

George Pavlos Leventis has a shared directorship with

Anastassis David, Christo Leventis and Anastasios

Leventis, all being directors of Adcom Advisory Ltd. He

also has a shared directorship with Christo Leventis,

both being directors in Torval Investment Corp.

Evguenia

Stoitchkova

Non-ExecutiveDirector

Appointed: May 2023.

Relevantskillsandcontribution: Evguenia

brings extensive knowledge and experience

of acquisitions, marketing, franchise

operations and brand management

acrossthe beverage industry for TCCC.

Experience: Evguenia is currently the

President of Global Ventures for TCCC. Prior to

her current role, Evguenia served as President

of the company’s Eurasia & Middle East

operating unit. From 2017 to 2020, Evguenia

was President of the Turkey, Caucasus and

Central Asia business unit. From 2013 to

2017, Evguenia served as Franchise General

Manager for Italy and Albania. From 2010 to

2013, she was Franchise Operations Director

for Romania, Bulgaria, Moldova and Albania.

Evguenia joined Coca-Cola Bulgaria in 2004

as Franchise Country Manager. In 2007, she

became Marketing Manager for sparkling soft

drinks in the Adriatic and Balkans business

unit and became Area Marketing Manager in

Romania, Bulgaria, Moldova and Macedonia in

2008 before becoming Brand Director for still

beverages for Southeastern Europe in 2009.

Evguenia started her career at Danone Group

in 1994 and led Danone marketing in Bulgaria

from 2000 to 2004.

External appointments: President of

Global Ventures at TCCC.

Nationality: Bulgarian

Glykeria

Tsernou

Independent

non-ExecutiveDirector

Appointed: May 2024.

Relevantskillsandcontribution: Glykeria

brings extensive knowledge of financial

advisory, investments and business

development, and management consulting

experience across a range of sectors.

Experience: Since 2013 Glykeria has been

an executive in the family office for Th.

Vassilakis Group in Greece (ATHEX listed

Aegean Airlines S.A., Autohellas S.A. and

holdings in logistics and hospitality) focusing

on portfolio companies, new investments,

and business development. Previously, she

worked in private equity, financial advisory,

aswell asinindustry (aluminium). Glykeria

hadalsoworked in management consulting

at Marakon Associates in London and as

financial analyst at Morgan Stanley in New

York. Glykeria studied Business Economics and

International Relations at Brown University

(Magna Cum Laude, ΦΒΚ) and obtained

anMBA from the London Business School.

External appointments: Glykeria is a non-

executive director of Attica Department

Stores S.A., Goldair Handling S.A. and Phaea

S.A., an independent non-executive director

of Resolute Cepal Greece S.A. and Reinvest

Greece S.A and chair of Elecion Energy S.A..

Glykeria also serves on the board of trustees

of Anatolia College.

Nationality: Greek

Corporate Governance Report continued

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Corporate Governance Report

Board leadership and Coca-Cola HBC’s purpose

The Board has ultimate responsibility for our

long-term success and for delivering sustainable

shareholder value, as well as contributing to wider

society. It is responsible for setting our purpose,

values and strategy and ensuring alignment with

culture. This includes ensuring that workforce

policies and practices are consistent with Coca-Cola

HBC’s values and long-term sustainable vision.

Key Board activities in 2024

The Board recognises the value of maintaining

close relationships with its stakeholders,

understanding their views and the importance

of these relationships in delivering our strategy.

The Group’s key stakeholders and their differing

perspectives are considered as part of the Board’s

discussions. Read more in our statement on

section 172 of the Companies Act 2006 on page 1.

Discussions at Board meetings are structured

using a carefully tailored agenda that is agreed

in advance by the Chair in conjunction with the

Chief Executive Officer (CEO) and the Company

Secretary. A typical Board meeting will comprise:

• committee reports from the Chairs of our

Boardcommittees;

• business and financial performance

reviewswithsenior management; and

• deep-dive reviews into areas of

strategicimportance.

Actions Outcomes Page reference Linktostakeholders Linktostrategy

Cultureandvalues

Ourpeople

Reviewed the employee engagement and

collaboration surveys and feedback from the

designated NED on workforce issues surfacing

from engagement.

Monitored health and safety KPIs and progress

against keyactions.

Improved our employee engagement score

to 88%. Insight on the views of employees

enabled the Board to focus on addressing

areas where improvement required.

Health and safety trends improved with

additional actions executed.

See p.21, 202

See p.21, 203

Monitored talent development and succession

planning forBoard and senior management.

Overseen cultural and Coca-Cola HBC values’

elements in engagement surveys and business

reviews.

Informed of the succession planning

activities for senior management talent

pipeline; smooth onboarding and transition

of three new Board members.

Concluded that culture is aligned

withCoca‑Cola HBC’s purpose,

valuesandstrategy.

See p.202, 213

See p.202, 204

Stakeholderengagementinitiatives

Regularly reviewed progress on sustainability and

community initiatives; continued engagement

with TCCC.

Ranked among leaders in 10 major ESG

benchmarks; strong progress in packaging

circularity with four new DRS launches

between December 2023 and January 2025;

the Coca-Cola HBC Foundation approved

donations of €1.55 million for flood relief in

six markets.

See p.201, 202

Performanceonourgrowthstrategy

Businessandfinancialperformance

Deep-dived and reviewed regions,

strategicpriorities and key functions,

includingdigital commerce.

Fully apprised of business plan progress

focusing on addressing specific priorities

and local challenges, such as currency

devaluations in Nigeria and Egypt; approved

investments supporting delivery of our

growth strategy.

See p.202

Prioritised capabilities

Monitored the performance of our prioritised

bespoke capabilities to drive joint value creation

and customer satisfaction.

Approved investments in digital and

technology to further strengthen our

capabilities; approved the insourcing

oftechnology capabilities.

See p.202

Newacquisitions

Ourconsumers

Stakeholders

Ourinvestors

TheCoca-ColaCompany

Ourcustomers

Ourpeople

Ourcommunities

Governments

NGOs

Oursuppliers

Leverageourunique24/7portfolio

Wininthemarketplace

Fuelgrowththroughcompetitivenessandinvestment

Cultivatethepotentialofourpeople

Earnourlicencetooperate

Strategic pillars

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Corporate Governance Report continued

Board leadership and Coca-Cola HBC’s purpose continued

Actions Outcomes Page reference Linktostakeholders Linktostrategy

Overseen Finlandia Vodka business integration

into ourbusiness.

Apprised on transition process; expansion

of distribution to a further 19 markets and

incremental growth opportunities.

See p.15

Riskmanagement,internalcontrolsandgovernance

Reviewed and debated on the principal

andemerging risks of the Group, mitigation

plans (including on cyber security and AI)

andriskappetite.

Endorsed the nature and the management

of principal risks and were satisfied that

the approach to risk appetite and risk

management framework were fit for purpose.

See p.181

Reviewed Coca-Cola HBC’s risk management

systems, including financial, operational and

compliance controls andthe effectiveness

ofourinternal controls framework.

Concluded that the risk management and

internal control frameworks were effective.

See p.178 to 180

Kept apprised on regulatory developments,

including onsustainability reporting and

governance and approved the Group’s

firstSustainability Statement.

Kept apprised on regulatory developments,

including on sustainability reporting and

governance and approved the Group’s first

Sustainability Statementt.

See p.41

Finance

Reviewed treasury updates on the liquidity,

financing status and commodity exposure

oftheGroup.

Approved the Group’s funding requirements,

including investments required for Bambi

following the fire incident in June, and

potential sources of funding and endorsed

approach inmanaging exposure to

marketrisk.

See p.217

Reviewed management’s proposed going

concern and long-term viability statements.

Approved the going concern and long-term

viability statements for the financial year

ended 31 December 2023. Reviewed going

concern statement for half year financial

results to 30 June 2024.

See p.190 and 248

Cost optimisation and investment

Continuously reviewed the Group’s cost

optimisation and investment programmes.

Approved cost optimisation initiatives

and material capital expenditure

projects, including technology / digital-

related, net zero and other sustainability

orientedprojects.

See p.18 and 24

Stakeholders

Ourinvestors

TheCoca-ColaCompany

OurconsumersOurcustomers

Ourpeople

Ourcommunities

Governments

NGOs

Oursuppliers

Strategic pillars

Leverageourunique24/7portfolio

Wininthemarketplace

Fuelgrowththroughcompetitivenessandinvestment

Cultivatethepotentialofourpeople

Earnourlicencetooperate

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Corporate Governance Report continued

Engaging with our stakeholders

The Board regularly reviews stakeholder

engagement activities undertaken, by

bothitandthe Group as whole, and is satisfied

thattheactivities outlined on pages 200 to 202

and10 to 11 remain effective for the mutual

benefit of Coca-Cola HBC and its stakeholders.

The focus on our people, customers, consumers,

suppliers, investors, governments, NGOs,

communities and partners will remain high

ontheBoard’s agenda.

Shareholders

Shareholders can engage with the Board during

the AGM. The Chair, Senior Independent Director

and Chair of the Audit and Risk Committee will be

available at the 2025 AGM to answer questions

from shareholders. Pursuant to Swiss law and

theArticles, shareholders annually elect an

independent proxy and have the possibility

toauthorise and give voting instructions to the

independent proxy in writing orelectronically for

our general meetings. TheBoardencourages

shareholders to attend.

The Chair meets and maintains a dialogue

withCoca‑Cola HBC’s major shareholders

tounderstand their views on the Company’s

strategy and performance.

In 2024, the Remuneration Committee Chair

initiated an engagement process with our top 50

shareholders and with proxy advisers to consult

and obtain feedback on our proposal for certain

updates to our remuneration policy. We received

largely positive feedback which we considered

when wefinalised changes to the policy. Read

more inthe remuneration report on page 222.

More broadly, through our investor relations team,

Coca-Cola HBC and the Board maintain a dialogue

with institutional investors and financial analysts

onour strategy, finances and sustainability

performance. We engaged with the investment

community and our shareholders throughout

theyear, and launched our bitesize investor events

series during the year. The Board regularly considers

feedback from our investors and, where necessary,

takes appropriate action to further engage.

Please read more on our bitesize investor

events on p.17.

Ourpeople

The Board recognises that our people are core to

our strategy – our success depends on our ability

to attract, retain and develop the best talent. The

safety of our workforce continued to be a focus

throughout 2024, ensuring appropriate measures

are in place so that people can continue in their

roles and that we are supporting a healthy working

environment, particularly for colleagues and their

families based in or around Ukraine.

The Nomination Committee and the Board closely

monitor and review the results of the employee

engagement surveys. They also review talent

development initiatives designed to support

long-term success. The CEO held engagement

sessions with employees during 2024, including

Q&As. Charlotte J. Boyle, our designated NED for

workforce engagement, attended meetings with

our European Works Council and heard from

elected employee representatives about their

experiences and inputs. Charlotte also frequently

interacted with our Head of Labour Relations to

better understand our activities for a more diverse

and inclusive workplace (see page 135). All insights

gained contribute to the Board’s decisions to

ensure the appropriate support and resources

forour people.

Investorrelationshighlights

February

• EU management roadshow (Paris, Frankfurt,

Geneva, Zurich)

• UK management roadshow

(London,Edinburgh)

March

• US management roadshow (New York,

Boston, Montreal, Toronto)

May

• US management roadshow

(Chicago,LosAngeles, San Francisco)

• Goldman Sachs European Staples forum

(London)

• AGM (Steinhausen)

June

• dbAccess, Deutsche Bank, Global

ConsumerConference (Paris)

• Evercore ISI Consumer and Retail

Conference(virtual)

September

• Investor relations roadshow (Toronto)

• Barclays Global Consumer Staples

Conference 2024 (Boston)

• Bernstein Pan European Annual Strategic

Decisions Conference (London)

October

• Bitesize investor event

November

• UK management roadshow (London)

• UBS European Conference (London)

• Jefferies Consumer Conference (Miami)

• Bank of America Consumer and Retail

Conference (Paris)

• Investec South African CEO Conference (London)

• Governance roadshow (London & virtual)

December

• Morgan Stanley and Athens Exchange Greek

Investment Conference (London)

• Citi’s Global Consumer Conference (London)

Otherstakeholders

The Board carefully considered stakeholder

interests and matters in its decisions, such as

inapproving plans to address the impact from

theBambi plant fire and in approving investments

intechnology, digital and capital expenditures,

such as cyber security for our plants, DIA platform

enhancements and automated warehouses.

Stakeholder interests were also assessed in the

rolling out our DRS systems in Ireland and Hungary

in 2024 and customer relationship management

tools enhancement.

We considered the interests of our communities

affected by floods during the year and we granted

donations through the Coca-Cola HBC

Foundation to support relief efforts.

We assessed joint value creation with our

customers and improving our customers’

experience and collaboration when reviewing

market execution plans, customer satisfaction

reports and plans to elevate our bespoke

capabilities, as well as during market visits.

We considered the interests of our consumers in

endorsing innovation programmes with TCCC and

in expanding our ‘zero’ ranges, including launching

Monster Energy Green Zero Sugar in 16 markets,

as well as the integration of Finlandia Vodka, and

expanding distribution to 19 new markets.

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Stakeholdergroup HowtheBoardengageswithstakeholders Read more

Ourpeople

To monitor engagement, collaboration, feedback from colleagues and how we embed our culture and align with our strategic

prioritiesthe Companyconducted two all‑employee surveys in 2024. Survey results are presented to the Nomination Committee and

theBoard. Charlotte J. Boyle is the designated NED for workforce engagement. The Board regularly reviewed talent plans for senior

positions. TheCEO held employee engagement sessions during the year, including several calls with Q&A sessions. The Board approved

investments empowering our people withdigital tools.

See p.10, 20, 200

Ourcustomers

Regular business updates on performance and market execution, market visits, reviews of joint business planning and joint value-

creation initiatives, monitoring customer satisfaction surveys. Development of digital commerce and approving investments in

toolstoimprove customer experience and collaboration.

See p.10, 16

Ourconsumers

Regular business updates on performance and market execution, consumer trends and insights, product innovations,

consumerengagement programmes. Leveraging DIA to offer products and personalised experiences tailored to

consumerneedsandexpectations.

See p.10, 14

Governments

CEO meetings with numerous senior government officials from our markets during the 2024 World Economic Forum. Engagements

throughout the year of local senior management with governmental authorities. Regulatory updates on issues and developments

relevant to Coca‑Cola HBC’s business, such as the new 2024 UK Corporate Governance Code and new UK Listing Rules, CSRD andother

sustainability-related regulations, DRS initiatives, taxation matters, and Chambers of Commerce.

See p.11, 24

Ourcommunities

Supporting our communities in many ways, such as community initiatives to educate or employ young people (#YouthEmpowered

programme), water and other infrastructure initiatives, and support for communities in need, including during floods and wildfires

inEurope, the Bambi fire and ongoing conflict in Ukraine. Community meetings and partnerships on common issues.

See p.10, 24

NGOs

Dialogue, policy work, partnerships on common issues, membership in business and industry associations.

See p.11

TheCoca-Cola

Company

Regular engagement with the Chair on performance against strategy and governance matters, day-to-day interaction as business

partners, joint projects, including sports and music summer activities, joint business planning, functional groups on strategic issues,

and‘top‑to‑top’ senior management meetings.

See p.11

Ourinvestors

AGM, investor roadshows and results briefings, webcasts, bite size investor sessions, engagement of Chair with major shareholders,

engagement of committee Chairs on significant matters pertaining to their areas of responsibility. Insights from internal and external

partieson investor expectations and focus areas. Ongoing dialogue with analysts and investors. In 2024, engagement with top 50

shareholders on a remuneration policy review.

See p.11, 200

Oursuppliers

Engagement with our suppliers, consultants and counterparts in related industries.

See p.11

Corporate Governance Report continued

Engaging with our stakeholders continued

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Overseeing strategic delivery

Ourgrowthpillars WhatdidtheBoardconsider? WhatdidtheBoarddiscussanddecide? Whatwerethematerialstakeholderconsiderations?

• Business and financial performance and market

implementation including on our strategic priority

categories Sparkling, Energy and Coffee

• Assessing business development opportunities

• Roll out of Finlandia Vodka in 19 new markets

andsetting up international partnerships

• Roll out of Monster Energy Green Zero Sugar

• Deep dive session with President, Europe

Operating Unit for TCCC, Nikos Koumetis on

strategy, and market insights

• 2024 business plan review and Capex

requirementapprovals

• Acquisition of BDS Vending in Ireland

• Consumer needs and trends, including

qualityand freshness of products, health

and nutrition, affordability, innovation and

sustainablepackaging

• Prioritising opportunities to create long-term

value for our shareholders, customers and

otherstakeholders

• DIA, customer satisfaction and consumer

surveys

• Updates on market execution initiatives

andperformance

• Digital commerce progress and initiatives,

including customer portals and digital marketing

• Approved digital tools enhancements to improve

customer and consumer experience and service

• Approved coolers and other Capex requirements

to support winning in the marketplace

• Expansion of Sirvis digital platform to

moremarkets

• Consumer needs and trends

• Adding value to customers

• Marketplace economic conditions

• Shareholder value creation

• Regular updates on financial performance, insights

and trends, FX matters and devaluation challenges

in Nigeria and Egypt

• Capex required and timelines for investments

• Accelerating use of digital tools and AI to

empower our people, cyber security plans,

supplychain and sales capabilities

• Business development and other

investmentopportunities

• Considered and approved the half- and full-

yearresults and dividend payment

• Approved operational and process simplification

projects and organisational structures

• Partnership with Microsoft on in-house

generativeAI productivity and other tools

• Approved Capex to fuel business growth

• Approved treasury related projects, such as

bondbuy‑back, two bond issues and $130 million

EBRD loanfor Egypt

• Monitored initiatives driving efficiency

andsimplification

• Investments driving sustainable returns and

benefits for all stakeholders

• Digitaliise and innovate our business to ensure

weare fit for the future

• People, talent, succession plans, employee

engagement drivers

• Review of progress and activities in embedding

our culture and living our values and purpose

• Progress against our gender diversity KPIs

• Reviewed and endorsed development and

succession plans for senior positions

• Discussed and approved digital programmes

toempower our people with digital tools

• Insourcing technology capabilities with a new hub

inEgypt

• Monitored employee engagement survey outputs

and relevant actions plans

• Monitored diversity, equity & inclusion (D&I)

programme progress and Women inLeadership

positions improvement

• Our people and how to engage, retain and

develop them

• Develop an inclusive growth culture

aroundourempowered people and an

agilelearning organsation

• Building the best teams with critical capabilities

tocreate value for our customers, consumers,

our investors and our communities

• Delivery against our ambitious ESG targets

• Corporate governance as a critical enabler for

ourlicense to operate

• Regulatory developments

• Engaging our communities behind water and

waste initiatives; empowering youth together

with our partners

• Regular updates and discussion on sustainability

projects and ESG benchmarks

• Reviewed and endorsed health and safety plans

• Support of our communities in need from natural

disasters through the Coca-Cola HBC Foundation

• Continued focus on corporate governance,

confirming the effectiveness of our internal

controls and risk management processes

• Endorsed our compliance plans, including the

designof a new AI Policy, digitaliising processes

and training waves

• Progress against our sustainability targets,

within Mission 2025, NetZeroby40 roadmap

andbiodiversity goals to meet broad

stakeholderexpectations

• Support our communities in need and at times of

crisis, prioritising natural disaster relief, packaging

and waste management, corporate citizenship

and empowering youth and women

Leverage

ourunique

24/7portfolio

Wininthe

marketplace

Fuelgrowth

through

competitiveness

and investment

Cultivatethe

potential of

ourpeople

Earnour

licence

to operate

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Corporate Governance Report continued

Overseeing strategic delivery continued

The outcomes of the Board’s decisions

Enhancedvolumeandrevenuegrowth

TheBoard’sfocusondefiningandoverseeing

deliveryofthestrategytoexpandour24/7

portfolioandstrengtheningmarketexecution

drovemarketsharegainsandledtoastrong

organicvolumeandrevenuegrowthin2024.

In 2024, the Board continued to closely oversee delivery

ofour 24/7 portfolio growth strategy regularly reviewing

business plans’ progress, talent development and building

prioritised capabilities, approving investments to support

strategy delivery, such as digital and technology related

investments, keeping appraised on customer engagement

and satisfaction, consumer and market trends and

mitigating risks, such as currency devaluations.

As a result, we continued to deliver on its growth strategy

in2024 in a range of market conditions, with 13.8% organic

revenue growth, 2.8% volume growth and 12.2% organic

EBIT growth.

Read more p.24

FY24Organicrevenuegrowth

+13.8%

FY24OrganicEBITgrowth

+12.2%

+1.7% female leaders

43.5%

sustainableengagement

index score

88%

Ranked

as the world’s

mostsustainable

beverage company

by Dow Jones

Best-in-Class

indices 2024

Demonstrating the

valueofsustainability-

driven investments

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Corporate Governance Report continued

Culture in action

Cultureshapesthewaywethink,

behaveandact.Tosuccessfullyachieve

Coca-ColaHBC’spurpose,itisessential

tohavetherightcultureinplace.The

Board is responsible for monitoring

andassessingourculture.TheChair

ensuresthattheBoardisoperating

appropriately and sets the Board’s

values,whichinturnsetsthestandard

forCoca-ColaHBC’sculture.

The CEO, supported by members of the ELT,

isresponsible for ensuring the embedding of

theculture throughout the business and its

operations and inall our dealings with our

stakeholders. The Board measures the culture

ofthe Group using internal and external metrics,

which also enable it to identify further actions

toensure the culture remains appropriate. The

Boardalso assesses thealignment of the Group’s

policies, practices and behaviours throughout the

business with Coca-Cola HBC’s purpose, values

and strategy, and, if dissatisfied, seeks assurance

that management is taking corrective action.

TheBoard also monitors the Group’s performance

against its peer group within the same sector.

What defines our culture is who we are, our

purpose, our vision, our values, how we need

toevolve and the behaviours we commit to

eachother. The Board monitors progress through

regular updates from the management team, and

culture and engagement surveys – see page 20.

Doing the right thing

• Continued to prioritise the safety and

wellbeing of our people, including our people

in Ukraine, which continues to be impacted

bythe conflict – see page 21.

• Continued supporting our communities in

need, including through the Coca-Cola HBC

Foundation, which approved grants for flood

relief in six of our markets – see pages 24 and 28.

• Further strengthened our compliance

processes and training our employees, and kept

focus on sanctions compliance. We designed

a new AI Policy and trained our people to

ensure we deploy AI technologies in an ethical,

trustworthy and robust way – see page 221.

• Invested to further transform, innovate and

digitalise our business including by investing

in further automating and streamlining our

supply chain, compliance and customer

processes and controls to ensure we are

fitfor the future – see page 18.

Investinginourpeople

• Deployed initiatives strengthening talent

attraction and promoting our preferred

employer profile – see page 20.

• Empowered our people with digital tools

to simplify and make their day-to-day work

easier – see page 20.

• Ran bi-annual culture and engagement surveys,

and one collaboration for impact survey

during the year – see page 21.

• Actively reinforced our people continuous

learning and upskilling, delivering over

659,000 hours of learning in 2024

–seepage22.

• Launched a Digital Hub in Egypt to

complement Sofia and Athens in‑sourcing

digital skills and capabilities within the

organisation – see page 54.

• Continued to strengthen workforce diversity

through our DEI programme: 43.5% of

management positions (1.7% increase)

arenowheld by women – see page 22.

Openingupopportunitiesforour

consumers,customersandpartners

• Continued creating joint value with our

customers, with both premiumisation and

affordable offers and focusing on personalised

execution both physical and e-route to market

(RTM), driving market share gain – see page 16.

• Continued measuring and continuously

improving customer experience using the

NPS

metric applied through CustomerGauge

‘voice of customer’ software, which enables

instant feedback from customers – see page

16.

• Continued to invest in our bespoke capabilities

which make the difference, with DIA remaining

in focus and closely interconnected with

ourrevenue growth management (RGM)

andRTM capabilities – see page 17.

• Integrated Finlandia Vodka into our business

– see page 15.

Sustainability

• Accelerated progress towards our long-

term goal of achieving NetZeroby40,

GHGemissions.

• Achieved our #YouthEmpowered target

ayear ahead of schedule – see page 28.

• Continued to prioritise a circular approach to

packaging resulted in increasing % of recycled

content and % of returnable packaging –

seepages 24 and 27.

• Launched DRS in Hungary and Ireland, while

we continued to work on alternative types

ofcollection models in Nigeria and Egypt

–see pages 24 and 27.

• Accelerated progress towards NetZeroby40

through progress towards packaging

circularity, decarbonising our operations,

further shift to energy‑efficient coolers

andgreen fleet and others.

Key highlights

43.5%

of management positions held

bywomen

+6%

in our customer NPS

from 59 to 65

659,000

hours of learning for our people

€1.55m

grants approved by the Coca-Cola HBC

Foundation for flood-relief initiatives

58%

overall packaging collection rate*

* excluding Egypt

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Corporate Governance Report continued

Division of responsibilities and meeting attendance

Chair

• Leads the Board, sets the agenda

and promotes a culture of

openness and debate.

• Ensures the highest standards of

corporate governance.

• Is the main point of contact

between the Board and

management.

• Ensures effective communication

with stakeholders, together with

the CEO.

ChiefExecutiveOfficer

(CEO)

• Leads the business, implements

strategy and chairs the ELT.

• Is responsible for overall

effectiveness in leading Coca‑

Cola HBC and setting the culture.

• Communicates with the Board,

shareholders, employees,

government authorities, other

stakeholders and the public.

SeniorIndependentDirector

(SID)

• Acts as a sounding board for

the Chair and appraises his

performance.

• Leads the independent NEDs

on matters that benefit from an

independent review.

• Is available to shareholders if they

have concerns that have not been

resolved through the normal

channels of communication.

Non-ExecutiveDirectors

• Contribute to developing Group

strategy.

• Scrutinise and constructively

challenge the performance of

management in the execution of

the Group’s strategy.

• Oversee succession planning,

including the appointment of

Executive Directors.

Company Secretary

• Ensures that correct Board

procedures are followed and

that the Board has full and timely

access to all relevant information.

• Facilitates induction and training

programmes and assists

with theBoard’s professional

development requirements.

• Advises the Board on

governancematters.

Board of Directors

Board committees

Nomination Committee

• Identifies and nominates new Board

members, including recommending

Directors to be members of each

Boardcommittee.

• Ensures adequate Board training;

supportsthe Board and each Committee

inconducting a self‑assessment.

• Oversees the talent

developmentframework.

• Oversees effective succession planning

forthe CEO, in consultation with the

Chair, and for members of the ELT,

inconsultation with the CEO.

Social Responsibility Committee

• Supports the Board in its responsibilities

to safeguard the Group’s reputation for

responsible and sustainable operations.

• Oversees engagement with stakeholders

to assess their expectations and

the possible consequences of these

expectations for the Group.

• Establishes principles governing ESG and

oversees development of performance

management to achieve ESG goals.

AuditandRiskCommittee

• Oversees accounting policies, financial

reporting and disclosure controls;

approach to internal controls and risk

management; information / cyber security

and AI matters; and the quality, adequacy

and scope of internal and external

auditfunctions.

• Oversees compliance with legal, regulatory

and financial reporting requirements and

the internal audit function.

• Receives external auditor reports.

• Responsible for ESG reporting.

RemunerationCommittee

• Establishes the remuneration strategy;

determines and agrees with the Board

theremuneration of Group Executives

andapproves remuneration for the

Chairand the CEO.

• Makes recommendations to the Board

regarding remuneration matters to be

approved at the AGM.

• Recommends to the Board the

implementation or modification

ofemployee coverage for any benefit

planresulting in an increased annual

costof€5 million or more.

Biographies of the Chairs of the Board committees and the other members of the Board, the Audit and Risk Committee, the Nomination

Committee, the Remuneration Committee and the Social Responsibility Committee are on pages 195 to 197.

The Board receives and reviews reports from each committee Chair on its activities and discussions following each committee meeting.

The Board reviews and approves strategy, monitors performance towards strategic objectives, oversees implementation

bythe ELT and approves matters reserved by the Articles for decision by the Board. The governance process of the Board

isset out in our Articles and the Organisational Regulations and can be found at https://www.coca‑colahellenic.com/en/

about-us/corporate-governance.

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Division of responsibilities and meeting attendance continued

Separation of roles

There is a clear separation of the roles of the

Chairand the CEO. The Chair is responsible for

theoperation of the Board and for ensuring that

allDirectors are properly informed and consulted

on all relevant matters. The Chair, in the context

ofthe Board meetings and as a matter of practice,

also meets separately with the NEDs without the

presence of the CEO. The Chair promotes a culture

of openness and debate within the Board sessions

as well as outside the formal sessions. The Chair is

also actively involved in the work of the Nomination

Committee concerning succession planning and

the selection of key people. The CEO, Zoran

Bogdanovic, is responsible for the day-to-day

management and performance of the Company

and for the implementation of the strategy

approved by theBoard and for leading the ELT.

Board

Director

Monthand

year appointed

Board meeting

attended/total

Nomination

Committee

Social

Responsibility

Committee

Auditand

RiskCommittee

Remuneration

Committee

Anastassis G. David January 2016 6/6

Zoran Bogdanovic June 2018 6/6

Zulikat Wuraola Abiola

May 2024 4/4 5/5

Elizabeth Bastoni

September 2024 2/2 2/2 2/2

Charlotte J. Boyle June 2017 6/6 5/5 2/2 4/4

Henrique Braun

June 2021 5/6

Anna Diamantopoulou

June 2020 3/4 3/3 2/2 2/2

Olusola (Sola) David-Borha

June 2015 2/2 3/3

William W. (Bill) Douglas III June 2016 6/6 8/8

Reto Francioni

June 2016 6/6 4/5 3/4

Anastasios I. Leventis June 2014 6/6 4/4

Christo Leventis June 2014 6/6

George Pavlos Leventis May 2023 6/6

Alexandra Papalexopoulou

June 2015 2/2 3/3

Evguenia (Jeny) Stoitchkova May 2023 6/6 4/4

Glykeria Tsernou

May 2024 4/4 5/5

1. Zulikat Wuraola Abiola was appointed to the Board at the AGM on 21 May 2024.

2. Elizabeth Bastoni was appointed to the Board at an Extraordinary General Meeting on 16 September 2024.

3. Henique Braun was unable to attend one Board meeting due to a pre-agreed prior commitment.

4. Anna Diamantopoulou retired from the Board, the Nomination Committee, the Remuneration Committee and the Social Responsibility Committee at the end of an Extraordinary General Meeting held on

16 September 2024.

5. Olusola (Sola) Borha-David retired from the Board and the Audit and Risk Committee at the end of the AGM on 21 May 2024.

6. Reto Francioni was unable to attend one Nomination Committee meeting and one Remuneration Committee meeting due to a pre-agreed commitment.

7. Alexandra Papalexopoulou retired from the Board and the Audit and Risk Committee at the end of the AGM on 21 May 2024.

8. Glykeria Tsernou was appointed to the Board at the AGM on 21 May 2024.

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The Executive Leadership Team

Zoran Bogdanovic

(52)ChiefExecutiveOfficer,

ExecutiveDirector

Seniormanagementtenure:

AppointedJune 2013, appointed CEO

December 2017

PreviousGrouproles:Zoran was previously

Coca-Cola HBC’s Region Director responsible

for operations in 12 countries. He joined

Coca-Cola HBC in 1996 and has held a

number of senior leadership positions,

including as General Manager of Coca-Cola

HBC’s operations in Croatia, Switzerland

andGreece

Previousrelevantexperience:

Prior to joining Coca-Cola HBC in 1996,

Zoran was an auditor with auditing and

consulting firm Arthur Andersen.

External appointments: None

Nationality: Croatian

NayaKalogeraki

(54)ChiefOperatingOfficer

Seniormanagementtenure:

Appointed July 2016, appointed COO

September 2020

PreviousGrouproles:Naya held the role of

Chief Customer and Commercial Officer from

2016 to 2020. Since joining Coca-Cola HBC

in 1998, has progressed her career assuming

various roles with increasing responsibility,

including Marketing Director, Trade Marketing

Director, Sales Director, Country Commercial

Director and General Manager. She has been

actively involved in strategic projects and

task forces within Coca-Cola HBC Group,

addressing critical business imperatives.

Previousrelevantexperience:

Naya joined Coca-Cola HBC in 1998 after

holding various marketing roles with The

Coca-Cola Company, the most senior one

being that of Marketing Manager.

External appointments:

Naya serves as a board member of Casa del

Caffè Vergnano S.p.A., where the Group

holds a30% equity stake.

Nationality: Greek

AnastasisStamoulis

(50)ChiefFinancialOfficer

Seniormanagementtenure:

AppointedMay 2024

PreviousGrouproles:Anastasis joined

Coca-Cola HBC in 2008 as Commercial

Controller for our Operation in Greece.

Since2011 he has held various senior

financial roles, including CFO in Baltics

(2011-2014), CFO Bulgaria (2014-2015) and

CFO Italy (2015-2018). In 2018, he assumed

the role of Group Financial Controller, from

2021 and until 2023, he held the role of

Head of Finance Operations and from 2023

until April 2024 he led the Group Strategic

Finance and Financial Planning & Analysis.

Previousrelevantexperience:

Before joining Coca-Cola HBC, Anastasis

worked in senior financial positions with

FordMotor Company Greece and UK and

Volvo Cars in Greece as finance manager.

External appointments:

None

Nationality: Greek

Ben Almanzar stepped down as CFO at the end of

April2024 when Anastasis Stamoulis was appointed

CFO with effect from 1 May 2024.

JanGustavsson

(59)GeneralCounsel

Secretary and Chief Corporate

DevelopmentOfficer

Seniormanagementtenure:

Appointed August 2001

PreviousGrouproles:Jan served as Deputy

General Counsel for Coca-Cola Beverages

plc from 1999 to 2001.

Previousrelevantexperience:

Jan started his career in 1993 with the law

firm White & Case in Stockholm, Sweden.

In1995, he joined TCCC as Assistant Division

Counsel in the Nordic and Northern Eurasia

Division. From 1997 to 1999, Jan was Senior

Associate in White & Case’s New York office,

practising securities law and M&A.

External appointments:

Jan is a board member of Casa del Caffè

Vergnano S.p.A., in which the Group holds

a30% equity stake.

Nationality: Swedish

EbruOzgen

(55)ChiefPeople

andCultureOfficer

Seniormanagementtenure:

Appointed September 2023

PreviousGrouproles:None

Previousrelevantexperience:

Before joining Coca-Cola HBC, Ebru worked

with Coca-Cola Icecek (CCI) from 1997,

where she progressed through leadership

roles in finance until she was appointed

as the CFO of the Turkey operation. In

2017, she assumed the Chief Human

Resources Officer role of CCI and became

an Executive Committee member, where

she led the People and Culture agenda and

transformation in business strategy for the

Turkey, Middle East, Pakistan and Central

Asia operations, bringing a multi-disciplinary

approach and a holistic business partnering

mindset to the People and Culture function.

Ebru started her career in 1992 in Arthur

Andersen & Co, as an auditor before moving

to the FMCG sector.

External appointments:

None

Nationality: Turkish

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IvoBjelis

(57)ChiefSupplyChainOfficer

Seniormanagementtenure: Appointed

January 2022

PreviousGrouproles:Ivo joined the Group

in 1996 as Plant Manager in Croatia. In 2002,

he took over the position of Country Supply

Chain Manager. Since 2006 Ivo built his

career assuming roles of increased scale and

scope, including Strategic Initiative Leader for

Customer Centric Supply Chain, Group Supply

Chain Processes and Capabilities Director,

Regional Supply Chain Director, Group

Supply Chain Services Director and Group

Supply Chain Operations Director, leading

the development and the transformation

oftheSupply Chain strategy over the years.

External appointments: None

Nationality: Croatian

MarcelMartin

(66)ChiefCorporateAffairs

andSustainabilityOfficer

Seniormanagementtenure:Appointed

Chief Supply Chain Officer January 2015,

appointed Chief Corporate Affairs &

Sustainability Officer January 2022

PreviousGrouproles:Marcel joined

the Group in 1993, holding positions with

increasing responsibility in the supply chain

and commercial functions. Since 1995, he

hasheld general management assignments

in several of our markets, including as General

Manager for Eastern Romania, Regional

Manager Russia, Country General Manager

Ukraine and General Manager Nigeria.

He became General Manager of our Irish

operations in 2010, Supply Chain Director

in2015 and is now our Chief Corporate

Affairsand Sustainability Officer.

External appointments:

None

Nationality: Romanian

MouradAjarti

(48)ChiefDigitaland

TechnologyOfficer

Seniormanagementtenure:Appointed

October 2019

PreviousGrouproles:None.

Previousrelevantexperience:

Mourad has 20 years’ experience with

twofast‑moving consumer goods industry

leaders, Procter & Gamble and L’Oréal. Mourad

started with Procter & Gamble leading SAP

implementation in Morocco, Saudi Arabia and

Europe, and later was CIO for different lines

of business. From 2014 to 2019, Mourad

was CIO for the Asia and Pacific region for

L’Oréal, leading consumer and customer

journey transformation and enabling the

useof big data and advanced analytics.

External appointments:

None

Nationality: British and Moroccan

SpyrosMello

(50)Strategyand

Transformation Director

Seniormanagementtenure:Appointed

November 2021

PreviousGrouproles:Spyros served

as Deputy General Counsel and Chief

Compliance Officer from 2010 to 2021.

Hewas Deputy General Counsel from

2007to 2009 and Senior Corporate

Counselfrom 2005 to 2007.

Previousrelevantexperience:

Spyros was an associate with the law

firmofSullivan & Cromwell LLP practising

securities law and M&A first in New York from

1999 to 2001 and then in London from 2001

to 2004.

External appointments:

None

Nationality: Greek

MinasAgelidis

(55)RegionDirector:Austria,

CzechRepublic,Estonia,

Hungary,islandofIreland,

Latvia,Lithuania,Poland,

Slovakia,Switzerland

Seniormanagementtenure:Appointed

April 2019

PreviousGrouproles:Minas joined the

Group in 1999, holding positions with

increasing responsibility in the commercial

function in Greece (National Account

Manager, Athens Region Sales Manager,

National Wholesale Managerand Country

Sales Director). Since 2008, Minas has held

general management assignments in several

of our markets, including those of Country

General Manager Cyprus, Country General

Manager Bulgaria and Country General

Manager Hungary.

Previousrelevantexperience:

Prior to joining the Group, Minas spent

sevenyears at Unilever Greece in managerial

positions in sales and marketing.

External appointments:

None

Nationality: Greek

Corporate Governance Report continued

The Executive Leadership Team continued

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FrankO’Donnell

(57)RegionDirector:

Armenia, Bosnia &

Herzegovina,Bulgaria,

Croatia,Cyprus,Greece,

Moldova,Montenegro,

NorthMacedonia,

Romania, Serbia,

Slovenia,Ukraine

Seniormanagementtenure:

Appointed June 2023

PreviousGrouproles:Frank joined

the Group in 1992 holding positions

with increasing responsibility in

the commercial function in Ireland,

becoming Sales Director in 2003.

From 2010, Frank was Commercial

Director of our Czech/Slovak

business unit. Since 2014, Frank

has held general management

assignments in several of our

markets, including those of Country

General Manager Ireland, Country

General Manager Austria and

CountryGeneral ManagerItaly.

External appointments: None

Nationality: Irish

AleksandarRuzevic

(54)RegionDirector:

Nigeria,Egypt,Belarus,

andRussia

Seniormanagementtenure:

Appointed June 2023

PreviousGrouproles:Aleksandar

joined the Group in 1998 as a

sales representative. He was then

appointed Commercial Director

for Serbia and Montenegro. In 2010

Aleksandar joined the Ukrainian team

in the role of Commercial Director,

which he successfully led for four

years. In 2014, Aleksandar took the

position of General Manager in North

Macedonia. In 2016 he became

Country General Manager in Serbia

and Montenegro and from 2018

heledthe Russia business unit.

External appointments:

None

Nationality: Serbian

VladimirKosijer

(46)ActingRegion

Director: Nigeria,

Egypt,Belarus,Russia

Seniormanagementtenure:

Appointed February 2024

PreviousGrouproles:Vladimir

joined the Group in 2002 as a sales

representative. He joined the

Ukrainian team in 2013 in the role

ofCapability Development Director,

then held the Sales Director role

for four years while expanding

responsibility over Moldova. In 2018

Vladimir took the position of General

Manager in North Macedonia. In 2019

he was appointed business unit Sales

Director of Russia and in 2023 he led

Multon Partners as General Manager.

External appointments:

None

Nationality: Serbian

Barbara Tönz

(54)ChiefCustomerand

CommercialOfficer

Seniormanagementtenure:

Appointed May 2021

PreviousGrouproles:Barbara

joined the Group in 1998, building

her career first in Switzerland as

Trade Marketing Director, Sales

Director and Commercial Director,

and then in Austria from 2012 as

Commercial Director and Interim

General Manager.

Previousrelevantexperience:

In 2016 Barbara enriched her

experience within the Cola-Cola

System as Country Director Sweden

for TCCC, with responsibility

expanded to Norway and Iceland in

2019 before she assumed the role

of Commercial Execution Director

Europe. Prior to joining the Group in

1998, she held positions in brand and

customer development at Unilever.

External appointments:

None

Nationality: Swiss

VitaliyNovikov

(45)DigitalCommerce

BusinessDevelopment

Director

Seniormanagementtenure:

Appointed September 2020

PreviousGrouproles:Vitaliy

joined the Group in 2011 as General

Manager of the Baltics business unit

and then held General Manager roles

in Poland and Italy.

Previousrelevantexperience:

Prior to joining the Group, Vitaliy

spent four years at Johnson &

Johnson as Managing Director of

the Ukrainian operation and prior to

this he spent seven years at Henkel

in managerial positions of growing

responsibility in Austria and Ukraine.

External appointments:

None

Nationality: Ukrainian

JaakMikkel

(50)NewBusinesses

Director

Seniormanagementtenure:

Appointed February 2023

PreviousGrouproles:Jaak

joined the Group in 2008 as Sales

Director for Baltics and then held

roles of General Management for

Pivara Skopje in North Macedonia

and Romania. His latest role was

as General Manager for Poland

&Baltics.

Previousrelevantexperience:

Prior to joining the Group, Jaak

spent 10 years at Shell, managing

Convenience Retail businesses in

the Baltics, Central Eastern Europe

and in the Nordics.

External appointments:

None

Nationality: Estonian

Corporate Governance Report continued

The Executive Leadership Team continued

9. Currently on medical leave

10. During the absence of Aleksandar Ruzevic, Vladimir Kosijer has been appointed Acting Region Director.

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Corporate Governance Report continued

Responsibilities of the ELT

Executive Leadership

gender diversity

(number and %)

3 20

12* Men

Women

During the absence of Aleksandar Ruzevic, Region Director, Vladimir Kosijer

has been appointed Acting Region Director.

0–1

1–2

2–3

3– 4

4–5

5–6

10–11

11–12

8–9

23–24 1

Executive Leadership Team tenure

(years)

Key activities and

decisionsin2024

TheELTmet10timesin2024todiscuss:

Long-termdirectionsetting

• Reviewing strategic projects and initiatives

complementing our Growth Story framework.

• Overseeing the strategic evolution of Supply

Chain, People and Culture, Commercial,

Finance, Digital & Technology Platform

Services, Strategy & Transformation, and

Corporate Affairs & Sustainability functions.

• Sponsoring the further redesign of Company

culture and corporate identity.

• Assessing, approving and reviewing key

initiatives related to simplification and

collaboration processes and projects.

• Evaluating and evolving our 24/7 portfolio

strategy together with our brand partners.

• Review of company-wide talent strategy

andprocesses.

• Review of rewards strategy, policy

andprocesses.

• Assessing our sustainability priorities and

progress of initiatives on the way to deliver

2025commitments.

• Setting long-term capability building priorities

and programmes.

• Approving and reviewing deployment of major

automation and digitalisation initiatives.

Businessplanning

• Aligning key priorities and investment strategy

with TCCC.

• Aligning key priorities with strategic partners.

• Reviewing and approving annual business

plansfor 2025 for all operations and

centralfunctions.

• Reviewing and approving capital

expenditureproposals.

• Reviewing and approving progress of selected

key project and initiatives.

• Approving Group and country talent, capabilities

development and succession plans.

Risk,safetyandbusinessresilience

• Evaluating the Group’s business

resiliencestrategies.

• Evaluating and strengthening the Group’s

Incident Management and Crisis Resolution

incidents andcapabilities.

• Reviewing the Group’s health & safety

performance, policies, projects and

materialincidents.

• Reviewing the corporate audit plan.

Priorityinitiativesandprojects

• Processes’ and projects’ simplification

andoptimisation strategic projects.

• Employee engagement, collaboration

andcustomer satisfaction initiatives,

basedonconsolidated insights.

• Implementing Talent 2.0 strategic project

andprioritised initiatives for attracting,

developing and retaining talent.

• Workforce reward review project.

• Diversity, Equality and Inclusion initiatives.

• Setting targets and measuring and

drivingprogress on our Sustainability

strategicprojects.

• Priority strategic digital commerce

projectsandmonitoring performance.

• Data, insights & analytics (DIA)

prioritisedinitiatives.

• Cyber security and AI projects.

• Logistics Best-in-Class Project.

Responsibilities of the ELT

• Executive management of the Group and its

businesses, including all matters not reserved

for the Board or other bodies.

• Development of Group strategies and

implementation of the strategies approved

bythe Board.

• Providing adequate head‑office support for

each of the Group’s countries and functions.

• Working closely with the country General

Managers, as set out in the Group’s operating

framework, to capture benefits of scale,

ensuring appropriate governance and

compliance, and managing the performance

oftheGroup.

• Leading the Group’s talent and capability

development programmes.

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Dear Stakeholder

The work of the Nomination Committee focuses

onthe proper composition and effective operation

ofthe Board, Board and senior management

succession planning, the oversight of the talent

management framework, as well as employee

engagement and diversity initiatives.

In 2024, the Nomination Committee continued to

review the balance of skills, experience and diversity

of the Board, and the overall length of service of the

Board, both as a whole and as part of its succession

planning and considered the need to refresh Board

membership. Our Group’s Nomination Policy for the

Recruitment of Board members is our compass for

the recruitment of new Board members. This year,

following the retirement ofthree Board members,

two new members were appointed to the Board at

the 2024 AGM and one at theExtraordinary General

Meeting in September 2024. As every year, this

yearthe Nomination Committee continued to

coordinate the evaluation of the Board andthe

Boardcommittees’ effectiveness through

anexternally facilitated assessment.

On the employee side in 2024, the Nomination

Committee had regular updates on engagement

results, external benchmarking results on our

Employer Brand, the evolution of our bespoke

International Leadership Trainee programme.

andprogress on our DEI initiatives. The Nomination

Committee received input on the Company’s new

program Talent 2.0 and how wewill evolve from good

to great when it comes to attracting, developing, and

retaining great people through 11 key initiatives.

Reto Francioni

Committee Chair

Overview

All members of the Nomination Committee are independent NEDs. At the AGM in May 2024,

Reto Francioni, Charlotte J. Boyle and Anna Diamantopoulou were re-elected for aone-year

term by the shareholders. In September 2024, Anna Diamantopoulou retired from the Board

andthe Nomination Committee and Elizabeth Bastoni was appointed following her election

tothe Board by shareholders. The Chair of the Nomination Committee attended our AGM

inMay 2024 and regularly interacts with representatives of our shareholders.

Members

Reto Francioni

(Chair)

Member since 2016,

Chairsince 2016

Charlotte J. Boyle

Member since 2017

Anna

Diamantopoulou

Member from 2020

until September 2024

Elizabeth Bastoni

Member since

September2024

Highlights 2024

• Succession planning and talent review

• Appointment of three new NEDs

• Engagement and pulse/culture surveys

• Board and committee performance

assessments and follow up actions

Gender representation at Board and ELT level

Number

of Board

members

of the

Board

Number

of senior

positions

on Board

(CEO,CFO,

SID and

Chair)

Number

in ELT

% of

ELT

Men 8 62% 3 12 80%

Women 5 38% 0 3 20%

Ethnicity representation at Board and ELT level

Number

of Board

members

of the

Board

Number

of senior

positions

on Board

(CEO,CFO,

SID and

Chair)

Number

in ELT

% of

ELT

White British

or other White

(including

minority-white

groups) 12 92% 3 15 10 0%

Mixed/multiple

ethnic groups

Asian/Asian

British

Black/African/

Caribbean/

Black British 1 8%

Other ethnic

group

Not specified/

prefer not to say

1. CEO is a senior position on the Board but CFO is not.

2. Board and ELT diversity data is collected directly from each Director and

ELTmember using a questionnaire and given on a self-identifying basis.

3. This includes, as permitted by UK Listing Rules 6.6.13R, those persons in respect

of whom data protection laws in relevant jurisdictions prevent the collection

or publication of some or all the personal data required to be disclosed.

Corporate Governance Report continued

Nomination Committee

Board composition, succession and evaluation

These appointments bring diverse

expertise to the Board, enhancing

Coca-Cola HBC’s strategic direction

andgovernance.

Elizabeth brings experience of advising boards

ofglobal companies on governance, executive

compensation, strategy development and

execution and people development and

succession planning.

Wuraola brings over 20 years of experience,

acquired in her current and previous roles, of

strategy, business development, leadership,

governance, organisational development, risk

management and public sector policy in Nigeria

and throughout Africa.

Glykeria brings extensive knowledge of financial

advisory, investment, business development and

management consulting experience across a

range of sectors.

Elizabeth Bastoni

Elected at an EGM on

September 16, 2024,

and also joined the

Remuneration

Committee and

theNomination

Committee.

Zulikat Wuraola

Abiola

Elected at the AGM

on May 21, 2024, and

also joined the Audit

and Risk Committee.

Glykeria Tsernou

Also elected at

theAGM on May 21,

2024, and also joined

the Audit and Risk

Committee.

Welcome to our new Board members

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Corporate Governance Report continued

Nomination Committee continued

Role and responsibilities

The function of the Nomination Committee is

toestablish and maintain a process for appointing

new Board members, to manage effective

succession planning for the CEO, in consultation

with the Chair, andfor the members of the ELT, in

consultation with the CEO, to oversee the

development of adiverse pipeline for succession,

and to support the Board in fulfilling its duty to

conduct aBoardself-assessment. The formal role

of the Nomination Committee is set out in the

charter for the committees of the Board of

Directors inAnnex C of Coca-Cola HBC’s

Organisational Regulations. Read more:

www.coca-colahellenic.com/en/about-us/

corporate-governance.

Key elements of the Nomination Committee’s

roleare:

• reviewing the size and composition of

theBoard;

• identifying candidates and nominating new

members to the Board;

• planning and managing, in consultation with the

Chair, a Board membership succession plan;

• ensuring, together with the Chair, the operation

of a satisfactory induction programme for

new members of the Board and a satisfactory

ongoing training and education programme

for existing members of the Board and its

committees as necessary to deliver on the

Group’s strategy;

• setting the criteria for, and overseeing, the

annual assessment of the performance and

effectiveness of each member of the Board

andeach Board committee;

• conducting an annual assessment of the

performance and effectiveness of the

Board, and reporting conclusions and

recommendations based on the assessment

tothe Board; and

• overseeing the employee and management

talent development and succession plans of

theGroup.

Work and activities

The Nomination Committee met five times during

2024 and discharged the responsibilities defined

under Annex C of Coca-Cola HBC’s Organisational

Regulations. The CEO and the Chief People and

Culture Officer regularly attend meetings of the

Nomination Committee. In addition, the Chair is

actively involved in the work of the Nomination

Committee concerning succession planning and

the selection of key people. In 2024, the General

Counsel also met with the Nomination Committee

on several occasions. During 2024, it considered:

• succession planning and development of plans

for the recruitment of new Board members and

certain members of the ELT;

• recruitment and onboarding of three new

Boardmembers;

• appointment of new CEO;

• composition of the Board, including the

appropriate balance of skills, knowledge,

experience and diversity;

• review of the talent pipeline and talent

management framework and initiatives;

• oversight of engagement survey results and

focus areas;

• monitoring of the Group’s flagship International

TraineeLeadership Programme;

• monitoring of activities focused on building

understanding and bringing our values and

bringing our values to life;

• external benchmarking and review of our

employee value proposition and other activities

to strengthen our employerbranding position

and promote our preferredemployer status;

• coordination of the performance evaluation

and annual assessments of the Board and

itscommittees;

• presentation of the Board and committees’

assessment and alignment on follow-up actions

arising from these evaluations; and

• review of the Director induction process

andtraining programmes.

The Nomination Committee takes into

consideration Coca-Cola HBC’s Inclusion and

Diversity and Anti-Harassment Policy, the Board

Nomination Policy, as well as Coca-Cola HBC’s

commitment to such policies, to ensure they are

embedded into the Group’s activities,

programmes and initiatives.

Board Nomination Policy

Our Board Nomination Policy requires that

eachDirector be recognised as a person of the

highest integrity and standing, both personally

andprofessionally. Each Director must be ready

todevote the time necessary to fulfil his or her

responsibilities to Coca-Cola HBC according

totheterms and conditions of his or her letter

ofappointment. Each Director should have

demonstrable experience, skills and knowledge that

enhance Board effectiveness and will complement

those of the other members of the Board to

ensurean overall balance of experience, skills and

knowledge on the Board. In addition, each Director

must demonstrate familiarity with and respect for

good corporate governance practices, sustainability

and responsible approaches to social issues.

We are proud of the diverse skills and experiences

ofour Board. For example, in relation to ESG

matters, the expertise of a number of our Board

members who sit on the boards of other multi-

nationals that face similar challenges and have

similar concerns on the ESG agenda, helped us

identify the commitments that we want to make

inthis area and set the relevant targets. Until her

retirement from the Board in September 2024,

Anna Diamantopoulou’s familiarity with the

socialprotection and welfare state at the EU

Commission High-Level Group, also supported

our decision making in connection with ESG.

In addition, connected to ESG, Anastasios I.

Leventis, the Chair of the Social Responsibility

Committee of the Board, is a member of the

European Council of The Nature Conservancy

(TNC), a global environmental non-profit

organisation working to create a world where

people and nature can thrive, and he is a board

member of WWF Hellas (the Greek branch of

WWF). Those experiences support in driving

theenvironmental agenda and in endorsing

Coca-Cola HBC’s bold sustainability

commitments related to climate, water

stewardship, biodiversity and packaging.

In relation to risk oversight and management,

weare proud that the vast majority of our Board

members possess strong risk management

expertise, developed over time as a result of their

extensive experience in senior leadership positions

in large organisations, as executives and/or as

board members. The deep understanding of

material risks and their potential impact, the

implementation of mitigation and contingency

plans and the setting of appropriate internal

controls, processes and policies to apply effective

risk management is paramount to successfully

perform in such senior roles.

Support and training for the Board

The practices and procedures adopted by our

Boardensure that the Directors are provided

onatimely basis with comprehensive information

onthe Company’s business development and

financial position, the form and content of which

isexpected to enable the Directors to discharge

their duties. AllDirectors have access to our

General Counsel, as well as independent

professional advice at theCompany’s expense.

They have full access tothe CEO and senior

management, as well astheexternal auditor

andinternal audit team.

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The Board has an induction programme for new

Directors. It involves meetings with the Chair,

members of the ELT and other senior executives,

as well as receiving orientation training in relation to

the Group and its corporate governance practices.

It also includes meetings with representatives of

our sales force, customers and major shareholders

and visits to our production plants. All Directors are

given the opportunity to attend training to ensure

that they are kept up to date on relevant legal,

accounting and corporate governance

developments. The Directors individually attend

seminars, forums, conferences and working groups

on relevant topics. The Nomination Committee

reviews Director trainingactivities regularly. Finally,

as part of the continuing development of the

Directors, the Company Secretary ensures that

ourBoard is keptup to date with key corporate

governance developments. The Board appoints

the Company Secretary, who acts as secretary

tothe Board.

Board appointments and

successionplanning

Our Board has in place plans to ensure the

progressive renewal and appropriate succession

planning for senior management. These cover

theshort, medium and long term, and are regularly

reviewed. Appointments and succession plans are

based on merit and objective criteria to ensure

Coca-Cola HBC is promoting diversity (including

gender, social and ethnic backgrounds – see right)

and cognitive and personal strengths. Pursuant

toour Articles, the Board consists ofaminimum

of seven and a maximum of 15 members, and

theDirectors are re-elected annually for a term

ofone year by Coca-Cola HBC’s shareholders,

which is also in accordance with the UK Corporate

Governance Code. In caseof resignation or death

of any member, the Board may elect a permanent

guest to be proposed for election bythe

shareholders at thenext AGM.

In accordance with the Organisational

Regulations, the Board proposes for election

atthe shareholders’ meeting new Directors

whohave been recommended by the Nomination

Committee after consultation with the Chair.

Inmaking such recommendations, the

Nomination Committee and the Board must

consider objective criteria as above, as well as the

overall length of service of the Board as a whole,

when refreshing its membership. Through this

process, the Board is satisfied that the Board and

its committees have the diversity, independence

andknowledge to enable them to discharge their

duties, including sufficient time commitment.

Committee at work

Succession planning

Board composition

Recruitment

Shortlisting

Interview

Balance of skills assessment

Appointment

Induction

Diversity

The Group continues to have a firm commitment to

policies promoting diversity, equal opportunity and

talent development at every level throughout the

organisation, including at Board and management

level, and is constantly seeking to attract and recruit

highly qualified candidates for all positions in its

business. The Group’s Inclusion and Diversity and

Anti-Harassment Policy applies to all people who

work for us. Further details in theGroup’s Inclusion

and Diversity and Anti-Harassment Policy on page

133 in the Strategic Report and on our website under

www.coca-colahellenic.com/en/about-us/

corporate-governance/policies/inclusion-and-

diversity-policy.

The Group believes that diversity at the Board level

acts as a key driver of Board effectiveness, helps

toensure that the Group can achieve its overall

business goals especially considering our

geographical footprint, and is critical in promoting

adiverse and inclusive culture across the whole

Group. The Board has adopted a Board Nomination

Policy, which guides the Nomination Committee and

the Board in relation to their approach to diversity in

respect of succession planning and the selection

process for the appointment of new Board

members. It does not include targets for either

gender or ethnicity. However, the Board is cognisant

of the recommendations in the FTSE Women

Leaders Review, the Parker Review, as well as the

targets for gender, ethnicity and persons in senior

board positions in the FCA’s UK Listing Rules, and

these will be taken into consideration for succession

planning and appointment of new Board members.

The Nomination Committee is responsible for

implementing this policy and for monitoring

progress towards the achievement of its objectives.

The requirements and objectives of the Board

Nomination Policy include that the Nomination

Committee is required to take into account all

aspects of diversity, including age, ethnicity,

gender, educational and professional background

and social background when considering

succession planning and new Board appointments;

seek a wide pool of candidates, with a broad range

of previous experience, skills and knowledge; and

give preference to executive search firms that are

accredited under the Enhanced Code of Conduct

for Executive Search Firms. Board appointments

are evaluated on merit against objective criteria

with due regard for diversity to ensure that

candidates contribute to the balance of skills,

experience, knowledge and diversity of the Board.

The Board also considers the overall length of

service of the Board as awhole when considering

refreshment of themembership.

Two Directors retired at the end of the 2024 AGM

and, following recommendation by the Nomination

Committee, two Directors (both female) were

appointed at the end of the2024 AGM. One female

Director retired from the Board at the end of an

Extraordinary General Meeting held in September

and another female Director was appointed in her

place. Female representation on the Board is 38%.

Board and ELT gender and

ethnicitymetrics

As at 31 December 2024, in accordance with the

FCA’s UK Listing Rules, Coca-Cola HBC had met

the target for ethnic Board diversity and had just

over 38% of female Board representation (slightly

behind the required 40% target in the FCA UK

Listing Rules). No senior positions on the Board

asdescribed in the FCA UK Listing Rules are held

bywomen. Female representation in the ELT is 20%

and in senior management positions reporting to

the ELT is 37,93%. The Board will continue to

prioritise its gender balance andthe Nomination

Committee has, and will continue to, consider this

in the context of its continuous workon succession

plans for the Board, as well assenior management

including the ELT.

The tables on page 211 include metrics that set

out the range of gender and ethnicity as they relate

to our Board and ELT as at 31 December 2024. The

ELT refers to the most senior level of managers,

including the General Counsel/Company Secretary

but excluding administrative and support staff,

inaccordance with the definition in the FCA’s UK

Listing Rules. The Board diversity-related data

iscollated directly from each Director and ELT

member using a questionnaire and given on

aself-identifying basis.

Gender diversity and representation

atBoard and ELT level

The Board is committed to appointing

thebestpeople with the right skills, using

non-discriminatory and fair processes during

selection, recognising the importance of diversity

in business success. It is the Board’s responsibility

to oversee senior management succession

planning to ensure a diverse pipeline of managers

and talent are identified from the management

talent development programme.

Corporate Governance Report continued

Nomination Committee continued

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Board performance review

The Nomination Committee led the annual

reviewofthe Board’s, committees’ and the

Chair’s performance, as well as a self-evaluation

of each individual Director with the support of

Lintstock, anexternal advisory firm we have

worked with forthepast nine years. Lintstock

has no other connection to Coca-Cola HBC or

individual Directors.Key areas in the assessment

were: Board composition; stakeholder oversight;

Board dynamics; management of meetings;

Board support; Board committees; strategic,

risk, stakeholder and people oversight; and

priorities for change in 2025. It also took actions

to address the recommendations from the

previous (2023) evaluation, as summarised

below. The Chair will lead on priorities to be

actioned during 2025.

In addition to the annual performance review,

theChair met with Directors throughout 2024 to

receive feedback on the functioning of the Board

and its committees, boardroom dynamics and

Coca-Cola HBC’s strategy. These meetings give

particular focus to areas where a Director

believes the performance of the Board and

itscommittees could be improved.

The independent Directors met separately

ateveryBoard meeting to discuss a variety of

issues, including the effectiveness of the Board.

The Chair and the Senior Independent Director

conducted an evaluation of each Director (other

than the Chair). The Senior Independent

Director led the evaluation of the Chair, in

conjunction with the NEDs, considering the

views of the CEO, and, asamatter of practice,

meets with the other independent NEDs when

each Board meeting is held to discuss issues

together, without the CEO or other NEDs

present. The Chair also holds meetings with

theNEDs, without the CEO present.

2024 actions based on 2023 Board

evaluation findings and previous

experience

• Prioritised sustainability-related topics,

through regular reviews on progress of plans,

as well asupdates and educational sessions

onregulatory developments.

• Leveraged learnings on geopolitical, regulatory

and macro developments to inform and

validate our strategic planning and risk

management, for example, in relation to

treasury actions to mitigate FX challenges and

currency devaluation in Nigeria and Egypt and

tailoring our market execution plans to make

affordable offers to customers and consumers.

• Sessions with our corporate brokers, TCCC senior

executives and updates on investor and market

expectations, trends and developments, and

customer satisfaction surveys to acquire external

perspectives and insights on priority areas.

• Continued focusing on Emerging markets

through deep dives and regular reviews.

• Had regular updates on people activities,

development and succession plans for

senior positions, reviews of engagement

andcollaboration surveys.

• Reviewed, debated and oversaw business plans

and execution, strategic priority categories, risk

management and governance matters to support

management achieving our growth targets.

• Approved technology and digital investments,

updates on cyber security matters, and a

variety of digitalisation initiatives and tools

toautomate and streamline our processes.

2024 review findings

• The Board’s performance review was

considered positive overall and the scores

in allareas covered were high, as in previous

years and materially similar to 2023.

• The Board’s performance in all areas reviewed

was either equal to or above the Lintstock

Governance Index, which aggregates

feedback from over 200 recent Board reviews

that Lintstock has facilitated, demonstrating

the Board’s high confidence in its oversight.

• Coca-Cola HBC’s strategy and the Board’s

oversight of it, as well as its execution,

received very high ratings overall.

• The Board’s oversight of talent and succession

was rated highly. Excellent succession

planning and major steps made to further

improve talent and succession processes

were commended very positively.

2025 priorities based on review findings

• Focusing on the strategy, particularly longer-

term issues and opportunities.

• Board succession and continuity, with continued

focus on refreshment of the Board composition.

• Focusing on the talent pipeline and succession

planning for C-suite roles and ensuring ample

exposure of the Board to the talent pool.

• Maintaining focus on external developments,

particularly geopolitical dynamics, regulation,

and industry trends.

• Enhancing training curriculum with focus on

technology, digital, AI transformation, DIA and

sustainability related topics.

• Continuing to deep dive into key areas of

thebusiness and improving understanding

ofkey markets.

A robust, independent methodology

The first stage of the review involved Lintstock

engaging with the Company Secretary and the

Nomination Committee to set the context for the

review, and to tailor survey content. The surveys

were designed to follow up on and furtherexplore

key themes identified in last year’sevaluation, so

that year-on-year progress can be tracked. The

anonymity of all responses wasguaranteed

throughout the process to promote open and

honest feedback. Lintstock subsequently analysed

the results and delivered reports on the

performance of the Board, the committees and the

Chair, which were considered at a subsequent Board

meeting. The individual Director self-assessment

reports were also provided to the Chair. The results

of the review were positive overall, and the Board

was felt to have performed effectively and

maintained a strong working dynamic.

A target has been set of 50% female

representation of managers, to be achieved by

2025. This links toour strategy to develop our

people and ensure we attract and retain a diverse

talent pool, and isone of the five pillars of our

growth strategy. Read more on pages 20 to 23.

The Nomination Committee, in conjunction with

the ELT, will continue to monitor the proportion

ofwomen atall levels of the Group and ensure that

all appointments are made with a view to having

ahigh level of diversity within the workplace

andinleadership positions.

We are a global company with a diverse geographic

footprint, including in Emerging markets. Our ELT

isbased in Switzerland (whereCoca-Cola HBC is

incorporated), but mostof our senior management

reporting to theELT is located in other countries.

As a Swiss headquartered company any senior

management representation we have in the UK is

purely circumstantial. For this reason, we do not

have specific ethnicity targets or tracking. We are

committed to increasing the diversity of our senior

management population and there will beseveral

initiatives that will be put in place over the coming

years to support this and to ensure that we have

the right pipeline of talent. In the future we will also

look more closely at ethnic minority representation

across Coca-Cola HBC, not just atmanagement

level, and report on this where appropriate.

2025 priorities

• Continued focus on succession planning forthe

Board and the ELT

• Close monitoring of the Group’s talent

development framework and pipeline, including

talent attraction and retention

• Engagement and culture surveys

• Externally facilitated Board and

committeeassessments

• Follow-up actions on outcome of 2024

evaluation assessment

Corporate Governance Report continued

Nomination Committee continued

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Social Responsibility Committee

Dear Shareholder,

Our Company has remained focused on its

sustainability journey by executing with discipline

theESG goals and agenda across all 29 markets,

creatingvalue to our suppliers, customers,

employees and communities and investing in

future innovations that will bring positive impact

on people and environment.

2025 will be the final year of our Mission 2025

goals, and we proudly share that we have already

reached nine out of our seventeen targets ahead

ofthe target year. For the fourth consecutive

yearwe arereducing our absolute GHG emissions

(scopes 1, 2 and 3) and performing in line with our

NetZeroby40 roadmap proving that we are able

todecouple our emissions from our business

growth. I would like to mention specifically the

progress made with the renewable energy and

top20 energy-saving initiatives in manufacturing,

the advancement of energy-efficient coolers

thatsave electricity for our customers, reusable

solutions for our beverages, and increases in

recycled PET (rPET), recycled aluminium and

recycled glass in our primary packaging materials.

In December 2024, we received approval from

theSBTi of our near-term (by 2030), net-zero

(by2040) and FLAG (Forest, Land and Agriculture)

targets against the SBTi’s Net-Zero Standard

Criteria and Near-Term Target Criteria and

Recommendations. This is a huge milestone

andwe continue implementing the initiatives

indifferent pillars across the value chain that

bringbusiness value andcontribute to

emissionsreduction.

We are progressing with our suppliers’ ESG

programmes and engagement plan that

notonlyhelps in scope 3 emissions

decarbonisation but also bring positive

socialandenvironmental impact.

In 2024, our newly established Coca-Cola HBC

Foundation approved €1.55 million in grants to

flood-relief projects in six Coca-Cola HBC

countries (Greece, Nigeria, Bosnia and

Herzegovina, Hungary, Poland, and Romania).

Wealso launched our first sustainability

capabilities programme for our sales teams,

focused on building impactful partnerships

withour customers. The programme was

createdtoprovide our customer-facing

teamswith relevant proof-points and value-

creation approach.

In preparation for compliance with the EU

Deforestation Regulation, across-functional

working group is assessing potential solutions

formeeting all requirements in2025.

Our Committee pays attention to the

increasingcomplexity coming with all new

ESGcompliance frameworks and closely

monitorsthe development of the new ones.

Ourfirst sustainability statement as per the

ESRSrequirements can be found on pages

41to172.

Our Company continued its progress on packaging

collection: As of January 2025, nine markets have

DRS in place, with two more schemes expected to

go live in 2025. In May 2024, we hosted 60 TCCS

participants from 25 markets in Bucharest, Romania

to share learnings from our DRS markets, discuss

approaches to cross-functional collaboration,

experience DRS in action and interact with

externalstakeholders.

We are on track to meet our challenging water

stewardship goal for helping communities in

waterrisk by adding four to the existing 12 water

stewardship projects and planning three more in

2025 to reach 100% of this 2025 goal.

Charlotte J. Boyle

Member since

September2024

Evguenia Stoitchkova

Member since May 2023

Highlights 2024

• Review of main actions for the Group’s net

zero transition plan developed as part of

NetZeroby40 goal combined with science-

based carbon reduction targets by 2030.

• Approval from theSBTi of our near-term

(by2030), net-zero (by2040) and FLAG

(Forest, Land and Agriculture) targets.

• Monitoring progress and status towards the

Group’s ESG targets in all seven focus areas.

• Review of the first sustainability capabilities’

programme for our sales team, which is

focused on building impactful partnership

withthe customers in sustainability.

• Oversight of the Group’s packaging

collection roadmap and plans for DRSs in our

markets and the first the Coca-Cola System

(TCCS)-owned tailor made collection model

inNigeria.

• Overview of the EU compliance frameworks,

with a specific focus on Corporate

Sustainability Reporting Directive (CSRD)

and our compliance plans and European

Sustainability Reporting Standards (ESRS).

• Approval of the Group’s Double

MaterialityAssessment (DMA)

approachandDMA results.

• Review of the results and improvement

opportunities from the 2023 ESG

assuranceaudit.

Overview

Anastasios I. Leventis (Chair)

Member since 2016

Chair since2016

Anna Diamantopoulou

Member from June 2020

until September 2024

Members

The Social Responsibility Committee

comprisesone independent NED and

twoNEDs:Anastasios I. Leventis (Chair),

AnnaDiamantopoulou until September 2024,

Evguenia Stoitchkova and Charlotte J. Boyle

fromSeptember 2024.

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Corporate Governance Report continued

Social Responsibility Committee continued

In 2024, Coca-Cola HBC’s was again named by the

Dow Jones Best-in-Class Indices as a leader, with

the highest S&P Global Corporate Sustainability

Assessment score in the Beverage industry, which

is the eighth time we have topped the industry

andmarks 14 consecutive years among the top

three. We continue to earn leading scores in the

beverage industry in 10 of the most recognised

ESG ratings (DJSI, CDP Climate and Water, MSCI

ESG, ISS ESG, V.E. Moody’s ESG and Morningstar

Sustainalytics among them).

During the year we reviewed the high-level

activities and the capital investments related

tosustainability, sustainability communication

strategy, and the capability programme prepared

for different levels in our organisation aiming to

build sustainability knowledge.

Within 2025, the Social Responsibility

Committeewill ensure that the business

strategyis fully aligned with the Group’s ESG

agenda and that the Company continues to create

value for employees, communities, society and

the environment. 2025 will be the last year of

ourMission 2025 goals and we are looking for our

next ESG ambitions in the areas material for our

stakeholders, for our business, for society, and

forthe environment. Among the continuous focus

in 2025 will be the NetZeroby40 goal, biodiversity,

water community and water replenishment

projects, Pack and Mix of the Future plans,

packaging collection, human rights, our social

agenda and impact, ESG programmes for our

suppliers, and customer partnerships in

sustainability.

Anastasios I. Leventis

Committee Chair

Role and responsibilities

The Social Responsibility Committee is responsible

for the development and supervision of procedures

and systems to ensure the pursuit of the Group’s

social and environmental goals, as set out in the

charter for the committees of the Board of

Directors in Annex C to Coca-Cola HBC’s

Organisational Regulations. Key areas of

responsibility are:

• establishing the principles governing the

Group’s policies on social responsibility and the

environment to guide management’s decisions

and actions;

• overseeing the development and supervision

of procedures and systems to ensure the

achievement of the Group’s social responsibility

and environmental goals;

• establishing and operating a council responsible

for developing and implementing policies and

strategies to achieve Coca-Cola HBC’s social

responsibility and environmental goals (in all

ESG pillars, such as climate change, water

stewardship, packaging and waste, sustainable

sourcing, health and nutrition, our people and

communities, and biodiversity), and ensuring

Group-wide capabilities to execute such

policies and strategies;

• ensuring the necessary and appropriate

transparency and openness in the Group’s

business conduct in pursuit of its social

responsibility and environmental goals;

• ensuring and overseeing the Group’s interactions

with stakeholders in relation to its social

responsibility and environmental policies, goals and

achievements, including the level of compliance

with internationally accepted standards; and

• reviewing Group policies on environmental

issues, human rights and other topics as

theyrelate to social responsibility.

Work and activities

The Social Responsibility Committee met four times

during 2024. It invited other members of the Board

to attend the meetings, namely Charlotte J. Boyle,

George Leventis, Elizabeth Bastoni and the CEO, as

well as the Chief Corporate Affairs and Sustainability

Officer and additional senior leaders subject

tothe discussion topics. During 2024, the Social

Responsibility Committee reviewed and provided

guidance and insights to advance the Group’s

sustainability approach in the following areas:

• Progress on and action plans made against

the seventeen publicly communicated 2025

sustainability goals and their six focus areas.

