Coca-Cola HBC

Integrated Annual Report 2025

Building

for the

nextchapter

ofgrowth

Strategic Report

Swiss Statutory ReportingFinancial StatementsCorporate Governance Supplementary Information

2025 highlights

Welcome to our 2025 Integrated Annual Report. Here, we share progress

ontheyear in which we delivered strong financial results, continued to execute

our strategy, made significant progress against our Mission 2025 sustainability

targets and announced the milestone acquisition of Coca-Cola Beverages

Africa(CCBA).

2025 highlights

Volume

2,997.4

million unit cases

2024: 2,914.5 million unit cases

Net sales revenue

€11,604.5m

2024: €10,754.4m

Comparable EBIT

€1,356.2m

2024: €1,192.1m

Comparable EBIT

margin

11.7%

2024: 11.1%

Comparable profit before tax1

€1,356.0m

2024: €1,134.7m

Comparable net profit

1,2

€989.3m

2024: €828.8m

Comparable EPS

€2.724

2024: €2.275

Free cash flow

€700.0m

2024: €716.6m

Primary packaging collected

forrecycling (equivalent)

78%

2024: 58%

Energy-efficient coolers

66%

2024: 60%

1. For details of APMs, refer to ‘Definitions and reconciliations of alternative performance measures (APMs)’ on pages 352 to 358

2. Comparable net profit refers to comparable net profit after tax attributable to owners of the parent company

3. Excluding Egypt

Strategic Report

Chair’s letter 1

Business overview 2

Investment case 3

Market trends 4

Chief Executive Officer’s letter 6

Spotlight: Acquisition of Coca-Cola

BeveragesAfrica 8

Business model 10

Stakeholder engagement 12

Section 172 15

Chief Operating Officer’s letter 16

Segment operational highlights 17

Growth pillar 1:

Leverage our unique

24/7 portfolio 18

Growth pillar 2:

Win in the marketplace 21

Growth pillar 3:

Fuel growth through competitiveness

and investment 24

Growth pillar 4:

Cultivate the potential

of our people 28

Growth pillar 5:

Earn our licence to operate 33

Tracking our progress 41

Chief Financial Officer’s letter 46

Double materiality assessment (DMA) 48

Sustainability statement 52

EU taxonomy 82

Independent auditor’s limited assurance

report on Coca-Cola HBC AG’s

Sustainability Statement 178

Task Force on Climate-related

FinancialDisclosures(TCFD) 180

Non-Financial Reporting under

Swissstatutorylaw 181

SASB index 182

Business resilience 185

Risk management 188

Principal and emerging risks

and opportunities 189

Viability statement 198

Corporate Governance

Corporate Governance Report 199

Letter from the Chair

of the Board 200

Directors’ remuneration report 236

Statement of Directors’

responsibilities 260

Financial Statements

Independent auditor’s report to

the General Meeting of

Coca-Cola HBC AG 261

Consolidated financial

statements 269

Notes to the consolidated

financial statements 273

Swiss Statutory Reporting

Report on the audit of the consolidated

financial statements 326

Report on the audit of the financial

statements 330

Swiss statutory reporting 332

Report of the statutory auditor to the

General Meeting on the statutory

remuneration report 2025 341

Statutory remuneration report 342

Supplementary Information

Alternative performance

measures 352

Shareholder information 359

Glossary of terms 360

Forward-looking statements 364

Please click here to view our

Integrated Annual Report online:

www.coca-colahellenic.com/en/

investor-relations/2025-integrated-

annual-report

Chair’s letter

2025: A landmark year

2025 has been a landmark year for Coca-Cola HBC.

Under Zoran’s leadership and with the strong

execution of the Executive Leadership Team, we

delivered another year of excellent operational

and financial performance, alongside significant

strategic progress.

Despite continued macroeconomic uncertainty

across our markets, we drove revenue growth,

strengthened margins and maintained robust

cash generation.

I want to express my sincere appreciation to

allourpeoplefortheirdedication,passionand

resilienceindeliveringtheseresults,andtotheBoard

foritscounselandsupportthroughouttheyear.

CCBA: a milestone acquisition

The announced agreement this year to acquire

Coca-Cola Beverages Africa (CCBA) marks a

defining moment for Coca-Cola HBC. From our

beginnings nearly 75 years ago – in the basement

of the Mainland Hotel in Lagos – Africa has been

integral to our identity. Over decades, we have

invested with conviction to unlock the region’s

extraordinary potential.

I am delighted that we will bring together the

capabilities of two high-performing organisations

– each with a strong track record of growth and

deep commitments to talent development and

community impact. Together, we look forward to

accelerating this momentum, delivering long-term

value for our stakeholders.

On behalf of the Board, I would like to thank The

Coca-Cola Company and the Gutsche family for

their continued partnership and trust.

Our growth strategy continues to deliver,

underpinned by our strong culture and

commitment to delivering results sustainably.

Despite ongoing uncertainties, I am confident

that we have the right foundations to build

onaswe enter the next chapter of our

growth story.

Leading with purpose

andresponsibility

Coca-Cola HBC’s unique heritage, purpose and

values are a fundamental part of how we deliver value

for all stakeholders. It is encouraging to see our

refreshed purpose – Open up moments that refresh

usall–nowfullyembeddedacrosstheorganisation.

Monitoring and shaping the Company’s culture

remains a key priority for the Board. In 2025,

wereviewedemployeeengagementinsights

andoversawactionstofurtherstrengthen

transparency, fairness and wellbeing across

theorganisation.Ourconsistentlystrong

engagementresultsdemonstratethestrength

ofourcultureandreinforceourconfidencethat

weareembeddingtherightvaluestodeliver

ourpurpose.

Making a difference as one

Hellenicteam

Coca-Cola HBC has a long and proud history

ofsupportingourcommunities.In2025,the

Coca-Cola HBC Foundation committed €4.5 million

to support communities, including those impacted

by wildfires and floods. These efforts reflect the

Foundation’s commitment to protecting the

environment and empowering local communities

with practical, lasting impact.

Building on this, I am delighted that Coca-Cola

HBC has announced an additional €5 million in

newfundingtotheFoundation,ensuringwecan

continue to respond swiftly and responsibly to

community needs in 2026 and beyond.

Dividend growth and

capitalallocation

The Group’s capital allocation framework –

organic investment to support delivery of our

medium-term financial targets, a progressive

dividend, strategic acquisitions and additional

capital returns – remains unchanged.

For 2025, the Board is proposing a dividend of

€1.20 per share, an increase of 17% on the prior

year. This represents a 44% payout ratio, within

our targeted range of 40% to 50% of comparable

earnings per share. Our progressive dividend

reflects both the strength of Coca-Cola HBC’s

fundamentals and our deep commitment to

delivering value for shareholders.

Developing our Board

This year, we were pleased to welcome

StavrosPantzarisandPantelis(Linos)D.Lekkas

totheBoard.Bothbringsubstantialexpertise

incapitalmarkets,regulationandorganisational

transformation experience that will be invaluable

asweprogressthroughtheregulatoryprocess

andintegrationofCCBA.StavroschairstheAudit

and Risk Committee, and Linos serves on both the

Nomination and Remuneration Committees.

I would also like to thank William W. (Bill) Douglas III

and Reto Francioni, who retired from the Board in

2025, for their significant contributions to the

Group over the years.

Looking ahead

As we look to 2026 and beyond, my

optimismremainsstrong,evenamidongoing

macroeconomic uncertainty. Our ‘We over I’

culture and our commitment to delivering results

the right way – sustainably, inclusively and with

long-term impact – continue to anchor our

success. These pillars give me great confidence

thatwearewellpositionedtocapturenew

opportunities, create long-term value and

continue writing the next chapter of our

growthstorywithambitionandconviction.

Anastassis G. David

Chair of the Board

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report

Swiss Statutory ReportingFinancial StatementsCorporate Governance Supplementary Information

Share of Coca-Cola HBC FY 2025 Group revenue

Business overview

The leading 24/7 beverage partner

We are a growth-focused Consumer Packaged

Goods business and a strategic bottling

partner of The Coca-Cola Company

Our 24/7 portfolio is one of the strongest and

broadest in the beverage industry, with products

thatcatertoagrowingrangeoftastesandoffera

wide choice of healthier options.

Our portfolio addresses both affordability and

premiumisation, combined with sustainable

packaging, enabling us to open up moments that

refresh our consumers 24/7. Our performance

isunderpinnedbyinvestmentinourbespoke

capabilities, delivered by exceptional people.

Our journey

Our roots date back to 1951 when A.G. Leventis

founded the Nigerian Bottling Company in Lagos.

Sincethen,thebusinesshasexpanded,now

covering a wide territory from Armenia to Austria,

EgypttoEstonia,andSerbiatoSwitzerland,giving

us a unique geographic footprint across Western,

CentralandEasternEurope,andAfrica.Wenow

serve 760 million consumers across 29 countries,

and have proven routes to market and leading

market positions.

A responsible business

Sustainability is embedded in every aspect

ofourbusinessaswelooktocreateandshare

valuewithallourstakeholders.Wemakeastrong

contribution to developing the communities in

whichweoperatethroughemploymentandour

widersupplychain,aswellassupporting

communityprojects.Ourprogressisrecognised

in leading sustainability benchmarks.

Developing markets

22%

of Group revenue

Emerging markets

47%

of Group revenue

Established markets

31%

of Group revenue

9.5%

comparable EBITmargin

13.5%

comparable EBITmargin

10.5%

comparable EBITmargin

countries

760m

consumers

33,497

employees

Our portfolio includes some of the

world’s best-known beverages

We produce and sell an unparalleled portfolio

of beverage brands relevant to every customer

consumer

and occasion. Our route to market

includes a wide range of consumer channels

– from supermarkets, convenience stores and

vending machines to Hotels, Restaurants and

Cafés (HoReCa).

Customer centricity is critical for our business

success,andwearedevotedtohelping

ourcustomersgrowtheirbusinesses,which

inturngrowsours.

Our 24/7 portfolio has considerable growth

potential, driven by our strategic priority

categories, Sparkling, Energy and Coffee,

supported by locally relevant portfolios in

Stills (Tea, Juices, Hydration), Premium

SpiritsandSnacks.

1. Retail outlet, restaurant or other operation that sells or serves Coca-Cola HBC products directly to consumers

2. Person who drinks Coca-Cola HBC products

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Share of Coca-Cola

HBC Group FY2024

revenue

Snacks

c.1%

Premium Spirits

c.4%

Tea

c.2%

c.8%

Hydration

c.6%

Coffee

c.1%

Energy

c.9%

Sparkling

c.67%

Juices

Investment case

We are well positioned for sustainable and profitable growth

Leader in thegrowing

non-alcoholic

ready-to-drink

category

We are a leader in the growing

anddynamicnon-alcoholic

ready-to-drink (NARTD)

category. The compound annual

growth rate (CAGR) of NARTD

value between 2024 and 2028

isexpectedtobe4%to6%

We have a leading position in

Sparkling and strong positions

inothercategories,with

opportunities to continue

toexpandmarketshare.

A clear vision,

strategyand targets

The beverage category

continues to expand,

andweseestronggrowth

opportunities within our

evolving brand portfolio

andthemarketsinwhich

weoperate.

Our strategy reflects

ourvisiontobetheleading

24/7 beverage partner and

deliver best-in-class financial

returns.Itisbuiltonfive

keypillarsofgrowth,each

ofwhichisacorestrength

orcompetitiveadvantage.

We invest todrive

growth, with a

relentless focus

oncostand efficiency

We continue to invest

toenableourgrowth

opportunities, including

inproductioncapacity,

automation in our supply

chain,digital,dataandAI,

andenergy-efficientcoolers.

We have a strong track record

ofdrivingcostefficiencies,and

this remains an important part

ofourstrategy.

A diverse, balanced

country portfolio

withstrong exposure

toattractive

growthmarkets

Our geographic footprint

creates a diverse balance.

Wehaveexposuretofast-

growing Emerging and

Developing markets as

wellasastrongfoundation

inEstablishedmarkets.

We also benefit from the

portfolio effect of exposure

todifferenteconomiccycles,

and we are proven operators

inmanagingriskinavariety

ofsocio-economicconditions.

A strong and

broadportfolio

ofbrands, anchored

around an exceptional

partnership with The

Coca-Cola Company

We have high-growth

opportunities across

high-value occasions and

categories. Our flexible portfolio

caters to a wide range of tastes

and preferences, with a choice

ofbothaffordableandpremium

products, and a growing range

ofhealthieroptions.

Our portfolio has evolved with

the introduction of low- and

no-sugar variants, single-serve

packs and broader innovation

inflavours.

A clear strategy

frames our actions,

with five growth

pillars underpinning

our decision making

and focus:

Leverage

our unique

24/7 portfolio

Win in the

marketplace

Fuel growth

through

competitiveness

and investment

Cultivate the

potential of

ourpeople

Earn our

licence

to operate

Find out more on pages 18-40

1. Source: internal projections, excluding Russia and Ukraine

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Market trends

While geopolitical and economic

trends can influence overall market

growth, we focus on the following

five areas: retail, consumer, digital,

sustainability andregulatory, where

we react dynamically and create

long-term valuefor our customers,

consumers and shareholders.

Trends

In 2025, non-alcoholic ready-to-drink (NARTD) categories grew

invalue,drivenprimarilybyhighervalueperunitcaseacross

markets and positive volume growth in Africa. In Europe, category

volumes were volatile, with mixed dynamics across each market

and quarter. Value per unit case growth moderated as inflationary

pressures eased compared with prior years. Sparkling volumes

grew overall, and Energy drinks continued their growth trajectory

and were the best-performing category within NARTD.

In Europe, Modern Trade channels – large, organised retailers such

assupermarkets,hypermarketsanddiscounters–outperformed

Fragmented Trade, which consists of smaller, independent shops

and traditional outlets. Discounters were the strongest-performing

channel overall. Out-of-home performance varied widely by market.

How we are responding

We maintain our focus on mix, driving single-serve packs across

both At-home and Out-of-home channels. We have sharpened

execution in high-growth categories such as Energy and Sports

Drinks, improving availability and visibility in outlets. These

actions, coupled with our affordability strategies, position

Coca-Cola HBC to sustain value-led growth while remaining

resilient amidst ongoing market volatility.

We continue to invest in our bespoke capabilities, particularly in

embedding digital tools and in our data, insights & AI, enabling us

to provide our retail customers with relevant insights to maximise

value creation. This contributed to an improved Net Promoter

Score,furtherimprovementsinthemix,andgainsinvalueand

volume share in most markets.

Growth pillars

1 2

+130bps

Improved single-serve mix

by 130 basis points across the Group

Trends

Consumer confidence remains mixed across our markets.

Elevated living costs continue to put pressure on disposable

income and, as a result, affordability remains important. Concerns

over increasing prices remain and shoppers have demonstrated

budgeting behaviours by downtrading, for example, choosing

smaller,moreaffordablepacksizesorshiftingtocheaperretail

channels. However, in some of our markets, there are signs that

consumerpressureiseasing,withshopperslessfocusedonprice.

Since NARTD products are perceived as an affordable treat, they

are less vulnerable to consumers switching to cheaper alternatives.

This is demonstrated by low and declining demand for private-label

brands in this category. Demand for premium products remains,

asshopperscontinuetoprioritisequality,withmanywillingtopay

more for healthier or more sustainable options.

How we are responding

We are constantly enhancing our revenue growth management

(RGM) capabilities to meet consumer demand for affordability

while also addressing premiumisation. By shaping our 24/7

portfolio around consumption occasions, we can deliver both

affordable offerings and premium products in the appropriate

packsizes.

We also offer a wide range of single-serve offerings and

multipacks of single serves, alongside affordable multi-serve

options and targeted promotions. This allows us to compete

effectively at attractive price points for consumers and to

penetrate smaller baskets more effectively.

Growth pillars

1 2

+80bps

Value share growth of 80 basis points

in NARTD, resulting in the

sixth consecutive year of share gains

1. Period refers to end-2024 to December 2025, according to Nielsen, IRI, GlobalData

andHISTmethodology,excludingRussia

Retail Consumer

Leverage our unique

24/7 portfolio 2

Win in the

marketplace 3

Fuel growth through

competitiveness and investment 4

Cultivate the potential

of ourpeople 5

Earn our licence

to operate

Key:

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Market trends continued

Sustainability Digital Regulatory

Trends

In 2025, the global sustainability agenda continued to evolve,

withcompaniesevaluatinghoweffectivelysustainability

isembeddedintotheirdecisionmaking,performancemanagement

andgrowth.Expectationsareshiftingfrombroadcommitments

todemonstrableimpactonpeopleandeconomy.Wesee

anincreaseingreeninvestmentsandtransitiontechnologiesdriven

bybusinessvalueandcommercialsense.Extremeweathercontinues

tocausefinanciallosses,whileregulators,investorsandcompanies

are pricing climate implications and allocating resources to adapt and

mitigate risk. Within the EU’s Omnibus package, key simplifications

that could lessen sustainability reporting burdens are expected to

beintroduced.

How we are responding

In the final year of Mission 2025, we achieved or made significant

progress on 15 of our 18 targets. Within this overall performance,

12 goals were achieved, 7 were overachieved, 9 were delivered

ahead of the target year and we reported significant progress

on3commitments.Forthefifthconsecutiveyear,weremain

firmlyontracktowardsourboldNetZeroby40ambition.

We collaborate and partner with our customers, suppliers,

communities and broader stakeholders to provide innovations

andsolutionsthatbringenvironmental,socialandeconomicvalue.

Our sustainability reporting continues to be recognised externally

as we pursue transparent and comprehensive disclosure.

Growth pillars

1 2 3 4 5

-12%

Reduced absolute carbon emissions in all

three scopes by 12% in 2025 compared with 2019

1. Due to Science Based Targets initiative requirements for companies setting Forest, Land

andAgricultureemissiontargets,ourbaselineyearhaschangedfrom2017to2019.

Trends

Consumers across Europe and Africa are increasingly comfortable

withonlineshopping,withe-commercecontinuingtoexpanditsreach

and influence on purchasing behaviour. Our customers are digitally

sophisticated and expect 24/7 engagement and autonomous

self-service capabilities when interacting with suppliers. We embrace

this trend as an opportunity to be a first mover offering digital service

solutions to our customers, reinforcing our omni-channel route to

market (RTM) strategy. AI continues to be embraced by companies,

with many embedding AI across their day-to-day operations.

How we are responding

We are continuing to invest in digitalising our RTM – both route to

customer and route to consumer. This includes strengthening our

partnerships with major online retailers and food delivery platforms,

improving our execution across all channels and making our

products easier to access across consumer touchpoints.

We upgraded our eB2B Customer Portal in 22 markets to make

ordering faster and easier. Feedback has been very strong, shown

by a Net Promoter Score of 78 and around 40% growth in monthly

active users compared with last year. These digital platforms create

real value for us and our customers, as those who use them tend to

buy a wider range of products, interact with us more often across

channels and generate higher revenue overall.

Our digital marketing efforts supported growth in both eB2B

andB2B2Cchannels.Weareacquiringandengagingcustomers

through targeted content, AI-driven customer relationship

management, automated personalised communications and retail

media pilots. We are also optimising platform content, streamlining

investments and building more B2B2C connections to maximise

digital performance and long-term customer relationships.

Sirvis, our 24/7 multi-category eB2B aggregator platform, continued

to expand. It plays a key role in supporting digital commerce for

indirect Out-of-home outlets by connecting them with wholesalers

and service providers. Sirvis simplifies ordering, improves efficiency

and helps partners scale more quickly and effectively.

Growth pillars

1 2 3

15.4%

Customer orders made through our Customer Portal, up from 11.5%

in 2025

Trends

Policymakers continue to address the cost of living and public health

efforts through price regulation, taxes and marketing restrictions

incertainproductcategories.In2025,healthauthoritiesmaintained

a strong focus on nutrition, while the United Nations approved

aPoliticalDeclarationcallingforglobalactionontheprevention

and control of non-communicable diseases and the promotion

ofmentalhealthandwellbeing,withasetofspecifictargets

for2030.IntheEuropeanUnion,prioritiesincludedsustainability

and public health, alongside competitiveness. Key initiatives included

the Packaging and Packaging Waste Regulation, Deforestation

Regulation and Circular Economy Act, while member states

expanded Deposit Return Systems (DRS). Food safety authorities

made no changes to sweetener approvals.

How we are responding

We constructively work with regulators, governments and industry

partners to address emerging trends. We are supporting the

roll-out of DRS across more European countries and have made

progress in offering consumers more sustainable packaging. We

are broadening our low- and no-sugar variants to offer consumers

more choices.

We are committed to providing transparent nutrition information

for our products, in line with local regulations, to help consumers

make informed decisions. Our integrated sustainability strategy

guides us as we actively support EU Commission priorities,

including through industry associations.

Growth pillars

1 2 3 5

10 markets

Deposit Return Systems are now active in 10 of our markets,

withonemoreexpectedtolaunchin2026

Leverage our unique

24/7 portfolio 2

Win in the

marketplace 3

Fuel growth through

competitiveness and investment 4

Cultivate the potential

of ourpeople 5

Earn our licence

to operate

Key:

Coca-Cola HBC Integrated Annual Report 2025

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CCBA: a significant milestone

In October, we announced the acquisition of

CCBA – a transformational step in our long-term

growth journey. This acquisition will create the

second-largest Coca-Cola bottling partner

globally by volume, with leading positions

across43 markets in Africa and Europe.

It represents a highly compelling strategic

opportunity, which, at its core, is about growth.

Africa has a sizeable and growing consumer base,

with significant potential to increase per capita

consumption. Having established our business

inNigeria nearly 75 years ago and with four

years’experience in Egypt, we have a deep

understanding of the region and are very excited

about the long-term potential for value creation.

We appreciate the trust placed in us by The

Coca-Cola Company and Gutsche Family

Investments, and look forward to welcoming

theCCBA team to Coca-Cola HBC and driving

joint success.

Investing in our 24/7 portfolio

We are privileged to bottle and sell some of the

world’s most beloved beverages, while operating

inresilient, high-growth categories. Our 24/7

portfolio remains one of the strongest and most

flexible in the industry. In 2025, we deepened our

focus on our strategic priority categories:

Sparkling, Energy and Coffee.

Sparkling continued to fuel ourgrowth,

contributing two-thirds of our Group revenue.

Trademark Coke remained a key driver ofthis

performance, through a mix of great activations

andinnovation. This included the highly successful

‘Share a Coke’ campaign, which we rolled out

across our markets, driving transactions and

building brand equity. Adult Sparkling also

supported volume growth and revenue per case

expansion, driven bynew flavour launches and

dedicated campaigns, andthe expansion of

ThreeCents into newmarkets.

Chief Executive Officer’s letter

Delivering consistent, strong growth

2025 was a defining year for our business, marked by

disciplined execution of our strategy, strong financial

performance and the milestone acquisition of

Coca-Cola Beverages Africa (CCBA). Across our

markets, we navigated inflationary pressures, mixed

consumer sentiment, evolving regulation and

geopolitical instability. I am proud that, despite this,

we delivered the fifth consecutive year of strong

growth and sixth year of share gains.

We remain committed to investing for long-term

growth. Throughout the year, we continued to

invest in our strategic growth pillars: our 24/7

portfolio, bespoke capabilities, digital and

technology, our people and sustainability.

I am deeply grateful for our people’s talent and

commitment to deliver this performance. This

year’s employee engagement results showed

thatcolleagues continue to feel highly engaged,

empowered and supported, which reaffirms

thestrength of our culture.

Linking our vision, purpose, growth

pillars and targets

Find out more on page 7

We delivered another year of strong

growth in 2025 – driving revenues,

strengthening margins and

maintaining robust cash generation.

Our dedicated teams worked closely

with our customers and suppliers,

executing with discipline and ambition,

further strengthening our position. In

2026, we will continue to build on this

momentum as we prepare for the next

chapter of our growth story.

Energy delivered its 10th consecutive year

ofstrong double-digit growth. Monster continued

to perform strongly, supported by innovations

such as the new Lando Norris drink, while Predator

and Fury drove momentum in Africa.

In Coffee, our strategic decision with Costa Coffee

to prioritise the Out-of-home channel is delivering

results. We’re seeing strong growth in this channel,

driven by both Costa Coffee and Caffè Vergnano.

Accelerating our digital

andAIcapabilities

Our investments in digital, data and AI focus on

three areas: deepening customer and consumer

centricity, driving operational and supply-chain

efficiencies, and enhancing employee experience

to improve collaboration and productivity.

In 2025, we made great progress. Data intelligence

now powers our revenue growth management and

route to market decisions. Segmented execution

helps us meet demand for both premiumisation

and affordability, while AI supports suggested

orders, customised displays and personalised

marketing. Our Ignite Naija initiative in Nigeria,

developed with The Coca-Cola Company, is linking

consumer and customer data, and early results

show that more sophisticated segmentation is

increasing volume and revenue per case.

We also invested in operational efficiency. Digital

Twin technology enables us to model production

scenarios virtually to identify improvements

without disrupting live operations. In warehouses,

vision picking and smart glasses help employees

verify items against digital picking lists in real time,

improving accuracy and speed.

Finally, we continued to deploy AI to unlock

productivity. Our AI-powered learning platform

forsales teams is live across eight markets and

already improving in-store execution, with plans

toroll this out further in 2026.

Coca-Cola HBC Integrated Annual Report 2025

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Market visit in Lagos, Nigeria

Chief Executive Officer’s letter continued

Strong financial performance

We delivered another year of strong growth in

2025,with an 8.1% increase in organic revenues

andorganic EBIT expansion of 11.5%, underpinned

by continued volume momentum despite a range

of challenging macroeconomic conditions.

