Coca-Cola HBC AG published today the summary update on the progress of operations in the third quarter of 2024.

Specifically, it recorded an increase in net sales revenue on an organic basis by 13.9% in the quarter and by 13.7% in the first nine months of the year. There was also a 4.0% increase in sales volume on an organic basis, with all areas in which we operate contributing to this. The increase was mainly driven by the strategic priority categories, with carbonated soft drinks up 3.9%, energy drinks up 28.0% and coffee up 35.6%.

Over the same period, organic revenue per box increased by 9.5%, driven by targeted revenue growth management initiatives. Net sales revenue on a reported basis increased 8.9%, with strong organic growth partially offset by unfavorable currency movements in emerging markets. Market share by value in ready-to-drink non-alcoholic beverages and carbonated soft drinks continued to increase in the first nine months of the year.

There was also broad-based growth in net organic revenue, with growth in sales volumes and revenue per case across all three of the company’s business lines, despite differing conditions across markets. In Greece, sales volumes increased by a mid-single digit rate, benefiting from the implementation of our well-planned strategy during the summer season. Carbonated beverages grew by a mid-single digit rate, driven primarily by Coke Zero and Sprite. Coffee recorded strong double-digit growth, while non-carbonated beverages recorded mid-single-digit growth, mainly thanks to the good performance of water and juices. In developed markets, net organic revenue increased by 3.0%, with sales volume increasing despite different consumer environment conditions between markets. In developing markets, net organic revenue increased by 12.6%, driven primarily by expanded revenue per case and positive volume performance. In emerging markets, net organic revenue increased by 24.1%, driven primarily by the expansion of revenue per case, as well as good volume growth, despite an adverse environment in several markets.

As noted in the same announcement, in the first nine months of the year, a strong performance was achieved despite the different conditions of the consumer environment between the markets. Macroeconomic and geopolitical challenges are expected to remain. “Nevertheless, we have great confidence in our 24/7 consumption product portfolio, our niche capabilities and the growth opportunities our diverse markets offer”

Coca-Cola HBC updates its range of financial guidance for 2024 as follows:

-net sales growth on an organic basis in the range of 11% to 13% (previously: growth in the range of 8% to 12%),

-increase in cost of goods sold per case on a comparable basis by a low single digit rate (previously: between a low and mid single digit rate), as a result of the combined effect of inflation, exchange differences from transactions and exchange differences translating results into the Group’s reference currency ,

-growth in operating profit on an organic basis in the range of 10% to 12% (previously: growth in the range of 7% to 12%).

Zoran Bogdanovic, CEO of Coca-Cola HBC AG, commented: “The targeted implementation of our strategic priorities contributed to the strong revenue growth of 13.9% this quarter as well, with good volume dynamics and three areas of our business, as well as expanding revenue per box.

I am pleased that the third quarter results build on the momentum of the first half and clearly demonstrate that our 24/7 consumption product portfolio, combined with our specialized capabilities, can drive good quality growth in a variety of market conditions. We recognize the macroeconomic and geopolitical challenges, as well as the different conditions of the consumer environment in the countries where we operate. However, given our strong performance in the first nine months of the year, and our belief that we can continue our positive market trajectory, we are updating our financial guidance for the year.

I would like to thank our teams for their hard work and flexibility, as well as our customers, suppliers, The Coca-Cola Company and all our other partners for their cooperation. I look forward to working together to deliver on the ambitions we set for 2024 and prepare for the years to come.”