• 2030 science-based targets and the SBTi-

approved NetZeroby40 goal, including its net

zero transition plan, with the main initiatives per

lever(pillar) and their Capex and Opex.

• Sustainable packaging agenda and progress

towards more sustainable packaging (rPET,

packageless, refillables and other).

• Packaging collection and recovery with DRS

implementation across Europe and solutions

for Nigeria and Egypt.

• Group CEO’s participation in the Alliance of CEO

Climate Leaders at the World Economic Forum.

• Investments in different initiatives that deliver

sustainability benefits.

• Approach to carbon removals and carbon credits.

• Review of progress in decreasing calories in our

beverages as part of our nutrition agenda.

• Health and safety programmes, including Life

Saving Rules and Behavioural Based Safety.

• Social impact community programmes such

as #YouthEmpowered programmes and water

stewardship projects.

• DMA process andapproval of results.

• ESRS reporting and compliance with the CSRD,

Corporate Sustainability Due Diligence Directive

(CS DDD) and EU Deforestation Regulation

(EU DR), as well as reporting towards different

ESG reporting frameworks, standards and

benchmarking such as the GRI Standards, SDGs,

Dow Jones Sustainability Indices, CDP Climate

and Water, Task Force on Climate-related Financial

Disclosures (TCFD), and the Sustainability

Accounting Standards Board (SASB).

• Review of supplier engagement activities

andprogrammes, including suppliers’ progress

towards setting science-based targets and shifting

to green energy, suppliers’ ESG risk assessment,

and capabilities-building programmes.

• Deep-dive analysis of Group results in various

ESG benchmarks.

• Monitoring innovation projects and partnerships

that support our ESG agenda.

• Ongoing updates on plastic packaging levies,

EU Packaging and Packaging Waste Regulation,

product tax developments, EU Green Claims

Directive and the UN Global Plastics Treaty.

• Active involvement in Annual Stakeholder Forum

‘Harnessing the Circular Economy for Packaging.’

• Support with flood reliefs our communities

inneed by the Coca-Cola HBC Foundation.

• Review of sustainability communication plans,

their impact on the Group’s reputation and

initiatives for bringing its culture story to life.

Priorities for 2025

• Continuous review of the net zero transition plan

and its roadmap supporting our NetZeroby40

emissions goal approved by the Science-Based

Targets initiative (SBTi).

• Overview of the status of all Mission 2025

goalsin their final year of completion.

• Overview of the plans and key activities to

deliver the 2025 packaging collection target.

• Endorsement of Coca-Cola HBC’s sustainability

targets beyond 2025.

• Further refinement of the DMA, focusing on

dependencies, impacts, risks, and opportunities.

• Compliance to the EU Deforestation Regulation

and review of the mandatory ESG reporting

standards across our jurisdictions.

• Monitor development of the Science Based

Targets Network for Nature and its guidelines

for setting biodiversity science-based targets

and their implementation in our Company.

• Partnerships for innovation in the area of ESG,

with both customers and suppliers.

• Overview of the social impact programmes.

• Progress on calorie reduction and added sugar

reduction across beverage categories.

• Stakeholder outreach activities.

• Ongoing activities related to ESG

benchmarking, plastic packaging levies

andproduct tax developments.

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Dear Shareholder,

I am pleased to present the annual report of the

Audit and Risk Committee. This report explains the

Audit and Risk Committee’s responsibilities and work

during 2024. In performing its work, the Audit and

Risk Committee balances independent oversight

with support and guidance to management.

Iamconfident to report that the Audit and Risk

Committee, supported by senior management

andthe external auditor, consistently carried out its

duties to a high standard during the reporting year.

We have monitored and reviewed our risk

management processes, including our risk profile

and mitigation plans, but also principal risks and

riskappetite as well as the Business Resilience

Framework, which has replaced the Enterprise

RiskManagement Framework. The Audit and Risk

Committee endorsed the ERBD loan facility for

operations in Egypt, had regular updates of the

work on CSRD compliance and endorsed the DMA

prepared, and had regular updates on preparatory

work for the tender of the external audit contract

during 2025. The Audit and Risk Committee worked

closely with the corporate audit and finance teams

in overseeing the implementation and monitoring

of the Group’s internal control framework.

Further areas of focus are included in the work and

activities of the Audit and Risk Committee and the

key areas of significance in the preparation of the

financial statements in the IAR.

William W. (Bill) Douglas III

Committee Chair

Role and responsibilities

The Audit and Risk Committee monitors the

effectiveness of our financial and sustainability

reporting, internal control and risk management

systems, and processes. The role of the Audit and

Risk Committee is set out in the charter for the

committees of the Board of Directors in Annex C

ofCoca-Cola HBC’s Organisational Regulations.

Read more: coca-colahellenic.com/ en/about-us/

corporate-governance. The key responsibilities and

elements of the Audit and Risk Committee’s role are

as follows:

• Providing advice to the Board on whether

the IntegratedAnnual Report (including the

consolidated financial statements, taken as

awhole) is a fair, balanced and understandable

assessment of Coca-Cola HBC’s position

and prospects and provides the information

necessary for shareholders to assess the Group’s

position and performance, including whether

there is consistency throughout the report

including the financial reporting, whether the

report will form a good basis of information for the

shareholders, and that important messages are

highlighted appropriately throughout the report.

• Monitoring the quality, fairness and integrity of the

consolidated financial statements of the Group

and reviewing significant financial reporting issues

and judgements contained inthem.

• Reviewing the Group’s internal financial control

and anti-fraud systems as well as the Group’s

broader business resilience and legal and

ethical compliance programmes (including

computerised information system controls and

security) with the input of the external auditor

and the internal audit department.

• Reviewing and evaluating the Group’s major areas

of financial risk and the steps taken to monitor and

control such risk, as well as guidelines and policies

governing risk assessment.

• Quarterly review of Coca-Cola HBC’s principal risks

and the actions it is taking to manage those risks.

• Establishing and updating the risk appetite

statement, which establishes the level of risk

that Coca-Cola HBC is prepared to take in

achieving its strategic objectives.

William W. (Bill)

DouglasIII(Chair)

Member since 2016

Chair since June 2016

Olusola (Sola)

David‑Borha

Member from 2015

until May 2024

Zulikat Wuraola Abiola

Member since May 2024

Alexandra

Papalexopoulou

Member from 2020

until May 2024

Highlights 2024

• Endorsement of the new Business Resilience

Framework to replace the Enterprise Risk

Management Framework.

• Endorsement of work for CSRD compliance.

• Preparatory work for audit tender in 2025.

• Review of the changes in the Corporate Audit

Department and internal audit policies and

procedures to comply with the new global

internal audit standards effective January 2025.

• Endorsement of EBRD loan facility for

operations in Egypt.

Overview

Glykeria Tsernou

Member since May 2024

Members

All members of the Audit and Risk Committee

are independent NEDs: William W. (Bill) Douglas III

(Chair), Zulikat Wuraola Abiola and Glykeria Tsernou

were each elected for a one-year term by the

shareholders at the AGM in May2024.

Corporate Governance Report continued

Audit and Risk Committee

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• Monitoring and reviewing the external

auditor’s independence, quality, adequacy and

effectiveness, taking into consideration the

requirements of all applicable laws in Switzerland

and the UK, the listing requirements of the

London Stock Exchange and Athens Exchange,

and applicable professional standards.

The Board is satisfied that Bill Douglas, Zulikat

Wuraola Abiola and Glykeria Tsernou possess

recent and relevant financial and sector

experience in compliance with the UK Corporate

Governance Code. Bill Douglas was formerly

Executive Vice President and CFO of Coca-Cola

Enterprises, Zulikat Wuraola Abiola has risk

management experience and Glykeria Tsernou is

experienced in financial advisory and investment.

The Board is also satisfied that the members of

the Audit and Risk Committee have competence

in the sector in which Coca-Cola HBC operates,

incompliance with the UK Corporate Governance

Code and UK listing regime requirements.

Read about their experience and biographies on

pages 195 to 197.

The Group CFO, as well as the General Counsel,

external auditor, the Head of Corporate Audit and

the Group Financial Controller, attend all meetings

ofthe Audit and Risk Committee. Other officers and

employees are invited to attend meetings when

appropriate. Two NEDs, Henrique Braun and Christo

Leventis, were invited to attend all meetings during

2024. The Head of Corporate Audit and, separately,

the external auditor, meet regularly with the Audit

and Risk Committee without the presence of

management to discuss the adequacy of internal

controls and any other matters deemed relevant

tothe Audit and Risk Committee. The Chair

oftheAudit and Risk Committee attended our

AGMin May 2024 and regularly interacts with

representatives of our shareholders.

Work and activities

The Audit and Risk Committee met eight times,

four of which were by video conference call, during

2024 and discharged the responsibilities defined

under Annex C of Coca-Cola HBC’s Organisational

Regulations. The work of the Audit and Risk

Committee during the year included

consideration, review, and where appropriate

challenge, of the respective matters, as well as

assessment of management’s mitigating actions

and response plans in the areas below:

Reporting

• the full-year consolidated financial statements

and results announcement, the half-year

consolidated financial statements and interim

results announcement, prior to submission for

Board approval, the quarterly trading updates,

as well as upgrading the Group’s 2024 guidance

in its half-year results;

• areas of significance in the preparation of the

consolidated financial statements and impact

on markets including: foreign currency volatility,

affordability challenges, floods and wildfires in

various countries and geopolitical issues such

as in the Middle East region, Ukraine and Russia;

• oversight of the preparations and endorsement

of the first CSRD reporting of the Company

forapproval by the Board, working closely with

and challenging the management to ensure

the ESG data integrity matches that of financial

data integrity; and

• the external auditor’s reports on the Group’s

consolidated half-year and annual financial

statements and Swiss statutory audit report;

Regular finance, tax and regulatory updates

• regular finance and market updates on

performance and significant accounting,

reporting and internal audit matters, including

actions to mitigate inflation, currency volatility

and other finance related risks;

• oversight of tax strategy, key international

taxinitiatives, and ongoing tax audits;

• regular updates on health and safety, quality

assurance, regulatory compliance, including

dataprivacy, fraud control, sanctions,

and overview of litigation and regulatory

investigations and compliance with the

Group’sCode of Business Conduct; and

• regular updates from the external auditor

onaccounting and regulatory developments,

including updates on Swiss regulatory

developments and CSRD;

Principal risks, internal controls

&externalauditor

• scheduled risk updates and updates on business

resilience matters including: emerging risks,

use of AI, cyber security, insurance, business

resilience processes and the fire at the Bambi

production plant;

• approval of changes to 2024 internal audit plan,

quarterly reports on internal audit matters

across the Group’s business and approval

ofthe2025 internal audit plan;

• the internal control environment, principal risks

and risk management systems (including and

the Group’s statement on the effectiveness of

its internal controls prior to endorsement by

the Board, concluding that management has

carried out a robust risk assessment process);

• endorsement of the Group’s risk appetite

statement and the framework for establishing

risk tolerance levels for all risks as a key part of

the risk assessment process;

• reports on the Group’s impairment assessment

processes and relevant results in connection

with the interim and annual financial report;

• review of and discussion with senior

management on the viability statement

scenarios and underlying assumptions,

the going concern reporting basis and

endorsement of recommendation to the

Boardto approve the viability statement;

• progress on internal control frameworks and

assessment and integration of the Company’s

Egyptian subsidiary;

• an assessment and confirmation of the internal

audit function including sufficiency of the internal

audit budget and resources, and confirmation

of the internal auditor’s quality, independence,

experience and expertise for the business;

• external audit plan and pre-approval of audit

fees for 2025, as well as external audit tender

plan for 2025;

• consideration of the external auditor’s

independence, quality, and adequacy and

the effectiveness of its audit of the financial

statements; and

• assessment of Coca-Cola HBC’s external

reporting to ensure it is fair, balanced and

understandable in accordance withthe

Board’sobligation under the UK Corporate

Governance Code.

In 2024, the Audit and Risk Committee also

reviewed the 2023 Integrated Annual Report

including the consolidated financial statements

andassociated reports and information. The Audit

and Risk Committee received assurances from

management and details on the processes underlying

the preparation of published financial information.

Following evaluation of all available information,

the Audit and Risk Committee concluded and

advised the Board that the 2023 Integrated

AnnualReport including the consolidated financial

statements is fair, balanced and understandable.

Areas of key significance in the

preparation of the financial statements

The Audit and Risk Committee considered a number

of areas of key significance in the preparation of the

financial statements in 2024, including:

• appropriateness of critical accounting

judgements and estimates that affect the

reported amounts of assets, liabilities, revenues

and expenses, and the disclosure of contingent

assets and liabilities in the consolidated financial

statements (detailed in Notes 5, 13, 15, 21 and

29 to the consolidated financial statements),

identified by management;

Corporate Governance Report continued

Audit and Risk Committee continued

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• review of the trading environment and resilience

of the Group’s business in light of the conflict

between Russia and Ukraine and strategic

actions implemented to mitigate risks and

restructure business operations;

• review of the annual impairment testing of

goodwill and other indefinite lived intangible

assets testing performed by management and

reviewed by the external auditor under IAS 36

as well as the related sensitivity analysis with

confirmation that management had undertaken

a robust impairment testing process, relying

on both internal information, and other

publiclyavailable metrics to perform the

auditor’s assessment;

• review of key assumptions for specific

countries, challenging management drivers

ofrelevant deviations and performance to date,

as well as countries’ Weighted Average Cost of

Capital (WACC) rates development vs prior year;

• review of geopolitical events in the Middle East;

• review of new launches of products into

markets and further expansion of other

products into new markets;

• review of the contingencies, legal proceedings,

competition law and regulatory procedures;

• review of guidance provided by the FCA and

related to areas of focus for the 2024/2025

reporting season, including EU CSRD,

amendments to the FRC’s UK Corporate

Governance Code, the FCA’s UK Listing Regime

and new global internal audit standards applying

from January 2025;

• review of the external auditor’s work on the

European Single Electronic Format standard,

aswell as its work on climate risk;

• review of the interim impairment testing of

goodwill and other indefinite lived intangible

assets performed by management in relation

tothe Company’s Egyptian subsidiary;

• assessment of management’s work in

conducting a robust assessment of the risks

that impact the viability and going concern

statements, including review of scenarios

andunderlying assumptions;

• recommending to the Board to approve

theviability statement;

• deeming appropriate that the Group continues

to apply the going concern basis for the

preparation of the financial statements; and

• TCFD reporting obligations.

External auditor

PricewaterhouseCoopers AG, Birchstrasse 160,

CH8050 Zurich, Switzerland (‘PwC AG’) has been

elected by the shareholders as the statutory

auditor for the Group’s statutory consolidated

andstandalone financial statements. The signing

partner for the second year, for the statutory

financial statements on behalf of PwC AG is

PatrickBalkanyi, for the year ended 31 December

2024. The Board, at the recommendation of

theAudit and Risk Committee, has retained

PricewaterhouseCoopers S.A., 65 Kifissias Avenue

– 15124 Marousi, Greece (‘PwC S.A.’), anaffiliate

ofPwC AG, to act as the Group’s independent

registered public accounting firm for the purposes

of reporting under the UK rules for the year ended

31 December 2024. For the fourth year, the signing

partner of the Group financial statements (for the

year ended 31 December 2024) on behalf of PwC

S.A. is Fotis Smyrnis, who is also the signing partner

of the assurance engagement regarding the Group

Sustainability Statement.

The appointment of PwC S.A. has also been

approved by the shareholders until the next AGM

by way of advisory vote for UK purposes. ‘PwC’

refers to PwC AG or PwC S.A., as applicable,

inthisIntegrated Annual Report.

During the accounting period, the members of

theAudit and Risk Committee met on a regular

basis with the appointed PwC signing partners,

both with and without management being present.

Thisprovided the Audit and Risk Committee

withanopportunity for open dialogue, to

questionand be satisfied as to the quality of the

audit work performed by PwC and challenge PwC’s

professional scepticism. During the meetings, the

appointed PwC signing partners demonstrated

their understanding of the Group’s business risks

and the consequential impact on the financial

statement risks, especially around areas of key

significance in the preparation of the financial

statements including but not limited to the

tradingenvironment and resilience of the Group’s

business in light of the challenging macroeconomic

conditions, the annual impairment testing,

contingencies and legal proceedings including

taxes. The Audit and Risk Committee took an

activerole in reviewing the scope of the audit,

theindependence, objectivity and effectiveness

ofPwC, and the negotiations relating to audit fees.

The Audit and Risk Committee also met with the

management team,which led the discussions with

PwC, including the Head of Corporate Audit, to

review the performance of PwC without PwC being

present. Following this review process, the Audit

and Risk Committee has recommended to the

Board that (i) a proposal to reappoint PwC AG be

put to a shareholders’ vote; and (ii) a proposal to

reappoint PwC S.A. be put to a shareholders’

advisory vote at the next AGM.

PwC has acted as the Group’s principal

externalauditor since 2003. Coca-Cola HBC

ranacompetitive tender for the external auditor

services in 2015 which was overseen by the Audit

and Risk Committee. Following the evaluation

ofthe proposals, the Audit and Risk Committee

concluded in 2015 that the best interests of the

Group and its shareholders would be served by

reappointing PwC as external auditor and made

such recommendation to the Board. PwC was

reappointed by the Board as the Group’s external

auditor on 11 December 2015 with effect from the

financial year 2017. Currently, the Audit and Risk

Committee anticipates that the audit contract will

be put out to tender again in the first half of 2025

for audit services with effect from financial year

2027, ensuring stability and quality of the audit

process. As a Swiss company, Coca-Cola HBC is

not subject to mandatory auditor rotation rules in

theEU or UK but understands the requirements.

There are no contractual or other obligations

restricting the Group’s choice of external auditor.

Non-audit services provided by the

external auditor

The Audit and Risk Committee considers the

independence, in both fact and appearance, of

theexternal auditor as critical and has long had an

auditor independence policy providing definitions

of the services that the external auditor may and

may not provide. In line with the relevant FRC

Guidance, the Company’s relevant policy requires

the Audit and RiskCommittee’s pre-approval of all

audit andpermissible non-audit services provided

bytheexternal auditor, and only for matters that

are clearly trivial to the Company. Such services

include audit, work related to audit, and certain

taxand other services as further explained below. In

practice, the Audit and Risk Committee applies the

policy restrictively, and approval for work otherthan

audit and audit-related services is rarely granted.

Under the policy, pre-approval may be provided for

work associated with: statutory or other financial

audit work under IFRS or according to local

statutory requirements; attestation services

notrequired by statute or regulation; accounting

and financial reporting consultation and research

worknecessary to comply with generally accepted

accounting and auditing standards; internal control

reviews and assistance with internal control

reporting requirements; review of information

systems security and controls; taxcompliance and

related tax services, excludingany tax services

prohibited by regulatoryor other oversight

authorities; expatriates’ and other individual

taxservices; andassistance and consultation

onquestions raised by regulatory agencies.

For each proposed service, the external

auditorisrequired to provide detailed back-up

documentation at the time of approval to permit

the Audit and Risk Committee to decide whether

the provision of such services would impair the

external auditor’s independence.

PwC has complied with the policy for the financial

year ended on 31 December 2024.

Corporate Governance Report continued

Audit and Risk Committee continued

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Audit fees and all other fees

Audit fees: The fees to PwC and affiliates for audit

services were approximately €5.4 million for the

year ended 31 December 2024 (2023: €5.3 million).

The audit fees for 2024 include fees associated

with the annual audit of the Group’s consolidated

financial statements, the review of the Group’s

condensed consolidated interim financial

statements, prepared in accordance with IFRS

asadopted by the EU, as wellas local statutory

audits. Fees for audit servicesto firms other than

PwC and affiliates were€0.7 million for the year

ended 31 December 2024 (2023: €0.6 million).

Audit‑related fees: Fees to PwC and affiliates

foraudit-related services for the year ended

31 December 2024 were €1.1 million

(2023: €1.0 million).

All other fees: Fees to PwC and affiliates

fornon-audit services for the year ended

31 December 2024 were €0 (2023: €0.1 million).

Risk management

During 2024, Coca-Cola HBC continued to revise

and strengthen its approach to risk management

(see pages 178 to 180). The primary aim of our risk

management programme is to minimise our

exposure and ensure that the nature and

significance of all risks we are facing are properly

identified, reviewed, managed and, where

necessary, escalated. Risk assessments are

conducted and discussed at monthly senior

leadership team meetings in all our business units.

These assessments are reviewed by regional

management teams and the Chief Risk Officer

(CRO) twice a year. In addition, corporate

functions conduct broader risk assessments

across the business with the CRO bi-annually.

Coca-Cola HBC’s Group Risk and Compliance

Committee reviews the assessments of emerging

and principal risks bi-annually and the outcomes

ofthose reviews, along with mitigating actions

arepresented by the CRO to the ELT and the

Auditand Risk Committee. This process is both

top-down and bottom-up and is designed to

ensure that risks arising from business activities

are appropriately managed.

The Audit and Risk Committee confirms that the

risk management and internal control systems

have been in place for the year under review and

up to the approval of the 2024 Integrated Annual

Report. Finally, Coca-Cola HBC has in place

third-party insurance to cover residual insurable

risk exposure such as property damage, business

interruption, cyber risks and liability protection,

including Directors’ and officers’ insurance for

ourDirectors and officers.

Internal control

The Board has ultimate responsibility for ensuring

that Coca-Cola HBC has adequate systems of

financial reporting control. Systems of financial

reporting control can provide only reasonable

andnot absolute assurance against material

misstatements or loss. In certain of the countries

inwhich we operate, our businesses are exposed

toa heightened risk of loss due to fraud and criminal

activity. We review our systems of financial control

regularly to minimise such losses.

Internal audit

Our internal audit function reports directly to

theAudit and Risk Committee, which reviews

andapproves the internal audit plan for each year.

The internal audit function consists of approximately

45 full-time professional audit staff, primarily based

in Athens, Sofia, Lagos and Cairo, covering a range

of disciplines and business expertise. One of the

responsibilities of the internal audit function is

toprovide risk-based and objective assurance

tothe Board as to whether the Group’s framework

of risk management, including the internal control

framework, is operating effectively. For this

purpose, the Head of Corporate Audit makes

quarterly presentations to the Audit and Risk

Committee and meets regularly with the Audit

andRisk Committee without the presence of

management. In addition, the internal audit

function reviews the internal financial, operational

and compliance control systems across all

jurisdictions where we operate, and reports its

findings to management and the Audit and Risk

Committee on a regular basis.

The internal audit function focuses its work on the

areas of key risk, as determined by a risk-based

approach to audit planning. As part of our

commitment to maintaining and strengthening best

practice in corporate governance matters, we also

consistently seek to enhance our internal control

environment and risk management capability. The

internal audit function carries out work across the

Group, providing independent assurance, advice

andinsight to help the organisation accomplish its

objectives by bringing a systematic, disciplined

approach to evaluating and improving the

effectiveness of risk management, control and

governance processes. In December 2024, the Audit

and Risk Committee agreed the 2025 audit plan to

be undertaken by the internal audit team. The audit

plan coverage is based on risk, strategic priorities

and consideration of the strength of the control

environment. The internal audit function prepares

audit reports and recommendations following each

audit, and appropriate measures are then taken to

ensure that all recommendations are implemented.

Significant issues, if any, are raised immediately

after they are identified. There were no such

issues identified in2024.

The Board has adopted a chart of authority,

defining financial and other authorisation limits

and setting procedures for approving capital and

investment expenditure. The Board also approves

detailed annual budgets. It subsequently reviews

quarterly performance against targets set forth

inthese plans and budgets. A key focus of the

financial management strategy is the protection

ofour earnings stream and management of

ourcash flow. Our internal audit function has

conducted an annual review of the effectiveness

ofour risk management and internal control

systems in accordance with the UK Corporate

Governance Code.

The Audit and Risk Committee’s review included

bi-annual reviews with the CRO on the operation

ofthe business resilience programme, regular

review of our financial operations and compliance

controls and consideration of Coca-Cola HBC’s

principal risks. Part of this review involves regular

review of our financial, operational and compliance

controls, following which we report back to the

Board on our work and findings as described above.

This allowed the Audit and Risk Committee to

provide positive assurance to the Board to

assistitin making the statements that our risk

management and internal control systems are

effective, as required by the UK Corporate

Governance Code. Read more on page 191.

The key features of the Group’s internal control

systems that ensure the accuracy and reliability of

financial reporting include: clearly defined lines of

accountability and delegation of authority; policies

and procedures that cover financial planning and

reporting; preparation of monthly management

accounts; and review of the disclosures within the

Integrated Annual Report from function heads to

ensure that the disclosures made appropriately

reflect the developments within the Group in the

year and meet the requirement of being fair,

balanced andunderstandable.

The Audit and Risk Committee reviews the

resultsof the internal audit reports during each

meeting, focusing on the key observations of any

reports where processes and controls require

improvement. The Audit and Risk Committee

wasalso provided with updates on the remediation

status of management actions on internal audit

findings and on the internal audit quality assurance

and improvement programme at each meeting.

The robustness of the internal control systems

and processes around risk management remained

in focus. The Audit and Risk Committee was kept

informed of any changes or adaptations to

ensurefull functionality as Coca-Cola HBC

continued to operate under the circumstances

and uncertainties of the conflict between Russia

and Ukraine.

The Group CFO, the Country General Managers and

Country CFOs have access to the implementation

status of the recommendations at all times.

Where internal or external circumstances give

riseto an increased level of risk, the audit plan

ismodified accordingly.

Corporate Governance Report continued

Audit and Risk Committee continued

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Nevertheless, no significant cases occurred

thisyear. Any changes to the agreed audit plan

arepresented to and agreed by the Audit and

RiskCommittee.

Cyber security and AI

There were no significant cyber security incidents

in the last five years. For further details as to the

identification of cyber security as a principal risk

see page 183.

AI requirements, guidelines and end-user training

material have been communicated as part of our

Group wide communication campaign on

compliance during our Ethics and Compliance

Week to ensure the ethical, trustworthy and

robust deployment of AI technologies.

Business conduct, anti-bribery and

anti‑money laundering

We seek to grow our business by serving customers

and consumers and conduct all business activities

with integrity and respect. The Board is responsible

for ensuring appropriate procedures and processes

are in place to enable our workforce to raise any

issues of concern and is satisfied that the processes

in place are appropriate. The Board maintains

zero-tolerance regarding breaches of our Code of

Business Conduct and anti-bribery policies, as well

as any attempts to retaliate against our people who

report potential violations. We have mandatory

training for all our people, including our ELT, so

thateveryone understands our Code of Business

Conduct, and we hold additional targeted anti-

bribery training for employees working in areas we

assess as high risk. In line with our commitment to

continue streamlining our compliance processes,

during 2024 we introduced an enhanced version

ofour Code of Business Conduct Approval Portal

for better user experience.

A Code of Business Conduct and Anti-bribery Policy

course is available on-line to all employees and

includes a knowledge test, acknowledgement, and

re-commitment to compliance with the Code and its

related policies. At the end of the last training wave in

2024, 29,053 employees passed the course, which

was 98.8% of the total active population. Since

then,we have continued to train every newly hired

employee. As in the past, this training will continue

tobe a regular requirement for all employees,

witharefresher requirement every three years.

In 2024, our communication plan on compliance

included several initiatives to continue raising

awareness on business ethics among our people,

like our annual Ethics and Compliance Week, which

was rolled out across our business units. We also

have an established anti-bribery due diligence

process for third parties in contact with public

authorities on behalf of Coca-Cola HBC.

There were no money laundering incidents to report.

Read our Anti-bribery Policy and Code of Business

Conduct: coca-colahellenic.com/en/about-us/

corporate-governance/policies.

Whistleblowing

We have established grievance mechanisms,

including an independently operated whistleblower

‘Speak Up! line,’ available in all Coca-Cola HBC

countries in local languages to ensure any

concernscan be raised. In 2024, we processed

828allegations (2023: 640) reports and inquiries,

ofwhich 588 (2023: 422) were received through

theSpeak Up! line. Among these reports 600

(2023:482) were allegations involving potential

Code of Business Conduct violations which were

investigated in accordance with the Group Code

ofBusiness Conduct Handling Guidelines. The

remaining 228 (2023:158) were inquiries regarding

Company policies and procedures.

Of those investigated as potential violations of our

Code of Business Conduct, 208 (2023: 164) matters

were substantiated as code violations, of which 33

(2023: 18) involved a financial impact greater than

€10,000 or involved an employee in a managerial

position. For details concerning the handling of

allegations received in 2024, see our website.

Youcan find more on allegations investigated

andviolations uncovered in our GRI index.

Read about the handling of allegations received in

2024

Read about allegations investigated and violations

uncovered in our GRI index (link).

Through the ‘Speak Up! line’, we receive, retain,

investigate and act on employee, officer, consultant,

intern, secondee or agent of Coca-Cola HBC’s

complaints or concerns regarding accounting,

internal control, suspected fraudulent conduct,

corrupt conduct, violation of any applicable antitrust

and competition law rules, violation of personal data

protection and company system security rules,

endangerment of an individual’s or individuals’

healthand safety, endangerment of the

environment, commission of a criminal offence,

failure to comply with any legal or regulatory

obligation, and concealment of any information

pertaining to any of the above, or other

ethicalmatters.

This includes any matters regarding the

circumvention or attempted circumvention

ofinternal controls, including matters that would

constitute a violation of our Code of Business

Conduct and related policies or matters involving

fraudulent behaviour by officers or employees of

theGroup. Individuals can report all such allegations,

complaints or concerns in local languages, also

directly to their Ethics and Compliance Officer,

General Manager, Function Head, the Senior Audit

Manager – COBC & Compliance, the Head of

Corporate Audit, or our General Counsel.

All communications received directly by Coca-

Cola HBC’s representatives or through the Speak

Up! line are kept confidential and, where

requested, anonymous. The Head of Corporate

Audit liaises regularly with the General Counsel

and communicates all significant allegations to

the Chair of the Audit and Risk Committee. All

matters received via the Speak Up! line or any

other reporting mechanism are thoroughly

investigated. The Audit and Risk Committee

receives summary reports of escalated incidents

and instances of whistleblowing together with the

status of investigations and, where appropriate,

management actions to remedy issues identified.

The Audit and Risk Committee reports on such

matters to the Board, which reviews and considers

those reports at least bi-annually as appropriate.

Disclosure Committee

We have a Disclosure Committee, and disclosure

controls and procedures have been adopted to

ensure the accuracy and completeness of our

public disclosures. The Disclosure Committee

iscomposed of the Group CFO, the General

Counsel, the Head of Investor Relations and

theGroup Financial Controller.

Performance reporting

Reports on our annual performance and prospects

are presented in the Integrated Annual Report

following recommendation by the Audit and Risk

Committee. In line with UK practice, we have

adopted half-year and full-year reports, and Q1 and

Q3 trading updates. Internally, our financial results

and key performance indicators are reviewed by the

ELT on a monthly basis. This information includes

comparisons against business plans, forecasts

andprior-year performance. The Board receives

updates on performance at each Board meeting,

aswell as a monthly report on our business and

financial performance.

Priorities for 2025

• Monitoring updates in connection with

International Financial Reporting Standards

(‘IFRS’)and other regulatory and reporting matters,

including potential classification of Egypt and/or

Nigeria as hyperinflationary economies.

• Ongoing monitoring of risks, as well as impairment

testing of goodwill and intangible assets.

• Ongoing monitoring of internal financial

controls, anti-fraud systems and Code of

Business Conduct compliance.

• Ongoing monitoring of the Group’s Business

Resilience, Risk Management and Quality

Assurance programmes.

• Ongoing monitoring of the Group’s Cyber

Security programme.

• Overview, plan progress and results of

audittender.

• Ongoing monitoring of developments regarding

CSRD reporting requirements.

Corporate Governance Report continued

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Directors’ remuneration report

Letter from the Chair of the Remuneration Committee

Dear Shareholder,

As the Chair of the Remuneration Committee,

Iam pleased to share the Directors’ remuneration

report for the year ended 31 December 2024,

which includes: the Directors’ remuneration policy

that shareholders will be asked to approve at the

AGM in May 2025; and the annual remuneration

report, reflecting how the Directors’ remuneration

policy has been implemented during 2024 and will

be implemented in 2025.

Coca-Cola HBC AG is domiciled in Switzerland

andwe have a primary listing on the London Stock

Exchange. We therefore ensure that we adhere to

UK regulations and best practice, except where

these conflict with Swiss law, which takes

precedence. We receive regular updates from our

remuneration advisers on UK best practice and

market trends, and we also ensure we are current

with pay trends in our markets, reflecting our

geographic footprint and international peers.

The Group’s remuneration philosophy

andpoliciescontinue to be designed to attract,

motivate and retain the talented people we need

tomeet our strategic objectives and to give them

due recognition. The Remuneration Committee

has worked to ensure that the remuneration

policyremains fair, transparent, andcompetitive

incomparison with our peers, andthat

remuneration helps drive our growth

strategyandsustainable performance.

Performance overview

During 2024, focus on execution of our strategic

priorities has helped to deliver continued growth.

Our ability to deliver quality growth in a range

ofmarket conditions demonstrates the strength

ofour 24/7 portfolio and bespoke capabilities.

Thebusiness remains well positioned to continue

driving growth in revenue, profit and earnings.

I am pleased to share our key financial highlights,

at a Group level.

Organic revenue growth of

13.8%

and reported revenue up 5.6%

Organic revenue per case up

10.7%

driven by targeted revenue growth management

(RGM)initiatives

Comparable EBIT

€1,192.1m

with organic EBIT growth of 12.2%

Comparable EPS growth of

9.5%

supported by strong EBIT delivery

Free cash flow

€712.6m

This strong financial performance has corresponded

with strong returns to shareholders, with a proposed

ordinary dividend of€1.03 per share, up 11%

year-on-year and representing a 45% payout.

Thetotal shareholder return over the financial

yearwas c.30%, outperforming the FTSE 100

index,which had a total shareholder return of

c.15%. Theshare price has continued to perform

well in2025 to the date this report was finalised.

We are proud to make a strong contribution

todeveloping the societies in which we operate

through employment and our wider supply chain,

aswell as through supporting community projects.

Our progress is recognised by the most important

ESG benchmarks, such as being ranked as the

world’s most sustainable beverage company for

the eighth time by the Dow Jones Best-in-Class

Index

2024, and receiving a double A rating from

CDP on climate and water, amongst others.

Charlotte J. Boyle (Chair)

Member since 2017

Chair since June 2020

Reto Francioni

Member since June 2016

Anna Diamantopoulou

Member from June 2020

until September 2024

Elizabeth Bastoni

Member since

September2024

Activities of the Remuneration

Committee during 2024

During 2024, the key Remuneration Committee

activities were to:

• Review the remuneration policy for

seniorleaders.

• Conduct extensive shareholder consultation

as part of the review of the Executive Director

remuneration policy, with recommendations

to be presented for approval at the 2025 AGM.

• Monitor the design of the Company’s

Rewards Centre of Excellence (COE).

• Review and sign off the 2023 Directors’

remuneration report.

• Review the 2024 base salary for the CEO.

• Review and approve the 2024 base salaries

forthe ELT members and generalmanagers.

• Review and approve the 2023 MIP payout and

2024 MIP measures and targets for the CEO.

• Review and approve payout levels for the

2023 MIP and 2024 MIP measures and

targetsin relation to ELT members and

general managers.

• Review and approve the 2021 PSP vesting level

and 2024 PSP measures, targets andgrants.

Overview

Members

All members of the Remuneration Committee

are independent NEDs. At the AGM in May 2024,

Charlotte Boyle (Chair), Reto Francioni and Anna

Diamantopoulou were re-elected for a one-year

term by the shareholders. In September 2024,

Anna Diamantopoulou retired from the Board

and the Remuneration Committee, and

Elizabeth Bastoni was appointed following

herelection to the Board by the shareholders.

1. These indices were formerly known as the Dow Jones Sustainability Indices (DJSI).

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Directors’ remuneration report continued

We also continue to support communities in need

inthe countries where we operate. For example,

following severe flooding across Central and Eastern

Europe this quarter, we collaborated withgovernments

and NGOs to assist impacted communities, delivering

over 270,000 litres of beverages through a network

of local charities andmunicipalities.

The excellent financial and non-financial results

in2024 are testament to the hard work of all our

people. It is the Committee’s role to ensure that

ourpeople are rewarded for past performance

aswell as appropriately incentivised to deliver

futureperformance, and that their dedication

andcommitment are recognised and considered

inthecontext of our broader stakeholder group.

2024 remuneration outcomes

Base salary arrangements

During the year, the CEO received a base salary

increase of 5.5%, effective 1 May 2024. This was

below the average salary increase awarded across

the Group (8.3%).

Incentive outcomes

Management Incentive Plan (MIP)

The formulaic MIP outcome for the CEO was

75%ofthe maximum opportunity. The outcome

reflects record levels of revenue, comparable EBIT

and free cash flow, which the 2024 MIP was based

on. Even with these record levels of growth, due to

the stretching targets set by the Committee, both

the revenue and comparable EBIT measures were

not at a maximum payout. The achievements

were between target and maximum.

Performance Share Plan (PSP)

Performance against the targets over the period 2022

to 2024 resulted in a formulaic vesting level of 77%

ofthe maximum PSP award granted in2022. Following

an assessment against the stretching targets set,

comparable EPS was between threshold and

maximum, ROIC was at maximum, and reduction of

emissions was between threshold and maximum.

As reported in the 2023 annual report, and in line

with the approach to the 2021 PSP award, we

received notification from the third party (IFEU,

aninstitute preferred by TCCC as the source on

material emissions factor change), and in line with

GHG Protocol guidance a recalculation of the base

year 2017 onwards was triggered in 2023, and again

in 2024, to reflect the annual release of emissions

factors. Given the methodology change to the

base year used for emissions data,which directly

impacts future years, the Committee considered

it appropriate for this change to flow through to

the targets attached tothe 2022 PSP award.

In line with the 2021 PSP award, in doing so, the

Committee is confident that the revised targets were

not materially easier or harder to achieve than the

original targets. Further details are set out on page 241.

At the end of the performance period, looking at

wider business performance and the experience of

stakeholders more broadly, detail of which is provided

earlier on in this letter and elsewhere inthe 2024

Integrated Annual Report, the Committee

considered the formulaic outcome appropriately

reflected the underlying performance of the Group.

At the point when the 2022 PSP award was granted,

our share price had been impacted by the outbreak

ofthe Russia-Ukraine war. Whilst the overall market

was impacted by the onset of the Russia-Ukraine

war, the impact for Coca-Cola HBC was more

pronounced given the operations that we had in

both countries. Over the last three years, the CEO

and senior management have expertly handled the

challenges arising from the conflict and worked

hard to deliver a performance which is reflected in

theshare price recovery in a challenging economic

environment. This performance includes not only

managing the Group’s operations in both affected

countries, but also ensuring that affected

colleagues were appropriately supported in

suchchallenging markets. The share price did

notfollow the typical ‘V-shape’ recovery that is

often associated with ‘windfall gains’, and,instead,

has recovered over time reflecting sustained

performance due to management actions and

therecord results being delivered by the Group.

Reflecting on the performance of the executive

team and across the wider group (with our

long-term incentive arrangements applying

toover 60 individuals within the group) the

Committee determined itwas not appropriate to

makeany adjustment tothevesting of this award.

Review of the remuneration policy

As indicated in the 2023 Directors’ remuneration

report, the core focus for the Committee this year

hasbeen to undertake a detailed review of the

remuneration policy that applies to our senior leaders,

including the CEO. The intention was to perform

afundamental review to ensure that we have the

appropriate remuneration framework for the next

period and consistency in implementation. The

keyobjectives of this review were to ensure that

theremuneration policy continues to support the

delivery of the Group’s strategy and is market aligned,

and that the overall remuneration quantum supports

the retention and recruitment of best-in-class

leadership, providing appropriate motivation

andretention for the senior management team.

TheCommittee also reflected on:

• the performance of the business since Zoran

Bogdanovic became CEO, over which time

there has been:

• strong revenue growth (c.61.5% growth in net

sales revenue between 2018 and 2024);

• robust profitability (record comparable EBIT

of€1,192.1 million in 2024 and c. 75% growth

between 2018 and 2024);

• since 2021 we are the #1 contributor to

incremental value creation for our retail

customers within fast-moving consumer

goods (FMCG) in Europe, according to Nielsen;

• successful acquisitions of business in Egypt and

Finlandia, our snack business Bambi and super

premium brand Three Cents. Continued

cooperation with premium spirits brand owners

and expansion into the coffee category with

Costa Coffee and Caffè Vergnano;

• significant progress towards our Mission 2025

targets and NetZeroby40 goal;

• strong shareholder returns (refer to graph on

page 245); and

• for the 8th time CCHBC was ranked as the most

sustainable beverage company in the Dow

Jones Best-in-Class Indices (the Dow Jones

Sustainability Indices) issued by S&P Global,

inthe top 1% of the S&P Global Sustainability

Yearbook 2025, and recognised by the double-A

rating from CDP.

• an increasingly competitive global talent market

– we recruit from a global talent market including

from within the global bottling network and

across the global FMCG industry. Recruitment

is predominantly from companies with a

European HQ, but also includes globally mobile

executives who can be positioned across Europe

or North America. It is critical that remuneration

arrangements incentivise our senior leaders and

support our ‘pay-for-performance’ culture.

Zoran Bogdanovic appointed

CEO in December 2017 and

joined the Board in June 2018

Zoran Bogdanovic appointed

CEO in December 2017 and

joined the Board in June 2018

Escalation

Ukraine–

Russia war

Covid outbreak

Net Sales Revenue

growth 2018–2024

~61.5%

Focused execution delivered strong organic growth

Total Group growth rate (organic %)

Net Sales Revenue (NSR)

Long-term resilient profitability with record EBIT

Comparable EBIT (€m) and comparable basic EPS

growth (%)

3.0%

5.9%

6.0%

3.7%

-8.5%

20.6%

14.2%

16.9%

13.8%

2016 2017 2018 2019 2020 2021 2022 2023 2024

12%

27%

10%

-17%

34%

22%

1,192

518

621

681

759

672

831

930

1,084

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Total maximum compensation

FMCG Peer Group

The FMCG peer group has a market capitalisation between lower quartile and upper quartile of

€9.4 billion to €28.2 billion; median€13.0 billion; CCHBC €12.0 billion.

1. The FMCG peer group consists of: Royal Unibrew, Remy Cointreau, Chocoladefabriken Lindt & Spruengli, Davide Campari Milano, Beiersdorf,

Carlsberg, Henkel AG & Co, Barry Callebaut, JDE Peets, Molson Coors, Coca-Cola Europacific Partners and Kellanova.

2. The analysis in the charts is based on salary, maximum bonus, and maximum LTIP opportunities.

Upper Quartile

€11.9m

Median

€8.2m

Europe UK US

Total maximum compensation

FTSE 100 Peer Group

Upper Quartile

€10.1m

Median

€6.7m

Lower Quartile

€5.2m

Inter-quartile

CCHBC

€5.5m

Proposed

€6.8m

CCHBC

€5.5m

Lower Quartile

€3.8m

CCHBC

Proposed

€6.8m

Directors’ remuneration report continued

• the level of shareholder support on the

remuneration resolutions at the AGM in the

last four years. As noted earlier, the Committee

wants to ensure that the overall remuneration

structure and opportunity is fit for purpose

and does not require adjustments particularly

reflecting feedback from some shareholders.

Since that time, the remuneration package

ofthe CEO has not materially changed

The key findings from the review of the

remuneration policy were:

• The remuneration structure is broadly fit for

purpose and supports the delivery of the Group’s

strategy and strong performance philosophy.

Theannual bonus ensures a strong focus from the

executives on key measures of operational success

over the short term, whilst the PSP is based on

three-year performance targets aligned with our

long-term plan and ensures that the executives

are focused on delivering stretched performance

over the long term for our shareholders.

• The remuneration structure is well aligned

withour European peers and the performance-

weighted structure is aligned with the Company’s

high performance culture. Whilst it is noted that

our US peers operate a hybrid long-term incentive

structure, the Committee did not feel that such a

structure would be appropriate for CCHBC at this

stage in its lifecycle and wanted to retain a pay-for-

performance culture amongst senior leaders.

• From a structural perspective, minimal changes

are therefore proposed. Minor changes are

proposed to the deferral and shareholding

requirements to ensure that the package

reflects emerging market practice and the

significant shareholding of our CEO.

• The review confirmed that the current maximum

remuneration opportunity for the CEO is below

the desired positioning for the calibre of our

CEO relative to i) FTSE 100 peers; ii) FMCG

peers

; and iii) his predecessor. Supporting data

is provided on the following pages. Reflecting

on this, the Committee proposes to make

some adjustments to the CEO’s maximum

compensation opportunity, delivered through

both a policy and an implementation adjustment,

reflecting that itisbelow the median and at the

lowerend of the inter-quartile range compared

to peers.

The proposals are as follows:

• CEO’s base salary increases by 15% to

€1,083k. This adjustment recognises the CEO’s

strong performance in role and ensures that

the remuneration package is reflective of the

size and scale of the role at CCHBC relative to

both FTSE-listed and industry peers. The CEO’s

base salary will be more closely aligned with FTSE

100 market practice while remaining towards

thelower end of the FMCG peer group.

• MIP maximum opportunity increase to 200%

of salary (from 140%). This change aligns our

bonus structure more closely with both FTSE

100 and global FMCG peer group benchmarks.

This change also provides appropriate headroom

in the incentive opportunity for senior leaders

where, in some cases, the overall opportunity has

fallen below market competitive levels. It is also

noted that since Zoran Bogdanovic becoming

CEO in 2017, the bonus opportunity has only

increased once and only marginally (from 130%

to 140% of salary). It’s important to highlight

that the bonus will continue to be subject to

stretching performance targets, ensuring

alignment with shareholder interests.

• Shareholding requirements and MIP

deferral. Going forward, the Committee will

remove the requirement for deferral of 50%

of any MIP award into shares so long as the

in-employment shareholding requirement is

met by the CEO. Tofurther strengthen the link

between Executive Director remuneration and

shareholders, the Committee will increase the

in-employment shareholding requirement to

450% of base salary,up from 300%.

Thischange reinforces our commitment to

aligning executives with the long-term success

ofCCHBC; is in line with the exceptional limit

underthe PSP; and is positioned around the upper

quartile of the FTSE 100. The CEO currently has

ashareholding of 1,353% and is therefore already

fully aligned with shareholder interests. The CEO’s

incentive plans have malus and clawback clauses

applicable to variable pay, which have now been

centralised in a formal policy outlining the

circumstances and process of application,

seemore on page 234.

When considering quantum, the Committee used

benchmarking as a reference point to assess the

competitiveness of the package both from a FTSE

perspective and from a global FMCG peer group

perspective. See below: the positioning of total

maximum compensation opportunity under the

current and proposed packages against these two

peer groups, which shows that against the FTSE 100

the proposed total package is broadly median and

remains below median against the FMCG peergroup.

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Directors’ remuneration report continued

We conducted an extensive consultation exercise

with shareholders during the Autumn, engaging

our top 50 shareholders representing 74% of our

share capital, as well as with the major proxy

advisory bodies. This followed other extensive

shareholder engagement in recent years on

remuneration, meaning that we have consulted

with a number of our top shareholders six times in

the last four years. The Committee therefore has

a well-rounded picture of shareholder views on

remuneration and is grateful to our shareholders

for their willingness to engage.

Shareholders have been largely supportive

ofthe changes we are proposing.

• Shareholders recognised the strong strategic

progress and financial performance of

the Company, combined with the growing

scale and complexity of the business

and understood the need to reassess

CEOremuneration.

• In discussing the increase in salary and the

increase in the MIP quantum, shareholders

and advisors understood the need to reset

given the CEO was an internal candidate,

and on promotion to CEO in 2017 was

brought in at a remuneration level below his

predecessor. Some asked if the increase was

sufficient. Others asked if the Committee

had considered phasing the increases. We

confirmed we had considered this but believe

that the increases being proposed are fair and

appropriate taking into account the context

set out earlier in this letter, including company

and individual performance. The Committee

is also cognisant of market positioning of

remuneration compared to the appropriate

peer group benchmarks.

• Generally, shareholders understood the

proposed changes to deferral once the

shareholding guidelines have been met.

Some suggested a preference for the level

to be reduced rather than removed once the

shareholding requirement had been met.

The Committee has considered this but is

comfortable with the proposed approach

given: i) the material shareholding of the

CEO currently over 1350% of salary built

up over long tenure at the Company; ii)

the material increase to the shareholding

guidelines which sets it at the upper quartile

of FTSE 100 practice; and iii) the fact that the

CEO will continue to build his shareholding

through the PSP. The Committee felt that the

proposed approach strikes a balance of being

aligned with shareholder interests; whilst

recognising the specific circumstances of the

CEO’s long service record at the Company

and resulting existing large shareholding.

• With regards to the proposed change

in deferral, some investors asked the

Committee for more detail on the Company’s

malus and clawback provisions. In response

to the feedback, and to provide additional

comfort, we have centralised existing malus

and clawback plan clauses into a single policy

which provides clarity on the situations in

which the provisions would apply and the

steps for application.

Reflecting on all the above, the Committee

believes that the proposed changes are in

thebest interest of the Company and its

shareholders whilst remaining in line with

market practice. As set out earlier, the

Committee has used this as an opportunity

toreset pay and ensure it is fit-for-purpose for

2025. It is the Committee’s current intention

that salary increases of the CEO will be no more

than the average wider workforce rate in the

coming year and remains committed to

consultation with its shareholders on

remuneration matters.

Shareholder engagement

Implementation of the policy in 2025

The resulting operation of the policy for 2025 for

the CEO will be as follows:

Element Implementation for 2025

Base

salary

• Increase from €942k to €1,083k (+15%)

MIP

• Maximum opportunity increased from 140%

to 200% of base salary

• Performance metrics: revenue (40%); EBIT

(40%); free cash flow (20%) and an individual

performance multiplier (nochange)

PSP

• 2025 PSP award of 330% of base salary

(nochange)

• Performance metrics: EPS (42.5%); ROIC

(42.5%); and CO

emissions reduction (15%)

(no change)

• Three-year performance period followed by

a two-year holdingperiod

Further details of the implementation for 2025 can

be found on page 243. As always, the Committee

hasset appropriately stretching targets taking into

account the business plan, market expectations and

the wider external market. In line with previous years,

the MIP and PSP will only pay-out at maximum for

exceptional performance across all measures.

Our employees

We have worked to embed our Culture Manifesto

across the company. In 2024, we have focused on

building understanding and to bring our values to life.

To ensure that we live our behaviours day by day,

they are integrated into employee performance

reviews. In 2024 we progressed our agenda to

transform our employees’ digital experience,

including managing our annual increases and

bonuses process through a new digital platform.

We continue to focus on the wider workforce and

specifically front line workers and ensuring their pay is

competitive. Our people’s wellbeing remains a priority

as we reinforced this commitment in 2024 through

dedicated sessions in local languages across our

regions, highlighting our Employee Assistance

Programme (EAP), which is available to more than

26,600 employees. The positive impact of the various

initiatives was evident in the sustainable engagement

survey results which led to an all time high of 88% and

2pp higher than Perceptyx Global Top Decimile Norm.

As the Director responsible for Workforce

Engagement, I attend the work councils’ meetings

togather insights from workforce representatives

across the Company. As in previous years, I interacted

directly with the representatives to get their wider

insights, which I took back to the Committee for

discussion and to share with the Board.

As noted above, the review of executive pay did not

solely focus on the CEO, but also focussed on the pay

of the senior management team. Whilst the overall

framework for this group is in line with the CEO and

considered fit-for-purpose, a number of changes are

being implemented to ensure that the overall offering

remains well aligned to the Group strategy and

culture, to ensure greater consistency internally,

andto ensure the overall reward framework remains

competitive against external peers. Changes have

included: i) greater consistency of salary ranges

between different business units; ii) the individual

element of the bonus being based on both the ‘what’

and the ‘how’ to ensure that not only good results are

incentivised and rewarded for, butalso how those

results are reached; and iii) greater consistency of

long-term incentive award levels.

As we go into 2025, the focus will move on to the wider

workforce reward offering and overall employee value

proposition at CCHBC to ensure our colleagues are

appropriately rewarded for their performance and are

appropriately paid reflecting emerging market trends.

Conclusion

The changes we propose and the decisions related

tothe implementation of the policy in 2024 reflect

significant work and engagement and have been

considered carefully by the Committee in the context

of the company’s overall performance. Iwould like

to thank all our employees for their contributions to

delivering this performance and toour shareholders

for their time and engagement. I hope you will support

our remuneration-related resolutions at the AGM.

Charlotte J. Boyle

Committee Chair

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CEO share ownership

• Shareholding guidelines

• Support the alignment with shareholder interests, ensuring sustainable performance:

• The CEO is required to hold shares in the Company equal in value to 450% of annual base salary within a five-year

period and there is a post-employment shareholding requirement

Remuneration throughout the organisation – asnapshot

CEO remuneration

Salary and other beneﬁts 25.3%

Retirement beneﬁts 2.1%

Annual bonus – MIP 14.5%

Performance Shares – PSP 58.1%

Fixed remuneration

27%

Variable remuneration

73%

CEO actual holding 13.5 x salary

Guidance Additional holding

Reward strategy and objective

The Group’s remuneration philosophy aims to attract, retain andmotivate high-performing, agile employees with a

growth mindset. Rewards are tied to individual contributions and the Company’s success.

Variable pay forms a key part of top managers’ remuneration, linked to business objectives aligned with our growth

strategy and shareholder value. Equity-related long-term incentives ensure the interests of senior leaders align with

those of shareholders.

Our remuneration plans are cost-effective, market-aligned and performance-driven, with shareholder feedback

shaping policy and programmes.

Attracting

Finding the people we

want and need

Recognising

Adopting behaviours

that produce exceptional

performance

Motivating

Achieving business,

financial and

non-financial targets

Retaining

Fostering an

environment that

continues to engage

our people

4.5 9.0

Directors’ remuneration report continued

Remuneration at a glance

Performance-based pay in 2024

Performance measure Incentive plan Achievement as a % of max

Net sales revenue MIP 58%

Comparable EBIT MIP 78%

Free cash flow MIP 100%

Comparable EPS PSP 54%

ROIC PSP 100%

Reduction of CO₂ emissions PSP 77%

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Directors’ remuneration report continued

How we implement our reward strategy

The chart below illustrates how we put our reward strategy into practice, with the different remuneration arrangements that apply to different employee groups.

We regularly review our reward strategy to ensure it remains relevant and effective in meeting the needs of our employees, especially our frontline workers.

Chief Executive Officer and

Executive Leadership Team

Chief Executive Officer, Executive

Leadership Team and selected

senior management

Selected middle and senior

management

All management All employees

Shareholding guidelines

Support the alignment with

shareholder interests ensuring

sustainable performance: CEO –

required to hold shares in the

Company equal in value to 450% of

annual base salary within a five-year

period and a post-employment

shareholding requirement that

applies for two years post-leaving.

ELT –required to hold shares in the

Company equal in value to 100%

ofannual base salary within a

five-year period.

Performance Share Plan

Performance share awards

vestoverthree years. PSP

awardsarecascaded down

toselectsenior managers,

promotingafocus on long-term

performance andaligning them

toshareholders’ interests.

Long-Term Incentive Plan

Cash long-term incentive awards

vest over three years. LTIP awards

are cascaded down to select middle

andsenior management to reinforce

long-term performance and ensure

retention of our talents.

Management Incentive Plan

Employees may be eligible toreceive

an award under theannual bonus

scheme that promotes a high-

performance culture. Performance

conditions are bespoke to each role

and businessunit.

Employee Share Purchase Plan

(dependent on country practice)

The Employee Share Purchase Plan

(ESPP) encourages share ownership

and aligns the interests of our

employees with those

ofshareholders.

Fixed pay and benefits

(basesalary, retirement

andotherbenefits – dependent

oncountry practice)

Base salaries may reflect the

marketvalue of each role as well

asthe individual’s performance

andpotential. Retirement and

otherbenefits are subject to

localmarket practice.

Note: Participants in the PSP are not eligible to participate in the LTIP.

The Committee considers that the remuneration framework appropriately addresses the

followingprinciples:

• Clarity – Our remuneration framework is clear and transparent for both Executives and shareholders.

Full details of the remuneration policy and how it is implemented is provided in this report.

• Simplicity – Our remuneration structure for Executive Directors is purposefully simple

(comprisingof fixed pay, a short-term incentive and a long-term incentive), and is aligned

tothestrategic priorities (both short- and long-term) of the business.

• Risk – Our remuneration policy includes a number of features to mitigate potential risks and drive

theright behaviours. These include: i) performance measures and targets that are calibrated

appropriately; ii) the Committee retaining discretion to adjust variable incentive outcomes away from

the formulaic outturn in the context of wider performance; and iii) malus and clawback provisions.

• Predictability – Our disclosure is clear to allow shareholders to understand the range of potential

values which may be earned under the remuneration arrangements. Our remuneration policy clearly

sets out relevant limits as well as an illustration of the CEO’s potential package under different

performance scenarios.

• Proportionality – We believe that our approach ensures proportionate pay outcomes that reward

for strong performance. A significant part of the CEO’s remuneration package is based on variable

pay, delivered in shares, and measured over a long-term time horizon.

• Alignment to Culture – The incentive arrangements and the performance measures used

arestrongly aligned to those that the Board considers when determining the success of the

implementation of the Company’s purpose, values and strategy.

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Directors’ remuneration report continued

Remuneration arrangements for the CEO – at a glance

Year 1 Year 2 Year 3 Year 4 Year 5

Fixed pay – base salary

The CEO’s 2025 salary effective 1 May 2025 will be €1,083k.

Fixed pay – retirement benefits

The CEO participates in a defined benefit pension plan under Swiss law.

Employer contributions are 15% of annual base salary.

Normal retirement age for the CEO’s plan is 65 years. In case of early

retirement, which is possible from the age of 58, the CEO is entitled to

receive the amount accrued under the plan as a lump sum.

Fixed pay – other benefits

Other benefits include (but are not limited to) medical insurance,

housing allowance, company car/allowance, cost of living adjustment,

trip allowance, partner allowance, exchange rate protection, tax

equalisation and tax filing support and advice. Benefit levels vary

each year depending on need. These benefits align with the benefits

offered to our international expats and are considered a core part of

the Company’s offering for senior talent.

Fixed pay – ESPP

The CEO may participate in the Company’s ESPP.

As a scheme participant, the CEO has the opportunity to invest

a portion of his base salary and/or MIP payments in shares. The

Company matches employee contributions on a one-to-one basis up

to 3% of base salary and/or MIP payout.

Awards are subject to potential application of the malus and

clawbackpolicy.

Variable pay – MIP

Base salary Other benefits MIP

Retirement

benefits

ESPP PSP

Total

compensation

+ =

Fixed pay Variable pay subject to performance

The table below summarises the remuneration arrangements in place for our CEO. See page 240 for total compensation figures.

Year 1 Year 2 Year 3 Year 4 Year 5

The MIP consists of a maximum annual bonus opportunity which for

2025 will be 200% of base salary.

Payout is based on business performance targets and individual

performance. As of 2025, the business performance element will

result in an outcome between 0% and 200% of the target MIP, and the

individual performance element will remain the same and result in an

outcome of up to 100%, with the overall payout as a percentage of

salary being based on the multiplication of these two figures.

Business performance will be measured based on performance

against three KPIs: revenue (40% weighting), comparable EBIT (40%

weighting) and free cash flow (20% weighting).

50% of any MIP payout will normally be deferred into shares for a further

three-year period until the shareholding guideline is met. As the CEO has a

material shareholding of 1,353% of salary, no deferral will apply. Payments

are subject to potential application of the malus and clawback policy.

Variable pay – PSP

The PSP is an annual share award which vests after three years. For

2025, the CEO will be granted an award of 330% of salary and, vesting

will be based on performance conditions measured over a three-year

period against:

i. comparable EPS (42.5% weighting);

ii. ROIC (42.5% weighting);

iii. reduction of CO

emissions (15% weighting).

An additional two-year holding period will apply following vesting.

Awards are subject to potential application of the malus and

clawbackpolicy.

Shareholding guidelines

The shareholding guidelines support the alignment with shareholders.

The CEO’s minimum shareholding guideline is set at 450% of annual

base salary, an increase from 300%, within a five-year period and a

post-employment shareholding requirement that applies for two

years post-leaving.

50% shares deferred

forthreeyears (not

applicable ifshareholding

guidelines are met)

50% cash

Three year performance period

Minimum shareholding requirements

Two year holding

period

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Directors’ remuneration report continued

Remuneration policy

Introduction

The following section (pages 229 to 236) sets out

our Directors’ remuneration policy. During the

course of the last year, we undertook a detailed

review of the remuneration policy which applies to

our senior leaders, including the CEO. We have

proposed some changes to ensure that the

remuneration policy remains aligned with the

Group’s strategy, iscompetitive within the market

and effectively supports the attraction and

retention of the senior management team.

Theamended remuneration policy will be put

toshareholder approval at our 2025 AGM.

As a Swiss-incorporated company, we are not

required to put forward our remuneration policy for

ashareholder vote, but we intend to do so voluntarily

at least every three years (or when there are

changes). We continue to endeavour tomake sure

that our disclosure complies withUKregulations,

except where these conflictwith Swiss law.

Policy table – Chief Executive Officer

The Company currently has a single Executive

Director, being the CEO.

Therefore, for simplicity, this section refers

onlytothe CEO. This remuneration policy would,

however, apply for any new Executive Director

role, in the event that one was created during

theterm of this remuneration policy.

In that case, references in this section to

theCEOshould be read as being toeach

ExecutiveDirector.

Fixed

Base salary Retirement benefits

Purpose and link

to strategy

To provide a fixed level of compensation appropriate to the requirements of the role of CEO

and to support the attraction and retention of the talent able to deliver the Group’s strategy.

To provide competitive, cost-effective post-retirement benefits.

Operation Salary is reviewed periodically, with salary changes normally effective on 1 May each year.

The following parameters are considered when reviewing the base salary level:

• the CEO’s performance, skills and responsibilities;

• economic conditions and performance trends;

• experience of the CEO;

• pay increases for other employees; and

• external comparisons based on factors such as: the industry of the business, revenue,

market capitalisation, headcount, geographical footprint, stock exchange listing (FTSE)

and other European companies.

The CEO participates in a defined benefit pension plan. However, we have adjusted the

pension scheme to be co-contributory, in line with the pension scheme for the wider Swiss

workforce, for new Executive Director appointments from 2020 onwards.

Normal retirement age for the CEO’s plan is 65 years. In case of early retirement, which is

possible from the age of 58, the CEO is entitled to receive the amount accrued under the

plan as a lump sum.

For any new Executive Directors, retirement benefits may be in the form of a defined benefit

pension plan, contributions into a defined contribution pension scheme, a cash allowance or

a combination thereof.

Maximum

opportunity

Whilst there is no maximum salary level, any increases awarded to the CEO will normally be

broadly aligned with the broader employeepopulation.

The salary increase made to the CEO may exceed the average salary increase under certain

circumstances at the Remuneration Committee’s discretion. These circumstances may

include: business and individual performance; material changes to the business; internal

promotions; accrual of experience; changes to the role; or other factors.

The contributions to the pension plan are calculated as a percentage of annual base salary

(excluding any incentive payments or other allowance/benefits provided) based on age

brackets as defined by Federal Swiss legislation.

This percentage is currently 15% of base salary and increases to 18% above age 55.

For any new Executive Directors, the pension level will take into account that available to

other employees in the country where they are employed.

Performance

metrics

Individual and business performance are key factors when determining any base salary

changes. The annual base salary for the Chief Executive Officer is set out on page 240.

None.

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Directors’ remuneration report continued

Fixed continued

Other benefits ESPP

Purpose and

link to strategy

To provide benefits to the CEO which are consistent with marketpractice. The ESPP is an Employee Share Purchase Plan, encouraging broader share ownership,

andisintended to align the interests of employees including the CEO with those of

theshareholders.

Operation Benefit provisions are reviewed by the Remuneration Committee, which has the discretion

to recommend the introduction of additional benefits where appropriate.

Typical provisions for the CEO include benefits related to relocation such as housing

allowance, company car/allowance, cost of living adjustment, trip allowance, partner

allowance, exchange rate protection, tax equalisation and tax filing support and advice.

Forallbenefits, the Company will bear any income tax and social security contributions

arising from such payments.

This is a voluntary share purchase scheme across many of the Group’s countries.

TheCEOas a scheme participant has the opportunity to invest from 1% to 15% of his

basesalary and/or MIP payout to purchase the Company’s shares by contributing to the

planon a monthly basis.

The Company matches the CEO’s contributions on a one-to-one basis up to 3% of the

employee’s base salary and/or MIP payout. Matching contributions are used to purchase

shares one year after the purchase of shares byemployees. Matching shares are

immediately vested.

Dividends received in respect of shares held under the ESPP are used to purchase additional

shares and are immediately vested. The CEO is eligibleto participate in the ESPPoperated

by the Company on the same basis asother employees.

The malus and clawback policy applies. Further details may be found in the Additional notes

to the Executive Director’s remuneration policy table on page 234.

Maximum

opportunity

There is no defined maximum as the cost to the Company of providing such benefits will

vary from year to year.

Maximum investment is 15% of gross base salary and MIP payout. The Company matches

contributions up to 3% of gross base salary and MIP payout. Matching contributions areused

to purchase shares one year after the matching. Matching shares are immediatelyvested.

Performance

metrics

None. The value is directly linked to the share price performance. It is therefore not affected by

other performance criteria.

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Directors’ remuneration report continued

Variable pay

MIP

Purpose and

link to strategy

To support profitable growth and reward annually for contribution to business

performance. The plan aims to promote a high-performance culture with stretching

business and individual targets linked to our key strategies.

Maximum

opportunity

The CEO’s maximum MIP opportunity is set at 200% of annual base salary.

Threshold, target and maximum achievement for the business performance

element for 2025 will result in an outcome as follows:

• Threshold: 0% of base salary

• Target: 100% of base salary

• Maximum: 200% of base salary

Operation Annual bonus awarded under the MIP is normally subject to business and individual

performance metrics and is non-pensionable.

The CEO’s individual objectives are regularly reviewed to ensure relevance to

business strategy and are set and approved by the Chair of the Remuneration

Committee and Chair of the Board of Directors.

Stretching targets for business performance are set based onthebusiness plan

ofthe Group as approved by the Board of Directors. TheRemuneration Committee

will determine the business performance metricsand weightings on an annual basis.

Performance against these targets and bonus outcomes is assessed by the

Remuneration Committee, which may recommend an adjustment to the payout

levelwhere it considers the overall performance of the Company or the individual’s

contribution warrants a higher or lower outcome.

The malus and clawback policy applies. Further details may be found in the Additional

notes to the Executive Director’s remuneration policy table onpage 234.

Performance

metrics

The MIP awards are normally based on business metrics linked to our business

strategy. These may be a mix of financial and non-financial measures. These may

include, but are not limited to, measures of revenue, profit, profit margins and

operating efficiencies. The weighting of individual performance metrics shall

normally be determined by the Remuneration Committee around thebeginning

ofthe MIP performance period.

Details related to the key performance indicators can be found inthe Annual Report

on Remuneration on page 240.

Deferral of MIP 50% of any MIP award is to be deferred into shares for a further three-year period

where the shareholding guideline has not been met. Where the shareholding guideline

has been met, no deferral will apply. Any deferred shares will be made available after

the three-year deferral period which commences on the first day of the fiscal year

inwhich the deferred share awardis made.

Deferred shares may be subject to malus and clawback to the extent deemed

appropriate by the Remuneration Committee, in line the malus and clawback policy.

Dividend equivalents may be payable on deferred shares.

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Directors’ remuneration report continued

Variable pay continued

PSP

Purpose and

link to strategy

To align the CEO’s interests with the interests of shareholders, andincrease the ability

of the Group to attract and reward individuals with exceptionalskills.

Holding

period

Any vested award (net of shares sold to cover tax liability) is normally subject to

afurther two-year holding period following the end of the three-year performance

period. During this two-year period, these beneficially owned shares are subject to

ano-sale commitment. Any shares subject to the holding period count towards

theshareholding requirement.

Operation The CEO is granted conditional awards of shares (or through a mechanism of

equivalent value) which vest after three years, subject to the achievement of

performance metrics and continued service. Grants typically take place annually.

Performance metrics and the associated targets are typically reviewed and

determined around the beginning of each performance period to ensure that they

support the long-term strategy and objectives of the Group and are aligned with

shareholders’ interests. Dividends may be paid on vested shares where the

performance metrics are achieved at the end of the three-year period.

The malus and clawback policy applies. Further details may be found in the Additional

notes to the Executive Director’s remuneration policy table on page 234.

Adjustments In the event of an equity restructuring, the Remuneration Committee may make

anequitable adjustment to the terms of the performance share award by adjusting

the number and kind of shares which have been granted or may be granted and/or

making provision for payment of cash in respect ofany outstanding performance

share award.

Where exceptional circumstances exist such that the original targets no longer meet

the intent at the time of grant, the Committee will have the discretion to adjust targets

in a manner that is considered to be appropriate. Where any such adjustment is made,

the details will be fully disclosed in the following remuneration report.

Maximum

opportunity

Awards (normally) have a face value up to 330% of base salary.

In exceptional circumstances only, the Remuneration Committee hasthediscretion

to grant awards up to 450% of base salary.

Change of

control

In the event of change of control, unvested performance share awards held by

participants vest immediately on a pro-rated basis if the Remuneration Committee

determines that the performance metrics have been satisfied or would have been

likely to be satisfied at the end of the performance period, unless the Remuneration

Committee determines that substitute performance share awards may be used

inplace of the previous awards. For vested shares subject to the additional holding

period, the holding period will lapse and the participants are no longer subject to the

no-sale commitment.

Performance

metrics

Vesting of awards is subject to the performance metrics. For each award, the

Remuneration Committee will determine the applicable metrics, weightings

andtarget calibration making up the performance condition. The performance

conditions applying to awards may be based on financial (including share price)

measures and/or non-financial measures. The majority of the award will normally

bebased on financial measures.

Following the end of the performance period, the Remuneration Committee will

determine the extent to which performance metrics have been met and, in turn,

thelevel of vesting. Participants may receive vested awards in the form of shares

or,in exceptional circumstances, a cash equivalent.

For each performance metric, achieving threshold performance results in vesting of

25% of the award and maximum performance results in vesting of 100% of the award.

Performance share awards will lapse if the Remuneration Committee determines that

the performance metrics have not been met. The Remuneration Committee will have

discretion to adjust the payout level where it considers the overall performance of the

Company warrants a higher or lower outcome.

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Directors’ remuneration report continued

Maximum

performance +50%

share price growth

Maximum

Target

Minimum

11%

9% 22% 37%

9,641

7,853

5,306

2,046

13% 11%

21% 16%

53% 39%

28%

20%

46%

40%

19%

Base salary

PSP

PSP – share price appreciation

Cash and non-cash beneﬁts

Pension MIP

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

10,000

9,000

Additional notes to the Executive Director’s remuneration policy table

Chief Executive Officer’s remuneration policy illustration

The graph below provides estimates of the potential reward opportunity for the CEO andthe split between

the different elements of remuneration under three different performance scenarios: ‘Minimum’,

‘Target’ and ‘Maximum’. In line with the reporting regulations, a scenario assuming 50% share price

growth over the three-year PSP performance period is also shown below.Theassumptions used for

these charts are set out in the table below (€000s).

Minimum performance Fixed remuneration only, i.e. base salary, pension and other benefits

(including ESPP participation)

No payout under the MIP or PSP

Target performance Fixed remuneration

MIP payout of 50% of maximum

PSP vesting at 60% of maximum

Maximum performance Fixed remuneration

MIP payout of 200% of base salary

PSP vesting at 330% of base salary

Maximum performance +50%

share price growth

Fixed remuneration

MIP payout of 200% of base salary

PSP vesting at 330% of base salary

50% assumed share price growth over three-year PSP

performanceperiod

Other than in the ‘Maximum performance +50% share price growth’ scenario, no share price growth or

dividend assumptions have been included in the charts above.

Component

Minimum

(€000s)

Target

(€000s)

Maximum

(€000s)

Maximum

performance

+ 50% share

price growth

(€000s)

Fixed Base salary

1,083 1,083 1,083 1,083

Pension 163 163 163 163

Cash and non-cash benefits

800 832 865 865

Variable MIP – 1,083 2,167 2,167

PSP – 2,145 3,575 3,575

PSP – 50% share price

Appreciation – – – 1.788

Total 2,046 5,306 7,853 9,641

1. Represents the annual base salary effective May 2025.

2. ESPP employer contributions may vary depending on the MIP payout provided that the CEO decides to contribute a portion of the MIP

towards the ESPP. The figures provided have been calculated on the basis of the applicable MIP payout and the CEO deciding to contribute

3% to the ESPP.

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Directors’ remuneration report continued

Employee Stock Option Plan (ESOP)

The ESOP was replaced by the PSP in 2015,

withthe final grant under the ESOP occurring

inDecember 2014. Awards under the ESOP vest

inone-third increments each year over three years

and can be exercised for up to 10 years from the

date of the award. The Remuneration Committee

does not intend to issue further awards under

theESOP. All stock option awards held by the

CEOat the end of the previous year were fully

exercised in2024.

Malus and clawback policy

The CEO’s incentive plans have malus and

clawback clauses applicable to variable pay,

whichhave now been centralised in a formal

policyoutlining the circumstances and process

ofapplication.The MIP, PSP and ESPP plans

include malusprovisions which give the

Remuneration Committee and/or the Board

discretion to judge that an award should

lapsewholly or partly in the event of a material

misstatement of the financial results and/or

misconduct, gross negligence, significant

reputational risk and corporate failure.