Importantly, volume growth was led by two of our

strategic priority categories, Sparkling and Energy.

We also continued to win in the market and deliver

value forour customers, gaining a further 80 basis

points of value share in non-alcoholic ready-to-

drink (NARTD) in 2025.

We also remained committed to investing in the

business to ensure long-term growth potential,

and these investments are generating strong

returns. In 2025, our return on invested capital

(ROIC) expanded by 100 basis points to 19.4%,

underscoring the effectiveness of our strategy

and our disciplined approach to long-term

valuecreation.

Looking ahead

As we look ahead, I am confident that we have

thestrong foundations needed to continue driving

growth and delivering value for all our stakeholders.

While uncertainty remains, we are fortunate to

haveseveral levers at our disposal: our unrivalled

24/7 portfolio, strong bespoke capabilities and,

above all, our committed people – all of which are

critical to our success and to driving profitable

growth. At the same time, we continue to listen

closely to customers and consumers, and respond

to their needs with agility and ambition.

Together, as one Coca-Cola Hellenic team,

wewillbuild onthis momentum as we prepare

forthe next chapter of our growth story.

Zoran Bogdanovic

Chief Executive Officer

Sustainability remains a key driver

ofperformance

Sustainability remains central to our strategy, driving

growth while creating value for our communities,

partners and the environment. In2025, our progress

was further recognised, placing us among the global

leaders in beverage industry benchmarks. For the

ninth time, we were ranked as the world’s most

sustainable beverage company in the S&P Global

Corporate Sustainability Assessment.

We advanced our circular packaging agenda

withanew collection hub in Nigeria and expanded

Deposit Return Systems (DRS) to Austria and

Poland. Recently launched systems in Romania,

Hungary and Austria achieved return rates above

80% in 2025.

Supporting our communities also remains a

priority. In 2025, the Coca-Cola HBC Foundation

committed €4.5 million to support communities,

including those impacted by wildfires and floods.

TheGroup also announced a further €5 million

forthe Foundation starting from 2026.

2025 also marked the conclusion of our Mission

2025 goals. I am very pleased that we met or made

strong progress on 15 of our 18 targets, with

notable achievements in packaging collection and

rPET usage, emissions reduction, renewable and

cleanenergy, energy-efficient coolers, water

replenishment and community programmes.

Our new sustainability targets focus on climate,

water, biodiversity and communities, with continued

emphasis on packaging, agriculture and nutrition.

Four flagship commitments will guide our actions:

net zero emissions by 2040; a net positive

biodiversity impact by 2040; replenishing every

dropof water we use in our beverages by 2035; and

being the neighbour of choice in our communities.

We will continue to demonstrate leadership through

transparent reporting and consistent delivery,

building on our achievements inthe years ahead.

We have five strategic growth pillars

Leverage our unique

24/7 portfolio

Win in the

marketplace

Fuel growth through

competitiveness and investment

Cultivate the potential

of ourpeople

Earn our licence

to operate

Find out more on page 18

Our targets and how we

measure our progress (KPIs)

Financial

Our medium-term targets include organic

revenue growth of 6% to 7% per year on

average and 20 to 40 basis points of organic

comparable EBIT margin expansion per year on

average.

Sustainability

Our sustainability targets include Mission 2025,

Mission Refresh and NetZeroby40. Please see

‘Tracking our progress’ for details.

Find out more on pages 44 and 45

Our strategy and targets link directly

toexecutive remuneration.

Please see our ‘Directors’ remuneration

report’for details.

Find out more on pages 236 to 259

Linking our vision, purpose,

growthpillars and targets

Our purpose

Open up moments that refresh us all

Our vision

The leading 24/7 beverage partner

Our values

• Customer first

• We over I

• Make it simple

• Deliver sustainably

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Valuation

Option

Listing

Spotlight

Acquisition of Coca-Cola Beverages Africa (CCBA)

Compelling

strategic

rationale,

creating

value for all

stakeholders

75%

Acquisition

ofCCBA

US$3.4bn

Implied equity value equating

to100%

• Acquisition of a 41.52% stake from The Coca-Cola Company forUS$1.3bn in cash

• Acquisition of a 33.48% stake from Gutsche Family Investments (GFI)for US$308m in cash and

Coca-Cola HBC shares representing 5.47% of share capital, for a combined total of US$1.3bn

• Intention to pursue a secondary listing of our shares on the Johannesburg Stock

Exchange at or around transaction completion, to underpin our commitment to South

Africa and the African continent

• Coca-Cola HBC and TheCoca-Cola Company have agreed to enter into an option

agreement at completion for the remaining 25% of CCBA

Acquisition to be financed through:

• Coca-Cola HBC shares to GFI representing

5.47% of the enlarged issuedand outstanding

share capital

• Cash covered by a €1.4bn bridge facility

• Coca-Cola HBC maintains its commitment

toan investment grade credit rating

• Expected to be low-single digit EPS

accretivefrom the first full year

followingcompletion

• Net debt to EBITDA expected to be within

our medium-term target range of 1.5-2.0x

• In line with capital allocation priorities

Announcement

21 Oct 2025 19 Jan 2026 Ongoing By end 2026

Extraordinary General

Meeting approval

Obtaining

approvals

Completion

Coca-Cola HBC shareholders

approved all resolutions

Progressing through customary

anti-trust and other regulatory

approval requirements

On track to

complete by the

end of 2026

Timeline to

completion

Materially expands our existing

Africanpresence, bringing together

two leading bottlers inthecontinent

Drives further diversification of our

geographic footprint, with increased

exposure to high-growth markets

Consistent with the five pillars of our

growth strategy and vision ofbeing

theleading 24/7 beveragepartner

Clear opportunity to leverage our

expertise in emerging markets,

tounlockfurther growth

Further strengthens our long-

termstrategic partnership with

TheCoca-Cola Company

US$2.6bn

Purchase price

Acquisition terms

Financing Financial effects

Note: To be read in conjunction with the Acquisition of CCBA & Q3 2025 presentation and press release, and with the 2025 FY results press release

available on our website: www.coca-colahellenic.com/en/investor-relations

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EGYPT

Population

Population < 30

Sparkling PCC

~116m (+1% p.a.)

57%

102

ETHIOPIA

Population

Population < 30

Sparkling PCC

~132m (+2% p.a.)

69%

KENYA

Population

Population < 30

Sparkling PCC

~56m (+2% p.a.)

67%

MOZAMBIQUE

Population

Population < 30

Sparkling PCC

~34m (+2% p.a.)

72%

NIGERIA

Population

Population < 30

Sparkling PCC

~232m (+2% p.a.)

69%

SOUTH AFRICA

Population

Population < 30

Sparkling PCC

~64m (+1% p.a.)

51%

330

UGANDA

Population

Population < 30

Sparkling PCC

~50m (+2% p.a.)

74%

Botswana

Comoros

Eswatini

Ethiopia

Kenya

Lesotho

Malawi

Mayotte

Mozambique

Namibia

South Africa

Tanzania

Uganda

Zambia

81%

Sparkling soft drinks

Water

Energ

Other

South Africa Uganda

Kenya

Ethiopia

Mozambique

Other

60%

10%

12%

Spotlight continued

Acquisition of Coca-Cola Beverages Africa (CCBA) continued

Sources: Company information, internal industry estimates, United Nations World Population Prospects (2024)

1. 2024 population, growth refers to 2024 to 2050 average per annum population growth

2. 2024 population under the age of 30 years as a percentage of total population

3. Sparkling soft drinks servings consumption per capita, based on 2024 total industry volume as per internal estimates

Note: To be read in conjunction with the Acquisition of CCBA & Q3 2025 presentation and press release, and with the 2025 FY results press release available on our website: www.coca-colahellenic.com/en/investor-relations

Increasing our exposure to

high-growth markets with

compelling demographics

and a clear opportunity

toleverage our proven

track record in Africa

CCBA is a

diversified

African bottler

withaleading

portfolio

of brands

14 territories

In Southern and East Africa, adding

to our existing 29 markets

>800,000 outlets

Covering a total population of

more than 450 million

40+ brands

Both global and local

Together we

will cover:

>50%

of Africa’s

population4

>60%

of Africa’s

GDP5

2/3

of Africa’s Coca-Cola

System volume6

1.8bn

total volume (unit cases)

in Africa6

2024 Volume by country 2024 Volume by category

14 territories:

1. Botswana, Comoros, Eswatini, Lesotho, Malawi, Mayotte, Namibia, Tanzania and Zambia

2. Includes Juices, Sports Drinks and Other

4. UN: 2024 total population of CCBA countries plus

Nigeria and Egypt, asa% of total Africa population

5. IHS: 2024 real GDP (US$) ofCCBA countries plus

Nigeria and Egypt, as a % of total Africa real

GDP(US$)

6. Based on 2024 Company information

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Working with suppliers

We work with our suppliers to

procurehigh-quality ingredients,

sustainably sourced raw materials,

and equipment and services required

to produce beverages.

Partnering with

ourcustomers

We grow by supporting our

customers’growth, leveraging

our24/7portfolio, focusing on

areasofhigh-value opportunity

andexecuting with excellence.

Serving our consumers

and communities

Our 24/7 product portfolio caters

toarange of tastes and preferences,

andwecontinually innovate tolead

thesector. We also have a long history

ofsupporting our communities.

What we do

We are a strategic bottling partner of

The Coca-ColaCompany (TCCC)

We have rights from TCCC in the Coca-Cola HBC marketswhere

the Group produces, sells and distributes TCCC’s trademarked

beverages. We also partner with other beverage businesses such as

Monster Energy, Brown-Forman and Edrington to sell their products

inourmarkets.

How our partnership works

TCCC owns and develops its brands, while we are responsible for

producing, distributing and selling these beverages, using

concentrate we buy from TCCC under an incidence-based pricing

model. We work together toensure we have the right portfolio

for our customers and consumers in each market, and to

ensure consistent, excellent execution. We also share

marketing costs and responsibilities: TCCC markets

to consumers, while we take responsibility for

trade marketing to our customers.

Producing beverages

efficiently and sustainably

Using concentrate fromThe Coca-Cola

Company along with other ingredients,

weprepare, package anddeliver products

withan optimised manufacturing

infrastructure and logistics network.

Business model

Delivering value for our stakeholders

Human

Our success is dependent on the passion and customer

focus of our talented people – our secret ingredient.

We empower them to pursue growth opportunities,

both for themselves and our Company.

Natural

To create our products, we use natural resources

including water, agricultural ingredients and paper.

Wesource these using sustainable practices and

seekto use them efficiently.

Social and relationships

Maintaining the trust of stakeholders is essential to our

business. Our most valuable human connections and

relationships are with The Coca-Cola Company, our

people and the communities we operate in, and our

customers, suppliers, governments and regulators.

Financial

Our business activities require financial capital, which

we allocate efficiently. This capital is provided by our

equity and debt holders, as well as cash flow earned

from our operations.

Intellectual

Innovation is embedded in our culture. The intellectual

property from innovation includes new packaging,

products and know-how, as well as improvements

inmanufacturing, logistics and sales execution.

Manufacturing

Investing in our plant and logistics assets allows us

toefficiently prepare, package and deliver our products

tomeet the needs of customers and consumers.

Our capital resources How we do it

Coca-Cola HBC Integrated Annual Report 2025

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Business model continued

Value created

• In 2025, we employed 33,497 full-time

employees across 29countries

• Median basic salary ratio women/men: 1.53

Socio-economic contribution

761,389

training hours for

ourpeople

€1,442.3m

total employee costs

43.4%

women in managerial

positions

Our people

• We increased the frequency of our

customer engagement, providing

customers with better support

• In the marketplace, we achieved a total

number of 66%

energy-efficient coolers

Socio-economic contribution

1.9m

customers served

Our customers

• We spent €7.3billion with suppliers and

contractors in 2025

• We are working with our suppliers to

support their sustainable practices and

emissions reduction plans

Socio-economic contribution

over 13,500

suppliers operating

across our value

chain4

€7.3bn

spent with suppliers,

ofwhich more than

97% were local5

Our suppliers

• Our business activities generate revenue

for our suppliers and contractors, and

their extended value chain

Socio-economic contribution

€5.8bn

paid in taxes across

ourvalue chain3

€16.14bn

supported inadded

value across our

value chain3

Our wider stakeholders

• In 2025, weachieved a 19%

calorie

reduction per 100ml of sparkling soft

drinks vs baseline year, representing solid

progress and bringing us close to our

Mission 2025 goalof 25%

Socio-economic contribution

760m

potential consumersrefreshed

Our consumers

• In 2025, we trained 163,394 young people

through our #YouthEmpowered programme

• We invested €8 million in local

communityinitiatives

Our communities

• We delivered strong financial performance

in2025, with organic revenue up 8.1% and

reported revenue up 7.9%. Inrecognition of

our business strength and future opportunities,

the Board proposed a dividend of €1.20 per

share, a 17% increase compared with last year

Socio-economic contribution

€827.6m

Capex spend

+19.7%

increase in

comparable EPS

to€2.724, supported

by strong EBIT

delivery

Our investors

Socio-economic contribution

1 job =

15 jobs

1 job in our system

supports 15 in the

community

563,338

indirect jobs across

the valuechain

1,283,244

cumulative 2017-2025

number of young

people trained in

ourcommunities

1. Excluding Egypt

2. Excluding the amount of Ukrainian Solidarity Fund and Coca-Cola HBC Foundation donations

3. Numbers presented are aggregated based on the local socio-economic impact reports from CCHBC

territories in the period 2018-2025. All KPIs represent annual impact

4. At parent company level operating in our value chain

5. Supplier spend includes direct, indirect, cold drink equipment categories and concentrate. EU

countries suppliers are considered local for CCHBC EU-based business units

Our impact

We believe that the only way tocreate long-term

value for allour stakeholders is through

sustainable growth.

We create socio-economic valuefor the societies in

which weoperate by creating jobs, training people,

building physical infrastructure, procuring raw

materials, transferring technology, paying taxes,

expanding access to products and services, and

creating growth opportunities for our customers,

distributors, retailers, suppliers and employees.

Measuring and managing these contributions

through thesustainable growth of our business is

an important part ofour purpose. Since 2010, we

have conducted socio-economic impact studies in

our markets tobetter understand the range and

extent of the value we create in our ecosystem.

To read the methodology behind our

socio-economic impact numbers

Find out more on page 362

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As part of our commitment to transparent

andresponsible business practices, we

recognise that meaningful stakeholder

engagement is fundamental to shaping

oursustainability strategy. We actively

engage with stakeholders to identify

material topics and ensure that our

disclosures reflect their expectations

andconcerns. This collaborative

approachenables us to align our

reportingwith the principles of

accountability andinclusiveness,

fosteringtrust and creating long-term

valuefor all affected stakeholders.

The Board’s Social Responsibility Committee (SRC)

formally reviews feedback collected, supporting

effortsto accelerate our sustainability-related impacts.

Results of our annual materiality surveys are presented

to our Executive Leadership Team (ELT) and SRC

everyyear.

The following table outlines our material impacts,

risksand opportunities (IROs) aligned with the

identified European Sustainability Reporting Standards

(ESRS) topics and addresses the ESRS SBM-2 and S1-2,

S2-2, S3-2 and S4-2 requirements. These are further

mapped to our growth pillars, our key challenges and

the key engagement methods we use tofoster

meaningful relationships withour stakeholders,

outcomes of engagement, relevant KPIs and principal

risks related to the affectedstakeholders.

Since 2024, we have reported under the Corporate

Sustainability Reporting Directive (CSRD), using the

ESRS framework and methodology. As a result, our

material IROs are classified under the ESRS categories,

such asESRS E1, ESRS S1 and ESRS S2, etc. For the

complete set of reporting standards, please refer

toAnnex 1 of theCommission Delegated Regulation

(EU)2023/2772.

Further information on stakeholder engagement

efforts can be found on ourwebsite.

ESRS material IROs and topics of interest

• (S1) Contribution to diversity and gender equality of own workforce

• (S1) Improved access to education for own workforce

• (S1) Contribution to the health and safety of own workforce

• (S1) Negative impact to health and safety through loss of life,

injuriesandoccupationaldiseases

• (S1) Contribution to employment

• (S1) Provision of social protection and social security for own workforce

• (S1) Accessibility to a Living Wage for own workforce

Growth pillars

4 5

Key challenges

• Building the best teams in the industry

• Maintaining engagement as hybrid working continues

• Ensuring mental wellbeing across our workforce

• Protecting our people in a more volatile security environment

Engagement method

• Focused and continuous conversations with employees

• Regular employee surveys, with results shared across all

countriesandfunctions; FunctionHeads analyse the findings

andsetimprovement actions

• Employee Assistance Programme

• Personalised experiences and opportunities for personal

andprofessional growth

• Ongoing dialogue with employee representative bodies

Outcomes of engagement

• Maintained high engagement levels

• Achieved higher levels of engagement due to focus on simplification,

collaboration and retention

• Integrated insights into policies and target setting

Relevant KPIs

• Employee engagement score

• Percentage of managers who are women

• Lost time accident rate per 100 full-time employees

Principal risks

• Health and safety

• People attraction and retention

• Geopolitical and securityenvironment

Our people

ESRS material IROs and topics of interest

• (E1) Negative impact to the state of nature through contribution

toclimate change

• (E1) Managing our carbon footprint

• (E5) The cost and availability of sustainable packaging (outflows)

• (S3) #YouthEmpowered: access to education

Growth pillars

1 2 5

Key challenges

• Identifying opportunities for growth and value creation

• Offering a 24/7 beverage portfolio that meets the changing

preferencesof consumers and customers

• Managing supply and delivery challenges

Engagement method

• Actively gather customer feedback through digital platforms such as

CustomerGauge

• Key account managers engage with our customers at a strategic level

• Business Developers visit outlets with digital tools and insights

• Partnerships established to reduce food loss and waste

Outcomes of engagement

• Increased direct engagement via our customer teams and via customer

surveys

• Introduced programmes to reduce food loss and waste

• Integrated insights into policies and target setting

• Introduced new packaging types and supported packaging collection

Relevant KPIs

• Volume and organic revenue growth

• Customer feedback from surveys

• Cooler coverage of high-potential outlets

Principal risks

• Omni-channel evolution

• Product quality and food safety

• Business interruption

• Changing retail environment

Our customers

Leverage our unique

24/7 portfolio 2

Win in the

marketplace 3

Fuel growth through

competitiveness and investment 4

Cultivate the potential

of ourpeople 5

Earn our licence

to operate

Stakeholder engagement

Key:

Coca-Cola HBC Integrated Annual Report 2025

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ESRS material IROs and topics of interest

• (E5) The cost and availability of sustainable packaging (outflows)

• (S4) Consumers’ health and safety

• (S4) Responsible marketing practices

Growth pillars

1 5

Key challenges

• Ensuring product safety and supply

• Continuously evolving our products to meet consumers’ needs for

healthy hydration, quality, taste, innovation and convenience

Engagement method

• The Coca-Cola Company (TCCC) owns, develops and markets its

brands with the end consumer, and actively gains insights and feedback

through surveys, global and local trend analysis, and focus groups

• Together with TCCC, we understand consumers’ needs and

preferences through our access to its consumer insights

• Consumers also provide feedback via social media, consumer

hotlinesand local websites

Outcomes of engagement

• Continued to evolve our portfolio to address changing consumer

occasions and invested further in digital and e-commerce to meet new

shopper needs

• Integrated insights into policies and target setting

Relevant KPIs

• Percentage reduction of calories per 100ml of sparkling soft drinks

(SSDs) vs 2015

• Number of consumer complaints

Principal risks

• Product quality and food safety

• Omni-channel evolution

• Product category acceptability

• Business interruption

Our consumers

ESRS material IROs and topics of interest

• (E1) Negative impact to the state of nature through contribution to

climate change

• (E1) Managing our carbon footprint

• (E2) Negative impact to the state of nature through soil pollution

• (E3) Negative impact to the state of nature through water use

• (E4) Land ecosystem use change

• (E5) The cost and availability of sustainable packaging (inflows)

• (S2) Contribution to employment

• (S2) Accessibility to a Living Wage for workers of suppliers

• (S2) Negative impact to health and safety through loss of life, injuries

and occupational diseases

• (S2) Provision of social protection and social security for workers of suppliers

Growth pillars

3 5

Key challenges

• Rising costs of ingredients, labour, packaging materials, energy andwater

• Minimising the environmental impact of water, energy resources

andemissions

• Traceability in the whole value chain, including Tier 2 and 3 suppliers,

forhuman rights risk and biodiversity

Engagement method

• Feedback through our annual Group Stakeholder Forum

• Direct regular meetings with our suppliers

• Regular, ongoing interaction with the Coca-Cola System’s central

procurement group, and our technology and commodity suppliers

• Sustainability workshops with main suppliers

• Specific meetings for sustainability discussions with critical suppliers

• Training opportunities provided via the SLoCT programme (Supplier

Leadership on Climate Transition), EcoVadis IQ, etc.

Outcomes of engagement

• Long-term collaboration with partners has driven efficiencies in our

water and energy consumption

• Progress made on sustainable sourcing and certifications

• Integrated insights into policies and target setting

Relevant KPIs

• Percentage of key agricultural ingredients sustainably certified

• Percentage of our suppliers adopting our Supplier Guiding Principles

Principal risks

• Cost and availability of sustainable packaging

• Water cost and availability

• Ethics and compliance

• Managing our carbon footprint

• Suppliers and sustainable sourcing

Our suppliers

ESRS material IROs and topics of interest

• (E5) The cost and availability of sustainable packaging (inflows)

• (S3) Availability, accessibility, affordability and quality of water for local

communities

• (S3) #YouthEmpowered: access to education

• (S4) Consumers’ health and safety

• (S4) Responsible marketing practices

Growth pillars

1 2 4 5

Key challenges

• Identifying opportunities for growth and value creation

• Offering a 24/7 beverage portfolio that meets the changing preferences

of consumers and customers

• Managing supply and delivery challenges

Engagement method

• Day-to-day interaction as business partners, in joint projects, joint

business planning, functional groups on strategic issues and at

‘top-to-top’ senior management forums

Outcomes of engagement

• Strengthened 24/7 portfolio

• Proposed acquisition of 75% of Coca-Cola Beverages Africa from

TCCC, further extending the partnership

• Integrated insights into policies and target setting

Relevant KPIs

• Revenue

• Value share

Principal risks

• Cost and availability of sustainable packaging

• Suppliers and sustainable sourcing

• Strategic stakeholder relationships

• Product-related regulatory changes and taxes

The Coca-Cola Company

Stakeholder engagement continued

Leverage our unique

24/7 portfolio 2

Win in the

marketplace 3

Fuel growth through

competitiveness and investment 4

Cultivate the potential

of ourpeople 5

Earn our licence

to operate

Key:

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Stakeholder engagement continued

ESRS material IROs and topics of interest

• (E1) Negative impact to the state of nature through contribution to climate change

• (E1) Managing our carbon footprint

• (E5) The cost and availability of sustainable packaging (outflows)

• (S4) Consumers’ health and safety

Growth pillars

1 2 3 5

Key challenges

• Increasing focus on sustainability reporting, such as CSRD

• Maintaining focus on the long-term potential of the Group rather than on short-term volatility

Engagement method

• Annual General Meetings, investor roadshows, Bitesize Investor Events, press releases and results

briefings, and ongoing dialogue with analysts and investors

• Monitoring and implementing emerging trends and investors’ expectations via participation in

sustainability benchmarks and ESG raters

Outcomes of engagement

• Maintained two-way dialogue between Coca-Cola HBC and investors to ensure a clear understanding

ofits long-term strategy; incorporated investor concerns into decision making

• Considered ESG raters’ requirements, to ensure that our targets remain aligned with our investors’

evolving expectations

• Integrated insights into policies and target setting

Relevant KPIs

• Management access for investors and analysts

• Fair and positive investor perceptions of Company fundamentals and strategy

Principal risks

• Cost and availability of sustainable packaging

• Changing retail environment

• Water cost and availability

• Product-related taxes and regulatory changes

• Foreign exchange fluctuations

• Managing our carbon footprint

• Geopolitical and security environment

• Suppliers and sustainable sourcing

Our investors

ESRS material IROs and topics of interest

• (E1) Negative impact to the state of nature through contribution to climate change

• (E1) Managing our carbon footprint

• (E3) Negative impact to the state of nature through water use

• (E3) Positive impact to the state of nature through water replenishment

• (E5) The cost and availability of sustainable packaging (outflows)

• (S3) Availability, accessibility, affordability and quality of water for local communities

• (S3) #YouthEmpowered: access to education

Growth pillars

3 5

Key challenges

• Climate change mitigation and adaption

• Reducing packaging waste

• Water conservation

• Empowering young people and women

Engagement method

• Engaging indirectly with communities via customers and partners to understand the skills and training

youngadults need for specific markets

• Occasionally participating in the set-up and implementation of new packaging collection schemes

• Monitoring and implementing the emerging trends and investors’ expectations via participation in

thesustainability benchmarks and with ESG ratings

• Participating in different volunteering initiatives

• Providing disaster relief in every community where we operate

Outcomes of engagement

• Increased collection rates for packaging waste in many markets due to new collection schemes

• Committed to NetZeroby40 across the entire value chain

• Implemented water stewardship community projects in water priority locations

• Informed development of our ambitious water targets, such as reducing water usage and replenishing

waterresources in high-risk locations

• Integrated insights into policies and target setting

• CCHBC Foundation committed €4.5 million to support communities, including those impacted by wildfires and floods

• Increased the employability of young people via our #YouthEmpowered sessions

Relevant KPIs

• Number of young people trained in our communities through #YouthEmpowered

• Percentage of absolute emissions reduction

• Number of water stewardship projects in water priority locations

• Percentage of primary packaging collected

• Number of volunteering hours

• Number of and investments in community projects

Principal risks

• Geopolitical and security environment

• Cost and availability of sustainable packaging

• Managing our carbon footprint

• Water cost and availability

• Suppliers and sustainable sourcing

Our communities

Leverage our unique

24/7 portfolio 2

Win in the

marketplace 3

Fuel growth through

competitiveness and investment 4

Cultivate the potential

of ourpeople 5

Earn our licence

to operate

Key:

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Stakeholder engagement continued

ESRS material IROs and topics of interest

• (E1) Negative impact to the state of nature through contribution

toclimate change

• (E1) Managing our carbon footprint

• (E3) Negative impact to the state of nature through water use

• (E3) Positive impact to the state of nature through water replenishment

• (E5) The cost and availability of sustainable packaging (inflows

andoutflows)

• (S3) Availability, accessibility, affordability and quality of water

for localcommunities

• (S4) Consumers’ health and safety

Growth pillars

3 5

Key challenges

• Industry and/or product-specific policies, such as taxes, restrictions

orregulations

• Ensuring suppliers comply with our environmental policies

Engagement method

• Conducted at an industry level through trade associations

• Partner with local governments to tackle waste collection challenges

and water availability

Outcomes of engagement

• Introduced light-weighted packages and used more sustainable

materials in packaging, in response to regulations and levies on certain

types of plastic packaging

• Added low- or no-sugar drink options in every market and provided

transparent nutritional information

• Integrated insights into policies and target setting

Relevant KPIs

• Percentage of absolute emissions reduction

• Percentage reduction of calories per 100ml of SSDs vs 2015

• Percentage of primary packaging collected

• Number of water stewardship projects in water priority locations

Principal risks

• Product-related taxes and regulatory changes

• Ethics and compliance

• Product quality and food safety

• Marketplace economic conditions

Governments

ESRS material IROs and topics of interest

• (E1) Negative impact to the state of nature through contribution to

climate change

• (E1) Managing our carbon footprint

• (E3) Negative impact to the state of nature through water use

• (E3) Positive impact to the state of nature through water replenishment

• (E4) Land ecosystem use change

• (E5) The cost and availability of sustainable packaging (outflows)

• (S3) Availability, accessibility, affordability and quality of water for

localcommunities

• (S3) #YouthEmpowered: access to education

Growth pillars

Key challenges

• Climate change mitigation and adaptation, move towards net zero

emissions and water and energy use

• Reducing packaging waste

• Sustainable sourcing

• Establishing partnerships with communities and grassroots organisations

• Diversity and human rights

Engagement method

• Include non-governmental organisations (NGOs) and community

partners in our leadership development programmes, offering online

training for managing virtual teams and leading in times of crisis

• Partner with specific NGOs for targeted environmental and social projects

• Through our annual Group Stakeholder Forum and our annual

materiality assessment, as well as through ad hoc meetings

Outcomes of engagement

• 109 people from our communities taking part in our first-time

managerprogrammes

• Increased community projects for waste reduction, water stewardship

and carbon removal

• Integrated insights into policies and target setting

Relevant KPIs

• Number of and investments in community projects

• Percentage of participants in internal management programmes who

come from local communities

Principal risks

• Cost and availability of sustainable packaging

• Managing our carbon footprint

• Suppliers and sustainable sourcing

• Water cost and availability

• Ethics and compliance

NGOs

Section 172

Section 172 of the UK Companies Act 2006 requires directors

topromote the success of theircompany for the benefit of

themembers asawhole, having regard to the interests of

stakeholders in their decision making. Engaging with stakeholders

is an indispensable part of howCoca-Cola HBC does business.

