Coca-Cola HBC (CCH) Q1 2025 TU earnings summary

Executive summary

• Achieved 10.6% organic revenue growth and 1.8% organic volume growth in Q1 2025, with reported revenue up 8.7% year-over-year, driven by volume, revenue per case expansion, and strong Emerging market performance despite currency and macroeconomic challenges.

• Value share in the non-alcoholic ready-to-drink market increased by 130 basis points year-to-date, reflecting effective portfolio and execution strategies.

• Revenue per case increased 8.7% organically, supported by pricing, mix, and premiumisation initiatives.

• Sparkling volumes grew 1.1%, Energy up over 25%, while Coffee volumes declined due to a strategic shift to out-of-home channels.

• 2025 guidance reiterated despite challenging macroeconomic and geopolitical conditions.

Financial highlights

• Group net sales revenue rose 8.7% reported and 10.6% organically year-over-year to €2,418.3m.

• Volume reached 643.8m unit cases, up 1.8% year-over-year.

• Net sales revenue per unit case increased 8.7% organically to €3.76.

• Revenue per case expansion was driven by pricing and mix, supported by a segmented approach.

• FX translation was a headwind, especially in Emerging markets.

Outlook and guidance

• 2025 organic revenue growth expected at 6–8%, with Q1 being the smallest quarter and key trading periods ahead.

• Organic EBIT growth expected at 7–11% for 2025.

• FX expected to be a €15–35m EBIT headwind; effective tax rate guided at 26–28%.

• No significant restructuring costs anticipated; net finance costs expected at €40–60m.

• Volume growth for the full year is expected to be in the low single digits.