The Remuneration Committee and/or Board

alsohas the discretion to determine that clawback

should be applied to awards under the MIP, PSP,

ESOP and ESPP plans for the CEO. Clawback

canpotentially be applied to payments or vested

awards for up to a two-year period following

payment or vesting. Malus and clawback will

beapplied in accordance with Swiss law.

Shareholding guidelines

To strengthen the link with shareholders’ interests,

the CEO is required to hold Company shares

equivalent to 450% of annual base salary, an

increase from 300% in the previous year, subject

toapproval at the 2025 AGM. The CEO hasfive

years from appointment to accumulate shares to

meet this requirement, with shares acquired from

PSP awards counting towards fulfilment.

Members of the ELT are required tohold Company

shares equivalent to 100% of annual base salary.

The Committee continues to review the potential

need for stronger shareholding requirements in

the long term and this is subject to further review

in the future.

The Policy contains a post-employment

shareholding requirement whereby the CEO would,

if leaving the Company, be required to hold shares

equivalent to200% of base salary (oractual

shareholding attermination date if lowerthan this)

for a period oftwo years after leaving employment.

Remuneration arrangements across theGroup

The remuneration approach for the CEO, the

members of the ELT and senior management

issimilar. The CEO’s total remuneration has

asignificantly higher proportion of variable pay

incomparison with the rest of our employees.

TheCEO’s remuneration will increase or decrease

in line with business performance, aligning it with

shareholders’ interests.

The structure of the remuneration package for

the wider employee population takes into account

local market practice and is intended to attract

and retain the right talent, be competitive and

remunerate employees for promoting a growth

mindset while contributing to the Group’s

performance. As set out in the Remuneration

Committee Chair’s letter, over the next year

therewill be a review of the wider workforce

reward offering and overall employee value

proposition atCCHBC to ensure our colleagues

are appropriately rewarded for their performance

andare appropriately paid reflecting emerging

markettrends.

Policy table – non-Executive Directors

Base fees

Purpose and

link to strategy

To provide a fixed level of compensation appropriate to the requirements of the

role of non-Executive Director and to attract and retain high-quality non-Executive

Directors with the right talent, values and skills necessary to provide oversight and

support to management to grow the business, support the Company’s strategic

framework and maximise shareholder value.

Operation Non-Executive Directors’ fees are set at a level that will not call into question the

objectivity of the Board. When considering market levels, comparable companies

typically include those in the FTSE index with similar positioning as the Company,

other Swiss companies with similar market capitalisation and/or revenues, and

other relevant European listed companies. Fees can be paid in cash or shares.

Currently fees are paid fully in cash.

Maximum

opportunity

Fee levels for non-Executive Directors include an annual fixed fee plus additional

fees for membership of Board committees when applicable. The fees as at

1 January 2025 are set out below:

• Base Chair’s fee: €150,000

• Base non-Executive Director’s fee: €82,000

• Senior Independent Director’s fee: €18,000

• Audit and Risk Committee Chair fee: €32,000

• Audit and Risk Committee member fee: €16,000

• Remuneration, Nomination and Social Responsibility Committee Chair

fees:€13,000

• Remuneration, Nomination and Social Responsibility Committee member

fees: €6,500

Fee levels are subject to periodic review and approval by the Chair of the Board and

the CEO. Additional fees may be payable for other responsibilities or increased

time commitments on a one-off or on-going basis.

Other benefits Non-Executive Directors do not receive any benefits in cash or in kind. They are

entitled to reimbursement of all reasonable expenses incurred in the interests of

the Group (including any tax thereon).

Variable

remuneration

Non-Executive Directors do not receive any form of variable compensation.

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Directors’ remuneration report continued

Legacy arrangements

Notwithstanding the restrictions laid out

inthePolicy, where the Company has made

acommitment to a Director which:

• was in accordance with the prevailing

remuneration policy at the time that the

commitment was made; and/or

• was made before the Director became a

Directorand, in the opinion of the Committee,

thepayment was not in consideration for the

individual becoming a Director of the Group

the Company will continue to give effect to it,

evenif it is inconsistent with the Remuneration

Policy of the which is in effect at that time.

Policy on recruitment/appointment

Executive Directors

Annual base salary arrangements for the

appointment of an Executive Director will be set

considering market relevance, skills, experience,

internal comparisons and cost. The Remuneration

Committee may recommend an appropriate initial

annual base salary below relevant market levels.

Insuch situations, the Remuneration Committee

may make a recommendation to realign the level

of base salary in the following years.

The maximum level of variable remuneration which

may be granted to a new Executive Director will be

650% of salary, in line with the limits set out in the

policy table. Different performance measures may

be set initially taking into consideration the point

inthe financial year that a new Executive Director

joins. The above limits do not include the value

ofany buyout arrangements.

Benefits will be provided in line with the Group’s

policy for other employees. If an Executive

Director is required to relocate, benefits or

allowances may be provided as per the Group’s

international transfer policy which may include

transfer allowance, tax equalisation, tax advice

and support, housing, cost of living, schooling,

traveland relocation costs.

The Remuneration Committee may consider

recommending the buying out of remuneration

arrangements that an individual would forfeit

byaccepting the appointment. In doing so, the

Committee will take into account all relevant

factors including any performance conditions

attached to awards, the form of award (e.g. cash

orshares) and the time horizons and will look to

make awards on a like-for-like basis where

possible. The Committee may make use

ofListingRule 9.4.2 where appropriate.

It is expected that Executive Directors appointed

during the remuneration policy period will be

appointed on similar notice provisions to the CEO,

allowing for termination ofoffice by either party

on six months’ notice.

Non-Executive Directors

It is expected that non-Executive Directors

appointed during the remuneration policy period

will receive the same basic fee and, as appropriate,

committee fee or fees as existing non-Executive

Directors and will be entitled to reimbursement of

all reasonable expenses incurred in the interests

of the Group.

It is expected that non-Executive Directors

appointed during the remuneration policy

periodwill be appointed on a one-year term

ofappointment, in the same manner as existing

non-Executive Directors.

The Company does not compensate new

non-Executive Directors for any forfeited

shareawards in previous employment.

Termination payments

The Swiss corporate law provisions regarding

theCompensations in Listed Companies limits

the authority of the Remuneration Committee

and the Board to determine compensation.

Limitations include the prohibition of certain

typesof severance compensation.

Our governance framework ensures that the

Group uses the right channels to support reward

decisions. In the case of early termination, the

non-Executive Directors would be entitled to their

fees accrued as of the date of termination, but are

not entitled to any additional compensation. The

CEO’s employment contract does not contain any

provisions for payments ontermination.

Notice periods are set for up to six months

andnon-compete clauses are set for 12 months.

Thenotice period anticipates that up to six

months’ paid garden leave may be provided.

Similarly, up to12 months of base salary may be

paid out in relation to the non-compete period.

In case of future terminations, payments will be

made in accordance with the termination policy

onpage 236.

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Directors’ remuneration report continued

Pay element

Good leaver (retirement at 55 or later/

at least 10 years’ continued service) Good leaver (injury, disability) Bad leaver (resignation, dismissal) Death in service

Base salary and other benefits/

non-Executive Directors’ fees

Payment in lieu of notice is not permissible. The Company could ask the CEO to be on paid garden leave forupto six months.

ESPP Unvested cash allocations held in the ESPP will vest upon termination. Unvested cash allocations under the

ESPP will be forfeited.

Available ESPP shares will be transferred

to beneficiaries.

MIP A pro-rated payout as of the date

ofretirement will be applied.

Deferred shares will continue to vest

asnormal.

A pro-rated payout as of the date

ofleaving will be applied.

Deferred shares will continue to vest

asnormal.

In the event of resignation or dismissal, as

per Swiss law, the CEO is entitled to a

pro-rated MIPpayout.

Any outstanding deferred shares

willlapse.

A pro-rated payout will be applied and

willbe paid immediately to beneficiaries,

based on the latest rolling estimate.

Deferred shares will continue to vest

asnormal.

PSP/ESOP All unvested options and performance

share awards will continue to vest as

normal, subject to time pro-rating and

subject to the additional holding period.

For vested shares that are subject to the

additional holding period, they will

continue to be subject to the no-sale

commitment until the end of the relevant

two-year period.

Under Swiss law, share awards are

considered annual compensation and,

assuch, when time pro-rating is required,

the year of grant (12 months) and not

thevesting period (36 months) for time

pro-rating calculations is considered.

All unvested options and performance

share awards immediately vest to the

extent that the Remuneration

Committee determines that the

performance conditions have been met,

or are likely to be met at the end of the

three-year performance period, and are

subject to the additional holding period.

Any options that vest are exercisable

within 12 months from the date

oftermination.

For vested shares that are subject to

theadditional holding period, they will

continue to be subject to the no-sale

commitment until the end of the relevant

two-year period.

All unvested options and performance

share awards will immediately lapse

without any compensation.

In the event of resignation, all vested

options must be exercised within six

months from the date of termination.

Upon dismissal, all vested options must

be exercised within 30 days from the date

of termination.

For vested shares that are subject to

theadditional holding period, they will

continue to be subject to the no-sale

commitment until the end of the relevant

two-year period.

All unvested options and performance

share awards will immediately vest

subject to time and performance

pro-rating.

Any options that vest are exercisable by the

beneficiaries within 12 months from the

date of passing.

For vested shares that are subject to the

additional holding period, the no-sale

commitment will cease immediately.

Under Swiss law, share awards are

considered annual compensation.

When time pro-rating is required, the year

of grant (12 months) and not the vesting

period (36 months) is considered for time

pro-rating calculations.

Corporate events

In the event of an equity restructuring, theRemuneration Committee may make an

equitableadjustment to the terms of the performance share award by adjusting the numberand kind of

shares that have been grantedor may be granted and/or making provision for payment of cash in

respect of anyoutstanding performance share award.

In the event of a change of control, unvested performance share awards held by participants vest

immediately on a pro-rated basis if the Remuneration Committee determines that the performance

conditions have been satisfied or would have been likely to be satisfied at the end ofthe performance

period, unless the Remuneration Committee determines that substitute performance share awards may

be usedin place of the previous awards.

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Directors’ remuneration report continued

Name Title

Date

originally

appointed to

the Board of

the Company

Date

appointed to

the Board of

the Company

Unexpired term

ofservice

contract or

appointment as

non-Executive

Director

Anastassis G. David Chair and

Non-ExecutiveDirector

27 July 2006 21 May 2024 One year

Zoran Bogdanovic Chief Executive Officer 11 June 2018 21 May 2024 Indefinite,

terminable on six

months’ notice

Charlotte J. Boyle Independent

Non-Executive Director

20 June 2017 21 May 2024 One year

Henrique Braun Non-Executive Director 22 June 2021 21 May 2024 One year

William W. (Bill) Douglas III Independent

Non-Executive Director

21 June 2016 21 May 2024 One year

Reto Francioni Senior Independent

Non-Executive Director

21 June 2016 21 May 2014 One year

Anastasios I. Leventis Non-Executive Director 25 June 2014 21 May 2024 One year

Christo Leventis Non-Executive Director 25 June 2014 21 May 2024 One year

George Leventis Non-Executive Director 17 May 2023 21 May 2024 One year

Evguenia Stoitchkova Non-Executive Director 17 May 2023 21 May 2024 One year

Zulikat Wuraola Abiola Independent

Non-Executive Director

21 May 2024 21 May 2024 One year

Glykeria Tsernou Independent

Non-Executive Director

21 May 2024 21 May 2024 One year

Elizabeth Bastoni Independent

Non-Executive Director

16 September

2024

16 September

2024

One year

1. Each non-Executive Director is appointed until the next AGM, a term of approximately one year.

The CEO’s service contract and the terms and conditions of appointment of the non-Executive

Directors are available for inspection by the public at the registered office of the Group.

Consideration of employee views

The remuneration structure has been designed to

apply to all Group employees, not just the

Executive Directors, which is a material factor in

defining and shaping the policy and

implementation of the policy.

The Remuneration Committee does not currently

consult specifically with employees on policy for

the remuneration of the Directors. Pay movement

for the wider employment group is considered

when making pay decisions for the CEO. The

Chairof the Remuneration Committee is also the

designated non-Executive Director for workforce

engagement. As such, she attends meetings of

our European Works Council and meets with

elected employee representatives from our

businesses in EU countries. She then reports

backto the Board on her observations and

matters raised by employees, ensuring Board

andRemuneration Committee deliberations

anddecision making are fully informed.

Ourengagement levels continue to

remainhighat88%.

Consideration of shareholder views

Shareholder views and the achievement

oftheGroup’s overall business strategies

havebeentaken into account in formulating

theremuneration policy. As set out in the

Remuneration Committee Chair’s letter, as part

ofthe Policy review we conducted an extensive

consultation exercise with shareholders, engaging

our top 50 shareholders. Further detail on the

outcome of this consultation is provided in the

Committee Chair’s letter.

In reviewing and determining remuneration,

theRemuneration Committee takes into account

the following:

• the business strategies and needs of

theCompany;

• the views of shareholders on Group policies

andprogrammes of remuneration;

• the alignment of remuneration policy with the

principles of clarity, simplicity, risk, predictability,

proportionality and alignment with culture;

• market comparisons and the positioning of

the Group’s remuneration relative to other

comparable companies;

• input from employees regarding our

remuneration programmes;

• the need for similar, performance-related

principles for the determination of executive

remuneration and the remuneration of other

employees; and

• the need for objectivity.

Board members, the CEO and ELT members play

no part in determining their own remuneration.

The Chair of the Remuneration Committee and

the CEO are not present when the Remuneration

Committee and theBoard discuss matters that

pertain to theirremuneration. This ensures that

the same performance-setting principles are

applied for Executive remuneration and for other

employees in the organisation.

Service contracts

Zoran Bogdanovic, the CEO, has a service

contract with the Company with a six- month

notice period. As noted in the Termination

payments section on page 236, the CEO’s

employment contract does not include any

termination benefits, other than as mandated

bySwiss law.

The CEO is also entitled toreimbursement of all

reasonable expenses incurredin the interests of

the Company.

In accordance with the Swiss Code of Obligations,

there are no sign-on policies/provisions for the

appointment of the CEO.

The table below provides details of the current

service contracts and terms of appointment for

theCEO and other Directors.

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Directors’ remuneration report continued

Annual Report on Remuneration

Introduction

This section of the report provides detail on

howwe have implemented our remuneration

policy in 2024, which, in accordance with the UK

remuneration reporting regulations and alongside

other sections of the Directors’ remuneration

report, will be subject to an advisory shareholder

vote at our 2025 Annual General Meeting.

The role of the Remuneration Committee

The main responsibilities of the Remuneration

Committee are to establish the remuneration

strategy for the Group and to approve

compensation packages for Directors and senior

management. Further, the Committee reviews

wider workforce remuneration policies at

Coca-Cola HBC and the alignment of incentives

and rewards with strategy and culture, taking

these into account when setting the remuneration

policy. The Remuneration Committee operates

under the Charter for the Committees of the

Board of the Company set forth in Annex C

totheOrganisational Regulations of the

Company, available on the Group’s website at:

https://www.coca-colahellenic.com/en/about-us/

corporate-governance.

The Remuneration Committee met four times in

2024: in March, June, September and December.

Please refer to the Corporate Governance Report

on page 206 for details of the Remuneration

Committee meetings.

Advisers to the Remuneration Committee

The Chief People and Culture Officer, the Head

ofRewards and the General Counsel regularly

attend meetings of the Remuneration Committee.

While the Remuneration Committee does not

have external advisers, in 2024, it authorised

management to work with external consultancy

firm Deloitte, which provided independent advice

on ad hoc remuneration issues during the year.

These services are considered to have been

independent, objective and relevant to the

market. Deloitte also provides tax advisory,

advisory on people and culture topics and

payrollservices to theCompany.

The total cost in connection with Deloitte’s work

was € 111,099, invoiced on a time spent basis.

Deloitte are members of theRemuneration

Consultants Group and provide advice in line with

its Code of Business Conduct. Considering this,

and the level and nature of the service received,

the Committee remains satisfied that the advice

is objective andindependent.

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Directors’ remuneration report continued

Non-Executive Directors’ remuneration for the years ended 31 December 2024 and 2023

Financial

year

Base fee

(€)

Audit and Risk

Committee

(€)

Remuneration

Committee

(€)

Nomination

Committee

(€)

Social Responsibility

Committee

(€)

Senior

Independent Director

(€)

Social security

contributions

(€)

Total

(€)

Anastassis G. David FY2024 150,000 – – – – – – 150,000

FY2023 150,000 – – – – – – 150,000

Charlotte J. Boyle FY2024 82,000 – 13,000 6,500 3,250 – – 104,750

FY2023 82,000 – 13,000 6,500 – – – 101,500

Henrique Braun FY2024 82,000 – – – – – 6,569 88,569

FY2023 82,000 – – – – – 6,569 88,569

Olusola (Sola) David-Borha

FY2024 31,989 6,242 – – – – 3,063 41,294

FY2023 82,000 16,000 – – – – 7,850 105,850

Anna Diamantopoulou

FY2024 58,380 – 4,628 4,628 4,628 – 4,097 76,361

FY2023 82,000 – 6,500 6,500 6,500 – 6,199 107,699

William W. (Bill) Douglas lll FY2024 82,000 32,000 – – – – – 114,000

FY2023 82,000 32,000 – – – – – 114,000

Reto Francioni FY2024 82,000 – 6,500 13,000 – 18,000 7,050 126,550

FY2023 82,000 – 6,500 13,000 – 18,000 7,058 126,558

Anastasios I. Leventis FY2024 82,000 – – – 13,000 – – 95,000

FY2023 82,000 – – – 13,000 – – 95,000

Christo Leventis FY2024 82,000 – – – – – – 82,000

FY2023 82,000 – – – – – – 82,000

Alexandra Papalexopoulou

FY2024 31,989 6,242 – – – – – 38,231

FY2023 82,000 16,000 – – – – – 98,000

Bruno Pietracci

FY2024 – – – – – – – –

FY2023 31,033 – – – 2,460 – 2,683 36,176

George Pavlos Leventis

FY2024 82,000 – – – – – – 82,000

FY2023 51,193 – – – – – – 51,193

Evguenia Stoitchkova

FY2024 82,000 – – – 6,500 – – 88,500

FY2023 51,193 – – – 4,058 – – 55,251

Ryan Rudolph

FY2024 – – – – – – – –

FY2023 31,033 – – – – – 2,486 33,519

Elizabeth Bastoni

FY2024 23,620 – 1,872 1,872 – – 2,192 29,556

FY2023 – – – – – – – –

Zulikat Wuraola Abiola

FY2024 50,236 9,802 – – – – 4,809 64,847

FY2023 – – – – – – – –

Glykeria Tsernou

FY2024 50,236 9,802 – – – – – 60,038

FY2023 – – – – – – – –

1. Non-Executive Director fees for 2024 were in line with the fees that were revised in 2022.

2. Social security employer contributions as required by Swiss legislation.

3. Bruno Pietracci and Ryan Rudolph retired from the Board of Directors on 17 May 2023. The Group applied a pro-rated base fee from this date.

4. George Pavlos Leventis and Evguenia Stoitchkova were appointed to the Board of Directors on 17 May 2023. The Group applied a pro-rated base fee from this date.

5. Olusola (Sola) David-Borha and Alexandra Papalexopoulou retired from the Board of Directors on 16 May 2024. The Group applied a pro-rated base fee from this date.

6. Zulikat Wuraola Abiola and Glykeria Tsernou were appointed to the Board of Directors on 16 May 2024. The Group applied a pro-rated base fee from this date.

7. Anna Diamantopoulou retired from the Board of Directors on 16 September 2024. The Group applied a pro-rated base fee from this date.

8. Elizabeth Bastoni was appointed to the Board of Directors on 16 September 2024. The Group applied a pro-rated base fee from this date.

Non-Executive Directors do not participate in any of the Group’s incentive plans, nor do they receive any retirement or other taxable benefits. Fee levels in the table above were last reviewed in 2022.

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Directors’ remuneration report continued

Single figure table

Single total figure of remuneration for the CEO for the years ended 31 December 2024 and 2023.

Base pay

€000s

Cash and

non-cash benefits

€000s

Annual bonus

€000s

Employee Share

Purchase Plan

€000s

Long-term incentives

€000s

Retirement benefits

€000s

Total fixed remuneration

€000s

Total variable remuneration

€000s

Total single figure

€000s

2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023

Zoran

Bogdanovic 926 875 767 678 983 950 28 26 3,936 2,817 141 148 1,834 1,701 4,947 3,793 6,781 5,494

1. Base pay includes the monthly instalments linked to the base salary for 2024 and 2023.

2. Cash and non-cash benefits includes the value of all benefits paid during 2024. These are outlined in the ‘Cash and non-cash benefits’ section below and include any gross-ups for the tax benefits.

3. Annual bonus for 2024 includes the MIP payout, receivable in 2025 for the 2024 performance year. Refer to ‘MIP performance outcomes-2024’ for details.

4. ‘Employee Share Purchase Plan’ reflects the value of Company matching share contributions under the ESPP.

5. ‘Long-term incentives’ for 2024 reflects the 2022 awards made under the Performance Share Plan and the dividend equivalent shares paid on PSP shares that will vest in early 2025. The number of shares due to vest to the CEO for the 2022 award is 108,186.

TheCEO willalso get 9,772 shares representing the dividend equivalents for the awarded shares for 2022, 2023 and 2024. The value reflects the number of shares multiplied by the average market price over the last three months of the financial year. The figure will be restated in next year’s

report based on the share price at vesting (as has been done for the 2021 award in the 2023 figure above). The 2022 award increased by €1,677,963 since the grant date due to the share price increase, resulting in a total value at vest of €3,935,680.

6. ‘Retirement benefits’ includes the pension plan under Swiss law. Employer contributions are 15% of annual base salary. The disclosed figure also includes risk and administration costs of €2,537.

7. No malus and clawback was operated.

Fixed pay for 2024

Base salary

In 2024, Zoran Bogdanovic’s salary was increased

to€942,000, representing an increase of 5.5%

effective May 2024. The average increase for

ouremployees was 8.3%.

Retirement benefits

Zoran Bogdanovic receives an annual retirement

benefit of 15% of base salary, aligning to the

retirement benefit provided under Swiss law

andbased on the age brackets defined by federal

Swiss legislation. During the year, €141,382

ofretirement benefit was received, inclusive

of€2,537 for risk and administration costs.

Normal retirement age for the CEO’s plan is 65

years. In case of early retirement, which is possible

from the age of 58, the CEO is entitled to receive

the amount accrued under the plan as a lump sum.

Cash and non-cash benefits

Zoran Bogdanovic received additional benefits

during 2024. These included cost of living and

foreign exchange rate adjustment (€407,242),

private medical insurance (€5,017), partner

allowance (€1,000), home trip allowance (€4,679),

taxsupport (€14,172), company car (€25,649),

housing allowance (€105,952), tax equalisation

(€-131,003), and the value ofsocial security

contributions (€334,528). The Company matching

contribution relates to the ESPP (€27,769 reflecting

the maximum match of3%under the plan).

These benefits align with the benefits offered

toour international expats and are considered

acore part of the Company’s offering for senior

talent. The benefits provided, both in nature and

quantum, are regularly benchmarked relative to

external market data.

Variable pay for 2024

2024 MIP performance outcome

The business performance element for the

2024MIP was based on the following metrics:

• NSR, with an opportunity of56%of salary

formaximum performance (28%of salary

fortargetperformance).

• Comparable EBIT, with an opportunity

of56%ofsalary for maximum performance

(28%of salary for target performance).

• Free cash flow, with an opportunity level

of28%of salary for maximum performance

(14%of salary for target performance).

The outcome of the business performance

element is multiplied by the outcome for the

individual performance element.

The CEO’s individual performance metrics were

measured versus the following priorities in 2024:

Priorities Achievement

Business

performance

Increase volume Volume increased 2.8% versus2023

onboth areported basis and an

organicbasis

Increase organic revenue growth Organic revenue growth: 13.8% increase

compared to prior year

Increase comparable EBIT Comparable EBIT: 10% increase and

12.2%organic

Employee

engagement

Maintain or increase

employeeengagement

Increased high sustainable engagement

index score to 88% from 86%

Sustainability

commitments

Reduction in CO

and increase energy-

efficient coolers

Increased by 9% the number of new

energy-efficient coolers in customers’

premises, bringing the total to 60%

ofcoolers.

Progress of water stewardship

community projects

Number of water stewardship community

projects in water risk areas increased from

12 in 2023 to 16 in 2024

Increase in number of women

inmanagement

Overall, women in management increased

from 41.8% to 43.5%

Increase the number who have access

to#YouthEmpowered

Over 1,119,850 young people

from2017to2024 have access

to#YouthEmpowered access

versus944,948 from2017 to 2023

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PSP outcomes of the 2022-24 award

The table below summarises performance against the applicable targets for PSP awards made in 2022,

which are due to vest in March 2025.

Threshold Maximum Actual

Total %

of maxMeasure Weighting Target Vesting Ta rget Vesting Achievement Vesting

Comparable EPS 42.5% €1.38 25% €1.62 100% €1.47 54%

77%

ROIC 42.5% 11.5% 25% 13.4% 100% 14.0% 100%

Reduction of CO

emissions 15.0% 3,083 25% 2,871 100% 2,937 77%

Based on performance against the targets, the formulaic outcome was a vesting level of 77%. As

statedin the Chair’s letter and reported last year, following the notification from the third party (IFEU,

aninstitute preferred by TCCC as the source on material emissions factor change) and in line with GHG

Protocol guidance, a re-calculation of the base year 2017 onwards was triggered in 2023 and again in

2024. In 2023 the Net Zero roadmap was re-calculated based on latest annual release of emissions

factors with an increase in absolute emissions by 250k MT and cascaded onwards. This also led to

higher emissions decline rate year on year. In early 2024, the Net Zero roadmap was re-calculated based

on latest annual release of emissions factors, which triggered an increase in absolute emissions base,

starting 2017 by 95k MT and cascaded onwards. Given the methodology change to the base year used

for emissions data, which directly impacts future years, the Committee considered it appropriate for

this technical change to flow through to the targets attached to the 2022 PSP award. In doing so, the

Committee was comfortable that the revised targets were not materially easier or harder to achieve

than the original targets. It was determined that no adjustment would be made to the formulaic outcome.

As set out in the Remuneration Committee Chair’s letter, at the time the 2022-2024 PSP award was

granted, our share price was lower as it had been affected by the onset of the Russia-Ukraine war.

Overthe past three years, management have navigated the challenges brought on by the conflict,

demonstrating dedication and effort to restore the share price despite a difficult economic climate.

The share price did not follow the typical ‘V-shape’ recovery that is often associated with ‘windfall gains’,

and instead has recovered over time due to management actions in a challenging environment.

Therefore, the Committee determined that no adjustments to the award’s vesting were required.

Further detail is provided in the Remuneration Committee Chair’s letter.

The above results exclude Russia and Ukraine, but include Egypt in ROIC and EPS as at the time that

targets were set inSeptember 2022.

Directors’ remuneration report continued

2024 MIP performance outcome – continued

The Remuneration Committee took into account the following additional achievements during 2024:

• Continued handling of the challenges posed by the Russia-Ukraine war and the humanitarian support

toUkraine during the war.

• Being next to our communities with support during natural disasters. The Coca-Cola HBC Foundation

response to floods donating € 1.55 million in grants to flood-relief projects in six CCHBC business units.

• Number one contributor to incremental value creation for our retail customers within fast-moving

consumer goods (FMCG) in Europe, according to Nielsen.

• Recognised in the DJSI as leading beverage company and achieved top scores in S&P Global

SustainabilityYearbook and double A from CDP.

Since the onset of the war in Ukraine, we have taken the decision to exclude Ukraine and Russia from

both the targets as well as the actuals in calculating the payout.

The CEO’s individual financial metrics were measured as follows:

Performance level (payout % of target opportunity)

Threshold (0%) Target (100%) Maximum (200%) Achievement

Payout (% of base

salary)

Net sales revenue (€m) 8,172.9 8,883.5 9,594.2 9,000.7 32.6%

Comparable EBIT (€m) 737.2 801.3 865.4 837.6 43.7%

Free cash flow (€m) 351.2 381.7 419.9 443.9 28.0%

Total (business performance multiplied by individual performance) 104.3%

Total (as a % of maximum) 75%

The Remuneration Committee considered the formulaic outcome to ensure that it was both fair

andappropriate given the wider stakeholder experience described above and the wider performance

assessment as set out in the Remuneration Committee Chair’s letter earlier on in this report. The

annual bonus award in respect of the 2024 financial year for the CEO was therefore €982,506 and

104.3% of salary (75% of maximum). The Committee judged that this outcome was appropriate

anddidnot apply a discretionary adjustment.

As set out in our new Policy, once approved, no deferral will apply as the CEO has significantly exceeded

the shareholding guideline.

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Directors’ remuneration report continued

PSP awards – 2024-26

The PSP is the Company’s primary long-term incentive vehicle. In March 2024, the CEO was granted

aperformance share award of 101,922 shares under the PSP, representing 330% of base salary atdate

ofgrant.

The award is subject to a three-year performance period, aligned to the Company’s financial year, with

performance measured to the end of financial year 2026 and vesting anticipated in March 2027. These

vested shares will then be subject to a further two-year holding period, and the CEO agrees to a no-sale

commitment during this time.

The Committee was mindful of share price volatility at the time of grant and will retain the right to

appropriately apply discretion to the share award outcome at the time of vesting, if the level of vesting

and value delivered is not considered to be appropriate taking into account an assessment

ofperformance.

The following table sets out the details of the performance share award made to the CEO under the

PSP for 2024-26.

Type of award made

Performance share award of 101,922 shares

receivable for nil cost

Share price at date of grant (spot price) €28.91 (£24.75)

Date of grant 13 March 2024

Performance period 1 January 2024 to 31 December 2026

Face value of the award

(The maximum number of shares that would vest if

allperformance measures and targets are met,

multiplied by the share price at the date of grant)

€2,946,565

Face value of the award as a % of annual basesalary 330%

Percentage that would be distributed if threshold

performance was achieved in all three PSP key

performanceindicators

25% of maximum award

Percentage that would be distributed if threshold

performance was achieved only in one PSP key

performance indicator

10.625% (EPS or ROIC)/3.75% (reduction

inCO

emissions) of maximum award

Similar to the award made in March 2023, the 2024 award was subject to comparable EPS, ROIC and

reduction in CO

emissions targets, as outlined below, and excludes Russia, Ukraine and Finlandia.

The financial measures are key measures of business performance. The reduction in greenhouse gas

emissions metric was selected to directly align with and incentivise delivery of the Company’s ESG

objectives, particularly our ambitious goal to achieve net zero emissions across our entire value chain

by 2040. The CO

emissions target in the PSP implicitly captures reduction in plastics, which was a key

driver of its selection as a metric. The measures and targets below were set out in the 2023 Directors’

remuneration report.

Threshold Maximum

Measure Description Weighting Target

Vesting

(% of max) Target

Vesting

(% of max)

Comparable EPS Calculated by dividing the

comparable net profit attributable

to the owners of the parent by the

weighted average number

ofoutstanding shares during

theperiod.

42.5% €1.53 25% €1.79 100%

ROIC ROIC is the percentage return that a

company makes on its invested

capital. More specifically, we

defineROIC as the percentage

ofcomparable net profit excluding

net finance costs divided by the

capital employed. Capital employed

is calculated as the average of net

debt and shareholders’ equity

attributable to the owners of

theparent through the year.

42.5% 11.1% 25% 13.1% 100%

Reduction in CO

emissions

This target supports the Company’s

ambitious goal to achieve net zero

emissions across its entire value

chain by 2040. 1.5°C scenario

approved by the SBTi and calculated

as thousand tonnes of CO

emissions equivalent.

15% 2,986 25% 2,848 100%

The vesting schedule for PSP performance conditions is a straight line between the threshold and

maximum performance levels.

Dilution limit

Usage of shares under all share plans and executive share plans adheres to the dilution limits set by the

Investment Association Principles of Remuneration (10% for all share plans and 5% for all executive

share plans, in any 10-year period).

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Directors’ remuneration report continued

Implementation of policy in 2025

For 2025, we will be applying the new remuneration policy that it is being put forward for shareholder

approval at the 2025 AGM, as outlined on pages 223 to 225 of the Chair’s letter.

Base salary and fees

2025 salary increase levels for employees have not been finalised at the date of this report.

Itisanticipated that the increase for the wider workforce will be approximately 8.3%. Following

afundamental review of the CEO’s remuneration, the Committee decided that a 15% increase

totheCEO’s base salary was warranted. For details please refer to the Chair’s letter.

Chair and Board fees effective June 2022 were approved during the 2022 AGM. The fees as at

1January2025 were asfollows:

Non-Executive Directors’ fees

Current

fees

Chair fee €150,000

Basic fee €82,000

Senior Independent Director €18,000

Audit and Risk Committee Chair €32,000

Audit and Risk Committee member €16,000

Remuneration/Nomination/Social Responsibility Committee Chair €13,000

Remuneration/Nomination/Social Responsibility Committee member €6,500

MIP 2025

The MIP operates on a multiplicative basis. The outcome will be determined by business performance

multiplied by individual performance, which means that unless the business performance targets are

achieved, no bonus will be payable.

Business performance is measured based on performance against three KPIs: revenue (40% weighting),

comparable EBIT (40% weighting) and free cash flow (20% weighting). Targets are considered to be

commercially sensitive but will be disclosed on a retrospective basis in next year’s remuneration report.

For target performance against this element, the outcome will be 100%, rising to 200% for maximum

performance. For the CEO, individual performance will be assessed based on the achievement of defined

strategic objectives. Based on the Remuneration Committee’s assessment of performance against

these strategic objectives, the outcome for the individual performance element may be up to 100%.

The maximum opportunity level (which would reflect both a stretch level of business performance

andfull achievement of the individual strategic objectives) for the CEO will be 200% of base salary.

PSP 2025-2027

The 2025 PSP award for the CEO has a normal policy maximum of 330% of salary. It is intended that, as

in past years, the three-year performance conditions applicable to the award will continue to be based

on ROIC and EPS as well as the reduction of CO

emissions metric, which was first introduced in 2021.

The weightings will be 42.5% for ROIC, 42.5% for EPS and 15% for reduction of CO

emissions.

Theseare unchanged from 2021.

The targets for the 2025 PSP award, exclude Russia and Ukraine, and take into account our business

plan, market expectations and the wider economic and geopolitical environment, and are as follows:

Threshold Stretch

Measure Description Weighting Target

Vesting

(% of max) Target

Vesting

(% of max)

EPS Calculated by dividing the comparable

net profit attributable to the owners

of the parent by the weighted average

number ofoutstanding shares

during theperiod.

42.5% €1.76 25.00% €2.06 100%

ROIC ROIC is the percentage return that

acompany makes on its invested

capital. More specifically, we

defineROIC as the percentage

ofcomparable net profit excluding

net finance costs divided by the

capital employed. Capital employed

is calculated as the average of net

debt and shareholders’ equity

attributable to the owners of the

parent company through the year.

42.5% 14.3% 25.00% 16.2% 100%

Reduction in CO

emissions

emission targets have been

setto reflect the Group’s ambitious

goal to achieve net zero emissions

across its entire value chain by 2040.

Targets reflect the inclusion of

Egypt in the range and other

technical changes mandated

bySTBI and IFEU.

15.0% 4,485 25.00% 4,278 100%

The Committee believes that the proposed target range for ROIC and the other performance metrics

are appropriately stretching relative to the business plan and external forecasts of performance.

The performance period for 2025 awards will be the three years to the end of December 2027 and

vesting will occur in March 2028. These vested shares will then be subject to a further two-year holding

period, and the CEO agrees to a no-sale commitment during this time.

1. The targets for CO

emissions include scope 1, scope 2 and scope 3 emissions, reflecting the Company’s goal to achieve net zero emissions

across its entire value chain by 2040. Whilst we are committed to this target, the Committee is conscious that the external environment on

ESG is rapidly evolving and this could have a material impact on our targets given they include scope 3 emissions. If there are material

changes in the external environment over the performance period that affect our ability to meet the target range, the Committee would

engage with investors as appropriate on the impact on our targets.

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Directors’ remuneration report continued

Annual percentage change in remuneration of Directors and employees

The following table sets out the percentage change in remuneration for each Director and average percentage change for employees on an annual basis.

Salary/fees Taxable benefits Annual bonus

2023 to 2024 % 2022 to 2023 % 2021 to 2022 % 2020 to 2021 % 2019 to 2020 % 2023 to 2024 % 2022 to 2023 % 2021 to 2022 % 2020 to 2021 % 2019 to 2020 % 2023 to 2024 % 2022 to 2023 % 2021 to 2022 % 2020 to 2021 % 2019 to 2020 %

All employees 8.31 7. 29 4.39 4.59 0.00% 5.40 0.40 16.34 4.19 -18.57% -9.61

11.86 96.50 -14.79 9.12%

Director

Anastassis G. David – – 104.08 – – – – – – – – – – – –

Zoran Bogdanovic 5.50 6,30 3.10 3.20 0.00% 9.88 32.18

-36.53 24.25 34.63% 4.243 -12.22 155.21 -28.87 23.00%

Charlotte J. Boyle – – 11.66 – – – – – – – – – – – –

Henrique Braun – – 11.46 – – – – – – – – – – – –

Olusola (Sola) David-Borha

– – 11.26 – – – – – – – – – – – –

Anna Diamantopoulou

– – 11.56 – – – – – – – – – – – –

William W. (Bill) Douglas lll – – 11.33 – – – – – – – – – – – –

Reto Francioni – – 11.96 – – – – – – – – – – – –

Anastasios I. Leventis – – 11.63 – – – – – – – – – – – –

Christo Leventis – – 11.56 – – – – – – – – – – – –

Alexandra Papalexopoulou

– – 11.36 – – – – – – – – – – – –

George Pavlos Leventis – – – – – – – – – – – – – – –

Evguenia Stoitchkova – – – – – – – – – – – – – – –

Zulikat Wuraola Abiola

– – – – – – – – – – – – – – –

Glykeria Tsernou

– – – – – – – – – – – – – – –

Elizabeth Bastoni

– – – – – – – – – – – – – – –

1. The increase in taxable benefits for the CEO was due to higher social security costs in 2025.

2. The decrease in annual bonus for local population is due to lower performance in some of our higher income business units. The majority of the business units performed well versus the annual targets, but a few of them had lower achievements versus prior year.

3. The increase in annual bonus for CEO is due to the salary review effective 1 May 2024.

4. Zulikat Wuraola Abiola and Glykeria Tsernou were elected as new non-Executive members of the Board of Directors as of 16 May 2024.

5. Olusola (Sola) David-Borha and Alexandra Papalexopoulou retired from the Board of Directors on 16 May 2024.

6. Elizabeth Bastoni was elected as a new non-Executive member of the Board of Directors as of 16 September 2024.

7. Anna Diamantopoulou retired from the Board of Directors on 16 September 2024.

CEO pay ratio

Coca-Cola HBC is domiciled in Switzerland. We are therefore not required to report a CEO pay ratio under UK regulations; however, we are voluntarily disclosing ratios below. We have chosen to make

acomparison with employees in Switzerland as this is the market in which our CEO is based.

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Directors’ remuneration report continued

The international nature of our business means that we operate in countries with a significant range

interms of market practice for levels of remuneration and cost of living.

Switzerland, for example, has a substantially higher cost of living and employment remuneration

compared with other countries. For this reason, comparisons with our Swiss workforce are likely

tobemore informative about the pay distribution of our workforce.

The table below compares the 2024 single figure of remuneration for the CEO with that of the employees

who are paid at the 25th percentile (lower quartile), 50th percentile (median) and 75th percentile (upper

quartile) of the Company’s workforce based in Switzerland, ranked based on total remuneration.

Year Method

25th percentile pay ratio

(P1)

Median pay ratio

(P2)

75th percentile pay ratio

(P3)

2024 Option A 69:1 57:1 48:1

2023 Option A 56:1 44:1 35:1

2022 Option A 46:1 37:1 31:1

2021 Option A 65:1 52:1 42:1

2020 Option A 39:1 33:1 26:1

Option A has been used as it is the most robust methodology and is based on a sample of full-time

Swiss employees as of 31 December 2024. Their pay and benefits is calculated, and every Swiss

employee is ranked to determine P25, P50 and P75. Several Swiss employees around each percentile

were identified to ensure that they accurately represent the relevant percentile ranking.

The methodology used to identify the lower quartile, median and upper quartile employees was to rank all

employees of the Swiss workforce on total remuneration (for employees who were in employment for the

full calendar year). Two employees around each percentile were identified to ensure they accurately

represent the relevant percentile ranking. The total remuneration for each of these employees was then

calculated consistent with the methodology applied for deriving the CEO’s single figure remuneration.

The table below sets out the total pay and benefits for the lower quartile, median and upper quartile:

25th percentile in € Median in € 75th percentile in €

Annual base salary 77,318 96,473 100,260

Total remuneration 98,236 118,889 141,803

Total remuneration of Swiss employees includes base salary, annual bonuses, other cash compensation

(e.g. overtime), other cash and non-cash benefits (e.g. company car, tax support, relocation etc.),

pension employer contributions and employer social security contributions during 2024.

We are satisfied that the pay ratios reported this year are consistent with our wider pay, reward and

progression policies for employees.

As described on page 226, we have an overall remuneration philosophy that operates throughout the

Group, ensuring that employees are fairly rewarded and that their individual contributions are linked

tothe success of the Company.

Variable pay is an important element of our reward philosophy and a significant proportion of total

remuneration for top managers (including the CEO) is tied to the achievement of our business

objectives. As employees advance through the Company, there will be the opportunity to receive

higher rewards commensurate with increased accountability and market practice. The CEO’s total

remuneration has a significantly higher proportion of variable pay in comparison with the rest of our

employees. The CEO’s remuneration will therefore increase or decrease in line with business

performance, aligning it with shareholders’ interests.

The change in the CEO Pay Ratio between 2023 and 2024 was mainly due to the increase in the

long-term incentives under the variable long-term incentive plan.

Chief Executive Officer pay and performance comparison

The graph below shows the total shareholder return (TSR) of the Company compared with the

FTSE100 index over a ten-year period to 31 December 2024, based on an initial investment of £100.

TheRemuneration Committee believes that the FTSE 100 Index is the most appropriate index to use

for historic performance due to the size of the Company and our listing location.

Total Shareholder Return versus FTSE 100

100

150

200

250

300

FTSE 100Coca-Cola HBC

Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24

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Directors’ remuneration report continued

2024

2023

342.91,297.4

289.91,248.6

19%

Total sta� costs Distribution to shareholders (total shares)

Relative importance of spend on pay (€m)

The graphic below presents the year-on-year change in total expenditure for all employees across the Group

and distributions made to shareholders in the form of dividends, share buybacks and/or capital returns.

0 200 400 600 800 1,000 1,200 1,400 1,600

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Dimitris Lois Dimitris Lois Dimitris Lois Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic

Total remuneration

– single figure (€ 000s) 3,012 2,923 15,378 410 3,710 2,499 3,340 4,203 4,294 5,494 6,781

MIP (% of maximum) 75% 55% 53% 5% 48% 56% 40% 91% 78% 76% 75%

PSP (% of maximum) – – 90% – 100% 75% 50% 75% 48% 94% 77%

Dimitris Lois sadly passed away on 2 October 2017. The 2017 total remuneration values above reflect the period 1 January 2017 to 2 October 2017. The total remuneration value for Zoran Bogdanovic reflects

the period from his appointment as CEO to the end of the financial year, 7 December 2017 to 31 December 2017.

Compared with the prior year, the total staff costs have increased by 3.9%, while dividends distributed

to shareholders have increased by 18.3%

Shareholder voting outcomes

The table below sets out the result of the vote on the remuneration-related resolutions at the Annual

General Meeting held in May 2024.

Resolution Votes for Votes against Abstentions Total votes cast

Voting rights

represented

Advisory vote on the UK

remuneration report

248,551,498 5,896.635 1,043,825 255,492,959 69.96%

97.28% 2.31% 0.41%

Advisory vote on the Swiss

statutory remuneration report

238,378,236 17,105,579 8,143 255,492,959 69.96%

93.30% 6.70% 0.00%

Advisory vote on the

remunerationpolicy

243,042,676 12,150,434 298,649 255,492,959 69.96%

95.12% 4.76% 0.12%

Approval of the maximum

aggregate amount of remuneration

for the Boarduntil the next

AnnualGeneralMeeting

243,668,527 11,818,181 6,176 255,492,959 69.96%

95.37% 4.63% n/a

Approval of the maximum

aggregateamount of remuneration

for the Executive Leadership Team

forthe next financial year

242,131,442 13,339,926 21,516 255.492,959 69.96%

94.78% 5.22% n/a

The Remuneration Committee was pleased that shareholders supported our remuneration-related

resolutions so strongly. We value our ongoing dialogue with shareholders and welcome any views on

this report.

Payments to past Directors and payments for loss of office

There were no payments made to past Directors of the Group or loss of office payments made during

the year.

Payments to appointed Directors

There were no payments made to appointed Directors during the year.

Outside appointments for the CEO

Zoran Bogdanovic does not hold any appointments outside the Company.

Total Directors’ and Executive Leadership Team members’ remuneration

The table below outlines the aggregated total remuneration figures for Directors and ELT members in

the year.

2024

(€ m)

2023

(€ m)

Total remuneration paid to or accrued for Directors, the ELT and the CEO 32.6 30.6

Salaries and other short-term benefits 23.4 20.4

Amount accrued for performance share awards 8.1 9.3

Pension and post-employment benefits for Directors, the ELT and the CEO 1.1 0.9

Credits and loans granted to governing bodies

In 2024, no credits or loans were granted to active or former members of the Company’s Board,

members of the ELT or any related persons.

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Directors’ remuneration report continued

Share ownership

The table below summarises the total shareholding as at 31 December 2024, including any outstanding shares awarded through our incentive plans, for the CEO and other Directors.

With performance measures Without performance measures

PSP ESOP ESPP

interests

Performance

granted in

2024

Unvested and

subject to

performance

conditions Vested

Number of

stock options

outstanding

Fully

vested

Vesting at

the end of

2024

Number of

outstanding

shares held as at

31December 2024

Beneficially

owned

Current

shareholding

as % of

base salary

Shareholding

guideline met

Zoran Bogdanovic

Ye s 109,165 399,538 95,843 – – – 86,927 386,658 1,353% Ye s

Anastassis G. David

– – – – – – – – – –

Charlotte J. Boyle Ye s – – – – – – – 1,395 – –

Henrique Braun – – – – – – – – – –

William W. (Bill) Douglas III Ye s – – – – – – – 10,000 – –

Reto Francioni Ye s – – – – – – – 7,000 – –

Anastasios I. Leventis

– – – – – – – – – –

Christo Leventis

– – – – – – – – – –

Bruno Pietracci – – – – – – – – – –

Ryan Rudolph – – – – – – – – – –

George Pavlos Leventis

– – – – – – – – – –

Evguenia Stoitchkova – – – – – – – – – –

Zulikat Wuraola Abiola – – – – – – – – – –

Glykeria Tsernou – – – – – – – – – –

Elizabeth Bastoni – – – – – – – – – –

There were no changes in share ownership between 31 December 2024 and 12 March 2025 for the Directors except for Zoran Bogdanovic.

1. The shareholding requirement was introduced from the date of the 2015 PSP award, 10 December 2015 and was updated to 300% in 2020.

2. During 2024, Zoran Bogdanovic exercised 39,335 options under the ESOP due to upcoming expiration consisting of: 39,335 options with an exercise price of GBP 12.56 and the share price at the date of the exercise being GBP 25.00. As of 12 March 2025, Zoran Bogdanovic did not have any

outstanding ESOP.

3. Anastassis G. David is a beneficiary of:

a) a private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 85,355,019 shares held by Kar-Tess Holding; and

b) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 832,268 shares held by Ari Holdings Limited.

4. Anastasios I. Leventis is a beneficiary of:

c) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Avgie Leventis, that has an indirect interest with respect to 2,138,277 shares held by Carlcan Holding Limited.

5. Christo Leventis is a beneficiary of:

6. George Pavlos Leventis is a beneficiary of:

(a) a private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 85,355,019 shares held by Kar-Tess Holding;

(b) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 294,191 shares held by its trustee, Selene Treuhand AG; and

(c) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Avgie Leventis, that has an indirect interest with respect to 2,138,277 shares held by Carlcan Holding Limited.

Approval of the Directors’ remuneration report

The Directors’ remuneration report set out on pages 222 to 247 was approved by the Board of Directors on 12 March 2025 and signed on its behalf by:

Charlotte J. Boyle

Committee Chair

12 March 2025

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Statement of Directors’ responsibilities

The Directors are responsible for preparing the Integrated Annual Report, including the consolidated

financial statements, the Corporate Governance Report including the Directors’ remuneration report

and the Strategic Report, in accordance with applicable law and regulations.

The Directors, whose names and functions are set out on pages 195 to 197, confirm to the best of their

knowledge that:

a) the Integrated Annual Report, taken as a whole, is fair, balanced and understandable, and provides

the information necessary for shareholders to assess the Group’s position and performance,

business model and strategy;

b) the consolidated financial statements, which have been prepared in accordance with International

Financial Reporting Standards, as adopted by the European Union and in compliance with Swiss law,

give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company,

and the undertakings included in the consolidation of the Group taken as a whole; and

c) the Integrated Annual Report includes a fair review of the development and performance of the

business and the position of the Company and the undertakings included in the consolidated

Coca-Cola HBC Group taken as a whole, together with a description of the principal risks and

uncertainties that they face.

The activities of the Group, together with the factors likely to affect its future development,

performance, financial position, cash flows, liquidity position and borrowing facilities, are described in

the Strategic Report (pages 1 to 190). In addition, Notes 24 ‘Financial risk management and financial

instruments’, 25 ‘Net debt’ and 26 ‘Equity’ include: the Company’s objectives, policies and processes for

managing its capital; its financial risk management objectives; details of its financial instruments and

hedging activities; and its exposures to credit risk and liquidity risk. The Group has considerable financial

resources, together with long-term contracts with a number of customers and suppliers across

different countries. The Directors have also assessed the principal risks and the other matters

discussed in connection with the viability statement on page 190.

The Directors considered it appropriate to adopt the going concern basis of accounting in preparing the

annual financial statements and have not identified any material uncertainties to the Group’s ability to

continue to do so over a period of at least 12 months from the date of approval of these financial

statements.

By order of the Board

Anastassis G. David

Chairman of the Board

13 March 2025

Disclosure of information required under UK Listing Rule 6.6.4R

For the purposes of the UK Listing Rules, the information required to be disclosed by UKLR 6.6.1R is

asfollows:

Listing

Rule

Information

to be included

Reference

in report

6.6.1R(1) Interest capitalised by the Group and an indication of the amount

andtreatment of any associated tax relief

Not applicable

6.6.1R(2) Details of any unaudited financial information required by UKLR 6.2.23R Not applicable

6.6.1R(3) Details of any long-term incentive scheme described in UKLR 9.3.3R Not applicable

6.6.1R(4) Details of any arrangement under which a Director has waived

anyemoluments

Not applicable

6.6.1R(5) Details of any arrangement under which a Director has agreed

towaivefuture emoluments

Not applicable

6.6.1R(6) Details of any allotments of shares by the Company for cash not

previouslyauthorised by shareholders

Not applicable

6.6.61R(7) Details of any allotments of shares for cash by a major subsidiary

oftheCompany

Not applicable

6.6.1R(8) Details of the participation by the Company in any placing made

byitsparent company

Not applicable

6.6.1R(9) Details of any contracts of significance involving a Director Not applicable

6.6.1R(10) Details of any contract for the provision of services to the Company

byacontrolling shareholder

Not applicable

6.6.1R(11) Details of any arrangement under which a shareholder has waived

oragreed to waive any dividends

Not applicable

6.6.1R(12) Details of any arrangement under which a shareholder has agreed

towaivefuture dividends

Not applicable

6.6.1R(13) Statements of compliance where there is a controlling shareholder Not applicable

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Independent Auditor’s

Limited Assurance Report

To the Shareholders of

Coca-Cola HBC AG

Independent Auditor’s Limited Assurance Report to the Shareholders

of Coca-Cola HBC AG

We have conducted a limited assurance engagement on the consolidated Sustainability statement of

Coca-Cola HBC AG (‘Coca-Cola HBC’ or the ‘Group’), included in the section ‘Sustainability Statement’,

within the 2024 Integrated Annual Report (the ‘Sustainability Statement’) for the period from 1 January

2024 to 31 December 2024.

Limited assurance conclusion

Based on the procedures we have performed, as described below in the ‘Scope of work performed’

section of our report, and the evidence we have obtained, nothing has come to our attention that

causes us to believe that:

• the Sustainability Statement is not prepared in all material respects, in accordance with Article 154

ofthe Law 4548/2018, as amended and in force by Law 5164/2024 which incorporated Article 29(a)

ofEU Directive 2013/34 into Greek legislation;

• the Sustainability Statement does not comply with the European Sustainability Reporting Standards

(‘ESRS’), in accordance with Commission EU Regulation 2023/2772 of 31 July 2023 and EU Directive

2022/2464 of the European Parliament and of the Council of 14 December 2022;

• the process carried out by the Group to identify and assess material impacts, risks and opportunities

(the‘Process’), as set out in section ‘IRO-1 Description of the process to identify and assess

materialimpacts, risks and opportunities’ of the Sustainability Statement and the relevant

information incorporated by reference, does not comply with ‘Disclosure Requirement IRO-1

–Description of the processes to identify and assess material impacts, risks and opportunities

ofESRS 2 ‘General Disclosures’; and

• the disclosures in the section ‘EU Taxonomy’ of the Sustainability Statement do not comply with

Article 8 of EU Regulation 2020/852.

This assurance report does not extend to information for prior periods.

Basis for conclusion

We conducted our limited assurance engagement in accordance with International Standard on

Assurance Engagements 3000 (Revised), ‘Assurance engagements other than audits or reviews

ofhistorical financial information’ (‘ISAE 3000’).

The procedures in a limited assurance engagement vary in nature and timing from, and are less in

extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained

ina limited assurance engagement is substantially lower than the assurance that would have been

obtained had a reasonable assurance engagement been performed.

Our responsibilities are further described in the ‘Auditor’s responsibilities’ section of our report.

Our independence and quality management

We are independent of Coca-Cola HBC throughout this engagement and have complied with

therequirements of the International Code of Ethics for Professional Accountants issued by the

International Ethics Standards Board for Accountants (‘IESBA Code’), the FRC’s Ethical Standard,

asapplicable to listed entities, and the ethical and independence requirements of Law 4449/2017

andEU Regulation 537/2014.

Our audit firm applies International Standard on Quality Management 1 (ISQM1) ‘Quality Management

for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related

Services Engagements’ and consequently maintains a comprehensive quality management system

that includes documented policies and procedures regarding compliance with ethical requirements,

professional standards and applicable legal and regulatory requirements.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for

ourconclusion.

Management’s responsibilities for the Sustainability Statement

Management of Coca-Cola HBC is responsible for designing and implementing an appropriate process

to identify the information reported in the Sustainability Statement in accordance with the ESRS and

fordisclosing this Process in section ‘IRO-1 Description of the process to identify and assess material

impacts, risks and opportunities’ of the Sustainability Statement.

More specifically, this responsibility includes:

• Understanding the context in which the Group’s, activities and business relationships take place and

developing an understanding of its affected stakeholders;

• The identification of the actual and potential impacts (both negative and positive) related to

sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected

to affect, the Group’s financial position, financial performance, cash flows, access to finance or cost

of capital over the short-, medium-, or long-term;

• The assessment of the materiality of the identified impacts, risks and opportunities related to

sustainability matters by selecting and applying appropriate thresholds; and

• Making assumptions that are reasonable in the circumstances.

Independent auditor’s limited assurance report on Coca-Cola HBC AG’s

Sustainability Statement

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Independent auditor’s limited assurance report on Coca-Cola HBC AG’s Sustainability Statement continued

Management of the Group is further responsible for the preparation of the Sustainability Statement,

inaccordance with the article 154 of Law 4548/2018, as amended and in force with Law 5164/2024,

bywhich Article 29(a) of EU Directive 2013/34 was transposed into Greek legislation.

In this context, the Management of the Group is responsible for:

• compliance of the Sustainability Statement with the ESRS;

• preparing the disclosures in section ‘EU Taxonomy’ of the Sustainability Statement, in compliance

with Article 8 of EU Regulation 2020/852;

• designing and implementing such internal control that management determines is necessary to

enable the preparation of the Sustainability Statement that is free from material misstatement,

whether due to fraud or error; and

• the selection and application of appropriate sustainability reporting methods and making

assumptions and estimates that are reasonable in the circumstances.

The Audit Committee of Coca-Cola HBC is responsible for overseeing the Group’s sustainability

reporting process.

Inherent limitations in preparing the Sustainability Statement

In reporting forward-looking information in accordance with ESRS, management of the Group is

required to prepare the forward-looking information on the basis of disclosed assumptions about

events that may occur in the future and possible future actions by the Group. Actual outcomes are

likelyto be different since anticipated events frequently do not occur as expected.

As stated in section ‘IRO-1 Description of the process to identify and assess material impacts, risks and

opportunities’ in the Sustainability Statement, the information incorporated in the relevant disclosures

isbased, among other things, on climate-related scenarios, which are subject to inherent uncertainty

regarding the likelihood, timing or impact of potential future physical and transitional climate-related impacts.

Our work covered the matters listed in the ‘Scope of Work performed’ section to obtain limited

assurance based on the procedures included in the Program. Our work does not constitute an audit

orreview of historical financial information in accordance with applicable International Standards on

Auditing or International Standards on Review Engagements, and therefore we do not express any

other assurance than those listed in the ‘Scope of Work performed’ section of this report.

Auditor’s responsibilities

This limited assurance report has been drawn up based on the provisions of article 154C of Law

4548/2018 and Article 32Α of Law 4449/2017.

Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about

whether the Sustainability Statement is free from material misstatement, whether due to fraud or error,

and to issue a limited assurance report that includes our conclusion. Misstatements can arise from

fraud or error and are considered material if, individually or in the aggregate, they could reasonably be

expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole.

As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), we exercise

professional judgement and maintain professional skepticism throughout the engagement.

Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include:

• performing risk assessment procedures, including an understanding of the relevant internal control,

to identify risks related to whether the Process implemented by the Group to determine the

information reported in the Sustainability Statement does not meet the applicable requirements

of the ESRS but not for the purpose of providing a conclusion on the effectiveness of the Group’s

internal control; and

• designing and performing procedures to evaluate whether the Process is consistent with the Group’s

description of its Process set out in section ‘IRO-1 Description of the process to identify andassess

material impacts, risks and opportunities’.

Moreover, we are responsible for:

• performing risk assessment procedures, including an understanding of the relevant internal control,

to identify those disclosures that are likely to be materially misstated, whether due to fraud or error,

but not for the purpose of providing a conclusion on the effectiveness of the Group’s internal control.

• designing and performing procedures responsive to where material misstatements are likely to arise

in the consolidated Sustainability Statement. The risk of not detecting a material misstatement

resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,

intentional omissions, misrepresentations, or the override of internal control.

Scope of work performed

Our work involves performing procedures and obtaining evidence for the purpose of deriving a limited

assurance conclusion and covers exclusively the limited assurance procedures provided for in the

limited assurance program issued by the Hellenic Accounting and Auditing Supervisory Oversight

Board according to its decision dated 22.01.2025 (the ‘Program’), as it was formed for the purpose

ofissuing a limited assurance report on the Group’s Sustainability Statement.

Our procedures were designed to obtain a limited level of assurance on which to base our conclusion

and do not provide all the evidence that would be required to provide a reasonable level of assurance.

Fotis Smyrnis

the Certified Auditor,

Reg. No. 52861

for and on behalf of

PricewaterhouseCoopers S.A.

Certified Auditors, Reg. No. 113

Athens, Greece

14 March 2025

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Report on the audit of the consolidated financial statements

Our opinion

In our opinion:

• Coca-Cola HBC AG’s (‘Coca-Cola HBC’ or the ‘Group’) consolidated financial statements (the

‘financial statements’) give a true and fair view of the state of the Group’s affairs as at 31 December

2024 and of its profit and cash flows for the year then ended; and

• the financial statements have been properly prepared in accordance with International Financial

Reporting Standards (‘IFRSs’) as adopted by the European Union (‘EU’).

We have audited the financial statements, included within the 2024 Integrated Annual Report

(the ‘Annual Report’), which comprise: the consolidated balance sheet as at 31 December 2024;

the consolidated income statement, the consolidated statement of comprehensive income, the

consolidated cash flow statement, and the consolidated statement of changes in equity for the year

then ended; as well as the notes to the financial statements, comprising material accounting policy

information and other explanatory information.

Our opinion is consistent with our reporting to the Audit and Risk Committee.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing issued by the

International Auditing and Assurance Standards Board (‘ISAs’). Our responsibilities under ISAs are

further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of

our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide

a basis for our opinion.

Independence

We remained independent of the Group in accordance with the ethical requirements that are relevant

to our audit of the financial statements, which include the International Code of Ethics for Professional

Accountants (including International Independence Standards) issued by the International Ethics

Standards Board for Accountants (‘IESBA Code’), and the FRC’s Ethical Standard, as applicable to

listed public interest entities, and we have fulfilled our ethical responsibilities in accordance with these

requirements.

To the best of our knowledge and belief, we declare that non-audit services prohibited by the IESBA

Code or the FRC’s Ethical Standard were not provided to the Group.

Other than those disclosed in Note 8 ‘Operating expenses’ of the financial statements, we have

provided no non-audit services to the Group in the period under audit.

Our audit approach

Overview

Audit scope • Following our assessment of the risks of material misstatement of the

financialstatements, we performed full scope audit procedures on the financial

information of 17 subsidiary undertakings in 15 countries spread across all of

the Group’s reportable segments.

• In addition, we conducted audit procedures around specific account balances

and transactions including those covering the group treasury operations.

• For the subsidiary undertakings not included in our scope, we performed

targeted risk assessment procedures, as appropriate.

• Central audit testing was performed where appropriate for reporting

components in group audit scope that are supported by the Group’s shared

services centres.

• Audit procedures were also performed in relation to consolidation

adjustmentsand balances which arise or eliminate on consolidation

ofthefinancial statements.

• Taken together, the subsidiary undertakings which were in scope for the

purpose ofour audit accounted for 81% of consolidated net sales revenue,

76% ofconsolidated profit before tax and 87% of consolidated total assets

oftheGroup.

• As part of the group audit supervision process, the group engagement

team has performed reviews of the component auditors’ audit files and final

deliverables. In person site visits to component auditors in Bulgaria, Greece,

Italy, Poland, Romania, Egypt and Switzerland were also performed.

Key audit matters • Goodwill and indefinite-lived intangible assets impairment assessment.

• Uncertain tax positions.

Materiality • Overall materiality: €56 million based on 5% of profit before tax

(2023:€51million based on 5% of adjusted profit before tax).

• Performance materiality: €42 million (2023: €38.3 million).

The scope of our audit

As part of designing our audit, we determined materiality and assessed the risks of material

misstatement in the financial statements.

Independent auditor’s report to the General Meeting of Coca-Cola HBC AG

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Interaction with the Audit and Risk Committee

In addition to forming this opinion, in this report we have also provided information on how we

approached the audit and details of the significant discussions that we had with the Audit and Risk

Committee. We attended each of the eight Audit and Risk Committee meetings held during the year.

Certain meetings involved a private discussion without management being present. We also met with

the Chair of the Audit and Risk Committee on an ad-hoc basis. During these various conversations we

discussed our observations on a variety of matters, for example the methodology and assumptions

used in the Group’s impairment assessment over goodwill and indefinite-lived intangible assets,

the judgements taken by management in assessing the risk of potentially material tax exposures,

the accounting implications of the ongoing challenging macroeconomic conditions, and regulatory

developments. In September and December 2024, the Audit and Risk Committee discussed and

challenged our audit plan. The plan included the matters which we considered presented the highest

risk of material misstatement to the financial statements and other information about our audit,

including the key audit matters as set out below, and other information on our audit approach such as

our approach to specific balances and transactions, our direction and supervision of the component

teams, and where thelatesttechnology would be used to obtain better quality audit evidence.

Key audit matters

Key audit matters are those matters that, in the auditor’s professional judgement, were of most

significance in the audit of the financial statements of the current year and include the most significant

assessed risks of material misstatement (whether or not due to fraud) identified by the auditors,

including those which had the greatest effect on: the overall audit strategy; the allocation of resources

in the audit; and directing the efforts of the engagement team. These matters, and any comments

we make on the results of our procedures thereon, were addressed in the context of our audit of the

financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate

opinion on these matters.

This is not a complete list of all risks identified by our audit.

The areas of highest risk for the Group audit and where we focused more efforts and resources were

‘Goodwill and indefinite-lived intangible assets impairment assessment’ and ‘Uncertain tax positions’.

These areas are common with other international beverages companies. These key audit matters are

consistent with last year.

Independent auditor’s report to the General Meeting of Coca-Cola HBC AG continued

Key audit matter How our audit addressed the key audit matter

Goodwill and indefinite-lived intangible

assets impairment assessment

Refer to Note 13 ‘Intangible assets’.

Goodwill and indefinite-lived intangible assets

as at 31 December 2024 amount to €1,828.8

million and €669.0 million, respectively.

The above amounts have been allocated to

individual cash-generating units (‘CGUs’), which

in accordance with International Accounting

Standard 36 ‘Impairment of Assets’ (‘IAS 36’)

require the performance of an impairment

assessment at least annually or whenever there

is an indication of impairment. The impairment

assessment involves the determination of the

recoverable amount of the CGU, being the

higher of the value-in-use and the fair value

lesscosts of disposal.

We consider this area as a key audit matter

dueto the magnitude of goodwill and indefinite-

lived intangible assets balances and because

the determination of whether elements of

goodwill and of indefinite-lived intangible assets

are impaired involves a significant amount of

judgement by management when developing

the estimates of the future results of the

CGUs. These estimates include assumptions

surrounding revenue growth rates, costs, foreign

exchange rates and discount rates.

In 2024, an impairment loss of €0.4 million was

recorded in connection with a juice trademark

in the Emerging markets. No impairment was

identified for the remaining indefinite-lived

intangible assets or goodwill.

We evaluated the appropriateness of management’s

identification of the Group’s CGUs, the process

by which management prepared the CGUs’ value-

in-use calculations and the design and operating

effectiveness of related control activities.

We tested the accuracy of the CGUs’ carrying values

and value-in-use calculations and compared the

future cash flow projections included therein to the

financial budgets, approved by the directors, covering

a one-year period, and management’s projections for

the subsequent four years. In addition, we assessed

management’s past forecasting accuracy by comparing

key elements of theprior-year budgets and projections

with actual results.

We challenged management’s cash flow projections

in relation to the assumptions applied to the value-

in-use calculations, taking into account the ongoing

challenging macroeconomic environment in

severalcountries.

With the support of our valuation specialists, we

assessed the appropriateness of the methodology

and valuation techniques used, as well as certain

assumptions including discount, annual revenue

growthand perpetuity revenue growth rates.

We also evaluated management’s assessment

ofthepotential impact of climate change risks,

suchasthe cost of water, carbon emissions and

exposure to extreme weather events on future cash

flow forecasts.

We performed independent sensitivity analyses

on the key drivers of the value-in-use calculations

forthe CGUs with significant balances of goodwill

andindefinite-lived intangible assets.

Based on our work, we concluded that the results

reached by management in relation to the impairment

testing of goodwill and indefinite-lived intangible

assetswere supported by assumptions within

reasonable ranges.

We evaluated the related disclosures provided in

thefinancial statements in Note 13 ‘Intangible assets’

and concluded that these are appropriate.

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Key audit matter How our audit addressed the key audit matter

Uncertain tax positions

Refer to Note 10 ‘Taxation’ and Note 29

‘Contingencies’.

The Group operates in numerous tax

jurisdictions and is subject to periodic

challenges, in the normal course of business,

by local tax authorities on a range of matters

including corporate tax, transfer pricing

arrangements and indirect taxes. As at

31December 2024, the Group has provisions

foruncertain tax positions of €72.3 million

thatare classified in current tax liabilities,

current tax assets and deferred taxes.

The impact of changes in local tax regulations

and ongoing inspections by local tax authorities,

could materially impact the amounts recorded

in the financial statements.

Where the amount of tax payable is uncertain,

the Group establishes provisions based on

management’s estimates with respect to the

likelihood of potential material tax exposures

crystallising and the probable amount of the

resultant liability.

We consider this area as a key audit matter

given the level of judgement and subjectivity

involved in estimating tax provisions, including

a high degree of estimation uncertainty relative

to the numerous and complex tax laws in

the various jurisdictions in which the Group

operates, the frequency of tax audits, and the

considerable time to conclude investigations

and negotiations with local tax authorities as

a result of such audits that could materially

impact the amounts recorded in the financial

statements.

In order to understand and evaluate management’s

judgement, we considered the status of current tax

authority inspections and inquiries, the outcome of

previous tax authority inspections, the judgemental

positions taken in tax returns and current year

estimates as well as recent developments in

thetaxjurisdictions in which the Group operates.

We evaluated the Group’s monitoring process for

current tax authority inspections and challenged

management’s estimates, particularly in respect of

cases where there had been significant developments

with tax authorities.

Our component audit teams, through the use of tax

specialists with local knowledge and relevant expertise,

assessed the tax positions taken by the subsidiary

undertakings in scope, in the context of applying local

taxlaws and evaluating the local tax assessments.

We read recent rulings and correspondence with tax

authorities, as well as any external advice provided by the

Group’s tax experts and legal advisors. Additionally, with

our group engagement team tax specialists we further

evaluated management’s estimation of tax exposures

and contingencies in order to assess the adequacy of

the Group’s tax provisions and satisfy ourselves that

the tax provisions have been appropriately recorded

oradjusted to reflect the latest developments.

We held meetings with Group and local management

to discuss the individual tax positions of the in-scope

subsidiary undertakings and assessed with the support

of our group engagement tax team the Group’s overall

tax exposure.

From the evidence obtained we consider the provisions

in relation to uncertain tax positions as at 31 December

2024 to be reasonable.

We also evaluated the related disclosures provided in the

financial statements in Note 10 ‘Taxation’ and Note 29

‘Contingencies’ and concluded that these are appropriate.

How we tailored the audit scope

We tailored the scope of our audit to ensure that we performed sufficient work to be able to provide

an opinion on the financial statements as a whole, taking into account the operating structure of the

Group, the accounting processes and controls, and the industry in which the Group operates. There

were three different levels of work in our approach: audit work performed on the Group’s trading

subsidiary undertakings; at shared service centres; and at the group level.

The Group operates through its trading subsidiary undertakings in Nigeria, Egypt and 27 countries

in Europe, as set out in Note 1 ‘General information’ and Note 6 ‘Segmental analysis’ of the financial

statements. The Group also operates centralised treasury functions in the Netherlands and in Greece

and a centralised procurement function for key raw materials in the Netherlands.

Based on their significance to the financial statements and in light of the key audit matters as noted above,

we identified 17 subsidiary undertakings in 15 countries spread across all of the Group’s reportable segments

(including the significant, due to risk or size, subsidiary undertakings in Egypt, Italy, Nigeria, Poland, Romania,

Russia and Switzerland). For these components we obtained full scope audit reports over their financial

information. In addition, we have performed Group level analysis on the remaining components, where

appropriate, to determine whether further risks of material misstatement exist in those components. We

consider the scope of our audit, ascommunicated to the Audit and Risk Committee, to be an appropriate

basis for our audit opinion.

At the planning phase of the audit process, we hosted in Greece an in-person two-day audit planning

workshop. At this workshop we considered developments relevant to the Group and we focused on

planning and risk assessment activities, fraud risk assessment, auditor independence, accounting,

regulatory and auditing developments, climate related topics and centralised testing procedures.

Wealso heard from key members of management. This audit planning workshop was attended by

thesenior staff of the component teams in scope for group audit purposes.

We issued formal, written instructions to the component teams setting out the work to be performed

byeach of them and we were in active dialogue throughout the year with the teams that conducted these

component audits; this included consideration of how they planned and performed their work. In addition

to holding formal periodic meetings, the group engagement team had ongoing informal interactions with

the component audit teams to be continuously updated and to monitor their progress and the results

of their procedures. Furthermore, the group engagement team reviewed component auditor working

papers and undertook other forms of interaction as considered necessary, depending on the significance

of the component and the extent of accounting and audit issues arising. We evaluated the sufficiency

of the audit evidence obtained through discussions with each team and a review of their audit working

papers and deliverables. The senior members of the group engagement team performed site visits in

Bulgaria, Egypt, Greece, Italy, Poland, Romania and Switzerland. These visits gave us an opportunity to

meet with the local audit teams and management to discuss the business performance and outlook,

regulations and taxation, and any specific accounting and auditing matters identified, including fraud

and internal controls. For the trading subsidiary undertakings in Egypt, Ireland and Nigeria, where physical

attendance was not undertaken, we participated in the final audit meetings via video conference.

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A significant number of operational processes which are critical to financial reporting and IT

functions are undertaken in the shared service centres in Bulgaria for many of the Group’s subsidiary

undertakings. The group engagement team was responsible for planning, designing and overseeing

the audit procedures performed on those processes. We tested controls and transactions which

supported the financial information for many of the subsidiary undertakings in scope, to ensure

that adequate audit evidence was obtained. In addition, we performed work centrally on IT general

controls and cybersecurity and shared audit comfort with the component teams. Furthermore,

audit procedures were performed with respect to the centralised treasury functions by the group

engagement team and with respect to the centralised procurement function by the component

auditteam in the Netherlands.

We ensured that appropriate further audit work was undertaken at a group level. This work included

auditing, for example, the consolidation of the group’s results, the preparation of the financial statements,

litigation provisions and exposures and management’s entity level and oversight controls relevant to

financial reporting. We also performed work on a number of other areas that involve significant judgement

and estimates, including goodwill and intangible assets and the Group’s overall going concern assessment.