The Board considers the interests of our employees

andotherstakeholders in its decision making as amatter of

goodgovernance, and understands the importance, and value,

oftaking into account their views, as well as considering the

impact ofour activities on the community, environment

andtheGroup’s reputation. TheBoard also considers what is

mostlikely topromote thesuccess of Coca-Cola HBC

foritsshareholders in the long term. Although Coca-Cola HBC

isSwiss incorporated and, assuch, the UK Companies Act 2006

has no legaleffect, this approach is in accordance with the UK

Corporate Governance Code2024.

How we manage double materiality and ensure business

resilience

Find out more on pages 48 to 51 and 185 to 188

Leverage our unique

24/7 portfolio 2

Win in the

marketplace 3

Fuel growth through

competitiveness and investment 4

Cultivate the potential

of ourpeople 5

Earn our licence

to operate

Key:

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Chief Operating Officer’s letter

Playing to win in a complex externalenvironment

newglobal campaign strengthening brand awareness

and contributing to market share gains.

In Snacks, just over a year after a fire disrupted

Bambi’s operations, production was fully restored,

Plazma returned to shelves, and the brand

launched in Nigeria for the first time.

Investing in our bespoke capabilities

Our bespoke capabilities remain critical to drivingbest-

in-class growth and creating joint value with our

customers and, in 2025, we made significant progress.

We strengthened revenue growth management,

maintaining focus on affordability through entry

and smaller packs, while expanding premiumisation

via multipacks of single-serves and mini cans in

relevant markets. We continued to leverage our

advanced promotion analytics tools, enabling our

teams to assess the effectiveness of each

promotion and make faster decisions, driving

morevalue for us and our customers.

Within data, insights & AI, we continued

tostrengthen our AI capabilities. In 2025, we

expanded our segmented execution approach

towholesalers inItaly, using shared data and outlet

intelligence to provide tailored recommendations for

the customers they serve. We also scaled our

Metaverse learning environment for sales teams.

Now live in eight markets, this initiative is already

improving in-store execution, with a wider roll-out

planned for 2026. And, as I had the privilege of

sharing at our Bitesize Investor Event last year,

ourIgnite Naija initiative in Nigeria – developed with

The Coca-Cola Company – continues to

linkconsumer and customer data to enable

moresophisticated segmentation.

We continued to digitise our route to market,

reaching more outlets and improving day-to-day

execution. Our dynamic routing tool – live in

22 markets – reduces travel time by 15%, freeing

more time for customer engagement. We also

increased placement of ‘Always-on’ connected

coolers by 20%, providing real-time insights to

enhance in-store execution and cooler profitability.

In 2025, we delivered another year of strong growth

despite a challenging macroeconomic backdrop.

Iam proud of how our teams have responded –

working together, staying disciplined, and executing

with consistency and agility to win in the market.

Our 24/7 portfolio is market leading

Our strong brands, focused execution and 24/7

portfolio continued to deliver growth in a mixed

consumer environment. Growth was led by two ofour

strategic priority categories: Sparkling andEnergy.

Sparkling remained the engine of our

performance. Together with The Coca-Cola

Company, we executed locally tailored activations

at key moments across the year, including the

‘Share a Coke’ campaign and Sprite’s ‘Turn

UpRefreshment’ campaign over the summer.

Energy also continued its strong trajectory. In

Established and Developing markets, growth was

driven byMonster, supported by innovations such as

Rio Punch and the new Lando Norris drink. Predator

and Fury, our affordable offers in Africa, grew over 40%,

supported by football partnerships and marketing

activations that resonated with localconsumers.

In Coffee, we saw strong volume growth in the

Out-of-home channel. This was driven by both Costa

Coffee and Caffè Vergnano, as we executed on our

strategic decision to focus on this channel, growing

existing outlets and recruiting 2,100 newones.

Across smaller but fast-growing categories, Sports

Drinks continued its strong momentum, supported

by new Powerade flavours. In Premium Spirits,

Finlandia Vodka was a key growth driver, with our

Winning with our customers

Customer satisfaction is how we win every day.

Our teams once again lifted our Net Promoter

Score to 78, up from 66, supported by resolving

99% of customer issues within 48 hours.

Thisdisciplined focus underpinned our strong

NARTD share gains.

A highlight of 2025 was our Market Impact Team

activation, which built on the strong momentum

of 2024. More than 9,700 colleagues visited over

65,000 customers to activate key campaigns

ahead of the peak summer season – bringing our

‘We over I’ and ‘Customer first’ values to life.

CCBA: combining the expertise

oftwo leading businesses

2025 also marked a landmark moment with the

announced acquisition of Coca-Cola Beverages

Africa (CCBA). The acquisition plays to our

strengths in operating in dynamic, fast-growing

emerging markets, and gives us a platform to share

best practices, scale our bespoke capabilities and

invest further to drive long-term growth.

Looking ahead

We enter 2026 with a clear view of the

opportunities across our 24/7 portfolio and

bespoke capabilities, and as we pursue them,

wecontinue to place our customers at the

centreof everything we do.

Thank you to our teams for their dedication, discipline

and passion. This is an exciting time tobe part of

Coca-Cola HBC, and I look forward tospending time

with colleagues, customers andpartners across our

markets as we continue to play to win – together.

Naya Kalogeraki

Chief Operating Officer

We play to win by staying

disciplined, building world-class

capabilities and putting customers

at the heart of everything we do –

an exceptional team.

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report

Swiss Statutory ReportingFinancial StatementsCorporate Governance Supplementary Information

Segment operational highlights

Our three business segments create a unique and diverse balance of markets that allow us to capture growth opportunities.

2025 2024

% change

reported

Population (million)

91 91 -0.2%

GDP per capita (thousands US$)

2,3

45.8 44.6 2.7%

Bottling plants (number) 15 15 –

Employees (number) 7,442 7,135 4.3%

2025 2024

% change

reported

Population (million)

76 77 -0.8%

GDP per capita (thousands US$)

2,3

20.3 19.7 3.4%

Bottling plants (number) 9 9 –

Employees (number) 4,403 4,338 1.5%

2025 2024

% change

reported

Population (million)

1,3

591 584 1.1%

GDP per capita (thousands US$)

2,3

6.5 6.4 0.9%

Bottling plants (number) 38 38 –

Employees (number) 21,652 21,545 0.5%

Italy 39%

Greece

Ireland

20%

14%

Others 27%

Volume breakdown

per country (%)

Italy 39%

Greece

Ireland

20%

14%

Others 27%

Volume breakdown

per country (%)

Poland 45%

Hungary

Czech Republic

21%

12%

Others 22%

Volume breakdown

per country (%)

Poland 45%

Hungary

Czech Republic

21%

12%

Others 22%

Volume breakdown

per country (%)

Nigeria 25%

Russia

Egypt

22%

18%

Others 35%

Volume breakdown

per country (%)

Nigeria 25%

Russia

Egypt

22%

18%

Others 35%

Volume breakdown

per country (%)

1. Data source: UN population data.

2. Data source: IHS Jan 2026 release. GDP refers to ‘GDP, real, harmonised’ in US Dollars.

3. Comparative amounts have been restated as per data sources.

Established markets

Organic revenue grew and

volumes were in line with last

year, with mixed trends across

markets. Slight growth in

Sparkling was driven by Coke

Zero, Coke Zero Sugar Zero

Caffeine and Sprite. Both Energy

and Sports Drinks continue to

grow strongly. Revenue per case

expansion was driven by pricing, as

well as positive package and

category mix.

Developing markets

Organic revenue and volumes

grew, with Sparkling volumes

slightly higher than last year, driven

by Coke Zero and Sprite. Energy

and Sports Drinks saw accelerating

momentum, with both growing

strongly. Revenue per case

expansion was driven by pricing

actions as well as by favourable

category and package mix.

Emerging markets

Revenue growth was driven

byboth volume and good price

mix. Volumes grew across most

categories. Sparkling was driven

bygrowth in Trademark Coke,

Sprite and Adult Sparkling. Energy

grew strongly, driven by affordable

brands. Stills growth was led by

Water and Sports Drinks. Revenue

per case expansion was driven

bypricing actions and positive

category mix.

€3,599.7m

Net sales revenue (NSR)

+2.3%

NSR growth (organic)

+2.3%

NSR per case growth (organic)

631.6

Volume (million unit cases)

+0.0%

Volume growth (organic)

€2,551.8m

Net sales revenue (NSR)

+6.1%

NSR growth (organic)

+5.3%

NSR per case growth (organic)

486.4

Volume (million unit cases)

+0.8%

Volume growth (organic)

€5,453.0m

Net sales revenue (NSR)

+13.2%

NSR growth (organic)

+8.5%

NSR per case growth (organic)

1,879.4

Volume (million unit cases)

+4.4%

Volume growth (organic)

Volume breakdown per country Market overview2025 key figures

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

2025 highlights

• Growth led by Sparkling and Energy

• Successful roll-out of the ‘Share a Coke’

campaign, in partnership with The Coca-Cola

Company (TCCC)

• Continued to drive strong growth of our low-

andno-sugar ranges

• Executed joint strategic decision with Costa

Coffee to focus on Out-of-home channel, where

we see greater long-term growth potential

• Launched new Finlandia global campaign

• Reopened Bambi plant in Serbia and launched

Bambi snacks in Nigeria

KPIs

• Organic revenue growth

• Organic revenue per case growth

• Volume growth

Principal risks and opportunities

• Foreign exchange fluctuations and

macroeconomic conditions

• Product quality & food safety – quality incidents

• Product-related regulatory changes and taxes

• Cost and availability ofsustainable packaging,

suppliers and sustainable sourcing

• Business transformation - integration of CCBA

Read more on pages 189 to 195

Material issues and topics of interest

• E5 – Resource outflows related to products

andservices

• S4 – Consumers’ health and safety

• S4 – Responsible marketing practices

Read more on pages 52 to 168

Stakeholders

Read more on pages 12 to 15

Leverage

our unique

24/7 portfolio

Our leading 24/7 portfolio enables us

tomeetconsumer needsat every

moment oftheday. Our broad range of

globaland localbrands across multiple

categories allows ustotailor our

approach to each market in which we

operate. Together with our partners,

we constantly innovate toensurewe

stay ahead ofevolving consumer

trends, creatingvalue forall

Coca‑Cola HBC stakeholders.

Our success is rooted in a deep understanding

ofour consumers. Inclose partnershipwith TCCC,

wefocus oninnovation, impactful marketing and

building strong customer relationships. We also

collaborate with brand partners to innovate and

expand our portfolio.

Sparkling continues to drive growth

Sparkling remained the core driver of growth in

2025, accounting for two-thirds of our revenues.

Organic volumes grew 2.5% (2024: 1.5%), with

Trademark Coke up low-single digits. Within

Flavours, Sprite grew mid-single digits, while

Fantadeclined low-single digits. Low- and

no-sugar variants continued to grow across

allthree segments (Cola, Flavours and Adult

Sparkling). Coke Zero volumes were up low-double

digits in 2025, and we also delivered double-digit

growth in Coke Zero Sugar Zero Caffeine.

Trademark Coke

Together with The Coca-Cola Company, we

executed locally tailored activations at key moments

across the year, leveraging relevant passion points

and consumption occasions. In 2025, we rolled out

the ‘Share a Coke’ campaign, where we

successfully executed customer and consumer

activations across our At-home and Out-of-home

channels. This included high visibility and distribution

of personalised Coke cans and bottles, as well

asimpactful collaborations withlocal influencers

to create memorable consumption moments.

Innovation in Flavours

For Fanta, we activated the ‘Wanta Fanta?’

campaign, coupled with the launch of a new

FantaTutti Frutti flavour. For Sprite, we continued

focusing on the Spicy meals occasion and we

activated the ‘Turn Up Refreshment’ campaign

over the summer. These activations were

successful in strengthening brand relevance

andengagement.

Growth pillars

‘Share a Coke’ campaign in Nigeria

Our

people

Our

customers

Our

consumers

Our

communities

Governments NGOs

Our

suppliers

The Coca-Cola

Company

Our

investors

Key:

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report

Swiss Statutory ReportingFinancial StatementsCorporate Governance Supplementary Information

Adult Sparkling creates opportunities

forpremiumisation

The Adult Sparkling segment allows us to capture

premiumisation opportunities, with revenue per

case above the Group’s average. In 2025, organic

volumes grew mid-single digits. While mixability

remained the priority, we also increased focus

onstraight-drinking occasions to broaden

consumption moments.

We launched our ‘Purple’ flavour across several

Schweppes and Kinley markets, positioned for both

mixing and straight drinking. We also introduced a

new ‘Flavour of the Quarter’ activation, with plans

torollthis out further in 2026. Our premium mixer

brand Three Cents delivered strong double-digit

growth in 2025. We continued to expand the Three

Cents range into more markets and strengthened

its positioning as theofficial mixer of The World’s

50 Best Bars, whileleveraging our bespoke

capabilities in data, insights & AI to target

super-premium outlets more effectively.

Energy maintains a strong

growthtrajectory

Energy is one of the fastest-growing segments

within non-alcoholic ready-to-drink (NARTD). Inthe

year, organic volumes grew 28.3%, making 2025

the 10th consecutive year of strong double-digit

growth and now contributing c. 9% of Group

revenue (2024: c. 8%).

Innovation remained a key growth contributor,

with several launches in the year, including

Monster Rio Punch and a new Monster drink

withLando Norris. In the Emerging segment,

ouraffordable brands, Predator in Nigeria

andFuryin Egypt, grew volumes by over 40%,

supported by local marketing campaigns

andfootball partnerships.

We also expanded distribution across our markets,

placing new Energy-branded coolers in a range of

outlets and increasing the number of in-store

displays and promotions.

Watch the Monster Energy Lando Norris

Zero Sugar videocampaign

Coffee focused on

Out‑of‑home channel

At the start of 2025, we announced the strategic

decision with our partners at Costa Coffee to

prioritise the Out-of-home channel, where we

seethe greatest potential for sustainable,

profitablegrowth.

This decision is delivering results. Out-of-home

volume growth was strong in 2025, increasing by

26.5%. This was driven by both Costa Coffee and

Caffè Vergnano, as we grew in existing outlets and

recruited 2,100 new ones during the year. We also

launched Caffè Vergnano in North Macedonia and

Nigeria, expanding our total footprint to

20 markets.

In 2025, total Coffee volumes declined by

19.8%,impacted by our focus on the Out-of-

home channel.

Through our Coffee Academy, we trained an

additional 3,500 colleagues in 2025, enhancing

our future growth capabilities.

Premium Spirits deliver strong

performance

Premium Spirits delivered organic volume

growthof 12.2% in 2025. A key driver of this strong

performance was our own brand Finlandia Vodka,

which enhances our Premium Spirits portfolio and

drives mixability.

As part of our ambition to position Finlandia

asaglobally iconic brand, we launched the new

‘It’sSooooo Fine’ global creative campaign in April

2025,supported by digital and traditional media,

events, festivals and in-store execution. This has

contributed to a notable increase in Finlandia

brand awareness and supported market share

gains across key markets.

Distribution partnerships with Brown-Forman,

Bacardi and Edrington also continued to deliver

growth in 2025. In ready-to-drink, we executed

asuccessful launch of Bacardi & Coke,

complementing Jack & Coke. This dynamic

category also reported double-digit growth

in2025.

Stills powered by Sports Drinks

In 2025, Sports Drinks continued to deliver strong

growth, with volumes increasing by low-double digits.

Our leading brand, Powerade, was supported by

the‘Pause is Power’ platform, with a new campaign

featuring global football ambassadors Lamine Yamal

and Rodrygo Goes. We also continued to focus on

relevant local partnerships, expanded the portfolio

with new flavours and zero-sugar variants, and

launched Powerade in Romania. Consistent execution

across our markets helped us to grow market share,

increase brand penetration, and expand Powerade

ranges in outlets and dedicated coolers.

Water volumes grew low-single digits, as we remained

focused on profitable revenue growth, prioritising

more profitable packs, brands andchannels.

Both ready-to-drink Tea and Juices declined

bymid-single digits, impacted by a challenging

industry backdrop. In response, we focused on

more premium segments in Juices, including

Lemonades, to improve profitability, and will

continue to do so in 2026. In ready-to-drink

Tea,we will support growth with locally amplified

activation plans in key markets, as well as new

flavour innovation and pack formats.

Lando Norris Monster drink in-store activation

1. Leverage our 24/7 portfolio continued

Coca-Cola HBC Integrated Annual Report 2025

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Swiss Statutory Reporting Supplementary Information

Growth pillars continued

Snacks: Bambi plant reopens

In our Snacks business, 2025 marked the full

operational and commercial recovery of the Bambi

plant, following a fire in 2024. During the first half

ofthe year, our focus was on restoring production

capacity and stabilising supply. In the second half,

we shifted focus to rebuilding market presence and

regaining share by expanding portfolio availability

and revitalising distribution, supported by a

dedicated‘comeback’ campaign.

In October 2025, we launched our biscuit brand

Plazma in Nigeria, marking both our first entry into

the African continent and the first production of

Plazma outside of Serbia. Ahead of the launch,

weadapted product formulations, packaging

andcommunication to reflect local tastes,

cultureand consumer expectations.

Bringing consumers more choice

fortheir diet and lifestyle

Consumer health and safety are fundamental to

our business. We provide people with more choice

of drinks for every occasion. Through innovation,

reformulation and education, together with The

Coca-Cola Company, we shape our portfolio to

meet consumers’ current and future needs, and

help them make balanced and informed choices

about what they drink, while we remain committed

to responsible marketing. Our practices include

low- and no-calorie offerings, smaller packs for

portion control, clear, transparent and accessible

nutrition information, and no marketing to children

under the age of 13 years.

Read more on our approach to nutrition on

our website, inour GRI Content Index and in

the Sustainability Statement, including our

commitments, nutritional labelling and

responsible marketing practices

Quality and consumer feedback

We maintain a strong focus on product quality

andimplement targeted programmes to minimise

food loss and waste across all activities. In 2025,

consumer complaint levels were broadly similar to

those of previous years. We continued to promote

a strong quality culture across the organisation,

marking World Food Safety Day in June and World

Quality Week in November through targeted

campaigns under the 2025 theme ‘Quality:

ThinkDifferently’.

Read more about our approach to food

lossand waste, and how we are mitigating

agriculture’s social and economic impacts

onour website

UN Sustainable Development Goals

We serve our consumers with a

broadrange of high-quality products.

Indoing so, we create value by

contributing to the Sustainable

Development Goals for good health

and wellbeing, innovation, responsible

production and consumption, as well

as partnerships.

Priorities in 2026

• Drive growth across our leading 24/7

portfolio, led by our priority categories

• Work closely with The Coca-Cola

Company to deliver relevant innovation,

strong activations and deeper

consumerconnections

• Continue to strengthen zero-sugar

offerings, with strong marketing support

for Coke Zero Sugar Zero Caffeine

• Capture premiumisation opportunities

inAdult Sparkling through mixability and

straight drinking occasions

• Maintain Energy growth momentum,

supported by innovation and

coolerplacement

• Drive Coffee growth in the

Out-of-home channel

• Drive growth in Premium Spirits,

leveraging Finlandia marketing campaign

and strategic distribution partnerships

• Strengthen Stills, focusing on Sports

Drinks, and leveraging profitable volume

and revenue growth opportunities across

categories, including Water

• Reinvigorate Snacks through execution

excellence and innovations

• Maintain a continuous focus on product

quality, safety and integrity

Watch our World Food SafetyDay campaign

Launch of Plazma in Nigeria

1. Leverage our 24/7 portfolio continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Growth pillars continued

RGM

RTM

DIA

Digital

Commerce

Customer

management

Talent

2025 highlights

• Drove strong revenue growth and continued

improvements in profitability

• Revenue per case expansion with continued value

sharegains

• Continued to roll out our next-generation customer

relationship management (CRM) system to a further

threemarkets, bringing the total to 26 markets

• Upgraded our Customer Portal in 22 markets for faster,

more intuitive ordering

• Leveraged new AI capabilities to further drive execution

excellence and customer-centric approach

KPIs

• Organic revenue growth

• Organic revenue-per-case growth

• Volume growth

Principal risks and opportunities

• Foreign exchange fluctuations and macroeconomic

conditions

• Complying with international sanctions

• IT resilience and data privacy – cyber incidents

• Business interruption

• Product quality and food safety – quality incidents

• Geopolitical and securityenvironment

• Product-related regulatory changes and taxes

• Cost and availability ofsustainable packaging, suppliers

and sustainable sourcing

• Business transformation - integration of CCBA

Read more on pages 189 to 195

Material issues and topics of interest

• E1 – Climate change mitigation

• E5 – Resource outflows related to products and services

• S3 – Training and skills development

Read more on pages 52 to 168

Stakeholders

Read more on pages 12 to 15

Win in the

marketplace

Our ability to win in the marketplace

isdriven bycombining the skills and

expertise of our people withour

leading bespoke capabilities. This

allows ustobuildlong‑term customer

partnerships that create shared value.

We work with a wide range of customers, from

large supermarket chains to smaller convenience

stores, restaurants and e-retailers. Understanding

the different needs of each customer and outlet

iscritical to our success. Using our bespoke

capabilities and data-driven insights, our Business

Developers tailor execution for every outlet, that

help increase value for our customers.

In 2025, we continued to grow revenue per

caseand profit, while delivering 80 basis points

ofvalue share gain in non-alcoholic ready-to-drink

(NARTD)1, resulting in the sixth consecutive year of

share gains. In Sparkling, we gained or maintained

share in the majority of the markets we track.

Revenue growth management (RGM)

We continue to enhance our RGM capabilities to

address consumer demand for affordability while

capturing premiumisation opportunities.

In 2025, affordability remained a key focus amidst

mixed economic conditions across our markets.

Using a holistic approach to portfolio, pack and

price architecture, we delivered tailored solutions

for every channel and consumption occasion.

