Coca-Cola HBC (CCH) H2 2024 earnings summary

Executive summary

• Delivered strong, high-quality, and resilient financial and operational performance in 2024, exceeding plans despite macroeconomic challenges.

• Maintained #1 value contributor status for retail customers in European FMCG and grew value share in NARTD.

• Maintained focus on execution excellence, leveraging data, analytics, and a diverse 24/7 beverage portfolio.

• Continued investment in teams, capabilities, portfolio, and sustainability to unlock future growth.

Financial highlights

• Organic revenue grew 13.8% year-over-year, with volume up 2.8% and revenue per case up 10.7%.

• Comparable EBIT reached €1.2 billion, up 12.2% year-over-year, with EBIT margin at 11.1% (up from 10.6%).

• Comparable EPS increased by 9.5% year-over-year.

• Gross profit margin expanded by 110 basis points.

• Free cash flow was €730 million; net debt to comparable EBITDA at 1x.

Outlook and guidance

• 2025 organic revenue growth expected at 6%-8%; organic EBIT growth at 7%-11%.

• Mid-term outlook: organic revenue growth of 6%-7% p.a., EBIT margin growth of 20–40 bps p.a., capex 6.5%-7.5% of revenue.

• Macroeconomic and geopolitical challenges anticipated to persist, but confidence in portfolio and execution remains high.