Collectively, the work performed at all levels, as described above, accounted for 81% of consolidated net

sales revenue, 76% of consolidated profit before tax and 87% of consolidated total assets of the Group,

which gave us sufficient and appropriate audit evidence for our opinion on the financial statements.

The impact of climate risk on our audit

As part of our audit, we also made inquiries of management to understand the process adopted to assess

the extent of the potential impact of climate change risk on the financial statements. In addition, we read

the minutes of the committees in place to assess climate risk and the additional reporting made by the

entity on climate. Management considers that climate change does not give rise to a potential material

financial statement impact. We used our knowledge of the Group to evaluate management’s assessment,

and we remained alert when performing our audit procedures for any indicators of the impact of climate risk

on the financial statements. By their nature the financial statements present historical information which

does not fully capture future events. We did determine that the key areas in the financial statements that

are more likely to be materially impacted by climate change are those areas that depend on estimated

future cash flows. We particularly considered the relevant assumptions made in the future cash flow

forecasts prepared by management and used in their impairment analyses and going concern assessment.

Our procedures did not identify any material impact on the financial statements for the year ended

31 December 2024. Whilst the Group has started to quantify some of the impacts, the future estimated

financial impacts of climate risk are clearly uncertain given the medium to long term timeframes involved

and their dependency on how governments, global markets, corporations and society respond to

the issue of climate change and the speed of technological advancements that may be necessary.

Accordingly, financial statements cannot capture all possible future outcomes as these are not yet known.

Where climate risk relates to a key audit matter our audit response is given in the key audit matters

section of our audit report. We considered the consistency of the disclosures in relation to climate

change made in the other information within the annual report with the financial statements and

knowledge from our audit. We discussed with management and the Audit and Risk Committee the ways

inwhich climate change disclosures should continue to evolve as there continues to be an increased

levelof attention on the reporting of risks associated with climate change.

We were engaged separately to provide independent limited assurance on the Sustainability Statement

and other sustainability-related information reported in the Annual Report. The independent limited

assurance reports, which explain the scope of our work and the limited procedures undertaken are

included in the Annual Report on pages 249 and 352.

Materiality

The scope of our audit was influenced by our application of the concept of materiality. We set certain

quantitative thresholds for materiality. These, together with qualitative considerations, helped us to

determine the scope of our audit and the nature, timing and extent of our audit procedures on the

individual financial statement line items and disclosures, and to evaluate the effect of misstatements,

both individually and in aggregate, on the financial statements as a whole.

Based on our professional judgement, we determined materiality for the financial statements as a

whole, as follows:

Overall group materiality €56 million (2023: €51 million).

How we determined it 5% of profit before tax

This benchmark has changed compared to the prior year (adjusted

profit before tax).

Rationale for benchmark applied We consider that the income statement remains the principal

measure used by the shareholders in assessing the underlying

performance of the Group. Therefore, an approach to materiality

based on 5% of profit before tax has been applied which is a generally

accepted auditing benchmark. Compared to the prior year, we have

not adjusted this benchmark as there were no items in 2024 which, in

our view, are considered unusual and infrequently occurring in nature.

For each component in the scope of our group audit, we allocated a materiality that is less than our

overall group materiality. The range of materiality allocated across components was from €4.5 million

to €30.0 million.

When planning the audit, we considered if multiple uncorrected and undetected misstatements may

exist which, when aggregated, could exceed our overall materiality level. In order to reduce the risk

of multiple misstatements which could aggregate to this amount to an appropriately low level, we

used a lower level of materiality, known as performance materiality. Specifically, we use performance

materiality in determining the scope of our audit and the nature and extent of our testing of account

balances, classes of transactions and disclosures, for example in determining sample sizes. Our

performance materiality was 75% of overall materiality, amounting to €42 million (2023: €38.3 million).

In determining the performance materiality, we considered a number of factors – the history of

misstatements, risk assessment and aggregation risk and the effectiveness of controls – and

concluded that an amount at the upper end of our normal range was appropriate.

Where the audit identified any items that were not reflected appropriately in the financial information,

we considered these items carefully to assess if they were individually or in aggregate material. We

agreed with the Audit and Risk Committee that we would report to them misstatements identified

exceeding €2.8 million (2023: €2.5 million) as well as misstatements below that amount that, in our view,

warranted reporting for qualitative reasons.

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Conclusions relating to going concern

Our evaluation of the directors’ assessment of the Group’s ability to continue to adopt the going

concern basis of accounting included:

• Verification that the cash flow projections used in the goodwill impairment, going concern and

viability assessments were consistent;

• Review of management’s assessment supporting the Group’s ability to continue to adopt the going

concern basis of accounting, ensuring that appropriate severe but plausible downside scenarios,

including those relating to climate change, the geopolitical events involving Russia and Ukraine and

the continued tensions in the Middle East, were considered;

• Assessment of the reasonableness of management’s assumptions used in the cash flow projections;

• Testing of the mathematical integrity of the cash flow forecasts and reconciliation with the Board

approved budget and management’s projections for the subsequent periods;

• Evaluation of the Group’s forecast liquidity for the period under assessment by considering the

Group’s available cash resources, committed undrawn credit facilities and other debt instruments in

place as well as the maturity profile of the Group’s debt. We confirmed the outstanding amounts of

the financing facilities and verified their nature, terms and conditions;

• Consideration of whether climate change is expected to have any significant impact during the

period of the going concern assessment; and

• Evaluation of the appropriateness of the related disclosures provided in the financial statements in

Note 2 ‘Basis of preparation and consolidation’.

Based on the work performed, we have not identified any material uncertainties relating to events or

conditions that, individually or collectively, may cast significant doubt on the Group’s ability to continue

as a going concern for a period of at least twelve months from when the financial statements are

authorised for issue.

In auditing the financial statements, we have concluded that the directors’ use of the going concern

basis of accounting in the preparation of the financial statements is appropriate. However, because not

all future events or conditions can be predicted, this conclusion is not a guarantee as to the Group’s

ability to continue as a going concern.

In relation to the Group’s reporting on how they have applied the UK Corporate Governance Code, we

have nothing material to add or draw attention to in relation to the directors’ statement in the financial

statements about whether the directors considered it appropriate to adopt the going concern basis

ofaccounting.

Our responsibilities and the responsibilities of the directors with respect to going concern are

described in the relevant sections of this report.

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial

statements, our auditor’s report thereon and the Swiss statutory reporting, which we obtained prior to

the date of this auditor’s report. The directors are responsible for the other information. Our opinion on

the financial statements does not cover the other information and, accordingly, we do not express an

audit opinion or any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other

information and, in doing so, consider whether the other information is materially inconsistent

with the financial statements or our knowledge obtained in the audit, or otherwise appears to be

materially misstated. If we identify an apparent material inconsistency or material misstatement,

we are required to perform procedures to conclude whether there is a material misstatement of the

financial statements or a material misstatement of the other information. If, based on the work we have

performed, we conclude that there is a material misstatement of this other information, we are required

to report that fact. We have nothing to report based on these responsibilities.

Corporate governance statement

The Listing Rules require us to review the directors’ statements in relation to going concern, longer-

term viability and that part of the corporate governance statement relating to the Group’s compliance

with the provisions of the UK Corporate Governance Code specified for our review. Our additional

responsibilities with respect to the corporate governance statement as other information, are

described in the Reporting on other information section of this report.

Based on the work undertaken as part of our audit, we have concluded that each of the following

elements of the corporate governance statement is materially consistent with the financial statements

and our knowledge obtained during the audit, and we have nothing material to add or draw attention to

in relation to:

• The directors’ confirmation that they have carried out a robust assessment of the emerging and

principal risks;

• The disclosures in the Annual Report that describe those principal risks, what procedures are in place

to identify emerging risks and an explanation of how these are being managed or mitigated;

• The directors’ statement in the financial statements about whether they considered it appropriate

to adopt the going concern basis of accounting in preparing them, and their identification of any

material uncertainties relating to the Group’s ability to continue to do so over a period of at least

twelve months from the date of approval of the financial statements;

• The directors’ explanation as to their assessment of the Group’s prospects, the period this

assessment covers and why the period is appropriate; and

• The directors’ statement as to whether they have a reasonable expectation that the Group will be

able to continue in operation and meet its liabilities as they fall due over the period of its assessment,

including any related disclosures drawing attention to any necessary qualifications or assumptions.

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Our review of the directors’ statement regarding the longer-term viability of the Group was

substantially less in scope than an audit and only consisted of making inquiries and considering the

directors’ process supporting their statement; checking that the statement is in alignment with the

relevant provisions of the UK Corporate Governance Code; and considering whether the statement

isconsistent with the financial statements and our knowledge and understanding of the Group and

itsenvironment obtained in the course of the audit.

In addition, based on the work undertaken as part of our audit, we have concluded that each of the

following elements of the corporate governance statement is materially consistent with the financial

statements and our knowledge obtained during the audit:

• The directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced and

understandable, and provides the information necessary for the members to assess the Group’s

position, performance, business model and strategy;

• The section of the Annual Report that describes the review of effectiveness of risk management and

internal control systems; and

• The section of the Annual Report describing the work of the Audit and Risk Committee.

We have nothing to report in respect of our responsibility to report when the directors’ statement

relating to the Group’s compliance with the Code does not properly disclose a departure from a

relevant provision of the Code specified under the Listing Rules for review by the auditors.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Statement of Directors’ Responsibilities in the Annual Report, the

directors are responsible for the preparation of the financial statements in accordance with the

applicable framework and for being satisfied that they give a true and fair view. The directors are also

responsible for such internal control as they determine is necessary to enable the preparation of

financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group’s ability to

continue as a going concern, disclosing, as applicable, matters related to going concern and using the

going concern basis of accounting unless the directors either intend to liquidate the Group or to cease

operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole

are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report

that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee

that an audit conducted in accordance with ISAs will always detect a material misstatement when it

exists. Misstatements can arise from fraud or error and are considered material if, individually or in the

aggregate, they could reasonably be expected to influence the economic decisions of users taken on

the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design

procedures in line with our responsibilities, outlined above, to detect material misstatements in

respect of irregularities, including fraud. The extent to which our procedures are capable of detecting

irregularities, including fraud, is detailed below.

Based on our understanding of the Group and industry, we considered those laws and regulations

that have a direct impact on the financial statements such as the corporate regulations arising from

its listings on the London Stock Exchange and Athens Exchange, international sanctions, tax laws and

regulations applicable to Coca-Cola HBC and its subsidiaries and regulations relating to unethical and

prohibited business practices. We evaluated management’s incentives and opportunities for fraudulent

manipulation of the financial statements (including the risk of override of controls), and determined that

the principal risks were related to areas where management made subjective judgements in respect

of significant accounting estimates that involved making assumptions and considering future events

that are inherently uncertain. The group engagement team shared this risk assessment with the

component auditors so that they could include appropriate audit procedures in response to such risks

in their work. Audit procedures performed by thegroup engagement team and/or component auditors

included:

• Inquiries of management, internal audit, internal legal counsel, management’s experts, where

relevant, including consideration of known or suspected instances of non-compliance with laws and

regulations and fraud;

• Evaluation and testing of the operating effectiveness of management’s controls designed to prevent

and detect irregularities;

• Assessment of matters reported on the Group’s whistleblowing helpline and the results of

management’s investigation of such matters to the extent they related to financial reporting;

• Reading the minutes of Board meetings to identify any inconsistencies with other information

provided by management;

• Challenging assumptions and judgements made by management in significant accounting estimates

(because of the risk of management bias), in particular in relation to the key audit matters;

• Inspecting correspondence with legal advisors and internal audit reports in so far as they related to

the financial statements;

• Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our

testing; and

• Identifying and testing journal entries, in particular any entries posted with unusual account

combinations, journal entries posted by senior management and consolidation entries.

There are inherent limitations in the audit procedures described above. We are less likely to become

aware of instances of non-compliance with laws and regulations that are not closely related to events

and transactions reflected in the financial statements. Also, the risk of not detecting a material

misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud

mayinvolve deliberate concealment by, for example, forgery or intentional misrepresentations,

orthrough collusion.

Our audit testing might include testing complete populations of certain transactions and balances,

possibly using data auditing techniques. However, it typically involves selecting a limited number of

items for testing, rather than testing complete populations. We will often seek to target particular items

for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable

us to draw a conclusion about the population from which the sample is selected.

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As part of an audit in accordance with ISAs, we exercise professional judgement and maintain

professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to

fraud or error, by designing and performing audit procedures responsive to those risks, and obtain

audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not

detecting a material misstatement resulting from fraud is higher than for one resulting from error,

as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of

internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures

that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the Group’s internal control.

• Evaluate the appropriateness of accounting policies and methods used and the reasonableness

ofaccounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting

and, based on the audit evidence obtained, whether a material uncertainty exists related to events

or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.

If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s

report to the related disclosures in the financial statements or, if such disclosures are inadequate, to

modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our

auditor’s report. However, future events or conditions may cause the Group to cease to continue as a

goingconcern.

• Evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and events

in a manner that achieves fair presentation.

• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding

thefinancial information of the entities or business units within the Group as a basis of forming

anopinion on the financial statements. We are responsible for the direction, supervision and review

of the audit work performed for the purposes of the Group audit. We remain solely responsible for

our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned

scope and timing of the audit and significant audit findings, including any significant deficiencies in

internal control that we identify during our audit. Those charged with governance are responsible for

overseeing the Group’s financial reporting process.

We also provide those charged with governance with a statement that we have complied with

relevantethical requirements regarding independence and communicate with them all relationships

and other matters that may reasonably be thought to bear on our independence, and where applicable,

related safeguards.

From the matters communicated with those charged with governance, we determine those matters

that were of most significance in the audit of the financial statements of the current year and are

therefore the key audit matters. We describe these matters in our auditor’s report unless law or

regulation precludes public disclosure about the matter or when, in extremely rare circumstances,

we determine that a matter should not be communicated in our report because the adverse

consequences of doing so would reasonably be expected to outweigh the public interest benefits

ofsuch communication.

Use of this report

This report, including the opinions, has been prepared for and only for Coca-Cola HBC AG for the

purpose of compliance with the Disclosure Guidance and Transparency Rules sourcebook and the

Listing Rules of the FCA and for no other purpose. We do not, in giving these opinions, accept or

assume responsibility for any other purpose or to any other person to whom this report is shown or

into whose hands it may come, including without limitation under any contractual obligations of the

company, save where expressly agreed by our prior consent in writing.

Partner responsible for the audit

The engagement partner on the audit resulting in this independent auditor’s report is Fotis Smyrnis.

Other required reporting

Appointment

We have been the Group’s auditors since 2003 and following a tender process that the Group

conducted in 2015, at the recommendation of the Audit and Risk Committee, we were reappointed by

the directors on 11 December 2015 to audit the financial statements for the year ended 31 December

2017. Our appointment has been continuously renewed by the decisions of the annual general

meetings of shareholders for the subsequent financial periods.

Assurance Report on the European Single Electronic Format pursuant to the Athens Exchange

listing requirements

Subject matter

We undertook the reasonable assurance engagement to examine the digital files of Coca-Cola

HBC, which were compiled in accordance with the European Single Electronic Format (ESEF),

and which include the financial statements for the year ended December 31, 2024, in XHTML

format 549300EFP3TNG7JGVE49-2024-12-31-en.xhtml, as well as the intended XBRL file

549300EFP3TNG7JGVE49-2024-12-31-en.zip with the appropriate markup, on the aforementioned

consolidated financial statements , including other explanatory information (Notes to the financial

statements), (hereinafter referred to as the “Subject Matter”), in order to determine that it was

prepared in accordance with the requirements set out in the Applicable Criteria section.

Applicable Criteria

The Applicable criteria for the European Single Electronic Format (ESEF) are defined by the European

Commission Delegated Regulation (EU) 2019/815, as amended by Regulation (EU) 2020/1989

(hereinafter ‘ESEF Regulation’) and the 2020 / C 379/01 Interpretative Communication of the European

Commission of 10 November 2020, as provided by the Greek Law 3556/2007 and the relevant

announcements of the Hellenic Capital Market Commission and the Athens Exchange.

In summary, these criteria provide, inter alia, that:

• All annual financial reports should be prepared in XHTML format.

• For consolidated financial statements in accordance with International Financial Reporting

Standards, the financial information stated in the consolidated balance sheet, the consolidated

income statement, the consolidated statement of comprehensive income, the consolidated

cash flow statement and the consolidated statement of changes in equity, as well as the financial

information included in the other explanatory information, should be marked-up with XBRL ‘tags’

and ‘block tag’, according to the ESEF Taxonomy, as in force. The technical specifications for ESEF,

including the relevant classification, are set out in the ESEF Regulatory Technical Standards.

Independent auditor’s report to the General Meeting of Coca-Cola HBC AG continued

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Responsibilities of the directors

The directors are responsible for the preparation and submission of the consolidated financial statements

of the Group, for the year ended 31 December 2024 in accordance with the requirements set by the ESEF

Regulatory Framework, as well as for those internal controls that management determines as necessary,

to enable the compilation of digital files free of material error due to either fraud or error.

Auditor’s responsibilities

Our responsibility is to issue this Report regarding the evaluation of the Subject Matter, based on our

work performed, which is described below in the “Scope of Work Performed” section.

Our work was carried out in accordance with International Standard on Assurance Engagements 3000

(Revised) “Assurance Engagements Other than Audits or Reviews of Historical Financial Information”

(hereinafter “ISAE 3000”).

ISAE 3000 requires that we plan and perform our work to obtain reasonable assurance about the evaluation

of the Subject Matter in accordance with the Applicable Criteria. In the context of the procedures performed,

we assess the risk of material misstatement of the information related to the Subject Matter.

We believe that the evidence we have obtained is sufficient and appropriate and supports the

conclusion expressed in this assurance report.

Code of Conduct and quality management

We are independent of the Group, throughout the duration of this engagement and have complied

with the requirements of the International Code of Ethics for Professional Accountants (including

International Independence Standards) issued by the International Ethics Standards Board for

Accountants (‘IESBA Code’), and the FRC’s Ethical Standard, as applicable to listed public interest

entities, and we have fulfilled our ethical responsibilities in accordance with these requirements.

Our audit firm applies International Standard on Quality Management (ISQM) 1 “Quality Management

for Firms that Perform Audits or Reviews of Financial Statements or Other Assurance or Relates

Services Engagements” and consequently maintains a comprehensive quality management system

that includes documented policies and procedures regarding compliance with ethical requirements,

professional standards and applicable legal and regulatory requirements.

Scope of work performed

The assurance work we performed covers the subjects included in the No. 214/4/11.02.2022 Decision

of the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB) and in the ‘Guidelines

in relation to the work and assurance report of Certified Public Accountants on the European Single

Electronic Format (ESEF) of issuers with securities listed on a regulated market in Greece’ as issued

by the Institute of Certified Public Accountants of Greece on 14/02/2022, so as to obtain reasonable

assurance that the consolidated financial statements of the Group prepared by management comply,

in all material respects, with the Applicable Criteria.

Inherent limitations

Our work covered the items listed in the ‘Scope of work performed’ section to obtain reasonable

assurance based on the procedures described. In this context, the work we performed could not

absolutely ensure that all matters that could be considered material weaknesses would be revealed.

Conclusion

Based on the procedures performed and the evidence obtained, we conclude that the

consolidated financial statements of the Group for the year ended 31 December 2024, in XHTML

file format 549300EFP3TNG7JGVE49-2024-12-31-en.xhtml, as well as the provided XBRL file

549300EFP3TNG7JGVE49-2024-12-31-en.zip with the appropriate marking up, on the aforementioned

consolidated financial statements, including the other explanatory information, have been prepared,

inall material respects, in accordance with the requirements of the Applicable Criteria.

Other matters

Swiss statutory reporting requirements

PwC Switzerland has reported separately on the Group and Company financial statements of Coca-

Cola HBC AG for the year ended 31 December 2024 for Swiss statutory purposes. The reports are

available in pages 318 to 323.

ESEF Regulatory Technical Standard pursuant to the London Stock Exchange listing requirements

The Group is required by the Financial Conduct Authority Disclosure Guidance and Transparency Rules

to include these financial statements in an annual financial report prepared under the structured digital

format required by DTR 4.1.15R – 4.1.18R and filed on the National Storage Mechanism of the Financial

Conduct Authority. This auditor’s report provides no assurance over whether the structured digital

format annual financial report has been prepared in accordance with those requirements which may

differ from the ESEF as defined in section ‘Other required reporting’ above.

Fotis Smyrnis

the Certified Auditor, Reg. No. 52861

for and on behalf of PricewaterhouseCoopers S.A.

Certified Auditors, Reg. No. 113

Athens, Greece

14 March 2025

Notes:

(a) The maintenance and integrity of the Coca-Cola HBC AG website is the responsibility of the directors; the work carried out by the auditors

does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have

occurred to the financial statements since they were initially presented on the website.

(b) Legislation in the UK, Greece and Switzerland governing the preparation and dissemination of financial statements may differ from

legislation in other jurisdictions.

Independent auditor’s report to the General Meeting of Coca-Cola HBC AG continued

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Consolidated financial statements

Consolidated income statement

For the year ended 31 December

The accompanying notes form an integral part of these consolidated financial statements.

Consolidated statement of comprehensive income

For the year ended 31 December

Note

		2024	2023
		€ million	€ million
Net sales revenue	6, 7	10,754.4	10,184.0
Cost of goods sold		(6,876.9)	(6,626.6)
Gross profit		3,877.5	3,557.4
Operating expenses	8	(2,705.7)	(2,613.5)
Share of results of integral equity method investments	15	13.6	9.7
Operating profit	6	1,185.4	953.6
Finance income		106.2	55.7
Finance costs		(166.7)	(104.0)
Finance costs, net	9	(60.5)	(48.3)
Share of results of non-integral equity method investments	15	3.1	5.0
Profit before tax		1,128.0	910.3
Ta x	10	(308.3)	(274.6)
Profit after tax		819.7	635.7
Attributable to:
Owners of the parent		820.6	636.5
Non-controlling interests		(0.9)	(0.8)
		819.7	635.7
Basic and diluted earnings per share (€)	11	2.25	1.73

Note

		2024	2023
		€ million	€ million
Profit after tax		819.7	635.7
Other comprehensive income:
Items that may be subsequently reclassified
toincomestatement:
Cost of hedging	24	(2.3)	(7.1)
Net gain on cash flow hedges	24	10.8	19.7
Foreign currency translation losses	12	(209.5)	(484.6)
Share of other comprehensive loss of equity
methodinvestments	12, 15	(4.6)	(11.7)
Income tax relating to items that may be subsequently
reclassified to income statement	12	1.0	(3.0)
		(204.6)	(486.7)
Items that will not be subsequently reclassified
toincomestatement:
Valuation (loss)/gain on equity investments at fair value through other comprehensive income	12	(0.2)	0.4
Actuarial gains/(losses)	12	1.0	(16.4)
Income tax relating to items that will not be subsequently
reclassified to income statement	12	0.1	1.9
		0.9	(14.1)
Other comprehensive loss for the year, net of tax	12	(203.7)	(500.8)
Total comprehensive income for the year		616.0	134.9
Total comprehensive income attributable to:
Owners of the parent		617.8	141.3
Non-controlling interests		(1.8)	(6.4)
		616.0	134.9

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Consolidated financial statements continued

Note

		2024	2023
		€ million	€ million
Assets
Intangible assets	13	2,506.7	2,569.8
Property, plant and equipment	14	3,197.3	3,057.1
Equity method investments	15	197.6	197.0
Other financial assets	24	59.7	23.3
Deferred tax assets	10	40.9	41.5
Other non-current assets	18	88.8	81.9
Total non-current assets		6,091.0	5,970.6
Inventories	17	863.9	773.3
Trade, other receivables and assets	18	1,238.2	1,188.0
Other financial assets	24, 25	901.7	667.9
Current tax assets		10.5	17.1
Cash and cash equivalents	25	1,548.1	1,260.6
		4,562.4	3,906.9
Assets classified as held for sale	19	0.3	3.3
Total current assets		4,562.7	3,910.2
Total assets		10,653.7	9,880.8

		2024	2023
	Note	€ million	€ million
Liabilities
Borrowings	25	3,091.9	2,476.4
Other financial liabilities	24	9.9	5.7
Deferred tax liabilities	10	220.7	250.5
Provisions and employee benefits	21	107.1	109.1
Non-current tax liabilities	10	5.3	–
Other non-current liabilities		8.0	5.1
Total non-current liabilities		3,442.9	2,846.8
Borrowings	25	888.7	948.1
Other financial liabilities	24	19.3	67.3
Trade and other payables	20	2,670.4	2,479.1
Provisions and employee benefits	21	191.1	199.1
Current tax liabilities		138.3	153.7
Total current liabilities		3,907.8	3,847.3
Total liabilities		7,350.7	6,694.1
Equity
Share capital	26	2,032.1	2,030.3
Share premium	26	2,214.8	2,555.7
Group reorganisation reserve	26	(6,472.1)	(6,472.1)
Treasury shares	26	(298.5)	(144.1)
Exchange equalisation reserve	26	(1,922.1)	(1,708.9)
Other reserves	26	115.1	272.1
Retained earnings		7,536.4	6,559.8
Equity attributable to owners of the parent		3,205.7	3,092.8
Non-controlling interests		97.3	93.9
Total equity		3,303.0	3,186.7
Total equity and liabilities		10,653.7	9,880.8

Consolidated balance sheet

As at 31 December

The accompanying notes form an integral part of these consolidated financial statements.

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					Attributable to owners of the parent
			Group		Exchange				Non-
		Share	reorganisation	Treasury	equalisation	Other	Retained		controlling
	Share capital	premium	reserve	shares	reserve	reserves	earnings	Total	interests	Total equity
	€ million	€ million	€ million	€ million	€ million	€ million	€ million	€ million	€ million	€ million
Balance as at 1 January 2023	2,024.3	2,837.4	(6,472.1)	(131.2)	(1,218.2)	292.5	5,949.6	3,282.3	103.3	3,385.6
Shares issued to employees exercising stock options	6.0	8.2	–	–	–	–	–	14.2	–	14.2
Share-based compensation:
Performance shares	–	–	–	–	–	20.4	–	20.4	–	20.4
Movement in shares held for equity compensation plan	–	–	–	–	–	0.2	–	0.2	–	0.2
Appropriation of reserves	–	–	–	29.7	–	(25.0)	(4.7)	–	–	–
Purchase of shares held by non-controlling interests	–	–	–	–	–	–	(9.9)	(9.9)	(2.7)	(12.6)
Acquisition of treasury shares	–	–	–	(42.6)	–	–	–	(42.6)	–	(42.6)
Dividends	–	(289.9)	–	–	–	–	2.7	(287.2)	(0.3)	(287.5)
Transfer of cash flow hedge reserve, including cost of hedging to inventories, net of tax 1	–	–	–	–	–	(25.9)	–	(25.9)	–	(25.9)
	2,030.3	2,555.7	(6,472.1)	(144.1)	(1,218.2)	262.2	5,937.7	2,951.5	100.3	3,051.8
Profit for the year, net of tax	–	–	–	–	–	–	636.5	636.5	(0.8)	635.7
Other comprehensive loss for the year, net of tax	–	–	–	–	(490.7)	9.9	(14.4)	(495.2)	(5.6)	(500.8)
Total comprehensive income for the year, net of tax 2	–	–	–	–	(490.7)	9.9	622.1	141.3	(6.4)	134.9
Balance as at 31 December 2023	2,030.3	2,555.7	(6,472.1)	(144.1)	(1,708.9)	272.1	6,559.8	3,092.8	93.9	3,186.7
Shares issued/granted to employees exercising stock options	1.8	2.0	–	5.2	–	(2.4)	–	6.6	–	6.6
Share-based compensation:
Performance shares	–	–	–	–	–	15.6	–	15.6	–	15.6
Movement in shares held for equity compensation plan	–	–	–	–	–	0.4	–	0.4	–	0.4
Appropriation of reserves	–	–	–	23.4	–	(183.2)	159.8	–	–	–
Purchase and dilution of shares held by non-controlling interests	–	–	–	–	–	–	(8.1)	(8.1)	5.2	(2.9)
Acquisition of treasury shares	–	–	–	(183.0)	–	–	–	(183.0)	–	(183.0)
Dividends	–	(342.9)	–	–	–	–	3.2	(339.7)	–	(339.7)
Transfer of cash flow hedge reserve, including cost of hedging to inventories, net of tax 3	–	–	–	–	–	3.3	–	3.3	–	3.3
	2,032.1	2,214.8	(6,472.1)	(298.5)	(1,708.9)	105.8	6,714.7	2,587.9	99.1	2,687.0
Profit for the year, net of tax	–	–	–	–	–	–	820.6	820.6	(0.9)	819.7
Other comprehensive loss for the year, net of tax	–	–	–	–	(213.2)	9.3	1.1	(202.8)	(0.9)	(203.7)
Total comprehensive income for the year, net of tax 4	–	–	–	–	(213.2)	9.3	821.7	617.8	(1.8)	616.0
Balance as at 31 December 2024	2,032.1	2,214.8	(6,472.1)	(298.5)	(1,922.1)	115.1	7,536.4	3,205.7	97.3	3,303.0

1. The amount included in other reserves of €25.9 million for 2023 represents the cash flow hedge reserve, including cost of hedging, transferred to inventories of €30. 8 million gain, and the deferred tax expense thereof amounting to €4.9 million.

2. The amount included in the exchange equalisation reserve of €490 .7 million loss for 2023 represents the exchange loss attributable to owners of the parent, including €11.7 million loss relating to the share of other comprehensive income of equity method investments.

The amount of other comprehensive income, net of tax included in other reserves of €9 .9 million gain for 2023 consists of cash flow hedges gain of €12.6 million, valuation gains of €0 .4 million on equity investments at fair value through other comprehensive income and the deferred tax expense

thereof amounting to €3.1 million.

The amount included in retained earnings of €622.1 million gain attributable to owners of the parent comprises profit for the year, net of tax of €636. 5 million, actuarial losses of €16. 4 million and the deferred tax income thereof amounting to €2.0 million.

The amount of €6. 4 million loss included in non-controlling interests for 2023 represents the exchange loss attributable to non-controlling interests of €5.6 million, and the share of non-controlling interests in profit for the year, net of tax of €0.8 million loss.

3. 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 income thereof amounting to €0.7 million.

4. 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, including €4.6 million loss relating to the share of other comprehensive income of equity method investments.

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 losses 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.

The amount included in retained earnings of €821.7 million gain attributable to owners of the parent comprises profit for the year, net of tax of €82 0.6 million, actuarial gains of €1.0 million and the deferred tax income thereof amounting to €0.1 million.

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 of €0 .9 million loss.

For further details, refer to Note 12 ‘Components of other comprehensive income’, Note 23 ‘Business combinations and purchases of shares held by non-controlling interests’, Note 24 ‘Financial risk management and financial instruments’, Note 26 ‘Equity’ and Note 28 ‘Share-based payments’.

The accompanying notes form an integral part of these consolidated financial statements.

Consolidated statement of changes in equity

Consolidated financial statements continued

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Note

		2024	2023
		€ million	€ million
Operating activities
Profit after tax		819.7	635.7
Finance costs, net	9	60.5	48.3
Share of results of non-integral equity method investments	15	(3.1)	(5.0)
Tax charged to the income statement	10	308.3	274.6
Depreciation of property, plant and equipment including
right-of-use assets	14, 16	374.2	385.1
Impairment of property, plant and equipment including
right-of-use assets	14	21.5	14.8
Employee performance shares		15.6	20.4
Amortisation of intangible assets	13	1.1	1.4
Impairment of intangible assets	13	–	112.5
		1,597.8	1,487.8
Share of results of integral equity method investments	15	(13.6)	(9.7)
Gain on disposals of non-current assets	8	(4.5)	(1.3)
Increase in inventories		(150.0)	(142.6)
Increase in trade and other receivables		(71.7)	(212.7)
Increase in trade and other payables		322.5	491.0
Tax paid		(288.6)	(225.8)
Net cash inflow from operating activities		1,391.9	1,386.7
Investing activities
Payments for purchases of property, plant and equipment		(615.4)	(610.7)
Proceeds from sales of property, plant and equipment		8.6	7.2
Payment for business combinations, net of cash acquired	23	(1.5)	(180.4)
Receipts from integral equity method investments	27	11.7	6.7
Receipts from non-integral equity method investments	27	2.2	7.0

		2024	2023
	Note	€ million	€ million
Net (payments for)/proceeds from investments in financial
assets at amortised cost		(561.9)	473.5
Net proceeds from investments in financial assets at fair value through profit or loss		259.9	–
Payments for investments in financial assets at fair value through other comprehensive income		(7.0)	(5.9)
Loans to related parties		(8.0)	(4.7)
Repayments of loans by related parties		0.9	0.5
Interest received		89.6	38.0
Net cash outflow from investing activities		(820.9)	(268.8)
Financing activities
Proceeds from shares issued/granted to employees
exercising stockoptions	26	6.6	14.2
Payments for purchases of shares held by non-controlling interests	23	(2.9)	(12.6)
Acquisition of treasury shares	26	(183.0)	(42.6)
Proceeds from borrowings	25	1,265.2	136.4
Repayments of borrowings	25	(748.5)	(89.7)
Principal repayments of lease obligations	25	(60.8)	(59.1)
Dividends paid to owners of the parent	26	(339.7)	(287.2)
Dividends paid to non-controlling interests		–	(0.2)
(Payments for)/proceeds from settlement of derivatives and funded forward contracts regarding financingactivities	25	(42.0)	4.6
Interest paid	25	(100.4)	(76.2)
Net cash outflow from financing activities		(205.5)	(412.4)
Net increase in cash and cash equivalents		365.5	705.5
Movement in cash and cash equivalents
Cash and cash equivalents as at 1 January		1,260.6	719.9
Net increase in cash and cash equivalents		365.5	705.5
Effect of changes in exchange rates		(78.0)	(164.8)
Cash and cash equivalents as at 31 December	25	1,548.1	1,260.6

Consolidated cash flow statement

For the year ended 31 December

Consolidated financial statements continued

The accompanying notes form an integral part of these consolidated financial statements.

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Notes to the consolidated financial statements

1. General information

Coca-Cola HBC AG and its subsidiaries (the ‘Group’ or ‘Coca-Cola HBC’ or ‘the Company’) are

principally engaged in the production, sales and distribution of primarily non-alcoholic ready-to-drink

beverages, under franchise from The Coca-Cola Company, across Nigeria, Egypt and 26 countries

in Europe; while in Russia, the Group operates under a business model focusing on local brands.

Information on the Group’s operations by segment is included in Note 6.

On 11 October 2012, Coca-Cola HBC, a Swiss stock corporation (Aktiengesellschaft/Société Anonyme)

incorporated by Kar-Tess Holding (a related party of the Group, refer to Note 27), announced a voluntary

share exchange offer to acquire all outstanding ordinary registered shares and all American depositary

shares of Coca-Cola Hellenic Bottling Company S.A. As a result of the successful completion of this offer,

on 25 April 2013, Coca-Cola HBC acquired 96.85% of the issued Coca-Cola Hellenic Bottling Company S.A.

shares, including shares represented by American depositary shares, and became the new parent company

of the Group. On 17 June 2013, Coca-Cola HBC completed its statutory buyout of the remaining shares

of Coca-Cola Hellenic Bottling Company S.A. that it did not acquire upon completion of its voluntary share

exchange offer. Consequently, Coca-Cola HBC acquired 100% of Coca-Cola Hellenic Bottling Company

S.A. which was eventually delisted from the Athens Exchange, from the London Stock Exchange where it had

a secondary listing and from the New York Stock Exchange where American depositary shares were listed.

The shares of Coca-Cola HBC started trading in the London Stock Exchange (Ticker symbol: CCH)

and on the Athens Exchange (Ticker symbol: EEE), and regular way trading in Coca-Cola HBC American

depositary shares commenced on the New York Stock Exchange (Ticker symbol: CCH) on 29 April 2013. On

24 July 2014, the Group proceeded to the delisting of its American depositary shares from the New York

Stock Exchange and terminated its reporting obligations under the US Securities Exchange Act of 1934.

The deregistration of Coca-Cola HBC shares under the US Securities Exchange Act of 1934 and the

termination of its reporting obligations became effective on 3 November 2014.

2. Accounting information

Basis of preparation

The consolidated financial statements of the Group have been prepared in accordance with

International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and in

compliance with Swiss law.

These consolidated financial statements were approved for issue by the Board of Directors on 13

March 2025 and are expected to be verified at the Annual General Meeting to be held on 23 May 2025.

Going concern

The consolidated financial statements have been prepared on a going concern basis. As part of its

assessment, management has considered the Group’s financial performance in the year, its strong

balance sheet and liquidity position, including its committed funding facilities, the Group’s quantitative

viability exercise linked to certain of its principal risks, including those relating to climate change, as

detailed on page 190 of the Strategic Report, as well as the geopolitical events involving Russia and

Ukraine, and the continued tensions in the Middle East. Management has reviewed the Group’s financial

forecasts and funding requirements with consideration given to the potential impact of severe but

plausible downside scenarios. Even under these scenarios, the Group’s cash position is still expected

to remain strong over the period of the financial forecasts, considering also that there are mitigating

actions the Group could take, should they be required, by making adjustments to its operating plans

within the normal course of business.

Having considered the outcome of these assessments, management confirms the Group’s ability

to generate cash for a period of 12 months from the date of approval of these consolidated financial

statements and beyond.

Therefore, it is deemed appropriate that the Group continues to adopt the going concern basis for the

preparation of the consolidated financial statements under the historical cost convention, as modified by

the revaluation of financial assets at fair value through profit or loss, investments in equity instruments

classified at fair value through other comprehensive income and derivative financial instruments.

Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and its

subsidiaries as at 31 December 2024. Subsidiaries are those entities over which the Group, directly

or indirectly, has control. The Group controls an entity when it is exposed to, or has rights to, variable

returns from its involvement with the entity and has the ability to affect those returns through power

over the entity. Subsidiary undertakings are consolidated from the date on which control is transferred

to the Group and cease to be consolidated from the date on which control is transferred out of the

Group. The subsidiaries’ accounting policies are consistent with policies adopted by the Group. All inter-

company transactions and balances between Group entities are eliminated on consolidation.

Transactions with non-controlling interests that do not result in loss of control are accounted for as

equity transactions – that is, as transactions with the owners in their capacity as owners. The difference

between fair value of any consideration paid and the relevant acquired share of the carrying value of net

assets of the subsidiary is recorded in equity.

When the Group ceases to have control over a subsidiary, it derecognises the related assets and

liabilities, non-controlling interests and any other components of equity, while any resulting gain or loss is

recognised in the income statement. Any retained interest in the former subsidiary is remeasured to its

fair value at the date when control is lost, with the change in carrying amount recognised in the income

statement. This fair value is the initial carrying amount for the purposes of subsequently accounting for

the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously

recognised in other comprehensive income in respect of that entity are accounted for as if the Group

had directly disposed of the related assets or liabilities. This means that amounts previously recognised

in other comprehensive income, if any, are reclassified to the income statement.

Change in accounting estimate

In 2024, the Group reassessed the useful lives of certain categories of software assets and coffee

machines, driven by relevant business developments that affected the anticipated period of usage of

these assets. As a result, effective 1 January 2024, the expected useful life of these specific categories

was extended by three to six years, while the resulting decrease of depreciation expense in the current

year was insignificant.

Changes in comparative information

Comparative information of the consolidated balance sheet has been revised to reflect the

measurement period adjustment in connection with the acquisition of Finlandia (refer to Note 23).

More specifically: ‘Intangible assets‘, ‘Trade and other payables’ and ‘Deferred tax liabilities’ as at

31 December 2023 appear increased by €1.2 million, €1.0 million and €0.2 million respectively,

compared to the information disclosed in the 2023 Integrated Annual Report.

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Notes to the consolidated financial statements continued

3. Foreign currencies and translation

The individual financial statements of each subsidiary are presented in the currency of the primary

economic environment in which the subsidiary operates (its functional currency). For the purposes

of the consolidated financial statements, the results and financial position of each subsidiary are

expressed in Euro, which is the Group’s presentation currency.

The assets and liabilities of foreign subsidiaries are translated into Euro at the exchange rates prevailing

at the balance sheet date. The results and cash flows of foreign subsidiaries are translated into Euro

using the average monthly exchange rates, being a reasonable approximation of the rates prevailing

on the transaction dates. The exchange differences arising on translation are recognised in other

comprehensive income and included in the exchange equalisation reserve. On disposal of a foreign

subsidiary, accumulated exchange differences are recognised in the income statement as a component

of the gain or loss on disposal.

Transactions in foreign currencies are recorded at the rates ruling at the date of transaction. Monetary

assets and liabilities denominated in foreign currencies are remeasured at the rates of exchange ruling

at the balance sheet date. All gains and losses arising on remeasurement are included in the income

statement, except for exchange differences arising on assets and liabilities classified as cash flow

hedges which are deferred in equity until the occurrence of the hedged transaction, at which time they

are recognised in the income statement. Share capital and share premium denominated in a currency

other than the functional currency are initially recorded at the spot rate of the date of issue but are

not retranslated.

The principal exchange rates used for translation purposes in respect of one Euro are:

	Average	Average	Closing	Closing
	2024	2023	2024	2023
US Dollar	1.08	1.08	1.04	1.11
UK Sterling	0.85	0.87	0.83	0.87
Polish Zloty	4.31	4.54	4.27	4.32
Nigerian Naira	1,602.37	695.06	1,614.99	1,056.96
Hungarian Forint	394.86	381.75	410.56	382.03
Swiss Franc	0.95	0.97	0.94	0.94
Russian Rouble	100.14	92.40	107.50	101.68
Romanian Leu	4.97	4.95	4.98	4.98
Ukrainian Hryvnia	43.43	39.54	43.75	41.63
Czech Koruna	25.12	24.00	25.20	24.69
Serbian Dinar	117.09	117.25	116.97	117.16
Egyptian Pound	48.75	33.15	52.92	34.16

As a result of the local authorities’ efforts to liberalise the foreign exchange markets and restore

liquidity in foreign currency, the Nigerian Naira and Egyptian Pound depreciated against the US Dollar in

2024. The Group is continuously monitoring the situation to ensure that timely actions are undertaken

as planned to minimise the adverse impact from the currency devaluation to the Group’s business in

Nigeria and Egypt.

4. Accounting pronouncements

a) Accounting pronouncements adopted in 2024

The Group has adopted the following amendments to standards which were endorsed by the EU,

that are relevant to its operations and effective for accounting periods beginning on 1 January 2024:

• Classification of Liabilities as Current or Non-current and Non-Current liabilities with covenants –

Amendments to IAS 1;

• Supplier finance arrangements – Amendments to IAS 7 and IFRS 7. As a result of the adoption of the

amendments to IAS 7 and IFRS 7, the Group has provided additional disclosures for liabilities under

supplier finance arrangements as well as the associated cash flows in Note 20; and

• Lease Liability in a Sale and Leaseback – Amendments to IFRS 16.

The adoption of these amendments to standards did not have a material impact on the consolidated

financial statements of the Group.

b) Accounting pronouncements not yet adopted

At the date of approval of these consolidated financial statements, the following standards and

amendments to standards relevant to the Group’s operations were issued but not yet effective and not

early-adopted:

• The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability – Amendments to IAS 21;

• Presentation and Disclosure in Financial Statements – IFRS 18 (not endorsed by the EU);

• Amendments to the Classification and Measurement of Financial Instruments – Amendments to

IFRS 9 and IFRS 7 (not endorsed by the EU);

• Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 (not

endorsed by the EU); and

• Annual improvements to IFRS – Volume 11 (not endorsed by the EU).

The above standards and amendments to standards are not expected to have a material impact on the

consolidated financial statements of the Group.

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5. Critical accounting estimates and judgements

In conformity with IFRS, the preparation of the consolidated financial statements for Coca-Cola

HBC requires management to make estimates and judgements that affect the reported amounts

of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities

in the consolidated financial statements and accompanying notes. Although these estimates and

judgements are based on management’s knowledge of current events and actions that may be

undertaken in the future, actual results may ultimately differ from estimates.

Estimates

The key items concerning the future and other key sources of estimation uncertainty at the reporting

date that have a significant risk of causing a material adjustment to the carrying amounts of assets and

liabilities within the next financial year are described below:

• Impairment of goodwill and indefinite-lived intangible assets (refer to Note 13); and

• Employee benefits – defined benefit pension plans (refer to Note 21).

Judgements

In the process of applying the Group’s accounting policies, management has made the following

judgements, apart from those involving estimations as described above, which have the most

significant effect on the amounts recognised in the consolidated financial statements:

• Joint arrangements (refer to Note 15).

6. Segmental analysis

The Group has essentially one business, being the production, sale and distribution of primarily non-

alcoholic, ready-to-drink beverages across 29 countries. The Group’s markets are aggregated in

reportable segments as follows:

Established	Austria, Cyprus, Greece, Italy, Northern
markets:	Ireland, the Republic of Ireland, Switzerland
	and Global exports 1 .
Developing	Croatia, Czech Republic, Estonia,
markets:	Hungary, Latvia, Lithuania, Poland,
	Slovakia and Slovenia.
Emerging	Armenia, Belarus, Bosnia and Herzegovina,
markets:	Bulgaria, Egypt, Moldova, Montenegro,
	Nigeria, North Macedonia, Romania, the
	Russian Federation, Serbia (including the
	Republic of Kosovo) and Ukraine.

1. The Global exports market refers to the export business for Finlandia and Three Cents in countries where the Group does not have

operations in connection with non-alcoholic ready-to-drink beverages.

The Group’s chief operating decision maker is its Executive Leadership Team, which evaluates

performance and allocates resources based on volume, net sales revenue and operating profit. The

Group’s operations in the Established, Developing and Emerging markets have been aggregated on the

basis of their similar economic characteristics, assessed by reference to their net sales revenue per unit

case, as well as disposable income per capita, exposure to political and economic volatility, regulatory

environments, customers and distribution infrastructures. The accounting policies of the reportable

segments are the same as those adopted by the Group.

a) Volume and net sales revenue

The Group’s sales volume in million unit cases

for the years ended 31 December was as follows:

	2024	2023
Established	631.3	628.7
Developing	482.6	471.0
Emerging	1,800.6	1,735.8
Total volume	2,914.5	2,835.5

Net sales revenue per reportable segment for the years ended 31 December is presented in the

graphs below:

Established	€3,501.3 million
Developing	€2,385.2 million
Emerging	€4,867.9 million

2024

€

10,754.4 million

Established	€3,358.5 million
Developing	€2,088.6 million
Emerging	€4,736.9 million

2023

€10,184.0 million

Sales or transfers between the Group’s segments are not material, nor are there any customers that

represent more than 10% of net sales revenue for the Group.

Notes to the consolidated financial statements continued

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6. Segmental analysis continued

In addition to non-alcoholic, ready-to-drink beverages, as well as coffee and snacks (‘NARTD’), the

Group sells and distributes premium spirits. An analysis of volume and net sales revenue per product

type is presented below for the years ended 31 December:

Volume in million unit cases 2 :	2024	2023
NARTD	2,907.9	2,831.2
Premium spirits	6.6	4.3
Total volume	2,914.5	2,835.5
Net sales revenue in € million:
NARTD	10,340.1	9,886.1
Premium spirits	414.3	297.9
Total net sales revenue	10,754.4	10,184.0

Net sales revenue from external customers attributed to Switzerland (the Group’s country of domicile),

the Russian Federation, Italy and Poland was as follows for the years ended 31 December:

	2024	2023
	€ million	€ million
Switzerland	465.8	464.1
The Russian Federation	1,357.3	1,196.4
Italy	1,232.8	1,231.9
Poland	1,158.2	964.3
All countries other than Switzerland, the Russian Federation, Italy and Poland	6,540.3	6,327.3
Total net sales revenue from external customers	10,754.4	10,184.0

2. One unit case corresponds to approximately 5.678 litres or 24 servings, being a typically used measure of volume. For premium spirits

volume, one unit case also corresponds to 5.678 litres. For biscuits volume, one unit case corresponds to 1 kilogram. For coffee volume,

one unit case corresponds to 0.5 kilograms or 5.678 litres. Volume data is derived from unaudited operational data.

b) Other income statement items

		2024	2023
Year ended 31 December	Note	€ million	€ million
Operating profit:
Established		385.8	379.2
Developing		223.6	152.6
Emerging		576.0	421.8
Total operating profit		1,185.4	953.6
Finance costs:
Established		(21.0)	(16.4)
Developing		(14.9)	(19.5)
Emerging		(85.7)	(52.3)
Corporate 3		(198.8)	(141.3)
Inter-segment finance cost		153.7	125.5
Total finance costs	9	(166.7)	(104.0)
Finance income:
Established		5.1	3.0
Developing		3.0	2.4
Emerging		64.9	30.1
Corporate 3		186.9	145.7
Inter-segment finance income		(153.7)	(125.5)
Total finance income	9	106.2	55.7
Income tax expense:
Established		(105.6)	(82.2)
Developing		(54.4)	(32.5)
Emerging		(126.2)	(140.1)
Corporate 3		(22.1)	(19.8)
Total income tax expense	10	(308.3)	(274.6)
Reconciling items:
Share of results of non-integral equity method investments	15	3.1	5.0
Profit after tax		819.7	635.7

3. Corporate refers to holding, finance and other non-operating subsidiaries of the Group.

Notes to the consolidated financial statements continued

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6. Segmental analysis continued

Depreciation and impairment of property, plant and equipment, including right-of-use assets, and

amortisation and impairment of intangible assets included in the measure of operating profit were

as follows for the years ended 31 December:

		2024	2023
	Note	€ million	€ million
Depreciation and impairment of property, plant and equipment, including right-of-use assets:
Established		(123.4)	(112.7)
Developing		(75.1)	(68.8)
Emerging		(197.2)	(218.4)
Total depreciation and impairment of property, plant and equipment, including right-of-use assets	14, 16	(395.7)	(399.9)
Amortisation and impairment of intangible assets:
Developing		–	(3.7)
Emerging		(1.1)	(110.2)
Total amortisation and impairment of intangible assets	13	(1.1)	(113.9)

c) Other items

The balance of non-current assets

attributed to Switzerland (the Group’s country of domicile) and Italy

was as follows as at 31 December:

	2024	2023
	€ million	€ million
Switzerland	636.8	636.3
Italy	1,236.4	1,170.0
All countries other than Switzerland and Italy	4,059.7	4,047.4
Total non-current assets 4	5,932.9	5,853.7

Expenditure on property, plant and equipment per reportable segment was as follows for the years

ended 31 December:

	2024	2023
	€ million	€ million
Established	148.6	166.0
Developing	95.6	89.5
Emerging 5	382.9	367.5
Total expenditure on property, plant and equipment	627.1	623.0

4. Excluding other financial assets, deferred tax assets, pension plan assets and trade and loans receivable.

5. Expenditure on property, plant and equipment for 2024 includes €11.7 million (2023: €12.3 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 consolidated cash flow statement.

7. Net sales revenue

Accounting policy

The Group essentially produces, sells and distributes primarily non-alcoholic, ready-to-drink

beverages. Under IFRS 15 ‘Revenue from contracts with customers’, the Group recognises revenue

when control of the products is transferred, being when the products are delivered to the customer.

Net sales revenue is measured at the fair value of the consideration received or receivable and is

stated net of sales discounts and consideration paid to customers. These mainly take the form of

promotional incentives and are amortised over the terms of the related contracts as a deduction

in revenue.

The Group provides volume rebates to customers once the quantity of goods purchased during

the period exceeds a threshold specified in the contract. To estimate the variable consideration

for the expected future rebates, the Group uses the most likely amount method and the amount is

recognised in net sales revenue only to the extent that it is highly probable that a significant reversal

in the amount of cumulative revenue recognised will not occur when the uncertainty associated with

the variable consideration is subsequently resolved.

A contract liability is recognised if a payment is received or a payment is due (whichever is earlier)

from a customer before the Group transfers the related goods. Contract liabilities are recognised as

revenue when the Group performs under the contract (i.e. transfers control of the related goods to

the customer).

Net sales revenue includes excise and other duties where the Group acts as a principal but excludes

amounts collected by third parties, such as value-added taxes as these are not included in the

transaction price. The Group assesses these taxes and duties on a jurisdiction-by-jurisdiction basis

to conclude on the appropriate accounting treatment.

Revenue recognised in 2024 that was included in the contract liability balance at the beginning of the

year amounted to €14.7 million (2023: €14.4 million). For contract liabilities as at 31 December 2024 and

2023, refer to Note 20.

For an analysis of net sales revenue per reportable segment, refer to Note 6.

For the contributions received from The Coca-Cola Company, which are offset against consideration

paid to customers, refer to Note 27.

Notes to the consolidated financial statements continued

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8. Operating expenses

Operating expenses for the years ended 31 December comprised:

	2024	2023
	€ million	€ million
Selling expenses	1,228.1	1,144.4
Delivery expenses	778.8	744.5
Administrative expenses	693.6	709.3
Restructuring costs	3.3	9.0
Acquisition costs (refer to Note 23)	1.9	6.3
Operating expenses	2,705.7	2,613.5

In 2024, operating expenses included a net gain on disposals of non-current assets of €4.5 million

(2023: €1.3 million net gain).

For the contributions received from The Coca-Cola Company, which are offset against expenses for

general marketing programmes, refer to Note 27.

a) Restructuring costs

Accounting policy

Restructuring costs are recorded in a separate line item within operating expenses and comprise

costs arising from significant changes in the way the Group conducts its business, such as

significant supply chain infrastructure changes, outsourcing of activities and centralisation of

processes. Restructuring provisions are recognised only when the Group has a present constructive

obligation, which is when a detailed formal plan identifies the business or part of the business

concerned, the location, function and number of employees affected, a detailed estimate of the

associated costs and an appropriate timeline, including when the employees affected have been

notified of the plan’s main features.

As part of the effort to optimise its cost base and sustain competitiveness in the marketplace, the

Company undertakes restructuring initiatives. The restructuring costs consist primarily of employees’

termination benefits. Restructuring costs per reportable segment for the years ended 31 December

are presented below:

	2024	2023
	€ million	€ million
Established	(0.1)	0.9
Developing	0.2	1.1
Emerging	3.2	7.0
Total restructuring costs	3.3	9.0

b) Employee costs

Employee costs for the years ended 31 December comprised:

	2024	2023
	€ million	€ million
Wages and salaries	947.9	910.8
Social security costs	163.8	147.4
Pension and other employee benefits	178.1	178.3
Termination benefits	7.6	12.1
Total employee costs	1,297.4	1,248.6

The average number of full-time equivalent employees in 2024 was 33,018 (2023: 32,747).

Employee costs for 2024 included in operating expenses and cost of goods sold amounted to

€979.2 million and €318.2 million respectively (2023: €940.9 million and €307.7 million respectively).

c) Directors’ and senior management’s remuneration

The total remuneration paid or accrued for Directors and the senior management team for the years

ended 31 December comprised:

	2024	2023
	€ million	€ million
Salaries and other short-term benefits	23.4	20.4
Performance share awards	8.1	9.3
Pension and post-employment benefits	1.1	0.9
Total remuneration	32.6	30.6

d) Auditor fees

Audit, audit-related and other fees charged in the income statement concerning the auditor of the

consolidated financial statements, PricewaterhouseCoopers S.A. and affiliates, for the years ended

31 December were as follows:

	2024	2023
	€ million	€ million
Audit fees	5.4	5.3
Audit-related fees	1.1	1.0
Other fees	–	0.1
Total audit and audit-related fees	6.5	6.4

Fees for audit services to firms other than PricewaterhouseCoopers S.A. and affiliates were €0.7 million

for the year ended 31 December 2024 (2023: €0.6 million).

Notes to the consolidated financial statements continued

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9. Finance costs, net

Accounting policy

Interest income and interest expense are recognised using the effective interest rate method,

and are recorded in the income statement within ‘Finance income’ and ‘Finance cost’ respectively.

Interest expense includes finance charges with respect to leases, reclassification of the loss on

the forward starting swaps and the net impact from swaptions recorded in other comprehensive

income (refer to Note 24).

Finance costs, net for the years ended 31 December comprised:

	2024	2023
	€ million	€ million
Finance income	106.2	55.7
Interest expense	(121.0)	(86.3)
Other finance costs	(2.0)	(1.8)
Net foreign exchange remeasurement losses	(43.7)	(15.9)
Finance costs	(166.7)	(104.0)
Finance costs, net	(60.5)	(48.3)

Other finance costs include commitment fees on loan facilities (for the part not yet drawn down) and

other similar fees. Finance income relates to interest income earned from financial assets that are held

for cash management purposes as well as gain recognised from the fair value measurement of money

market funds.

For the interest expense incurred with respect to leases, refer to Note 16.

10. Taxation

Accounting policy

Tax is recognised in the income statement, except to the extent that it relates to items recognised

in other comprehensive income or in equity. In this case, tax is recognised in other comprehensive

income or directly in equity.

The current income tax expense is calculated on the basis of the tax laws enacted or substantively

enacted at the balance sheet date in the countries where the Group operates and generates taxable

income. Management periodically evaluates positions taken in tax returns with respect to situations

in which applicable tax regulations are subject to interpretation and establishes provisions where

appropriate, on the basis of amounts expected to be paid to the tax authorities.

Deferred tax is provided using the liability method for all temporary differences arising between

the tax bases of assets and liabilities and their carrying values for financial reporting purposes.

However, the deferred tax liabilities are not recognised if they arise from the initial recognition of

goodwill. Deferred tax is not accounted for if it arises from initial recognition of an asset or liability

in a transaction other than a business combination that at the time of the transaction affects

neither accounting nor taxable profit or loss. Deferred tax assets and liabilities are measured at the

tax rates that are enacted or substantively enacted at the balance sheet date. Tax rates enacted

or substantively enacted at the balance sheet date are those that are expected to apply when the

deferred tax asset is realised or the deferred tax liability is settled.

Deferred tax assets are recognised to the extent that it is probable that future taxable profit

will be available against which the temporary differences can be utilised. Deferred tax assets are

recognised for tax losses carried forward to the extent that realisation of the related tax benefit

through the reduction of the future taxes is probable.

Deferred tax is provided on temporary differences arising on investments in subsidiaries,

associates and joint ventures, except where the timing of the reversal of the temporary difference

can be controlled by the Group, and it is probable that the temporary difference will not reverse

in the foreseeable future. This includes taxation in respect of the retained earnings of overseas

subsidiaries only to the extent that, at the balance sheet date, dividends have been accrued as

receivable or a binding agreement to distribute past earnings in future periods has been entered

into by the subsidiary.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to offset

current tax assets against current income tax liabilities and the deferred taxes relate to the same

taxation authority on either the same taxable entity or different taxable entities where there is an

intention to settle the balances on a net basis.

Notes to the consolidated financial statements continued

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10. Taxation continued

The income tax charge for the years ended 31 December was as follows:

	2024	2023
	€ million	€ million
Current tax expense	308.7	273.5
Deferred tax (income)/expense	(0.4)	1.1
Income tax expense	308.3	274.6

The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the

weighted average tax rate applicable to profits of the consolidated entities as follows:

	2024	2023
	€ million	€ million
Profit before tax	1,128.0	910.3
Tax calculated at domestic tax rates applicable to profits
in the respective countries	223.0	178.8
Additional local taxes in foreign jurisdictions	27.1	28.2
Tax holidays in foreign jurisdictions	(0.2)	5.4
Expenses non-deductible for tax purposes	40.6	49.6
Income not subject to tax	(1.3)	(0.3)
Changes in tax laws and rates	3.3	(3.2)
Movement of accumulated tax losses	2.5	5.4
Other	13.3	10.7
Income tax expense	308.3	274.6
Effective tax rate	27.3%	30.2%

Non-deductible expenses for tax purposes include marketing and advertising expenses, service fees,

loss allowance on trade receivables, entertainment expenses, certain employee benefits and other

items that, partially or in full, are not deductible for tax purposes in certain of the Group’s jurisdictions.

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.

The changes in applicable tax rates compared to the previous period are driven by a combination of

blended tax rates and changes in the standard corporate tax rate in certain territories of the Group

(namely Italy, Lithuania, Russia, Nigeria and Switzerland).

The Group is subject to income taxes in numerous jurisdictions. There are many transactions and

calculations for which the ultimate tax determination cannot be assessed with certainty in the ordinary

course of business. The Group recognises a provision for potential cases that might arise in the foreseeable

future based on assessment of the probabilities as to whether additional taxes will be due. Where the final

tax outcome on these matters is different from the amounts that were initially recorded, such differences

will impact the income tax provision in the period in which such determination is made, however, based on

past experience, management expects that any such differences in the next financial year will be immaterial

for the Group. The income tax provision amounted to €72.3 million as at 31 December 2024 (2023: €82.8

million), of which €61.4 million (2023: €72.9 million) is classified in line ‘Current tax liabilities’, €2.3 million

(2023: €0.3 million) in line ‘Current tax assets’, €8.6 million (2023: €nil) in line ‘Deferred tax assets’ and

€nil (2023: €9.6 million) in line ‘Deferred tax liabilities’ of the consolidated balance sheet.

The income tax provision per reportable segment for the years ended 31 December was as follows:

	2024	2023
	€ million	€ million
Established	15.6	14.8
Developing	24.6	14.3
Emerging	23.6	45.2
Corporate 1	8.5	8.5
Total income tax provision	72.3	82.8

1. Corporate refers to holding, finance and other non-operating subsidiaries of the Group.

OECD Pillar Two Model Rules

The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework

on Base Erosion and Profit Shifting published the Pillar Two Model Rules designed to address the tax

challenges arising from the digitalisation of the global economy. Under Pillar Two legislation

, the Group

may be liable to pay a top-up tax for the difference between its Global Anti-Base Erosion (‘GloBE’)

effective tax rate per jurisdiction and the 15% minimum rate².

As of 31 December 2024, Pillar Two legislation has been enacted or substantively enacted in certain

jurisdictions in which the Group has a presence. In particular, Pillar Two legislation has been enacted or

substantively enacted in Austria, Bulgaria, Croatia, Czech Republic, Finland, Greece, Hungary, Republic

of Ireland, Italy, the Netherlands, Romania, Slovakia, Slovenia, Switzerland and the United Kingdom

(Northern Ireland). In Poland, final legislation has been published and came into force as of 1 January

2025, whereas in Cyprus, final legislation has been published which is in force from 31 December 2023,

however, the Domestic Minimum Top-up Tax (DMTT) will be introduced for financial years starting from

31 December 2024 onwards. In Estonia, Latvia and Lithuania, application of Pillar Two rules has been

deferred based on an exception allowed by the EU Directive.

Notes to the consolidated financial statements continued

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10. Taxation continued

The Group applies the exception to recognising and disclosing information about deferred tax assets and

liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.

In accordance with the local legislation in Switzerland, the Income Inclusion Rule (IIR) will be applicable

from 1 January 2025 onwards. In this respect, any potential top-up tax which may arise in a jurisdiction

where the Pillar Two legislation is not applicable for 2024 will be payable from Coca-Cola HBC Holdings

B.V.3, which is located in the Netherlands.

The Group has performed an assessment, for all countries in which it has a presence, of the potential

tax expense arising from Pillar Two rules, including:

• the determination of all Group entities in scope for the Pillar Two rules;

• the assessment of the entities in jurisdictions for which no Pillar Two liability is expected to arise

based on the Country-by-Country Reporting Safe Harbour transitional rules in place; and

• the calculation of the estimated liability for entities in locations where a Pillar Two liability is expected

to arise.

For the above assessment, the financial accounts of the Constituent Entities4 and Joint Ventures5

used in the preparation of the Group’s consolidated financial statements under IFRS for 2024 have

been considered, in order to determine:

• entities eligible for the transitional exceptions based on which no Pillar Two liability is expected

to arise; and

• the Pillar Two liability of entities for which no transitional exception was applicable.

Conclusions on such analysis were also validated using data for the fiscal year ended 31 December 2023.

Based on the assessment described above, considering also the impact of specific adjustments in

the Pillar Two legislation, the Group has recognised an additional income tax expense arising from Pillar

Two rules of €5.3 million, driven by Constituent Entities located in the following jurisdictions: Bosnia-

Herzegovina, Bulgaria, Cyprus, Republic of Ireland, the Republic of Kosovo, Montenegro, Romania and

Moldova, as well as Joint Ventures located in Serbia. This has been recognised within the ‘Tax’ line of the

consolidated income statement and ‘Non-current tax liabilities’ line of the consolidated balance sheet.

Deferred tax assets and liabilities presented in the consolidated balance sheet as at 31 December,

can be further analysed as follows:

	2024	2023
Deferred tax assets:	€ million	€ million
To be recovered after 12 months	68.0	52.2
To be recovered within 12 months	88.2	92.3
Gross deferred tax assets	156.2	144.5
Offset of deferred tax	(115.3)	(103.0)
Net deferred tax assets	40.9	41.5
Deferred tax liabilities:
To be settled after 12 months	(321.6)	(330.0)
To be settled within 12 months	(14.4)	(23.5)
Gross deferred tax liabilities	(336.0)	(353.5)
Offset of deferred tax	115.3	103.0
Net deferred tax liabilities	(220.7)	(250.5)

A reconciliation of net deferred tax is presented below:

	2024	2023
	€ million	€ million
As at 1 January	(209.0)	(227.1)
Taken to the income statement	0.4	(1.1)
Arising from business combinations (refer to Note 23)	–	(28.2)
Taken to other comprehensive income	1.1	(1.1)
Taken directly to equity	(0.7)	4.9
Foreign currency translation	28.4	43.6
As at 31 December	(179.8)	(209.0)

Notes to the consolidated financial statements continued

1. Pillar Two legislation refers to OECD Global Base Anti-Erosion Rules (OECD Globe Rules) introducing minimum taxation effective on low tax jurisdictions.

2. The top-up tax is calculated on the GloBE income after deduction of the Substance Based Excluded Income (i.e. after deducting part of the income calculated based on the local personnel costs and local tangible assets as per Pillar Two rules).

3. Coca-Cola HBC Holdings B.V. qualifies as an Intermediate Parent Entity based on definitions of Pillar Two rules.

4. Constituent Entities are the entities in scope of the Pillar Two rules, i.e. entities included in the financial statements with full consolidation.

5. Joint ventures in scope of the Pillar Two rules are the entities whose financial results are reported under the equity method in the consolidated financial statements of the Ultimate Parent Entity and the Ultimate Parent Entity holds directly or indirectly at least 50% of their ownership interests.

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10. Taxation continued

The movements in deferred tax assets and liabilities during the year, without taking into consideration

the offsetting of balances within the same tax jurisdiction where applicable, were as follows:

			Tax losses	Book in		Other
		Pensions and	carry-	excess of tax		deferred tax
	Provisions	benefit plans	forward	depreciation	Leasing	assets
Deferred tax assets	€ million	€ million	€ million	€ million	€ million	€ million	Total
As at 1 January 2023	40.8	10.8	6.6	5.5	30.6	42.0	136.3
Taken to the income statement	(6.5)	2.7	1.5	(0.7)	5.6	6.1	8.7
Arising from business
combinations (refer to Note 23)	–	–	11.2	–	1.3	0.8	13.3
Taken to other comprehensive income	–	0.8	–	–	–	0.8	1.6
Other movements and foreign
currency translation	(17.7)	0.8	(0.3)	–	(4.3)	6.1	(15.4)
As at 31 December 2023	16.6	15.1	19.0	4.8	33.2	55.8	144.5
Taken to the income statement	7.7	(1.8)	(3.7)	(0.9)	9.4	17.5	28.2
Taken to other comprehensive income	–	(0.6)	–	–	–	1.5	0.9
Other movements and foreign
currency translation	(16.2)	1.9	2.1	(0.4)	(2.4)	(2.4)	(17.4)
As at 31 December 2024	8.1	14.6	17.4	3.5	40.2	72.4	156.2

	Tax in excess		Other
	of book	Derivative	deferred tax
	depreciation	instruments	liabilities	Total
Deferred tax liabilities	€ million	€ million	€ million	€ million
As at 1 January 2023	(332.8)	(3.0)	(27.6)	(363.4)
Taken to the income statement	(5.8)	(0.4)	(3.6)	(9.8)
Arising from business combinations
(refer to Note 23)	–	–	(41.5)	(41.5)
Taken to other comprehensive income	–	(3.8)	1.1	(2.7)
Taken directly to equity	–	4.9	–	4.9
Other movements and foreign
currency translation	61.7	(0.1)	(2.6)	59.0
As at 31 December 2023	(276.9)	(2.4)	(74.2)	(353.5)
Taken to the income statement	(28.6)	1.6	(0.8)	(27.8)
Taken to other comprehensive income	–	(0.5)	0.7	0.2
Taken directly to equity	–	(0.7)	–	(0.7)
Other movements and foreign
currency translation	38.5	2.0	5.3	45.8
As at 31 December 2024	(267.0)	–	(69.0)	(336.0)

Deferred tax assets recognised for tax losses carry-forward in accordance with the relevant local rules

applying in the Group’s jurisdictions can be analysed as follows:

	2024	2023
	€ million	€ million
Attributable to tax losses that expire within five years	8.0	5.8
Attributable to tax losses that expire after five years	4.7	11.2
Attributable to tax losses that can be carried forward indefinitely	4.7	2.0
Recognised deferred tax assets attributable to tax losses	17.4	19.0

Unrecognised deferred tax assets attributable to tax losses that are available to carry forward against

future taxable income amounted to €38.8 million as at 31 December 2024 (2023: €28.6 million) and can be

analysed as follows:

	2024	2023
	€ million	€ million
Attributable to tax losses that expire within five years	35.3	21.7
Attributable to tax losses that expire after five years	3.5	6.9
Unrecognised deferred tax assets attributable to tax losses	38.8	28.6

The aggregate amount of distributable reserves arising from the realised earnings of the Group’s

operations was €4,410.0 million in 2024 (2023: €3,871.2 million). No deferred tax liabilities have been

recognised on such reserves given that their distribution is controlled by the Group, or in the event of

plans to remit overseas earnings of subsidiaries, such distribution would not give rise to a tax liability.

Notes to the consolidated financial statements continued

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11. Earnings per share

Accounting policy

Basic earnings per share is calculated by dividing the net profit attributable to the owners of the

parent by the weighted average number of ordinary shares outstanding during the year. The

weighted average number of ordinary shares outstanding during the year is the number of ordinary

shares outstanding at the beginning of the year, adjusted by the number of ordinary shares bought

back or issued during the year multiplied by a time-weighting factor. Diluted earnings per share

incorporates stock options for which the average share price for the year is in excess of the exercise

price of the stock option and which create a dilutive effect.

The calculation of the basic and diluted earnings per share attributable to the owners of the parent

company is based on the following data:

	2024	2023
Net profit attributable to the owners of the parent (€ million)	820.6	636.5
Weighted average number of ordinary shares for the purposes
of basic earnings per share (million)	364.3	367.8
Effect of dilutive stock options on number of shares (million)	0.2	0.5
Weighted average number of ordinary shares for the purposes
of diluted earnings per share (million)	364.5	368.3
Basic earnings per share (€)	2.25	1.73
Diluted earnings per share (€)	2.25	1.73

12. Components of other comprehensive income

The components of other comprehensive income for the years ended 31 December comprised:

		2024			2023
	Before tax	Income tax	Net of tax	Before tax	Income tax	Net of tax
	€ million	€ million	€ million	€ million	€ million	€ million
Cost of hedging (refer to Note 24)	(2.3)	–	(2.3)	(7.1)	–	(7.1)
Gain on cash flow hedges (refer to Note 24)	10.8	1.0	11.8	19.7	(3.0)	16.7
Foreign currency translation losses	(209.5)	–	(209.5)	(484.6)	–	(484.6)
Valuation (loss)/gain on equity
investments at fair value through other comprehensive income	(0.2)	–	(0.2)	0.4	(0.1)	0.3
Actuarial gains/(losses)	1.0	0.1	1.1	(16.4)	2.0	(14.4)
Share of other comprehensive loss
of equity method investments	(4.6)	–	(4.6)	(11.7)	–	(11.7)
Other comprehensive loss	(204.8)	1.1	(203.7)	(499.7)	(1.1)	(500.8)

The foreign currency translation losses for both 2024 and 2023 primarily related to the Nigerian Naira,

the Russian Rouble and the Egyptian Pound.

13. Intangible assets

Accounting policy

Intangible assets consist of goodwill, franchise agreements, trademarks and water rights. Goodwill

and other indefinite-lived intangible assets are carried at cost less accumulated impairment losses,

while finite-lived intangible assets are amortised over their useful economic lives. The useful lives,

both finite and indefinite, assigned to intangible assets are evaluated on an annual basis.

Indefinite-lived intangible assets (‘not subject to amortisation’)

Intangible assets not subject to amortisation consist of goodwill, franchise agreements and trademarks.

Goodwill is the excess of the consideration transferred over the fair value of the share of net assets

acquired. Goodwill and fair value adjustments arising on the acquisition of subsidiaries are treated

as the assets and liabilities of those subsidiaries. These balances are denominated in the functional

currency of the subsidiary and are translated to Euro on a basis consistent with the other assets

and liabilities of the subsidiary.

The useful life of franchise agreements is usually based on the term of the respective franchise

agreements. The Coca-Cola Company does not grant perpetual franchise rights outside the

United States. However, given the Group’s strategic relationship with The Coca-Cola Company and

consistent with past experience, the Group believes that franchise agreements will continue to be

renewed at each expiration date with no significant costs. The Group has concluded that the franchise

agreements are perpetual in nature and they have therefore been assigned an indefinite useful life.

The Group’s trademarks are assigned an indefinite useful life when they have an established sales

history in the applicable region, it is the intention of the Group to receive a benefit from them

indefinitely and there is no indication that this will not be the case.

Goodwill and other indefinite-lived intangible assets are tested for impairment annually and

whenever there is an indication of impairment.

