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.

• Achieved high-quality top-line growth, driven by volume momentum and strategic focus on sparkling, energy, and coffee categories.

• Continued to invest in teams, portfolio, capabilities, and sustainability, positioning for 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 EUR 1.2 billion, up 12.2% year-over-year; EBIT margin improved to 11.1% from 10.6%.

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

• Gross profit margin expanded by 110 basis points; return on invested capital improved by 190 basis points to 18.3%.

• Dividend proposed at EUR 1.03, up 11% from 2023; share buyback returned EUR 226 million since November 2023.

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

Outlook and guidance

• 2025 organic revenue growth expected at 6%-8%; organic EBIT growth guided 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 environment remains challenging, but confidence in portfolio and execution remains high.

• Price/mix expected to be a bigger driver than volume in 2025.