2024 FULL YEAR RESULTS

Strong execution drives continued profitable growth

Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods business and strategic bottling partner of The Coca-Cola Company, reports its financial results for the twelve months ended 31 December 2024.

Full-year highlights

Focused execution of strategic priorities drives strong organic revenue growth of 13.8%¹

• Organic volume grew 2.8%, with all our strategic priority categories driving growth, Sparkling +1.5%, Energy +30.2% and Coffee +23.9%
• Organic revenue per case growth of 10.7%, driven by targeted revenue growth management (RGM) initiatives
• Reported revenue growth of 5.6%, with strong organic growth partly offset by FX headwinds in the Emerging segment
• Further value share gains, with our share in Non-Alcoholic Ready-To-Drink (NARTD) up 150bps and Sparkling up 20bps in 2024

Strong organic EBIT growth of 12.2%

• Comparable EBIT of €1,192.1 million; Comparable EBIT margins improved 40 basis points on a reported basis to 11.1%, down 20 basis points on an organic basis
• Comparable gross profit margin up 110 basis points to 36.1%, reflecting RGM initiatives and easing input cost inflation, with comparable COGS per unit case up 1.0%
• Higher operating expenses in the first half related to currency headwinds, as well as ongoing investment in the business through the year, resulted in comparable opex as a percentage of revenue up 70 basis points
• ROIC up 190 basis points to 18.3%

Organic revenue and volume growth across all segments, in a range of macro conditions

• Established: Organic revenue up 3.3%, led by revenue per case expansion and positive volume; organic EBIT broadly flat 
• Developing: Organic revenue up 12.7%, with strong revenue per case expansion and good volume progress; organic EBIT grew 39.6% 
• Emerging: Organic revenue up 23.3%, as we utilised RGM initiatives to navigate FX headwinds while still driving solid volume growth; organic EBIT grew 13.0%

Robust EPS and FCF performance, and improved shareholder returns

• Comparable EPS grew by 9.5% to €2.28, supported by strong EBIT delivery 
• Free cash flow slightly increased year-on-year, at €712.6 million
• Net debt to comparable adjusted EBITDA of 1.0x, reflecting the strength of our balance sheet
• Returned €226 million to shareholders since the start of our ongoing share buyback programme 
• Board of Directors to propose an ordinary dividend of €1.03 per share, up 11% year on year and representing a 45% payout

Further investment across our strategic priorities 

• Continued close partnership with The Coca-Cola Company to drive growth in Sparkling, capitalising on key consumer moments, including the Olympic Games, Euro 2024, music festivals and other events tailored to local markets
• Monster Energy Green Zero Sugar launched in 16 markets in 2024 and saw ongoing strong performance of the category, notably with affordable brands in Africa 
• Coffee growth driven by increasing share of revenue in the out-of-home channel, in line with our plans
• We continue to focus on driving mixability and premiumisation, with our 24/7 portfolio, notably through Adult Sparkling and Premium Spirits, including expansion of Finlandia Vodka to 19 new markets
• We continue to lead in Sustainability and were recognised as the world’s most sustainable beverage company by the 2024 Dow Jones Best-in-Class Indices²  for the eighth time

¹For details on APMs refer to ‘Alternative Performance Measures’ and ‘Definitions and reconciliations of APMs’ sections.
²These indices were formerly known as the Dow Jones Sustainability Indices (DJSI).

Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented:

“I am proud that we have delivered yet another year of double-digit growth, with a 13.8% increase in organic revenues and volume growth in each of our segments. 2024 demonstrated that we can achieve a consistently strong financial performance even in a range of market conditions. I would like to thank our team for their commitment to our vision and our consistent focused execution. I would also like to thank our customers, The Coca-Cola Company and all our valued partners for their ongoing support.

“We continued to invest in our bespoke capabilities, driven by data, insights and analytics, to enable segmented and focused execution. We also made choices to further strengthen our 24/7 portfolio to drive growth and always with our customers at the heart of our decision making. We achieved share gains, and volume growth across all three of our priority categories, Sparkling, Energy and Coffee.

“In 2024, we made significant progress towards our Mission 2025 and NetZeroby40 goals. We saw encouraging results for our countries with newly launched Deposit Return Schemes in 2024, and we collaborated with governments and NGOs to assist communities impacted by floods across Europe and Nigeria.

“While we expect the macroeconomic and geopolitical environment to remain challenging in the year ahead, we are confident that our portfolio, capabilities and people will enable us to make progress against our medium-term growth targets.”

¹For details on APMs refer to ‘Alternative Performance Measures’ and ‘Definitions and reconciliations of APMs’ sections
²Refer to the condensed consolidated income statement.
³Net Profit and comparable net profit refer to net profit and comparable net profit respectively after tax attributable to owners of the parent.