For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units

expected to benefit from the business combination in which the goodwill arose. Other indefinite-lived

intangible assets are also allocated to the Group’s cash-generating units expected to benefit from those

intangibles. The cash-generating units (‘unit’) to which goodwill and other indefinite-lived intangible assets

have been allocated are tested for impairment annually, or more frequently when there is an indication that

the unit may be impaired. If the recoverable amount (i.e. the higher of the value-in-use and fair value less

costs to sell) of the cash-generating unit is less than the carrying amount of the unit, the impairment loss

is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then pro-rata

to the other assets of the unit on the basis of the carrying amount of each asset in the unit. Impairment

losses recognised against goodwill are not reversed in subsequent periods.

Finite-lived intangible assets

Finite-lived intangible assets mainly consist of water rights and certain brands, are amortised over

their useful economic lives and are carried at cost less accumulated amortisation and impairment

losses. Finite-lived intangible assets are reviewed for impairment whenever events or changes in

circumstances indicate that the carrying amount may not be recoverable.

Notes to the consolidated financial statements continued

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13. Intangible assets continued

Critical accounting estimates

Determining whether goodwill or indefinite-lived intangible assets are impaired requires an estimation

of the value-in-use of the cash-generating units to which they have been allocated in order to determine

the recoverable amount of the cash-generating units. The value-in-use calculation requires the Group

to estimate the future cash flows expected to arise from the cash-generating unit, discounted at an

appropriate rate. Estimating the discounted future cash flows involves a significant degree of uncertainty.

The value-in-use estimation is sensitive to the discount rate used as well as the perpetuity growth rates

used for extrapolation purposes. The key assumptions used to determine the recoverable amount for

the different cash-generating units, including a sensitivity analysis where possible changes to these key

assumptions could eliminate the remaining headroom, are disclosed and further explained below under

‘Annual impairment test for goodwill and other indefinite-lived intangible assets’ section.

The movements in intangible assets by classes of assets during the year were as follows:

				Other
		Franchise		intangible
	Goodwill	agreements	Trademarks	assets	Total
	€ million	€ million	€ million	€ million	€ million
Cost
As at 1 January 2023	2,108.4	395.8	220.2	17.9	2,742.3
Arising from business combinations (refer to Note 23)	7.4	–	198.2	–	205.6
Impairment	(110.5)	–	–	(2.0)	(112.5)
Foreign currency translation	(2.1)	(62.0)	(0.3)	–	(64.4)
As at 31 December 2023	2,003.2	333.8	418.1	15.9	2,771.0
Amortisation
As at 1 January 2023	182.4	–	8.1	9.3	199.8
Charge for the year	–	–	0.5	0.9	1.4
As at 31 December 2023	182.4	–	8.6	10.2	201.2
Net book value as at 1 January 2023	1,926.0	395.8	212.1	8.6	2,542.5
Net book value as at 31 December 2023	1,820.8	333.8	409.5	5.7	2,569.8
Cost

				Other
		Franchise		intangible
	Goodwill	agreements	Trademarks	assets	Total
	€ million	€ million	€ million	€ million	€ million
As at 1 January 2024	2,003.2	333.8	418.1	15.9	2,771.0
Impairment	–	–	(0.4)	0.4	–
Foreign currency translation	8.0	(70.1)	0.1	–	(62.0)
As at 31 December 2024	2,011.2	263.7	417.8	16.3	2,709.0
Amortisation
As at 1 January 2024	182.4	–	8.6	10.2	201.2
Charge for the year	–	–	0.5	0.6	1.1
As at 31 December 2024	182.4	–	9.1	10.8	202.3
Net book value as at 1 January 2024	1,820.8	333.8	409.5	5.7	2,569.8
Net book value as at 31 December 2024	1,828.8	263.7	408.7	5.5	2,506.7

In 2023, the Group recognised an impairment loss of €3.1 million in connection with its self-serve coffee

vending business in Poland (the ‘Costa Express Business’), as the recoverable amount was lower than

the carrying amount. The recoverable amount was determined based on value-in-use calculations,

considering management’s best estimates of future cash flows expected to arise from the business,

discounted at a rate of 7.7%. The impairment was driven mainly by a change in expectations regarding the

scope and duration of a contract with a key customer. The impairment loss was allocated to goodwill (€1.1

million) and other finite-lived intangible assets (€2.0 million) and was included in line ‘Operating expenses’

of the consolidated income statement and under Developing markets for segmental allocation purposes.

In 2024, the Group partially reversed the impairment loss relating to the Costa Express Business

by €0.4 million. The reversal of the impairment was driven mainly by finalisation of the negotiations

regarding the scope and duration of a contract with a key customer. The reversal of impairment was

allocated fully to other finite-lived intangible assets and was included in line ‘Operating expenses’ of the

consolidated income statement and under Developing markets for segmental allocation purposes.

Impairment losses of €109.4 million in 2023 related to the impairment of goodwill of the Group’s Egyptian

cash-generating unit. For details on the impairment testing of the Group’s Egyptian cash-generating unit,

refer to section ‘Annual impairment test for goodwill and other indefinite-lived intangible assets’ below.

In 2024, the Group recognised an impairment loss of €0.4 million in connection with a juice trademark in

its Emerging markets, as the recoverable amount was lower than the carrying amount. The recoverable

amount was €0.6 million and was determined based on relief-from-royalty method calculations, considering

management’s best estimates of future revenue attributable to the trademark, discounted at a rate of 22.9%.

The impairment loss was driven mainly by the higher discount rate used due to worsening macroeconomic

conditions and was included in line ‘Operating expenses’ of the consolidated income statement.

Notes to the consolidated financial statements continued

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13. Intangible assets continued

Intangible assets not subject to amortisation amounted to €2,497.9 million (2023: €2,560.2 million) and

are presented in the charts below:

Goodwill	€1,828.8 million
Franchise agreements	€263.7 million
Trademarks	€405.4 million

2024

€2,497.9

million

Goodwill	€1,820.8 million
Franchise agreements	€333.8 million
Trademarks	€405.6 million

2023

€2,560.2 million

The carrying value of intangible assets subject to amortisation amounted to €8.8 million (2023: €9.6

million) and comprised water rights of €4.8 million, trademarks of €3.3 million and other intangible

assets of €0.7 million (2023: €5.3 million water rights, €3.9 million trademarks and €0.4 million other

intangible assets).

Annual impairment test for goodwill and other indefinite-lived intangible assets

The recoverable amount of each cash-generating unit was determined through a value-in-use

calculation. This calculation uses cash flow forecasts based on financial budgets approved by the Board

of Directors covering a one-year period and cash flow forecasts for four additional years. Cash flows for

years two to five are forecasted by management based on operation and market-specific assumptions

including growth rates, forecast selling prices, direct costs and operating expenses. Management

determined gross margins based on past performance, expectations for the development of the

market and expectations about raw materials’ costs. Cash flows for the subsequent years after the

forecast period are extrapolated using perpetuity growth rates which reflect management’s best

estimate of industry growth, considering long-term inflation and gross domestic product forecasts

specific to the countries of operation. The discount rates used by management represent the current

market assessment of the risks specific to each cash-generating unit, taking into consideration the

time value of money and are derived from the weighted average cost of capital. The Group applies

post-tax discount rates to post-tax cash flows as the valuation calculated using this method closely

approximates to applying pre-tax discount rates to pre-tax cash flows.

Management also assessed the potential adverse impact to future cash flows arising from climate

change risk, under different scenarios. In making this assessment, management considered the impact

from disruptions to production and distribution due to extreme weather, the increased cost of water,

as well as costs associated with managing the Group’s carbon footprint in line with its NetZeroby40

commitments, as detailed in the Strategic Report (pages 187 to 188) . The Group will continue to

monitor and assess the potential impact of climate-related risks and opportunities in the impairment

assessment, as global efforts to mitigate the risks arising from climate change evolve, including the

development of relevant governmental policies.

Except for the impairment of the juice trademark described on page 274, no impairment of goodwill and

other indefinite-lived assets was identified during the 2024 annual impairment test.

Notes to the consolidated financial statements continued

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13. Intangible assets continued

The following chart and accompanying table set forth the percentage and carrying value respectively

of goodwill and other indefinite-lived intangible assets for those cash-generating units whose carrying

value is greater than or equal to 9% of the total, as at 31 December 2024.

Intangible assets not

subject to amortisation as

at 31 December 2024

(%)

Italy	31 %
Switzerland	20 %
The Republic of Ireland	10 %
and Northern Ireland
Koncern Bambi a.d. Požarevac	9 %
All other cash-generating units 30 %

		Franchise
	Goodwill	agreements	Trademarks	Total
	€ million	€ million	€ million	€ million
Italy	640.9	126.9	–	767.8
Switzerland	490.0	–	–	490.0
The Republic of Ireland and Northern Ireland	257.1	–	–	257.1
Koncern Bambi a.d.
Požarevac	115.6	–	118.9	234.5
All other cash-generating
units	325.2	136.8	286.5	748.5
Total	1,828.8	263.7	405.4	2,497.9

The key assumptions for these cash-generating units are presented below:

	Growth rate in			Post-tax discount	Pre-tax discount
	perpetuity (%)			rate (%)	rate (%)
	2024	2023	2024	2023	2024	2023
Italy	2.0	2.0	7.1	8.4	9.3	11.5
Switzerland	1.0	0.8	5.7	6.5	6.8	7.8
The Republic of Ireland and Northern Ireland	4.0	4.0	5.6	6.4	6.0	7.0
Koncern Bambi a.d. Požarevac	4.5	4.5	7.1	9.3	7.6	10.2

For the cash-generating units of The Republic of Ireland and Northern Ireland and Koncern Bambi a.d.

Požarevac, the growth rate in perpetuity as estimated by management was higher than that expected for

the industry in general. This is attributable to the strength of the Group’s brand portfolio, which is amongst

the strongest and broadest in the industry. The Group has historically achieved higher revenue growth than

the industry, leveraging the strength of its portfolio, while it continually invests in brand-related innovations

to remain relevant, be able to cater to all consumption occasions and increase market share.

Impairment testing of the Egyptian cash-generating unit (‘unit’)

As disclosed in the 2023 Integrated Annual Report, during 2023 we experienced worsening

macroeconomic factors in Egypt, with inflation persisting at record-high levels, more than double the

upper bound of the Central Bank of Egypt’s target band and increasing risk of foreign currency crisis due to

low reserves, while geopolitical tensions in the Middle East negatively impacted the financial performance

of the Egyptian unit in late 2023. Consequently, during the 2023 annual impairment test performed by the

Group, an impairment loss for its Egyptian unit of €109.4 million was identified, as the recoverable amount

was lower than the carrying amount of the unit. The impairment loss was allocated in its entirety to reduce

the carrying amount of goodwill allocated to the unit and was included in line ‘Operating expenses’ of the

consolidated income statement and under Emerging markets for segmental allocation purposes. As at

31 December 2023, the recoverable amount of the Egyptian unit was approximately €340 million.

The Group performed its annual impairment test in 2024, which concluded that the recoverable amount

of the Egyptian unit was higher than the carrying amount of the unit. The recoverable amount was

determined based on value-in-use calculations consistent with those performed in 2023, updated

to consider management’s revised best estimates of expected cash flows and a lower discount rate,

reflective of the easing macroeconomic uncertainty in Egypt resulting from the government’s ongoing

IMF-backed reforms and controlled debt issuance.

The following table sets out the key assumptions used in the impairment assessment of the Egyptian unit:

	December 2024	December 2023
Growth rate in perpetuity	5.0%	5.0%
Post-tax discount rate	11.7%	17.4%
Pre-tax discount rate	13.3%	20.8%

The Group continues to closely monitor its Egyptian unit in order to ensure that timely actions and

initiatives are undertaken to minimise potential adverse impacts on its expected performance.

Notes to the consolidated financial statements continued

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14. Property, plant and equipment

Accounting policy

All property, plant and equipment is initially recorded at cost and subsequently measured at cost less

accumulated depreciation and impairment losses. Subsequent expenditure is added to the carrying

value of the asset when it is probable that future economic benefits, in excess of the original assessed

standard of performance of the existing asset, will flow to the operation and the costs can be

measured reliably. All other subsequent expenditure is expensed in the period in which it is incurred.

Assets under construction are recorded as part of property, plant and equipment, and depreciation

on these assets commences when the assets are made available for use.

Depreciation is calculated on a straight-line basis to allocate the depreciable amount over the

estimated useful life of the assets as follows:

Freehold buildings and improvements	40 years
Leasehold buildings and improvements	Over the lease term, up to 40 years
Production equipment	4 to 20 years
Vehicles	5 to 8 years
Computer hardware and software	2 to 15 years
Marketing equipment	3 to 10 years
Fixtures and fittings	8 years
Returnable containers	3 to 12 years

Freehold land is not depreciated as it is considered to have an indefinite life.

Deposits received for returnable containers by customers are accounted for as deposit liabilities

(refer to Note 20).

Residual values and useful lives of assets are reviewed and adjusted if appropriate at each balance

sheet date. Climate change-related risks and relevant mitigation and adaptation actions may

impact the useful lives of property, plant and equipment. The Group monitors the potential impact

of climate change-related risks and associated legislation in the context of its review of the useful

lives and no impact has been identified.

Property, plant and equipment is reviewed for impairment whenever events or changes in

circumstances indicate that the carrying amount may not be recoverable. An impairment loss is

recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount,

which is the higher of the asset’s fair value less cost to sell and its value-in-use. For the purposes of

assessing impairment, assets are grouped at the lowest level of separately identifiable cash flows.

For the accounting policy regarding right-of-use assets, refer to Note 16 ‘Leases’.

The movements of property, plant and equipment by class of assets were as follows:

	Land and	Plant and	Returnable	Assets under
	buildings	equipment	containers	construction	Total
	€ million	€ million	€ million	€ million	€ million
As at 1 January 2023:
Gross carrying amount	1,752.3	4,168.4	497.0	249.1	6,666.8
Accumulated depreciation and impairment	(612.9)	(2,685.3)	(303.9)	(2.3)	(3,604.4)
Net book value as at 1 January 2023 excluding
right-of-use assets	1,139.4	1,483.1	193.1	246.8	3,062.4
Additions	5.5	136.9	74.4	393.4	610.2
Reclassified to assets held for sale (refer to Note 19)	(3.3)	–	–	–	(3.3)
Reclassified from assets held for sale (refer to Note 19)	–	0.1	–	–	0.1
Reclassifications	76.2	249.7	3.7	(329.6)	–
Disposals	(1.7)	(2.8)	(3.2)	(0.6)	(8.3)
Depreciation charge for the year	(47.2)	(239.7)	(39.2)	–	(326.1)
Impairment	(1.4)	(9.8)	(2.4)	(1.1)	(14.7)
Foreign currency translation	(175.1)	(205.1)	(50.7)	(41.9)	(472.8)
Net book value as at 31 December 2023 excluding
right-of-use assets	992.4	1,412.4	175.7	267.0	2,847.5
As at 31 December 2023:
Gross carrying amount	1,598.1	3,960.8	459.0	269.3	6,287.2
Accumulated depreciation and impairment	(605.7)	(2,548.4)	(283.3)	(2.3)	(3,439.7)
Net book value as at 31 December 2023 excluding
right-of-use assets	992.4	1,412.4	175.7	267.0	2,847.5
Net book value of right-of-use assets as at 31 December 2023	105.2	104.4	–	–	209.6
Net book value as at 31 December 2023	1,097.6	1,516.8	175.7	267.0	3,057.1
As at 1 January 2024:
Gross carrying amount	1,598.1	3,960.8	459.0	269.3	6,287.2

Notes to the consolidated financial statements continued

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	Land and	Plant and	Returnable	Assets under
	buildings	equipment	containers	construction	Total
	€ million	€ million	€ million	€ million	€ million
Accumulated depreciation and impairment	(605.7)	(2,548.4)	(283.3)	(2.3)	(3,439.7)
Net book value as at 1 January 2024 excluding
right-of-use assets	992.4	1,412.4	175.7	267.0	2,847.5
Additions	6.8	161.0	60.8	420.7	649.3
Reclassified to assets held for sale (refer to Note 19)	(0.3)	–	–	–	(0.3)
Reclassified from assets held for sale (refer to Note 19)	1.8	–	–	–	1.8
Reclassified from right-of-use assets	–	5.7	–	–	5.7
Reclassifications	81.0	242.6	1.1	(324.7)	–
Disposals	(1.8)	(4.1)	(11.2)	(0.5)	(17.6)
Depreciation charge for the year	(45.2)	(237.8)	(29.7)	–	(312.7)
Impairment	(5.3)	(16.2)	(0.3)	0.3	(21.5)
Foreign currency translation	(79.6)	(86.3)	(19.5)	(20.8)	(206.2)
Net book value as at 31 December 2024 excluding
right-of-use assets	949.8	1,477.3	176.9	342.0	2,946.0
As at 31 December 2024:
Gross carrying amount	1,583.8	4,037.0	449.1	344.0	6,413.9
Accumulated depreciation and impairment	(634.0)	(2,559.7)	(272.2)	(2.0)	(3,467.9)
Net book value as at 31 December 2024 excluding
right-of-use assets	949.8	1,477.3	176.9	342.0	2,946.0
Net book value of right-of-use assets as at 31 December 2024	141.9	109.4	–	–	251.3
Net book value as at 31 December 2024	1,091.7	1,586.7	176.9	342.0	3,197.3

Assets under construction as at 31 December 2024 include advances for equipment purchases of

€87.6 million (2023: €78.6 million). The depreciation charge for the year, including that for right-of-use

assets (refer to Note 16), recognised in operating expenses and cost of goods sold amounted to €213.5

million (2023: €203.7 million) and €160.7 million (2023: €181.4 million) respectively.

Impairment of property, plant and equipment and right-of-use assets

In 2023, the Group recorded impairment losses of €5.1 million, €3.6 million and €10.4 million, and

reversals of impairment of €nil, €nil and €4.4 million relating to property, plant and equipment in the

Established, Developing and Emerging segments respectively. The impaired assets, being mainly

production equipment and returnable containers, were written down based mainly on value-in-use

calculations. The Group also recorded impairment losses of €0.1 million and reversals of impairment

of €nil relating to right-of-use assets in the Established segment.

In 2024, the Group recorded impairment losses of €2.9 million, €1.2 million and €20.8 million, and

reversals of impairment of €nil, €0.2 and €3.2 million relating to property, plant and equipment in the

Established, Developing and Emerging segments respectively. The impaired assets, being mainly

production equipment, were written down based mainly on value-in-use calculations. The Group also

recorded impairment losses relating to right-of-use assets of €0.1 million in the Emerging segment and

reversals of impairment of €0.1 million in the Established segment .

Notes to the consolidated financial statements continued

14. Property, plant and equipment continued

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15. Interests in other entities

The following are the principal subsidiaries of the Group as at 31 December:

			% of voting rights		% of ownership
	Country of registration		2024	2023	2024	2023
Adelink Ltd	Cyprus	50.0% *	50.0% *	50.0%	50.0%
AS Coca-Cola HBC Eesti	Estonia	100.0%	100.0%	100.0%	100.0%
CC Beverages Holdings II B.V.	The Netherlands	100.0%	100.0%	100.0%	100.0%
CCB Management Services GmbH	Austria	100.0%	100.0%	100.0%	100.0%
CCHBC Armenia CJSC	Armenia	100.0%	100.0%	100.0%	100.0%
CCHBC Bulgaria EAD1	Bulgaria	100.0%	99.4%	100.0%	99.4%
CCHBC IT Services Limited	Bulgaria	100.0%	100.0%	100.0%	100.0%
CCHBC Reinsurance Designated Activity
Company	Republic of Ireland	100.0%	100.0%	100.0%	100.0%
CCHBC Ventures BV	The Netherlands	100.0%	100.0%	100.0%	100.0%
CCH CirculaRPET S.r.l.	Italy	100.0%	100.0%	100.0%	100.0%
Coca-Cola Beverages Belorussiya	Belarus	100.0%	100.0%	100.0%	100.0%
Coca-Cola Beverages Ukraine Ltd	Ukraine	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Austria GmbH	Austria	100.0%	100.0%	100.0%	100.0%
	Bosnia and
Coca-Cola HBC B-H d.o.o. Sarajevo	Herzegovina	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Česko a Slovensko, s.r.o.	Czech Republic	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Česko a Slovensko, s.r.o. –
organizačná zložka	Slovakia	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Cyprus Ltd	Cyprus	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Egypt²	Egypt	99.9%	97.8%	99.9%	97.8%
Coca-Cola HBC Finance B.V.	The Netherlands	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Greece S.A.I.C.	Greece	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Holdings B.V.	The Netherlands	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Hrvatska d.o.o.	Croatia	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Hungary Ltd	Hungary	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Ireland Limited	Republic of Ireland 100.0%		100.0%	100.0%	100.0%
Coca-Cola HBC Italia S.r.l.	Italy	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Kosovo L.L.C.	Kosovo	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Northern Ireland Limited	Northern Ireland	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Polska sp. z o.o.	Poland	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Romania Ltd	Romania	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Services LLC3	Egypt	100.0%	–	100.0%	–
Coca-Cola HBC Services MEPE	Greece	100.0%	100.0%	100.0%	100.0%

			% of voting rights		% of ownership
	Country of registration	2024	2023	2024	2023
Coca-Cola HBC Slovenija d.o.o.	Slovenia	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Sourcing B.V.	The Netherlands	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC-Srbija d.o.o.	Serbia	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Switzerland Ltd	Switzerland	99.9%	99.9%	99.9%	99.9%
Coca-Cola Hellenic Bottling Company-Crna
Gora d.o.o., Podgorica	Montenegro	100.0%	100.0%	100.0%	100.0%
Coca-Cola Hellenic Business
Service Organisation	Bulgaria	100.0%	100.0%	100.0%	100.0%
Coca-Cola Hellenic Procurement GmbH	Austria	100.0%	100.0%	100.0%	100.0%
Coca-Cola Imbuteliere Chisinau SRL	Moldova	100.0%	100.0%	100.0%	100.0%
dCommerce Solutions BV	The Netherlands	100.0%	100.0%	100.0%	100.0%
ESM Effervescent Sodas Management Limited4 Cyprus		–	100.0%	–	100.0%
Finlandia Vodka Oy5	Finland	100.0%	100.0%	100.0%	100.0%
Koncern Bambi a.d. Požarevac	Serbia	100.0%	100.0%	100.0%	100.0%
Multon AO	Russia	50.0% *	50.0% *	50.0%	50.0%
Multon Partners LLC	Russia	100.0%	100.0%	100.0%	100.0%
Nigerian Bottling Company Ltd	Nigeria	100.0%	100.0%	100.0%	100.0%
SIA Coca-Cola HBC Latvia	Latvia	100.0%	100.0%	100.0%	100.0%
Sirvis Bulgaria EOOD6	Bulgaria	100.0%	–	100.0%	–
Sirvis d.o.o. Beograd-Novi Beograd7	Serbia	100.0%	–	100.0%	–
Sirvis GmbH 8	Austria	100.0%	–	100.0%	–
Sirvis S.R.L.	Italy	100.0%	100.0%	100.0%	100.0%
Three Cents Hellas Single Member S.A.	Greece	100.0%	100.0%	100.0%	100.0%
UAB Coca-Cola HBC Lietuva	Lithuania	100.0%	100.0%	100.0%	100.0%

* Percentage of voting rights presented in respect of reserved matters following the Waiver in 2022.

1. For details regarding the change in interest in CCHBC Bulgaria EAD in 2024 refer to Note 23.

2. Coca-Cola Bottling Company of Egypt S.A.E. was renamed to Coca-Cola HBC Egypt as of 18 June 2023. For details regarding the change in

interest in Coca-Cola HBC Egypt in 2024 refer to Note 23.

3. Coca-Cola HBC Services LLC was established on 28 August 2024.

4. ESM Effervescent Sodas Management Limited was merged into Three Cents Hellas Single Member S.A. as of 31 December 2024.

5. Brown-Forman Finland Oy was acquired on 1 November 2023 (refer to Note 23) and was renamed to Finlandia Vodka Oy as of 1 March 2024.

6. Sirvis Bulgaria EOOD was established on 23 April 2024.

7. Sirvis d.o.o. Beograd-Novi Beograd was established on 5 February 2024.

8. Sirvis GmbH was established on 26 March 2024.

Notes to the consolidated financial statements continued

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15. Interests in other entities continued

Associates and joint arrangements

Accounting policy

Equity method investments comprise investments in associates and joint arrangements, and are

classified into integral and non-integral on the basis of whether they are considered part of the

Group’s core operations and strategy.

Investments in associates

Investments in associated undertakings are accounted for using the equity method of accounting.

Associated undertakings are all entities over which the Group has significant influence but not

control, generally accompanying a shareholding of between 20% and 50% of the voting rights.

The equity method of accounting involves recognising the Group’s share of the associates’ post-

acquisition profit or loss and movements in other comprehensive income for the period in the

income statement and statement of other comprehensive income respectively. Unrealised gains

and losses resulting from transactions between the Group and the associate are eliminated to the

extent of the interest in the associate.

The Group’s interest in each associate is carried in the balance sheet at an amount that reflects its

share of the net assets of the associate and includes goodwill on acquisition. When the Group’s share

of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise

further losses, unless the Group has incurred obligations or made payments on behalf of the associate.

Investments in joint arrangements

Joint arrangements are arrangements in which the Group has contractually agreed sharing of

control, which exists only when decisions about the relevant activities require unanimous consent.

Joint arrangements are classified as joint ventures or joint operations depending upon the rights

and obligations arising from the joint arrangement.

The Group classifies a joint arrangement as a joint venture when the Group has rights to the net

assets of the arrangement. The Group accounts for its interests in joint ventures using the equity

method of accounting as described in the section above.

The Group classifies a joint arrangement as a joint operation when the Group has the rights to the

assets, and obligations for the liabilities, of the arrangement and accounts for each of its assets, liabilities,

revenues and expenses, including its share of those held or incurred jointly, in relation to the joint operation.

If facts and circumstances change, the Group reassesses whether it still has joint control and

whether the type of joint arrangement in which it is involved has changed.

Critical accounting judgements

The Group participates in several joint arrangements. Judgement is required in order to determine

the classification of the Group’s joint arrangements as joint ventures where the Group has rights

to the net assets of the arrangement, or joint operations where the Group has rights to the assets and

obligations for the liabilities of the arrangement. In making this assessment, consideration is given to

the legal form of the arrangement, and the contractual terms and conditions, as well as other facts and

circumstances (including the economic rationale of the arrangement and the impact of the relevant

legal framework). The Group participates in a number of joint arrangements with The Coca-Cola

Company in connection with its water business across its markets, the classification of which involves

a significant degree of judgement due to the complexity of the underlying contractual arrangements

of the business model and the diversity of the relevant legal frameworks across markets.

Equity-method investments

Changes in the carrying amounts of equity method investments are as follows:

	Joint ventures	Associates	Total
	€ million	€ million	€ million
As at 1 January 2023	86.0	119.6	205.6
Share of results of equity method investments	9.8	4.9	14.7
Share of other comprehensive income/(loss) of equity
method investments	0.3	(12.0)	(11.7)
Share of total comprehensive income/(loss)	10.1	(7.1)	3.0
Dividends	(9.3)	(2.1)	(11.4)
Decrease due to other movements	–	(0.2)	(0.2)
As at 31 December 2023	86.8	110.2	197.0
Share of results of equity method investments	13.7	3.0	16.7
Share of other comprehensive loss of equity
method investments	–	(4.6)	(4.6)
Share of total comprehensive income/(loss)	13.7	(1.6)	12.1
Dividends	(9.1)	(2.4)	(11.5)
As at 31 December 2024	91.4	106.2	197.6

The carrying amount of equity method investments comprises integral and non-integral equity

method investments as follows:

	Joint ventures	Associates	Total
	€ million	€ million	€ million
As at 31 December 2023:
Integral equity method investments	82.6	–	82.6
Non-integral equity method investments	4.2	110.2	114.4
Total equity method investments	86.8	110.2	197.0
As at 31 December 2024:
Integral equity method investments	87.1	–	87.1
Non-integral equity method investments	4.3	106.2	110.5
Total equity method investments	91.4	106.2	197.6

a) Investments in joint ventures

The Group has one significant integral joint venture with Heineken, through its 50% interest in AD

Pivara Skopje, which is engaged in the bottling and distribution of soft drinks and beer in North

Macedonia. The structure of the joint venture provides the Group with rights to its net assets.

Notes to the consolidated financial statements continued

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15. Interests in other entities continued

Summarised financial information of the Group’s significant joint venture is presented below.

The information below reflects the amounts presented in the IFRS financial statements of the joint

venture, amended to reflect adjustments made when using the equity method, including fair value

adjustments and not the Group’s share in these amounts.

	2024	2023
AD Pivara Skopje	€ million	€ million
Summarised balance sheet:
Non-current assets	66.9	65.1
Cash and cash equivalents	–	3.5
Other current assets	19.8	18.7
Total current assets	19.8	22.2
Borrowings	(3.2)	(6.0)
Other current liabilities (including trade payables)	(25.4)	(28.9)
Total current liabilities	(28.6)	(34.9)
Borrowings	(0.5)	(0.8)
Other non-current liabilities	(0.5)	(0.5)
Total non-current liabilities	(1.0)	(1.3)
Net assets	57.1	51.1
Summarised statement of comprehensive income:
Revenue	137.9	127.5
Depreciation	(7.3)	(7.5)
Interest expense	(0.2)	(0.1)
Profit before tax	26.5	19.8
Income tax	(3.0)	(2.4)
Profit after tax	23.5	17.4
Total comprehensive income	23.5	17.4
Dividends received	11.2	5.2
Reconciliation of net assets to carrying amount:
Closing net assets	57.1	51.1

	2024	2023
AD Pivara Skopje	€ million	€ million
Interest in joint venture at 50%	28.6	25.6
Goodwill	16.9	16.9
Non-controlling interest	(1.6)	(1.6)
Carrying value	43.9	40.9

Summarised financial information of the Group’s investment in other joint ventures is as follows:

	2024	2023
	€ million	€ million
Carrying amount	47.5	45.9
Share of profit	1.9	1.1
Share of other comprehensive income	–	0.3
Share of total comprehensive income	1.9	1.4

b) Investment in associates

The Group has one significant associate, being Casa Del Caffè Vergnano S.p.A. (‘Caffè Vergnano’),

a premium Italian coffee company in which the Group holds a 30% equity shareholding. The

corresponding investment is classified as an associate, as the Group has significant influence over

the investee. The Group has also entered into an exclusive distribution agreement for Caffè Vergnano’s

products in all its territories outside of Italy. The investment is accounted for using the equity method

and is further classified as a non-integral equity method investment, considering that the distribution

agreement is separate to the shareholding.

In 2023, accrued acquisition costs of €0.2 million in connection with the investment in Caffè Vergnano

were written-off.

Notes to the consolidated financial statements continued

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15. Interests in other entities continued

The information below reflects the amounts presented in the financial statements of Caffè Vergnano

under Italian law, amended to reflect adjustments made by the associate when using the equity

method, including fair value adjustments and not the Group’s share in those amounts.

	2024	2023
Caffè Vergnano	€ million	€ million
Summarised balance sheet:
Non-current assets	123.0	123.4
Cash and cash equivalents	0.8	0.7
Other current assets	75.8	52.0
Total current assets	76.6	52.7
Borrowings	(33.3)	(15.6)
Other current liabilities (including trade payables)	(40.0)	(33.4)
Total current liabilities	(73.3)	(49.0)
Borrowings	(2.1)	(3.0)
Other non-current liabilities	(25.4)	(26.7)
Total non-current liabilities	(27.5)	(29.7)
Net assets	98.8	97.4
Summarised statement of comprehensive income:
Revenue	123.5	109.7
Depreciation	(8.8)	(8.0)
Profit/(loss) before tax	0.4	(2.0)
Income tax	(0.1)	0.8
Profit/(loss) after tax	0.3	(1.2)
Total comprehensive income/(loss)	0.3	(1.2)
Reconciliation of net assets to carrying amount:
Closing net assets	98.8	97.4
Interest in associate at 30%	29.6	29.2
Acquisition costs	0.9	0.9
Goodwill	56.5	56.5
Carrying value	87.0	86.6

Summarised financial information of the Group’s investment in other associates is as follows:

	2024	2023
	€ million	€ million
Carrying amount	19.2	23.6
Share of profit	2.9	5.3
Share of other comprehensive loss	(4.6)	(12.0)
Share of total comprehensive loss	(1.7)	(6.7)

We disclosed in the 2023 Integrated Annual Report that Frigoglass Industries (Nigeria) Limited, an

associate in which the Group holds an effective interest of 23.9% (2023: 23.9%) through its subsidiary

Nigerian Bottling Company Ltd, is a guarantor for the senior secured notes issued in 2023 by the

restructured Frigoglass Group. The Group has no direct exposure arising from this guarantee

arrangement, however the Group’s investment in this associate, which stood at €11.6 million as at 31

December 2024 (2023: €14.0 million), would be at potential risk if there was a default under the terms of

the senior secured notes and the restructured Frigoglass Group (including the guarantor) was unable to

meet its obligations thereunder.

c) Joint operations

Other joint operations of the Group with The Coca-Cola Company comprise mainly a 50% interest

in each of the water businesses listed below, which are engaged in the production and distribution of

water in the respective countries.

Country	Joint operation
Austria	Römerquelle
Italy	Fonti del Vulture
Romania	Dorna
Baltics	Neptūno vandenys
Poland	Multivita
Switzerland	Valser
Serbia	Vlasinka

In addition, the Group has entered into a joint operation arrangement with HEINEKEN Romania S.A.,

whereby it holds a 50% interest in Stockday S.R.L., an online business-to-business platform and

distributor in Romania.

Notes to the consolidated financial statements continued

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16. Leases

Accounting policy

Leases for which the Group is in a lessee position are recognised as a right-of-use asset and a

corresponding lease liability at the date at which the leased asset is available for use by the Group.

Assets and liabilities arising from a lease are initially measured on a net-present-value basis and

are recognised as part of ‘Property, plant and equipment’, ‘Current borrowings’ and ‘Non-current

borrowings’ in the consolidated balance sheet, respectively.

Lease contracts may contain both lease and non-lease components. The Group allocates the

consideration in the contract to the lease and non-lease component respectively. Consideration

relevant to the non-lease component is recognised as an expense in the consolidated income

statement over the period of the lease.

Lease liabilities include the net present value of the following lease payments:

a) fixed payments (including in-substance fixed payments) over the lease term, less any lease

incentives receivable;

b) variable lease payments that are based on an index or a rate;

c) amounts expected to be payable by the lessee under residual value guarantees;

d) the exercise price of a purchase option if the Group is reasonably certain it will exercise that

option; and

e) payments of penalties for terminating the lease, if the lease term reflects the Group exercising

that option.

When adjustments to lease payments based on an index or rate take effect, the lease liability

is reassessed and adjusted against the right-of-use asset.

Variable lease payments that do not depend on an index or a rate are recognised as an expense

in the period in which the event or condition that triggers the payment occurs.

The lease payments are discounted using the interest rate implicit in the lease (if that rate can

be determined), or the incremental borrowing rate of the lease, being the rate that the individual

lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar

economic environment with similar terms, security and conditions. In determining the incremental

borrowing rate to be used, the Group applies judgement to establish the suitable reference rate

and credit spread.

Each lease payment is allocated between the liability (principal) and finance cost. The interest

expense is charged to the consolidated income statement as part of ‘Finance costs’ over the lease

period so as to produce a constant periodic rate of interest on the remaining balance of the liability

for each period.

Right-of-use assets are measured at cost comprising the following:

a) the amount of the initial measurement of lease liability;

b) any lease payments made at or before the commencement date less any lease

incentives received;

c) any initial direct costs; and

d) any restoration costs.

The right-of-use assets are depreciated over the shorter of the assets’ useful life and the lease term

on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-

use asset is depreciated over the underlying asset’s useful life.

The Group utilises a number of practical expedients permitted by the standard, namely:

1) applying the recognition exemption to short-term leases (i.e. leases with a term of 12 months

or less) that do not contain a purchase option; and

2) applying the recognition exemption to leases of underlying assets with a low value, which mainly

comprise IT equipment.

Payments associated with short-term leases and leases of low-value assets are recognised on a

straight-line basis as an expense in the consolidated income statement.

In determining the lease term, management considers all facts and circumstances that create an

economic incentive to exercise an extension option, or not exercise a termination option. Extension

options (or periods after termination options) are only included in the lease term if the lease is

reasonably certain to be extended (or not terminated). The assessment is revised if a significant

event or a significant change in circumstances occurs which affects this assessment and which is

within the control of the lessee.

Lease payments are presented as follows in the consolidated cash flow statement:

• short-term lease payments, payments for leases of low-value assets and variable lease payments

that are not included in the measurement of the lease liabilities are presented within cash flows

from operating activities;

• payments for the interest element of recognised lease liabilities are included in ‘Interest paid’

within cash flows from financing activities; and

• payments for the principal element of recognised lease liabilities are presented within cash flows

from financing activities.

Notes to the consolidated financial statements continued

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16. Leases continued

Leasing activities

The leases which are recorded on the consolidated balance sheet are principally in respect of buildings

and vehicles. Lease terms are negotiated on an individual basis and contain a wide range of different

terms and conditions.

Extension and termination options are included in a number of leases across the Group. These are used to

maximise operational flexibility in terms of managing the assets used in the Group’s operations. Extension

options considered reasonably certain to be exercised relate to land, and do not exceed six years. Most

termination options have not been considered reasonably certain to be exercised.

The Group’s carrying amount of lease liability is presented below as at 31 December:

	2024	2023
	€ million	€ million
Current lease liability	63.5	55.3
Non-current lease liability	190.5	154.8
Total lease liability (refer to Note 25)	254.0	210.1

For the carrying amount of right-of-use assets per class of underlying asset, refer to Note 14.

The Group’s additions to right-of-use assets for the years ended 31 December were as follows:

	2024	2023
	€ million	€ million
Land and buildings	86.6	36.0
Plant and equipment	59.3	50.7
Total additions	145.9	86.7

Right-of-use assets arising on business combinations in 2024 amounted to €nil (2023:€6.7 million) (refer

to Note 23).

The consolidated income statement includes the following amounts relating to depreciation and

impairment of right-of-use assets:

	2024	2023
	€ million	€ million
Land and buildings	23.1	22.5
Plant and equipment	38.4	36.6
Total depreciation and impairment charge	61.5	59.1

The following expenses have been included in cost of goods sold and operating expenses:

	2024	2023
	€ million	€ million
Expense relating to short-term leases	27.6	26.5
Expense relating to leases of low-value assets	7.2	5.3
Expense relating to variable lease payments	11.5	15.4

Interest expense on leases in 2024 was €15.7 million (2023: €16.1 million) and is recorded within ‘Finance

costs, net’ in the consolidated income statement (refer to Note 9).

The total cash outflow for leases in 2024 was €118.4 million (2023: €109.3 million).

Expenses relating to short-term leases in 2024 and 2023 comprise consideration for leases with a term

of 12 months or less used to cover seasonal business needs.

17. Inventories

Accounting policy

Inventories are stated at the lower of cost and net realisable value.

Cost for raw materials and consumables is determined on a weighted average basis. Cost for work

in progress and finished goods comprises the cost of direct materials and labour plus attributable

overhead costs. Cost of inventories includes all costs incurred to bring the product to its present

location and condition.

Net realisable value is the estimated selling price in the ordinary course of business, less the

estimated costs necessary to complete and sell the inventories.

Inventories consisted of the following as at 31 December:

	2024	2023
	€ million	€ million
Finished goods	420.6	367.8
Raw materials and work in progress	338.8	305.8
Consumables	104.5	99.7
Total inventories	863.9	773.3

The amount of inventories recognised as an expense during 2024 was €5,071.2 million (2023: €4,989.5

million). Write-downs of inventories to net realisable value recognised as an expense amounted to €35.9

million in 2024 (2023: €31.1 million), whereas provision reversed in the year amounted to €8.6 million

(2023: €3.8 million).

Notes to the consolidated financial statements continued

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18. Trade, other receivables and assets

Accounting policy

Trade receivables are amounts due from customers for goods sold or services performed in the

ordinary course of business. They are initially recognised at fair value and subsequently measured

at amortised cost using the effective interest rate method. The normal credit terms are between 7

and 90 days upon delivery.

The Group applies the IFRS 9 simplified approach for trade and other receivables and follows an

Expected Credit Losses (ECLs) approach for measuring the allowance of its trade receivables.

The expected loss rate is assessed on the basis of historical credit losses of 24 months before the

year end and adjusted to reflect current and forward-looking information. ECLs are based on the

difference between the contractual cash flows due in accordance with the contract and all the cash

flows that the Group expects to receive. The carrying amount of the receivable is reduced by the

loss allowance, which is recognised as part of operating expenses. If a trade receivable ultimately

becomes uncollectible, it is written off initially against any loss allowance made in respect of that

receivable with any excess recognised as part of operating expenses. Subsequent recoveries

of amounts previously written off or loss allowance no longer required are credited against

operating expenses.

The Group has entered into a contract that provides insurance coverage against defaulted

trade receivables. This contract meets the definition of a financial guarantee contract, which

is in substance part of the contract terms (that is, integral to the trade receivables) and is not

recognised separately. Therefore, the expected cash flows from the credit insurance are included

in the measurement of ECLs of trade receivables. The Group has also entered into a factoring

arrangement for certain of its trade receivables, whereby part of the relevant receivables is

transferred to a factor in exchange for cash. The terms of the factoring arrangement are such

that substantially all risks and rewards of the relevant receivables are transferred to the factor

and therefore the factored trade receivables’ part is derecognised in its entirety.

Loans are initially recognised at the fair value net of transaction costs incurred. After initial

recognition, all interest-bearing loans are subsequently measured at amortised cost. Amortised

cost is calculated using the effective interest rate method whereby any discount, premium

or transaction costs associated with a loan are amortised to the income statement over the

lending period.

Trade, other receivables and assets consisted of the following as at 31 December:

	Current assets		Non-current assets
	2024	2023	2024	2023
	€ million	€ million	€ million	€ million
Trade receivables	827.0	863.2	0.1	0.1
Receivables from related parties
(refer to Note 27)	38.7	53.2	–	–
Receivables from brand partners	77.8	52.7	–	–
Loans and advances to employees	5.1	4.1	–	–
Loans receivable	3.8	3.5	6.5	2.2
Other receivables	95.4	74.8	–	0.2
Total trade and other receivables	1,047.8	1,051.5	6.6	2.5
Prepayments	145.8	104.1	22.2	22.3
Pension plan assets (refer to Note 21)	–	–	50.9	48.6
Non-current income tax receivable	–	–	9.1	8.5
VAT and other taxes receivable	44.6	32.4	–	–
Total other assets	190.4	136.5	82.2	79.4
Total trade, other receivables and assets	1,238.2	1,188.0	88.8	81.9

Receivables from brand partners relate to receivables arising in the sale and distribution of premium

spirits and energy drinks.

Non-current trade receivables relate to renegotiated receivables, which are expected to be settled

within the new contractual due date.

For offsetting impact on trade receivables, refer to Note 22.

Notes to the consolidated financial statements continued

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18. Trade, other receivables and assets continued

Trade receivables

Trade receivables classified as current assets consisted of the following as at 31 December:

	2024	2023
	€ million	€ million
Trade receivables	904.5	942.4
Less: Loss allowance	(77.5)	(79.2)
Total trade receivables	827.0	863.2

The ageing analysis of trade receivables classified as current assets is as follows:

		2024			2023
		€ million			€ million
	Gross			Gross
	carrying	Loss	Trade	carrying	Loss	Trade
	amount	allowance	receivables	amount	allowance	receivables
Within due date	738.5	(3.4)	735.1	746.8	(3.5)	743.3
Past due – Up to three months	67.3	(3.0)	64.3	102.5	(1.8)	100.7
Past due – Three to six months	12.6	(1.9)	10.7	7.1	(1.2)	5.9
Past due – Six to nine months	6.2	(1.6)	4.6	4.0	(1.2)	2.8
Past due – More than nine months	79.9	(67.6)	12.3	82.0	(71.5)	10.5
Total trade receivables	904.5	(77.5)	827.0	942.4	(79.2)	863.2

The movement in the loss allowance during the year is as follows:

	2024	2023
	€ million	€ million
As at 1 January	(79.2)	(75.8)
Amounts written off during the year	2.1	3.9
Amounts recovered during the year	7.3	2.9
Increase in allowance recognised in income statement	(8.6)	(8.2)
Foreign currency translation	0.9	(2.0)
As at 31 December	(77.5)	(79.2)

Receivables from related parties

The related party receivables, net of the loss allowance, are as follows:

	2024	2023
	€ million	€ million
Within due date	36.8	47.9
Past due	1.9	5.4
Less: Loss allowance	–	(0.1)
Total related party receivables	38.7	53.2

The ageing analysis of these receivables is as follows:

	2024	2023
	€ million	€ million
Within due date	36.8	47.9
Past due – Up to three months	0.9	4.4
Past due – Three to six months	0.5	0.8
Past due – Six to nine months	0.2	–
Past due – More than nine months	0.3	0.1
Total	38.7	53.2

Net impairment

Net impairment loss on trade and other receivables recognised in the income statement is analysed as follows:

	2024	2023
	€ million	€ million
Trade receivables	3.5	4.2
Related party receivables	(0.1)	–
Other receivables and assets	4.4	7.3
Net impairment loss	7.8	11.5

Notes to the consolidated financial statements continued

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19. Assets classified as held for sale

Accounting policy

Non-current assets and disposal groups are classified as held for sale if it is considered highly

probable that their carrying amount will be principally recovered through a sale transaction rather

than through continuing use. This condition is regarded as met only when the sale is highly probable

and the asset (or disposal group) is available for immediate sale in its present condition. In order for

a sale to be considered highly probable, management must be committed to a plan to sell the asset,

an active programme to locate a buyer and complete the plan must have been initiated, and the sale

should be expected to be completed within one year from the date of classification.

In the event that the criteria for continued classification as held for sale are no longer met, the assets

are reclassified to property, plant and equipment and the depreciation charge is adjusted for the

depreciation that would have been recognised had the assets not been classified as held for sale.

Non-current assets and disposal groups classified as held for sale are measured at the lower of the

individual assets’ previous carrying amount and their fair value less costs to sell.

As at 31 December 2024, the Group’s assets classified as held for sale amounted to €0.3 million, comprising

the carrying amount of land and buildings in the Group’s Emerging segment (2023: €3.3 million, comprising

land and buildings of €1.8 million and €1.5 million in the Group’s Established and Emerging segments

respectively, that had been written down to fair value less costs to sell) (refer to Note 14). The fair value

of assets classified as held for sale was determined through the use of a sales comparison approach

and is a non-recurring fair value measurement within level 3 of the fair value hierarchy.

During 2024, assets classified as held for sale in 2023 of €1.8 million were reclassified to property, plant

and equipment (refer to Note 14), as sale was no longer considered highly probable, while remaining

assets of €1.5 million were accordingly sold.

20. Trade and other payables

Accounting policy

Trade payables are recognised initially at fair value and subsequently measured at amortised cost

using the effective interest rate method.

The Group facilitates a supply chain financing programme under which the supplier can elect on

an invoice-by-invoice basis to either receive a discounted early payment from the partner bank, or

continue to be paid in line with the agreed payment terms; in either case, the value and due date of

the liability payable by the Group remain unchanged and, as such, the liability remains classified as

trade and other payables.

The normal payment terms are between 30 and 120 days, including those trade payables that are

subject to the Group’s supply chain finance programme.

Trade and other payables consisted of the following as at 31 December:

	2024	2023
	€ million	€ million
Trade payables	1,136.1	1,097.4
Accrued liabilities	811.6	719.4
Payables to related parties (refer to Note 27)	293.9	289.5
Deposit liabilities	130.8	90.6
Other tax and social security liabilities	191.9	173.3
Salaries and employee-related payables	76.0	69.1
Contract liabilities (refer to Note 7)	12.0	15.0
Other payables	18.1	24.8
Total trade and other payables	2,670.4	2,479.1

As at 31 December 2024, the carrying amounts of trade payables included in the supply chain finance

programme were as follows:

	2024
	€ million
Trade payables subject to the supply chain finance programme for which suppliers have received payment	133.9
Trade payables subject to the supply chain finance programme for which suppliers have not received payment	28.3
Trade payables subject to supply chain finance programme	162.2

Notes to the consolidated financial statements continued

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20. Trade and other payables continued

The carrying amounts of liabilities under the supply chain finance programme are considered to be

reasonable approximations of their fair values, due to their short-term nature.

Accrued liabilities regarding volume, marketing and promotional incentives as well as listing fees and

other incentives provided to customers as at 31 December 2024 amounted to €419.7 million

(2023: €351.2 million).

21. Provisions and employee benefits

Provisions and employee benefits consisted of the following as at 31 December:

	2024	2023
	€ million	€ million
Current:
Employee benefits	145.9	145.8
Restructuring provisions	1.7	3.2
Other provisions	43.5	50.1
Total current provisions and employee benefits	191.1	199.1
Non-current:
Employee benefits	103.7	105.8
Restructuring provisions	0.9	1.9
Other provisions	2.5	1.4
Total non-current provisions and employee benefits	107.1	109.1
Total provisions and employee benefits	298.2	308.2

a) Provisions

Accounting policy

Provisions are recognised when: the Group has a present obligation (legal or constructive) as a

result of a past event; it is probable that an outflow of resources embodying economic benefits

will be required to settle the obligation; and a reliable estimate can be made of the amount

of the obligation.

Where the Group expects a provision to be reimbursed, for example, under an insurance

contract, the reimbursement is recognised as a separate asset only when such reimbursement

is virtually certain.

If the effect of the time value of money is material, provisions are determined by discounting the

expected future cash flows at a pre-tax rate that reflects current market assessments of the time

value of money and the risks specific to the liability.

Termination benefits are payable whenever an employee’s employment is terminated before the

normal retirement date or whenever an employee accepts voluntary redundancy in exchange for

these benefits. The Group recognises termination benefits at the earlier of the following dates:

a) when the Group can no longer withdraw the offer of those benefits; and b) when the Group

recognises costs for a restructuring that is within the scope of IAS 37 ‘Provisions, contingent

liabilities and contingent assets’ and involves the payment of termination benefits (refer to Note 8).

In the case of an offer made to encourage voluntary redundancy, the termination benefits are

measured based on the number of employees expected to accept the offer .

The movements in restructuring and other provisions comprise:

	2024		2023
	€ million		€ million
	Restructuring	Other	Restructuring	Other
	provision	provisions	provision	provisions
As at 1 January	5.1	51.5	4.3	48.8
Arising during the year	4.0	32.9	7.6	31.5
Utilised during the year	(6.2)	(22.5)	(6.1)	(23.1)
Unused amount reversed	(0.3)	(10.7)	(0.7)	(1.7)
Foreign currency translation	–	(5.2)	–	(4.0)
As at 31 December	2.6	46.0	5.1	51.5

Other provisions primarily comprise provisions in relation to other tax and legal provisions, employee

litigation and donations.

Notes to the consolidated financial statements continued

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21. Provisions and employee benefits continued

b) Employee benefits

Accounting policy

The Group operates a number of defined benefit and defined contribution pension plans

in its territories.

The defined benefit plans are made up of both funded and unfunded pension plans and employee

leaving indemnities. The assets of funded plans are generally held in separate trustee-administered

funds and are financed by payments from employees and/or the relevant Group companies.

The liability recognised in the balance sheet in respect of defined benefit plans is the present value

of the defined benefit obligation at the balance sheet date less the fair value of the plan assets.

For defined benefit pension plans, pension costs are assessed using the projected unit credit

method. Actuarial gains and losses arising from experience adjustments and changes in actuarial

assumptions are charged or credited to equity in other comprehensive income in the period in

which they arise. Such actuarial gains and losses are not reclassified to the income statement in

subsequent periods. The defined benefit obligations are measured at the present value of the

estimated future cash outflows using interest rates of high-quality corporate bonds that are

denominated in the currency in which the benefits will be paid and that have terms approximating

to the terms of the related obligation. In countries where there is no deep market in such bonds,

the market rates on government bonds are used. Past service cost is recognised immediately in

the income statement. A number of the Group’s operations have other long-service benefits in the

form of jubilee plans. These plans are measured at the present value of the estimated future cash

outflows, with immediate recognition of actuarial gains and losses in the income statement.

The Group’s contributions to the defined contribution pension plans are charged to the income

statement in the period to which the contributions relate.

Critical accounting estimates

The Group provides defined benefit pension plans as an employee benefit in certain territories.

Determining the value of these plans requires several actuarial assumptions and estimates

that may differ from actual developments in the future. These include the determination of the

discount rates, rate of compensation increases, rate of pension increases and life expectancy of

pensioners at the age of 65. Due to the long-term nature of these plans, such estimates are subject

to significant uncertainty. Details on the key assumptions used and a sensitivity analysis regarding

the impact of reasonably possible changes in key assumptions on the defined benefit obligation are

further presented below.

Employee benefits consisted of the following as at 31 December:

	2024	2023
	€ million	€ million
Defined benefit plans:
Employee leaving indemnities	62.8	66.7
Pension plans	5.5	5.5
Long-service benefits (jubilee plans) and other benefits	12.1	12.9
Total defined benefit plans	80.4	85.1
Other employee benefits:
Annual leave	11.1	9.8
Other employee benefits	158.1	156.7
Total other employee benefits	169.2	166.5
Total employee benefits obligations	249.6	251.6

Other employee benefits primarily comprise employee bonuses which are linked to business and

individual performance metrics.

Employees of Coca-Cola HBC’s subsidiaries in Austria, Bulgaria, Croatia, Greece, Italy, Montenegro,

Nigeria, Poland, Romania, Serbia and Slovenia are entitled to employee leaving indemnities, generally

based on each employee’s length of service, employment category and remuneration. These are

unfunded plans where the Company meets the payment obligation as it falls due.

Coca-Cola HBC’s subsidiaries in Austria, Northern Ireland, the Republic of Ireland and Switzerland sponsor

defined benefit pension plans. Of the three plans in the Republic of Ireland, two have plan assets, as do

the two plans in Northern Ireland and one out of the three plans in Switzerland. The Austrian plans do

not have plan assets and the Company meets the payment obligation as it falls due. The defined benefit

plans in Austria, the Republic of Ireland and Northern Ireland are closed to new members.

Coca-Cola HBC provides long-service benefits in the form of jubilee plans to its employees in Austria,

Croatia, Nigeria, Poland, Serbia, Slovenia and Switzerland.

Notes to the consolidated financial statements continued

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21. Provisions and employee benefits continued

Defined benefit obligation by segment is as follows for the years ended 31 December:

2024

2023

€68.5m Total €80.4million

€2.5m

€9.4m

Established Developing Emerging

€68.7m Total €85.1 million

€2.5m

€13.9m

The average duration of the defined benefit obligations is 14 years and the total employer contributions

expected to be paid in 2025 are €11.1 million.

The reconciliation of plan assets and plan liabilities for the years ended 31 December is as follows:

			Net surplus/
	Plan assets	Plan liabilities	(deficit)
	€ million	€ million	€ million
As at 1 January 2023	431.9	(398.5)	33.4
Current service cost	–	(9.8)	(9.8)
Past service cost	–	0.1	0.1
Administrative expenses	(0.3)	–	(0.3)
Curtailment/settlement	–	(1.1)	(1.1)
Interest income/(expense)	12.8	(13.3)	(0.5)
Actuarial losses	–	(0.6)	(0.6)
Total expense recognised in income statement	12.5	(24.7)	(12.2)
Losses from change in financial assumptions	–	(28.3)	(28.3)
Experience adjustments	–	(2.2)	(2.2)
Return on plan assets excluding interest income	5.3	–	5.3
Total remeasurements recognised
in other comprehensive income	5.3	(30.5)	(25.2)
Benefits paid	(22.0)	22.0	–
Employer’s contributions	14.4	–	14.4
Participants’ contributions	5.1	(5.1)	–
Foreign currency translation	14.9	0.3	15.2
As at 31 December 2023	462.1	(436.5)	25.6

			Net surplus/
	Plan assets	Plan liabilities	(deficit)
	€ million	€ million	€ million
As at 1 January 2024	462.1	(436.5)	25.6
Current service cost	–	(10.6)	(10.6)
Administrative expenses	(0.3)	–	(0.3)
Curtailment/settlement	–	0.5	0.5
Interest income/(expense)	11.1	(11.5)	(0.4)
Actuarial gains	–	0.8	0.8
Total expense recognised in income statement	10.8	(20.8)	(10.0)
Losses from change in demographic assumptions	–	(0.1)	(0.1)
Gains from change in financial assumptions	–	7.2	7.2
Experience adjustments	–	(1.8)	(1.8)
Return on plan assets excluding interest income	(7.4)	–	(7.4)
Total remeasurements recognised
in other comprehensive income	(7.4)	5.3	(2.1)
Benefits paid	(21.8)	21.8	–
Employer’s contributions	13.1	–	13.1
Participants’ contributions	5.2	(5.2)	–
Foreign currency translation	3.0	1.1	4.1
As at 31 December 2024	465.0	(434.3)	30.7

The effect of the asset ceiling on plan assets and net deficit for the years ended 31 December

is as follows:

	2024	2023
	€ million	€ million
Fair value of plan assets as at 31 December excluding asset ceiling	465.0	462.1
Opening unrecognised asset due to the asset ceiling	(62.1)	(66.0)
Change in asset ceiling recognised in other comprehensive income	3.1	8.8
Exchange rate gain	(0.1)	(3.3)
Interest on unrecognised asset recognised in income statement	(1.1)	(1.6)
Fair value of plan assets as at 31 December including asset ceiling	404.8	400.0

Notes to the consolidated financial statements continued

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21. Provisions and employee benefits continued

	2024	2023
	€ million	€ million
Present value of funded obligations	358.6	356.1
Fair value of plan assets	(465.0)	(462.1)
Defined benefit obligations of funded plans	(106.4)	(106.0)
Present value of unfunded obligations	75.7	80.4
Unrecognised asset due to asset ceiling	60.2	62.1
Defined benefit obligations	29.5	36.5
Plus: Amounts recognised within non-current assets (refer to Note 18)	50.9	48.6
Total defined benefit obligations	80.4	85.1

Funding levels are monitored in conjunction with the agreed contribution rate. The funding level of the

funded plans as at 31 December 2024 was 113% (2023: 112%).

Five of the plans have funded status surplus totalling €50.9 million as at 31 December 2024 (2023:

five plans, totalling €48.6 million) which is recognised as an asset on the basis that the Group has an

unconditional right to future economic benefits either via a refund or a reduction in future contributions.

Defined benefit plan expense is included in employee costs and presented in cost of goods sold and

operating expenses.

The assumptions (weighted average for the Group) used in computing the defined benefit obligation

comprised the following for the years ended 31 December:

	2024	2023
	%	%
Discount rate	2.5	2.8
Rate of compensation increase	2.2	2.5
Rate of pension increase	2.1	2.1
Life expectancy for pensioners at the age of 65 in years:
Male	22	22
Female	24	24

Asset liability matching: Plan assets allocated to growth assets are monitored regularly to ensure they

remain appropriate and in line with the Group’s long-term strategy to manage the plans. As the plans

mature, the level of investment risk will be reduced by investing more in assets such as bonds that

better match the liabilities.

Pension plan assets are invested in different asset classes in order to maintain a balance between

risk and return. Investments are well diversified to limit the financial effect of the failure of any

individual investment. Through its defined benefit plans, the Group is exposed to a number of risks,

as outlined below:

Asset volatility: The liabilities are calculated using a discount rate set with reference to corporate bond

yields; if assets underperform this yield, a deficit will be created. The Northern Ireland, Republic of

Ireland and Swiss plans hold a significant proportion of growth assets (equities), which are expected to

outperform corporate bonds in the long term, while being subject to volatility and risk in the short term.

Changes in bond yields: A decrease in corporate bond yields will increase the plan liabilities, although

this will be partially offset by an increase in the value of the plans’ bond holdings. Conversely, an increase

in corporate bond yields will decrease the plan liabilities, although this will be partially offset by a

decrease in the value of the plans’ bond holdings.

Inflation: The Northern Ireland, Republic of Ireland and Swiss plans’ benefit obligations are linked to

inflation, which is used as a basis to determine the rate of compensation increases. As a result, higher

inflation will lead to higher liabilities, although, in most cases, caps on the level of inflationary increases

are in place to protect against extreme inflation. The majority of the assets are either unaffected by or

only loosely correlated with inflation, meaning that an increase in inflation will also increase the deficit.

Life expectancy: The majority of the pension plans’ obligations are to provide benefits for the life of the

member, so increases in life expectancy will result in an increase in the liabilities.

The sensitivity analysis presented below is based on a change in assumption, while all other

assumptions remain constant.

				Impact on defined benefit obligation (%) as at
			31 December 2024	31 December 2023
	Change in	Increase in	Decrease in	Change in	Increase in	Decrease in
	assumption	assumption	assumption	assumption	assumption	assumption
Discount rate	1.00%	(12.6%)	15.6%	1.00%	(12.6%)	13.9%
Rate of compensation increase	1.00%	3.0%	(2.7%)	1.00%	4.0%	(3.7%)
Rate of pension increase	1.00%	4.7%	(4.8%)	1.00%	5.3%	(5.1%)
Life expectancy	1 year	2.4%	(2.4%)	1 year	2.2%	(2.3%)

Notes to the consolidated financial statements continued

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21. Provisions and employee benefits continued

Plan assets are invested as follows:

Equity securities – Eurozone	4%
Equity securities – Non-Eurozone	21%
Government bonds – Eurozone	18%
Government bonds – Non-Eurozone	17%
Corporate bonds – Non-Eurozone	22%
Real estate	12%
Cash	2%
Other	4%

Assets category 2024

(%)

Equity securities – Eurozone	4%
Equity securities – Non-Eurozone	20%
Government bonds – Eurozone	20%
Government bonds – Non-Eurozone	14%
Corporate bonds – Eurozone	6%
Corporate bonds – Non-Eurozone	17%
Real estate	12%
Cash	1%
Other	6%

Assets category 2023 (%)

The assets of funded plans are generally held in separately administered trusts, either as specific assets

or as a proportion of a general fund, or are insurance contracts. Plan assets held in trust are governed

by local regulations and practice in each country. The category ‘Other’ mainly includes investments in

funds holding a portfolio of assets. Plan assets relate predominantly to quoted financial instruments.

Equity securities were not invested in ordinary shares of the Company as at 31 December 2024

or 31 December 2023.

Defined contribution plans

The expense recognised in the income statement in 2024 for the defined contribution plans is

€42.5 million (2023: €41.2 million). This is included in employee costs and recorded in cost of goods

sold and operating expenses.

22. Offsetting financial assets and financial liabilities

Accounting policy

The Group offsets financial assets and financial liabilities to the net amount reported in the balance sheet

when it currently has a legally enforceable right to offset the recognised amounts and it intends to settle

on a net basis or to realise the asset and settle the liability simultaneously. The legally enforceable

right must not be contingent on future events and must be enforceable in the normal course of

business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.

The Group enters into derivative transactions under International Swaps and Derivatives Association

(ISDA) master netting agreements or other similar agreements. In general, under such agreements

the counterparties can elect to settle as one single net amount the aggregated amounts owed by each

counterparty on a single day with respect to all outstanding transactions of the same currency and the

same type of derivative. In the event of default or early termination, all outstanding transactions under

the agreement are terminated and subject to any set-off. These agreements do not meet all of the IAS

32 criteria for offsetting in the balance sheet as the Group does not have any current legally enforceable

right to offset amounts since the right can only be applied if elected by both counterparties.

The financial assets and financial liabilities presented below are subject to offsetting, enforceable

master netting or similar agreements. The column ‘Net amount’ shows the impact on the Group’s

balance sheet if all set-off rights were exercised.

Financial liabilities offset against trade receivables mainly relate to accrued customer rebates,

as the offsetting criteria for these are met.

Notes to the consolidated financial statements continued

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22. Offsetting financial assets and financial liabilities continued

a) Financial assets

As at 31 December 2024

				Related amounts
				not set off in the
				balance sheet
		Gross amounts of	Net amounts of
	Gross amounts	recognised financial	financial assets
	of recognised	liabilities set off in	presented in the	Financial
	financial assets	the balance sheet	balance sheet	instruments	Net amount
	€ million	€ million	€ million	€ million	€ million
Derivative financial assets	41.6	–	41.6	(4.6)	37.0
Trade receivables	903.2	(76.1)	827.1	–	827.1
Total	944.8	(76.1)	868.7	(4.6)	864.1

As at 31 December 2023

				Related amounts
				not set off in the
				balance sheet
		Gross amounts of	Net amounts of
	Gross amounts	recognised financial	financial assets
	of recognised	liabilities set off in	presented in the	Financial
	financial assets	the balance sheet	balance sheet	instruments	Net amount
	€ million	€ million	€ million	€ million	€ million
Derivative financial assets	101.5	–	101.5	(14.7)	86.8
Trade receivables	939.8	(76.5)	863.3	–	863.3
Total	1,041.3	(76.5)	964.8	(14.7)	950.1

b) Financial liabilities

As at 31 December 2024

				Related amounts
				not set off in the
				balance sheet
		Gross amounts of	Net amounts of
	Gross amounts	recognised financial	financial liabilities
	of recognised	assets set off in the	presented in the	Financial
	financial liabilities	balance sheet	balance sheet	instruments	Net amount
	€ million	€ million	€ million	€ million	€ million
Derivative financial liabilities	29.2	–	29.2	(4.6)	24.6
Trade payables	1,212.2	(76.1)	1,136.1	–	1,136.1
Total	1,241.4	(76.1)	1,165.3	(4.6)	1,160.7

As at 31 December 2023

				Related amounts
				not set off in the
				balance sheet
		Gross amounts of	Net amounts of
	Gross amounts	recognised financial	financial liabilities
	of recognised	assets set off in	presented in the	Financial
	financial liabilities	the balance sheet	balance sheet	instruments	Net amount
	€ million	€ million	€ million	€ million	€ million
Derivative financial liabilities	73.0	–	73.0	(14.7)	58.3
Trade payables	1,173.9	(76.5)	1,097.4	–	1,097.4
Total	1,246.9	(76.5)	1,170.4	(14.7)	1,155.7

23. Business combinations and purchases of shares held by non-controlling

interests

Accounting policy

The acquisition method of accounting is used to account for business combinations. The

consideration transferred is the fair value of any asset transferred, shares issued and liabilities

assumed. The consideration transferred includes the fair value of any asset or liability resulting

from a contingent consideration arrangement. Identifiable assets acquired and liabilities and

contingent liabilities assumed are measured initially at their fair values at the acquisition date. The

excess of the consideration transferred and the fair value of non-controlling interest over the net

assets acquired and liabilities assumed is recorded as goodwill. In a business combination achieved

without the transfer of consideration, the acquisition-date fair value of the previously held interest

in the acquiree is used in place of the acquisition-date fair value of the consideration transferred

to measure goodwill or a gain on a bargain purchase. Acquisition costs comprise costs incurred

to effect a business combination such as finder’s, advisory, legal, accounting, valuation and other

professional or consulting fees. Integration costs comprise direct incremental costs necessary for

the acquiree to operate within the Group. All acquisition and integration-related costs are expensed

as incurred.

For each business combination, the Group elects to measure the non-controlling interest in the

acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets.

If the business combination is achieved in stages, the acquisition date carrying value of the

previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any

gains or losses arising from such remeasurement are recognised in profit or loss, within operating

expenses in line ‘Acquisition and integration costs’. Any accumulated amounts regarding the Group’s

share of other comprehensive income of the previously held equity interest are reclassified to the

income statement, within operating expenses in line ‘Acquisition and integration costs’. The Group

has also elected to present gains on bargain purchase within operating expenses in line ‘Acquisition

and integration costs’.

Refer also to Note 2 for accounting policy regarding basis of consolidation.

Notes to the consolidated financial statements continued

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23. Business combinations and purchases of shares held by non-controlling

interests continued

Acquisition of Finlandia Vodka Oy

On 1 November 2023, the Group acquired 100% of the issued shares of Brown-Forman Finland Oy (‘BFF’),

established in Finland, owner of the Finlandia Vodka brand. BFF was later renamed to Finlandia Vodka Oy

(‘Finlandia’). The acquisition enhances the Group’s premium spirits business, while complementing its

existing adult sparkling beverages portfolio and better positions the Group to strengthen partnerships

with customers in strategically important channels such as hotels, restaurants and cafes (HoReCa).

The fair value of the consideration for the acquisition of Finlandia consisted of US Dollar 193.8

million (€183.9 million), which was paid as at 31 December 2023, and an additional payment, based on

Finlandia’s net financial position and working capital movement, of US Dollar 1.6 million (€1.5 million),

which was finally agreed with the seller, according to the terms of the sale and purchase agreement,

late in the first quarter of 2024 and paid in April 2024.

Details of the acquisition with regard to the finally determined fair values of the net assets acquired and

goodwill are presented in the table below. The net assets acquired reflect the final total consideration of

US Dollar 195.4 million (€185.4 million).

	Fair value
	€ million
Trademarks	198.2
Property, plant and equipment 1	6.7
Inventories	4.9
Trade, other receivables and assets	9.1
Cash and cash equivalents	3.5
Borrowings 1	(6.5)
Trade and other payables	(9.7)
Net deferred tax liability	(28.2)
Net identifiable assets acquired	178.0
Add: Goodwill arising on acquisition	7.4
Net assets acquired	185.4

1. Property, plant and equipment and borrowings acquired relate to right-of-use assets (refer to Note 16) and lease liability

(refer to Note 25), respectively.

The finalisation of the additional consideration is a measurement period adjustment under IFRS 3

‘Business combinations‘, which resulted in an increase of ‘Trademarks‘, ‘Net deferred tax liability‘ and

‘Trade and other payables‘ by €1.2 million, €0.2 million and €1.0 million respectively, compared to

the provisionally determined fair values of the net assets acquired and the additional consideration

payable disclosed in the 2023 Integrated Annual Report. Accordingly, the comparative information

of the consolidated balance sheet was revised to reflect the effect from finalisation of the additional

consideration for the acquisition of Finlandia, as described above (refer to Note 2).

The goodwill arising from the acquisition is attributable to the brand’s growth potential across the

Group’s markets.

Acquisition costs of €5.6 million were included in line ‘Operating expenses’ of the consolidated income

statement in 2023, as a result of the above acquisition.

Acquisition of BDS Vending Solutions

During the first half of 2024, the Group reached an agreement to acquire 100% of BDS Vending Solutions

Ltd (‘BDS’), a well-established food and drink vending services business in Ireland. The acquisition was

approved by the Competition and Consumer Protection Commission in Ireland on 12 February 2025 and

completed on 28 February 2025.

The consideration for the acquisition of BDS consists of €27.9 million, of which €26.4 million was paid

on completion, while the remaining €1.5 million (‘Holdback amount’) is expected to be paid within 30

months after the completion date, and a consideration adjustment that is subject to BDS’s net debt

and working capital balances on the completion date. The consideration adjustment will be determined

according to the terms of the share purchase agreement and is expected to be settled within the

second quarter of 2025.

Acquisition costs incurred during 2024 in connection with the acquisition of BDS amounted to €1.9 million

(2023: €0.7 million) and were included in line ‘Operating expenses‘ of the consolidated income statement.

Purchases of shares held by non-controlling interests

During 2024, the Group acquired a further 0.1% interest in Coca-Cola HBC Egypt for a consideration

of €0.1 million (2023: a 3.1% interest, for a consideration of €12.6 million), which was presented in

line ‘Payments for purchases of shares held by non-controlling interests’ of the consolidated cash

flow statement. In addition, during 2024, following capitalisation of certain inter-company loans by

Coca-Cola HBC Egypt as well as the successful completion of an equity injection in the subsidiary,

which was covered in its entirety by the Group, the relevant non-controlling interest was diluted by

approximately 2.0%. Following these changes, the Group held a 99.9% interest in Coca-Cola HBC Egypt

as at 31 December 2024.

During 2024, the Group also acquired the remaining 0.6% interest in CCHBC Bulgaria EAD for a

consideration of €2.8 million (2023: €nil), which was presented in line ‘Payments for purchases of shares

held by non-controlling interests’ of the consolidated cash flow statement.

Notes to the consolidated financial statements continued

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24. Financial risk management and financial instruments

Accounting policy

Financial assets

On initial recognition, financial assets are recorded at fair value plus, in the case of financial

assets not at fair value through profit or loss (FVTPL), any directly attributable transaction costs.

Transaction costs of financial assets at FVTPL are expensed.

Financial assets are classified into three categories:

a) Financial assets at amortised cost (debt instruments)

The classification of debt instruments at amortised cost depends on two criteria: a) the Group’s

business model for managing assets; and b) whether the instruments’ contractual cash flows

represent solely payments for principal and interest on the principal amount outstanding (the ‘SPPI

criterion’). If both criteria are met, the financial assets of the Group are subsequently measured at

amortised cost whereby any interest income is recognised using the effective interest method.

This category includes trade receivables, treasury bills and time deposits. The accounting policy

for trade receivables is described in Note 18.

b) Financial assets through other comprehensive income (FVOCI)

The Group also has investments in financial assets at FVOCI. These include equity investments that are

not of a trading nature. The Group intends to hold these equity instruments for the foreseeable future

and has irrevocably elected to classify them as FVOCI upon initial recognition. Upon derecognition of

these financial assets, there is no recycling of gains or losses to the income statement.

c) Financial assets through profit or loss (FVTPL)

The Group also has investments in financial assets at FVTPL which are subsequently measured at

fair value and where changes in fair value are recognised in the income statement. Financial assets

at FVTPL mainly comprise money market funds.

For those financial assets that are not subsequently measured at fair value, the Group assesses

whether there is evidence of impairment at each balance sheet date.

Derivative financial instruments

The Group uses derivative financial instruments, including currency, commodity and interest

rate derivatives, to manage currency, commodity price and interest rate risk associated with

its business activities. The Group does not enter into derivative financial instruments for

trading activity purposes.

