Markets

We manage and report on our business by grouping our geographical markets into three segments: emerging, developing and established markets. These groupings are based on a wide range of criteria, including socio-economic similarities, GDP per capita, consumption of sparkling drinks per capita and the state of development of the local drinks market.  Our three business segments create a unique and diverse balance of markets which allows us to capture growth opportunities.

We operate in the following established markets: Austria, Cyprus, Greece, Italy, Northern Ireland, Republic of Ireland and Switzerland.

These countries share a tradition of political and economic stability and similar economic features, not least, high levels of disposable income per capita. This prosperity and economic security supports the affordability of our products, notably our single-serve packages.

Established countries generally show high levels of consumer sophistication. There are signs of activities concentrating in the retail sector – a critical indication for future channel development. A shift in demand towards domestic consumption, reflecting a reduction in disposable income, further supports this trend. In this context, activation at final points of sale is a key focus for our marketing and sales efforts.

Volume breakdown per country (%)

^{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..} 

^{2. Data source: UN. Population excludes North Macedonia.}

^{3. Data source: IHS Dec 2024 release. GDP refers to ‘GDP, real, harmonised’ in US Dollars.}

We operate in the following developing markets: Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia.

While developing markets have market-oriented economies, they generally have lower disposable income per capita than our established markets. In addition, these countries can be exposed to periods of economic volatility. Entry to the European Union has resulted in increased political stability, as countries increasingly conform to the EU’s principles, objectives and regulations.  

Volume breakdown per country (%)

^{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.} 

^{2. Data source: UN. Population excludes North Macedonia.}

^{3. Data source: IHS Dec 2024 release. GDP refers to ‘GDP, real, harmonised’ in US Dollars.}

We operate in the following emerging markets: Armenia, Belarus, Bosnia & Herzegovina, Bulgaria, Egypt, Moldova, Montenegro, Nigeria, North Macedonia, Romania, the Russian Federation, Serbia (including the Republic of Kosovo) and Ukraine.

These countries share relatively similar political and economic volatility, with lower per capita GDP than our developing or established segments. As a result, consumer demand is especially price sensitive, making the affordability of Coca‑Cola HBC’s products even more important.  

We deliver our products with a strategy of specialised revenue growth management, packaging and promotional programmes – these are the considerations at the core of our response to the nuances of local economic conditions.

Volume breakdown per country (%)

^{In Russia, we operate a smaller business, called Multon, focused on local brands. This business is operationally and financially self-sufficient.}

^{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..} 

^{2. Data source: UN. Population excludes North Macedonia.}

^{3. Data source: IHS Dec 2024 release. GDP refers to ‘GDP, real, harmonised’ in US Dollars.}