Organic Volume Growth (%)

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(1).

What happened in the year

Volumes increased by 2.8% on an organic basis, driven by Sparkling +2.5% and Energy +28.3%.

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.

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1. For details of APMs, refer to ‘Definitions and reconciliations of alternative performance measures (APMs)’ on pages 352 to 358 of the 2025 IAR.

Organic Revenue per case growth and Organic Revenue Growth (%) 

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 5.1%, reflecting targeted revenue growth management (RGM) initiatives and lower levels of inflation. Organic revenue grew by 8.1%, 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.Plan (MIP) award as described above. Full description of the MIP can be found on page 240 of the 2025 IAR.​

1. For details of APMs, refer to ‘Definitions and reconciliations of alternative performance measures (APMs)’ on pages 352 to 358 of the 2025 IAR.

Comparable EBIT and comparable EBIT margin (%)

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 13.8% on a reported basis and by 11.5% on an organic basis. Comparable EBIT margin improved 60 basis points on a reported basis to 11.7% and increased 40 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.

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1. For details of APMs, refer to ‘Definitions and reconciliations of alternative performance measures (APMs)’ on pages 352 to 358 of the 2025 IAR.

Employee engagement and Percent of managers that are women​

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 Sustainable Engagement Index score of 88% has remained consistently strong since 2024, standing two points above the Perceptyx Global Top Decile Norm and reinforcing our position among high-performing companies.

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 can be found on page 240 of the 2025 IAR.​

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 2025, our female managerial ratio remained steady at 43.4% (2). Our efforts to create a more diverse work environment were recognised externally in 2025 with 10 diversity-related awards.

1. Perceptyx Global Top Decile Norm.​

2. Excluding Egypt.

Our sustainability commitments

How we measure our progress

Progress on Mission 2025 as well as progress towards our NetZeroby40 ambition.

What happened in the year

We made progress against most areas of our commitments; however, we need to accelerate our improvement in packaging and focus more on water reduction and health and safety.

Link to remuneration

Our efforts and ambitions are long term and cumulative, therefore greenhouse gas reduction is used to determine long-term PSP awards. Greenhouse gas reductions have a 15% weighting in PSP determinations. The benefit of this KPI is that it is quantifiable, and several of our Mission 2025 commitments feed into its progress