All derivative financial instruments are initially recognised on the balance sheet at fair value and

are subsequently remeasured at their fair value. Changes in the fair value of derivative financial

instruments are recognised at each reporting date either in the income statement or in equity,

depending on whether the derivative financial instrument qualifies for hedge accounting as a fair

value hedge or cash flow hedge.

Embedded derivatives in financial host contracts are recorded at fair value through profit or loss

together with the host contracts.

All derivative financial instruments that are not part of an effective hedging relationship

(undesignated hedges) are classified as assets or liabilities at fair value through profit or loss.

At the inception of a hedge transaction, the Group documents the relationship between the

hedging instrument and the hedged item, as well as its risk management objective and strategy

for undertaking the hedge transaction. This process includes linking the derivative financial

instrument designated as a hedging instrument to the specific asset, liability, firm commitment or

forecast transaction. The Group has established a hedge ratio of 1:1 for the hedging relationships

as the underlying risk of the hedging instruments are identical to the hedged risks component.

The economic relationship between the hedged item and the hedging instrument is assessed

on an ongoing basis. Ineffectiveness may arise if the timing or the notional of the forecast

transaction changes or if the credit risk changes, impacting the fair value movements of the

hedging instruments.

Changes in the fair value of derivative financial instruments (both the intrinsic value and the aligned

time value) that are designated and effective as hedges of future cash flows are recognised directly

in other comprehensive income, while the ineffective portion is recognised immediately in the

income statement. Amounts accumulated in equity are recycled to the income statement as the

related hedged asset acquired or liability assumed affects the income statement.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated,

exercised or no longer qualifies for hedge accounting. At that time, any accumulated gain or loss

on the hedging instrument recognised in equity is retained in equity until the forecast transaction

occurs. If a hedged transaction is no longer expected to occur, the net accumulated gain or loss

recognised in equity is transferred to the income statement.

Notes to the consolidated financial statements continued

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24. Financial risk management and financial instruments continued

Derivatives embedded in non-financial host contracts are accounted for as separate derivatives

and recorded at fair value through profit or loss if:

• their economic characteristics and risks are not closely related to those of the host contracts;

• the host contracts are not designated as at fair value through profit or loss; and

• a separate instrument with the same terms as the embedded derivative meets the definition

of a derivative.

These embedded derivatives are measured at fair value with changes in fair value recognised in the

income statement. Reassessment only occurs if there is either a change in the terms of the contract

that significantly modifies the cash flows that would otherwise be required or a reclassification of a

financial asset out of the fair value through profit or loss category takes place.

Regular purchases and sales of investments are recognised on the trade date, which is the day

the Group commits to purchase or sell. The investments are recognised initially at fair value plus

transaction costs, except in the case of FVTPL. For investments traded in active markets, fair value

is determined by reference to stock exchange quoted bid prices. For other investments, fair value

is estimated by reference to the current market value of similar instruments or by reference to the

discounted cash flows of the underlying net assets or other valuation techniques.

Financial risk factors, objectives and policies

The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency risk,

commodity price risk and interest rate risk), credit risk, liquidity risk and capital risk. The Group’s overall

risk management programme focuses on the volatility of financial markets and seeks to minimise

potential adverse effects on the Group’s cash flows. The Group uses derivative financial instruments

to hedge certain risk exposures. Risk management is carried out by Group Treasury in a controlled

manner, consistent with the Board of Directors’ approved policies. Group Treasury identifies, evaluates

and hedges financial risks in close cooperation with the Group’s subsidiaries. The Board of Directors

has approved the treasury policy, which provides the control framework for all treasury and treasury-

related transactions.

Market risk

a) Foreign currency risk

The Group is exposed to the effect of foreign currency risk on future transactions, recognised monetary

assets and liabilities that are denominated in currencies other than the local entity’s functional currency,

as well as net investments in foreign operations. Foreign currency forward, option and futures contracts

are used to hedge a portion of the Group’s foreign currency risk. The majority of the foreign currency

forward, option and futures contracts have maturities of less than one year after the balance sheet date.

Management has set up a policy that requires Group companies to manage their foreign exchange

risk against their functional currency. To manage their foreign exchange risk arising from future

transactions and recognised monetary assets and liabilities, entities in the Group use foreign currency

forward, option and future contracts transacted by Group Treasury. Group Treasury’s risk management

policy is to hedge, on an average coverage ratio basis, between 25% and 80% of anticipated cash flows

for the next 12 months by using a layer strategy and 100% of balance sheet remeasurement risk in

each major foreign currency for which hedging is applicable. Each subsidiary designates contracts with

Group Treasury as fair value hedges or cash flow hedges, as appropriate. External foreign exchange

contracts are designated at Group level as hedges of foreign exchange risk on specific monetary

assets, monetary liabilities or future transactions on a gross basis.

The following tables present details of the Group’s sensitivity to reasonably possible increases

and decreases in the Euro and the US Dollar against the relevant foreign currencies. In determining

reasonably possible changes, the historical volatility over a 12-month period of the respective foreign

currencies in relation to the Euro and the US Dollar has been considered. The sensitivity analysis

determines the potential gains and losses in the income statement or equity arising from the Group’s

foreign exchange positions as a result of the corresponding percentage increases and decreases in the

Group’s main foreign currencies relative to the Euro and the US Dollar. The sensitivity analysis includes

outstanding foreign-currency denominated monetary items, external loans and loans between

operations within the Group where the denomination of the loan is in a currency other than the

functional currency of the local entity.

2024 exchange risk sensitivity to reasonably possible changes in the Euro against relevant

other currencies

			Euro strengthens		Euro weakens
		against local currency			against local currency
	% historical	Loss/(gain)		(Gain)/loss
	volatility over a	in income	Loss/(gain)	in income	(Gain)/loss
	12-month	statement	in equity	statement	in equity
	period	€ million	€ million	€ million	€ million
Egyptian Pound	48.4%	15.3	–	(44.0)	–
Nigerian Naira	53.9%	1.8	–	(7.3)	–
Russian Rouble	20.5%	(5.7)	–	8.7	–
UK Sterling	4.1%	0.3	0.1	(0.3)	(0.1)
Ukrainian Hryvnia	7.8%	0.9	–	(1.1)	–
Other	–	2.7	(7.7)	(2.9)	8.5
Total		15.3	(7.6)	(46.9)	8.4

Notes to the consolidated financial statements continued

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24. Financial risk management and financial instruments continued

2024 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant

other currencies

			US Dollar strengthens		US Dollar weakens
			against local currency	against local currency
	% historical	Loss/(gain)		(Gain)/loss
	volatility over a	in income	Loss/(gain)	in income	(Gain)/loss
	12-month	statement	in equity	statement	in equity
	period	€ million	€ million	€ million	€ million
Egyptian Pound	48.7%	16.7	–	(48.6)	–
Nigerian Naira	53.8%	13.1	–	(43.5)	–
Russian Rouble	20.7%	(12.5)	–	19.1	–
Ukrainian Hryvnia	4.9%	0.7	–	(0.7)	–
Other	–	0.1	–	(0.3)	–
Total		18.1	–	(74.0)	–

2023 exchange risk sensitivity to reasonably possible changes in the Euro against relevant

other currencies

			Euro strengthens		Euro weakens
		against local currency			against local currency
	% historical	Loss/(gain)		(Gain)/loss
	volatility over a	in income	Loss/(gain)	in income	(Gain)/loss
	12-month	statement	in equity	statement	in equity
	period	€ million	€ million	€ million	€ million
Egyptian Pound	13.0%	4.9	7.7	(6.3)	(10.0)
Nigerian Naira	35.7%	11.8	–	(26.0)	–
Russian Rouble	17.5%	(3.8)	–	5.4	–
UK Sterling	4.8%	(1.3)	(0.2)	1.5	0.2
Ukrainian Hryvnia	8.4%	2.5	–	(2.9)	–
Other	–	4.5	(6.0)	(4.1)	5.7
Total		18.6	1.5	(32.4)	(4.1)

2023 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant

other currencies

			US Dollar strengthens		US Dollar weakens
			against local currency	against local currency
	% historical	Loss/(gain)		(Gain)/loss
	volatility over a	in income	Loss/(gain)	in income	(Gain)/loss
	12-month	statement	in equity	statement	in equity
	period	€ million	€ million	€ million	€ million
Egyptian Pound	10.5%	7.2	1.8	(8.9)	(2.3)
Nigerian Naira	35.3%	7.7	33.5	(67.3)	(70.1)
Russian Rouble	15.3%	(8.2)	(0.6)	11.2	0.9
Ukrainian Hryvnia	3.4%	0.3	–	(0.3)	–
Other	–	(0.4)	–	0.4	–
Total		6.6	34.7	(64.9)	(71.5)

b) Commodity price risk

The Group is affected by the volatility of certain commodity prices (being mainly sugar, aluminium,

aluminium premium, plastic and gas oil) in relation to certain raw materials necessary for the production

of the Group’s products.

Due to the significantly increased volatility of commodity prices, the Group’s Board of Directors has

developed and enacted a risk management strategy regarding commodity price risk and its mitigation.

Although the Group continues to contract prices with suppliers in advance, to reduce its exposure

to the effect of short-term changes in the price of sugar, aluminium, aluminium premium, gas oil and

plastic, the Group hedges the market price of these commodities using commodity swap contracts

based on a rolling forecast for a period up to 36 months. Group Treasury’s risk management policy is

to hedge a minimum of 25% and a maximum of 80% of commodity exposure for the next 12 months,

with the exception of certain types of plastic for which lower compliance ratios apply.

The following table presents details of the Group’s income statement and equity sensitivity to

increases and decreases in sugar, aluminium, aluminium premium, plastic and gas oil prices. The table

does not show the sensitivity to the Group’s total underlying commodity exposure or the impact of

changes in volumes that may arise from an increase or decrease in the respective commodity prices.

The sensitivity analysis determines the potential effect on profit or loss and equity arising from the

Group’s commodity swap contract positions as a result of the reasonably possible increases or

decreases of the respective commodity price. In determining reasonably possible changes of the

respective commodity price, the historical volatility over a 12-month period per contract maturity

has been considered.

Notes to the consolidated financial statements continued

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24. Financial risk management and financial instruments continued

2024 commodity price risk sensitivity to reasonably possible changes in the commodity price

of relevant commodities

		Commodity price increases with		Commodity price decreases with
		all other variables held constant		all other variables held constant
	% historical
	volatility over a	(Gain)/loss		Loss/(gain)
	12-month period	in income	(Gain)/loss	in income	Loss/(gain)
	per contract	statement	in equity	statement	in equity
	maturity	€ million	€ million	€ million	€ million
Sugar	16.3%	–	(37.8)	–	37.8
Aluminium	22.1%	(1.0)	(24.9)	1.0	24.9
Aluminium premium	34.5%	–	(4.3)	–	4.3
Gas oil	27.8%	–	(5.0)	–	5.0
Plastic	12.2%	(3.4)	–	3.4	–
Total		(4.4)	(72.0)	4.4	72.0

2023 commodity price risk sensitivity to reasonably possible changes in the commodity price

of relevant commodities

		Commodity price increases with		Commodity price decreases with
		all other variables held constant		all other variables held constant
	% historical volatility	(Gain)/loss		Loss/(gain)
	over a 12-month	in income	(Gain)/loss	in income	Loss/(gain)
	period per contract	statement	in equity	statement	in equity
	maturity	€ million	€ million	€ million	€ million
Sugar	18.8%	(1.6)	(42.3)	1.6	42.3
Aluminium	21.4%	(1.7)	(29.3)	1.7	29.3
Aluminium premium	29.0%	(0.1)	(2.6)	0.1	2.6
Gas oil	36.1%	–	(5.8)	–	5.8
Plastic	17.0%	(2.2)	–	2.2	–
Total		(5.6)	(80.0)	5.6	80.0

c) Interest rate risk

The Group is subject to interest rate risk for its outstanding borrowings and interest rate swap

contracts. The sensitivity analysis in the following table has been determined based on exposure

to interest rates of both derivative and non-derivative instruments existing at the balance sheet date

and assuming constant foreign exchange rates. For floating rate liabilities, the analysis is prepared

assuming the amount of liability outstanding at the balance sheet date was outstanding for the whole

year. A 100 basis point increase or decrease for 2024 (2023: 100 basis point) represents management’s

assessment of a reasonably possible change in interest rates.

Interest rate risk sensitivity to reasonably possible changes in interest rates

	2024		2023
	Loss/(gain)		Loss/(gain) in
	in income	(Gain)/loss	income	(Gain)/loss
	statement	in equity	statement	in equity
	€ million	€ million	€ million	€ million
Increase by 100 basis points	3.9	–	0.1	(8.8)
Decrease by 100 basis points	(3.9)	–	(0.1)	1.8

The impact in the Group’s income statement in 2024 is attributable to the changes in the fair value

of the fixed-to-floating interest rate swaps entered in 2024 for a notional amount of €600 million and

designated as hedging instruments in a fair value hedge.

The impact in the Group’s equity in 2023 is attributable to the changes in the fair value of the swaptions

entered in 2023 for a notional amount of €525.0 million in relation to the Group’s Euro-denominated

forecast issuance of fixed rate debt in 2024 and formally designated as cash flow hedges. In February

2024 the swaption contracts were unwound and, at the same time, the new notes were issued.

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument

fails to meet its obligations under the contract or arrangement. The Group has limited concentration

of credit risk across trade and financial counterparties. Credit policies are in place and the exposure to

credit risk is monitored on an ongoing basis.

The Group’s maximum exposure to credit risk in the event that counterparties fail to meet their

obligations as at 31 December 2024 in relation to each class of recognised financial asset is the carrying

amount of those assets as indicated on the balance sheet.

Under the credit policies, before accepting any new credit customers, the Group investigates the

potential customer’s credit quality, using either external agencies and in some cases bank references

and/or historic experience, and defines credit limits for each customer. Customers that fail to meet

the Group’s benchmark credit quality may transact with the Group only on a prepayment or cash basis.

Customers are reviewed on an ongoing basis and credit limits are adjusted accordingly. The Group

also carries credit insurance on a portion of the accounts receivable balance. There is no significant

concentration of credit risk with regard to loans, trade and other receivables as the Group has a large

number of customers which are geographically dispersed.

The Group has policies that limit the amount of credit exposure to any single financial institution.

The Group only undertakes investment and derivative transactions with banks and financial institutions

that have a minimum credit rating of ‘BBB-’ from Standard & Poor’s and ‘Baa3’ from Moody’s, unless the

investment is in countries where the Sovereign Credit Rating is below the ‘BBB-/Baa3’. The Group also

uses Credit Default Swaps of a counterparty in order to measure in a timelier way the creditworthiness

of a counterparty and set up its counterparties in tiers in order to assign maximum exposure and tenor

per tier. If the Credit Default Swaps of a certain counterparty exceed 400 basis points, the Group will

stop trading derivatives with that counterparty and will try to cancel any deposits on a best-effort

basis. In addition, the Group regularly makes use of time deposits and money market funds to invest

excess cash balances and to diversify its counterparty risk. As at 31 December 2024, an amount of

€619.0 million (2023: €54.8 million) is invested in time deposits with tenor of more than three months

and €265.0 million (2023: €513.8 million) is invested in money market funds.

Notes to the consolidated financial statements continued

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Liquidity risk

The Group actively manages liquidity risk to ensure there are sufficient funds available for any short-term

and long-term commitments. Bank overdrafts and bank facilities, both committed and uncommitted,

are used to manage this risk.

The Group manages liquidity risk by maintaining adequate cash reserves and committed banking

facilities, access to the debt and equity capital markets, and by continuously monitoring forecast and

actual cash flows. In Note 25, the undrawn facilities that the Group has at its disposal to manage liquidity

risk are discussed under the headings ‘Commercial paper programme’ , ‘Committed credit facilities’

and ‘Uncommitted loan agreement’.

The Group has entered into a supply chain financing programme with a single counterparty. The

Group’s payment terms for the trade payables covered by the programme are identical to the payment

terms for other trade payables. The Group has no significant concentration of liquidity risk with the

counterparty, and the programme has been established to manage the Group’s working capital needs

(refer to Note 20).

As at 31 December 2024, the Group has a net debt of €1.5 billion (refer to Note 25), of which a €500

million Euro-denominated fixed rate bond matures in September 2025. In addition, the Group has an

undrawn revolving credit facility of €800 million available, €0.8 billion available out of the €1.0 billion

commercial paper facility, as well as an undrawn uncommitted loan agreement of €200 million.

The following tables detail the Group’s remaining contractual maturities for its financial liabilities.

The tables include both interest and principal undiscounted cash flows, assuming that interest rates

remain constant from 31 December 2024.

	Up to	One to	Two to	Over
	one year	two years	five years	five years	Total
	€ million	€ million	€ million	€ million	€ million
Borrowings	863.0	73.4	1,957.2	1,142.2	4,035.8
Derivative liabilities	19.3	9.4	0.5	–	29.2
Trade and other payables
(excluding other tax & social
security, contract liabilities
and deferred income)	2,466.5	0.5	1.2	3.2	2,471.4
Leases	75.4	62.3	105.5	56.1	299.3
As at 31 December 2024	3,424.2	145.6	2,064.4	1,201.5	6,835.7

	Up to	One to	Two to	Over
	one year	two years	five years	five years	Total
	€ million	€ million	€ million	€ million	€ million
Borrowings	923.2	546.0	775.3	1,132.4	3,376.9
Derivative liabilities	67.3	3.7	2.0	–	73.0
Trade and other payables
(excluding other tax
& social security and contract liabilities)	2,289.8	0.4	1.1	3.6	2,294.9
Leases	66.7	53.0	78.4	56.9	255.0
As at 31 December 2023	3,347.0	603.1	856.8	1,192.9	5,999.8

Capital risk

Accounting policy

The Group monitors its financial capacity and credit ratings by reference to a number of key financial

ratios including net debt to comparable adjusted EBITDA, which provides a framework within which

the Group’s capital base is managed. This ratio is calculated as net debt divided by comparable

adjusted EBITDA.

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 employee performance share costs, the net impairment of equity method investments

and items, if any, reported in line ‘Other non-cash items’ of the consolidated cash flow statement.

Comparable adjusted EBITDA refers to adjusted EBITDA excluding restructuring costs, exceptional

items related to the Russia-Ukraine conflict, acquisition, integration and divestment-related costs or

gains and the unrealised gains or losses resulting from the mark-to-market valuation of derivatives

and embedded derivatives related to commodity hedging.

Refer to Note 25 for definition of net debt.

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a

going concern and to maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Group may increase or decrease debt, issue or

buy back shares, adjust the amount of dividends paid to shareholders, or return capital to shareholders.

Notes to the consolidated financial statements continued

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The Group’s goal is to maintain a conservative financial profile. This is evidenced by the credit ratings

maintained with Standard & Poor’s and Moody’s, which were reaffirmed in 2024.

Rating agency	Publication date	Long-term debt	Outlook	Short-term debt
Standard & Poor’s	August 2024	BBB+	Stable	A2
Moody’s	May 2024	Baa1	Stable	P2

The Group’s medium- to long-term target is to maintain the net debt to comparable adjusted EBITDA

ratio within a 1.5 to 2.0 range.

The ratios as at 31 December were as follows:

	2024	2023
	€ million	€ million
Net debt (refer to Note 25)	1,524.5	1,595.3
Operating profit	1,185.4	953.6
Depreciation and impairment of property, plant and equipment, including right-of-use assets	395.7	399.9
Amortisation and impairment of intangible assets	1.1	113.9
Employee performance shares	15.6	20.4
Adjusted EBITDA	1,597.8	1,487.8
Other restructuring costs (primarily termination benefits)	3.3	7.6
Unrealised loss on commodity derivatives	1.1	4.6
Exceptional items related to Russia-Ukraine conflict	–	(0.2)
Acquisition costs	1.9	6.3
Comparable adjusted EBITDA	1,604.1	1,506.1
Net debt/comparable adjusted EBITDA ratio	0.95	1.06

The reconciliation of other restructuring costs to total restructuring costs for the years ended

31 December was as follows:

	2024	2023
	€ million	€ million
Total restructuring costs included in operating expenses (refer to Note 8)	3.3	9.0
Less: Impairment of property, plant and equipment presented
as part of restructuring costs	–	(1.4)
Other restructuring costs (primarily termination benefits)	3.3	7.6

Hedging activity

The carrying amount of the derivative financial instruments are included in lines ‘Other financial assets’

and ‘Other financial liabilities’ of the consolidated balance sheet.

a) Cash flow hedges

The impact of the hedging instruments on the consolidated balance sheet was:

	Notional amount	Carrying amount	Period of
As at 31 December 2024	€ million	€ million	maturity date
Contracts with positive fair values	239.4	16.0
Non-current	21.1	0.8
Commodity swap contracts	21.1	0.8	Jan26 – Nov 27
Current	218.3	15.2
Foreign currency forward contracts	101.0	0.8	Jan25 – Dec25
Commodity swap contracts	117.3	14.4	Jan25 – Dec25
Contracts with negative fair values	356.0	(19.1)
Non-current	118.6	(9.9)
Commodity swap contracts	118.6	(9.9)	Jan26 – Sep27
Current	237.4	(9.2)
Foreign currency forward contracts	118.3	(0.7)	Jan25 – Jun25
Commodity swap contracts	119.1	(8.5)	Jan25 – Dec25

Notes to the consolidated financial statements continued

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	Notional amount	Carrying amount	Period of
As at 31 December 2023	€ million	€ million	maturity date
Contracts with positive fair values	695.5	15.6
Non-current	79.0	4.0
Commodity swap contracts	79.0	4.0	Jan25 – Nov25
Current	616.5	11.6
Foreign currency forward contracts	15.0	0.2	Jan24 – Jun24
Interest rate contracts	525.0	1.9	Jun24
Commodity swap contracts	76.5	9.5	Jan24 – Dec24
Contracts with negative fair values	382.6	(23.2)
Non-current	80.3	(5.7)
Commodity swap contracts	80.3	(5.7)	Jan25 – Sep26
Current	302.3	(17.5)
Foreign currency forward contracts	136.8	(2.4)	Jan24 – Dec24
Commodity swap contracts	165.5	(15.1)	Jan24 – Dec24

The impact on the hedging reserve as a result of applying cash flow hedge accounting was:

	Spot	Cost of
	component	hedging reserve
	of foreign	of foreign	Commodity	Interest
	currency	currency	swap	rate swap
	contracts	contracts	contracts	contracts	Total
	€ million	€ million	€ million	€ million	€ million
Opening balance as at 1 January 2023	(1.7)	0.4	11.0	(14.1)	(4.4)
Net gain on cash flow hedges	(0.8)	–	14.1	6.4	19.7
Change in fair value of hedging
instruments recognised in OCI	(0.8)	–	14.5	(0.2)	13.5
Reclassified to income statement	–	–	(0.4)	6.6	6.2
Cost of hedging recognised in OCI	–	(3.9)	–	(3.2)	(7.1)
Reclassified to inventories	(1.2)	4.1	(33.7)	–	(30.8)
Closing balance as at 31 December 2023	(3.7)	0.6	(8.6)	(10.9)	(22.6)
Net gain on cash flow hedges	2.3	–	3.0	5.5	10.8
Change in fair value of hedging
instruments recognised in OCI	2.3	–	3.6	(0.8)	5.1
Reclassified to income statement	–	–	(0.6)	6.3	5.7
Cost of hedging recognised in OCI	–	(2.1)	–	(0.2)	(2.3)
Reclassified to inventories	(0.6)	2.6	2.0	–	4.0
Closing balance as at 31 December 2024	(2.0)	1.1	(3.6)	(5.6)	(10.1)

Notes to the consolidated financial statements continued

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The effect of the cash flow hedges in the consolidated income statement was:

	2024	2023
	(Gain)/loss	(Gain)/loss
	€ million	€ million
Net amount reclassified from other comprehensive income
to cost of goods sold	(0.6)	(0.4)
Net amount reclassified from other comprehensive income
to finance costs	6.3	6.6
Total	5.7	6.2

The ineffectiveness on the cash flow hedges for the year ended 31 December 2024 was €1.4 million

loss (2023: €2.6 million loss) recorded within cost of goods sold.

b) Fair value hedges

The impact of the hedging instruments on the consolidated balance sheet was:

	Notional amount	Carrying amount	Period of
As at 31 December 2024	€ million	€ million	maturity date
Contracts with positive fair values	600.0	24.0
Non-current	600.0	24.0
Interest rate swap contracts	600.0	24.0	Feb28

The ineffectiveness on the fair value hedges for the year ended 31 December 2024 was €0.5 million loss

recorded within interest expense.

c) Undesignated hedges

The fair values of derivative financial instruments as at 31 December which economically hedge

Group’s risks and for which hedge accounting has not been applied were:

	Notional amount	Carrying amount	Period of
As at 31 December 2024	€ million	€ million	maturity date
Contracts with positive fair values	178.1	1.6
Current	178.1	1.6
Foreign currency forward contracts	172.2	1.2	Jan25 – Nov25
Commodity swap contracts	5.9	0.4	Jan25 – Nov25
Contracts with negative fair values	326.7	(10.1)
Current	326.7	(10.1)
Embedded derivatives	18.9	(2.3)	Jan25 – Dec25
Foreign currency forward contracts	275.9	(2.3)	Jan25 – Nov25
Commodity swap contracts	31.9	(5.5)	Jan25 – Dec25

	Notional amount	Carrying amount	Period of
As at 31 December 2023	€ million	€ million	maturity date
Contracts with positive fair values	545.8	85.9
Current	545.8	85.9
Foreign currency future contracts	177.6	82.9	Jan24 – Jun 24
Foreign currency forward contracts	366.2	2.9	Jan24 – Dec24
Commodity swap contracts	2.0	0.1	Sep24 – Oct24
Contracts with negative fair values	468.3	(49.8)
Current	468.3	(49.8)
Embedded derivatives	21.4	(9.1)	Jan24 – Dec24
Foreign currency forward contracts	426.6	(39.3)	Jan24 – Dec24
Commodity swap contracts	20.3	(1.4)	Jan24 – Nov24

The effect of the undesignated hedges in the consolidated income statement was:

	2024	2023
	(Gain)/loss	Loss/(gain)
	€ million	€ million
Net amount recognised in cost of goods sold	(0.3)	6.9
Net amount recognised in operating expenses	(10.3)	(40.4)
Net amount recognised in finance cost	25.2	(30.5)
Total	14.6	(64.0)

Notes to the consolidated financial statements continued

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Financial instruments’ categories

Categories of financial instruments as at 31 December were as follows (in € million):

2024

							Analysis of total assets
			Derivatives	Equity
	Debt financial		designated	financial	Total
	assets at	Assets at	as hedging	assets at	current and
Assets	amortised cost	FVTPL	instruments	FVOCI	non-current	Current	Non-current
Investments including loans
to related parties	623.5	277.6	–	18.7	919.8	884.9	34.9
Derivative financial
instruments	–	1.6	40.0	–	41.6	16.8	24.8
Trade and other receivables	1,054.4	–	–	–	1,054.4	1,047.8	6.6
Cash and cash equivalents	1,548.1	–	–	–	1,548.1	1,548.1	–
Total	3,226.0	279.2	40.0	18.7	3,563.9	3,497.6	66.3

						Analysis of total assets
	Liabilities		Derivatives
	held at		designated	Total
	amortised	Liabilities at	as hedging	current and
Liabilities	cost	FVTPL	instruments	non-current	Current	Non-current
Trade and other payables
(excluding other tax & social security, contract liabilities and deferred income)	2,471.4	–	–	2,471.4	2,466.5	4.9
Borrowings	3,980.6	–	–	3,980.6	888.7	3,091.9
Derivative financial instruments	–	10.1	19.1	29.2	19.3	9.9
Total	6,452.0	10.1	19.1	6,481.2	3,374.5	3,106.7

2023

							Analysis of total assets
			Derivatives	Equity
	Debt financial		designated	financial	Total
	assets at	Assets at	as hedging	assets at	current and
Assets	amortised cost	FVTPL	instruments	FVOCI	non-current	Current	Non-current
Investments including loans
to related parties	60.1	519.7	–	9.9	589.7	570.4	19.3
Derivative financial
instruments	–	85.9	15.6	–	101.5	97.5	4.0
Trade and other receivables	1,054.0	–	–	–	1,054.0	1,051.5	2.5
Cash and cash equivalents	1,260.6	–	–	–	1,260.6	1,260.6	–
Total	2,374.7	605.6	15.6	9.9	3,005.8	2,980.0	25.8

						Analysis of total assets
	Liabilities		Derivatives
	held at		designated	Total
	amortised	Liabilities at	as hedging	current and
Liabilities	cost	FVTPL	instruments	non-current	Current	Non-current
Trade and other payables
(excluding other tax & social security, contract liabilities and deferred income)	2,294.9	–	–	2,294.9	2,289.8	5.1
Borrowings	3,424.5	–	–	3,424.5	948.1	2,476.4
Derivative financial instruments	–	49.8	23.2	73.0	67.3	5.7
Total	5,719.4	49.8	23.2	5,792.4	3,305.2	2,487.2

Notes to the consolidated financial statements continued

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Interest rate swap contracts

The Group entered into forward starting swap contracts of €500.0 million in 2014 to hedge the interest

rate risk related to its Euro-denominated forecast issuance of fixed rate debt in March 2016. In August

2015, the Group entered into additional forward starting swap contracts of €100.0 million. In March

2016, the forward starting swap contracts were settled and, at the same time, the note was issued.

The accumulated loss of €55.4 million recorded in other comprehensive income was amortised to

the income statement over the term of the note, which matured in November 2024.

The Group entered into swaption contracts of €350.0 million in 2018 and €1,050.0 million in 2019

to hedge the interest rate risk related to its Euro-denominated forecast issuance of fixed rate debt

in 2019 and formally designated them as cash flow hedges. In May and November 2019, the swaption

contracts were settled and, at the same time, the notes were issued. The accumulated loss of €9.6

million recorded in other comprehensive income is being amortised to the income statement over

the term of the relevant notes.

The Group entered into swaption contracts of €180.0 million in 2022 to hedge the interest rate risk

related to its Euro-denominated forecast issuance of fixed rate debt in 2022 and formally designated

them as cash flow hedges. In September 2022, the swaption contracts were settled and, at the same

time, the note was issued. The accumulated gain of €3.4 million recorded in other comprehensive

income is being amortised to the income statement over the term of the note.

The Group entered into swaption contracts of €525.0 million in 2023 to hedge the interest rate risk

related to its Euro-denominated forecast issuance of fixed rate debt in 2024 and formally designated

them as cash flow hedges. In February 2024, the swaption contracts were unwound and, at the same

time, the new note was issued. The unwound swaption contracts were settled in June and July 2024.

The accumulated loss of €2.9 million recorded in other comprehensive income is being amortised to

the income statement over the term of the new note.

In 2024, in anticipation of interest rates’ decrease, the Group entered into fixed-to-floating interest rate

swaps with a notional amount of €600.0 million in connection with the €600.0 million bond maturing in

February 2028 and included in line ‘Borrowings’ of total non-current liabilities in the consolidated balance

sheet (refer to Note 25), which were designated as fair value hedges. The valuation of the outstanding

interest rate swaps for the year ended 31 December 2024 was a financial asset of €24.0 million.

The Group entered into swaption contracts of €375.0 million in 2024 to hedge the interest rate risk

related to its Euro-denominated forecast issuance of fixed rate debt in 2024 and formally designated

them as cash flow hedges. In November 2024, the swaption contracts were unwound and, at the same

time, the new note was issued. The unwound swaption contracts were settled in December 2024. The

accumulated loss of €1.6 million recorded in other comprehensive income is being amortised to the

income statement over the term of the new note.

Embedded derivatives

During 2024 and 2023, the Group recognised embedded derivatives whose risks and economic

characteristics are not considered to be closely related to the commodity contract in which they were

embedded. The fair value of the embedded derivatives as at 31 December 2024 amounted to a financial

liability of €2.3 million (2023: €9.1 million).

Fair values of financial assets and liabilities

For financial instruments such as cash, deposits, debtors and creditors, investments, loans payable

to related parties, short-term borrowings (excluding the current portion of bonds and notes payable)

and other financial liabilities (other than bonds and notes payable), carrying values are a reasonable

approximation of their fair values. According to the fair value hierarchy, the financial instruments

measured at fair value are classified as follows:

Level 1

The fair value of FVOCI listed equity securities as well as FVTPL securities is based on quoted

market prices at the reported date. The fair value of bonds is based on quoted market prices

at the reported date.

Level 2

The fair value of foreign currency forward, option and futures contracts, commodity swap contracts,

bonds and notes payable, interest rate option and swap contracts, forward starting swap contracts

and embedded foreign currency derivatives is determined by using valuation techniques, which

maximise the use of observable market data and include discounting. The fair value of the foreign

currency forward, option and future contracts, commodity swap contracts, embedded foreign

currency derivatives and cross-currency swap contracts is calculated by reference to quoted forward

exchange and deposit rates, interest rates and forward rate curves of the underlying commodity at the

reported date for contracts with similar maturity dates. The fair value of interest rate option contracts

is calculated by reference to the Black-Scholes valuation model and implied volatilities. The fair value of

interest rate swap contracts is determined as the difference in the present value of the future interest

cash inflows and outflows based on observable yield curves.

Level 3

The fair value of FVOCI unlisted equity securities as well as convertible note agreements, certain

undesignated derivatives and foreign currency futures and forward contracts is determined through

the use of estimated discounted cash flows or other valuation techniques that use unobservable

inputs. These valuation techniques estimate the fair value of undesignated derivatives by using

settlement and forward prices received from counterparty banks and subscription-based publications

and the fair value of foreign currency futures and forward contracts by using adjusted quoted

prices. The Group also uses foreign currency futures (FMDQ) to mitigate the currency risk related to

Nigerian Naira. The valuation of these derivatives is based on the spot rates indicated by the Nigerian

Autonomous Foreign Exchange (NAFEX) index adjusted with the counterparty credit risk.

Transfers between levels of the fair value hierarchy are deemed to have occurred at the date of the

event or change in circumstances that caused the transfer.

Notes to the consolidated financial statements continued

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The following table provides the fair value hierarchy levels into which fair value measurements are

categorised for assets and liabilities measured at fair value as at 31 December 2024:

	Level 1	Level 2	Level 3	Total
	€ million	€ million	€ million	€ million
Financial assets at FVTPL
Foreign currency forward contracts	–	1.2	–	1.2
Commodity swap contracts	–	0.4	–	0.4
Money market funds	265.0	–	–	265.0
Convertible note agreements	–	–	12.6	12.6
Derivative financial assets used
for hedging
Cash flow hedges
Foreign currency forward contracts	–	0.8	–	0.8
Commodity swap contracts	–	15.2	–	15.2
Fair value hedges
Interest rate swap contracts	–	24.0	–	24.0
Assets at FVOCI
Equity securities	2.1	–	16.6	18.7
Total financial assets	267.1	41.6	29.2	337.9
Financial liabilities at FVTPL
Foreign currency forward contracts	–	(2.3)	–	(2.3)
Embedded derivatives	–	(2.3)	–	(2.3)
Commodity swap contracts	–	(0.1)	(5.4)	(5.5)
Derivative financial liabilities used
for hedging
Cash flow hedges
Foreign currency forward contracts	–	(0.7)	–	(0.7)
Commodity swap contracts	–	(18.4)	–	(18.4)
Total financial liabilities	–	(23.8)	(5.4)	(29.2)

There were no transfers between Level 1, Level 2 and Level 3 in the year.

The following table provides the fair value hierarchy levels into which fair value measurements are

categorised for assets and liabilities measured at fair value as at 31 December 2023:

	Level 1	Level 2	Level 3	Total
	€ million	€ million	€ million	€ million
Financial assets at FVTPL
Foreign currency forward contracts	–	2.9	–	2.9
Foreign currency futures contracts	–	–	82.9	82.9
Commodity swap contracts	–	0.1	–	0.1
Money market funds	513.8	–	–	513.8
Convertible note agreements	–	–	5.9	5.9
Derivative financial assets used
for hedging
Cash flow hedges
Foreign currency forward contracts	–	0.2	–	0.2
Interest rate swap contracts	–	1.9	–	1.9
Commodity swap contracts	–	13.5	–	13.5
Assets at FVOCI
Equity securities	1.1	–	8.8	9.9
Total financial assets	514.9	18.6	97.6	631.1
Financial liabilities at FVTPL
Foreign currency forward contracts	–	(4.3)	(35.0)	(39.3)
Embedded derivatives	–	(9.1)	–	(9.1)
Commodity swap contracts	–	(0.2)	(1.2)	(1.4)
Derivative financial liabilities used
for hedging
Cash flow hedges
Foreign currency forward contracts	–	(2.4)	–	(2.4)
Commodity swap contracts	–	(20.8)	–	(20.8)
Total financial liabilities	–	(36.8)	(36.2)	(73.0)

There were no transfers between Level 1, Level 2 and Level 3 in the year.

Notes to the consolidated financial statements continued

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The following table presents the changes in Level 3 items for the years ended 31 December 2023

and 2024:

		Foreign		Convertible
	Commodity	currency	Equity	note
	swap contracts	contracts	securities	agreements	Total
	€ million	€ million	€ million	€ million	€ million
Balance as at 1 January 2023	(3.8)	(2.3)	2.9	1.5	(1.7)
(Losses)/gains recognised in the income statement	(0.8)	106.1	–	–	105.3
Payments for/(proceeds from)
settlement of derivatives	4.4	(29.2)	–	–	(24.8)
Additions of financial assets at FVOCI	–	–	5.9	–	5.9
Capitalised interest	–	–	–	0.2	0.2
Additions of financial assets at FVTPL	–	–	–	4.2	4.2
Foreign currency translation	(1.0)	(26.7)	–	–	(27.7)
Balance as at 31 December 2023	(1.2)	47.9	8.8	5.9	61.4
(Losses)/gains recognised in the income statement	(3.6)	1.0	–	0.4	(2.2)
(Proceeds from)/payments for settlement of derivatives	(0.5)	(38.0)	–	–	(38.5)
Additions of financial assets at FVOCI	–	–	5.8	–	5.8
Capitalised interest	–	–	–	0.3	0.3
Additions of financial assets at FVTPL	–	–	–	8.0	8.0
Conversion of notes held as financial
assets at FVTPL	–	–	2.0	(2.0)	–
Foreign currency translation	(0.1)	(10.9)	–	–	(11.0)
Balance as at 31 December 2024	(5.4)	–	16.6	12.6	23.8

25. Net debt

Accounting policy

Borrowings are initially recognised at the fair value net of transaction costs incurred.

After initial recognition, all interest-bearing borrowings are subsequently measured at amortised

cost. Amortised cost is calculated using the effective interest rate method whereby any discount,

premium or transaction costs associated with a borrowing are amortised to the income statement

over the borrowing period.

Refer also to Note 16 for accounting policy on leases.

Cash and cash equivalents comprise cash balances and short-term, highly liquid investments

that are readily convertible to known amounts of cash and which are subject to insignificant risk of

change in value. Bank overdrafts are classified as short-term borrowings in the balance sheet and

for the purpose of the cash flow statement. Time deposits and treasury bills that do not meet the

definition of cash and cash equivalents are classified as short-term investments at amortised cost.

Money market funds are classified as short-term investments at fair value through profit or loss.

The Group has elected to report cash receipts and payments regarding investments at amortised

cost and fair value through profit or loss respectively, on a net basis in the consolidated cash flow

statement, considering that the relevant amounts are large, turnover is quick and maturities (where

applicable) are short. These investments are expected to be continually renewed, taking into

account market returns and cash generation of the Group.

Net debt is defined as current and non-current borrowings net of the fair value of fixed-to-floating

interest rate swaps, less cash and cash equivalents and other financial assets (time deposits,

treasury bills and money market funds) .

Net debt for the year ended 31 December comprised:

		2024	2023
		€ million	€ million
Current borrowings		888.7	948.1
Non-current borrowings		3,091.9	2,476.4
Interest rate swaps (fixed-to-floating)		(24.0)	–
Less: Cash and cash equivalents		(1,548.1)	(1,260.6)
•	Financial assets at amortised cost	(619.0)	(54.8)
•	Financial assets at fair value through profit or loss	(265.0)	(513.8)
Less: Other financial assets		(884.0)	(568.6)
Net debt		1,524.5	1,595.3

The financial assets at amortised cost relate to time deposits, while the financial assets at fair value

through profit or loss relate to money market funds. Line ‘Other financial assets’, within ‘Total current

assets’ of the consolidated balance sheet includes derivative financial instruments of €16.8 million (31

December 2023: €97.5 million) and loans receivable from related parties of €0.9 million (31 December

2023: €1.8 million).

Notes to the consolidated financial statements continued

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25. Net debt continued

a) Borrowings

The Group held the following borrowings as at 31 December:

	2024	2023
	€ million	€ million
Bonds, bills and unsecured notes	498.8	599.5
Commercial paper	215.0	211.0
Loans payable to related parties (refer to Note 27)	2.7	2.7
Other borrowings	108.7	79.6
	825.2	892.8
Obligations under leases falling due within one year	63.5	55.3
Total borrowings falling due within one year	888.7	948.1
Borrowings falling due within one to two years
Bonds, bills and unsecured notes	–	497.1
Borrowings falling due within two to five years
Bonds, bills and unsecured notes	1,806.8	697.8
Borrowings falling due in more than five years
Bonds, bills and unsecured notes	1,066.7	1,092.9
Other borrowings	27.9	33.8
	2,901.4	2,321.6
Obligations under leases falling due in more than one year	190.5	154.8
Total borrowings falling due after one year	3,091.9	2,476.4
Total borrowings	3,980.6	3,424.5

Reconciliation of liabilities to cash flows arising from financing activities:

		Borrowings		Leases
		Due in more		Due in more	Derivative
	Due within	than one	Due within	than one	(assets)/
	one year	year	one year	year	liabilities	Total
	€ million	€ million	€ million	€ million	€ million	€ million
Balance as at 1 January 2023	283.1	2,930.8	53.9	152.1	(3.3)	3,416.6
Cash flows
Proceeds from borrowings	136.4	–	–	–	–	136.4
Repayments of borrowings	(89.7)	–	–	–	–	(89.7)
Principal repayments of lease obligations	–	–	(59.1)	–	–	(59.1)
Interest paid	(61.3)	–	(14.9)	–	–	(76.2)
Proceeds from settlement of derivatives
regarding financing activities	–	–	–	–	4.6	4.6
Total cash flows	(14.6)	–	(74.0)	–	4.6	(84.0)
Leases increase	–	–	2.2	84.5	–	86.7
Arising from business combinations	–	–	0.5	6.0	–	6.5
Effect of changes in exchange rates	(20.5)	(26.7)	(7.0)	(17.1)	–	(71.3)
Other non-cash movements	644.8	(582.5)	79.7	(70.7)	(16.2)	55.1
Balance as at 31 December 2023	892.8	2,321.6	55.3	154.8	(14.9)	3,409.6
Cash flows
Proceeds from borrowings	160.3	1,104.9	–	–	–	1,265.2
Repayments of borrowings	(727.3)	(21.2)	–	–	–	(748.5)
Principal repayments of lease obligations	–	–	(60.8)	–	–	(60.8)
Interest paid	(85.5)	(0.5)	(14.4)	–	–	(100.4)
Payments for settlement of derivatives
and funded forward contracts regarding
financing activities	–	–	–	–	(42.0)	(42.0)
Total cash flows	(652.5)	1,083.2	(75.2)	–	(42.0)	313.5
Leases increase	–	–	2.5	143.4	–	145.9
Effect of changes in exchange rates	(24.9)	(9.7)	(3.3)	(8.8)	–	(46.7)
Other non-cash movements	609.8	(493.7)	84.2	(98.9)	32.9	134.3
Balance as at 31 December 2024	825.2	2,901.4	63.5	190.5	(24.0)	3,956.6

The ‘Other non-cash movements’ primarily include the transfer from long-term to short-term liabilities

and interest incurred.

Notes to the consolidated financial statements continued

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25. Net debt continued

Commercial paper programme

In October 2013 the Group established a €1.0 billion Euro-commercial paper programme (the ‘CP

programme’) which was last updated in May 2023, to further diversify its short-term funding sources.

The Euro-commercial paper notes may be issued either as non-interest-bearing notes sold at a

discount or as interest-bearing notes at a fixed or floating rate. All commercial paper issued under the

CP programme must be repaid within 7 to 364 days. The CP programme has been granted the Short

Term Euro Paper label (STEP) and commercial paper is issued through Coca-Cola HBC’s fully owned

subsidiary Coca-Cola HBC Finance B.V. and is fully, unconditionally and irrevocably guaranteed by Coca-

Cola HBC AG. The outstanding amount under the CP programme as at 31 December 2024 was €215

million (2023: €211.0 million).

Committed credit facilities

In April 2019, the Group updated its then-existing €500.0 million syndicated revolving credit facility,

which was set to expire in June 2021. The updated syndicated revolving credit facility has been

increased to €800.0 million and was extended to April 2024, with the option to be extended for up to

two more years until April 2026. In March 2020, the Company exercised its extension option and the

facility was extended to April 2025. In April 2021, the Company exercised its second option to further

extend the maturity of the syndicated loan facility to April 2026. This facility can be used for general

corporate purposes and carries a floating interest rate over EURIBOR. No amounts have been drawn

under the syndicated revolving credit facility since inception. The borrower in the syndicated revolving

credit facility is Coca-Cola HBC’s fully-owned subsidiary Coca-Cola HBC Finance B.V. and any amounts

drawn under the facility are fully, unconditionally and irrevocably guaranteed by Coca-Cola HBC AG.

In December 2019, the Group established a loan facility of US Dollar 85.0 million to finance the purchase

of production equipment by the Group’s subsidiary in Nigeria. The facility has been drawn down by

Nigerian Bottling Company (NBC) over the course of 2020 and 2021, maturing in 2027. The obligations

under this facility are guaranteed by Coca-Cola HBC AG. As at 31 December 2024, the outstanding

liability amounted to €36.1 million (2023: €45.4 million).

In July 2024, the Group established a loan facility of US Dollar 130.0 million with the European Bank

for Reconstruction and Development (EBRD) to finance the capital expenditure and working capital

requirements of the Group’s subsidiary in Egypt. The loan facility is guaranteed by Coca-Cola HBC

AG and ultimately matures in 2031. As at 31 December 2024, the outstanding liability amounted to

€4.8 million.

Uncommitted loan agreement

In August 2022, the Group established an uncommitted money market loan agreement of €250.0

million, which was subsequently reduced to €200.0 million in October 2022. The loan agreement can

be used for general corporate purposes. No amounts have been drawn under the money market loan

agreement since its inception. The borrower in the money market loan agreement is Coca-Cola HBC’s

fully-owned subsidiary Coca-Cola HBC Finance B.V.

Euro medium-term note programme

In June 2013, the Group established a new €3.0 billion Euro medium-term note programme (the ‘EMTN

programme’). The EMTN programme was increased to €5.0 billion in April 2019, and was last updated in

December 2023. Notes are issued under the EMTN programme through Coca-Cola HBC’s fully-owned

subsidiary Coca-Cola HBC Finance B.V. and are fully, unconditionally and irrevocably guaranteed by

Coca-Cola HBC AG.

In March 2016, Coca-Cola HBC Finance B.V. completed the issue of a €600 million Euro-denominated

fixed rate bond with a coupon rate of 1.875%, which matured in November 2024. The net proceeds of

this issue were used to partially repay €214.6 million of the 4.25%, €600 million seven-year fixed rate

notes due in November 2016, while the remaining €385.4 million was repaid in November 2016 upon

their maturity.

In May 2019, Coca-Cola HBC Finance B.V. completed the issue of a €700 million Euro-denominated

fixed rate bond maturing in May 2027 with a coupon rate of 1.000% and the issue of a €600 million Euro-

denominated fixed rate bond maturing in May 2031 with a coupon rate of 1.625%. The net proceeds

of this issue were used to partially repay €236.6 million of the 2.375%, €800 million seven-year fixed rate

bond due in June 2020, while the remaining €563.4 million was repaid in June 2020 upon its maturity.

In November 2019, Coca-Cola HBC Finance B.V. completed the issue of a €500 million Euro-

denominated fixed rate bond maturing in November 2029 with a coupon rate of 0.625%.

In September 2022, Coca-Cola HBC Finance B.V. completed the issue of a €500 million Euro-

denominated fixed rate Green bond maturing in September 2025 with a coupon rate of 2.75%.

In February 2024, Coca-Cola HBC Finance B.V. completed the issue of a €600 million Euro-

denominated fixed rate bond maturing in February 2028 with a coupon rate of 3.375%. The net

proceeds of the new issue were used to fully repay the €600 million eight-year fixed rate bond,

which matured in November 2024.

In September 2024, Coca-Cola HBC Finance B.V. completed a partial buyback of the 1.625%, €600

million 12-year fixed rate bond due in May 2031, amounting to €23.4 million. The buyback principal

amount was cancelled in November 2024.

In November 2024, Coca-Cola HBC Finance B.V. completed the issue of a €500 million Euro-

denominated fixed rate bond maturing in November 2032 with a coupon rate of 3.125%. The net

proceeds of the new issue will be used to fully repay the €500 million three-year fixed rate bond

maturing in September 2025.

As at 31 December 2024, a total of €3.4 billion in notes issued under the EMTN programme were

outstanding (2023: €2.9 billion).

Notes to the consolidated financial statements continued

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25. Net debt continued

Summary of notes outstanding as at 31 December

				Book value		Fair value
Notes			Fixed	2024	2023	2024	2023
€ million	Start date	Maturity date	coupon	€ million	€ million	€ million	€ million
€600	10 March 2016	11 November 2024	1.875%	–	599.5	–	590.3
€700	14 May 2019	14 May 2027	1.000%	698.5	697.8	673.1	656.9
€600	14 May 2019	14 May 2031	1.625%	574.0	596.9	531.2	540.7
€500	21 November 2019	21 November 2029	0.625%	496.7	496.0	449.7	433.7
€500	23 September 2022	23 September 2025	2.750%	498.8	497.1	500.1	495.8
€600	27 February 2024	27 February 2028	3.375%	611.6	–	610.5	–
€500	20 November 2024	20 November 2032	3.125%	492.7	–	496.6	–
Total				3,372.3	2,887.3	3,261.2	2,717.4

The weighted average effective interest rate of the Euro-denominated fixed rate bonds is 2.22% and

the weighted average maturity is 4.2 years. The fair values are within Level 1 of the value hierarchy.

As at 31 December 2024, the fair value adjustment to the carrying amount of the €600.0 million bond

maturing in February 2028 attributable to fixed-to-floating interest rate swaps amounted to €14.4

million gain (2023: €nil).

None of our debt facilities are subject to any financial covenants that would impact the Group’s liquidity

or access to capital.

Total borrowings as at 31 December were held in the following currencies:

	Current		Non-current
	2024	2023	2024	2023
	€ million	€ million	€ million	€ million
Euro	787.7	867.8	2,989.5	2,363.9
Egyptian Pound	63.5	41.0	13.2	17.5
US Dollar	15.9	17.0	39.5	47.4
Swiss Franc	5.8	4.4	18.6	17.8
Bulgarian Lev	3.2	2.6	8.0	4.3
Russian Rouble	3.2	2.9	6.4	7.4
Nigerian Naira	2.8	5.2	6.1	8.3
Polish Zloty	2.4	2.0	2.7	3.6
UK Sterling	1.5	2.8	2.0	1.7
Romanian Leu	0.9	1.0	1.6	1.8
Hungarian Forint	1.0	0.5	1.2	0.1
Belarusian Rouble	0.3	0.1	1.2	0.7
Ukrainian Hryvnia	–	0.1	0.6	0.6

	Current		Non-current
	2024	2023	2024	2023
	€ million	€ million	€ million	€ million
Czech Koruna	0.2	0.4	0.2	0.1
Bosnian Mark	0.1	0.1	0.1	–
Other	0.2	0.2	1.0	1.2
Total borrowings	888.7	948.1	3,091.9	2,476.4

The carrying amounts of interest-bearing borrowings held at fixed and floating interest rate as at

31 December 2024 were as follows:

	Fixed	Floating
	interest rate	interest rate	Total
	€ million	€ million	€ million
Euro	3,759.9	17.3	3,777.2
Egyptian Pound	76.7	–	76.7
US Dollar	55.4	–	55.4
Swiss Franc	24.4	–	24.4
Bulgarian Lev	11.2	–	11.2
Russian Rouble	9.6	–	9.6
Nigerian Naira	8.9	–	8.9
Polish Zloty	5.1	–	5.1
UK Sterling	2.8	0.7	3.5
Romanian Leu	2.5	–	2.5
Hungarian Forint	2.2	–	2.2
Belarusian Rouble	1.5	–	1.5
Ukrainian Hryvnia	0.6	–	0.6
Czech Koruna	0.4	–	0.4
Bosnian Mark	0.2	–	0.2
Other	1.2	–	1.2
Total interest-bearing borrowings	3,962.6	18.0	3,980.6

Notes to the consolidated financial statements continued

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25. Net debt continued

b) Cash and cash equivalents

Cash and cash equivalents as at 31 December comprised the following:

	2024	2023
	€ million	€ million
Cash at bank, in transit and in hand	689.5	441.6
Short-term deposits	858.6	819.0
Total cash and cash equivalents	1,548.1	1,260.6

Cash and cash equivalents were held in the following currencies:

	2024	2023
	€ million	€ million
Euro	655.0	671.0
Russian Rouble	340.4	196.3
US Dollar	248.7	80.8
Nigerian Naira	54.5	92.5
Polish Zloty	42.7	13.1
UK Sterling	38.8	21.4
Egyptian Pound	37.4	35.9
Ukrainian Hryvnia	23.0	48.5
Hungarian Forint	18.0	9.6
Serbian Dinar	16.4	16.9
Belarusian Rouble	14.8	9.2
Armenian Dram	13.8	19.2
Romanian Leu	12.5	13.6
Czech Koruna	9.9	6.8
Moldovan Leu	7.3	6.3
Bosnian Mark	7.3	3.2
Swiss Franc	6.3	15.4
Other	1.3	0.9
Total cash and cash equivalents	1,548.1	1,260.6

As at 31 December 2024, time deposits of €619.0 million (2023: €54.8 million), which did not meet the

definition of cash and cash equivalents, were recorded as other financial assets.

The amount of dividends payable to the Company by its operating subsidiaries is subject to, among

other restrictions, general limitations imposed by the corporate laws and exchange control restrictions

of the respective jurisdictions where those subsidiaries are organised and operate. Currently, as a result

of sanctions and other regulations, there are certain restrictions in Russia and Ukraine that affect the

Group’s ability to repatriate profits. However, these restrictions are not expected to have a material

impact on the Group’s liquidity. Also, the currency in certain countries in which we operate (in particular

Belarus, Egypt, Nigeria, Serbia and Ukraine) can only be converted or transferred for specific purposes

established by their governments, without necessarily affecting the repatriation of profits in all cases.

These restrictions do not have a material impact on the Group’s liquidity, as the amounts of cash and

cash equivalents held in such countries are generally retained for capital expenditure, working capital

and dividend distribution purposes. Intra-group dividends paid by certain of our subsidiaries are also

subject to withholding taxes.

Cash and cash equivalents held by the Group’s operations in Russia amounted to €490.7 million equivalent

in Russian Rouble, US Dollar and Euro as at 31 December 2024 (2023: €278.7 million).

26. Equity

Accounting policy

Share capital

Coca-Cola HBC has only one class of shares, ordinary shares. When new shares are issued, they are

recorded in share capital at their par value. The excess of the issue price over the par value is recorded

in the share premium reserve. Incremental external costs directly attributable to the issue of new

shares or to the process of returning capital to shareholders are recorded in equity as a deduction,

net of tax, in the share premium reserve.

Where the Group purchases the Company’s equity instruments, for example as the result of a share

buyback programme, the consideration paid, including any directly attributable incremental costs

(net of income taxes), is deducted from equity attributable to the owners of the parent as treasury

shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently

reissued, any consideration received, net of any directly attributable incremental transaction costs

and the related income tax effects, is included in equity attributable to the owners of the parent.

Dividends

Dividends are recorded in the Group’s consolidated financial statements, against the relevant equity

component, in the period in which they are approved by the Group’s shareholders.

Notes to the consolidated financial statements continued

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26. Equity continued

a) Share capital, share premium and Group reorganisation reserve

	Number of			Group
	shares	Share	Share	reorganisation
	(authorised	capital	premium	reserve
	and issued)	€ million	€ million	€ million
Balance as at 1 January 2023	372,086,095	2,024.3	2,837.4	(6,472.1)
Shares issued to employees exercising
stock options (refer to Note 28)	891,127	6.0	8.2	–
Dividends	–	–	(289.9)	–
Balance as at 31 December 2023	372,977,222	2,030.3	2,555.7	(6,472.1)
Shares issued to employees exercising
stock options	262,340	1.8	2.0	–
Dividends	–	–	(342.9)	–
Balance as at 31 December 2024	373,239,562	2,032.1	2,214.8	(6,472.1)

The Group reorganisation reserve relates to the impact from adjusting share capital, share premium

and treasury shares to reflect the respective statutory amounts of Coca-Cola HBC on 25 April 2013,

together with the transaction costs incurred by the latter, relating primarily to the redomiciliation of

the Group and its admission to listing in the London Stock Exchange, following successful completion

of the voluntary share exchange offer (refer to Note 1). These transactions were treated as a

reorganisation of an existing entity that has not changed the substance of the reporting entity.

In 2024, the share capital of Coca-Cola HBC increased by the issue of 262,340 (2023: 891,127) new

ordinary shares following the exercise of stock options pursuant to Coca-Cola HBC AG’s employees’

stock option plan. Total proceeds from the issuance of the shares under the stock option plan amounted

to €3.8 million (2023: €14.2 million). Additional proceeds of €2.8 million in 2024 (2023: €nil) related

to exercised stock options settled via treasury shares as described below and were reflected under

‘Other reserves’, more specifically the ‘Stock option, performance share and deferred management

incentive share reserve’ in the consolidated statement of changes in equity.

Following the above changes, on 31 December 2024, the share capital of the Group amounted

to €2,032.1 million and comprised 373,239,562 shares with a nominal value of CHF 6.70 each.

b) Dividends

On 17 May 2023, the shareholders of Coca-Cola HBC AG at the Annual General Meeting approved

a dividend distribution of €0.78 per share. The total dividend amounted to €289.9 million and was paid

on 19 June 2023. Of this, an amount of €2.7 million related to shares held by the Group.

The shareholders of Coca-Cola HBC AG approved a dividend distribution of €0.93 per share at the

Annual General Meeting held on 21 May 2024. The total dividend amounted to €342.9 million and was

paid on 24 June 2024. Of this, an amount of €3.2 million related to shares held by the Group.

The Board of Directors of Coca-Cola HBC AG has proposed a €1.03 dividend per share in respect

of 2024. If approved by the shareholders of Coca-Cola HBC AG, this dividend will be paid in 2025.

c) Treasury shares and reserves

The reserves of the Group as at 31 December were as follows:

	2024	2023
	€ million	€ million
Treasury shares	(298.5)	(144.1)
Exchange equalisation reserve	(1,922.1)	(1,708.9)
Other reserves
Hedging reserve, net	(7.9)	(20.7)
Tax-free reserve	0.5	163.8
Statutory reserves	30.8	27.3
Stock option, performance share and deferred management
incentive share reserve	68.0	78.2
Financial assets at fair value through other comprehensive income reserve, net	0.6	0.8
Other	23.1	22.7
Total other reserves	115.1	272.1
Total reserves	(2,105.5)	(1,580.9)

Treasury shares

Treasury shares held by the Group represent shares acquired following approval of share buyback

programmes, forfeited shares under the equity compensation plan operated by the Group, as well

as shares representing the initial ordinary shares of Coca-Cola HBC acquired from Kar-Tess Holding.

On 20 November 2023, the Group announced the launch of a share buyback programme of up to a maximum

of 18,000,000 ordinary shares to be purchased in a manner consistent with the Company’s general authority

to repurchase shares granted at its Annual General Meeting on 17 May 2023 and any such authority granted

at its following annual general meetings. The programme commenced on 21 November 2023 and is expected

to run for a period of around two years. At its Annual General Meeting on 21 May 2024, the Company’s general

authority to repurchase shares was renewed. During 2024, the Group purchased shares under the programme

for a total consideration of €183.0 million (2023: €42.6 million), which was reflected in line ‘Acquisition of treasury

shares’ of the consolidated cash flow statement and the consolidated statement of changes in equity.

An amount of €23.4 million in 2024 (2023: €29.7 million) relates to treasury shares provided to employees

in connection with vested performance share awards and deferred management incentive share awards

under the Group’s employee incentive scheme, which was reflected as an appropriation of reserves

from ‘Treasury shares’ to ‘Other reserves’, more specifically the ‘Stock option, performance share and

deferred management incentive share reserve’ in the consolidated statement of changes in equity.

An additional amount of €5.2 million in 2024 (2023: €nil) relates to treasury shares provided to employees

exercising stock options, which was reflected in line ‘Shares issued/granted to employees exercising stock

options’ of the consolidated statement of changes in equity

as a reclassification from ‘Treasury shares’

to ‘Other reserves’, more specifically the ‘Stock option, performance share and deferred management

incentive share reserve’.

As at 31 December 2024, 11,077,797 (2023: 6,068,537) treasury shares were held by the Group.

Notes to the consolidated financial statements continued

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26. Equity continued

Exchange equalisation reserve

The exchange equalisation reserve comprises all foreign exchange differences arising from the translation

of the financial statements of Group entities with functional currencies other than the Euro.

Other reserves

Hedging reserve

The hedging reserve reflects changes in the fair values of derivatives accounted for as cash flow

hedges, net of the deferred tax related to such balances.

Tax-free and statutory reserves

The tax-free reserve includes investment amounts exempt from tax according to incentive legislation,

other tax-free income or income taxed at source. Statutory reserves are particular to the various

countries in which the Group operates. The amount of statutory reserves of the parent entity, Coca-

Cola HBC AG, is €nil.

During 2024, an amount of €3.5 million was reclassified from retained earnings to statutory reserves

relating to the formation of additional reserves by the Group’s subsidiaries (2023: net amount of

€4.7 million).

An amount of €163.3 million was reclassified from ‘Other reserves’, more specifically the ‘Tax-

free reserve’ to ‘Retained earnings’ in the consolidated statement of changes in equity, reflecting

capitalisation of tax-free reserves.

Stock option, performance share and deferred management incentive share reserve

The stock option, performance share and deferred management incentive share reserve represents

the cumulative charge to the income statement for employee stock option, performance share

and deferred management incentive share awards less the vested performance share and deferred

management incentive share awards, as well as any proceeds from employees exercising stock options

which were settled using treasury shares.

Other

Other reserves are particular to the various countries in which the Group operates and include reserve

for shares held for the Group’s employee share purchase plan, which is an equity compensation plan

in which eligible employees may participate, as well as the Group’s share of changes in other reserves

of equity method investments.

d) Dilution of non-controlling interest

In 2024, following capitalisation of certain inter-company loans by the Group’s subsidiary in Egypt,

Coca-Cola HBC Egypt, as well as equity injection in the subsidiary covered in its entirety by the

Group, the relevant non-controlling interest was diluted by approximately 2.0%. This resulted

in a reclassification from ‘Non-controlling interests’ to ‘Retained earnings’ of €5.5 million in the

consolidated statement of changes in equity .

27. Related party transactions

a) The Coca-Cola Company

As at 31 December 2024, The Coca-Cola Company indirectly owned approximately 21% (2023: 21%) of

the issued share capital of Coca-Cola HBC. Coca-Cola HBC’s business relationship with The Coca-Cola

Company is mainly governed by the bottlers’ agreements with The Coca-Cola Company, which are

an important element of Coca-Cola HBC’s business. The Coca-Cola Company considers Coca-Cola

HBC to be a ‘key bottler’ and has entered into bottlers’ agreements with Coca-Cola HBC in respect

of the CCH territories where CCH Group produces, sells and distributes The Coca-Cola Company’s

trademarked beverages. All the bottlers’ agreements entered into by The Coca-Cola Company and

Coca-Cola HBC are Standard International Bottlers’ (SIB) agreements. The terms of the bottlers’

agreements grant Coca-Cola HBC the right to produce and the exclusive right to sell and distribute

the beverages of The Coca-Cola Company in each of the countries in which the Group operates.

Consequently, Coca-Cola HBC is obliged to purchase all concentrate for The Coca-Cola Company’s

beverages from The Coca-Cola Company, or its designee, in the ordinary course of business. All

bottlers’ agreements were renewed with effect from 1 January 2024, for an initial term of 10 years, with

the option for the CCH Group to request an extension (at the discretion of The Coca-Cola Company)

for another 10 years upon expiry of the initial term.

The Coca-Cola Company owns or has applied for the trademarks that identify its beverages in each of

the countries in which the Group operates. The Coca-Cola Company has authorised Coca-Cola HBC

and certain of its subsidiaries to use the trademark ‘Coca-Cola’ in their corporate names.

Accounting policy

Contributions from The Coca-Cola Company

The Coca-Cola Company participates at its discretion in shared marketing programmes with

the Group to promote the sale of The Coca-Cola Company products. Where such cooperative

arrangements are entered into, the Group receives contributions from The Coca-Cola Company

to offset the cost it has incurred for price support and marketing and promotional campaigns in

respect of specific customers, as well as general marketing programmes.

These contributions from The Coca-Cola Company are classified as other income and are accrued

and matched to the expenditure to which they relate, in line with the substance of the arrangement

with The Coca-Cola Company as described above. These contributions are presented as follows:

• to the extent that they relate to compensation for costs incurred by the Group for price support

and marketing and promotional campaigns in respect of specific customers, which have been

treated as a deduction from revenue from contracts with customers, they are presented as an

offset against such deductions from revenue and accordingly, included within net sales revenue

in the consolidated income statement; and

• to the extent that they relate to compensation for expenditure incurred by the Group in

connection with general marketing programmes, they are presented as an offset against

this expenditure and accordingly, included within operating expenses in the consolidated

income statement.

Notes to the consolidated financial statements continued

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27. Related party transactions continued

The below table summarises transactions with The Coca-Cola Company and its subsidiaries:

	2024	2023
	€ million	€ million
Purchases of concentrate, finished products and other items	1,912.5	1,861.4
Net contributions received for marketing and promotional incentives	155.8	125.1
Sales of finished goods and raw materials	5.2	4.7
Other income	6.7	4.1
Other expenses	3.4	3.6

Contributions received from The Coca-Cola Company for marketing and promotional incentives

during the year amounted to €155.8 million (2023: €125.1 million) which can be analysed as follows:

contributions made by The Coca-Cola Company to Coca-Cola HBC for price support and marketing

and promotional campaigns in respect of specific customers in 2024 totalled €85.9 million (2023: €59.3

million) and were recognised as an offset against the relevant incentives provided to those customers

within net sales revenue (refer to Note 7), while contributions made by The Coca-Cola Company to

Coca-Cola HBC for general marketing programmes in 2024 totalled €69.9 million (2023: €65.8 million)

and were recognised against the relevant cost incurred within operating expenses (refer to Note 8).

The Coca-Cola Company has also customarily made additional payments for marketing and advertising

directly to suppliers as part of the shared marketing arrangements. The proportion of direct and

indirect payments, made at The Coca-Cola Company’s discretion, will not necessarily be the same

from year to year.

As at 31 December 2024, the Group had a total amount due from The Coca-Cola Company of €30.5

million (2023: €42.8 million), and a total amount due to The Coca-Cola Company of €274.3 million (2023:

€273.4 million).

b) Frigoglass S.A. (‘Frigoglass’), Kar-Tess Holding and AG Leventis (Nigeria) Ltd

As at 31 December 2024, Truad Verwaltungs AG indirectly owned approximately 99% (2023: 99%)

of AG Leventis (Nigeria) Ltd and indirectly controlled Kar-Tess Holding, which held approximately 23%

(2023: 23%) of Coca-Cola HBC’s total issued capital.

As at 1 January 2023, Truad Verwaltungs AG also indirectly owned approximately 48% of Frigoglass.

In April 2023, Frigoglass restructured its debt, which resulted in changes to its ownership structure.

The restructured Frigoglass Group no longer meets the definition of related party as per IAS 24 ‘Related

party disclosures’ for Coca-Cola HBC AG.

During the four months ended 28 April 2023, the Group purchased coolers and other equipment,

as well as raw and other materials of €24.4 million, and incurred maintenance, rent and other expenses

of €10.0 million from Frigoglass and its subsidiaries.

During 2024, the Group incurred other expenses of €6.0 million (2023: €11.0 million) from AG Leventis

(Nigeria) Ltd. As at 31 December 2024, the Group owed €1.3 million (2023: €1.1 million) and had a lease

liability of €0.6 million (2023: €1.2 million) to AG Leventis (Nigeria) Ltd.

c) Other related parties

The below table summarises transactions with other related parties:

	2024	2023
	€ million	€ million
Purchases	45.2	47.3
Other expenses	19.8	15.5

During 2024, the Group incurred subsequent expenditure for fixed assets of €1.9 million (2023: €3.2

million) and purchased coolers and other equipment as well as inventories of €43.3 million (2023: €44.1

million) from other related parties. Furthermore, during 2024, the Group incurred other expenses of

€19.8 million (2023: €15.5 million) mainly related to maintenance services for cold drink equipment and

installations of coolers, fountains, vending and merchandising equipment from other related parties.

As at 31 December 2024, the Group had a total amount due to other related parties of €7.2 million

(2023: €9.1 million) and was owed €15.5 million including convertible loan receivable of €12.3 million

(2023: €6.7 million, including convertible loan receivable of €4.3 million) from other related parties.

During 2024, the Group received dividends of €2.2 million from non-integral associates (2023: €7.0

million), which were included in line ‘Receipts from non-integral equity method investments’ of the

consolidated cash flow statement.

Capital commitments to other related parties amounted to €2.5 million as at 31 December 2024

(2023: €3.8 million).

d) Joint ventures

The below table summarises transactions with joint ventures:

	2024	2023
	€ million	€ million
Purchases of finished goods and other inventories	32.6	26.0
Sales of finished goods and raw materials	8.9	7.8
Other income	10.1	10.4
Other expenses	8.4	8.3

As at 31 December 2024, the Group owed €13.8 million including loans payable of €2.7 million (2023:

€8.6 million including loans payable of €2.7 million) to, and was owed €8.5 million including loans and

dividends receivable of €3.5 million and €nil respectively (2023: €12.3 million including loans and

dividends receivable of €4.3 million and €2.6 million respectively) from joint ventures.

During 2024, the Group received dividends of €11.7 million from integral joint ventures (2023: €6.7

million), which were included in line ‘Receipts from integral equity method investments’ of the

consolidated cash flow statement.

e) Directors and senior management

There have been no transactions between Coca-Cola HBC and the Directors and senior management

except for remuneration (refer to Note 8).

Notes to the consolidated financial statements continued

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28. Share-based payments

Accounting policy

Stock option, performance share award and deferred management incentive share plan

Coca-Cola HBC provides equity-settled share-based payments to its senior managers in the form

of an employee stock option, performance share award and deferred management incentive plan

(the ‘Plan’).

Stock options under the Plan are measured at fair value at the date of grant. Fair value reflects

the parameters of the compensation plan, the risk-free interest rate, the expected volatility, the

dividend yield and the early exercise experience under the Plan. Expected volatility is determined by

calculating the historical volatility of Coca-Cola HBC’s share price over previous years. The fair value

determined at the grant date is expensed on a straight-line basis over the vesting period.

The Plan offers a specified number of performance share awards and deferred management

incentive plan shares (the ‘deferred MIP shares’) which vest three years after the grant. The fair value

is determined at the grant date and reflects the parameters of the compensation plan, the dividend

yield and the closing share price on the date of grant. The fair value determined at the grant date is

expensed on a straight-line basis over the vesting period. At the end of each reporting period, the

Group revises its estimates of the number of shares that are expected to vest based on non-market

conditions and recognises the impact of the revision to original estimates, if any, in the income

statement with a corresponding adjustment to equity.

When the terms of an equity-settled award are modified, the minimum expense recognised is

the grant date fair value of the unmodified award, provided the original vesting terms of the award

are met. An additional expense, measured as at the date of modification, is recognised for any

modification that increases the total fair value of the share-based payment transaction, or is

otherwise beneficial to the employee.

Employee Share Purchase Plan

The Group operates an employee share purchase plan (the ‘ESPP’), an equity compensation

plan in which eligible employees can participate. The Group makes contributions to the plan for

participating employees and recognises expenses over the vesting period of the contributions.

The charge included in employee costs regarding share-based payments for the years ended

31 December is analysed as follows:

	2024	2023
	€ million	€ million
Performance share awards and deferred MIP shares	16.0	20.6
Employee Share Purchase Plan	7.7	6.7
Total share-based payments charge	23.7	27.3

Terms and conditions

Stock option, performance share award and deferred management incentive share plan

The Group has not issued any new stock options since 2014. Based on Plan rules, senior managers

were granted awards of stock options, based on performance, potentiality and level of responsibility.

Options were granted at an exercise price equal to the closing price of the Company’s shares trading on

the London Stock Exchange on the day of the grant and vested in one-third increments each year for

three years. Options can be exercised for up to 10 years from the date of award. When the options are

exercised and shares are issued, the proceeds received by the Group, net of any transaction costs, are

credited to share capital (at the nominal value) and share premium.

Since 2015, performance shares are the primary long-term award. Senior managers are granted

performance share awards, which have a three-year vesting period and are linked to Group-specific

key performance indicators. The closing price of the Company’s shares trading on the London Stock

Exchange on the day of the grant is used to determine the number of performance share awards

granted. In 2018, the Group modified the performance share plan, in order for eligible employees

to receive upon vesting, additionally to the specific number of shares, the value of dividends

corresponding to the years from grant till vest date, subject to the approval of the Remuneration

Committee. Furthermore, 50% of the Chief Executive Officer’s annual bonus awarded under the terms

of the management incentive plan is deferred into shares (the ‘deferred MIP shares’) which vest over a

three-year period, subject to service conditions. No dividend-equivalent shares corresponding to the

years from grant till vest date are provided, in connection with the deferred MIP shares granted.