Thisincluded affordable entry packs, coverage

ofkey price tiers and targeted promotions to

drivefrequency and upsize purchases.

Across the majority of our markets, our entry

andsmaller-pack formats continued to grow,

andreturnable glass bottles (RGB) remained

animportant affordability proposition in Africa.

Tobalance our focus on affordability, we

advancedpremiumisation initiatives to improve

mix, increasing single-serve mix by 130 basis

points compared with 2024. We also drove further

improvements in category mix.

Our

people

Our

customers

Our

consumers

Our

communities

Governments NGOs

Our

suppliers

The Coca-Cola

Company

Our

investors

Key:

1. Period refers to end-2024 to December 2025, according to Nielsen,

IRI, GlobalData and HIST methodology, excluding Russia

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report

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Growth pillars

In 2025, we implemented targeted pricing

strategiesto remain relevant to shoppers under

newregulations and taxes. We also improved

theeffectiveness of our trade investments

andpiloted a more disciplined approach to

promotional management focused on profitability

and efficiency. Looking ahead, we will continue to

advance our RGM tools, including greater use of AI

toimprove the speed and quality of decision making.

Route to market (RTM)

We continued to improve our physical and digital RTM

capabilities through enhanced tools and processes.

Our Business Developers serve 1.2 million

customers across our markets each day.

Usingourdata, insights & AI tools, they receive

outlet-specific recommendations foractivities

and suggested orders, improving execution

andcustomer outcomes.

We also have near real-time visibility of outlet

coverage and use data intelligence to estimate

revenue potential by outlet and category, helping

usprioritise resources effectively.

Our dynamic routing tool is now live in 22

countries, reducing travel time for Business

Developers by around 15% and freeing up more

time for face-to-face customer engagement.

To support sell-out for our customers, we added

59,400 cooler doors during the year, supporting

improvements in single-serve mix and revenue

growth. We now have almost 90% cooler coverage

inhigh-potential outlets. We also increased

placement of connected coolers, which provide

ourteams with cooler insights to improve in-store

execution and cooler profitability.

Watch one of our Business Developers in

action in Northern Ireland

Customer management

Our commitment to joint value creation is central

todeveloping successful customer partnerships.

In2025, we expanded the roll-out of our next-

generation customer relationship management

(CRM) system to three additional markets. The

platform gives our teams a single, integrated view

of each customer, combining sales, service and

performance data to support better planning, faster

decision making and more consistent execution.

We strengthened our customer management

capabilities through an upgraded Customer Value

Creation approach, upskilling our Key Account

teams to better understand customer needs,

identify growth opportunities and tailor solutions

atcategory and outlet level. This has improved

collaboration with customers and supported faster,

more effective actions to drive category growth.

We continued to leverage our CustomerGauge

‘voice of customer’ software across all our

markets, which enables instant feedback from

customers. In 2025, our Net Promoter Score

increased from 66 to 78, supported by an

improvement in case resolution, with 99%

ofcustomer issues resolved within 48 hours

(2024: 93%). Reflecting these achievements,

wewere recognised by CustomerGauge in

October 2025 with multiple awards, including

its‘Best in Class’ award.

Digital commerce

Throughout 2025, we continued to invest

indigitalising our routes to market, to both

customers and consumers.

We have strengthened our partnerships with leading

e-retailers and food delivery platforms, advancing

omni-channel execution and expanding availability

across consumer touchpoints. Our disciplined focus

on digital shelf excellence, portfolio visibility and

data-driven activation delivered strong double-digit

online revenue growth. Online market share

continued to outperform offline in our core

categories. On food delivery platforms, our strategy

to drive beverage attachment with meals continued

to gain traction.

We have upgraded our Customer Portal

e-business-to-business (eB2B) platform in

22 markets for faster, more intuitive ordering,

andcustomer feedback has been positive. In 2025,

15.4% of customer orders were made through

Customer Portal, up from 11.5% in 2024. eB2B

platforms deliver meaningful incremental

value,asdigitalised customers order from

abroader range of products and generate

higherrevenue, driven by increased frequency

ofomni-channel interactions.

Digital marketing drove growth across eB2B and

business-to-business-to-consumer(B2B2C)

channels by acquiring, engaging and retaining

customers through omni-channel lead

generation, tailored content, AI-powered CRM,

automated hyper-personalised communications

and retail media pilots. We optimised platform

content, streamlined investments and

strengthened B2B2C connections to maximise

digital performance andlong-term

customerrelationships.

Sirvis, our 24/7 multi-category eB2B aggregator

ordering platform, is a key enabler for digital

commerce in the indirect HoReCa ecosystem.

Wehave rolled out the platform to three new

markets and additional regions in Italy,

connectingoutlets with wholesale suppliers

andservice providers, delivering seamless

ordering and operational efficiencies, and

enablingpartners to scale faster and smarter.

Business Developers in Czech Republic

2. Win in the marketplace continued

Coca-Cola HBC Integrated Annual Report 2025

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Swiss Statutory Reporting Supplementary Information

Growth pillars continued

Data, insights & AI (DIA)

In 2025, we strengthened our DIA capabilities

byembedding new AI tools to further drive our

personalised, customer-centric approach.

AI-powered data intelligence underpins ourrevenue

growth management and route to market

decisions. It enables outlet-specific insights to

support segmented execution and helps optimise

promotions by improving return on investment.

In 2025, we expanded our segmented execution

approach to wholesalers, leveraging shared data

and outlet intelligence to provide wholesalers

inItaly with tailored order recommendations,

relevant to the outlets they serve. We plan to

rollthis out further to relevant markets in 2026.

In collaboration with The Coca-Cola Company,

weevolved our segmented approach inNigeria

(Ignite Naija) by linking consumer and customer

data to understand who shops where. This allows

us to gaindeeper insights into shopping behaviour

andenables end-to-end segmented execution,

from personalised consumer communications to

improved in-store execution. Early results indicate

that this enhanced and more sophisticated

segmentation approach is translating into higher

volume and revenue per case.

We continue to build digital and analytical

capabilities across our organisation through

theDIA Academy and continuous training

programmes, ensuring our people can fully

leverage these tools.

In 2026, we will continue to implement more

advanced segmented execution across our

markets, enhanced by AI and tailored to the

localmarket dynamics.

To learn more about Ignite Naija, follow the

QRcode to watch a short video from our

Bitesize Investor Event focused on Nigeria

Priorities in 2026

• Personalised execution for every outlet,

leveraging our bespoke capabilities

• Advance our RGM tools using AI to

improve the speed and quality of

decisionmaking

• Accelerate digital commerce with

upgraded Customer Portal and Sirvis

• Continue to roll out our CRM system to

additional markets

• Incorporate further AI solutions

acrosscapabilities to drive segmented

execution insights

• Drive cooler coverage with a focus

oncategory-dedicated cold drink

equipment (CDE)

• Launch Metaverse for Sales teams across

moremarkets

Talent development –

alighthousecapability

Developing our people is a core capability

underpinning our performance. We continue

tostrengthen talent development by digitalising

learning processes and equipping leaders to

unlock the potential of our teams.

We have built a comprehensive academy

framework that provides a consistent,

high-quality learning experience, covering

bothtechnical expertise and leadership skills.

Following the launch of the Sales and Supply

ChainAcademies, we have expanded into

specialised academies across the business.

In2025, more than 9,000employees

completedatleast one academy programme,

including newandrecertified Business

Developers, Supply Chain front-line

professionalsand leaders.

UN Sustainable Development Goals

As we build our business by helping our

customers to grow and thrive, we

contribute to achieving Sustainable

Development Goals related to ending

poverty, decent work, sustainable

communities, responsible production

and partnership.

Business Developers in Poland

AI spotlight

We also scaled a Metaverse learning

environment supported by a Generative

AI coach to accelerate capability

building for Sales teams. Now live in

eight markets, this initiative has

improved in-store execution, with

further roll-out planned for 2026.

2. Win in the marketplace continued

Read more on pages 189 to 195

Material issues and topics of interest

• E1 – Climate change mitigation

• E3 – Water consumption

• E5 – Resource inflows

• E5 – Resource outflows related to products and services

• S3 – Water and sanitation

Read more on pages 52 to 168

Stakeholders

Read more on pages 12 to 15

1. Excluding Egypt

Fuel growth

through

competitiveness

and investment

We maintain a disciplined focus on cost

management and operational efficiency,

reinvesting to drive sustained, profitable growth.

Our supply chain comprises 62 production plants,

309 production lines and 119 distribution centres

across 29 markets.

Technology increasingly underpins our ability

towork more efficiently. Continued investment

indigitalisation across supply chain and sales

processes is improving productivity, strengthening

resilience and freeing up resources to fuel growth.

Our supply chain investment focuses on four

keyareas:

Investing in updating existing

production lines

We continue to modernise our production footprint

by replacing older lines with new technologies

thatenhance product and packaging innovation,

reduce water and energy consumption, improve

productivity and lower unit costs.

In 2025, we installed a new high-speed PET bottling

line in Krakow, Poland, integrating blowing, filling and

capping into a single automated system with rapid

changeover capability. The line produces up to

65,000 0.5 litre bottles per hour, improving flexibility,

efficiency and environmental performance.

In Italy, we invested in a new aseptic PET line

atNogara – an advanced bottling system that

sterilises both the product and the packaging to

ensure shelf-stable quality without preservatives

– enhancing product safety and quality while

enabling cold filling, lighter packaging and the

elimination of preservatives, supporting both

sustainability and cost efficiency.

A production line at the Schimatari plant in Greece

Our

people

Our

customers

Our

consumers

Our

communities

Governments NGOs

Our

suppliers

The Coca-Cola

Company

Our

investors

Key:

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report

Swiss Statutory ReportingFinancial StatementsCorporate Governance Supplementary Information

Growth pillars

Investing in growing capacity

We continue to invest to support volume and

category growth across our markets. In our

Emerging segment, favourable demographics

andrising per-capita consumption of non-alcoholic

ready-to-drink beverages continue to drive demand.

In 2025, we installed two new high-speed PET

lines and one high-speed returnable glass bottle

(RGB) line in Nigeria, expanding production

capacity for keysparkling soft drinks categories.

In Established markets, we also invested in capacity

expansion. In Italy, the installation of a new

high-speed canning line and an additional RGB line

has increased capacity by 20% on cans and 25%

on RGB, supporting category growth.

Investing in digital, data

andtechnology

Investment in digital tools, data and technology

across our operations and supply chain

isfundamental toour long-term success. In 2025,

wecontinued to digitalise supply chain processes

across all markets. This includes investing in different

technologies that optimise production, increase

safety and improve sustainability across our

manufacturing bottling sites, as well as expanding

the use of automation, predictive analytics and

real-time monitoring. Key initiatives in2025 include:

• Extending our digital manufacturing platform

tothree additional plants, providing real-time

visibility of machine performance, quality and

energy consumption to reduce downtime.

Thisplatform is now active in fourplants.

• Deploying predictive maintenance across

55production lines with 15 added in 2025.

• Upgrading Digital Twin technology, which

createsreal-time virtual models of operations

totest scenarios and identify efficiency

improvements, and is now live on nine

production lines. We have also launched

aBoston Dynamics robotics pilot in Italy

tosupport mobile predictive maintenance.

• Adopting 3D printing for spare parts,

implementing 386 designs across 15 locations.

This initiative has delivered substantial savings,

reduced lead times and improved line availability.

• Creating a digital platform as part of our

Connected Worker initiative, which is accessible

viatablets and smart phones at various points

within each plant – a singular, verifiable source

ofinformation for the manufacturing domain.

This platform streamlines daily operations,

enhances line efficiency, engages employees

more effectively and significantly reduces our

environmental footprint. These tools are now

fully deployed across all plants, with the final

roll-out completed in Egypt in 2025.

These investments are delivering cost

efficiencies, with overhead costs decreasing as

aproportion of net sales revenue, driven primarily

by efficiency gains in manufacturing and logistics.

Investing in logistics, including

automated warehouses

We continue tostrengthen our logistics capabilities

through digitalisation and automation to improve

service, efficiency and cost performance. In 2025,

real-time tracking of full-truck-load deliveries

reached 90% of markets, improving visibility and

responsiveness. We have also introduced real-time

last-mile tracking in three markets.

Digital Twin technology in our warehouses

monitorsmaterial flows, tests improvements and

identifies issues early. During the year, we upgraded

this capability to a generative-AI-enabled real-time

Digital Twin, providing live data and predictive

insights to reduce disruption.

Automation in our warehouses optimises space, time

and costs, while enabling our people to focus on the

highest-value added work. In 2025, we progressed

development of four new automated warehouses,

with five further sites in the pipeline. At our Ploiesti

plant in Romania, we expanded the existing

automated warehouse system, adding 21,000 pallet

spaces to the existing capacity of 35,000, which went

live in February 2026. Together with seven existing

facilities, 46% of core logistics storage capacity is

expected to be automated by 2028. This increase is

expected to help optimize our operational costs and

enhance customer service performance. In addition,

we increased storage capacity with a traditional

warehouse in the Nigerian supply chain network,

adding 25,000 sq m of capacity, and in Nogara,

Italy, by acquiring a 65,000 sq m site.

3. Fuel growth through competitiveness and investment continued

AI spotlight

Intelligent Nerve Centre (INC) is our

AI-enabled order management engine

that identifies emerging out-of-stock

risksand recommends, or automatically

executes, the optimal fulfilment action.

Since its launch in Poland in 2025, INC has

been addressing and resolving hundreds

of operational challenges on a daily level,

translating to over 16,000 interventions

annually. It has delivered significant

operational efficiencies, saving over 3,420

hours of manual activity and enhancing

workforce productivity.

3,420 hours

Manual activity saved since

the launch of INC in Poland

in2025

Production operator in Ireland

Coca-Cola HBC Integrated Annual Report 2025

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Swiss Statutory Reporting Supplementary Information

Growth pillars continued

Sustainability – embedded

across allinvestments

Sustainability is embedded into all our

investment decisions, supporting long‑term

value creation, operational resilience and our

commitment to NetZeroby40. Our focus spans

energy efficiency, renewable electricity and

packaging circularity, with progress delivered

through targeted, scalableinvestments:

Energy efficiency

• Energy-efficient coolers now represent 66%

ofequipment in the marketplace (2024: 60%),

supporting both revenue growth management

and sustainability objectives.

• Initiated the phased decarbonisation of

ourKnockmore Hill facility, Ireland, transitioning

the upgraded combined heat and power (CHP)

plant to biomethane. By the end of 2025,

biogassupplied up to 13% of the fuel used

forin-house energy production, significantly

reducing direct emissions by 1,485 tonnes,

withfull conversion targeted by 2029 to enable

zero-emission CHP operations.

• Expanded renewable electricity output by adding

15.1 MW of PV capacity through both on-site and

off-site (PPA) installations, bringing the total

capability to around 41 MW and enhancing our

contribution to global decarbonisation targets.

• Switched on our first PV park atthe Timișoara

production plant in Romania, which isexpected

to supply around 10% of the factory’s annual

electricity needs and reduce CO₂ emissions

by380 tonnes per year. It also lowers operating

costs and reduces reliance on grid energy.

• Increased on-site solar installations by 2.5MW at

our Challawa and Maiduguri plants, incorporating

battery storage to maximise utilisation. Total

installed PV capacity in Nigeria reached 15MW.

• Achieved an 85% monthly CO₂ recovery rate as

we convert CO₂ used in production into sterile

airand nitrogen at the Timișoara plant. This

initiative improves resource efficiency and

reduces emissions; we are rolling this out

across18 additional plants.

Sustainable packaging

• In 2025, we piloted in Nigeria a light-weighted neck

finish (GME 30.40) for SSD and water PET bottles,

which enabled a weight reduction of just over one

gram per unit, delivering meaningful material savings

and lowering the carbon footprint of our packaging.

We will continue withthe roll-out across all markets,

starting withGreece and Northern Ireland in 2026,

withaplan to finish by the end of 2028.

• Continued to reduce secondary packaging materials

by introducing nano stretch film throughout our

Europeanoperations, lowering plastic consumption

by approximately 250 tonnesand reducing CO₂

emissions byaround 500 tonnes annually.

You can read more about our sustainable

packaging actions on our website.

1. Excluding Egypt

3. Fuel growth through competitiveness and investment continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Growth pillars continued

Strengthening our supplier

partnerships and supply

chain effectiveness

We consider our suppliers as critical partners,

contributing to the ongoing and sustainable

success of our business. Under a unified

procurement framework, we divide our

supplybase universe of around 13,500 parent

company‑level supplier organisations into

direct and indirect spend suppliers, and

segment according tobusiness size.

Monitoring supply chain

effectiveness

We work closely with our suppliers to monitor our

supply chain, reduce our scope 3 emissions and

ensure they meet our Supplier Guiding Principles.

We monitor the performance of our key suppliers

every year using internal assessments, third-party

compliance audits and several tools from EcoVadis,

including EcoVadis IQ, IQ Plus Vitals and the

EcoVadis Risk Assessment platform. These tools

help us monitor and benchmark risks across 21

environmental, social and governance (ESG)

criteriaand serves as a common sustainability

assessment platform throughout the Coca-Cola

System, enabling the exchange of information

onsupplier sustainability performance.

We also recognise a range of supplier certifications,

such as ISO1 9001, ISO 14001, ISO 50001, FSSC2

22000 and ISO 45001. For agricultural products, we

accept internationally recognised schemes including

Bonsucro3, the Rainforest Alliance, Fairtrade, the

Sustainable Agriculture Initiative (SAI), Platform Farm

Sustainability Assessment (FSA), VIVE

and Global

GAP+GRASP

. In addition, all long-term contractors

and on-site service providers undergo human

rights audits every three years.

We also continued to support our suppliers

inimproving their sustainability performance

anddelivered our annual capability-building

programmes, which strengthen both procurement

and supplier competencies across key ESG areas.

These include tailored training delivered by

in-house experts and partners such as EcoVadis,

VIVE and Bonsucro covering topics such as

sustainability requirements, EcoVadis assessments

and action plans, ethics & compliance, human

rights, labour practices and modern slavery, as well

as advanced academy sessions addressing priority

themes such as reducing GHG emissions to

support our scope 3 targets.

Our approach ensures that both buyers and

suppliers enhance their understanding of

sustainability practices and integrate them into

everyday procurement decision making. To help

suppliers understand their performance and provide

practical guidance for improvement, we host debrief

sessions with EcoVadis experts and our vendor

teams. These sessions were launched in 2024

andhave been expanded in 2025.

You can read more about this in Earn our

licence to operate on pages 33 to 40.

Priorities in 2026

• Drive profitable growth through product

availability, innovation and disciplined

cost management, while maintaining

leadership in safety and sustainability

• Strengthen planning, logistics and

customer experience through end-to-end

integrated supply/demandplanning

• Expand and modernise manufacturing

and warehousing capacity

• Accelerate digital transformation

acrossoperations

• Reduce environmental impact across

operations and packaging

• Deliver best-in-class customer outcomes

by ensuring high service levels, product

availability and operational reliability

across the value chain

• Accelerate the supplier specific emission

factors (SSEF) programme withsuppliers

• Adopt an ESG platform to facilitate the

exchange of ESG requirements withsuppliers

Business Developer in Poland

UN Sustainable Development Goals

Our sustained efforts to reduce our costs

and improve our impact have generated

significant results for our business, our

communities, society and the environment.

These results correspond to contributions

to the Sustainable Development Goals

for clean water and sanitation, clean

energy, economic growth, industry

innovation, sustainable communities,

responsible production, climate action,

life below water and life on land.

1. International Organization for Standardization supplier certification.

2. Food Safety System Certification.

3. Bonsucro is a global sustainability certification system for sugarcane.

4. VIVE is a sustainable supply programme.

5. Certification and benchmarking for responsible farming practices.

3. Fuel growth through competitiveness and investment continued

Coca-Cola HBC Integrated Annual Report 2025

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Swiss Statutory Reporting Supplementary Information

Growth pillars continued

2025 highlights

• Continued to build high-performing sales teams and

strengthened our talent pipeline with internal successors

• Strengthened our growth mindset-driven culture by

increasing ownership and accountability across the

organisation to unlock speed and agility

• Our engagement score of 88% has remained

consistentlystrong since 2024

• Established our new rewards operating model fuelling

operational excellence and enriching manager and

employee experience

KPIs

• Employee engagement (sustainable engagement

indexscore)

• Percentage of managers who are women

• Employees’ Lost Time Accident Rate

Principal risks and opportunities

• Geopolitical and security environment

• Health and safety

• People attraction and retention

• Business interruption

Read more on pages 189 to 195

Material issues and topics of interest

• Employee wellbeing and engagement

• Human rights, diversity and inclusion

Read more on pages 12 to 15

Cultivate

thepotential

ofour people

As we continue to navigate an ever-evolving

business landscape, our commitment to

grow the best teams to deliver our growth

strategy in line with our values and

leadership model remains our north star.

Weset our People & Culture strategy to

sustainably attract, recruit, grow and retain

talent for high performance. We enhance

ourbespoke capabilities and develop a

fit-for-future culture, where capability

development, agility and speed are vital.

Elevate talent development

asourlighthouse capability

We identify and grow talents by evolving our talent

development capabilities, digitalising key processes

and enabling leaders to unlock our people’s

potential. Toaddress hiring needs in challenging

labour markets, we launched our new Employee

Value Proposition (EVP) in 2025, building on our

key themes of Grow every day, Lead the change

and Win together. We activated the new EVP

through internal and external campaigns.

We continue developing leaders with 77%

(+4ppvs2024) internal appointments for senior

leadership roles. At the same time, we focus on

building a strong and sustainable internal talent

pipeline, with 96 successors to function head

roles, and more than 300 future successors and

early talents. Also, more than 70% of our roles

inrevenue growth management, route to market,

customer management and data, insights &AI

have internal successors thanks to ourdedicated

focus on the bespoke capabilities. During annual

talent reviews, we identified 26% ofour people

with next- or multi-level potential, helping them

toaccelerate their professional growth by building

their skills and capabilities.

Our Fast Forward Programmes aim to

acceleratethedevelopment of our talents,

and,in2025, we refreshed them with new content

and international experiences. In 2025, we

had332employees participating in acceleration

programmes. We recruited 15 international

and70local trainees.

Despite an increased hiring volume (7,800, +12%

vs2024), our time to recruit has improved by four

days. We have maintained our position as one of

the Top10 most attractive employers for key talent

segments in the Universum 2025 rankings. In 2025,

we received 70 awards across the Group related to

talent management.

Growth pillars

Our

people

Our

customers

Our

consumers

Our

communities

Governments NGOs

Our

suppliers

The Coca-Cola

Company

Our

investors

Key:

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report

Swiss Statutory ReportingFinancial StatementsCorporate Governance Supplementary Information

4. Cultivate the potential of our people continued

We Play to Grow and Win, Do You?

We launched our new EVP, ‘We Play to Grow

and Win, Do You?’, in 2025. Activated both

internally and externally, the new EVP aims

toraise awareness of Coca-Cola HBC as an

employer of choice and attract key talent

tojoin us.

Building future leaders through

theInternational Leadership

TraineeProgramme

Through immersive learning, cross-market

exposure and global mobility, we develop agile,

customer-centric leaders ready todrivegrowth.

We launched our first International Leadership

Trainee Programme in 2023 to empower Gen Z

talent, and every trainee from our first cohort

now thrives inapermanent role at Coca-Cola

HBC, including Sales, Marketing and

DigitalCommerce.

This programme reflects ourcommitment

toinvest in early careers andbuild a future-

ready workforce who champions collaboration,

innovation andexcellence across

ourorganisation.

BeWell Days 2025 – strengthening

ourglobal culture of wellbeing

In 2025, we launched BeWell Days, a global

two-week wellbeing initiative. Designed to

bring our BeWell framework to life, we offered

colleagues a range of practical experiences

topause, reflect and recharge.

Programme highlights:

• Four-pillar approach focused on

physical,emotional, financial, social

andpurposeful wellbeing

• Global and locally tailored delivery: virtual and

in-person sessions to meet regional needs

• Leadership support: mental health training for

managers to strengthen early intervention

• Skill-building sessions: events on nutrition

and financial wellbeing

Post | Feed | LinkedIn

Watch one of our new EVP videos

Future-proof rewards and wellbeing

We believe that, when people feel motivated, valued

and connected, they bring their best selves to work

and their lives. In 2025, we introduced a new rewards

operating model with a dedicated centre of expertise

that brings together local and central rewards teams.

Striking a balance between standardisation and

customisation across our rewards offerings, we will

drive efficiency and consistency, while also enabling

future digitalisation and simplification.

We aim to design agile and impactful rewards that

adapt to shifting demands and evolving talent needs.

We have improved our teams’ understanding of

rewards through dedicated learning moments to

boost engagement, retention and satisfaction,

while strengthening transparency and trust.

We also continued to advance our pay transparency

and equity journey in 2025, strengthening

governance, improving data quality and embedding

clearer processes to support fair and consistent

paypractices.

In 2024, we completed our first pay equity analysis

followed by targeted adjustments and, in 2025, we

launched a second assessment using updated

data, with results expected in early 2026. We are

also enhancing communication and internal

frameworks to ensure consistent and compliant

implementation of pay transparency across

allmarkets.

Employee turnover has remained stable at 10.6%

in2025 (2024: 10.5%), as has voluntary turnover

which was 7.4% (2024: 7.5%). Retention remains a

key priority, which we address through attractive

remuneration and benefits, as well as a focus

onemployee wellbeing and engagement.

