LONDON: Coca-Cola HBC AG has announced its Q3 2024 trading update, highlighting strong organic revenue growth of 13.9% for the quarter and 13.7% year-to-date.

The company saw a 4.0% increase in organic volumes, with notable growth in Sparkling (3.9%), Energy (28.0%), and Coffee (35.6%) categories. Organic revenue per case rose by 9.5%, driven by targeted revenue growth management.

Despite FX headwinds in emerging markets, reported revenue growth was 8.9%. The company saw value share gains in Non-Alcoholic Ready-To-Drink (NARTD) and Sparkling segments.

Coca-Cola HBC continued investing in its 24/7 portfolio and benefited from consumer recruitment through innovations like Marvel activations and new product launches such as Fanta Beetlejuice and Coke Creations.

Coca-Cola HBC updated its 2024 guidance, expecting organic revenue growth of 11% to 13% and organic EBIT growth of 10% to 12%. The company anticipates low-single-digit increases in COGS per unit case due to inflation and FX effects.

Other financial expectations include a €30-50 million impact from translational FX on comparable EBIT, a comparable effective tax rate at the top end of 25% to 27%, and net finance costs between €60-75 million. The Finlandia acquisition is expected to contribute €14-16 million to comparable EBIT.

Coca-Cola HBC’s strong performance in mixed markets during the first nine months of the year underscores its confidence in its portfolio and growth opportunities, despite challenging macroeconomic and geopolitical conditions.

Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented: “Focused execution of our strategic priorities has helped deliver another quarter of strong revenue growth, up 13.9%, with good volume momentum across all three segments, as well as revenue per case expansion.

“I am pleased that our Q3 results build on the strength of our first half, and clearly demonstrate how our 24/7 portfolio, combined with our bespoke capabilities, can deliver quality growth in a range of market conditions. We are mindful of macroeconomic and geopolitical challenges as well as a mixed consumer environment. However, reflecting our strong performance in the first nine months and our confidence that we can continue to win in the marketplace, we are updating our guidance for the year.

“I would like to thank our teams for their hard work and agility, and our customers, suppliers, The Coca-Cola Company and all other partners, for their collaboration. I look forward to working together to deliver on our ambitions for 2024 and prepare for the years ahead.”