Notes to the consolidated financial statements continued

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28. Share-based payments continued

Employee Share Purchase Plan

The Employee Share Purchase Plan is administered by a Plan Administrator. Under the terms of this

plan, employees have the opportunity to invest 1% to 15% of their salary in ordinary Coca-Cola HBC

shares by contributing to the plan through a payroll deduction. Employee deductions are used monthly

to purchase ordinary Coca-Cola HBC shares in the open market (London Stock Exchange).

Coca-Cola HBC will match employee contributions up to a maximum of 3% of the employee’s salary.

Employer matching cash contributions vest one year after the grant, at which time they are used to

purchase matching shares on the open market that are immediately vested. Dividends received in

respect of shares held under this plan are used to purchase additional shares at the time of dividend

distribution. Shares are held under the Plan Administrator. For employees resident in Greece, Coca-

Cola HBC matches the employees’ contributions with an annual employer contribution of up to 5%

of the employees’ salaries which vests annually in December of each year.

Stock option activity

The outstanding stock options are fully vested and are exercisable until 2025.

A summary of stock option activity in 2024 under all grants is as follows:

	Number	Weighted 1	Weighted
	of stock	average	average
	options	exercise price	exercise price
	2024	2024 (EUR)	2024 (GBP)
Outstanding as at 1 January	806,603	16.49	14.31
Exercised	(428,718)	15.99	13.26
Outstanding as at 31 December	377,885	18.70	15.50
Exercisable as at 31 December	377,885	18.70	15.50

A summary of stock option activity in 2023 under all grants is as follows:

	Number	Weighted 1	Weighted
	of stock	average	average
	options	exercise price	exercise price
	2023	2023 (EUR)	2023 (GBP)
Outstanding as at 1 January	1,697,730	16.02	14.15
Exercised	(891,127)	16.15	14.01
Outstanding as at 31 December	806,603	16.49	14.31
Exercisable as at 31 December	806,603	16.49	14.31

1. For convenience purposes, the prices are translated at the closing exchange rate.

Total proceeds from the exercise of options under the stock option plan in 2024 amounted to €6.6

million (2023: €14.2 million).

The weighted average remaining contractual life of stock options outstanding as at 31 December 2024

was 0.9 years (2023: 1.5 years).

Performance shares and deferred MIP shares activity

A summary of performance shares and deferred MIP shares activity is as follows:

	Number of	Number of
	shares	shares
	2024	2023
Outstanding as at 1 January	2,956,548	2,976,201
Granted 2	931,353	1,146,585
Vested	(773,603)	(947,825)
Forfeited/cancelled	(173,805)	(218,413)
Outstanding as at 31 December	2,940,493	2,956,548

2. Includes dividend equivalent shares.

The weighted average remaining contractual life of performance shares and deferred MIP shares

outstanding as at 31 December 2024 was 1.1 years (2023: 1.3 years).

The weighted average fair value for the 2024 performance share award and deferred MIP share plan was

£24.71 per share (2023: £21.21). Relevant inputs into the valuation were as follows:

	2024	2023
Weighted average share price	£24.75	£21.25
Dividend yield 3	nil	nil
Weighted average vesting period	3.0 years	3.0 years

3. Dividend yield in connection with the valuation of deferred MIP shares granted during 2024 was 3.3% (2023: 3.2%).

Notes to the consolidated financial statements continued

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29. Contingencies

In relation to the Greek Competition Authority’s decision of 25 January 2002, one of Coca-Cola

Hellenic Bottling Company S.A.’s competitors had filed a lawsuit against Coca-Cola Hellenic Bottling

Company S.A. claiming damages in an amount of €7.7 million. The court of first instance heard the

case on 21 January 2009 and subsequently rejected the lawsuit. The plaintiff appealed against the

judgement and on 9 December 2013, the Athens Court of Appeals rejected the plaintiff’s appeal.

On 19 April 2014, the same plaintiff filed a new lawsuit against Coca-Cola Hellenic Bottling Company

S.A. (following the spin-off, Coca-Cola HBC Greece S.A.I.C.) claiming payment of €7.5 million as

compensation for losses and moral damages for alleged anti-competitive commercial practices of

Coca-Cola Hellenic Bottling Company S.A. between 1994 and 2013. On 21 December 2018, the plaintiff

served their withdrawal from the lawsuit. However, on 20 June 2019, the same plaintiff filed a new

lawsuit against Coca-Cola HBC Greece S.A.I.C. claiming payment of €10.1 million as compensation

for losses and moral damages again for alleged anti-competitive commercial practices of Coca-Cola

Hellenic Bottling Company S.A. for the same period between 1994 and 2013. On 16 July 2021, the

Athens Multimember Court of First Instance issued its judgement number 1929/2021 (hereinafter the

‘Judgement’), which adjudicated that Coca-Cola HBC Greece S.A.I.C. was obliged to pay to the plaintiff

an amount of circa €0.9 million plus interest as of 31 December 2003. Both Coca-Cola HBC Greece

S.A.I.C. and the plaintiff appealed against the Judgement to the court of appeals. Both appeals were

heard on 19 January 2023. Decision no. 2312/2024 was issued by the Court of Appeal which (a) rejected

the appeal of the plaintiff, (b) accepted the appeal of Coca-Cola HBC Greece S.A.I.C., (c) annulled the

Judgement and (d) rejected the plaintiff’s lawsuit, dated 20 June 2019. On 30 September 2024, the

plaintiff filed an appeal in cassation, before the Supreme Court, against this decision of the Court of

Appeal. No hearing date has been set yet. Management believes that any liability to the Group that may

arise as a result of these pending legal proceedings will not have a material adverse effect on the results

of operations, cash flows, or the financial position of the Group taken as a whole.

With respect to the investigation of the Greek Competition Commission initiated on 6 September

2016, regarding Coca-Cola HBC Greece S.A.I.C.’s operations in certain commercial practices in the

non-alcoholic beverages market, the Rapporteur of the Greek Competition Commission appointed

for this case issued her Statement of Objections on 5 July 2021, alleging that Coca-Cola HBC Greece

S.A.I.C. undertook a series of anti-competitive practices in the market of instant consumption for

cola and non-cola carbonated soft drinks, thereby excluding competitors and limiting their growth

potential. Coca-Cola HBC Greece S.A.I.C. has vigorously defended its commercial practices, in

rebuttal of the allegations set out in the Statement of Objections. The hearing of the case, before

the plenary session of the Greek Competition Commission, was concluded on 29 November 2021 and

the supplementary briefs of the parties were submitted on 16 December 2021. On 3 November 2022,

the Hellenic Competition Commission notified Coca-Cola HBC Greece S.A.I.C. of its ruling on the case,

according to which Coca-Cola HBC Greece S.A.I.C. allegedly abused its dominant position in the Greek

immediate consumption market segment for cola and non-cola carbonated soft drinks. The Hellenic

Competition Commission ruling imposed on Coca-Cola HBC Greece S.A.I.C. a fine of €10.3 million,

as well as a behavioural remedy in relation to beverage coolers valid until end of 2024. Coca-Cola HBC

Greece S.A.I.C. paid the fine in May 2023. Coca-Cola HBC Greece S.A.I.C. strongly disagrees with this

ruling and has challenged it before the competent Court of Appeal. The hearing of the appeal before

the Administrative Court of Appeal, was originally set for 26 September 2024, and following postponement,

was heard on 12 December 2024. The decision by the Administrative Court of Appeal is pending.

Notes to the consolidated financial statements continued

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29. Contingencies continued

In 1992, our subsidiary NBC acquired a manufacturing facility in Nigeria from Vacunak, a Nigerian

company. In 1994, Vacunak filed a lawsuit against NBC, alleging that a representative of NBC had

orally agreed to rescind the sale agreement and instead enter into a lease agreement with Vacunak.

As part of its lawsuit, Vacunak sought compensation for rent and loss of business opportunities. NBC

discontinued all use of the facility in 1995. On 19 August 2013, NBC received the written judgement

of the Nigerian court of first instance issued on 28 June 2012 providing for damages of approximately

€5.1 million. The Appeal Court dismissed NBC’s appeal and Vacunak’s cross-appeal, and affirmed the

judgement of the first instance court in 2023. Both NBC and Vacunak have filed an appeal against the

judgement before the Supreme Court. Based on advice from NBC’s outside legal counsel, we believe

that it is unlikely that NBC will suffer material financial losses from this case. We have consequently not

provided for any losses in relation to this case.

The tax filings of the Group and its subsidiaries are routinely subjected to audit by tax authorities

in most of the jurisdictions in which the Group conducts business. These audits may result in

assessments of additional taxes. The Group provides for additional tax in relation to the outcome

of such tax assessments, to the extent that a liability is probable and estimable.

The Group is also involved in various other legal proceedings. Management believes that any liability to

the Group that may arise as a result of these pending legal proceedings will not have a material adverse

effect on the results of operations, cash flows, or the financial position of the Group taken as a whole.

Considering the above, there have been no significant adverse changes in contingencies since 31

December 2023 (as described in the 2023 Integrated Annual Report available on Coca-Cola HBC’s

website: www.coca-colahellenic.com).

30. Commitments

Capital commitments

As at 31 December 2024, the Group had capital commitments for property, plant and equipment

amounting to €294.2 million (2023: €203.4 million). Of this, €0.7 million are related to the Group’s share

of the commitments arising from joint ventures (2023: €1.5 million).

Capital commitments for 2024 include total future minimum lease payments under leases not yet commenced

to which the Group was committed as at 31 December 2024 of €21.6 million (2023: €10.0 million).

31. Post balance sheet events

On 28 February 2025, the acquisition of BDS Vending Solutions Ltd was completed for a consideration

of €27.9 million, of which €26.4 million were paid on the same day. The consideration adjustment (refer

to Note 23) is under discussion with the sellers according to the terms of the share purchase agreement

and is expected to be settled within the second quarter of 2025. Due to the timing of the acquisition

completion relatively to the publication of the Integrated Annual Report, details on the fair value of the

net assets acquired and goodwill are not available at this stage.

On 12 March 2025, the Remuneration Committee granted performance share awards of €27.7 million

equivalent, under the performance share award plan, which have a three-year vesting period. The

number of shares granted is calculated by dividing the value of the grant with the closing share price

as of the date of the approval of the grant.

Notes to the consolidated financial statements continued

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Report on the audit of the consolidated financial statements

Report of the statutory auditor

to the General Meeting of

Coca-Cola HBC AG

Steinhausen (Zug)

Report on the audit of the consolidated financial statements

Opinion

We have audited the consolidated financial statements of Coca-Cola HBC AG and its subsidiaries

(the Group), which comprise the consolidated income statement and consolidated statement of

comprehensive income for the year ended 31 December 2024, the consolidated balance sheet as at

31 December 2024, the consolidated statement of changes in equity, and the consolidated cash flow

statement for the year then ended, and notes to the consolidated financial statements, including

material accounting policy information.

In our opinion, the consolidated financial statements (pages 259 to 317) give a true and fair view of the

consolidated financial position of the Group as at 31 December 2024 and its consolidated financial

performance and of its consolidated cash flows for the year then ended in accordance with IFRS

Accounting Standards as adopted by the European Union (EU) and comply with Swiss law.

Basis for opinion

We conducted our audit in accordance with Swiss law, International Standards on Auditing (ISA) and

Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are

further described in the ‘Auditor’s responsibilities for the audit of the consolidated financial statements’

section of our report. We are independent of the Group in accordance with the provisions of Swiss

law and the requirements of the Swiss audit profession, as well as the International Code of Ethics for

Professional Accountants (including International Independence Standards) issued by the International

Ethics Standards Board for Accountants (IESBA Code), and we have fulfilled our other ethical

responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

our opinion.

Our audit approach

Overview

Materiality Overall group materiality: EUR 56 million

Audit scope We conducted full scope audit procedures on the financial information of 17

components in 15 countries spread across all of the Group’s reportable segments.

Our audit scope addressed 81% of consolidated net sales revenue,

Key audit matters As key audit matters the following areas of focus have been identified:

• Goodwill and indefinite-lived intangible assets impairment assessment

• Uncertain tax positions

Materiality

The scope of our audit was influenced by our application of materiality. Our audit opinion aims to provide

reasonable assurance that the consolidated financial statements are free from material misstatement.

Misstatements may arise due to fraud or error. They are considered material if, individually or in aggregate,

they could reasonably be expected to influence the economic decisions of users taken on the basis of

the consolidated financial statements.

Based on our professional judgement, we determined certain quantitative thresholds for materiality,

including the overall Group materiality for the consolidated financial statements as a whole as set out

in the table below. These, together with qualitative considerations, helped us to determine the scope

of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of

misstatements, both individually and in aggregate, on the consolidated financial statements as a whole.

Overall group materiality EUR 56 million

Benchmark applied Profit before tax

Rationale for

the materiality

benchmarkapplied

We consider that the income statement remains the principal measure

used by the shareholders in assessing the underlying performance of the

Group. Therefore, an approach to materiality based on the profit before

tax has been applied, which is a generally accepted auditing benchmark.

We agreed with the Audit and Risk Committee that we would report to them misstatements above EUR

2.8 million identified during our audit as well as any misstatements below that amount which, in our view,

warranted reporting for qualitative reasons.

Audit scope

We tailored the scope of our audit to ensure that we performed sufficient work to be able to provide

an opinion on the consolidated financial statements as a whole, taking into account the operating

structure of the Group, the accounting processes and controls, and the industry in which the Group

operates. There were three different levels of work in our approach; audit work performed on the

Group’s trading subsidiary undertakings, at shared service centres, and at the group level.

The Group operates through its trading subsidiary undertakings in Nigeria, Egypt and 27 countries in

Europe, as set out in Note 1 ‘General information’ and Note 6 ‘Segmental analysis’ of the consolidated

financial statements. The Group also operates centralised treasury functions in the Netherlands and

inGreece and a centralised procurement function for key raw materials in the Netherlands.

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Based on their significance to the financial statements and in light of the key audit matters as noted

above, we identified 17 components in 15 countries spread across all of the Group’s reportable

segments (including the significant, due to risk or size, subsidiary undertakings in Egypt, Italy, Nigeria,

Poland, Romania, Russia and Switzerland). For these components we obtained full scope audit reports

over their financial information. In addition, we have performed Group level analysis on the remaining

components, where appropriate, to determine whether further risks of material misstatement exist

in those components. We consider the scope of our audit, as communicated to the Audit and Risk

Committee, to be an appropriate basis for our audit opinion.

As the Swiss statutory auditor, we issued group audit instructions to PwC Greece, who has the

responsibility as the group engagement team for the Company’s reporting requirements for the

London and Athens Stock Exchanges. These instructions covered the scope of our group audit to

enable us to fulfil our responsibilities under Swiss law. As the Swiss statutory auditor, we had ongoing

interactions with the group engagement team in Greece to be continuously updated and to monitor

their progress and the results of their procedures. We reviewed the instructions which PwC Greece

issued to component audit teams including centralised audit procedures performed at the shared

services centres in Bulgaria and shared audit comfort with component teams as it relates to IT general

controls and cybersecurity risks. We reviewed working papers and undertook additional interactions as

considered necessary depending on the significance of the accounting and audit matters. The Group

consolidation, consolidated financial statement disclosures and a number of other areas that involve

significant judgement and estimates, including goodwill and intangible assets and the Group’s overall

going concern assessment, were audited by the Swiss statutory auditor and the group engagement

team of PwC Greece.

As the Swiss statutory auditor, we held frequent virtual and on-site meetings to oversee the work

performed by the group engagement and component audit teams. We attended such meetings for Italy,

Russia (including Multon), Nigeria, Romania, Switzerland, Austria, Bulgaria, Greece, Hungary, Northern

Ireland, Poland, Serbia, the Netherlands, and Egypt. As the Swiss statutory auditor, we also held physical

meetings and discussions with the management of the trading subsidiaries in Egypt, Italy and Switzerland

to discuss business performance and outlook, matters relating to regulation and taxation, as well as any

specific accounting and auditing matters identified, including fraud and internal controls.

Based on the above, the subsidiaries which were in scope for the purposes of the group audit

accounted for 81% of consolidated net sales revenue, 76% of consolidated profit before tax and 87%

of consolidated total assets of the Group. This, together with the additional procedures performed at

Group level, provided us with sufficient appropriate evidence for our audit opinion on the consolidated

financial statements.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in

our audit of the consolidated financial statements of the current period. These matters were addressed

in the context of our audit of the consolidated financial statements as a whole, and in forming our

opinion thereon, and we do not provide a separate opinion on these matters.

Report on the audit of the consolidated financial statements continued

Goodwill and indefinite-lived intangible assets impairment assessment

Key audit matter How our audit addressed the key audit matter

Refer to Note 13 ‘Intangible assets’ of the

consolidated financial statements.

Goodwill and indefinite-lived intangible assets as at

31 December 2024 amount to EUR 1,828.8 million

and EUR 669.0 million, respectively.

The above amounts have been allocated to

individual cash-generating units (‘CGUs’), which in

accordance with International Accounting Standard

36 ‘Impairment of Assets’ (‘IAS 36’) require the

performance of an impairment assessment at

least annually or whenever there is an indication of

impairment. The impairment assessment involves

the determination of the recoverable amount of the

CGU, being the higher of the value-in-use and the

fair value less costs of disposal.

We consider this area as a key audit matter due

to the magnitude of goodwill and indefinite-

lived intangible assets balances and because

the determination of whether elements of

goodwill andof indefinite-lived intangible assets

are impairedinvolves a significant amount of

judgmentby management when developing

the estimates of the future results of the CGUs.

These estimates include assumptions surrounding

revenue growth rates, costs, foreign exchange rates

and discount rates.

In 2024, an impairment loss of EUR 0.4 million was

recorded in connection with a juice trademark in the

Emerging markets.

No impairment was identified for the remaining

indefinite-lived intangible assets or goodwill.

We evaluated the appropriateness of

management’s identification of the Group’s CGUs,

the process by which management prepared the

CGUs’ value-in-use calculations and the design and

operating effectiveness of related control activities.

We tested the accuracy of the CGUs’ carrying

values and value-in-use calculations and compared

the future cash flow projections included therein

to the financial budgets, approved by the directors,

covering a one-year period, and management’s

projections for the subsequent four years.

Inaddition, we assessed management’s past

forecasting accuracy by comparing key elements

ofthe prior year budgets and projections with

actual results.

We challenged management’s cash flow projections

in relation to the assumptions appliedtothe

value-in-use calculations, taking intoaccount the

ongoing challenging macroeconomic environment

in severalcountries.

With the support of our valuation specialists, we

assessed the appropriateness of the methodology

and valuation techniques used, as well as certain

assumptions including discount, annual revenue

growth and perpetuity revenue growth rates.

We performed independent sensitivity analyses on

the key drivers of the value-in-use calculations for

the CGUs with significant balances of goodwill and

indefinite-lived intangible assets.

Based on our work, we concluded that the results

reached by management in relation to the

impairment testing of goodwill and indefinite-lived

intangible assets were supported by assumptions

within reasonable ranges.

We evaluated the related disclosures provided in the

consolidated financial statements in Note 13 ‘Intangible

assets’ and concluded that these are appropriate.

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Uncertain tax positions

Key audit matter How our audit addressed the key audit matter

Refer to Note 10 ‘Taxation’ and Note

29 ‘Contingencies’ of the consolidated

financialstatements.

The Group operates in numerous tax jurisdictions

and is subject to periodic challenges, in the normal

course of business, by local tax authorities on a

range of matters including corporate tax, transfer

pricing arrangements and indirect taxes. As at 31

December 2024, the Group has provisions for

uncertain tax positions of EUR 72.3 million that are

classified in current tax liabilities, current tax assets

and deferred taxes.

The impact of changes in local tax regulations and

ongoing inspections by local tax authorities, could

materially impact the amounts recorded in the

consolidated financial statements.

Where the amount of tax payable is uncertain,

the Group establishes provisions based on

management’s estimates with respect to the

likelihood of potential material tax exposures

crystallising and the probable amount of the

resultant liability.

We consider this area as a key audit matter given

the level of judgement and subjectivity involved in

estimating tax provisions, including a high degree

of estimation uncertainty relative to the numerous

and complex tax laws in the various jurisdictions

in which the Group operates, the frequency of

tax audits, and the considerable time to conclude

investigations and negotiations with local tax

authorities as a result of such audits that could

materially impact the amounts recorded in the

financial statements.

In order to understand and evaluate management’s

judgement, we considered the status of current tax

authority inspections and inquiries, the outcome of

previous tax authority inspections, the judgemental

positions taken in tax returns and current year

estimates as well as recent developments in

thetax jurisdictions in which the Group operates.

We evaluated the Group’s monitoring process for

current tax authority inspections and challenged

management’s estimates, particularly in respect

of cases where there had been significant

developments with tax authorities.

Our component audit teams, through the use of

tax specialists with local knowledge and relevant

expertise, assessed the tax positions taken by the

subsidiary undertakings in scope, in the context

ofapplying local tax laws and evaluating the local

tax assessments.

We read recent rulings and correspondence with tax

authorities, as well as any external advice provided

by the Group’s tax experts and legal advisors.

Additionally, with our group engagement team

taxspecialists we further evaluated management’s

estimation of tax exposures and contingencies

in order to assess the adequacy of the Group’s

tax provisions and satisfy ourselves that the tax

provisions have been appropriately recorded or

adjusted to reflect the latest developments.

We held meetings with Group and local management

to discuss the individual tax positions of the in-scope

subsidiary undertakings and assessed with the

support of our group engagement tax team the

Group’s overall tax exposure.

From the evidence obtained, we consider the

provisions in relation to uncertain tax positions

asat 31 December 2024 to be reasonable.

We also evaluated the related disclosures provided

in the consolidated financial statements in Note

10 ‘Taxation’ and Note 29 ‘Contingencies’ and

concluded that these are appropriate.

Other information

The Board of Directors is responsible for the other information. The other information comprises the

information included in the annual report, but does not include the financial statements, the consolidated

financial statements, the statutory remuneration report and our auditor’s reports thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do

not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the

other information and, in doing so, consider whether the other information is materially inconsistent

with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears

to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this

other information, we are required to report that fact. We have nothing to report in this regard.

Board of Directors’ responsibilities for the consolidated financial statements

The Board of Directors is responsible for the preparation of consolidated financial statements, that give

a true and fair view in accordance with IFRS Standards as adopted by the European Union (EU) and the

provisions of Swiss law, and for such internal control as the Board of Directors determines is necessary

to enable the preparation of consolidated financial statements that are free from material misstatement,

whether due to fraud or error.

In preparing the consolidated financial statements, the Board of Directors is responsible for assessing

the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going

concern and using the going concern basis of accounting unless the Board of Directors either intends

to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Report on the audit of the consolidated financial statements continued

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Auditor’s responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial

statements as a whole are free from material misstatement, whether due to fraud or error, and to

issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,

but is not a guarantee that an audit conducted in accordance with Swiss law, ISA and SA-CH will always

detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they could reasonably be expected to influence

the economic decisions of users taken on the basis of these consolidated financial statements.

A further description of our responsibilities for the audit of the consolidated financial statements is

located on EXPERTsuisse’s website: http://www.expertsuisse.ch/en/audit-report. This description

forms an integral part of our report.

Report on other legal and regulatory requirements

In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an

internal control system that has been designed, pursuant to the instructions of the Board of Directors,

for the preparation of the consolidated financial statements.

We recommend that the consolidated financial statements submitted to you be approved.

PricewaterhouseCoopers AG

Patrick Balkanyi

Licensed audit expert

Auditor in charge

Zurich, 14 March 2025

Tobias Handschin

Licensed audit expert

Report on the audit of the consolidated financial statements continued

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Report on the audit of the financial statements

Coca-Cola HBC AG

Steinhausen (Zug)

Report of the statutory auditor

to the General Meeting on the

financial statements 2024

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Coca-Cola HBC AG (the Company), which comprise

thebalance sheet as at 31 December 2024, and the income statement and the cash flow statement

for the year then ended, and notes to the financial statements, including a summary of significant

accounting policies.

In our opinion, the financial statements (pages 324 to 332) comply with Swiss law and the Company’s

articles of incorporation.

Basis for opinion

We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH).

Our responsibilities under those provisions and standards are further described in the ‘Auditor’s

responsibilities for the audit of the financial statements’ section of our report. We are independent of

the Company in accordance with the provisions of Swiss law and the requirements of the Swiss audit

profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

ouropinion.

Our audit approach

Materiality

The scope of our audit was influenced by our application of materiality. Our audit opinion aims to

provide reasonable assurance that the financial statements are free from material misstatement.

Misstatements may arise due to fraud or error. They are considered material if, individually or in

aggregate, they could reasonably be expected to influence the economic decisions of users taken

onthe basis of the financial statements.

Based on our professional judgement, we determined certain quantitative thresholds for materiality,

including the overall materiality for the financial statements as a whole as set out in the table below.

These, together with qualitative considerations, helped us to determine the scope of our audit and

thenature, timing and extent of our audit procedures and to evaluate the effect of misstatements,

bothindividually and in aggregate, on the financial statements as a whole.

Overall materiality CHF 37’611’000

Benchmark applied Net assets

Rationale for

the materiality

benchmarkapplied

We chose net assets as the benchmark because, in our view, it is the

benchmark which reflects the actual substance of the entity. This is a

generally accepted benchmark for ultimate holding companies.

We agreed with the Audit and Risk Committee that we would report to them misstatements above

CHF 2’632’000 identified during our audit as well as any misstatements below that amount which, in our

view, warranted reporting for qualitative reasons.

Audit scope

We designed our audit by determining materiality and assessing the risks of material misstatement

in the financial statements. In particular, we considered where subjective judgements were made;

for example, in respect of significant accounting estimates that involved making assumptions and

considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk

of management override of internal controls, including among other matters consideration of whether

there was evidence of bias that represented a risk of material misstatement due to fraud.

We tailored the scope of our audit in order to perform sufficient work to enable us to provide an

opinion on the financial statements as a whole, taking into account the structure of the Company,

theaccounting processes and controls, and the industry in which the Company operates.

Key audit matters

We have determined that there are no key audit matters to communicate in our report.

Other information

The Board of Directors is responsible for the other information. The other information comprises

the information included in the annual report, but does not include the financial statements,

theconsolidated financial statements, the statutory remuneration report and our auditor’s

reportsthereon.

Our opinion on the financial statements does not cover the other information and we do not express

any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other

information and, in doing so, consider whether the other information is materially inconsistent

withthefinancial statements or our knowledge obtained in the audit or otherwise appears to

bematerially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this

other information, we are required to report that fact. We have nothing to report in this regard.

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Board of Directors’ responsibilities for the financial statements

The Board of Directors is responsible for the preparation of financial statements in accordance with

theprovisions of Swiss law and the Company’s articles of incorporation, and for such internal control

asthe Board of Directors determines is necessary to enable the preparation of financial statements

that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s

ability to continue as a going concern, disclosing, as applicable, matters related to going concern and

using the going concern basis of accounting unless the Board of Directors either intends to liquidate

theCompany or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole

are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report

thatincludes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted

in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the

aggregate, they could reasonably be expected to influence the economic decisions of users taken

onthe basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on

EXPERTsuisse’s website: http://www.expertsuisse.ch/en/audit-report. This description forms an

integral part of our report.

Report on the audit of the financial statements continued

Report on other legal and regulatory requirements

In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an

internal control system that has been designed, pursuant to the instructions of the Board of Directors,

for the preparation of the financial statements.

Based on our audit according to article 728a para. 1 item 2 CO, we confirm that the Board of Directors’

proposal complies with Swiss law and the Company’s articles of incorporation. We recommend that the

financial statements submitted to you be approved.

PricewaterhouseCoopers AG

Patrick Balkanyi

Licensed audit expert

Auditor in charge

Zurich, 14 March 2025

Apostolos Dimopoulos

Licensed audit expert

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Swiss statutory reporting

Coca-Cola HBC AG, Steinhausen (Zug)

Balance sheet

Coca-Cola HBC AG, Steinhausen (Zug)

Income statement

As at 31 December

CHF thousands

Note 2024 2023

Assets

Cash and cash equivalents 28,927 16,252

Short-term receivables from direct and indirect participations 2.1 13,200 23,984

Receivables from related parties 2.2 1,487 552

Short-term receivables from third parties 2,015 2,490

Total current assets 45,629 43,278

Investments in subsidiaries 2.3 5,828,361 6,159,092

Property, plant and equipment (incl. right-of-use assets) 8,921 8,966

Total non-current assets 5,837,282 6,168,058

Total assets 5,882,911 6,211,336

Liabilities and shareholders’ equity

Other payables 1,589 2,296

Short-term liabilities to direct and indirect participations 2.4 2,863 33,888

Short-term liabilities to related parties – 58

Short-term lease liabilities 876 913

Accrued expenses 2.4 79,308 72,274

Total short-term liabilities 84,636 109,429

Long-term interest-bearing liabilities to indirect participations 2.5 310,799 91,591

Long-term lease liabilities 2,554 3,188

Provisions 2.6 16,635 15,950

Total long-term liabilities 329,988 110,729

Share capital 2.7 2,500,705 2,498,947

Legal capital reserves

Reserves from capital contributions 3,103,985 3,444,860

Reserves for treasury shares 2.8 85,298 85,298

Retained earnings

Results carried forward 39,440 (39,441)

(Loss)/profit for the year (38,979) 78,881

Treasury shares 2.8 (222,162) (77,367)

Total shareholders’ equity 2.9 5,468,287 5,991,178

Total liabilities and shareholders’ equity 5,882,911 6,211,336

Year ended 31 December

CHF thousands

Note 2024 2023

Dividend income 330,731 382,132

Other operating income 2.10 55,829 46,473

Total operating income 386,560 428,605

Employee costs 2.11 (59,971) (50,123)

Other operating expenses 2.12 (26,979) (30,889)

Write down of investments 2.3 (330,731) (285,839)

Depreciation on property, plant and equipment

(incl. right-of-use assets) (1,247) (991)

Total operating expenses (418,928) (367,842)

Operating (loss)/profit (32,368) 60,763

Finance costs (6,448) (4,834)

Foreign exchange gains 2.13 – 23,141

(Loss)/profit before tax (38,816) 79,070

Direct taxes (163) (189)

(Loss)/profit for the year (38,979) 78,881

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Swiss statutory reporting continued

Year ended 31 December

CHF thousands

Note 2024 2023

(Loss)/profit for the year (38,979) 78,881

Depreciation of property, plant and equipment including right-

of-use assets 1,247 991

Finance costs 6,448 4,834

Foreign exchange gains – (23,141)

Write down of investments 2.3 330,731 285,839

Net change related to employee Performance Share Plan 40,098 35,618

339,545 383,022

Decrease/(increase) in receivables 10,324 (10,928)

Decrease in investments in subsidiaries 2.3 (330,731) (285,839)

Decrease in short-term liabilities (excl. financial liabilities) (2,157) (702)

(Decrease)/increase in accrued expenses (1,036) 10,262

Increase/(decrease) in provisions 80 (262)

Proceeds from dividends received from subsidiaries 2.3 330,731 285,839

Tax paid (185) (184)

Net cash inflow from operating activities 346,571 381,208

Payments for purchases of property, plant and equipment (1,250) (700)

Cash outflow from investing activities (1,250) (700)

Year ended 31 December

CHF thousands

Note 2024 2023

Principal repayments of lease obligations (623) (699)

Proceeds from short-term and long-term financial liabilities 196,960 63,726

Repayments of short-term and long-term financial liabilities (9,503) (111,652)

Acquisition of treasury shares 2.8 (177,052) (40,882)

Dividends paid to owners of the Company (342,792) (284,282)

Proceeds from shares issued to employees exercising

stockoptions 3,675 13,995

Interest paid (4,328) (3,863)

Net cash outflow from financing activities (333,663) (363,657)

Net increase in cash and cash equivalents 11,658 16,851

Movement in cash and cash equivalents

Cash and cash equivalents as at 1 January 16,252 261

Net increase in cash and cash equivalents 11,658 16,851

Effect of changes in exchange rates 1,017 (860)

Cash and cash equivalents as at 31 December 28,927 16,252

Coca-Cola HBC AG, Steinhausen (Zug)

Cash flow statement

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Swiss statutory reporting continued

General information

Coca-Cola HBC AG (the ‘Company’) was incorporated on 19 September 2012 by Kar-Tess Holding. On

11 October 2012, the Company announced a voluntary share exchange offer to acquire all outstanding

ordinary registered shares and all American depositary shares of Coca-Cola Hellenic Bottling Company

S.A., Maroussi (GR) (CCHBC SA). As a result of the successful completion of this offer, on 25 April 2013, the

Company acquired 96.85% of the issued CCHBC SA shares, including shares represented by American

depositary shares, and became the new parent company of the Group (the Company and its direct and

indirect subsidiaries). On 17 June 2013, the Company completed its statutory buyout of the remaining

shares of CCHBC SA that it did not acquire upon completion of its voluntary share exchange offer.

1. Accounting principles

Accounting principles applied in the preparation of the financial statements

These financial statements have been prepared in accordance with the provisions of commercial

accounting as set out in the Swiss Code of Obligations (Art. 957 to 963b CO). The Company is preparing

its consolidated financial statements in accordance with International Financial Reporting Standards

(IFRS) as adopted by the European Union (EU) in accordance with Art. 963b CO due to a requirement

from the Athens Exchange, its primary listing in the EU. In accordance with Art. 961 cipher 2. CO, the

Company is presenting a cash flow statement. Significant accounting and valuation principles are

described below:

Dividend income

Dividend income is recognised when the right to receive payment is established.

Other operating income

The Company provides management services to its principal subsidiaries and acts as guarantor to its

principal subsidiary, Coca-Cola HBC Finance B.V. The income from these services is recognised in the

accounting period in which the service is provided.

Exchange rate differences

The accounting records of the Company are retained in Euro and translated to Swiss francs (CHF) for

presentation purposes. Except for investments in subsidiaries, property, plant and equipment, long-

term liabilities and equity, which are translated at historical rates, all assets and liabilities denominated

in foreign currencies are translated into CHF using the closing exchange rate as at 31 December 2024.

Income and expenses are translated into CHF at the average exchange rate of the reporting year

except for dividend income and related write down of investments (see Note 2.3), which are valued

at the transaction date exchange rate. Net unrealised exchange losses are recorded in the income

statement, while net unrealised gains are deferred within accrued expenses.

Balance sheet as at Income statement for the year ended

Exchange rates 31 December 2024 31 December 2023 31 December 2024 31 December 2023

EUR 0.94 0.94 0.95 0.97

USD 0.90 0.84

GBP 1.13 1.08

Leasing disclosure

Management has applied an economic-view approach to the disclosure of lease contracts considering

the underlying usage rights. Right-of-use assets are presented within property, plant and equipment

depreciated over their useful life. The short- and long-term lease liabilities are adjusted for interest and

lease payments.

Investments in subsidiaries

Investments in subsidiaries are valued at historical cost and evaluated for impairment if identified

triggering events occur.

Property, plant and equipment

Right-of-use assets are included within property, plant and equipment.

Depreciation is calculated on the basis of the following useful lives and in accordance with the

followingmethods:

Property, plant and equipment Useful life Method

Leasehold improvement (building) 20 years 5% linear

Leasehold improvement (office infrastructure) 10 years 10% linear

Building infrastructure 12 years 8.33% linear

Right-of-use buildings and company cars

Shorter of useful

life and lease term Linear

Furniture and fixtures, office equipment and other

tangiblefixedassets 8 years 12.5% linear

Telephony infrastructure 7 years 14.29% linear

Communication equipment, computers and PCs 4 years 25% linear

Tablets 3 years 33.33% linear

Treasury shares

Treasury shares are recognised at acquisition cost and deducted from shareholders’ equity at the time

of acquisition. If treasury shares are sold, the gain or loss arising is recognised in the income statement

as finance income or finance cost, as appropriate.

Notes to the financial statements of Coca-Cola HBC AG, Steinhausen (Zug) for the year ended 31 December 2024

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Swiss statutory reporting continued

2. Information relating to the balance sheet and income statement

2.1 Short-term receivables from direct and indirect participations

The short-term receivables from direct and indirect participations do not bear interest.

As at 31 December

CHF thousands

Name of participation 2024 2023

CCB Management Services GmbH, Vienna 12,214 22,959

Coca-Cola HBC Finance B.V., Amsterdam 744 636

Coca-Cola HBC Holdings B.V., Amsterdam 99 300

Coca-Cola Hellenic Business Service Organisation, Sofia 59 89

Coca-Cola HBC Hrvatska d.o.o., Zagreb 28 –

Coca-Cola HBC Česko a Slovensko, s.r.o., Prague 28 –

Coca-Cola HBC Polska sp. z o.o., Warsaw 28 –

Short-term receivables from direct and indirect participations 13,200 23,984

2.2 Receivables from related parties

Receivables from related parties consist of receivables from international assignees mainly coming

from advances paid to tax authorities.

2.3 Investments in subsidiaries

As at 31 December

CHF thousands

Direct subsidiary Share of capital Share of votes 2024 2023

Coca-Cola HBC Holdings B.V., Amsterdam

100% 100% 6,159,092 6,444,931

Write down of investment (330,731) (285,839)

Investments in subsidiaries 100% 100% 5,828,361 6,159,092

1. Coca-Cola HBC Holdings B.V., Amsterdam was incorporated on 26 June 2013.

In 2015, the Company adopted a practice of reducing the value of its investment in Coca-Cola HBC

Holdings B.V. by an amount equal to the dividend received from that subsidiary. The amount of the write

down in 2024 is equal to the dividend received in June 2024 from Coca-Cola HBC Holdings B.V. of CHF

330,731 thousand (June 2023: CHF 285,839 thousand). The extra dividend of CHF 96,293 thousand

received on 15December 2023 was excluded from above-mentioned practice.

The principal direct and indirect participations of the Company are disclosed in Note 15 to the

consolidated financial statements.

2.4 Short-term liabilities to direct and indirect participations and accrued expenses

The short-term liabilities to the direct and indirect participations do not bear interest except for the

liability to Coca-Cola HBC Finance B.V., which is interest bearing.

As at 31 December

CHF thousands

Name of participation 2024 2023

CCB Management Services GmbH, Vienna 821 1,749

Coca-Cola Hellenic Business Service Organisation, Sofia 103 73

Coca-Cola HBC Switzerland Ltd, Opfikon 26 72

Coca-Cola HBC Finance B.V., Amsterdam

1,871 31,771

Coca-Cola HBC Services MEPE, Athens 13 8

Coca-Cola HBC Hrvatska d.o.o, Zagreb – 80

Coca-Cola HBC Romania Ltd, Voluntari – 3

Coca-Cola HBC Polska sp. z.o.o., Warsaw – 5

Coca-Cola HBC Cyprus Ltd., Nicosia – 106

Coca-Cola HBC-Srbija d.o.o., Belgrade – 21

Finlandia Vodka Oy, Helsinki 29 –

Short-term liabilities to direct and indirect participations 2,863 33,888

1 Short-term loans maturing on 8 November 2024 of CHF 9,503 thousand (nominal EUR 10,000 thousand) were repaid and the remaining

CHF 22,248 (nominal EUR 23,400 thousand) were rolled over into long-term loans.

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2. Information relating to the balance sheet and income statement continued

2.4 Short-term liabilities to direct and indirect participations and accrued expenses continued

As at 31 December

CHF thousands

2024 2023

Direct taxes 182 194

Management Incentive Plan (MIP) and Performance Share Plan (PSP)

forown employees 25,559 19,164

Employee-related costs (social security and insurance, payroll taxes) 5,516 6,509

Provision for acquiring treasury shares to satisfy subsidiaries’

Performance Share Plan rights 11,818 8,960

Other accrued expenses 10,346 17,451

Net unrealised gains from foreign currency translation 25,887 19,996

Accrued expenses 79,308 72,274

Following the publication of circular letter 37a by the Swiss Federal Tax Administration in May 2018, the

Company recognised a provision of CHF 21,232 thousand (2023: CHF 16,464 thousand), which relates

to the Company’s employee Performance Share Plan, of which CHF 13,050 thousand (2023: CHF 9,018

thousand) is short term and is disclosed in line ‘Management Incentive Plan (MIP) and Performance

Share Plan (PSP) for own employees’; while CHF 8,182 thousand (2023: CHF 7,446 thousand) is long

term and disclosed in Note 2.6, ‘Provisions’. The provision for acquiring treasury shares to satisfy

subsidiaries’ Performance Share Plan rights amounts to CHF 18,843 thousand (2023: CHF 16,172

thousand), ofwhich CHF 11,818 thousand (2023: CHF 8,960 thousand) is short term and disclosed

inaccrued expenses, while CHF 7,025 thousand (2023: CHF 7,212 thousand) is long term and disclosed

inNote2.6, ‘Provisions’.

2.5 Long-term interest-bearing liabilities

As at 31 December

CHF thousands

2024 2023

Coca-Cola HBC Finance BV, Amsterdam 310,799 91,591

Long-term interest-bearing liabilities 310,799 91,591

Long-term interest-bearing liabilities comprise loans from Coca-Cola HBC Finance B.V. received in

2020, 2021, 2022, 2023 and 2024 for CHF 310,799 thousand (2022: CHF 91,591 thousand) maturing

on21 November 2029.

2.6 Provisions

As at 31 December

CHF thousands

2024 2023

Long-term incentive plan 814 734

Provision for acquiring treasury shares to satisfy subsidiaries’

Performance Share Plan rights (refer to Note 2.4) 7,025 7,212

Performance and management incentive share plan – Coca-Cola HBC

AGemployees (refer to Note 2.4) 8,182 7,446

Provision for social security costs of Performance Share Plan 614 558

Provisions 16,635 15,950

2.7 Share capital

Number of shares Nominal value Total

CHF CHF thousands

Share capital as at 1 January 2023 372,086,095 6.70 2,492,977

Shares issued to employees exercising stock options 891,127 6.70 5,970

Share capital as at 31 December 2023 372,977,222 6.70 2,498,947

Number of shares Nominal value Total

CHF CHF thousands

Share capital as at 1 January 2024 372,977,222 6.70 2,498,947

Shares issued to employees exercising stock options 262,340 6.70 1,758

Share capital as at 31 December 2024 373,239,562 6.70 2,500,705

Swiss statutory reporting continued

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2.8 Treasury shares

The number of treasury shares held by Coca-Cola HBC AG and its subsidiaries qualifying under article

659b of the Swiss Code of Obligations and their movements were as follows:

Treasury shares held by subsidiaries

Number

ofshares

Acquisition cost

per share Total

CHF CHF thousands

Total treasury shares held by subsidiaries as at 31 December 2023 3,430,135 24.8673 (85,298)

Total treasury shares held by subsidiaries as at 31 December

2024 3,430,135 24.8673 (85,298)

Treasury shares held by the Company

Number

ofshares

Acquisition cost

per share Total

CHF CHF thousands

Treasury shares held by the Company as at 1 January 2023 1,956,582 35.7836 (70,014)

Vested PSP and MIP shares

(956,478) 35.0543 33,529

Acquisition of shares

1,638,298 24.9541 (40,882)

Treasury shares held by the Company as at 31 December 2023 2,638,402 29.3235 (77,367)

Whereof

For cancellation – – –

For other purposes (booked against capital contribution reserves) 1,638,298 24.9541 (40,882)

Treasury shares held by the Company as at 1 January 2024 2,638,402 29.3235 (77,367)

Vested PSP and MIP shares

(753,836) 35.0543 26,425

Transferred for executed stock options

(166,378) 35.0543 5,832

Acquisition of shares

5,929,474 29.8596 (177,052)

Treasury shares held by the Company as at 31 December 2024 7,647,662 29.0496 (222,162)

Whereof

For cancellation – – –

For other purposes (booked against capital contribution reserves) 7,567,772 28.7977 (217,934)

1. In January 2023, following the vesting of the 2020 MIP, 16,007 treasury shares were transferred to relevant participant. In March 2023,

following the vesting of the 2020 PSP, 940,471 treasury shares were transferred to relevant participants.

2. In January 2024, following the vesting of the 2021 MIP plan, 7,354 treasury shares were transferred to relevant participant. In March 2024,

following the vesting of the 2021 PSP, 746,482 treasury shares were transferred to relevant participants.

3. Up to the end of June 2024 Stock Option Plan (SOP) participants have been granted with new shares issued out of the conditional capital

of the Company. Starting from July 2024, the Company changed practice and granted shares for exercised stock options from treasury

shares, similar to the practice for Performance Share Plan participants. In this regard, 166,378 treasury shares with a total purchase value of

CHF 5,832 thousand were transferred in the period July to December 2024 to SOP participants.

4. On 20 November 2023, the Group announced the launch of a share buyback programme of up to a maximum of 18,000,000 ordinary

shares to be purchased in a manner consistent with the Company’s general authority to repurchase shares granted at its Annual General

Meeting on 17 May 2023 and any such authority granted at its subsequent annual general meetings. The programme commenced on

21November 2023 and is expected to run for a period of around two years. At its Annual General Meeting on 21 May 2024, the Company’s

general authority to repurchase shares was renewed. In 2024, the Company purchased 5,929,474 (2023: 1,638,298) of its ordinary shares

of CHF6.70 each for a consideration of CHF 177,052 thousand (2023: CHF 40,882 thousand), reflecting a weighted average price of GBP

2,620.53 pence (2023: GBP 2,242.09 pence) per share (minimum price of GBP 2,453.73 pence (2023: GBP 2,183.45 pence) and maximum

price of GBP 2,800.00 pence (2023: GBP 2,310.06 pence). All 5,929,474 shares (2023: 1,638,298 shares) have been acquired for other

purposes, none for cancellation. Capital contribution reserves of CHF 217,934 thousand as at 31 December 2024 (2023: CHF 40,882

thousand) are blocked for distribution until the treasury shares are sold or transferred to PSP/MIP members.

2.9 Shareholders’ equity

The balance of shareholders’ equity and relevant movements for the years ended 31 December 2024

and 2023 (in CHF thousands) were as follows:

Legal capital reserves

Share capital

Reserves

from capital

contributions

Reserves for

treasury

(Accumulated

losses)/

retained

earnings

Treasury

shares Total

Balance as at 1 January 2023 2,492,977 3,721,117 85,298 (39,441) (70,014) 6,189,937

Shares issued to employees

exercising stock options 5,970 8,025 – – – 13,995

Dividends

– (284,282) – – – (284,282)

Vested PSP and MIP shares – – – – 33,529 33,529

Acquisition of treasury shares

– – – – (40,882) (40,882)

Profit for the year – – – 78,881 – 78,881

Balance as at 31 December 2023 2,498,947 3,444,860 85,298 39,440 (77,367) 5,991,178

Shares issued to employees

exercising stock options 1,758 1,917 – – – 3,675

Dividends

– (342,792) – – – (342,792)

Vested PSP and MIP shares – – – – 26,425 26,425

Transferred SOP shares – – – – 5,832 5,832

Acquisition of treasury shares

– – – – (177,052) (177,052)

Loss for the year – – – (38,979) – (38,979)

Balance as at 31 December 2024 2,500,705 3,103,985 85,298 461 (222,162) 5,468,287

1. Represents the book value of treasury shares held by subsidiaries.

2. On 21 May 2024, the shareholders of the Company at the Annual General Meeting approved the distribution of a gross dividend of

€0.93 (2023: €0.78) on each ordinary registered share. The dividend was paid on 24 June 2024 and amounted to CHF 342,792 thousand

(2023:CHF284,282thousand, paid on 19 June 2023).

3. 5,929,474 shares (2023: 1,638,298 shares) at an average price of 2,620.53 pence (2023: 2,242.09 pence) have been acquired for other purposes.

Swiss statutory reporting continued

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2. Information relating to the balance sheet and income statement continued

2.10 Other operating income

2024 2023

CHF thousands

Management fees 51,293 42,228

Guarantee fee 4,536 4,245

Total other operating income 55,829 46,473

Management fees relate to service income earned from services provided to the Company’s direct

and indirect participations, whereof CHF 7,516 thousand (2023: CHF 752 thousand) is true-up from the

prior year. Guarantee fee is the income the Company receives for the services provided as guarantor

toCoca-Cola HBC Finance B.V. and Nigerian Bottling Company Ltd.

2.11 Employee costs

2024 2023

CHF thousands

Wages and salaries 22,618 23,561

Social security costs 4,084 3,261

Pensions and employee benefits 33,269 23,301

Total employee costs 59,971 50,123

Pension and employee benefits include Performance Share Plan expenses for CCHBC AG employees

inthe amount of CHF 17,151 thousand for 2024 (2023: CHF 17,089 thousand). Refer to Note 2.4 for

more information.

2.12 Other operating expenses

Other operating expenses amounting to CHF 26,979 thousand for 2024 (2023: CHF 30,889 thousand)

mainly include CHF 16,258 thousand (2023: CHF 14,455 thousand) for management fees to CCB

Management Services GmbH, whereof CHF 937 thousand (2023: CHF 1,258 thousand) is true-up

fromthe prior year.

2.13 Foreign exchange differences

Foreign exchange gains in the prior year of CHF 23,141 thousand, related primarily to remeasurement

ofshort-term loans to indirect participations maturing on 8 November 2024 at the exchange rate of

31December 2023 (amounting to CHF 17,673 thousand) and loans to indirect participations fully repaid

during the prior year (amounting to CHF 5,434 thousand).

Swiss statutory reporting continued

3. Other Information

3.1 Net release of hidden reserves

No hidden reserves were released for the years ended 31 December 2024 or 31 December 2023.

3.2 Number of employees

In 2024 and 2023, on an annual average basis, the number of full-time equivalent employees did

notexceed 50.

3.3 Contingent liabilities

Euro medium-term note programmes

In June 2013, the Group established a new €3.0 billion Euro medium-term note programme (the ‘EMTN

programme’). The EMTN programme was increased to €5.0 billion in April 2019 and was last updated

in November 2024. Notes are issued under the EMTN programme through the Company’s indirect

subsidiary Coca-Cola HBC Finance B.V., a private limited liability company established under the laws

ofthe Netherlands, and are fully, unconditionally and irrevocably guaranteed by the Company.

In May 2019, Coca-Cola HBC Finance B.V. issued €700 million, 1%, Euro-denominated notes due in

May 2027 and also issued €600 million, 1.625%, Euro-denominated notes due in May 2031, which are

guaranteed by the Company. The €600 million notes’ size has been reduced to €576.6 million as a result

of an open market purchase announced on 8 November 2024 by the Company.

In November 2019, Coca-Cola HBC Finance B.V. completed the issue of a €500 million, Euro-

denominated fixed rate bond maturing in November 2029, with a coupon rate of 0.625%, which is

guaranteed by the Company.

In September 2022, Coca-Cola HBC Finance B.V. issued €500 million, 2.75%, Green Euro-denominated

notes due in September 2025, which are guaranteed by the Company.

In February 2024, Coca-Cola HBC Finance B.V. issued €600 million, 3.375%, Euro-denominated notes

due in February 2028 and, in November 2024, also issued €500 million, 3.125%, Euro-denominated

notes due in November 2032, which are guaranteed by the Company.

As at 31 December 2024, a total of approximately €3.4 billion (2023: €2.9 billion) in notes issued under

the EMTN programme were outstanding.

Committed credit facilities

In April 2019, the Group updated its then-existing €500 million syndicated revolving credit facility (RCF),

which was set to expire in June 2021. The updated RCF was increased to €800 million and was extended

to April 2024 with the option to be further extended for up to two more years until April 2026. Coca-

Cola HBC Finance B.V. exercised its extension option and the RCF has been extended to April 2026.

The RCF can be used for general corporate purposes and carries a floating interest rate over EURIBOR.

No amounts have been drawn under the RCF since its inception. The borrower under the RCF is the

Company’s indirect subsidiary Coca-Cola HBC Finance B.V. and any amounts drawn under the RCF

arefully, unconditionally and irrevocably guaranteed by the Company.

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3. Other information continued

3.3 Contingent liabilities continued

Commercial paper programme

In October 2013, the Group established a new €1.0 billion Euro-denominated commercial paper

programme (the ‘CP Programme’). The CP Programme was last updated in May 2023. Notes are

issuedunder the CP Programme by Coca-Cola HBC Finance B.V. and guaranteed by the Company.

Theoutstanding amount under the CP Programme was €215 million as at 31 December 2024

(2023:€211 million).

Nigerian Bottling Company Ltd

In December 2019, the Group established an amortising loan facility of US Dollar 85 million with

maturity in December 2027. The purpose of the facility is to finance the purchase of production

equipment by Nigerian Bottling Company Ltd., the Company’s indirect subsidiary in Nigeria. Over

thecourse of 2020 and 2021, the facility has been drawn down for approximately US Dollar 78 million.

The obligations under this facility are guaranteed by the Company. The outstanding amount under

theloan facility was €36 million as at 31 December 2024 (2023: €45 million).

Loan from the European Bank of Reconstruction and Development (EBRD)

In July 2024, the Group established a US Dollar 130 million loan with EBRD to finance its capital

expenditure and working capital requirements in Egypt. The loan is guaranteed by the Company.

Until31December 2024, the loan had been drawn down for €5 million.

Credit support provider

On 18 July 2013, the Company signed as credit support provider to J.P. Morgan Securities plc, Credit

Suisse International, Credit Suisse AG, ING Bank N.V., Société Générale, Merrill Lynch International and

The Royal Bank of Scotland plc in favour of Coca-Cola HBC Finance B.V. for the obligations as defined

inthe ISDA Master Agreements

On 24 July 2013, the Company signed as credit support provider to the Governor and Company

oftheBank of Ireland, in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the

ISDAMaster Agreement

On 8 August 2013, the Company signed as credit support provider to Citibank N.A. in favour

ofCCHBCBulgaria AD for the obligations as defined in the ISDA Master Agreement

On 8 August 2013, the Company signed as credit support provider to Citibank N.A. in favour

of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement

On 24 June 2014, the Company signed as credit support provider to Intesa Sanpaolo S.pA. in favour

ofCoca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement

On 5 October 2015, the Company signed as credit support provider to Macquarie Bank

InternationalLimited in favour of Coca-Cola HBC Finance B.V. for the obligations as defined

intheISDAMaster Agreement

On 22 June 2016, the Company signed as credit support provider to UniCredit Bank AG in favour

ofCoca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement

Swiss statutory reporting continued

On 31 August 2016, the Company signed as credit support provider to BNP Paribas in favour

of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement

On 1 November 2017, the Company signed as credit support provider to Goldman Sachs Global

International in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA

MasterAgreement

On 22 December 2017, the Company signed as credit support provider to Citigroup Global

MarketsLimited in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the

ISDAMaster Agreement

On 14 February 2018, the Company signed as credit support provider to Morgan Stanley & Co.

International PLC in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA

Master Agreement

On 25 March 2019, the Company signed as credit support provider to Citigroup Global Markets

Europe AG in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA

MasterAgreement

On 1 July 2019, the Company signed as credit support provider to Credit Suisse Securities, Sociedad

deValores, S.A. in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA

Master Agreement

On 10 July 2019, the Company signed as credit support provider to Macquarie Bank Limited

(LondonBranch) in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the

ISDAMaster Agreement

On 12 November 2019, the Company signed as credit support provider to UBS AG in favour

of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement

On 2 November 2020, the Company signed as credit support provider to J.P. Morgan AG in favour

ofCoca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement

On 13 November 2020, the Company signed as credit support provider to Goldman Sachs Bank

Europe SE in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA

MasterAgreement

On 5 May 2022 and then on 26 September 2022, the Company signed as credit support provider

toCitibank Nigeria Limited in favour of Nigerian Bottling Company Ltd for the obligations as defined

inthe Treasury Master Agreement

On 14 February 2024, the Company signed as credit support provider to Standard Chartered Bank in

favour of Nigerian Bottling Company Ltd for the obligations as defined in the ISDA Master Agreement

1. The ISDA (International Swap Dealers Association) Master Agreement is a standardised form issued by the International Swap Dealers

Association Inc. to be used for credit support transactions.

2. The Treasury Master Agreement is an agreement between Nigerian Bottling Company and Citibank Nigeria describing general terms and

conditions regulating their relationship in regard to foreign currency transactions.

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3. Other information continued

3.4 Significant shareholders

As at 31 December 2024 and 2023, there were two shareholders exceeding the threshold of 5% voting

rights in the Company’s share capital.

Date

Number of

Percentage of

issued share

capital

Percentage of

issued share

capital

Total Kar-Tess Holding 31.12.2023 85,355,019 22.9% 23.3%

Total Kar-Tess Holding 31.12.2024 85,355,019 22.9% 23.3%

Total shareholdings related

to The Coca-Cola Company 31.12.2023 78,252,731 21.0% 21.3%

Total shareholdings related

to The Coca-Cola Company 31.12.2024 78,252,731 21.0% 21.6%

1. Basis: total issued share capital including treasury shares. Share basis 373,239,562 as at 31 December 2024 (2023:372,977,222).

2. Basis: total issued share capital excluding treasury shares. Share basis 362,161,765 as at 31 December 2024 (2023: 366,908,685).

3.5 Allocated amount of options and shares

Stock option plan (SOP)

Number of options Already vested, not exercised Vesting at the end of 2024

Options CHF thousand Options CHF thousands Options CHF thousands

Board of Directors and

Executive Leadership Team – – – – – –

Other SOP participants – – – – – –

Total – – – – – –

Management Incentive Plan (MIP) and Performance Share Plan (PSP)

Granted in 2024

Unvested and for PSP subject

toperformance conditions Vested

Shares CHF thousand Shares CHF thousands Shares CHF thousands

Board of Directors and

Executive Leadership Team 419,544 13,000 1,342,019 41,585 347,752 10,776

Other MIP and PSP

participants 44,273 1,372 123,309 3,821 19,760 612

Total 463,817 14,372 1,465,328 45,406 367,512 11,388

Swiss statutory reporting continued

3.6 Fees paid to the auditor

The audit and other fees paid to the auditor are disclosed in Note 8 to the consolidated

financialstatements.

3.7 Conditional capital

On 25 April 2013, the shareholders’ meeting agreed to the creation of conditional capital in the

maximum amount of CHF 245,601 thousand, through issuance of a maximum of 36,657 thousand fully

paid-in registered shares with a par value of CHF 6.70 each upon exercise of options issued to members

of the Board of Directors, members of the management, employees or advisers of the Company, its

subsidiaries and other affiliated companies. The share capital of CHF 2,500,705 thousand as disclosed

inthe balance sheet differs from the share capital in the commercial register of CHF 2,498,947

thousand as at 31 December 2024 due to the exercise of management options in the courseof

financialyear 2024.

Conditional capital

Number of

Book value

per share CHF

Total CHF

thousands

Agreed conditional capital as per shareholders’ meeting on

25April 2013 36,656,843 6.70 245,601

Shares issued to employees exercising stock options until

31December 2016 (3,149,493) 6.70 (21,102)

Shares issued to employees exercising stock options in 2017 (4,122,401) 6.70 (27,620)

Shares issued to employees exercising stock options in 2018 (1,064,190) 6.70 (7,130)

Shares issued to employees exercising stock options in 2019 (1,352,731) 6.70 (9,063)

Shares issued to employees exercising stock options in 2020 (582,440) 6.70 (3,902)

Shares issued to employees exercising stock options in 2021 (1,282,821) 6.70 (8,595)

Shares issued to employees exercising stock options in 2022 (290,677) 6.70 (1,948)

Shares issued to employees exercising stock options in 2023 (891,127) 6.70 (5,970)

Remaining conditional capital as at 31 December 2023 23,920,963 6.70 160,271

Shares issued to employees exercising stock options in 2024 (262,340) 6.70 (1,758)

Remaining conditional capital as at 31 December 2024 23,658,623 6.70 158,513

4. Subsequent events

The subsequent events in relation to financial year ended 31 December 2024 are disclosed in Note 31 to

the consolidated financial statements.

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1. Total available reserves

Available earnings and reserves CHF thousands

Balance brought forward from previous years 39,440

Net loss for the year (38,979)

Total accumulated profit to be carried forward 461

Reserves from capital contributions before distribution 3,103,985

Total available reserves 3,104,446

2. Proposed declaration of dividend from reserves

The Board of Directors proposes to declare a gross dividend of €1.03 on each ordinary registered share

with a par value of CHF 6.70 from the general capital contribution reserve. Own shares held directly by

the Company are not entitled to dividends. Payment of the dividend shall be made at such time and with

such record date as shall be determined by the Annual General Meeting and the Board of Directors.

3. Proposed appropriation of reserves/declaration of dividend

Dividend of €1.03 at current exchange rate

As of 31 December 2024 CHF thousands

Reserves from capital contributions before distribution 3,103,985

Proposed dividend of €1.03

(361,497)

Reserves from capital contributions after distribution 2,742,488

1. Illustrative at an exchange rate of CHF 0.96 per Euro. Assumes that the shares entitled to a dividend amount to 365,591,900.

Proposed appropriation of available earnings and reserves/declaration of dividend

Swiss statutory reporting continued

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Report of the statutory auditor to the General Meeting on the

statutory remuneration report 2024

Coca-Cola HBC AG

Steinhausen (Zug)

Report of the statutory auditor

to the General Meeting on the

statutory remuneration report 2024

Report of the statutory auditor to the General Meeting of Coca-Cola HBC AG,

Steinhausen (Zug)

Opinion

We have audited the statutory remuneration report of Coca-Cola HBC AG (the Company) for the

yearended 31 December 2024. The audit was limited to the information pursuant to article 734a-734f

ofthe Swiss Code of Obligations (CO) on pages 335 to 344 of the statutory remuneration report.

In our opinion, the information pursuant to article 734a-734f CO in the statutory remuneration report

(pages 335 to 344) complies with Swiss law and the Company’s articles of incorporation.

Basis for opinion

We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH).

Our responsibilities under those provisions and standards are further described in the ‘Auditor’s

responsibilities for the audit of the statutory remuneration report’ section of our report. We are

independent of the Company in accordance with the provisions of Swiss law and the requirements

ofthe Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance

withthese requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis

forour opinion.

Other information

The Board of Directors is responsible for the other information. The other information comprises

the information included in the annual report, but does not include the information in the statutory

remuneration report, the consolidated financial statements, the financial statements and our auditor’s

reports thereon.

Our opinion on the statutory remuneration report does not cover the other information and we do not

express any form of assurance conclusion thereon.

In connection with our audit of the statutory remuneration report, our responsibility is to read the other

information and, in doing so, consider whether the other information is materially inconsistent with the

audited financial information in the statutory remuneration report or our knowledge obtained in the

audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this

other information, we are required to report that fact. We have nothing to report in this regard.

Board of Directors’ responsibilities for the statutory remuneration report

The Board of Directors is responsible for the preparation of a statutory remuneration report in

accordance with the provisions of Swiss law and the Company’s articles of incorporation, and for

such internal control as the Board of Directors determines is necessary to enable the preparation

of astatutory remuneration report that is free from material misstatement, whether due to fraud

or error. It is also charged with structuring the remuneration principles and specifying the individual

remuneration components.

Auditor’s responsibilities for the audit of the statutory remuneration report

Our objectives are to obtain reasonable assurance about whether the information pursuant to

article734a-734f CO is free from material misstatement, whether due to fraud or error, and to issue an

auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a

guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material

misstatement when it exists. Misstatements can arise from fraud or error and are considered material

if, individually or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of this statutory remuneration report.

As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement and

maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement in the statutory remuneration report, whether

due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting

a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may

involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures

that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made.

We communicate with the Board of Directors or its relevant committee regarding, among other

matters, the planned scope and timing of the audit and significant audit findings, including any

significant deficiencies in internal control that we identify during our audit.

We also provide the Board of Directors or its relevant committee with a statement that we have

complied with relevant ethical requirements regarding independence, and communicate with them

all relationships and other matters that may reasonably be thought to bear on our independence,

andwhere applicable, actions taken to eliminate threats or safeguards applied.

PricewaterhouseCoopers AG

Patrick Balkanyi

Licensed audit expert

Auditor in charge

Zurich, 14 March 2025

Tobias Handschin

Licensed audit expert

Coca-Cola HBC Integrated Annual Report 2024334

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

Statutory Remuneration Report

Additional disclosures regarding the Statutory Remuneration Report

The section below is in line with the Swiss Code of Obligations, which requires disclosure of the

elements of compensation paid to the Company’s Board of Directors and the Executive Leadership

Team (formerly known as the Operating Committee). The amounts relate to the calendar years of

2024 and 2023. In the information presented below, the exchange rate used for conversion of 2024

remuneration data from Euro to CHF is 1/0.9530 and the exchange rate used for conversion of 2023

remuneration data from Euro to CHF is 1/0.9729.

As the Company is headquartered in Switzerland, it is required for statutory purposes to present

compensation data for two consecutive years, 2024 and 2023. The applicable methodology used

to calculate the value of stock option and performance shares follows Swiss Standards. In 2024 and

2023, the fair value of performance shares from the 2024 and 2023 grants is calculated based on

the performance share awards that are expected to vest. Below is the relevant information for Swiss

statutory purposes.

The Statutory Remuneration Report should be read in conjunction with the Directors’ remuneration

report presented in the Integrated Annual Report as the qualitative aspects of remuneration policy

aredescribed therein.

Remuneration for acting members of governing bodies

The Company’s Directors believe that the level of remuneration offered to Directors and the members

of the Executive Leadership Team should reflect their experience and responsibility as determined by,

among other factors, a comparison with similar multinational companies and should be sufficient to

attract and retain high-calibre Directors who will lead the Group successfully. In line with the Group’s

commitment to maximise shareholder value, its policy is to link a significant proportion of remuneration

for its Executive Leadership Team to the performance of the business through short- and long-term

incentives. Therefore, the Executive Leadership Team members’ financial interests are closely aligned

with those of the Company’s shareholders through the equity-related long-term compensation plan.

The total remuneration of the Directors and members of the Executive Leadership Team of the Company,

including performance share grants, during 2024 amounted to CHF 30.2 million (2023: CHF 28.6 million).

Outof this, the amount relating to the expected value of performance share awards granted in relation

to 2024 was CHF 6.6 million (2023: CHF 7.4 million). Pension and post-employment benefits for Directors

and the Executive Leadership Team of the Company during 2024 amounted toCHF1.1million

(2023: CHF 0.9 million).

Coca-Cola HBC Integrated Annual Report 2024335

Swiss Statutory ReportingFinancial StatementsCorporate GovernanceStrategic Report Supplementary Information

Remuneration of the Board of Directors

2024 CHF

Fees

Cash and

non-cash

benefits

Cash

performance

incentives

Pension and

post-employment

benefits

Total fair value

of stock options at

the date granted

Total

compensation

Anastassis G. David, Non-Executive Chairman 142,950 – – – – 142,950

Zoran Bogdanovic, Chief Executive Officer, Executive Director

– – – – – –

Anna Diamantopoulou, Independent non-Executive Director, member of the Nomination Committee,

SocialResponsibility Committee & Remuneration Committee

68,867 – – – – 68,867

Charlotte J. Boyle, Independent non-Executive Director, Chair of the Remuneration Committee,

and member of the Nomination Committee 99,827 – – – – 99,827

Olusola (Sola) David-Borha, Independent non-Executive Director, member of the Audit and Risk Committee

36,434 – – – – 36,434

William W. (Bill) Douglas III, Independent non-Executive Director, Chair of the Audit and Risk Committee 108,642 – – – – 108,642

Reto Francioni, Senior Independent non-Executive Director, Chair of the Nomination Committee,

and member of the Remuneration Committee

113,884 – – – – 113,884

Anastasios I. Leventis, Non-Executive Director, Chair of the Social Responsibility Committee 90,535 – – – – 90,535

Christo Leventis, Non-Executive Director 78,146 – – – – 78,146

Alexandra Papalexopoulou, Independent non-Executive Director, member of the Audit and Risk Committee6 36,434 – – – – 36,434

Henrique Braun, Non-Executive Director

78,146 – – – – 78,146

George Pavlos Leventis, Non-Executive Director 78,146 – – – – 78,146

Evguenia Stoitchkova, Non-Executive Director, member of the Social Responsibility Committee 84,341 – – – – 84,341

Zulikat Wuraola Abiola, Independent non-Executive Director, member of Audit and Risk Committee8 57,217 – – – – 57,217

Glykeria Tsernou, Independent non-Executive Director, member of Audit and Risk Committee9 57,217 – – – – 57,217

Elizabeth Bastoni, Independent non-Executive Director, member of the Nomination Committee, Remuneration

Committee and Social Responsibility Committee10 26,078 – – – – 26,078

Total Board of Directors 1,156,864 – – – – 1,156,864

1. Cash and non-cash benefits consist of cost-of-living allowance, housing support, Employee Stock Purchase Plan, private medical insurance relocation expenses, home trip allowance, lump sum expenses and similar allowances.

2. Zoran Bogdanovic’s compensation was based on his role as CEO, member of the Executive Leadership Team, and his employment agreement. Zoran Bogdanovic was not entitled and did not receive additional compensation as a Director.

3. Anna Diamantopoulou retired from the Board of Directors on 16 September 2024. The Group has applied a pro-rated period fee of CHF 68,867, on top of her fees, the Group paid CHF 3,904 in social security contributions as required by Swiss legislation.

4. Olusola (Sola) David-Borha retired from the Board of Directors on 21 May 2024. The Group has applied a pro-rated period fee of CHF 36,434, on top of her fees, the Group paid CHF 2,919 in social security contributions as required by Swiss legislation.

5. For Reto Francioni, on top of his fees, the Group paid CHF 6,718 in social security contributions as required by Swiss legislation.

6. Alexandra Papalexopoulou retired from the Board of Directors on 21 May 2024. The Group has applied a pro-rated period fee of CHF 36,434.

7. For Henrique Braun, on top of his fees, the Group paid CHF 6,260 in social security contributions as required by Swiss legislation.

8. Zulikat Wuraola Abiola was appointed to the Board of Directors on 21 May 2024. The Group has applied a pro-rated period fee of CHF 57,217, on top of her fees, the Group paid CHF 4,583 in social security contributions as required by Swiss legislation.

9. Glykeria Tsernou was appointed to the Board of Directors on 21 May 2024. The Group has applied a pro-rated period fee of CHF 57,217.

10. Elizabeth Bastoni was appointed to the Board of Directors on 16 September 2024. The Group has applied a pro-rated period fee of CHF 26,078, on top of her fees, the Group paid CHF 2,089 in social security contributions as required by Swiss legislation.

Non-Executive Directors do not participate in any of the Group’s incentive plans, nor do they receive any retirement benefits.

Statutory Remuneration Report continued

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2023 CHF

Fees

Cash and

non-cash

benefits

Cash

performance

incentives

Pension and

post-employment

benefits

Total fair value

of stock options at

the date granted

Total

compensation

Anastassis G. David, Non-Executive Chairman 145,935 – – – – 145, 935

Zoran Bogdanovic, Chief Executive Officer, Executive Director

– – – – – –

Anna Diamantopoulou, Independent non-Executive Director, member of the Nomination Committee, Social

Responsibility Committee & Remuneration Committee

98,749 – – – – 98,749

Charlotte J. Boyle, Independent non-Executive Director, Chair of the Remuneration Committee,

and member of the Nomination Committee 98, 749 – – – – 98, 749

Olusola (Sola) David-Borha, Independent non-Executive Director, member of the Audit and Risk Committee

95,344 – – – – 95,344

William W. (Bill) Douglas III, Independent non-Executive Director, Chair of the Audit and Risk Committee 110,911 – – – – 110,911

Reto Francioni, Senior Independent non-Executive Director, Chair of the Nomination Committee,

and member of the Remuneration Committee

116,262 – – – – 116,262

Anastasios I. Leventis, Non-Executive Director, Chair of the Social Responsibility Committee 92,426 – – – – 92,426

Christo Leventis, Non-Executive Director 79,778 – – – – 79,778

Alexandra Papalexopoulou, Independent non-Executive Director, member of the Audit and Risk Committee 95,344 – – – – 95,344

Ryan Rudolph, Independent non-Executive Director

30,192 – – – – 30,192

Henrique Braun, Non-Executive Director

79,778 – – – – 79,778

Bruno Pietracci, Independent non-Executive Director, member of the Social Responsibility Committee

32,585 – – – – 32,585

George Pavlos Leventis, Non-Executive Director

49,806 – – – – 49, 806

Evguenia Stoitchkova, Non-Executive Director, member of the Social Responsibility Committee

53,754 – – – – 53, 754

Total Board of Directors 1,179,613 – – – – 1, 179,613

3. For Anna Diamantopoulou, on top of her fees, the Group paid CHF 6,031 in social security contributions as required by Swiss legislation.

4. For Olusola (Sola) David-Borha, on top of her fees, the Group paid CHF 7,638 in social security contributions as required by Swiss legislation.

5. For Reto Francioni, on top of his fees, the Group paid CHF 6,867 in social security contributions as required by Swiss legislation.

6. Robert Ryan Rudolph retired from the Board of Directors on 17 May 2023. The Group has applied a pro-rated period fee of CHF 30,192, on top of his fees, the Group paid CHF 2,419 in social security contributions as required by Swiss legislation.

7. For Henrique Braun, on top of his fees, the Group paid CHF 6,391 in social security contributions as required by Swiss legislation.

8. Bruno Pietracci retired from the Board of Directors on 17 May 2023. The Group has applied a pro-rated period fee of CHF 32,585, on top of his fees, the Group paid CHF 2,610 in social security contributions as required by Swiss legislation.

9. George Pavlos Leventis was appointed to the Board of Directors on 17 May 2023. The Group has applied a pro-rated period fee of CHF 49,806.

10. Evguenia Stoitchkova was appointed to the Board of Directors on 17 May 2023. The Group has applied a pro-rated fee of CHF 53,754.