Our BeWell framework underpins our

commitmentto building a healthy, resilient and

high-performing workforce. In 2025, we focused

onearly intervention and preventative support,

delivering localised wellbeing sessions across

ourregions and increasing awareness of

ourEmployee Assistance Programme (EAP).

Ourproactive approach contributed to strong,

sustained engagement withEAP services and

digital tools.

Our Wellbeing Hub provides a library of resources,

including our mental health policy, stress-

management materials for managers and

employees, and additional wellbeing-focused

guidance. In 2026, we will introduce a global

recognition programme, reinforcing our culture

manifesto and values, while celebrating the

behaviours that drive impact and growth across

Coca-Cola HBC.

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Growth pillars continued

4. Cultivate the potential of our people continued

Cultivate our growth mindset

drivenculture

We are strengthening our growth mindset by

increasing ownership and accountability to unlock

speed and agility. Our three prioritised behaviours

are collaboration with a customer-centric mindset,

growing ourselves and others, and makeit simple.

In 2025, our leaders continued to role-model

these prioritised behaviours, supported by our

updated line managers culture handbook and

culture cards, together with coaching questions

tohelp leaders hold meaningful conversations

with their teams.

We launched a new series of our people stories

atour annual leadership conference, together

with campaign materials for local team amplification.

Sharing people stories showcases our culture

ambassadors and highlights the behaviours we

expect everyone at Coca-Cola HBC to embody.

Our people stories – Coffee With…

Each quarter, we showcase examples

ofinspiring stories from Coca-Cola HBC

throughout our organisation, highlighting how

local culture initiatives bring our values to life.

In Italy, we focus on fostering women’s

leadership and cultivating a growth mindset,

where our ‘Coffee With…’ series features

conversations with inspiring leaders, highlighting

challenges, unconscious bias and practical

ways to grow ourselves and others.

Our evolved performance management

framework supports us in considering not only

‘what’ we have achieved, but also ‘how’ we have

performed. This change helps our growth and

development-oriented culture to focus on living

our values every day. Upward feedback and

colleague feedback reached an average of 95%

favourable feedback scores in 2025. For our

upcoming performance review cycle in 2026, we

willlaunch process enhancements and support

our leaders with AI-aided summarisation.

We are also improving the experience for our

newjoiners, leading to an onboarding satisfaction

rate of 90% in 2025 (+1% vs 2024). We ensure that

digital solutions help our new joiners live our

culture from the day they accept our job offer.

Supporting our people in Ukraine

Our people and their safety, wellbeing and

development are our number one priority.

InUkraine, we engage and support them

bycascading our strategy to all departments

through regular townhalls, ensuring an open

dialogue across our organisation. In 2025,

weaddressed our people’s wellbeing

throughwebinars on stress resilience,

whilepromoting our Employee Assistance

Programme and other tools.

We continue to invest in future talent in

Ukraine. In 2025, we provided opportunities

forstudents to start their career through our

internship programme with 12 new interns.

Weattended 21 student events and career

fairs in various Ukrainian cities in 2025,

attracting almost 3,000 young talents, with

the active participation of our employees,

building ourfuture together.

We are also developing female leaders

through our ‘Women in Sales’ community,

which had more than 200 participants in

2025. We also partnered with the ‘Zhyttelyub’

foundation to provide opportunities for

alumni to restart their career or receive

reskilling in new roles.

Engagement and collaboration

In 2025, we conducted our biennial Culture &

Engagement survey, achieving a record-high 93%

participation rate across Coca-Cola HBC. Our

survey confirmed significant progress across

ourfour values and in 15 of our 16 behaviours. Our

people are proud to be part of CCHBC, acting with

purpose, committed to our customers’ success,

choosing what is right over what is easy, and

showing up for one another every day. Our

opportunity is also clear – when we simplify

howwe work, we create space to focus on what

matters most, our customers. Our Sustainable

Engagement Index score of 88% has remained

consistently strong since 2024, standing two

points above the Perceptyx Global Top Decile

Norm and reinforcing our position among

high-performing companies.

94%

of employees feel

proud to be part of

Coca-Cola HBC

92%

affirm they are treated

with respect

91%

recognise that we

constantly strive to

enhance the customer

experience and the

quality of our services

91%

feel empowered

bytheir managers

tochoose how to

perform their jobs

These results from our Culture & Engagement

Survey reflect both the strength of our values in

action and the positive impact of our collective

efforts in shaping a thriving workplace.

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Growth pillars continued

85%

+3*ppts vs. 2023

83%

+2*ppts vs. 2023

87%

+3*ppts vs. 2023

87%

+1*ppt vs. 2023

Overall CCHBC Survey Completed: n=25,045

* Indicates statistically significant change/difference

4. Cultivate the potential of our people continued

The Collaborating for Impact survey is a powerful

engine for continuous improvement, simplification

and cross-functional collaboration. We successfully

transitioned to a new survey and platform in 2025,

unlocking sharper insights and more actionable

results. With over 15,000 colleagues sharing more

than 36,000 comments, participation increased

toarecord 70% (vs 63% in 2024) and overall NPS

jumped from 28 to 49, creating an unprecedented

momentum for transformative changes.

Helping our people realise

theirpotential

We actively reinforce continuous learning and

upskilling, while making personal growth accessible

to all, to enable our people to deliver exceptional

performance and realise their full potential. In 2025,

we delivered over 760,000 hours of learning,

ofwhich 20% was in personal skills, 76% was

infunctional skills, and the rest was focused on

compliance and regulatory training. Most of our

employees learned ‘online’, with 63% of the learning

activity in a self-paced, self-initiated, ‘anytime and

anywhere’ format. We ran our virtual LearnFest

forthe fifth year running, which drew in over 2,000

attendees across six sessions over just four days.

Ensuring our employees also learn from each other,

we provide access to coaching and mentoring

through technology-enabled solutions and, in 2025,

we continued to grow our pool of internal coaches.

Recognising the critical role all managers play

indeveloping their teams, we launched a new

WeGrow initiative to help managers refresh

theirpeople development skills and apply them in

driving team development. Following a successful

pilot by our Executive Leadership Team, we are

rolling out this initiative to our local leadership

teams across all our business units ahead of

thenext talent review cycle.

Leveraging our academies to

buildcritical capabilities

We have developed a comprehensive academy

framework for our employees to ensure a high-

quality, consistent learning experience that

addresses technical expertise and develops

humanskills and, in turn, grows our business.

From the introduction of our Sales Academy

in2021, followed by the Supply Chain Academy, we

have broadened our scope with new specialised

academies in Digital Commerce; Coffee; Premium

Spirits; Key Accounts; Data, Insights & AI;

Digital-DTPS; and Strategy & Transformation.

In 2025, over 9,000 employees successfully

completed at least one academy programme,

including just over 1,300 newly certified Business

Developers through the Licence to Start and

Licence to Sell programmes; over 4,000 existing

Business Developers, who were successfully

recertified; 2,271 front-line professionals in

SupplyChain, who achieved their Licence to

Perform; and 568 Supply Chain front-line leaders,

who attained the Licence to Team Performance.

Data insights and digital

transformation

Continuing our digital transformation journey,

theWorkday platform is live in all of our markets

streamlining workforce administration and

empowering our employees. We are proud to

report close to 80% adoption andover 90%

self-service rate. We have launched electronic

document management in half of our markets,

eliminating the need for paper-based contracts

and physical signatures. We have also established

a master data control centre ensuring high-quality

people master data and seamless integration

across our systems.

With these foundations, we will fully digitalise

theupcoming Talent Review cycle and move

ourrewards processes to Workday. To maximise

the value of these digital solutions, we focus

onbuilding digital dexterity and insights-driven

decision-making skills across our teams.

Health and safety

The health and safety (H&S) of our people

isourhighest priority, and we are committed

tofostering an occupational H&S culture that

ensures a safe workplace for all employees,

contractors, visitors and individuals under

ourcare. Our goal is to achieve zero workplace-

related accidents across all operations and sites.

Wecontinually enhance our H&S systems and

initiatives, expanding our Behaviour Based Safety

(BBS) programme to embed safety practices

throughout our organisation. During 2025,we

conducted three compliance assessments at all

manufacturing and non-manufacturing locations

to ensure adherence toTCCC’s Life Saving Rules,

achieving a year endimplementation rate of

88.9%. We have sincefollowed up with targeted

corrective actionsto address any critical gaps.

1. Excluding Multon Partners and Belarus

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Growth pillars continued

4. Cultivate the potential of our people continued

Priorities in 2026

• Sustainably attract, recruit, grow and

retain talent for high performance, while

enhancing our bespoke capabilities

• Nurture a culture where the continuous

evolution of making an impact is a way

oflife by putting the Customer first, We

over I, Making itsimple and Delivering

sustainably

• Growing leaders through data-driven

insights and fit-for-purpose processes,

leveraging cutting-edge technology

Women in Leadership

Our Women in Leadership programme

continues to accelerate career growth, with

68participants in 2025, through mentorship,

training and networking opportunities.

Ourwomen networks provide advocacy

andsupport, fostering a strong sense

ofcommunity and empowerment.

Regrettably, we reported one employee fatality

from a road accident, and six contractor fatalities

–two on our premises and four from road incidents.

In 2025, the number of Lost Time Accidents (LTAs)

among employees

decreased byfour compared

with 2024 (96 vs 100), resulting in a Lost Time

Accident Rate (LTAR) of 0.29. We noted progress in

reducing contractors’ LTAs (46 vs 55)1, culminating

in a final Lost Time Incident Frequency Rate (LTIFR)

of 0.88

. No severe injuries occurred within the

organisation. Our primary road safety indicator,

APMK (accidents per million kilometres driven),

reached 1.53, which is an improvement of8%

compared with 2024.

More than 25,000 employees have completed our

H&S e-learning course since its launch at the end

of2024, and more than 4,500 Business Developers

have taken our new H&S course in the Sales

Academy. In2025, we organised on-site practical

machine safeguarding training for all business units2,

resulting in a100% completion rate on our

Controlling Potential Energy Survey. This training

wascompleted by 815 employees from H&S and

Manufacturing teams, across all our plants2,

following a train-the-trainer approach.

Additionally, we organised bi-monthly Safety

Awareness Days and continued to promote H&S

engagement through regular communications

from senior leadership. H&S remains a central

theme of our leadership conference, underscoring

our ongoing commitment to embedding safety

intoall aspects of our operations.

Diversity, equity & inclusion

At Coca-Cola HBC, diversity is a catalyst for

innovation, resilience and sustainable growth.

In2025, we committed to ensuring every voice

isheard, every talent is nurtured andevery

individual feels a sense of belonging.

We continue embedding fairness and inclusion

across our processes as a driver of performance

and reputation. Our focus is shifting from gender

representation to a broader, more inclusive

agenda that embraces multi-culturalism and

generational diversity. We uphold the highest

standards of human rights, ensuring dignity,

fairness and respectfor all employees globally.

Byempowering individuals, embracing differences

and fostering a culture of respect, we are building

astronger, more innovative organisation where

everyone can thrive.

In 2025, our female managerial ratio remained

steady at 43.4%: 42% of our internal appointments

and 42% of external hires were female leaders (the

corresponding figures for 2025 including Egypt are

41.7%, 41% and 41%). Ouroverall share of females

increased to 28.7% (+1.3pp vs 2024). We also

received 10 Diversity, Equity and Inclusion related

awards, including forGreece, Austria, Italy

andNigeria.

Our senior leaders champion gender equality,

amplifying our influence and commitment to

shaping inclusive business practices globally.

OurCEO, Zoran Bogdanovic, is a judge at the

WeQual Awards for female leaders, while our

COO, Naya Kalogeraki, and our Chief People

&Culture Officer, Ebru Ozgen, reinforce senior

sponsorship of women atCoca-Cola HBC.

UN Sustainable Development Goals

Efforts to foster an engaging workplace

and an inclusive environment, nurture

and develop the capabilities of our

people, increase gender balance in our

management ranks, and reduce stress

and support employee wellbeing all

contribute towards global goals for

development. The specific Sustainable

Development Goals we support include

good health and wellbeing; gender

equality; decent work and economic

growth; reducing inequalities; and

peace, justice and strong institutions.

Watch our Health & Safety video

Watch a video focusing on our multi-

generational workforce

Inclusive leadership is integrated into our

onboarding and leadership programmes.

Goingforward, we will address generational

inclusion and reskilling needs, ensuring

collaboration across age groups and preparing

fordemographic shifts to leverage the

strengths of diverse age groups for

collaboration and knowledge sharing.

1. Excluding non-beverage business

2. Excluding Multon Partners and Belarus

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Growth pillars continued

Electric vehicle inGreece

2025 highlights

• Met or made significant progress

on15 of our 18 Mission 2025 targets

• For the fifth consecutive year, our

emissions remain aligned with our

NetZeroby40 roadmap

• Increased use of recycled materials

to cut packaging-related emissions

• Supported the expansion of effective

collection systems across our markets

• Grew partnerships focused

onwater and waste reduction

• Continued advancing

#YouthEmpowered

• Provided ongoing support

tocommunities in need

KPIs

• Absolute greenhouse gas emissions

in scope 1, 2, 3

• Water usage in water risk areas

• Young people trained through

#YouthEmpowered

• % of primary packaging collected

Principal risks and opportunities

• Complying with international

sanctions

• Product quality and food safety –

Quality incidents

• Health and safety

• People attraction andretention

• Product-related regulatory changes

and taxes

• Cost and availability ofsustainable

packaging, suppliers and sustainable

sourcing

• Managing our carbon footprint

• The impact of climate change on the

cost and availability of water

Read more on pages 189 to 195

Material issues and topics

ofinterest

• E1 – Climate change mitigation/

Energy

• E3 – Water (consumption

andwithdrawal)

• E4 – Land-ecosystem use change

• E5 – Resources (inflows and

outflows)

• S2–S3 – Training and skills/Water

andsanitation

• S3 – #YouthEmpowered

(companyspecific)

• S4 – Consumer’s health & safety/

Responsible marketing

Read more on pages 52 to 168

Stakeholders

Read more on pages 12 to 15

Earn our

licence

tooperate

Sustainability remains

atthecore of our strategy.

Itenables growthwhile

creating value for the

communities we serve,

ourpartners and

theenvironment.

Recognition of ourprogress continued, and for

theninth time we were ranked as the world’s most

sustainable beverage company in the S&P Global

Sustainability Yearbook. We are among the leaders

of the global beverage industry across major

benchmarks, including CDP’s AlistforClimate and

Water, ISS ESG, MSCIESG, Morningstar

Sustainalytics’ ESG andFTSE ESG.

For the fifth consecutive year, our emissions remain

aligned with our NetZeroby40 roadmap,

anddelivered strong progress against

Mission2025 goals over the past eight years.

Byyear end 2025, we had met or madesignificant

progress on 15 of our 18 targets. Within this overall

performance, seven goals were overachieved and

nine were delivered ahead of the target year.

Ourstrongest achievements were in enhancing

packaging collection and increased rPET usage,

reducing our direct emissions ratio, expanding

renewable and clean energy and electricity, and

scaling our community support. This progress

gives us a solid foundation for the next phase

ofour sustainability journey.

We are introducing Mission Refresh –afocusedset

of renewed flagship commitments andmeasurable

targets that builds on our learnings to date. It opens

the next chapterafter Mission 2025. We will

continue creating value for our communities,

partners andthe environment, while progressing

asaresponsible and resilient business.

Read the full Mission 2025 results on pages

44 to 45

Our

people

Our

customers

Our

consumers

Our

communities

Governments NGOs

Our

suppliers

The Coca-Cola

Company

Our

investors

Key:

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report

Swiss Statutory ReportingFinancial StatementsCorporate Governance Supplementary Information

Growth pillars

Achieve net zero

emissionsby2040

We remain committed to the ambition we set

in2021 and continue to work towards delivering

it. This goal drives us to achieve net zero

emissions across our entire value chain

by2040 – from production plants and logistics

to packaging, coolers and ingredients. As part

of this pathway, we have a 2030 interim target

to reduce absolute value-chain emissions by

30%. While we are reducing emissions inscope

1 and 2, we are also collaborating with

oursuppliers and partners across the value

chain to reduce indirect emissions in scope 3.

Achieve a net positive impact

onbiodiversity by 2040

Introduced in 2022, this commitment

aimsto achieve a net positive impact on

biodiversityin critical areas by 2040 and

eliminate deforestation in our supply chain.

Replenish every drop

ofwaterwe use by 2035

Water is essential to our beverages

andproduction processes. Aligned with

TheCoca-Cola Company’s goal, we aim

tomanage water responsibly and fully

replenishthe amount we usein our beverages

with a focus on high-risk locations.

Be a neighbour of choice

for our communities

This goal focuses on creating shared

valuelocally – supporting jobs and skills,

partnering withcommunities, contributing

tosafety and wellbeing, and protecting

localenvironments.

Our renewed sustainability commitments

willcontinue to concentrate on the areas

mostmaterial to our business andstakeholders:

climate, water, biodiversity, and communities.

Wewill maintain afocus on packaging,

agricultureand nutrition.

Measurable targets to lead our industry

While our commitments define the overall direction, a set of measurable targets drives progress

acrossall seven pillars of our sustainability strategy: climate, packaging, water, agriculture, nutrition,

biodiversity and people and communities. Baselines are anchored in the strongest data and recognised

methodologies so that progress is comparable over time.

Wemetour 2020 sustainability commitments, delivered strongly on Mission 2025 and, for five

consecutive years, have stayed firmly on the NetZeroby40 roadmap. We will keep demonstrating

ourcommitment and leadership through transparent reporting and consistent delivery.

Climate

Accelerate our transition to low carbon

operations by:

• Achieving 100% renewable electricity

intheEUand Switzerland by 2035.

• Reaching 50% renewable energy across

ouroperations by 2035.

• Screening more than 95% of significant

suppliersin areas including sustainability

andbusiness relevance.

Packaging

Aim to reduce our environmental footprint

andsupport a circular economy by:

• Reaching 80% collection of our

packagingby2035.

• Increasing recycled PET to 40% by 2035.

• Removing 12,000 metric tonnes of plastic

packaging by 2030 (vs 2024 baseline).

Water

Protect and restore this essential resource by:

• Maintaining 100% of wastewater treated and

returned to nature.

• Reducing our Water Use Ratio by 5%

by2035(vs2025 baseline).

Agriculture

Strengthen sustainable sourcing by:

• Ensuring 100% of our key agricultural ingredients

are sustainably sourced by 2030.

Nutrition

Support consumer choice by:

• Ensuring low- and no-sugar SSD grow faster

than full-sugar variants between 2025 and2030.

People and Communities

Invest in people and inclusive growth by:

• Training more than three million young people

by2035 through #YouthEmpowered programme

(since 2017).

• Achieving 45% to 50% women

inmanagementroles.

• Targeting zero on-site fatalities.

Biodiversity

Protect nature and reduce our impact by:

• Achieving 100% compliance with the EU

Deforestation Regulation.

• Reducing food waste and loss by 40% by 2030

(vs 2019 baseline).

1. Excluding Multon Partners

2. Excluding Multon Partners andBelarus

3. For EU markets only

Mission Refresh

We’ve identified four flagship commitments that will guide

our actions in the years ahead. They are time-bound, long-

term, ambitious and help us to focus onwhere we can create

the most positive impact:

Mission

Refresh

Achieve a Net Positive

Impact on

biodiversity

by 2040

Reach net zero

emissions

by 2040

Be a

neighbour of choice

for our communities

Replenish every drop of

water we use by 2035

Note: Mission Refresh covers the existing 29 markets of Coca-Cola HBC, unless stated otherwise

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Growth pillars continued

5. Earn our licence to operate continued

5,939

6,877

5,274

4,261

722

1,109

556

438

299

010

2025

2030

2040

025 Actual:

-29%

vs 2010

025 Actual:

-12%

vs 2019 (new SBTi base year)

From 2024 to 2039:

Beyond value chain mitigation

Neutralisation of residua

emissions as of 2040

#NetZeroby4

goal

2019

Climate

On the pathway to net zero emissions

We aim to achieve net zero emissions across our

value chain by 2040 and are making steady progress

towards this goal. Between 2010 and 2025, we

reduced our absolute direct emissions by 61% and

lowered our absolute total value chain emissions

inscope 1, 2 and 3 by approximately one third.

We were among the first companies to adopt

science-based reduction targets by the Science

Based Targets initiative (SBTi) in 2016.

2025 marked the fifth consecutive year our

emissions remained aligned with our NetZeroby40

roadmap. Our achievements reflect our sustained

investment, disciplined execution and consistent

approach to decarbonisation, underscoring the

scale of our most ambitious commitment.

In 2025, we continued to advance our

NetZeroby40 roadmap. We also:

• reduced absolute value-chain emissions and

accelerated packaging collection and rPET use

across priority markets. These outcomes, tracked

against Mission 2025 and our NetZeroby40

pathway, are independently assured and reported

in line with the European Sustainability Reporting

Standards (ESRS) and the Task Force on

Climate-related Financial Disclosures (TCFD)

• renewed climate targets for 2030 and 2040,

nowcovering Egyptian operations; and

• introduced targets for Forest, Land and

Agriculture (FLAG), applying to commodities from

forestry, land and agricultural sectors. These are

reflected in our scope 3 emissions and triggered

changing of our baseline year to 2019 (from 2017).

These targets are embedded in our NetZeroby40

transition plan, with clear pathways:

• In scope 1 and 2, we are following the 1.5°C

pathway, with absolute reductions of 46.2% by

2030 and of 90% by 2040 compared with 2019.

• In scope 3, we have split our targets into two

categories: energy and FLAG.

Energy-related targets follow the Well-Below-2-

Degrees (WB2D) scenario until 2030 with a 27.5%

reduction, and then the 1.5°C pathway until 2040,

our net zero year, with a 90% reduction compared

with 2019.

FLAG targets: we aim to reduce those emissions

by 33.3% by 2030 and by 72% by 2040 compared

with our 2019 baseline.

Scope 1 and 2

In 2025, we advanced our core initiatives to further

reduce carbon emissions. We continue to invest

indecarbonisation and energy efficiency across

ouroperations, with total investments of

€25 million. For example, at our Knockmore Hill

facility in Northern Ireland, we introduced biogas –

a clean, renewable gas – to power our newly

upgraded combined heat and power plant. By the

end of 2025, biogas supplied up to 13% of the fuel

used for in-house energy production, significantly

reducing direct emissions by 1,485 tonnes.

Scope 3: Reducing indirect

emissionsfrom our value chain

With packaging, ingredients and coolers

representing over 90% of our scope 3 emissions,

collaborating with our suppliers to help them

decarbonise is central to achieving our targets.

In 2025, our progress was:

• Evolved our pack mix towards lower-carbon

packaging by increasing rPET from 24% in 2024

to35% by the end of 2025.

• Increased recycled aluminium content to 55%,

reducing the carbon intensityof cans and

supporting circularity across our portfolio.

• Expanded packageless solutions

inrelevantsub-channels and eliminated

unnecessary packaging, supporting

circularityand reducing waste.

• Exceeded our Mission 2025 target for

energy-efficient coolers, now at 66% of units

inshops and outlets in comparison with our 50%

target. This initiative has contributed to the

overall CO

e emissions reduction from energy

used in drink equipment placed in the market by

235 kilotonnes compared to our 2017 baseline.

Decarbonising our value chain

Climate action is both an environmental

responsibility and an opportunity to become

moreefficient and innovate. To decarbonise

ourvalue chain, we are intensifying collaboration

with ourpartners: supporting suppliers in shifting

torecycled materials; co-developing solutions

withlogistics providers, such as electric truck

partnerships; and advocating for renewable

energy incentives and recycling frameworks.

Introduction of biogas in Northern Ireland

7,986¹

5,712

6,4 96

Scope 1+2

Scope 3 (FLAG + non-FLAG)

Carbon Removal Projects

Scope 3 non-material emissions

inclusion (applicable since 2026)

Further industry innovations & enabling regulations

#NetZeroby40 roadmap for scope 1, 2 and 3

Updated Roadmap for Scope 1, 2 and 3 incl. Egypt;

FLAG and non-FLAG emissions; newly established

science-based target for scope 3 based on Well-Below-

2-Degrees (WB2D) scenario by 2030 and then 1.5°C

pathway until 2040; changed the baseline year from

2017 to 2019.

S1+2: -46.2% in 2030 vs 2019

S3: -28% in 2030 vs 2019

Overall

reduction

S1+2+3 in 2040

vs 2019: 88%

1. Scope 1+2+3: all numbers include Egypt; excludes scope 3 non-material

emissions (applicable since 2026).

2. As defined based on the Science Based Targets initiative (SBTi).

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Growth pillars continued

5. Earn our licence to operate continued

– Timișoara solar park

In 2025, we switched on our first photovoltaic

(PV) park in Romania at our Timișoara

production plant. Covering 11,000 sq m of

landbeside the factory, the solar park – pictured

above – is expected to supply around 10%

ofthe factory’s annual electricity needs and

continue avoiding emissions by at least 380

tonnes annually. It also lowers operating

costs and reduces reliance on grid energy.

Our €1 million investment inthis initiative,

supported by a€300,000 grantfrom the EU

Modernisation Fund, demonstrates our

commitment torenewable energy. We are

assessing opportunities to replicate this

model acrossother plants.

Climate snapshots in 2025

• Governance and capital allocation

embedded in our NetZeroby40 roadmap

• Renewable electricity and heat

• Packaging circularity

• Equipment energy efficiency

• Logistics decarbonisation

Our 2025 objective was for 50% of our

manufacturing plants to use renewable or clean

energy. In 2025, we achieved 54%, exceeding this

Mission 2025 goal for the third year. Since 2023,

allEU and Swiss facilities have continued to source

100% renewable electricity.

Decarbonising logistics and our

green fleet

We continue to decarbonise our logistics

operations and fleet by:

• electrifying our fleet

• introducing low-carbon fuels, and

• investing in charging infrastructure and

intermodal rail transport to shift more deliveries

from road to rail and reduce waste and emissions.

For example, in Switzerland, our freight partner

isreplacing its fleet for Coca-Cola HBC with electric

trucks. Itintroduced the first next-generation

long-haul e-truck in 2025, with 12 e-trucks expected

by 2026 and more than 30 by 2030.

Building on our pilot in Austria, where we introduced

the first electric heavy truck for product transport

and implemented green alternative fuel, we have

since engaged 73 carriers across our footprint.

Together, these and other similar lower emission

transport initiatives across our markets represent

around 3% of the total kilometres driven,

supporting an overall reduction in emissions. Our

green light fleet now accounts for 58% of the total

fleet, delivering a carbon footprint reduction of

26.8%, equivalent to 29,269 tonnes of CO₂e

compared with our 2019 baseline.

Absolute scope 1 and 2 CO

e emissions

(’000 tonnes)

100

200

300

400

500

600

556

521

506

513

430

-46.2%

2030 vs 2019

457

438

299

-6%

-9%

-8%

-23%

-18%

-21%

20252019 2020 2021 2022 2023 2024

2030

goal

-46.2%

Absolute scope 3 CO

e emissions

(’000 tonnes)

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2025

2019

5,939

5,599

2020

5,960

2021

5,597

2022

5,597

2023 2024

-28%

2030 vs 2019

5,274

5,416

2030

goal

4,261

-6%

0.4%

-6%

-9%

-11%

-28%

Renewable and clean

electricity in the

European Union and Switzerland

(%)

2017

2018 2019

2020

2021

2022

2023 2024

100% in 2025

100

2025

goal

100

2. Clean source means CHP using natural gas.

100

2025

100

Introducing e-trucks in Switzerland

1. Emissions recalculation performed to include Egypt operations, additional Scope 3 categories in line with the SBTi requirements, and the updated emission factors with FLAG-related component. The baseline year

has been revised from 2017 to 2019 as per the SBTi recommendation for companies with FLAG emissions.

2. Clean source means CHP using natural gas.

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Growth pillars continued

5. Earn our licence to operate continued

Packaging

Delivering on our packaging

commitments

In 2025, we successfully reached our Mission 2025

objectives in packaging:

• All our primary packaging is now 100% recyclable

by design.

• We exceeded our 75% target and achieved 78%

recovery of primary packaging for recycling

orreuse.

• We increased recycled PET (rPET) content

inourbottles to 35%, with EU countries

andSwitzerland reaching over 65%.

Towards a circular economy

Creating packaging for our drinks that can be

recycled and transformed into new packaging

reduces our carbon emissions and cuts packaging

waste. We are increasing recycled content in both

primary and secondary packaging, enabled by

in-house rPET production infrastructure in three

markets. We areat the forefront of industry

initiatives in effective andefficient collection

systems and advancing sustainable packaging

byrecycling andreuse.

Collecting and recycling

We support effective collection models in our

markets, including Deposit Return Systems (DRS) in

Europe and other locally relevant Extended

Producer Responsibility systems (EPR). Ten of our

markets now have DRS, with Austria and Poland

going live in 2025. DRS are a crucial part of a circular

packaging economy and have helped us meet our

packaging collection goals. Recently launched

systems in Romania, Hungary and Austria achieved

average return rates of over 80% in 2025.

We continue to support Nigeria’s Food and

Beverage Recycling Alliance (FBRA) and other

packaging collection projects in the country.

In Armenia, we supported the launch of a pilot

packaging-waste management project in the

Hrazdan community, implemented with municipal

authorities and industry partners. The initiative

introduced public sorting bins, awareness

campaigns and organised collection and recycling

processes, generating practical insights to

support the Government of Armenia in

finalisingits EPR legislation.

rPET

In 2025, the average rPET content in our bottles

inthe EU and Switzerland was over 65%, up from

46% in2024. We produce rPET in Italy, Poland

andRomania, which cover about one third of our

total rPET needs. Building our own rPET

production capability secures a steady supply of

food-grade rPET and reduces transport costs.

Focusing on reusable packaging

We continue to develop initiatives around reusable

packaging, including refillable glass bottles and

drinks dispensers such as fountains or freestyle

machines that use reusable vessels. In 2025,

weachieved the following results

• 12.1% of our packaging comes from returnable

glass bottles.

• 4.2% of our drinks come from dispensed formats

such as freestyle and fountain machines.

• During the year, we also expanded testing of new

dispenser machines in Austria and Italy, to

identify solutions that can effectively reduce

packaging in smaller outlets.

Eliminating unnecessary packaging

In 2025, we continued to eliminate unnecessary

packaging by increasing recycled content and

reducing material use across our portfolio.

Expanding the use of rPET replaced morethan

30,000 metric tonnes of virgin PET and avoided

over 75,000 tonnes of CO₂e, with severalmarkets

introducing rPET for the first timeor increasing

recycled content in key SKUs.

Coca-Cola HBC and Carrefour Romania

– driving sustainability together

We are scaling sustainability partnerships

withcustomers to create mutual value by

supporting shared environmental goals that

also deliver commercial benefits. In 2025,

wejoined Carrefour’s Sustainable Linked

Business Plan, a non-financial initiative focused

on reducing packaging waste andcarbon

emissions. In Romania, teams co-developed

the first joint initiatives in our markets, including

a consumer campaign across more than 150

Carrefour stores to promote recycling and the

benefits of packaging made from 100% rPET,

excluding label and cap. We also improved

operational efficiency by optimising logistics

– maintaining volumes while reducing

deliveryfrequency and introducing lightweight

trailers to lower CO₂ emissions.

Building a circular packaging ecosystem

in Nigeria

Our innovative approach to collection and

recycling is creating value for both our business

and local communities. We established the

country’s first Coca-Cola System owned and

operated packaging collection hub, enabling

large-scale recovery of plastic bottles.

In its first year of operating, our state-of-the-art

hub has collected 1,330 tonnes. The facility

isdesigned to process up to 13,000 tonnes of

plastic bottles each year, once it has reached

full capacity. This will significantly strengthen

local collection andrecycling throughput.

Theinitiative complements national recycling

efforts and EPR objectives. Nigeria was also

the first among our markets to implement

anew lightweight PET bottle standard,

contributing to material savings. A redesigned

preform neck has already reduced plastic usage

by nearly 200 tons in 2025, with further rollout

planned for 2026 in Nigeria and other markets.

Packaging snapshots in 2025

• In 2025, we successfully reached our

Mission 2025 objectives in packaging

• Ten of our markets now have Deposit

Return Systems

Our high-performing stretch film reduces plastic use

by up to 30% and we used it across our sparkling

beverage range in 2025. To date, this nano stretch film

alone has already saved over 200 tonnes of plastic

inHungary and Romania. In Italy, we introduced

shrink film with 50% post-consumer recycled

content, and in Poland and the Baltics, with 30%,

reducing virgin plastic use and cutting emissions.

Together, these actions reduced the overall

packaging footprint and supported our transition

tomore efficient, lower-impact packaging systems.

1. Numbers refer to transactions and exclude North Macedonia and Premium Spirits, beer, coffee, snacks

Coca-Cola HBC Integrated Annual Report 2025

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Swiss Statutory Reporting Supplementary Information

Growth pillars continued

5. Earn our licence to operate continued

Water

Water stewardship community

projects

During 2025, we launched new water stewardship

projects in all remaining high-priority locations,

including Port Harcourt and Asejire in Nigeria

andAeghion in Greece. By year end, all 19 of our

identified water-risk areas had active community

water initiatives (up from 16 in 2024), fulfilling our

Mission 2025 goal to help secure water availability

for every community in our at-risk territories.

In Greece, we launched a new water-saving

community initiative in Aeghion. Inpartnership

withthe Municipality of Aeghialeia, Global Water

Partnership-Mediterranean (GWP Med) and Aigialeia

DEYA (Municipal Water Supply and Sewerage

Company), we are upgrading the local water network

to improve efficiency and reduce losses. Once

completed, the project will save 100 million litres of

water annually – equivalent to the yearly consumption

of around 1,700 residents. Aeghion has been home

to our AVRA natural mineral water plant for more

than 36 years, andthis initiative further strengthens

its long-standing sustainability performance.

Learn more about the Zero Drop

programme in Schimatari, Greece

Water reduction in our operations

We are investing in improving standards across

our plants to ensure they adopt best practice

water efficiency management. Over 2025, we

rolled out new water-saving technologies, such as

closed-circuit reverse osmosis, expanding water

recovery from backwashing processes, and water

consumption for utilities.

People and communities

We collaborate with partners to create

meaningfulchange in the communities we are

partof. This ranges from offering financial

assistance to supporting young people through

training programmes and encouraging our teams

tovolunteer their time andskills.

Disaster relief through

TheCoca-Cola HBC Foundation

In 2025, Europe faced severe wildfires in Greece,

Cyprus and Bulgaria, as well as devastating floods

inRomania, destroying homes, forests and

livelihoods. Our immediate support included over

82,000 litres of water for firefighters in Greece and

3,000 litres of water in Cyprus. Our longer-term

recovery efforts are focused on regeneration in

Greece and Cyprus, covering anti-erosion works,

flood-protection measures, and support for natural

Innovating and collaborating tosafeguard

water in Greece

Returning the full amount of water we use in our

production processes and beverages to nature

and communities is one of our key sustainability

goals in the water-risk areas where we operate. An

innovative smart technology system introduced at

the Municipal Water Treatment Plant in Schimatari

(with the Mornos Reservoir in the area shown in

the accompanying image) is helping safeguard

vital water resources inGreece. Delivered

through the Zero Drop programme, the solution

recovers 100% of the water lost during filter

backwashing, saving around 15% of the total raw

water being processed at thePlant – enough to

meet the annual needs of approximately 6,500

people. It also reduces energy use by 7-10%. The

project is funded by The Coca-Cola Foundation,

Coca-Cola Tria Epsilon, Coca-Cola Europe and is

implemented in collaboration with GWP Med and

Tanagra Municipality. It shows how cross-sector

partnerships and smart innovation can build

long-term water resilience for local communities.

Our Mission 2025 objective is to reduce the water

we use in production plants located in water-risk

areas by 20% compared with our 2017 baseline.

While we are yet to achieve this target, we have

made substantial progress and are committed to

advancing water efficiency across our operations.

ISO 46001 certification also progressed

substantially – in 2025, about 88% of our 60

beverage production sites were certified to the

ISO 46001 water efficiency standard, up from

42%in 2024. We aim to achieve Group-wide

ISO46001 certification in 2026.

Water snapshots in 2025

• Launched water-stewardship projects in all

remaining high-priority locations, achieving

full coverage across all 19 water-risk areas

inline with our Mission 2025 commitments

• Expanded water-saving technologies

across plants and advanced ISO 46001

certification to 88% of sites

landscape recovery. We also equipped and trained

volunteer firefighters in Bulgaria and helped rebuild

homes in flood-affected communities in Romania.

To support these efforts, The Coca-Cola HBC

Foundation provided €2.3 million in disaster-relief

funding in 2025. These projects will continue

through 2026, as part of a multi-year plan, designed

to ensure lasting impact. Since its launch in 2023,

The Coca-Cola HBC Foundation has committed

€4.5 million in community grants, primarily

fordisaster relief, underscoring our enduring

commitment to stand by communities in times

ofcrisis.

In 2025, Coca-Cola HBC committed an incremental

€5 million in funding for the Foundation so that we

can respond swiftly and responsibly to the needs

ofour communities. Funds will be allocated to

initiatives across our operating regions that are

aligned with our focus areas of community

resilience, sustainable access tosafe water,

economic impact, and disaster relief.

Watch about the restoration of

fire-damaged areas in Achaia, Greece

#YouthEmpowered programme was launched in Egypt in 2024

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Growth pillars continued

5. Earn our licence to operate continued

Biodiversity

We aim to achieve a net positive impact

onbiodiversity in critical areas of our supply

chainby2040.

In 2025, 95% of our main agricultural ingredients –

sugar from cane and beet, sweeteners from corn

and wheat and our main fruit juices were sustainably

sourced and certified. Additionally, 93% of our pulp

and paper ingredients were deforestation-free,

proved by an external certification. Our work is

guided by the Principles for Sustainable Agriculture

(PSA), where sustainable forest management,

conservation of natural habitats, biodiversity

andecosystems are a requirement.

We also worked cross-functionally to meet

therequirements of the EU Deforestation

Regulation (EUDR), ensuring thatour supply

chainis fully compliant.

Beyond compliance, we are investing in

biodiversity restoration projects, such as

therehabilitation of the natural water spring

inTylicz,Poland, which supports local

ecosystemsand communities.

We voluntarily report on sites located next

tolegally protected areas, although these

siteshave no negative impact on the water

sources we use in direct operations.

Read more on pages117-121 (ESRS 4

Biodiversity and ecosystem)

Building skills and opening doors for

Nigeria’s youth

In Nigeria, we have delivered extensive

#YouthEmpowered workshops across

multiple states, equipping more than 11,000

young people with skills inentrepreneurship,

employability, digital literacy and career

development. Beyond classroom learning,

10participants gained internships with our

company, providing real-world experience

early in their careers. We also have hosted

intensive bootcamps where young

entrepreneurs pitched ideas, withwinners

receiving 1 million Nigerian Naira in grants

tolaunch sustainable ventures. Through

mentorship, skills training and practical

exposure, the initiative continues to empower

young Nigerians to seize economic and

careeropportunities.

Restoring nature and growing

sustainable tourism in Serbia

In Serbia, our joint initiative enhances protected

areas at Lake Vlasina and Vardenik, one of the

country’s most valuable wetland landscapes.

‘Vlasina – Pure Love’ is deliveredin partnership

with the United Nations Development

Programme (UNDP), local authorities and

Coca-Cola HBC Serbia to safeguard nature and

support sustainable tourism. Phase 3 of this

project aims to restore habitats and support

biodiversity conservation, along with enhancing

sustainable tourism through upgraded hiking

trails and new educational signage. In 2025, our

volunteers and the local community planted

native tree seedlings to stabilise eroded

shorelines and soil and improve wetland health.

Biodiversity experts will begin research on

endangered species, while local tourism

actorswill be trained as nature ambassadors,

empowering them to promote the responsible

enjoyment of these protected areas.

Community support in Ukraine

Throughout 2025, we continued to stand

bycommunities in Ukraine. Since 2022,

togetherwithThe Coca-Cola Company and

TheCoca-Cola Foundation, we have committed

overUS$44 million in humanitarian aid to help

restore safe water, rebuild infrastructure,

sustainagricultural livelihoods and deliver

directassistance to affected families. In 2025,

wedonated US$418,000 for five additional

mobileboilers in partnership with the Ukrainian

RedCrossSociety, each providing essential

heating tovulnerable communities.

Empowering youth for the future

We believe every young person deserves the

chance to thrive. Through our flagship programme

#YouthEmpowered, we are addressing one of

themost pressing challenges in our markets – the

employability of young people. By the end of 2025,

wehad trained 1,283,244 young people since 2017.

This surpasses our Mission 2025 target of one

million participants.

#YouthEmpowered focuses on supporting

youngpeople aged 18-30 years who are not

inemployment, education or training (NEET)

orwhoare at risk of becoming NEET. It offers

practical skills, career guidance and personal

development support. We prepare young people

for jobs, andequip them with the skills, confidence

andconnections to build sustainable careers.

Now entering its tenth year, #YouthEmpowered

continues to evolve to meet the changing

needsofyoung people and, by the end of 2025,

#YouthEmpowered 2.0 was active in 15 markets.

The refreshed model sharpens the focus on

vocational skills and hands-on learning, giving

participants the practical capabilities and

professional networks essential for success

intheworkplace.

Supporting biodiversity, the Danube River, Romania

Volunteering

Our employees actively give back to communities.

In 2025, over 4,200

colleagues across our markets

dedicated their time, energy and expertise to make

a positive impact. From environmental clean-ups

tohumanitarian aid, their local actions created

meaningful change in the communities where

theylive and work.

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Growth pillars continued

5. Earn our licence to operate continued

Priorities in 2026

• Launch ‘Mission Refresh’, a renewed set

ofour sustainability commitments

beyond 2025

• Continue delivering on our NetZeroby40

transition plan

• Support the roll-out of new DRS and

other packaging collection systems

• Further drive our packaging circularity,

focusing on the % of recycled content

and reusable packaging formats

• Accelerate joint sustainability

programmes with our customers

• Continue with social initiatives, focusing

on #YouthEmpowered

• Support our communities through

TheCoca-Cola HBC Foundation

• Secure compliance with the EU’s

Deforestation Regulation.

UN Sustainable Development Goals

Our initiatives in communities help

advance theglobal objectives of good

health and wellbeing, and sustainable

cities and communities. Our initiatives

to empower youthandwomen

contribute to the goals forquality

education, decent work and economic

growth, sustainable cities and

communities, and partnerships. Our

initiatives regarding water stewardship,

emissions reduction and waste

reduction aid global progress towards

the SDGs for clean water and

sanitation, andclimateaction.

Sustainable sourcing

In 2025, we sourced 95% of our keyingredients

fromsustainable sources, inline with The Coca-Cola

Company’s Principles for Sustainable Agriculture,

reflecting significant progress compared to 33%

in2017 when this commitment was set. Alongside

responsible soiland agrochemical management,

wecontinue to embed human and workplace rights,

animal welfare and community resilience into our

procurement practices, ensuring that sustainability

isa cornerstone of how we source and grow.

Nutrition

We provide people with more choice of drinks

forevery occasion, helping them make balanced

decisions, through innovation, reformulation and

education. In 2025, we achieved a 19% calorie

reduction per 100ml of sparkling soft drinks in

comparison with the baseline year, representing

solid progress and bringing us close to our Mission

2025 goal of 25%.

In 2025, we continued to expand our portfolio

oflow- and no-sugar beverages across markets.

We improved the availability of Fanta Zero, Sprite

Zero and Coca-Cola Zero Sugar, and launched

limited-edition zero-sugar variants suchas Fanta

Tutti Frutti and Fanta Chucky (Forest Berries) in

selected markets. We offered choices withinour

broad portfolio encouraging consumers to explore

low- and no-sugar options in our range. Additional

innovations in other categories include Powerade

Blackcurrant Zero, Powerade Mountain Blast Zero,

Cappy Mango Passionfruit Zero, Cappy Lemonade

Berry Zero and Fuzetea Coconut Lime Tiare Flower

low-cal, introduced in specific markets of relevance.

We provide clear and transparent nutrition

information about our drinks’ ingredients, including

Guideline Daily Amounts and traffic-light labels on

our core sparkling drinks to help our consumers

make informed choices. We do not market any

ofour drinks directly to children under 13, and

wedo not offer soft drinks in primary schools.

Read more on page 163

Snapshots in 2025

• For the fifth consecutive year,

ouremissionsremain aligned with

ourNetZeroby40 roadmap.

• In early 2025, SBTi approved our NetZeroby40

target which, for the first time, included Egypt.

• We advanced our circular packaging agenda

with the launch of a new collection hub in

Nigeria and the expansion of DRS to Austria

and Poland, bringing the total to 10 markets.

• We increased rPET content in our bottles

to35%, with EU countries and Switzerland

reaching over 65%.

• All 19 of our water-risk areas now have

waterstewardship programmes. This meets

our Mission 2025 objective to secure water

availability for at risk communities.

• Supporting communities remains a priority.

Inayear marked by severe wildfires and

floodsacross Europe, The Coca-Cola HBC

Foundation committed €2.3 million indisaster

relief to Greece, Cyprus, Bulgaria andRomania.

• Coca-Cola HBC also committed an

incremental €5 million in funding for

theFoundation.

• Partnerships continue to be a key driver

ofprogress, delivering environmental

andcommunity benefits while helping

customers grow profitably and sustainably.

1. Total Coca-Cola HBC excl. Egypt; the baseline year is 2015.

Gârla Mare wetlands, Romania

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Growth pillars continued

5. Earn our licence to operate continued

-2

-1

-0.5

0.5

1.5

2.5

Organic

volume growth (%)

2022

2024

1.7

-1.5

2.8

2025

2.8

2023

Organic

revenue per case growth (%)

2022 2023 2024

15.9

15.0

2025

5.1

10.7

Organic

revenue growth (%)

2022 2023 2024

14.2

16.9

2025

8.1

13.8

How we measure our progress

Volume is measured in unit cases, where

oneunit case represents 5.678 litres. We grow

volume as we expand per-capita consumption

of our products and expand into new markets or

categories. Since the start of 2022, we measure

volume growth on an organic basis

What happened in the year

Volumes increased by 2.8% on an organic basis,

driven by Sparkling +2.5% and Energy +28.3%.

Link to remuneration

Revenue (weighting 40%) is used to assess

business performance for the purpose of

theannual Management Incentive Plan (MIP)

bonusaward, and volume growth drives

revenueperformance.

How we measure our progress

We measure revenue per case and revenue

onan organic basis to allow better focus on

theunderlying performance of the business.

Wegrow organic revenue per case through

pricing and improving mix.

What happened in the year

Organic revenue per case grew by 5.1%,

reflecting targeted revenue growth management

(RGM) initiatives and lower levels of inflation.

Organic revenue grew by 8.1%, driven by

focused execution of our strategic priorities.

Link to remuneration

Revenue is a performance measure used in

thecalculation of the annual Management

Incentive Plan (MIP) award as described above.

Full description of the MIP on page 240

Organic

volume growth (%)

Organic

revenue per case growth (%) Organic

revenue growth (%)

Growth pillars

Leverage our unique

24/7portfolio

Win in the marketplace

We measure

performance against

ourstrategic objectives

using specific key

performance indicators

(KPIs). These KPIs

allowus, and our

stakeholders, to track

ourprogress in delivering

on our targets.

1. For details of APMs, refer to ‘Definitions and reconciliations of alternative performance measures (APMs)’ on pages 352 to 358

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Tracking our progress

Key performance indicators

Comparable EBIT margin (%)

10.1 10.6

11.7

11.1

2022 2023 2024 2025

250

750

500

1,000

1,500

1,250

Comparable EBIT (£m)

2022 2023 2024

929.7

1,083.8

2025

1,356.2

1,192.1

Capex

as a percentage of NSR (%)

6.4 6.6 7.16.3

2022 2023 2024 2025

ROIC

(%)

14.1

16.4

19.4

18.3

2022 2023 2024 2025

How we measure our progress

Using comparable EBIT and comparable EBIT

margin allows us to adjust for one-off items that

impact comparability of performance year on

year. We generate positive operational leverage

as we grow revenues on our efficient cost base.

What happened in the year

Comparable EBIT grew by 13.8% on a reported

basis and by 11.5% on an organic basis.

Comparable EBIT margin improved 60 basis

points on a reported basis to 11.7% and

increased 40basis points on an organic basis.

Link to remuneration

Comparable EBIT (weighting 40%) is used to

assess business performance for the purpose

of our MIP award.

How we measure our progress

We measure capital expenditure (Capex) as

apercentage of net sales revenue (NSR) and

return on invested capital (ROIC), to ensure

prudent capital allocation and efficient working

capital management. Disciplined investment

supports our growth.

What happened in the year

Capex as a percentage of revenue was 7.1%, up

80 basis points year on year, and within our

target range of 6.5% to 7.5%.

ROIC expanded by 100 basis points to 19.4%,

driven by higher profit, partially offset by higher

invested capital.

Link to remuneration

ROIC is given a 42.5% weighting in the

assessment of performance used to determine

long-term Performance Share Plan (PSP) awards.

Full description of the MIP on page 240

Comparable EBIT

margin (%)Comparable EBIT

(£m)

Capex

as a percentage of NSR (%) ROIC

(%)

Growth pillars

Fuel growth through

competitiveness

andinvestment

Tracking our progress continued

1. For details of APMs, refer to ‘Definitions and reconciliations of alternative performance measures (APMs)’ on pages 352 to 358.

Key performance indicators continued

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Employee engagement score

20%

60%

40%

80%

100%

Global top

decile norm

2024

86%

2025

88%

86%

Percentage of managers who are women

10%

30%

20%

40%

50%

2026

target

2024

44.8%

2025

43.4%

43.5%

How we measure our progress

We conduct an engagement survey with

anindependent third party and measure

ourresults against the norm for companies

which perform highly on this metric.

What happened in the year

Our Sustainable Engagement Index score of 88%

has remained consistently strong since 2024,

standing two points above the Perceptyx Global

Top Decile Norm and reinforcing our position

among high-performing companies.

Link to remuneration

Maintaining our high engagement score

isoneofthe CEO’s individual performance

metrics.These are used along with business

performancemeasures to determine the

CEO’sannual MIP bonus award.

Full description of the MIP on page 240

How we measure our progress

One of our Mission 2025 commitments is to

haveat least 50% of management positions

heldby women by 2025.

What happened in the year

In 2025, our female managerial ratio remained

steady at 43.4%2. Our efforts to create a more

diverse work environment were recognised

externally in 2025 with 10 diversity-related awards.

Percentage of managers who are women2Employee engagement score

Growth pillars

Cultivate the

potential of

ourpeople

Tracking our progress continued

Key performance indicators continued

1. Perceptyx Global Top Decile Norm.

2. Excluding Egypt.

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Mission 2025 – our

sustainabilitycommitments

Sustainability is integrated into many aspects

ofourbusiness. It is fundamental to our business

strategy, which aims to create and share value

withall of ourstakeholders.