Non-Executive Directors do not participate in any of the Group’s incentive plans, nor do they receive any retirement benefits.

Statutory Remuneration Report continued

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Remuneration of the Executive Leadership Team

The total remuneration paid to or accrued for the Executive Leadership Team for 2024 amounted

toCHF 28.3 million.

2024 CHF

Base salary

Cash and

non-cash

benefits

Annual bonus

accrual

Pension

and post-

employment

benefits

Total fair value

of performance

shares at the

date granted

Total

remuneration

Zoran Bogdanovic,

Chief Executive Officer,

Executive Director 882,129 757,641 935,163 142,740 1,684,849 4,402,521

Other current members

5,910,776 5,772,093 5,270,943 902,288 4,954,893 22,810,994

Former members

1,153,570 632,834 0 31,899 0 1,818,303

Total Executive

Leadership Team 7,946,475 7,162,568 6,206,106 1,076,927 6,639,742 29,031,818

1. Base salary includes 639,463 CHF non-compete payments in 2024 to former members of the Executive Leadership Team.

2. Cash and non-cash benefits consist of cost-of-living allowance, housing support, schooling, employee share purchase plan, private medical

insurance, relocation expenses, home trip allowance, employer social security contributions, lump sum expenses, all paid and unpaid sign-

on bonus, equalisation amounts and similar allowances.

3. The annual bonus accrual for 2024 includes the accrued Management Incentive Plan (MIP) payout, receivable early in 2025 for the 2024

business performance, including amount that will be paid in May 2025 post approval by the AGM of the Remuneration Committee’s proposal

for adjustment of the MIP deferral (refer to Directors’ remuneration report), employer social security contribution and gross-up for the tax

benefit, of CHF 6,206,106. The monetary value that was paid in 2024 under the MIP reflecting the 2023 business performance is approx.

CHF 5,995,351.

4. Members of the Executive Leadership Team participate in the pension plan of their employing entity, as appropriate.

5. Values under long-term incentives represent the fair value of performance shares that are expected to vest for the 2024 grant in order

tocomply with Swiss reporting guidelines.

6. Anastasis Stamoulis was appointed to the role of Chief Financial Officer on 1 May 2024. Vladimir Kosijer was appointed to the role of Acting

Regional Director on 1 June 2024.

7. Ben Almanzar’ employment ceased on 17 May 2024.

The total remuneration paid to or accrued for the Executive Leadership Team for 2023 amounted

toCHF 27.4 million.

2023 CHF

Base salary

Cash and

non-cash

benefits

Annual bonus

accrual

Pension

and post-

employment

benefits

Total fair value

of performance

shares at the

date granted

Total

remuneration

Zoran Bogdanovic,

Chief Executive Officer,

Executive Director 851,547 684,902 867,920 151,437 2,206,537 4,762,343

Other current members

5,160,832 4,915,703 4,368,027 635,593 4,579,469 19,659,624

Former members

857,611 748,299 548,878 133,543 657,058 2,945,389

Total Executive

Leadership Team 6,869,990 6,348,904 5,784,825 920,573 7,443,064 27,367,356

1. Base salary includes 204,795 CHF non-compete payments in 2023 to former members of the Executive Leadership Team.

2. Cash and non-cash benefits consist of cost-of-living allowance, housing support, schooling, employee share purchase plan, private medical

insurance, relocation expenses, home trip allowance, employer social security contributions, lump sum expenses, all paid and unpaid sign-

on bonus, equalisation amounts and similar allowances.

3. The annual bonus accrual for 2023 includes the accrued Management Incentive Plan (MIP) payout, receivable early in 2024 for the 2023

business performance, including amount deferred in shares, employer social security contribution and gross-up for the tax benefit, of CHF

5,784,825. The monetary value that was paid in 2023 under the MIP reflecting the 2022 business performance is approx. CHF 5,401,503.

4. Members of the Executive Leadership Team participate in the pension plan of their employing entity, as appropriate.

5. Values under long-term incentives represent the fair value of performance shares that are expected to vest for the 2023 grant in order

tocomply with Swiss reporting guidelines.

6. Jaak Mikkel was appointed to the role of New Businesses Director on 1 February 2023. Frank O’Donnell and Aleksandar Ruzevic were

appointed to the role of Regional Director for on 1 June 2023. Ebru Ozgen was appointed to the role of Chief People and Culture Officer

on12 September 2023.

7. Nikolaos Kalaitzidakis’ employment ceased on 30 September 2023. Sanda Parezanovic’s employment ceased on 30 November 2023.

Statutory Remuneration Report continued

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Shareholdings, conversion and option rights

The table below sets out a comparison of the interests in the Company’s total issued share capital that the members of the Board of Directors (‘Directors’) and Executive Leadership Team hold (all of which,

unless otherwise stated, are beneficial interests or are interests of a person connected with a Director or a member of the Executive Leadership Team) and the interests in the Company’s share capital.

31.12.2024 31.12.2023

Number of shares

Percentage

ofissued

share capital

Percentage of

outstanding

share capital

Number of

Percentage

of issued

share capital

Percentage of

outstanding

share capital

Directors

Anastassis G. David, Non-Executive Chairman

– – – – – –

Zoran Bogdanovic, Chief Executive Officer, Executive Director 386,658 0.10% 0.11% 336,219 0.09% 0.09%

Charlotte J. Boyle, Independent non-Executive Director, Chair of the Remuneration Committee,

and member of the Nomination Committee 1,395 0.00% 0.00% 1,017 0.00% 0.00%

Henrique Braun, Non-Executive Director – – – – – –

Olusola (Sola) David-Borha, Independent non-Executive Director, member of the Audit and Risk Committee – – – – – –

Anna Diamantopoulou, Independent non-Executive Director, member of the Nomination Committee,

Social Responsibility Committee & Remuneration Committee – – – – – –

William W. (Bill) Douglas III, Independent non-Executive Director, Chair of the Audit and Risk Committee 10,000 0.00% 0.00% 10,000 0.00% 0.00%

Reto Francioni, Senior Independent non-Executive Director, Chair of the Nomination Committee,

and member of the Remuneration Committee 7,000 0.00% 0.00% 7,000 0.00% 0.00%

Anastasios I. Leventis, Non-Executive Director, Chair of the Social Responsibility Committee

– – – – – –

Christo Leventis, Non-Executive Director

– – – – – –

Alexandra Papalexopoulou, Independent non-Executive Director, member of the Audit and Risk Committee – – – – – –

Bruno Pietracci, Independent non-Executive Director, member of the Social Responsibility Committee – – – – – –

Ryan Rudolph, Independent non-Executive Director – – – – – –

George Pavlos Leventis, Non-Executive Director

– – – – – –

Evguenia Stoitchkova, Non-Executive Director, member of the Social Responsibility Committee – – – – – –

Footnotes are presented at the end of the table.

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31.12.2024 31.12.2023

Number of shares

Percentage

ofissued

share capital

Percentage of

outstanding

share capital

Number of

Percentage

of issued

share capital

Percentage of

outstanding

share capital

Executive Leadership Team

Minas Agelidis, Region Director 101,311 0.03% 0.03% 97,411 0.03% 0.03%

Mourad Ajarti, Chief Digital and Technology Officer 49,479 0.01% 0.01% 42,622 0.01% 0.01%

Ben Almanzar, Chief Financial Officer

0 0.00% 0.00% 29,565 0.01% 0.01%

Ivo Bjelis, Chief Supply Chain Officer 28,254 0.01% 0.01% 51,566 0.01% 0.01%

Jan Gustavsson, General Counsel, Company Secretary and Chief Corporate Development Officer 191,033 0.05% 0.05% 243,414 0.07% 0.07%

Naya Kalogeraki, Chief Operating Officer 123,889 0.03% 0.03% 109,394 0.03% 0.03%

Martin Marcel, Chief Corporate Affairs and Sustainability Officer 138,639 0.04% 0.04% 153,355 0.04% 0.04%

Spyros Mello, Strategy and Transformation Director 81,560 0.02% 0.02% 67,259 0.02% 0.02%

Vitaliy Novikov, Digital Commerce Business Development Director 17,117 0.00% 0.00% 14,355 0.00% 0.00%

Barbara Tönz, Chief Customer and Commercial Officer 7,195 0.00% 0.00% 5,707 0.00% 0.00%

Jaak Mikkel, New Businesses Director 49,959 0.01% 0.01% 38,791 0.01% 0.01%

Frank O’Donnell, Region Director 50,133 0.01% 0.01% 39,821 0.01% 0.01%

Aleksandar Ruzevic, Region Director 30,491 0.01% 0.01% 53,992 0.01% 0.01%

Ebru Ozgen, Chief People and Culture Officer 8,017 0.00% 0.00% 183 0.00% 0.00%

Anastasis Stamoulis, Chief Financial Officer

3,245 0.00% 0.00% 14,561 0.00% 0.00%

Vladimir Kosijer, Acting Region Director

37,644 0.01% 0.01% 28,609 0.01% 0.01%

Footnotes are presented at the end of the table.

Statutory Remuneration Report continued

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The following table sets out information regarding the stock options and performance shares held by members of the Executive Leadership Team or any related person as at 31 December 2024:

Stock options (ESOP) Performance shares (PSP)

Number of

stock options Already vested

Vesting at the

end of 2024

Granted

in 2024

Unvested and

subject to

performance

conditions Vested

Zoran Bogdanovic, Chief Executive Officer, Executive Director

– – – 109,165 399,538 95,843

Minas Agelidis, Region Director – – – 21,422 70,806 19,041

Mourad Ajarti, Chief Digital and Technology Officer – – – 18,212 58,251 14,160

Ivo Bjelis, Chief Supply Chain Officer – – – 18,890 62,761 10,333

Jan Gustavsson, General Counsel, Company Secretary and Chief Corporate Development Officer – – – 27,311 91,318 24,806

Naya Kalogeraki, Chief Operating Officer – – – 45,434 146,249 37,716

Martin Marcel, Chief Corporate Affairs and Sustainability Officer – – – 23,824 79,465 21,408

Spyros Mello, Strategy and Transformation Director – – – 14,676 49,995 10,850

Vitaliy Novikov, Digital Commerce Business Development Director – – – 20,719 69,320 18,783

Barbara Tönz, Chief Customer and Commercial Officer – – – 17,123 60,676 –

Jaak Mikkel, New Businesses Director – – – 14,866 49,039 12,532

Frank O’Donnell, Region Director – – – 19,358 52,093 12,680

Aleksandar Ruzevic, Region Director – – – 20,180 56,140 13,948

Ebru Ozgen, Chief People and Culture Officer – – – 20,581 57,834 7,038

Anastasis Stamoulis, Chief Financial Officer – – – 20,280 45,944 8,875

Vladimir Kosijer, Acting Region Director – – – 12,954 36,683 8,295

1. Basis: total issued share capital including treasury shares. Share basis 373,239,562 as at 31 December 2024 (2023: 372,977,222)

2. Basis: total issued share capital excluding treasury shares. Share basis 362,188,886 as at 31 December 2024 (2023: 366,908,685)

3. Anastassis G. David is a beneficiary of:

4. Anastasios I. Leventis is a beneficiary of:

(b) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 286,880 shares held by its trustee, Selene Treuhand AG; and

5. Christo Leventis is a beneficiary of:

(b) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 482,228 shares held by its trustee, Selene Treuhand AG; and

6 George Pavlos Leventis is a beneficiary of:

7. Ben Almanzar’s employment ceased on 17 May 2024.

8. Anastasis Stamoulis joined the Executive Leadership Team on 1 May 2024.

9. Vladimir Kosijer joined the Executive Leadership Team on 1 June 2024.

10. The Remuneration Committee determined at its meeting on 12 March 2025 that in line with the terms of the PSP, PSP awards granted to Zoran Bogdanovic in 2022 vested over in aggregate 117,958 shares (including the dividend equivalent shares paid on PSP shares that vested in 2025).

Statutory Remuneration Report continued

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The following table sets out information regarding the stock options and performance shares held by members of the Executive Leadership Team or any related person as at 31 December 2023:

Stock options (ESOP) Performance shares (PSP)

Number of

stock options Already vested

Vesting at the

end of 2023

Granted

in 2023

Unvested and

subject to

performance

conditions Vested

Zoran Bogdanovic, Chief Executive Officer, Executive Director

39,335 39,335 – 162,847 391,872 75,777

Minas Agelidis, Region Director – – – 24,954 69,549 27,593

Mourad Ajarti, Chief Digital and Technology Officer – – – 20,823 55,035 22,536

Ben Almanzar, Chief Financial Officer – – – 30,465 91,844 9,743

Ivo Bjelis, Chief Supply Chain Officer – – – 20,979 54,814 15,830

Jan Gustavsson, General Counsel, Company Secretary and Chief Corporate Development Officer – – – 32,551 90,277 38,001

Nikos Kalaitzidakis, Region Director

– – – 25,248 69,724 29,170

Naya Kalogeraki, Chief Operating Officer 21,239 21,239 – 50,066 140,757 35,478

Martin Marcel, Chief Corporate Affairs and Sustainability Officer – – 28,142 78,313 32,797

Spyros Mello, Strategy and Transformation Director – – – 17,267 46,810 16,622

Vitaliy Novikov, Digital Commerce Business Development Director – – – 24,204 68,493 22,299

Sanda Parezanovic, Chief People and Culture Officer

– – – 26,029 72,139 30,273

Barbara Tönz, Chief Customer and Commercial Officer – – – 19,784 43,553 –

Jaak Mikkel, New Businesses Director

15,927 15,927 – 18,179 47,445 19,200

Frank O’Donnell, Region Director

– – – 16,365 46,164 14,781

Aleksandar Ruzevic, Region Director

7,432 7,432 – 18,201 50,732 21,370

Ebru Ozgen, Chief People and Culture Officer

– – – 44,741 44,741 –

1. Basis: total issued share capital including treasury shares. Share basis 372,977,222 as at 31 December 2023 (2022: 372,086,095)

2. Basis: total issued share capital excluding treasury shares. Share basis 366,908,685 as at 31 December 2023 (2022: 366,699,378)

3. Anastassis G. David is a beneficiary of:

4. Anastasios I. Leventis is a beneficiary of:

(b) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 286,880 shares held by its trustee, Selene Treuhand AG; and

5. Christo Leventis is a beneficiary of:

(b) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 482,228 shares held by its trustee, Selene Treuhand AG; and

6 George Pavlos Leventis is a beneficiary of:

7. Mr. Nikos Kalaitzidakis’ employment ceased on 30 September 2023.

8. Ms. Sanda Parezanovic’s employment ceased on 30 November 2023.

9. Mr. Jaak Mikkel joined the Executive Leadership Team on 1 February 2023.

10. Mr. Frank O’Donnell and Mr. Aleksandar Ruzevic joined the Executive Leadership Team on 1 June 2023.

11. Ms. Ebru Ozgen joined the Executive Leadership Team on 12 September 2023.

12. The Remuneration Committee determined at its meeting on 13 March 2024 that, in line with the terms of the PSP, PSP awards granted to Zoran Bogdanovic in 2021 vested over in aggregate 95,843 shares (including the dividend equivalent shares paid on PSP shares that vested in 2024)

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Information on functions in other undertakings

The following table lists all functions of the individual members of the Board of Directors

inotherundertakings.

Companies and associations Function

Anastassis G. David,

Non-Executive Chairman

Aegean Airlines S.A. Vice Chairman of the Board of Directors

Cyprus Union of Shipowners Vice Chairman of the Executive

Committee

Sea Trade Holdings Inc Chairman of the Board of Directors

Nephele Navigation Inc Chairman of the Board of Directors

Adcom Advisory Ltd Member of the Board of Directors

Kar-Tess Holding Member of the Board of Directors

College Year, Athens Member of the Board of Trustees

George and Kaity David

Foundation

Director

Zoran Bogdanovic,

ChiefExecutive Officer,

Executive Director

– –

Charlotte J. Boyle, Independent

non-Executive Director,

Chair of the Remuneration

Committee, and member of

the Nomination Committee &

Social Responsibility Committee

UN High Commissioner for

Refugees (UNHCR)

Chairman for UK

Thatchers Cider Company Ltd Non-Executive Director

Knight Frank LLP Non-Executive Director

Worcester College, Oxford

University

Advisory Board Member

Henrique Braun,

Non-Executive Director,

The Coca–Cola Company Executive Vice President

and Chief Operating Officer

Zulikat Wuraola Abiola,

Independent non-Executive

Director, member of the

Auditand Risk Committee

Management

Transformation Ltd.

Managing Director

Frigoglass S.A.I.C. Non-Executive Senior Independent

Director and Vice Chair

Appzone Mauritius Ltd. Chairman of the Board of Directors

Lekoil Nigeria Limited Board Director

Summit Oil International Ltd.

(Nigeria)

Board Director

Companies and associations Function

Elizabeth Bastoni,

Independent non-Executive

Director, member of the

Nomination Committee &

Remuneration Committee

Qorium B.V. Independent Director and Chairman of

the Board of Directors

Jerónimo Martins Independent Director and Audit

Committee Member

Euroapi Audit Committee Independent Director

and Chair of the Nomination and

Compensation Committee

CNH Industrial Independent Director and Chair of

the Human Capital & Compensation

Committee

William W. (Bill) Douglas III,

Independent non-Executive

Director, Chair of the Audit

and Risk Committee

SiteOne Landscape Supply Inc Lead Director and Chairman

of the Audit Committee

The North Highland Esop

Holdings Inc.

Non-Executive Chair of

the Board of Directors

Dollar Tree, Inc. Non-Executive Director

Monster Beverage Corporation Non-Executive Director

Reto Francioni, Senior

Independent non-Executive

Director, Chair of the Nomination

Committee, and member of the

Remuneration Committee

UBS Europe SE Chairman of the Supervisory Board

Swiss International Airlines Chairman of the Supervisory Board

Medtech Innovation

Partners AG

Vice Chairman of the

Board of Directors

Anastasios I. Leventis,

Non-Executive Director,

Chair of the Social Responsibility

Committee

A.G. Leventis (Nigeria) Ltd. Member of the Board of Directors

Leventis Foundation Nigeria Director

A.G. Leventis Foundation Member of the Board of Trustees

Nephele Navigation Inc Vice Chairman of the Board of Directors

Kar-Tess Holding Member of the Board of Directors

Maxenta Invest Corp. Member of the Board of Directors

Middle East Finance Sarl Member of the Board of Directors

Adcom Advisory Ltd Member of the Board of Directors

European Council of the

Nature Conservancy

Member

WWF Hellas (Greek branch) Member of the Board of Directors

Gennadius Library in Athens Member of the Board of Overseers

University of Exeter Member of the Global Advancement Board

Cyclades Preservation Fund Co-Founder

Statutory Remuneration Report continued

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Companies and associations Function

Christo Leventis, Non-Executive

Director

Alpheus Capital Ltd. Chairman and Member

of the Board of Directors

Kar-Tess Holding Member of the Board of Directors

Torval Investment Corp. Member of the Board of Directors

Adcom Advisory Ltd Member of the Board of Directors

Middle East Finance Sarl Member of the Board of Directors

A.G. Leventis Foundation Trustee

Glykeria Tsernou,

Independent non-Executive

Director, member of the Audit

and Risk Committee

Attica Department Stores S. A. Non-Executive Director

Goldair Handling S.A. Non-Executive Director

Phaea S.A Non-Executive Director

Resolute Cepal Greece S. A. Independent Non–Executive Director

Reinvest Greece S. A. Independent Non–Executive Director

Elecion Energy S.A. Chairman of the Board of Directors

Anatolia College Member of the Board of Trustees

Evguenia Stoitchkova,

Non-Executive Director,

member of the Social

Responsibility Committee

The Coca–Cola Company President of Global Ventures

George Pavlos Leventis,

Non-Executive Director

8 Kensington Park Road Ltd Member of the Board of Directors

Chalet Alpette Sarl Member of the Board of Directors

Adcom Advisory Ltd Member of the Board of Directors

Torval Investment Corp. Member of the Board of Directors

Terra Cyprisa Foundation Director

The following table lists all functions of the individual members of the Executive Leadership Team in

other undertakings.

Companies and associations Function

Naya Kalogeraki,

Chief Operating Officer

Casa del Caffè Vergnano S.p.A Board Member

Jan Gustavsson,

General Counsel, Company

Secretary and Chief Corporate

Development Officer

Casa del Caffè Vergnano S.p.A Board Member

Credits and loans granted to governing bodies

In 2024, similar to 2023, there were no credits or loans granted to active or former members of the

Company’s Board of Directors, members of the Executive Leadership Team or to any related persons.

There are no outstanding credits or loans.

Statutory Remuneration Report continued

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1. ComparableAPMsrefertocomparablecostofgoodssold,comparablegrossprofit,comparableoperatingexpenses,comparableEBIT,comparableEBITmargin,comparableadjustedEBITDA,comparableprofitbeforetax,comparabletax,comparablenetprofitandcomparableEPS.

1. Comparable APMs

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:

1. Restructuring costs

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are

presentedunderthe‘Russia-Ukraineconflictimpact’item,toprovideuserscompleteinformation

onthefinancialimplicationsoftheconflict.

2. Commodity hedging

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standalone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.

3. Acquisition, integration and divestment-related costs or gains

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.

4. Impairment of goodwill and indefinite-lived intangible assets

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.

5. Russia-Ukraine conflict impact

AsaresultoftheconflictbetweenRussiaandUkraine,theGrouprecognisednetimpairment

lossesforproperty,plantandequipment,intangibleassetsandequitymethodinvestmentsaswell

asrestructuringcosts,inconnectionwiththenewbusinessmodelinRussiaandadversechangesto

theeconomicenvironment.TheGroupalsorecognisedincrementalallowanceforexpectedcredit

lossesandwrite-offsofinventoryandproperty,plantandequipmentresultingfromtheRussia-Ukraine

conflict.Theaforementionednetimpairmentlosseswereincludedwithintheincomestatementline

‘ExceptionalitemsrelatedtoRussia-Ukraineconflict’soastoprovideuserswithenhancedvisibility

overtheseitemsconsideringtheirmateriality,whileremainingcostswereincludedwithin‘Operating

expenses’and‘Costofgoodssold’linesoftheincomestatementaccordingly.Netimpairmentlosses

andothercostsdirectlyattributabletotheRussia-Ukraineconflictareexcludedfromthecomparable

resultssothattheuserscanobtainabetterunderstandingoftheGroup’soperatingandfinancial

performancefromunderlyingactivity.

Alternative performance measures

Definitions and reconciliations of alternative performance measures (APMs)

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Alternative performance measures continued

1. Comparable APMs

continued

6. Other tax items

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.

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.

Thereconciliationofcomparablemeasurestothedirectlyrelatedmeasurescalculatedinaccordance

withIFRSisasfollows:

Reconciliation of comparable financial indicators (numbers in € million except per share data)

Full year 2024

Cost of

goods

sold

Gross

profit

Operating

expenses EBIT

Adjusted

EBITDA

Profit

before tax Tax

Net

profit

EPS (€)

As reported (6,877) 3,877 (2,706) 1,185 1,598 1,128 (308) 821 2.253

Restructuringcosts – – 3 3 3 3 (1) 3 0.007

Commodityhedging 1 1 – 1 1 1 – 1 0.003

Acquisitioncosts – – 2 2 2 2 – 2 0.005

Impairmentofindefinite-

livedintangibleassets – – – – – – – – 0.001

Othertaxitems – – – – – – 2 2 0.006

Comparable (6,876) 3,879 (2,700) 1,192 1,604 1,135 (307) 829 2.275

Fullyear2023

Cost of

goods

sold

Gross

profit

Operating

expenses EBIT

Adjusted

EBITDA

Profit

beforetax Ta x

Net

profit

EPS(€)

As reported (6,627) 3,557 (2,614) 954 1,488 910 (275) 636 1.730

Restructuringcosts – – 8 8 7 8 (2) 7 0.018

Commodityhedging 5 5 – 5 5 5 (1) 3 0.009

Acquisitioncosts – – 6 6 6 6 – 6 0.017

Russia-Ukraine

conflictimpact – – – – – – – – 0.001

Impairmentofgoodwill

andindefinite-lived

intangibleassets – – 111 111 – 111 – 111 0.301

Othertaxitems – – – – – – 1 1 0.002

Comparable (6,622) 3,562 (2,488) 1,084 1,506 1,040 (277) 764 2.078

Figuresarerounded.

1. Netprofitandcomparablenetprofitrefertonetprofitandcomparablenetprofitrespectivelyaftertaxattributabletoownersoftheparent.

Reconciliation of comparable EBIT per reportable segment (numbers in € million)

Full year 2024

Established Developing Emerging Consolidated

EBIT 386 224 576 1,185

Restructuringcosts – – 3 3

Commodityhedging – 4 (3) 1

Acquisitioncosts 2 – – 2

Impairmentofindefinite-lived

intangibleassets – – – –

Comparable EBIT 388 227 577 1,192

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1. Comparable APMs

continued

Fullyear2023

Established Developing Emerging Consolidated

EBIT 379 153 422 954

Restructuringcosts 1 1 6 8

Commodityhedging (1) (2) 7 5

Acquisitioncosts 2 1 3 6

Russia-Ukraineconflictimpact – – – –

Impairmentofgoodwilland

indefinite-livedintangibleassets – 1 109 111

ComparableEBIT 381 154 549 1,084

Figuresarerounded.

2. Organic APMs

Organic growth

Organicgrowthenablesuserstofocusontheoperatingperformanceofthebusinessonabasisthat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.

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:

(a) Foreign currency impact

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.

(b) Consolidation perimeter impact

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:

i. Acquisitions:

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.

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of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.

ii. Divestments:

Forcurrent-yeardivestments,theresultsgeneratedintheprioryearbythedivestedentitiesoverthe

periodduringwhichthedivestedentitiesarenolongerconsolidatedinthecurrentyearareincludedin

thecurrentyear’sresultsforthepurposeoftheorganicgrowthcalculation.Forprior-yeardivestments,

theresultsgeneratedintheprioryearbythedivestedentitiesovertheperiodduringwhichthedivested

entitieswereconsolidatedareincludedinthecurrentyear’sresultsforthepurposeoftheorganic

growthcalculation.

iii. Reorganisations resulting in equity method accounting:

Forcurrent-yearreorganisationswheretheGroupmaintainseitherjointcontrolorsignificant

influenceovertherelevantentitiessothattheyarereclassifiedfromsubsidiariesorjointoperations

tojointventuresorassociatesandaccountedforundertheequitymethod,theresultsgenerated

inthecurrentyearbytherelevantentitiesovertheperiodduringwhichtheseentitiesarenolonger

consolidatedareincludedinthecurrentyear’sresultsforthepurposeoftheorganicgrowthcalculation.

Forsuchreorganisationsintheprioryear,theresultsgeneratedinthecurrentyearbytherelevant

entitiesovertheperiodduringwhichtheseentitieswereconsolidatedintheprioryearareincluded

inthecurrentyear’sresultsforthepurposeoftheorganicgrowthcalculation.Inaddition,theshare

ofresultsinthecurrentyearoftherelevantentities,fortherespectiveperiodasdescribedabove,is

excludedfromtheorganicgrowthcalculationforsuchreorganisations.

Thecalculationsoftheorganicgrowthandthereconciliationtothemostdirectlyrelatedmeasures

calculatedinaccordancewithIFRSarepresentedinthetablesonthenextpage.Organicgrowth(%)is

calculatedbydividingtheamountintherowtitled‘Organicmovement’bytheamountintheassociated

rowtitled‘2023reported’or,wherepresented,‘2023adjusted’.OrganicgrowthforcomparableEBIT

marginistheorganicmovementexpressedinbasispoints.

Alternative performance measures continued

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2. Organic APMs continued

Reconciliation of organic measures

Full year 2024

Volume (m unit cases) Established Developing Emerging Consolidated

2023 reported 629 471 1,736 2,835

Consolidationperimeterimpact 1 – – 1

Organic movement 2 12 65 78

2024reported 631 483 1,801 2,914

Organic growth (%) 0.3% 2.5% 3.7% 2.8%

Full year 2024

Net sales revenue (€ m) Established Developing Emerging Consolidated

2023reported 3,359 2,089 4,737 10,184

Foreigncurrencyimpact 14 25 (789) (750)

2023 adjusted 3,373 2,114 3,948 9,434

Consolidationperimeterimpact 19 3 – 22

Organic movement 110 268 920 1,298

2024reported 3,501 2,385 4,868 10,754

Organic growth (%) 3.3% 12.7% 23.3% 13.8%

Full year 2024

Net sales revenue per unit case (€)

Established Developing Emerging Consolidated

2023reported 5.34 4.43 2.73 3.59

Foreigncurrencyimpact 0.02 0.05 (0.45) (0.26)

2023 adjusted 5.36 4.49 2.27 3.33

Consolidationperimeterimpact 0.02 0.01 – 0.01

Organic movement 0.16 0.45 0.43 0.36

2024reported 5.55 4.94 2.70 3.69

Organic growth (%) 3.0% 10.0% 18.9% 10.7%

Full year 2024

Comparable EBIT (€ m) Established Developing Emerging Consolidated

2023reported 381 154 549 1,084

Foreigncurrencyimpact 2 2 (40) (36)

2023 adjusted 383 156 509 1,048

Consolidationperimeterimpact 5 9 2 16

Organic movement – 62 66 128

2024reported 388 227 577 1,192

Organic growth (%) (0.1%) 39.6% 13.0% 12.2%

Full year 2024

Comparable EBIT margin (%)

Established Developing Emerging Consolidated

2023reported 11.3% 7.4% 11.6% 10.6%

Foreigncurrencyimpact – – 1.3% 0.5%

2023 adjusted 11.4% 7.4% 12.9% 11.1%

Consolidationperimeterimpact 0.1% 0.4% – 0.1%

Organic movement (0.4%) 1.8% (1.1%) (0.2%)

2024reported 11.1% 9.5% 11.8% 11.1%

Organic growth (%) -40bps 180bps -110bps -20bps

Figuresarerounded.

1. Certaindifferencesincalculationsareduetorounding.

Alternative performance measures continued

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3. Other APMs

Adjusted EBITDA

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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.

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.

Free cash flow

FreecashflowisanAPMusedbytheGroupanddefinedascashgeneratedbyoperatingactivities

afterpaymentsforpurchasesofproperty,plantandequipmentnetofproceedsfromsalesofproperty,

plantandequipment,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.

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.

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3. Other APMs continued

Capital expenditure

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cashspendingisinlinewithitsoverall

strategyfortheuseofcash.

ThefollowingtableillustrateshowadjustedEBITDA,FreecashflowandCapitalexpenditurearecalculated:

2024

€ million

2023

€million

Operating profit (EBIT) 1,185 954

Depreciationandimpairmentofproperty,plantandequipment,

includingright-of-useassets 396 400

Amortisationandimpairmentofintangibleassets 1 114

Employeeperformanceshares 16 20

Adjusted EBITDA 1,598 1,488

Shareofresultsofintegralequitymethodinvestments (14) (10)

Gainondisposalsofnon-currentassets (5) (1)

Cashgeneratedfromworkingcapitalmovements 101 136

Taxpaid (289) (226)

Net cash from operating activities 1,392 1,387

Paymentsforpurchasesofproperty,plantandequipment

(627) (623)

Principalrepaymentsofleaseobligations (61) (59)

Proceedsfromsalesofproperty,plantandequipment 9 7

Capital expenditure (679) (675)

Free cash flow 713 712

Figuresarerounded.

Net debt

NetdebtisanAPMusedbymanagementtoevaluatetheGroup’scapitalstructureandleverage.Net

debtisdefinedascurrentandnon-currentborrowings,netofthefairvalueoffixed-to-floatinginterest

rateswaps,lesscashandcashequivalentsandfinancialassets(timedepositsandmoneymarket

funds),asillustratedbelow:

As at 31 December

2024

€ million

2023

€million

Currentborrowings 889 948

Non-currentborrowings 3,092 2,476

Interestrateswaps(fixed-to-floating) (24) –

Otherfinancialassets (884) (569)

Cashandcashequivalents (1,548) (1,261)

Net debt 1,524 1,595

Figuresarerounded.

1. Paymentsforpurchasesofproperty,plantandequipmentfor2024include€12million(2023:€12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

consolidatedcashflowstatement.

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3. Other APMs continued

Return on invested capital (ROIC)

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.

Year ended 31 December

2024

€ million

2023

€million

Comparable operating profit 1,192 1,084

Plus:Shareofresultsofnon-integralequitymethodinvestments 3 5

Less:Comparabletax (307) (277)

Taxshield

(16) (13)

Comparable net profit excl. finance costs, net (a) 872 799

Averagenetdebt

1,715 1,676

Plus:Averageequityattributabletoownersoftheparent3 3,042 3,194

Capital employed (b) 4,758 4,870

Return on invested capital (a/b) 18.3% 16.4%

Figuresarerounded.

1. Taxshieldiscalculatedascomparableeffectivetaxratetimesfinancecosts,net,asillustratedbelow:

Year ended 31 December

2024

€ million

2023

€million

Financecosts,net 61 48

Comparableeffectivetaxrate(%)

27% 27%

Tax shield 16 13

Figuresarerounded.

2. Comparableeffectivetaxrateiscalculatedascomparabletaxdividedbycomparableprofitbeforetax,asillustratedbelow:

Year ended 31 December

2024

€ million

2023

€million

Comparabletax 307 277

Comparableprofitbeforetax 1,135 1,040

Comparable effective tax rate (%) 27% 27%

Figuresarerounded.

3. Five-quarteraveragenetdebtandequityattributabletoownersoftheparentarecalculatedaspresentedbelow:

2024

Q4 2023

€ million

Q1 2024

€ million

Q2 2024

€ million

Q3 2024

€ million

Q4 2024

€ million

Average

€ million*

Netdebt 1,595 1,876 1,827 1,755 1,524 1,715

Equityattributabletoownersoftheparent 3,093 2,943 2,910 3,059 3,206 3,042

2023

Q42022

€million

Q12023

€million

Q22023

€million

Q32023

€million

Q42023

€million

Average

€ million*

Netdebt 1,673 1,827 1,779 1,505 1,595 1,676

Equityattributabletoownersoftheparent 3,282 3,255 3,005 3,336 3,093 3,194

Figuresarerounded.

*Certaindifferencesincalculationsareduetorounding.

Alternative performance measures continued

351

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Coca-ColaHBCIntegratedAnnualReport2024

Independent Auditor’s Limited Assurance Report

To the Board of Directors

of Coca-Cola HBC AG

Subject Matter

As described in the engagement letter dated 16.12.2024, we were assigned to provide you with

limited assurance on whether selected sustainability information, listed in Appendix I, included in

the Integrated Annual Report 2024 and the 2024 GRI Content Index – (hereinafter referred to as the

“Selected Sustainability Information”), was prepared by Coca-Cola HBC AG (hereinafter referred to as

“Coca-Cola HBC”), for the period from 1 January 2024 to 31 December 2024 (hereinafter “Reporting

Period”) in compliance with the Applicable Criteria as described below (hereinafter referred to as

“Subject Matter”).

Applicable Criteria

The following standards constitute the applicable criteria for the evaluation of the Subject Matter:

i. The “Reporting in accordance with the GRI Standards” option (requirements set in GRI 1:

Foundation2021)

ii. All the available General Disclosures of GRI 2: General Disclosures 2021 (Appendix I)

iii. AlltheavailableGRITopic-specificdisclosures(listedinAppendixI)

Management Responsibilities

The Management of Coca-Cola HBC is responsible for the preparation, measurement, presentation

and reporting of the Selected Sustainability Information in accordance with the GRI Standards

(2021update).

Auditor’s Responsibility

Our responsibility is to issue this Limited Assurance Report on the Selected Sustainability Information

included in the Integrated Annual Report 2024 and the 2024 GRI Content Index for the Reporting

Period, as described in the section “Subject Matter”.

Our work was carried out in accordance with the International Standard on Assurance Engagements

3000 (Revised) “Assurance Engagements Other than Audits or Reviews of Historical Financial

Information” (hereinafter “ISAE 3000”), and the terms of engagement as described in the engagement

letter dated on 16.12.2024.

Theworkperformedrelatestospecificperformanceindicators,includedintheSelectedSustainability

Information for the Reporting Period (as these are described in the section “Applicable Criteria” and in

the Appendix I) and the provision of limited assurance.

Weconsiderthattheevidencewehavegatheredissufficientandsuitableforthefoundationand

documentation of this report.

Professional ethics and quality management

We remained independent of Coca-Cola HBC, in accordance with the ethical requirements that are

relevant to our work, which include the International Code of Ethics for Professional Accountants

(including International Independence Standards) issued by the International Ethics Standards Board

forAccountants(IESBACode)andtheFRC’sEthicalStandard,asapplicabletolistedentities,andwe

havefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.

OurauditfirmappliestheInternationalStandardforQualityManagement(ISQM)1“Quality

Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance

or Related Services Engagements” and accordingly maintains a comprehensive quality management

system that includes documented policies and procedures relating to compliance with ethical

requirements, professional standards and applicable legal and regulatory requirements.

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Independent Auditor’s Limited Assurance Report continued

Scope of Work

We designed and carried out our work in order to obtain the information, analysis and explanations

wedeemednecessary,whereavailablefromCoca-ColaHBC’sManagement,inordertoassess

whether the Report has been prepared in accordance with the “Applicable Criteria”. In order to form

ourconclusion,weperformedthefollowing:

i. Assessed the suitability of the Applicable Criteria in terms of their relevance, comprehensiveness,

reliability, neutrality and understandability and their consistent application.

ii. ObtainedanunderstandingofCoca-ColaHBC’scontrolenvironment,processesandsystems

relevant to the preparation of the Report. Our procedures did not include evaluating the suitability

ofthedesignoroperatingeffectivenessofcontrolactivities.

iii. Inspected the relevant documentation of the systems and processes for compiling, analyzing,

andaggregatingdataandtestedsuchdocumentationonasamplebasis.

iv. Obtained an understanding in relation to the existing internal processes related to application

ofpoliciesrelatedtothesustainabilityinformation,underthescopeofourengagement.

v. InquiredCoca-ColaHBC’sDepartmentalManagersandinformationownersresponsibleforcollecting,

consolidating and calculating the Subject Matter Information in order to evaluate the appropriateness

of measurement and evaluation methods, reporting policies used and estimates made by Coca-Cola

HBC. Our procedures did not involve testing the data on which the estimates are based or separately

developingourownestimatesagainstwhichtoevaluateCoca-ColaHBC’sestimates.

vi. Performed analytical procedures and inspection of documents on a sample basis with respect to the

compilation and reporting of quantitative performance indicators related to the “Applicable Criteria”:

a. At Group level

, performed analytical procedures to check that underlying information was

complete and accurate, and had been appropriately evaluated or measured, recorded, collated

and reported as well as to verify the correct consolidation of the collected data

b. At the level of a representative selection of location sites

, undertook site visits at 8 plants and 7

headquarters(HQs).Weselectedthesesitesbasedonriskassessmentproceduresperformed

(factors considered included indicatively inherent risk, site contribution to the consolidated

indicators, location, etc.) and performed detailed assurance procedures for all the applicable

KPIsatplantandHQlevelforallselectedlocations.Morespecifically,aspartofourvisits,we

performed detailed tests on a sample basis, consisting of checking the correct application of

thedefinitionsandagreeingperformanceindicatorstoorfromsourceinformationtocheckthat

the underlying subject matter was complete and accurate, and had been appropriately evaluated

or measured, recorded, collated and reported.

 c. FortheKPIGreenhouseGas(GhG)emissions,verifiedallthreeinventoryscopes(Scopes1,2

and3)asdefinedbytheGHGProtocol(CorporateStandard),includingprogressagainstemission

reduction targets, reported changes in emissions compared with the baseline year (2010 and

2017)andthefiguresforabsoluteemissionsandemissionsintensityin2024.

  vii. Performedtargetedtestingtoselectsignificantqualitativestatementsrelatedtothe

“Applicable Criteria” listed above and tested their fair statement to identify misstatements

that are material to the intended users of the subject matter information. We performed

risk-based targeted testing for any remaining qualitative statements with characteristics

ofincreasedriskofmaterialmisstatementandevaluatedremainingpopulationnotsubject

totargetedtesting

viii. Evaluated all environmental, social and governance disclosures, and overall presentation of

the Subject Matter Information included in the Report for the Reporting Period (as described

in the section “Applicable Criteria” and in the Appendix I)

The procedures performed in a limited assurance engagement vary in nature and timing and are less

extensive than in a reasonable assurance engagement, and accordingly, the level of assurance obtained

inalimitedassuranceengagementissignificantlylowerthanthelevelofassurancewhichwouldhave

been obtained if an assignment of reasonable assurance had been performed.

Inherent Limitations

The work performed does not provide absolute assurance that all material weaknesses related to the

accuracy and completeness of data and relevant disclosures, as these are included in the Report, will

beidentified.

A material weakness exists when the design of the internal controls is not adequate and thus, does

notmitigatetheriskofmaterialdeficienciesoccurringwithoutbeingdetectedinatimelymanner.

Our work covered only the items listed in the “Scope of Work” paragraph to obtain limited assurance

based on the procedures included in the same paragraph. Our work does not constitute an audit or

review of historical Financial Information, in accordance with applicable International Standards on

Auditing or International Standards for the Engagement of Review Engagements, and for this reason we

do not express any assurance other than those listed in the paragraph “Scope of Work”.

1. TheDepartmentsinvolvedatagrouplevelare:PeopleandCultureDepartment,LegalAffairsDepartment(includingtheRiskteam),Internal

ControlDepartment,CommercialDepartment,SupplyChainDepartment(includingProcurementteam,Quality,SafetyandEnvironment

team,FleetteamandColdDrinkEquipmentteam),InvestorRelationsDepartmentandCorporateAffairsandSustainabilityDepartment,

aswellasmanagersfromotherGroupfunctions.

2. ThemanufacturingplantsarelocatedinNigeria(Ikeja),Egypt(Qaliub),Italy(Nogara),Romania(Ploiești),Poland(Radzymin,Krakow),Greece

(Schimatari) and Russia (Moscow).

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Limited Assurance Conclusion

Based on the procedures we performed as described below in the “Scope of Work” paragraph, and

theevidencewehaveobtained,nothinghascometoourattentionthatcausesustobelievethat:

• the indicators included in the Report for the Reporting Period, as these are described in the section

“Subject Matter”, are materially misstated;

• the Report for the Reporting Period does not meet the requirements for reporting in accordance

with the GRI Standards (2021 update).

Restrictions in Use

This Limited Assurance report, prepared as part of our work performed, is intended for the use of the

Board of Directors and Management of Coca-Cola HBC and covers only the indicated Reporting Period

as well as the abovementioned scope of work.

Athens, 14 March 2025

Fotis Smyrnis

PricewaterhouseCoopers SA

Appendix I

The provision of limited assurance concerns the following GRI indicators presented in the Integrated

Annual Report 2024 and the 2024 GRI Content Index:

Code Description

2-1 Organizational details

2-2 Entitiesincludedintheorganization’ssustainabilityreporting

2-3 Reporting period, frequency and contact point

2-4 Restatements of information

2-5 External assurance

2-6 Activities, value chain and other business relationships

2-7 Employees

2-8 Workers who are not employees

2-9 Governance structure and composition

2-10 Nomination and selection of the highest governance body

2-11 Chair of the highest governance body

2-12 Role of the highest governance body in overseeing the management of impacts

2-13 Delegation of responsibility for managing impacts

2-14 Role of the highest governance body in sustainability reporting

2-15 Conflictsofinterest

2-16 Communication of critical concerns

2-17 Collective knowledge of the highest governance body

2-18 Evaluation of the performance of the highest governance body

2-19 Remuneration policies

2-20 Process to determine remuneration

2-21 Annual total compensation ratio

2-22 Statement on sustainable development strategy

2-23 Policy commitments

2-24 Embedding policy commitments

2-25 Processes to remediate negative impacts

2-26 Mechanisms for seeking advice and raising concerns

2-27 Compliance with laws and regulations

Independent Auditor’s Limited Assurance Report continued

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Code Description

2-28 Membership associations

2-29 Approach to stakeholder engagement

2-30 Collective bargaining agreements

3-1 Process to determine material topics

3-2 List of material topics

3-3 Management of material topics

201-1 Direct economic value generated and distributed

201-2 Financial implications and other risks and opportunities due to climate change

201-3 Definedbenefitplanobligationsandotherretirementplans

201-4 Financial assistance received from government

202-1 Ratios of standard entry level wage by gender compared to local minimum wage

202-2 Proportion of senior management hired from the local community

203-1 Infrastructure investments and services supported

203-2 Significantindirecteconomicimpacts

204-1 Proportion of spending on local suppliers

205-1 Operations assessed for risks related to corruption

205-2 Communication and training about anti corruption policies and procedures

205-3 Confirmedincidentsofcorruptionandactionstaken

206-1 Legal actions for anti-competitive behaviour, antitrust, and monopoly practices

207-1 Approach to tax

207-2 Tax governance, control, and risk management

207-3 Stakeholder engagement and management of concerns related to tax

207-4 Country-by-country reporting

301-1 Materials used by weight or volume

301-2 Recycled input materials used

301-3 Reclaimed products and their packaging materials

302-1 Energy consumption within the organisation

302-2 Energy consumption outside the organisation

302-3 Energy intensity

302-4 Reduction of energy consumption

Code Description

302-5 Reductions in energy requirements of products and services

303-1 Interactions with water as a shared resource

303-2 Management of water discharge-related impacts

303-3 Water withdrawal

303-4 Water discharge by quality and destination

303-5 Water consumption

304-1 Operational sites owned, leased, managed in, or adjacent to, protected areas and

areas of high biodiversity value outside protected areas

304-2 Significantimpactsofactivities,products,andservicesonbiodiversity

304-3 Habitats protected or restored

304-4 IUCN Red List species and national conservation list species with habitats in areas

affectedbyoperations

305-1 Direct Greenhouse Gas (GHG) emissions (Scope 1)

305-2 Energy indirect Greenhouse Gas (GHG) emissions (Scope 2)

305-3 Other indirect Greenhouse Gas (GHG) emissions (Scope 3)

305-4 Greenhouse Gas emissions intensity

305-5 Reduction of Greenhouse Gas (GHG) emissions

305-6 Emissions of ozone-depleting substances (ODS)

305-7 Nitrogenoxides(NOx),sulfuroxides(SOx),andothersignificantairemissions

306-1 Wastegenerationandsignificantwaste-relatedimpacts

306-2 Managementofsignificantwaste-relatedimpacts

306-3 Wastegenerated,Significantspills

306-4 Waste diverted from disposal

306-5 Waste directed to disposal, Transport of hazardous waste

308-1 New suppliers that were screened using environmental criteria

308-2 Negative environmental impacts in the supply chain and actions taken

401-1 New employee hires and employee turnover

401-2 Benefitsprovidedtofull-timeemployeesthatarenotprovidedtotemporaryor

part-time employees

401-3 Parental leave

402-1 Minimum notice periods regarding operational changes

Independent Auditor’s Limited Assurance Report continued

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Code Description

403-1 Occupational health and safety management system

403-2 Hazardidentification,riskassessment,andincidentinvestigation

403-3 Occupational health services

403-4 Worker participation, consultation, and communication on occupational health

and safety

403-5 Worker training on occupational health and safety

403-6 Promotion of worker health

403-7 Prevention and mitigation of occupational health and safety impacts directly linked

by business relationships

403-8 Workers covered by an occupational health and safety management system

403-9 Work-related injuries

403-10 Work-related ill health

404-1 Average hours of training per year per employee

404-2 Programs for upgrading employee skills and transition assistance programs

404-3 Percentage of employees receiving regular performance and career

developmentreviews

405-1 Diversity of governance bodies and employees

405-2 Ratio of basic salary and remuneration of women to men

406-1 Total number of incidents of discrimination and corrective actions taken

407-1 Operations and suppliers in which the right to freedom of association and

collective bargaining may be at risk

408-1 Operationsandsuppliersatsignificantriskforincidentsofchildlabour

409-1 Operationsandsuppliersatsignificantriskforincidentsofforcedor

compulsorylabor

410-1 Security personnel trained in human rights policies or procedures

411-1 Incidents of violations involving rights of indigenous peoples

413-1 Operations with local community engagement, impact assessments,

anddevelopmentprograms

413-2 Operationswithsignificantactualandpotentialnegativeimpactson

localcommunities

414-1 New suppliers that were screened using social criteria

414-2 Negative social impacts in the supply chain and actions taken

Code Description

415-1 Political contributions

416-1 Assessment of the health and safety impacts of product and service categories

416-2 Incidents of non-compliance concerning the health and safety impacts

ofproductsandservices

417-1 Requirements for product and service information and labelling

417-2 Incidents of non-compliance concerning product and service information

andlabelling

417-3 Incidents of non-compliance concerning marketing communications

418-1 Substantiated complaints concerning breaches of customer privacy and losses

ofcustomerdata

Independent Auditor’s Limited Assurance Report continued

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Shares held by geography

28%

26%

13%

North & Central America

Europe

Nordic

Other

Shareholder information

We take great pride in being regarded as

a transparent and accessible company in

all our communications with investment

communities around the world. We

engage with key financial audiences,

including institutional investors, sell-

side analysts and financial journalists,

aswell as our Company’s shareholders.

The investor relations department

manages the interaction with these

audiences by attending investor road

shows, ad hoc meetings and investor

conferences throughout the year, in

addition to the regular meetings and

presentations held at the time of our

results announcements.

Listings

Coca-Cola HBC AG (LSE: CCH) was admitted to

the premium listing segment of the Official List

ofthe UK Listing Authority and to trading on the

London Stock Exchange’s main market for listed

securities on 29 April 2013. With effect from

29 April 2013, Coca-Cola HBC AG’s shares are also

admitted on the Athens Exchange (ATHEX: EEE).

Coca-Cola HBC AG has been included as a

constituent of the FTSE 100 and FTSE All-Share

Indices from 20 September 2013.

London Stock Exchange

Ticker symbol: CCH

ISIN: CH019 825 1305

SEDOL: B9895B7

Reuters: CCH.L

Bloomberg: CCH LN

Athens Exchange

Ticker symbol: EEE

ISIN: CH019 825 1305

Reuters: EEEr.AT

Bloomberg: EEE GA

Credit rating

Standard & Poor’s: L/T BBB+, S/T A2, stable

outlook

Moody’s: L/T Baa1, S/T P2, stable outlook

Share price performance

LSE:CCH 2024 2023 2022

In £ per share

Close 27.32 23.04 19.73

High 28.76 25.65 26.87

Low 21.77 19.10 14.61

Market capitalisation

(£ million) 9,894 8,457 7,235

ATHEX: EEE 2024 2023 2022

In € per share

Close 33.32 26.42 22.60

High 34.44 29.45 31.97

Low 25.77 21.78 18.00

Market capitalisation

(€ million) 12,067 9,694 8,287

Source: Bloomberg

Share capital

In 2024, the share capital of Coca-Cola HBC

increased by the issuance of 262,340 new ordinary

shares following the exercise of stock options

pursuant to the Coca-Cola HBC AG’s Employees’

Stock Option Plan.

Following the above changes, and including

11,077,797 ordinary shares held as treasury

shares, on 31 December 2024, the share capital

ofthe Group amounted to €2,032.1 million and

comprised 373,239,562 shares with a nominal

value of CHF 6.70each.

On 20 November 2023, the Group announced

thelaunch of a share buyback programme of

uptoamaximum of 18,000,000 ordinary shares

tobe purchased in a manner consistent with

theCompany’s general authority to repurchase

shares granted at its Annual General Meeting on

17 May2023 and any such authority granted at its

following annual general meetings. The programme

commenced on 21 November 2023 and is expected

to run for a period of around two years. At its Annual

General Meeting on21 May 2024, the Company’s

general authority torepurchase shares was renewed.

Major shareholders

The principal shareholders of the Group are

Kar-Tess Holding (a Luxembourg company), which

holds approximately 23%, and The Coca-Cola

Company, which indirectly holds approximately

21% of the Group’s issued share capital.

Dividends

For 2024, the Board of Directors has proposed

a€1.03 per share dividend, up 11% year on year

(€0.93 per share in 2024), representing a 45%

payout ratio. We target a payout ratio of40-50%.

For more information on our dividend policy and

dividend history, please visit our website at www.

coca-colahellenic.com

Financial calendar

30 April 2025 First quarter trading update

23 May 2025 Annual General Meeting

6 August 2025 Half-year financial results

30 October 2025 Third quarter trading update

Corporate website

www.coca-colahellenic.com

Shareholder and analyst information

Shareholders and financial analysts can obtain

further information by contacting

Investor Relations

Tel: +30 210 618 3100

Email: investor.relations@cchellenic.com

IR website: www.coca-colahellenic.com

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Glossary of terms

Adria

Croatia, Bosnia & Herzegovina and Slovenia.

Artificial Intelligence.

At-work; At-home; Out-of-home

channels

Relates to channel segmentation according to

consumption occasion and packaging size

B2B

Business-to-business.

Baltics

Estonia, Latvia and Lithuania.

Bottler; Bottling partner

Business entity that sells, manufactures and

distributes beverages of The Coca-Cola Company

under a franchise agreement.

Bottling plant

A beverage production facility, including

associated warehouses, workshops, and other

on-site buildings and installations.

Bps

Basis points: one hundredth of one percentage

point (used chiefly in expressing differences).

Business Developer

Sales person, sales force.

CAGR

Compound annual growth rate.

Capex

Gross Capex is defined as payments for purchases

of property, plant and equipment. Net Capex is

defined as payments for purchases of property,

plant and equipment less proceeds from sales

ofproperty, plant and equipment plus principal

repayments of lease obligations. Refer also to the

‘Alternative performance measures’ section.

CDE

Cold drink equipment – a generic term

encompassing point-of-sale equipment such

ascoolers (refrigerators), vending machines

andpost-mix machines.

CDP

Formerly Carbon Disclosure Project, CDP is

anot-for-profit charity that runs the global

disclosure system for investors, companies,

cities,states and regions to manage their

environmental impacts (climate, water, forests).

CHP

Combined heat and power units can produce

power, heat and cooling in a combined process that

is up to 40% more efficient than separate

processes.

Carbon dioxide, a greenhouse gas.

A carbon dioxide equivalent or CO

equivalent,

abbreviated as CO

e, is a metric measure used to

compare the emissions from various greenhouse

gases (GHG) on the basis of their global-warming

potential (GWP), by converting amounts of other

gases to the equivalent amount of carbon dioxide

with the same global warming.

Coca-Cola HBC; CCHBC; CCH

Coca-Cola HBC AG, and, as the context may

require, its subsidiaries and joint ventures; also,

the Group, the Company.

Coca-Cola System

The Coca-Cola Company and its bottling partners

are collectively known as the Coca-Cola System.

COGS

Cost of goods sold.

Comparable adjusted EBITDA

We define comparable adjusted EBITDA as

operating profit before deductions for

depreciation and net impairment of property,

plant and equipment (included both in cost

ofgoods sold and in operating expenses),

amortisation and net impairment of intangible

assets, net impairment of equity method

investments, employee share option and

performance shares compensation and other

non-cash items, if any; further adjusted for

restructuring costs, acquisition, integration and

divestment-related costs or gains, the impact

from the Russia-Ukraine conflictand the

mark-to-market valuation of commodity hedging

activity. Refer also to the ‘Alternative performance

measures’ section.

Comparable EBIT

Comparable operating profit (EBIT) refers to profit

before tax excluding finance income/(costs) and

share of results of non-integral equity-method

investments, adjusted for restructuring costs,

acquisition, integration and divestment-related

costs or gains, net impairment of goodwill and

indefinite-lived intangible assets, the impact

fromRussia-Ukraine conflict and the mark-to-

market valuation of certain commodity hedging

activity. Refer also to‘Alternative performance

measures’ section.

Comparable net profit

Net profit after tax attributable to owners of the

parent adjusted for post-tax restructuring costs,

acquisition, integration and divestment-related

costs or gains, net impairment of goodwill and

indefinite-lived intangible assets, the impact

fromRussia-Ukraine conflict, the mark-to-

marketvaluation of commodity hedging activity

and certain other tax items. Refer also to

‘Alternative performance measures’ section.

Comparable operating expenditure

Comparable operating expenditure refers to

operating expenditure adjusted for restructuring

costs, acquisition, integration and divestment-

related costs or gains, impairment of goodwill

andindefinite-lived intangible assets, the

impactfrom Russia-Ukraine conflict and

themark-to-market valuation of certain

commodity hedging activity. Refer also to the

‘Alternative performance measures’ section.

Concentrate

Concentrated flavour purchased from our brand

partners to which water and other ingredients

areadded to produce beverages.

Consumer

Person who may drink Coca-Cola HBC products.

CSRD

Corporate Sustainability Reporting Directive

–anEU Directive that amends the scope and

thereporting requirements of the Non-Financial

Reporting Directive (NFRD) and introduces

mandatory sustainability reporting standards;

requires all large companies to publish regular

reports on their environmental and social

impactactivities.

Customer

Retail outlet, restaurant or other operation that

sells or serves Coca-Cola HBC products directly

to consumers.

DIA

Data, insights & analytics.

Dividend policy

Our Board of Directors approved an updated

dividend policy, effective from 2022, aiming to

increase dividend payments progressively, with

amedium-term target payout ratio of 40% to 50%

on comparable netprofits.

DJSI

Dow Jones Sustainability Index.

ELT

Executive Leadership Team – CCHBC executive

team, including the CEO and his direct reports.

Energy Use Ratio

The KPI used by Coca-Cola HBC to measure

energy consumption in the bottling plants,

expressed in megajoules of energy consumed

perlitre of produced beverage (MJ/lpb).

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Glossary of terms continued

ESG

Environment, social and governance, referring

tothe three key pillars affecting the sustainability

and ethical impact of a business or company.

ESRS

European Sustainability Reporting Standards

–provides a framework for companies subject

totheCSRD to report on environmental, social

andgovernance (ESG) topics.

FMCG

Fast-moving consumer goods.

FTE

Fulltime equivalent, referring to a unit to

measureemployed people in a way that makes

them comparable, even though they may work

different hours each week.

GDP

Gross domestic product

GHG (scope 1, 2 and 3)

Greenhouse gases. GHG inventory covers the

seven direct greenhouse gases under the Kyoto

Protocol: Carbon dioxide (CO

), Methane (CH4),

Nitrous oxide (N2O), Hydrofluorocarbons (HFCs),

Perfluorocarbons (PFCs), Sulphur hexafluoride

(SF6), Nitrogen trifluoride (NF3).Scopes refer

tothe GHG Protocol categorisations: scope 1:

direct GHG emissions occur from sources owned

or controlled by the company; scope 2: indirect

GHGemissions associated with the purchase of

electricity, steam, heat, or cooling; and scope 3:

indirect emissions up and down the value chain

(raw materials, packaging materials, product

cooling, etc.).

GRI

Global Reporting Initiative, global standards

forsustainability reporting.

HoReCa

Hotels, Restaurants and Cafés – a key distribution

channel within the Out-of-home channel.

IASB

International Accounting Standards Board.

IFRS

International Financial Reporting Standards, issued

by the International Accounting Standards Board.

IIRC

The International Integrated Reporting Council,

aglobal coalition of regulators, investors,

companies, standard-setters, the accounting

profession and NGOs. The coalition is promoting

communication about value creation as the next

step in the evolution of corporate reporting.

IMCR

Incident Management and Crisis Resolution.

Ireland or Island of Ireland

The Republic of Ireland and Northern Ireland.

Italy

Territory we serve, excluding Sicily.

KeelClip™

Paper packaging for multi-pack cans with a central

‘keel’, that secures the pack.

KPI

Key Performance Indicator.

Litre of produced beverage (lpb)

Unit of reference to show environmental

performance relative to production volume.

LTAR

Lost Time Accident Rate

LTIFR

Lost Time Incident Frequency Rate

M&A

Mergers and acquisitions.

Market

When used in reference to geographic areas, a

country in which Coca-Cola HBC does business.

Mission 2025

2025 sustainability commitments with 17 goals.

Developed in late 2018, the goals are based on our

stakeholder materiality matrix and aligned with the

United Nations Sustainable Development Goals

(SDGs) and their targets. The six key focus areas

reflect our value chain: reducing emissions; water

reduction and stewardship; packaging; ingredient

sourcing; nutrition; and our people and

communities.

MSCI

MSCI ESG Ratings aim to measure a company’s

management of financially relevant ESG risks

andopportunities.

Multon

Multon refers to Multon Partners, our operation

inRussia since 5 August 2022.

NARTD

Non-alcoholic ready-to-drink

NED

Non-Executive Director

NetZeroby40

Our commitment to achieve net zero emissions

across our entire value chain (scope 1, 2 and 3) by

2040. The commitment was published in October

2021 and submitted to a formal approval by the

Science Based Target initiative (SBTi).

NGO

Non-governmental organisation.

NZTP; Net Zero Transition Plan:

Our plan to reduce our absolute GHG emissions

across the entire value chain (scope 1, 2 and 3) in

line with the 1.5 degree scenario.

Per capita consumption

Average number of servings consumed per person

per year in a specific market. Coca-Cola HBC’s per

capita consumption is calculated by multiplying our

unit case volume by 24 and dividing by the population.

PET

Polyethylene terephthalate, a form of polyester

used in the manufacturing of beverage bottles.

ROIC

Return on invested capital. ROIC is the percentage

return that a company makes over its invested

capital. We define ROIC as the percentage of

comparable net profit excluding net finance costs

divided by the five-quarter average capital

employed. Capital employed is calculated as the

five-quarter average net debt and shareholders’

equity attributable to the owners of the parent.

Refer also to the ‘Alternative performance

measures’ section.

rPET

rPET refers to any PET material that comes

fromarecycled source rather than the original,

unprocessed petrochemical feedstock.

RTD; ARTD; NARTD

Ready-to-drink; alcoholic; non-alcoholic. Drinks that

are pre-mixed and packaged, ready to be consumed

immediately with no further preparation.

RTM

Route to Market

SAP

A powerful software platform that enables us to

standardise key business processes and systems.

SBTi

The Science Based Targets initiative is a corporate

climate action organization developing standards,

tools and guidance which allow companies to set

greenhouse gas (GHG) emissions reductions targets

in line with what is needed to keep global heating

below catastrophic levels and reach net-zero by 2050

at latest. Partner organizations who facilitated SBTi’s

growth and development are CDP, the United

Nations Global Compact, the We Mean Business

Coalition, the World Resources Institute (WRI)

andthe World Wide Fund for Nature (WWF).

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SBTN

The Science Based Targets Network is a

collaboration of leading global non-profits and

mission-driven organisations working together

toequip companies as well as cities with the

guidance to set science-based targets for all

ofEarth’s systems.

SDG

UN Sustainable Development Goals. On

25 September 2015, countries adopted a set

of17goals to end poverty, protect the planet

andensure prosperity for all as part of a new

sustainable development agenda. Each goal

hasspecific targets to be achieved by 2030.

Senior leaders; senior management

Our top 300 business leaders, which includes

country function heads, Group sub-function

heads and the Executive Leadership Team (ELT),

including the CEO.

Serving

237ml or 8oz of beverage, equivalent to 1/24

ofaunit case.

Socio-economic impact

In conducting socio-economic studies, we use

input-output modelling to generate estimates of

jobs supported and economic value added across

the value chain. Data we use in this process includes

our financial information (revenues, expenses,

taxes, sales volume and profits) as well as some

data from the Coca-Cola System. While rigorous,

the process involves statistical modelling, which

should be considered when interpreting and using

the results from the studies.

Modelling enables an assessment of three key

dimensions of impact:

• Direct: immediate effect in terms of

employment, wages and output

• Indirect: subsequent effect in the supply chain

• Induced: effect caused by staff spend on goods

or service

We do not conduct socio-economic studies for all

of our markets every year; studies are conducted

for each market on a rolling basis. In 2024, we

updated the studies for 18 markets, adding this

information to the aggregate results from all

socio-economic impact studies for the period

2018-2024.

Notes to the socio-economic contributions

presented on page 7 of this report:

• Numbers presented are aggregated based

onthe local socio-economic studies from

Coca-Cola HBC markets published between

2018 and 2024

• All KPIs represent annual impact

• Where applicable and relevant in local socio-

economic studies, the impact of other entities

of the Coca-Cola System, supported across

thevalue chain, is included

• Most socio-economic studies are focused

onin-country impacts, while a few include

inter-regional spending.

Sparkling

Sparkling includes Trademark Coca-Cola, Fanta,

Sprite, Schweppes and Kinley sparkling beverages,

among others.

Sparkling beverages

Non-alcoholic carbonated beverages containing

flavourings and sweeteners, but excluding, among

others, waters and flavoured waters, juices and juice

drinks, sports drinks, ready-to-drink teas and coffee.

SSD

Sparkling soft drinks.

Still and water beverages

Non-alcoholic beverages including, but

notlimitedto, waters and flavoured waters,

juicesandjuice drinks, sports drinks and

ready-to-drink teas.

TCCC

The Coca-Cola Company and, as the context

mayrequire, its subsidiaries.

TCFD

Task Force on Climate-related Financial Disclosures.

Tier 1 suppliers

Suppliers that directly supply goods, materials or

services to Coca-Cola HBC.

Tier 2 and Tier 3 suppliers

Suppliers that provide their products and services

through Tier 1 suppliers. They are located beyond

Tier 1 suppliers, e.g., on Tier 2, 3, or n-level of a

company’s supply chain.

TNFD

Task Force on Nature-related Financial

Disclosures: amarket-led and science-

based initiative supported by national

governments, businesses and financial

institutionsworldwidewhich developed a set

ofdisclosure recommendations and guidance

thatencourage and enable business and finance

toassess, report and act on their nature-related

dependencies, impacts, risks and opportunities.

u.c.; Unit case

One unit case corresponds to approximately

5.678litres or 24 servings, being a typically used

measure of volume. For Premium Spirits volume,

one unit case also corresponds to 5.678 litres.

Forsnacks volume, one unit case corresponds to

1kilogram. For coffee, one unit case corresponds

to 0.5 kilograms or 5.678 litres. Volume data is

derived from unaudited operational data.

UNESDA

Union of European Soft Drinks Associations.

UNGC

The UN Global Compact: the world’s largest

corporate sustainability initiative which provides a

framework for businesses to align strategies with its

10 principles promoting labour rights, human rights,

environmental protection and anti-corruption.

Volume

Amount of physical product produced and sold,

measured in unit cases.

Value share

Percentage of total consumer spend captured by

the brand or category in question, within a defined

category or industry.

Waste ratio

The KPI used by CCHBC to measure waste

generation in its bottling plants, expressed in

grammes of waste generated per litre of produced

beverage (g/lpb).

Waste recycling

The KPI used by CCHBC to measure the percentage

of production waste at bottling plants that is

recycled or recovered.

Water footprint

A measure of the impact of water use, in

operations and beyond (upstream), as defined

bythe Water Footprint Network methodology.

Includes blue, green and grey water footprint.

Water use ratio

The KPI used by Coca-Cola HBC to measure water

use in its bottling plants, expressed in litres of

water used per litre of produced beverage (l/lpb).

Working capital

Operating current assets minus operating current

liabilities excluding financing and investment activities.

#YouthEmpowered (#YE)

Flagship programme from our Mission 2025

sustainability commitments, which aims to

support young people and increase their

employability by providing modular education

ofsoft and/or business skills. It is delivered via

classroom sessions, virtual training, self e-learning

modules, mentoring sessions and other channels

handled locally by our markets.

Zeros

Portfolio of products which contains zero calories.

Glossary of terms continued

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Forward-looking statements

Special note regarding forward-looking

statements

This document contains forward-looking

statements that involve risks and uncertainties.

These statements may generally, but not always,

be identified by the use of words such as ‘believe’,

‘outlook’, ‘guidance’, ‘intend’, ‘expect’, ‘anticipate’,

‘plan’, ‘target’, ‘seek’, ‘estimates’, ’potential‘ and

similar expressions to identify forward-looking

statements. All statements other than

statementsof historical facts, including, among

others, statements regarding the future financial

position and results; Coca-Cola HBC’s outlook for

2025 and future years; business strategy and the

effects of the global economic slowdown; the

impact of the sovereign debt crisis, currency

volatility, Coca-Cola HBC’s recent acquisitions,

and restructuring initiatives on Coca-Cola HBC’s

business and financial condition; Coca-Cola HBC’s

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.

You should not place undue reliance on such

forward-looking statements. By their nature,

forward-looking statements involve risk and

uncertainty because they reflect Coca-Cola

HBC’s current expectations and assumptions

about future events and circumstances that

maynot prove accurate.

Forward-looking statements speak only as

ofthedate they are made. Coca-Cola HBC’s actual

results and events could differ materially from those

anticipated in the forward-looking statements for

many reasons, including the risks described in the

Business Resilience, and Principal Risks and

Opportunities sections. Although Coca-Cola HBC

believes that, as of the date of thisIntegrated

Annual Report, the expectations reflected in

theforward-looking statements are reasonable,

Coca-Cola HBC cannot assure that Coca-Cola

HBC’s future results, level of activity, performance

or achievements will meet these expectations.

Moreover, neither Coca-Cola HBC, nor its

Directors, employees, advisers nor any other

person assumes responsibility for the accuracy and

completeness of any forward-looking statements.

After the date of this Integrated Annual Report,

unless Coca-Cola HBC is required by law or

therules of the UK Financial Conduct Authority

toupdate these forward-looking statements,

Coca-Cola HBC makes no commitment to update

any of these forward-looking statements to

conform them either to actual results or to

changesin Coca-Cola HBC’s expectations.

About our report

The 2024 Integrated Annual Report (the

‘Integrated Annual Report’) consolidates

Coca-Cola HBC AG’s (also referred to as ‘Coca-

Cola HBC’ or the ‘Company’ or the ‘Group’) UK

andSwiss disclosure requirements, while meeting

the disclosure requirements for its secondary

listing on the Athens Exchange. In addition, the

Integrated Annual Report aims to deliver against

the expectations of the Company’s stakeholders

and sustainability reporting standards, providing a

transparent overview of the Group’s performance

and progress for 2024.

Our strategy is designed to deliver sustainable,

profitable growth. This strategy is grounded in our

purpose to open up moments that refresh us all.

Ourpurpose is directly linked to our strategy and

thefive growth pillars that guide us as we pursue

ourobjectives and targets. Those growth pillars are:

1. Leverage our unique 24/7 portfolio; 2. Wininthe

marketplace; 3. Fuel growth through competitiveness

and investment; 4. Cultivate thepotential of our

people; 5 Earn our licence tooperate. The initiatives

we implemented within each of these pillars form

thebasis of the narrative of the Integrated Annual

Report, which is structured around these five pillars.

The Integrated Annual Report is for the year ended

31 December 2024, and its focus is on the primary

core business of non-alcoholic ready-to-drink

beverages across the 29 countries in which we

operate. Our website and any other website

referred to in the Integrated Annual Report

arenotincorporated by reference and do

notformpartof the Integrated Annual Report.

The consolidated financial statements of the Group

have been prepared in accordance with International

Financial Reporting Standards (IFRS) as adopted by

the European Union (EU) and in compliance with

Swiss law. Coca-Cola HBC AG’s statutory financial

statements have been prepared in accordance with

the Swiss Code ofObligations. Unless otherwise

indicated or required by context, all financial

information contained in this document has

beenprepared inaccordance with IFRS. For

Swisslaw purposes, the annual management report

consists of the sections entitled ‘Strategic Report’,

‘Corporate Governance’ (without the sub-section

‘Directors’ remuneration report’), ‘Supplementary

Information’ and ‘Glossary’.

The Group uses certain Alternative performance

measures (APMs) which provide additional insights

and understanding to the Group’s underlying

operating and financial performance, financial

condition and cash flows. A full list of these APMs,

their definition and reconciliation to the respective

IFRS measures can be found on pages 345 to 351.

The sustainability aspects of this Integrated

AnnualReport comply with the requirements of the

Corporate Social Responsibility Directive (CSRD),

which mandates reporting in line with the European

Sustainability Reporting Standards (ESRS). It also

complies with the requirements for communication

on progress against the 10 Principles of the United

Nations Global Compact (UNGC), Art. 964b of

theSwiss Code of Obligations and it is prepared

inaccordance with the GRI Standards (2021).

Furthermore, the Integrated Annual Report is

aligned with the principles and elements of the

International Integrated Reporting Council’s (IIRC)

framework and key indicators of the Sustainability

Accounting Standards Board (SASB). Coca-Cola

HBC supports the Task Force on Climate-related

Financial Disclosures (TCFD) and implements

theTCFD recommendations in the Integrated

Annual Report. Finally, Greenhouse gas emissions

are calculated using the GHG Protocol Corporate

Accounting and Reporting Standard

measurementmethodology.

Sustainability disclosures in the Integrated Annual

Report, the Sustainability Statement and the 2024

GRI Content Index, have been prepared on a

consolidated basis, with the scope of consolidation

being the same with that of the financial

statements, and in addition, including relevant

upstream and downstream elements of the value

chain where applicable. Joint Ventures, where we

have operational control are also reported as part

of our own operations. Mission 2025 sustainability

commitments exclude Egyptian operations, as they

were not foreseen in the baseline year nor in the

target year.

As with the rest of the information provided, the

sustainability aspects of this Integrated Annual

Report cover the full year ended 31 December 2024

and the related information presented is based on

an annual reporting cycle.

Limited assurance based on ISAE 3000 (Revised) is

provided over the Sustainability Statement

prepared in accordance with the ESRS. Limited

assurance based on ISAE 3000 (Revised) is

provided over the GRI Content Index by an

independent audit firm as dictated by the

Company’s Executive Leadership Team (ELT).

We remain committed to strong corporate

governance and leadership as well as transparency

inour disclosures. We will continue to review our

reporting approach and routines, to ensure they

meet best practice reporting standards and the

expectations of our stakeholders, and provide

visibility on how we create sustainable value

forthe communities we serve.

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Coca-Cola HBC AG

Visit us

www.coca-colahellenic.com

Our website features all the latest news and stories

from around the business and our communities,

aswell as an interactive online version of this report.

Email us

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