Our Mission 2025 approach was based on our

stakeholder materiality matrix and is fully aligned

with the United Nations Sustainable Development

Goals (SDGs) and their targets. Our six key focus

areas reflect our value chain: reducing emissions;

water reduction and stewardship; packaging;

ingredient sourcing; nutrition; and our people

andcommunities.

The table provides data on the final status

ofeachofthe six sustainability pillars.

Link to remuneration

Our efforts and ambitions are long term and

cumulative; therefore, greenhouse gas reduction

isused to determine long-term PSP awards.

Greenhouse gas reductions have a 15%weighting

inPSP determinations.

The benefit of this KPI is that it is quantifiable,

andseveral of our Mission 2025 commitments

feed into its progress.

Read more on pages 252 to 254

Key to performance status

The colour coding below reflects the final

status of each of the commitments:

achieved

significant progress made

progress made

employee fatality

Sustainability areas and material

issuesand topics of interest

UN Sustainable Development Goals (SDGs)

andtheir targets

2025

commitments

2025

performance Status

Climate and

renewable energy

• E1 – Climate change

mitigation

• E1 – Energy

7.2

7.3

9.4 11.6

30%

reduction in carbon ratio in

directoperations

44%

12.2 13.1

50%

increase in energy-efficient coolers

tohalfof our coolers in the market

66%

50%

of our total energy from renewable

andclean

sources

54%

100%

total electricity used in the EU

andSwitzerland from renewable

andclean

sources

100%

Water reduction

andstewardship

• E3 – Water consumption

• E3 – Water withdrawal

• E2 – Pollution of water

• S3 – Water and sanitation

6.1

6.4

6.5

6.6

9.4 11.6

20%

water reduction in plants

locatedinwater-risk areas

(waterpriority locations)

Impact from Russian operations

12.1

12.2

12.4

15.1 17.17

100%

help secure water availability for all

ourcommunities in water risk areas

(water priority locations)

100%

Tracking our progress continued

Growth pillars

Earn our licence

tooperate

Key performance indicators continued

1. Baseline 2017. Egypt is excluded as it was not foreseen in the baseline or target year.

2. Clean source means combined heat and power using natural gas.

Coca-Cola HBC Integrated Annual Report 2025

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Sustainability areas and materialissues

and topics of interest

UN Sustainable Development Goals (SDGs)

andtheir targets

2025

commitments

2025

performance Status

Packaging and waste

management

• E5 – Resource inflows,

including resources

• E5 – Resource outflows

related to products

andservices

• E2 – Pollution of soil

8.4 9.4 11.6

75%

help collect the equivalent of 75%

ofourprimary packaging

78%

12.1

12.2

12.5

14.1 17.17

35%

of total PET used from recycled PET

and/or PET from renewable material

35%

100%

of consumer packaging to be recyclable

100%

Ingredient sourcing

• E1 – Climate change

mitigation

• E4 – Land-ecosystem use

change

• S2 – Secure employment

• S2 – Adequate wages

• S2 – Training and skills

development

8.3

8.8

13.1

9.4 12.1

12.2

12.4

12.6

12.7

100%

of our key agricultural ingredients

sourcedin line with sustainable

agricultural principles

95%

Nutrition

• S4 – Consumer’s

healthand safety

• S4 – Responsible

marketing practices

3.4 12.8

25%

reduce calories per 100ml ofsparkling

soft drinks (allCCHBCcountries)

19%

Our people and

communities

• S1– Health and safety

• S1,S2– Secure

employment

• S1,S2, S3– Training

andskills development

• S1– Diversity

• S1 – Gender equality

andequal pay for work

ofequal value

• S3 – #YouthEmpowered

(company-specific)

3.4

3.6

4.3

4.4

5.5

10%

community participants

infirst-time managers’

development programmes

11%

8.5

8.6

8.8

10.2

10.4

11.6

train one million young people

through#YouthEmpowered

1,283,244

Cumulative number 2017-2025;

2025-only number is 163,394.

12.2

12.4

16.7 17.16

17.17

engage in 20 zero-waste

partnerships(city and/or coast)

10%

of employees take part

involunteeringinitiatives

13%

ZERO

target zero fatalities among

ourworkforce

One fatality due to road accident.

50%

reduced lost time accident

rateper100FTE

23%

The main causes: falls/slips/trips, road accidents

and contact with machinery and tools.

50%

of managers are women

43.4%

Note: The 17 SDGs are an urgent call for action by all countries – developed and developing – in a global partnership.

Each of the 17 goals has very specific targets and in the number references above, we disclose the SDG targets

relevant for our business, where we contribute positively to the UN SDG agenda, for example, 3.4 and 8.5.

1. Baseline 2017. Egypt is excluded as it was not foreseen in the baseline year nor in the target year.

2. Technical recyclability by design.

3. Baseline 2015.

4. Supported by The Coca-Cola HBC Foundation

Tracking our progress continued

Key performance indicators continued

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In 2025, we delivered strong

results through disciplined

execution and strategic

investment into the business

and our capabilities. Record

profitability, resilient cash

generation and a robust

balance sheet underscore

ourconfidence in long‑term

value creation.

Find out more on page 7

Linking our vision, purpose, growth pillars and targets

I am very pleased with our strong financial

performance in 2025, delivered against a challenging

geopolitical and macroeconomic backdrop.

Organic revenue grew by 8.1%, and increased

7.9%on a reported basis to €11,604.5 million.

Wedelivered good organic volume growth of

2.8%,driven primarily by Sparkling and Energy,

andorganic revenue per case grew 5.1%, reflecting

our targeted revenue growth management actions.

Pricing remained the biggest driver of revenue per

case, while category mix and package mix also

contributed, with continued improvement in

single-serve mix.

Comparable gross profit grew by 10.0%, with

grossprofit margins up 70 basis points to 36.8%,

supported by strong top-line growth. Comparable

operating expenses as a percentage of revenue

increased by 10 basis points, mainly due to a

40-basis point increase in direct marketing

investment to leverage growth opportunities.

We delivered another year of double-digit organic

EBIT growth, with comparable EBIT growing 11.5%

to €1,356.2 million. Comparable EBIT margin

increased 60 basis points on a reported basis to

11.7% and 40 basis points organically – a record

high, achieved despite several years of inflation

andcurrency headwinds.

This drove strong comparable basic EPS growth of

19.7% to €2.72, supported by strong EBIT delivery,

as well as lower net finance costs than 2024.

Our Return on Invested Capital (ROIC) expanded by

100 basis points to 19.4%, driven by higher profit.

We’ve seen very good improvement in ROIC over

the last five years, and it remains a very important

metric for us.

Capital allocation discipline

Our priorities for capital allocation remain

unchanged and are set in service of our strategy

and vision to be the leading 24/7 beverage partner.

Our first priority remains investing in the business

organically. Capital expenditure increased by

€148.3 million in 2025 to €827.6 million, equivalent to

7.1% of net sales revenue. We invested in growth

initiatives including production capacity, supply

chain automation, digital and data solutions, and

energy-efficient coolers. Despite this step-up in

Capex, we achieved another robust level of free

cash flow at €700.0 million.

The Group remains committed to a progressive

dividend policy, with a target payout ratio of 40%

to50%. The Board of Directors has proposed

adividend of €1.20 per share for 2025, an increase

of17% from 2024, representing a 44% payout ratio.

The dividend payment will be subject to shareholder

approval atour Annual General Meeting.

Our balance sheet remains very strong, and

weclosed the year with net debt to comparable

EBITDA at 0.7 times.

CCBA: a compelling acquisition

todrive long‑term growth

Pursuing value-enhancing M&A opportunities

thatsupport long-term growth is a key component

of our capital allocation strategy.

In October, we announced the acquisition of

Coca-Cola Beverages Africa (CCBA), the largest

Coca-Cola bottler in Africa. Under the terms of the

agreement, we will acquire a 75% majority stake

with a clear path to full ownership.

This acquisition is expected to enhance value for

allstakeholders. For shareholders, it is expected to

be low-single digit EPS accretive in the first full year

following completion, with strong potential for

long-term value creation.

Following completion, we expect leverage to

increase but remain within our medium-term

targetrange of 1.5x to 2.0x net debt to comparable

EBITDA. Importantly, we do not anticipate any

impact on our credit rating, and we remain fully

committed to maintaining a strong

investment-grade profile.

Looking ahead

Overall, I’m really pleased that, in 2025, we delivered

a combination of investment in the business, a

value-enhancing acquisition, increased shareholder

returns, as well as strong improvements in ROIC.

Looking to 2026, we expect the macroeconomic

and geopolitical backdrop to remain challenging,

with a mixed consumer environment across

ourmarkets. However, we have strong confidence

in our resilient 24/7 portfolio, our bespoke

capabilities, the opportunities across our diverse

markets and, above all, the strength of our people.

As shared at our FY 2025 results on 10 February

2026, we expect organic revenue growth of 6%

to7% and organic EBIT growth in the range of 7%

to 10%. We also anticipate continued progress

towards our medium-term growth targets in 2026

and beyond.

Anastasis Stamoulis

Chief Financial Officer

Chief Financial Officer’s letter

Strong financial performance driven by focused execution

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Established

Developing

Emerging

Volume breakdown

21%

16%

63%

Net sales revenue

breakdown

Established 31%

Developing

Emerging

22%

47%

Comparable EBIT

breakdown

Established 28%

Developing

Emerging

18%

54%

Total Tax by category

Corporate income tax

58.8%

Withholding tax

Payroll taxes

1.8%

29.2%

VAT (cost)

2.8%

Other taxes

7.4%

2025 borrowing structure

Bonds

€2,873.7m

Commercial paper

Leases

€558.0m

€293.7m

Other

€187.6m

Chief Financial Officer’s letter continued

Financial highlights

Established markets

Net sales revenue (NSR) grew by 2.3%

and2.8% on an organic and reported basis

respectively. Volumes were in line with last

year.Organic growth in NSR per case was 2.3%,

benefitting from pricing actions and package

mix, with a 70 basis points improvement in

single-serve mix. Comparable EBIT declined by

2.8% organically to €378.6 million. Comparable

EBIT margin was 10.5%, down 60 basis points

on an organic basis, due to higher operating

and marketing expenses.

2025 2024

% change

reported

% organic

change

Volume (m unit cases) 631.6 631.3 – –

Net sales revenue (€ million) 3,599.7 3,501.3 2.8% 2.3%

Operating profit (EBIT) (€ million) 371.0 385.8 -3.8%

Comparable EBIT (€ million) 378.6 388.0 -2.4% -2.8%

Comparable EBIT margin (%) 10.5 11.1 -60bps -60bps

Total taxes (€ million)

171.7 194.1 -11.5%

2025 2024

% change

reported

% organic

change

Volume (m unit cases) 486.4 482.6 0.8% 0.8%

Net sales revenue (€ million) 2,551.8 2,385.2 7.0% 6.1%

Operating profit (EBIT) (€ million) 239.0 223.6 6.9%

Comparable EBIT (€ million) 242.2 227.4 6.5% 5.6%

Comparable EBIT margin (%) 9.5 9.5 – –

Total taxes (€ million)

105.5 101.6 3.8%

2025 2024

% change

reported

% organic

change

Volume (m unit cases) 1,879.4 1,800.6 4.4% 4.4%

Net sales revenue (€ million) 5,453.0 4,867.9 12.0% 13.2%

Operating profit (EBIT) (€ million) 695.6 576.0 20.8%

Comparable EBIT (€ million) 735.4 576.7 27.5% 23.2%

Comparable EBIT margin (%) 13.5 11.8 160bps 110bps

Total taxes (€ million)

331.2 220.0 50.6%

Developing markets

NSR grew by 6.1% and 7.0% on an organic

andreported basis respectively. Volume

grewby 0.8% organically. NSR per case grew

5.3% organically, benefitting from pricing

actions, as well as favourable category mix

and improved package mix, as we drove a

300basis points improvement in single-serve

mix. Comparable EBIT increased by 5.6%

and6.5% on an organic and reported basis

respectively. Comparable EBIT margin was

9.5%, in line with last year.

Emerging markets

NSR grew by 13.2% on an organic basis, or by

12.0% on a reported basis, with strong organic

growth partially offset by currency headwinds

from the Nigerian Naira and Egyptian Pound.

Volume grew by 4.4% organically. NSR per case

grew 8.5% organically, due to pricing actions and

continued improvement in category mix.

Comparable EBIT grew by 23.2% onan organic

basis and 27.5% on a reported basis. Comparable

EBIT margin was 13.5%, up 110 basis points on an

organic basis, driven by strong top-line growth.

1. Total taxes include corporate income tax, withholding tax and deferred tax, as well as social

security costs and other taxes that are reflected as operating expenses; as per IFRS accounting

Taxes we contribute to our communities

Coca-Cola HBC stands firmly behind the

principle of paying relevant taxes in the

countries where value is created and

ensuring that we are fully compliant, notonly

with the letter of tax laws and regulations,

across all jurisdictions we operate in, but

withthe spirit as well. In addition, we are

committed to engaging with tax authorities

in a transparent and cooperative manner

inrelation to the Group’s tax affairs, and to

providing timely, accurate and relevant

information to support effective and

efficient risk assessment and review

processes, without unnecessary delay.

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Double materiality assessment (DMA)

This section addresses the ESRS GOV-2_03, SBM-3_01, 06-07, 12 and IRO-1_01-02, 04, 06 requirements

Comprehensive materiality

evaluation focusing on

dualperspective and

identifying material

topicsacross impact

andfinancial dimensions

Following several years of rigorous materiality

assessments, 2025 marks our second year

ofreporting in compliance with the European

Sustainability Reporting Standards (ESRS) under the

Corporate Sustainability Reporting Directive (CSRD).

We review our materiality analysis every year and,

in 2025, it again covered our value chain: from raw

and packaging material sourcing to consumer use

and post-consumer activities, including the main

business inputs, outputs and externalities.

We also applied ESRS principles to evaluate

twodimensions:

• Impact materiality: How our activities affect people

and the environment (‘inside-out’ approach).

• Financial materiality: How sustainability

matters generate risks and opportunities that

could trigger material financial effects on

CCHBC (‘outside-in’ approach).

This double materiality assessment (DMA)

process is a cornerstone of our sustainability

strategy, ensuring that we identify and prioritise

topics that matter most to our broader

stakeholders and to our business.

We follow a top-down approach at Group level for

identifying, assessing and prioritising our impacts,

risks and opportunities (IROs), and involve our

internal Group experts. In the final assessment,

we take all our subsidiaries into consideration,

using specific local data for the quantitative

assessment of our manufacturing plants and

Tier1 suppliers. In some qualitative assessments,

we have included Tier 2 and 3 suppliers as well.

Environmental impacts

We used nature change impact drivers, as outlined

by the Taskforce on Nature-related Financial

Disclosures (TNFD), to pinpoint a relevant universe

of impact levels based on a widely accepted impact

taxonomy. We formulated specific quantitative

criteria, using scientific resources and reports

including: the WWF Biodiversity Risk Filter, the

WWF Water Risk Filter and the Science Based

Targets Network for Nature (SBTN) Unified

WaterAvailability Dataset; relevant legislative

frameworks; established standards and

guidelines, and compliance management

systems; and various ISO audit documents.

People impacts

To address social and socio-economic impacts

using a widely recognised impact taxonomy, we

incorporated the United Nations Environment

Programme (UNEP) Impact Radar. Our approach

employs general qualitative criteria, encompassing

findings from: legal reviews; compliance

management systems; the GRI Content Index;

theUN Global Compact Communication on

Progress reports; and a range of internal reports.

Impact materiality

We evaluated both the positive and negative effects

on nature and people, considering the actual and

potential impacts for 2025 across three distinct

timeframes (short term – 2026, medium term –

2030, and long term – 2030+). Each segment of

ourvalue chain (upstream, own operations, and

downstream) was analysed independently.

We examined the severity of negative impacts

andthe significance of positive impacts, as well

asthe likelihood and severity of potential impacts.

• Negative impact: assessed based on

scale(theseriousness of the impact), scope

(theextent of the impact) and irremediability

(thefeasibility of resolving the impact).

• Positive impact: assessed based on scale

(howbeneficial the impact is) and scope

(theextent to which it is widespread).

Quantitative thresholds were assigned values

from 1 to 5, with 1 representing low severity/

significance/likelihood and 5 denoting high

severity/significance/likelihood. By applying a

specific calculation, we established a five-tier

rating scale for each impact: critical, major,

moderate, minor and insignificant. ‘Major’

and‘critical’ impacts are deemed material.

Stakeholder involvement

We assess our impacts on people and the

environment as part of our daily activities,

engaging with relevant stakeholders and experts,

and considering emerging sustainability trends.

During the DMA, we gathered insights from

internal experts across multiple functions.

Whenplanning ESRS/DMA-specific activities,

weconsider Coca-Cola HBC’s engagement with

stakeholders and our due diligence processes.

After interviews with 26 external subject matter

experts and impacted stakeholders in 2024,

weengaged with external stakeholders through

surveys in 2025 to validate the results of the impact

materiality exercise. Surveys were distributed to 40

stakeholders representing diverse groups, including

national and local NGOs, industry associations,

customers, suppliers, investors, community

participants, sustainability rating agencies and

internal stakeholders with sustainability roles. Our

focus was on validating the list of actual (current)

and potential impacts – both positive and negative

– on the environment and on people.

Survey results confirmed the relevance

ofouridentified material impact and guided

ourdisclosures in line with the expectations

ofSustainability Statement users.

Financial materiality

For the identification of risks and opportunities

(ROs) across principal and emerging risk categories,

we drew on our risk universe and our Business

Resilience Framework (see pages 186 to 189). We

also identified ROs arising from both negative and

positive impacts, and value chain dependencies,

using external tools such as Encore

We mapped each RO to the appropriate stage

ofour value chain – upstream, own operations

ordownstream – and assessed its likelihood of

occurrence for the three relevant time horizons

(short term – 2026, medium term – 2030, and long

term – 2030+). We also linked each RO to the

corresponding ESRS topics and sub-topics.

For the final assessment of the ROs, we evaluated

both their likelihood of occurrence and the

magnitude of their potential financial effects on

Coca-Cola HBC. Depending on data availability,

we assessed – either quantitatively or qualitatively

– the financial effects on our financial position,

financial performance, cash flows, cost of capital

and access to finance. Where feasible, we used

the percentage of comparable EBIT as a

quantitative indicator of magnitude.

Finally, we prioritised ROs based on their inherent

risklevel, determined by combining their financial

magnitude and likelihood. Our inherent risk

heatmap uses a 1-5 scale, similar to the one used

for impact materiality. Using an above-average

threshold, all ROs classified as ‘high’ or ‘critical’

aredeemed material.

Double materiality approval

The result of the DMA is disclosed in the table

onpages 50 to 51. It depicts impact materiality and

financial materiality across each value chain step and

time horizon. DMA result is reviewed and approved

by CCHBC management, including members of the

ELT. It is subsequently endorsed by the Board’s

Social Responsibility Committee and the Audit

and Risk Committee. In addition, the result is

subject to independent third-party assurance.

More information is available in the

Sustainability Statement on pages 64

to68(SBM-3)

1 Encore is a tool used to understand dependencies and impacts on nature: https://www.encorenature.org/en

Coca-Cola HBC Integrated Annual Report 2025

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Double materiality assessment (DMA) continued

Stakeholder Forum – hearing from our

stakeholders on what matters most

Each year, Coca-Cola HBC’s Stakeholder Forum

convenes a diverse group of stakeholders and

subject matter experts to exchange perspectives,

share insights and explore future priorities. In

2025, 116 representatives from 28 countries,

including customers, suppliers, NGO partners,

local municipalities, community organisations and

other valued stakeholders, came together under

the theme 'Power of Place: Driving Measurable

Impact in Local Communities'.

DMA process followed

Impact

materiality

Financial

materiality

Double materiality

• Map the value chain activities

• Identify the affected stakeholders

• Define the impact universe

• Define the time horizons

• Define the criteria for

impactassessment

• Assess the impact

• On the environment

andonthepeople

• Positive or negative

• Actual and potential for

threetime horizons

• Separated for each part

ofthevalue chain

• Link the impact to ESRS topics

• Define the sources and

methodology for RO identification

• Define the time horizons

• Assess the magnitude of the

financial effect (quantitative

orqualitative)

• Assess the likelihood

ofROoccurrence

• Link ROs to ESRS topics

• Define the financial

materialitythreshold

• Create a list with the

financiallymaterial ROs

• Define the impact materiality

quantitative threshold

• Create a list of the material

impacts based on the

materialitythreshold

Create DMA table

and link it to the

ESRStopics

Finalise DMA

methodology

document

Approval by

management and

Board committees

External verification

by a third-party

assurance provider

Publish DMA table

Identify and assess

the actual and

potentialimpacts

Set thresholds

andprioritise the

impacts

Identify and assess

therisks and

opportunities

Set thresholds and

prioritise risks and

opportunities

This topic reflects a shared commitment to

creating meaningful change where it matters

most. As a business deeply rooted in local

communities, our goal for the Forum was to foster

dialogue and collaboration with stakeholders and

experts on how we can accelerate progress

through innovation and partnership.

Discussions focused on four key areas:

• Reshaping social investment to deliver

meaningful and sustainable impact.

• The role of place-based investment

instrengthening community resilience.

• Meaningfully measuring social impact

andwhyitmatters.

• Strengthening local community outcomes

through strategic partnerships.

The central message of the 2025 Forum was clear:

achieving measurable social impact requires aligning

efforts with local needs, the ‘power of place’, while

leveraging broad collaboration and accountability.

Key learnings from the Stakeholder Forum

included the following:

• Social impact as a strategic lever: Purpose-led

initiatives are now core to business strategy,

driving trust, reputation and resilience.

• Collaboration as a catalyst for change: Multi-

stakeholder partnerships are essential to

address complex challenges and deliver scalable,

long-term solutions.

• Mutual value creation: Community programmes

must deliver benefits for society and align with

business priorities to ensure sustainability.

• Localisation and contextual relevance:

Embedding local insights into programme

designamplifies impact and fosters genuine

community ownership.

• Authentic partnerships for scale: Long-term

relationships built on trust and shared goals

enable sustainable solutions that can grow.

• Transparency and measurement: Integrated

systems for planning, monitoring, evaluation

andlearning are critical for accountability

andcredible impact.

These learnings will help shape the ongoing

evolution of our sustainability programmes.

Coca-Cola HBC Integrated Annual Report 2025

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Swiss Statutory Reporting Supplementary Information

Material impacts, risks and opportunities (IROs) and the respective value chain segments

Material ESRS topics

Top ic Sub–topic Sub–sub–topic Actual impact Classification Anticipated financial effect

Impacts

2026 2030 >2030

Risk/Opportunity

2026 2030 >2030

E1 – Climate Change

Climate

Change

Mitigation

Energy

–

Negative impact to the state

of nature through contribution

to Climate Change

–

Managing our

carbonfootprint

Risk

–

Opportunity

–

E2 – Pollution and

E5–Circular Economy

Pollution

Resource

Outflows

Pollution

ofSoil

Negative impact to the

state of nature through

Soil Pollution

– – – – – –

E2 – Pollution Pollution

Pollution

ofWater

Negative impact to the

state of nature through

Water Pollution

– – – – – – –

Pollution

ofWater

Positive impact to the state

of nature through Water

Pollution Removal

– – – – – – –

E3 – Water

andmarine

resources

Water and

Marine

Resources

Water

consumption

Negative impact to the state

of nature through Water Use

– – – – –

Water

withdrawals

Positive impact to the state

of nature through Water

Replenishment

– – – – –

E4 – Biodiversity

andEcosystems

Biodiversity

and

Ecosystems

Land

ecosystem

usechange

Negative impact to the state

ofnature through Land

Ecosystem Use Change

– – – – – – –

E5 – Circular Economy

Resource

Inflows and

outflows

– – – – – –

The cost and availability

ofsustainable packaging

Risk

–

Opportunity

–

S1 – Own Workforce

and S2– Workers in

thevalue chain

Equal

treatment and

opportunities

for all

Diversity

Gender

equality and

equal pay for

work of equal

value

Contribution to Diversity

andGender Equality of

ownworkforce

– – – – – – –

Training &

Skills

development

Improved Access to

Education for own workforce

– – – – –

Double materiality assessment (DMA) continued

Upstream

Own Operations

Downstream

Negative impact or risk

Positive impact or opportunity

Coca-Cola HBC Integrated Annual Report 2025

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Material ESRS topics

Top ic Sub–topic Sub–sub–topic Actual impact Classification Anticipated financial effect

Impacts

2026 2030 >2030

Risk/Opportunity

2026 2030 >2030

S1 – Own Workforce

and S2– Workers in

thevalue chain

Working

Conditions

Health &

safety

Contribution to the Health &

Safety of own workforce and

workers of suppliers

– – – – –

Negative impact to Health &

Safety through loss of life,

injuries and occupational

diseases

– –

– – – – –

Secure

Employment

Contribution to Employment

across the value chain

– – – – –

Provision of Social Protection

and Social Security for own

workforce and workers of

suppliers

– – – – – –

Adequate

wages

Accessibility to a Living

Wage for own workforce and

workers of suppliers

– – – – –

S3 – Affected

Stakeholders

Communities’

economic,

social and

cultural rights

Water &

Sanitation

Availability, Accessibility,

Affordability and Quality of

Water for local communities

– – – – –

Company-specific IRO

#YouthEmpowered: Access

toEducation

– – – – –

Topics of interest of specific stakeholder groups

S4 – Consumers

andEnd Users

Personal safety of consumers

and/or end-users

Consumers’ health andsafety – – – – – – – – –

Social inclusion of consumers

and/or end-users

Responsible marketing

practices

– – – – – – – – –

Social inclusion of consumers

and/or end-users

Access to (quality)

information

– – – – – – – – –

Access to products and

services

– – – – – – – – –

Upstream

Own Operations

Downstream

Negative impact or risk

Positive impact or opportunity

Double materiality assessment (DMA) continued

Material impacts, risks and opportunities (IROs) and the respective value chain segments continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability Statement

ESRS 2 –

General

disclosures

Basis for preparation

BP-1 General basis for preparation

ofsustainability statement

BP-1_ 01-06

The Sustainability Statement has been prepared on

aconsolidated basis, aligned with the scope of the

financial statements, and additionally incorporates

relevant upstream and downstream elements of

the value chain where applicable. Joint Ventures,

where we have operational control are also

reported as part of our own operations.

All subsidiaries are included in the consolidated report.

Nevertheless, Coca Cola HBC’s (hereinafter referred

to as ‘CCHBC’, ‘CCH’, ‘we’, ‘our’) Mission 2025

sustainability commitments exclude Egyptian

operations acquired in 2022, as they were not

foreseen in the baseline year nor in the target year.

The mapping of our value chain was initially

categorised into three segments: upstream – own

operations – downstream. For own operations, we

mapped our core and secondary business activities,

including a mapping of Group entities linked to each

business activity and each respective product

category. For upstream activities, the analysis

ofbusiness relationships focused mainly on Tier 1

suppliers, with some considerations for Tier 2 and

Tier3 suppliers, while for downstream, it covered

keybusiness partners, major customers (including

product-use and end-of-life phases) and local

communities where we operate. The material

information to be disclosed regarding impacts, risks

and opportunities is determined based on specific

and/ or generic criteria established during the double

materiality assessment (DMA) process across all

ESRS topics. Consequently, each general and topical

ESRS provides further elaboration on the utilised

materiality assessment criteria.

We did not exercise the option under ESRS 1,

section 7.7 (‘Classified and sensitive information

and information on intellectual property, know-how,

or results of innovation’) to omit any information

related to intellectual property, know-how or

innovation outcomes.

For the year 2025, no exemption from disclosure of

impending developments or matters in the course

of negotiation, as provided for in articles 19a(3) and

29a(3) of Directive 2013/34/EU, has been used.

Coca-Cola HBC Integrated Annual Report 2025

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Beverage manufacturing Selling

Outlets

Distribution

CommunitiesOutsourced

logistics

Warehouses

& distribution

centres

Offices &

administration

Suppliers & suppliers’

workers

Contractors’ workers

in our premises

Downstream contractors’

workers

Customers and consumersOwn employees

Upstream Own operations Downstream

Agricultural

ingredients

suppliers

Sweeteners,

juices &

concentrates

Packaging

materials

suppliers

PET, glass,

aluminium,

carton

Other

suppliers

, cleaning

materials,

manufacturing

&other

equipment

Product

manufacture

Sparkling

beverages,

juices, water

other still

beverages

Vehicles

Own &

leased

vehicles

Marketplace

Trade

marketing

& activation

tools

Drink

equipment

Consumer

marketing

with TCCC

Our value chain

Post-

consumer

waste

Recycling

& recovery

Packaging

compliance

systems

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

BP-2 Disclosures in relation

tospecific circumstances

Value chain estimation

BP-2_03-06

Some metrics presented across the statement,

especially for upstream and downstream value

chain segments, have been estimated using

indirect sources. The respective estimations

andDatapoints are:

• E1: The calculation of scope 3 greenhouse

gas(GHG) emissions categories for both

theupstream and downstream value chain

segments, specifically the emission factors

used(Datapoints: E1-6_04-05 & 26_27_29).

• E5: Data related to percentage recycled

aluminium, percentage recycled paper and

percentage recycled glass materials comes

fromour suppliers. Some of our suppliers use

industry-average figures (Datapoints E5-4_02,

E5-4_03, E5-4_04, E5- 4_05).

• In double materiality assessment (DMA), the

potential impact is also estimated based on the

experts’ projections, industry trends, internal

judgement etc. While preparing the net zero

transition plan,estimations have been used

forthe futuredecarbonisation of our suppliers

andspecific industries.

The basis for preparation for the metrics

estimated using indirect sources is as follows:

• E1: For the calculation of scope 3 GHG emissions

categories, a range of different methods were

deployed, such as average dataset method (e.g.,

average CO

e factor for paper, PET, aluminium,

PE materials; average factors for ingredients,

electricity grid factors as per the International

Energy Agency) and distance-based method for

the outsourced fleet. In terms of emission factors

used, these were either market based or taken

from existing datasets, such as theGHG Protocol,

Ecoinvent Database, DEFRA database or

calculated for the Coca-Cola System by

aspecialised company and provided to bottling

companies. The quantity of the majority of the

scope 3 categories (e.g., quantity of purchased

ingredients and packaging materials, scope 3

emissions of energy outside scope 1 and 2 etc.)

was available as actual primary data, and no

estimation was performed. For scope 3 category

3.13, we use the conservative assumption that

coolers operate continuously (24 hours/day, 365

days/year), however the equipment type and the

actual number of coolers at marketplace by

country are derived from primary data, so the

level of uncertainty is moderate. More details on

the calculation methodology for each scope 3

category can be found in Table 16 of ESRS E1

• Climate Change. E1: For net zero transition plan,

we project how the emission factors will be

changed by 2030 and by 2040 based on the

historical trends and industry forecasts.

Production volume projections are also

estimated by using the Long-range plan

projections, historical trends, estimation tools,

industry data and country-specific data. Level

ofuncertainty is moderate to high.

• E5: Percentage of recycled aluminium,

percentage of recycled paper and percentage

ofrecycled glass materials come from our

suppliers where sometimes industry-average

figures are used; however, the quantities of

those purchased materials are primary data

withno estimation. Level of uncertainty is low

tomoderate.

The use of estimates and external data from

credible sources is explained in the section of the

relevant metrics throughout the report, indicating,

for example, whether or not external data is used.

Where indirect sources such as industry averages

or proxy factors are used, this may introduce

variability compared to primary data. Accordingly,

the level of accuracy for these metrics is

considered lower than for metrics based solely

onprimary data. For Scope 3 GHG emissions,

accuracy depends on the category and method

applied, with estimates introducing variability due

to reliance on secondary datasets. For recycled

material percentages, accuracy is generally higher

where supplier-specific data is available and lower

where industry averages are used. We are planning

to start using supplier-specific emission factors,

where possible, as a basis for the sustainability

report in the future and, therefore, data quality

andaccuracy is expected to improve over time.

Sources of estimation and

outcomeuncertainty

BP-2_07, 08, 09

As a result of the rigorous reporting process that

has been in place for over a decade, capturing

mostly primary and actual data for environmental

KPIs and only primary and actual data for social

KPIs in all value chain segments, our disclosure of

actual performance has a low to moderate level of

measurement uncertainty. Anticipated financial

effects are subject to uncertainty, as they depend

on climate-change scenarios, outcomes of future

events and regulatory changes. Also, longer time

horizons inherently increase uncertainty. These

factors introduce variability that cannot be fully

eliminated but are transparently disclosed.

Metrics estimated using indirect sources, such

asScope 3 GHG emissions and recycled material

percentages, involve higher uncertainty compared

to metrics based solely on primary data. Sources

ofuncertainty include reliance on industry-average

emission factors, proxy datasets and assumptions

regarding supplier practices.

Changes in preparation or presentation

ofsustainability information

BP-2_10

Where applicable, we disclose comparative

sustainability information for 2024 alongside 2025

figures, reflecting any changes in preparation or

presentation and providing revised comparatives. As

for the comparative information and figures for prior

years, we performed a few recalculations in 2025. In

December 2024, we received formal validation from

the SBTi on our net zero target (NetZeroby40).

Throughout 2025 we were working to update the

Net Zero Roadmap with the changes recommended

by the SBTi and its Net Zero Standard V. 1.3. As

communicated in 2024 Sustainability Statement,

due to the inclusion of FLAG targets, our baseline

year was changed from 2017 to 2019. We have now

included the FLAG component in the emission

factors of all agricultural ingredients (raw materials

and paper- and wood-based packaging materials).

Two new scope 3 categories have been added

based on our reassessment: Fuel-and-energy-

related activities not included in scope 1 or 2 (or

emissions category 3.3) – these are upstream

emissions from extraction, production and

transportation of fuels consumed and fuels used

inthe generation of electricity, and transmission

anddistribution (T&D) losses; and End-of-life

treatment of sold products (emissions category

3.12) – these are emissions from waste disposal and

treatment of all products sold at the end of their

life. In addition, we reallocated emissions from

on-site electricity generation from scope 2 to scope

1, reflecting the direct emissions from fuels used

for the generation, and also updated emissions from

electricity consumption in Remote Properties from

market-based to location-based approaches as per

the GHG Protocol. All those additions, together

with the updated emission factors (coming from

new scientific methodology specifically for

agricultural ingredients and plastic packaging

materials), led to the recalculation of the reported

GHG emissions from 2019 to 2024.

As part of our commitment to continuous

improvement in emissions reporting, we

automated in 2025 the calculation of recycled

content for certain secondary packaging materials

(e.g., PE stretch film, plastic shrink film and paper

cardboard) and incorporated these results into

emissions calculations for 2024 and 2025.

The sugar cane quantity reported under E5-4

Resource Inflows was corrected due to a

reportingerror.

General disclosures

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

We adopted the ‘Quick Fix’ Delegated Regulation by using the extended transitional provision of omitting

two of the metrics related to non-employees: ‘Number and rate of recordable work-related accidents’ and

‘Number of days lost to work-related injuries from work-related accidents and work-related ill-health’.

Disclosures in relation to specific circumstances

BP-2_16

The Sustainability Statement has been prepared in accordance with the European Sustainability Reporting

Standards (ESRS). In addition, we disclose elements as per the Task Force on Climate-related Financial

Disclosure (TCFD) requirements, where appropriate. Where TCFD requirements have been partially

incorporated, specific references to the applicable paragraphs are provided in the relevant sections

ofthereport. No other framework or reporting standard was applied for the Sustainability Statement.

BP-2_18, 19

Furthermore, we rely on European Standards to recognise our suppliers. The European Standardisation

System we use comprises ISO 9001, ISO 14001, ISO 50001 and ISO 45001. We maintain ISO/IEC 27001

certification (Information Security Management Systems), providing robustness to mitigate cyber

incidents. In 2025, 100% of our product manufacturing plants were certified with ISO 9001, ISO 14001,

FSSC 22000 and ISO 45001. Our two main centres for IT function in Bulgaria and Greece maintain their

ISO/IEC 27001 certification.

Incorporation by reference

BP-2_20

Our aim is to provide our stakeholders with a clear view of our operations, ambitions, goals, impacts and

achievements. Thus, we have complied with and provided information according to ESRS requirements.

However, in cases where pieces of information were mentioned in previous sections of the IAR, we used

the option of incorporation by reference. The respective Disclosure Points (DP) and Disclosure

Requirements (DR) are:

Table 1: Incorporation by reference

Incorporation by Reference

Disclosure Requirements Datapoints Respective Reference

GOV-1 The roleof the

administrative,

management and

supervisory bodies

GOV-1_01, 02, 05, 06,

‘Governance at a glance’, Corporate

Governance section, ‘The Executive

Leadership Team’, Corporate Governance

section (p.199, 217 to 219)

GOV-1_08, 09, 10, 11

Corporate Governance section (p.199

to237)

GOV-1_04

Corporate Governance section (p.205 to

209 and p.217 to 220)

GOV-1_16

Covered in Corporate Governance

section (p.205 to 207 and p.217 to 219)

Incorporation by Reference

Disclosure Requirements Datapoints Respective Reference

GOV-2 Information

provided to, and

sustainability matters

addressed by CCHBC’s

administrative,

management and

supervisory bodies

GOV-2_03

‘Double materiality assessment (DMA)’,

Strategic Report (p.48 to 51)

GOV-2_04

Corporate Governance section (p.208

to216)

GOV-3 Integration of

sustainability-related

performance

inincentive schemes

E1.GOV-3_01

Corporate Governance section (p.239 and

252 to 255)

GOV-3_02

Corporate Governance section (p.239 and

252 to 255)

GOV-3_04

Corporate Governance section (p.239 and

252 to 255)

SBM-1 _01

‘Growth pillars’, Strategic Report (p.2 to 5

and p.11)

SBM-1 _02

‘Growth pillars’, Strategic Report (p.17)

SBM-1_03_04

‘Cultivate the potential of our people’,

Strategic Report (p.28 to 32), ‘Segment

operational highlights’ (p.17)

SBM-1 Strategy,

business model and

value chain

SBM-1 _06

‘Consolidated income statement’,

Financial Statements (p.269)

SBM-1 _ 21

‘Earn our licence to operate’, Strategic

Report (p.33 to 40)

‘Tracking our progress’, Strategic Report

(p.41 to 45)

SBM-1 _ 23

‘Earn our licence to operate’, Strategic

Report (p.33 to 40)

‘Cultivate the potential of our people

section’, Strategic Report (p.28 to 32)

SBM-1 _ 25

‘Business Model’, Strategic Report (p.10

to 11)

SBM-1 _ 26

‘Business Model’, Strategic Report (p.10

to 11)

SBM-1 _ 27

‘Business Model – Value Created’,

Strategic Report (p.11)

General disclosures continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

Incorporation by Reference

Disclosure Requirements Datapoints Respective Reference

SBM-2 Interests and

views of stakeholders

All Datapoints

‘Stakeholder engagement‘ section (p.12

to 15)

SBM-3 Material

impacts, risksand

opportunities and their

interaction with

strategy and

businessmodel

SBM-3_01, 06, 07

‘Double materiality assessment (DMA)’,

Strategic Report (p.48 to 51)

SBM-3_03, 10

‘Business resilience’, Strategic Report (p.

185 to 187)

SBM-3_08, 09, 10

‘Principal and emerging risks and

opportunities’, Strategic Report (p.189 to

197)

SBM-3_12

‘Double materiality assessment (DMA)’,

Strategic Report (p.48 to 51)

IRO-1 Description

ofthe process

toidentify andassess

material impacts, risks

and opportunities

IRO-1_ 01

‘Double materiality assessment (DMA)’,

Strategic Report (p.48 to 51)

IRO-1_ 02

‘Double materiality assessment (DMA)’,

Strategic Report (p.48 to 51)

IRO-1_ 04

‘Double materiality assessment (DMA)’,

Strategic Report (p.48 to 51)

IRO-1_ 06

‘Double materiality assessment (DMA)’,

Strategic Report (p.48 to 51)

IRO-1_11

‘Business resilience’, Strategic Report

(p.185 to 187)

IRO-1_15

Covered in SBM-3_11 (p.68)

E3.IRO-1_02 &

E2.IRO-1_02 &

E4.IRO-1_05 &

E5.IRO-1_02 &

IRO-1_ 05

‘Stakeholder Forum – hearing from our

stakeholders on what matters most’

(p.49) and ‘Stakeholder Engagement’ (p.

12 to 15), Strategic Report

Incorporation by Reference

Disclosure Requirements Datapoints Respective Reference

IRO-2 Disclosure

Requirements in ESRS

covered by the

undertaking’s

sustainability

statement

IRO-2_13

Covered in BP-1_01- 06 (p.52)

Topical Standards

E1.SBM-3_07

‘Note 25’, Financial Statements (p.316)

E1. MDR-T_08

‘Earn our licence to operate’, Strategic

Report (p.33 to 40)

E1. MDR-T_13

‘Mission 2025 Performance Table’, (p.44

to 45)

E1-8_09

‘Note 13’, Financial Statements (p.283 to

286)

E2.MDR-T _01-13 & E2-

3_02-03

‘Stakeholder engagement’ section,

Strategic Report (p.12 to 15)

E5.MDR-A _ 06-12

‘Consolidated income statement’ &

‘Consolidated cash flow statement’

Financial Statements (p.269 and p.272)

S1-2

‘Stakeholder engagement’ section (p.12

to 15), ‘Corporate Governance’ section

(p.210 to 222)

S1-6_17

‘Note 8’, Financial Statements (p.278)

S2-2 and S3-2

Covered in ‘Stakeholder engagement’

section (p.12 to 15)

S4.SBM-3_01-05

‘Leverage our unique 24/7 portfolio’

section, Strategic Report (p.18 to 20)

S4-2

Covered in ‘Stakeholder engagement’

section (p.12 to 15)

General disclosures continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

Governance

GOV-1 The role of the administrative, management and supervisory bodies

GOV-1_03

Our administrative, management and supervisory bodies are in accordance with the regulatory requirements. The representation of workers in those bodies is based on local law, and countries adhere to that.

Forexample, in Austria, there is representation of the local works council in the supervisory board based on local law.

GOV-1_08-11

Responsibility for oversight of impacts, risks and opportunities are, at Board level, the Social Responsibility Committee and the Audit and Risk Committee of the Board of Directors. The Social Responsibility

Committee of the Board of Directors establishes principles governing social and environmental management and oversees performance management to achieve our sustainability goals (social and

environmental). Further information regarding the responsibilities of the Committees is available in the Corporate Governance section of the report, ‘Social Responsibility Committee’ and ‘Audit and Risk

Committee’.

Our CEO and the ELT are ultimately accountable for performance against our sustainability goals and for the execution of our sustainability agenda. The Sustainability Steering Committee (‘Sustainability

SteerCo’), led by the CEO and including members from various functions such as Supply Chain, Procurement, Corporate Affairs & Sustainability, Finance and Commercial, meets regularly. During these

meetings, they discuss performance, approve new strategic initiatives and allocate resources. Sustainability SteerCo, through its respective ELT members, is responsible for:

Committee Responsibilities

Cross-Departmental Engagement

(functions listed provide collective support across the responsibilities set out)

Sustainability Steering

Committee (Sustainability

SteerCo)

• Setting corporate sustainability targets and measuring progress

towardsenvironmental and social corporate targets;

• Reviewing and approving environmental scenario analysis (conducted by cross-

functional teams);

• Managing public policy engagement related to environmental and social issues;

• Implementing business strategies related to sustainability (environmental and

social) issues;

• Managing acquisitions, mergers and divestitures related to environmental

andsocialissues;

• Overseeing major capital and/or operational expenditures related to

environmentaland social issues;

• Assessing the results of environmental dependencies, impacts,

risksandopportunities;

• Providing employee incentives related to sustainability performance;

• Implementing a climate transition plan;

• Managing sustainability reporting, audit and verification processes; and

• Measuring progress towards science-based environmental targets and

socialtargets.

• Corporate Sustainability team, which monitors and reports on the Company’s

Mission 2025 commitments (our environmental and social targets), sustainability

projects, stakeholders’ engagement and external sustainability trends;

• Business Resilience team, which facilitates, in collaboration with various Group

and BU functions, the identification, assessment and development and

monitoring of management plans for all principal risks and opportunities,

including those relating to climate change;

• Quality, Safety and Environment (QSE) and Engineering teams, which explore and

evaluate new technologies and partnerships that can enhance the Company’s

environmental performance and competitiveness;

• People and Culture team, which monitors and reports on some of the social

targets and KPIs, projects and diversity, equity & inclusion (DEI) agenda; and

• Procurement team, which monitors sustainable sourcing and

suppliers’engagement.

At the local/market (business unit) level, our business unit General Managers (GMs) have frontline responsibility for: monitoring the local business unit sustainability performance regularly; localising the

sustainabilitystrategy for their market/business unit; and prioritising the local initiatives. Together with the local leadership teams, our GMs are responsible for the execution of sustainability goals

at market/business unit level.

General disclosures continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

GOV-1_12-14

The reporting lines for the governance structure

on sustainability extend from the Board level,

andfurther downwards to the ELT, and the Group

level to the BU and country level. This vertical and

horizontal interaction ensures a robust interface

among committees, teams and leadership,

facilitating the sharing of responsibilities for

various aspects of sustainability.

We have dedicated controls and procedures

inplace to manage our impacts, risks and

opportunities. Each function is responsible

foritsrespective area, such as:

• QSE, for emissions, energy, water usage

ratio,waste, consumer complaints;

• Procurement, for ensuring sustainability

atsupplier level and sustainable sourcing;

• People and Culture, for overseeing people-

related KPIs, human rights and

employeeengagement;

• Corporate Affairs and Sustainability,

forpackaging collection, recycled PET,

communitysocial programmes, volunteering,

water stewardship at community level;

• Business resilience, for overall risk management

and scenario analysis; and

• Legal, for compliance, corporate governance

agenda, Code of Business Conduct.

All functions conduct regular performance

reviews,at least quarterly and often monthly,

where sustainability-related KPIs and performance

are presented and discussed, and action plans are

agreed upon. These reviews start at local plant,

warehouse, country and BU levels on a monthly

basis and continue up to the Group functions.

Group functions, along with their respective heads

and ELT-responsible members, monitor the targets

monthly. We also develop short- and long-term

sustainability targets (e.g., targets set for 2025

in2018, as well as targets for 2030 and beyond)

thataddress the most material impacts across

allthree segments of the value chain. Every set of

sustainability targets is aligned with the respective

responsible function, before being presented and

endorsed by the ELT and subsequently by the

Social Responsibility Committee of the Board of

Directors. This process has been followed for all

Mission 2025 sustainability targets, science-based

targets related to carbon emissions, the

NetZeroby40 target, biodiversity targets, social

targets andothers. We also apply the very rigorous

quality, food safety, health and safety, and

environmental standards of The Coca-Cola

Company (TCCC), so-called KORE standards,

mandated for each ofour manufacturing sites,

warehouses and distribution centres, where the

control is under the local plant-level management

and it is assured via regular cross-border internal

audits, external ISO audits, external audits by

TCCC and external Workplace Accountability

audits.

Any finding or recommendation from the risk

assessment process and internal controls related

to sustainability matters are regularly monitored

and then incorporated into the Group’s

procedures and processes.

GOV-1_15

We are proud of the diverse skills and experiences

ofour Board. 11 out of 13 Board members possess

the appropriate skills and experience

insustainability and community engagement

matters. For example, we have members who are

familiar with environmental matters, such as

climate, water stewardship, biodiversity and

packaging, and with social andgovernance,

including Anastasios Leventis, Evguenia

Stoitchkova, Charlotte Boyle, George Pavlos

Leventis and Zoran Bogdanovic.

GOV-1_17

We ensure our Board’s competency on both

environmental and social issues and impacts,

andon risks and opportunities. Our Board

includesmembers who hold significant positions

(cofounder, CEOs) and are members of various

organisations and institutions, such as the

European Council of the Nature Conservancy,

theWWF Hellas (Greek branch of WWF), the

Overseers of the Gennadius Library in Athens,

theUK for UN High Commission for Refugees

(UNHCR). These roles provide our Board

memberswith deep insights into environmental

conservation, social responsibility and risk

management, which are directly relevant to

ourCompany’s material impacts, risks and

opportunities. More information is available in the

‘Corporate Governance’ section, paragraph ‘2025

actions based on 2024 Board evaluation findings

and previous experience’, page 225.

GOV-2 Information provided to, and

sustainability matters addressed by,

CCHBC’s administrative, management

andsupervisory bodies

GOV-2_01-02

One year ago, in 2024, we implemented our

Business Resilience (BR) Framework, which

replaced our Enterprise Risk Management

Programme. The BR Framework maintains all

keyaspects of effective risk management but

alsoincorporates other BR elements – security,

business continuity, insurance and crisis

management. The Board retains overall

accountability and responsibility for the Group’s

business resilience, risk management and internal

control systems. It provides direction to the business

on the level of acceptable risk through the Risk

Appetite Statement and receives regular reports

from the CRO (Chief Risk Officer) on the extent

towhich that statement is applied throughout

thebusiness. In 2025, the Board reviewed the Risk

Appetite Statement and it was applied through

the setting of risk tolerance levels for every risk

that business units and Group functions assessed.

The Board also reviews the principal and

emergingrisks and key resilience management

plans, including our Group and Local insurance

programmes annually and, through the work of

theAudit and Risk Committee, receives quarterly

updates on the effectiveness of the Business

Resilience and risk management programme.

Insights from our assessment of principal and

emerging risksand opportunities are taken into

account bytheBoard as part of its continuous

review oftherelevance and effectiveness of our

business strategy. For more information on our

Business Resilience Programme, see section

‘Business resilience’ in the strategic part of this

IAR. Additionally, to ensure the effectiveness of our

policies and actions, the Social Responsibility

Committee reviews Group policies on environmental

issues, human rights and other topics as they relate

to social responsibility. Further information regarding

the responsibilities of the Social Responsibility

Committee can be found on the pages 226 to 227 of

the report, while for details on our policies, please

see ‘Consolidated Policies Table ‘, pages 75 to 81.

During 2025, the Social Responsibility Committee

met four times, as noted in the Governance section,

Social Responsibility Committee, part of the report.

In every meeting, sustainability-related topics, such

as climate, water stewardship, packaging, public

policies and others are discussed, and the

Committee stays informed about material

sustainability matters that emerge during

thereporting year.

GOV-3 Integration of sustainability-

related performance in incentive

schemes

GOV-3_01

In CCHBC, we provide both monetary and

non-monetary incentives for achieving our

sustainability goals across all organisational

leadership layers, not only on Group & C-suite

levels, but also on country and plant-management

levels down to production shop floor. We believe

each employee plays an important role in the final

achievement of our sustainability targets and has

these goals embedded into their work culture and

ethics; therefore, all employees can receive

recognition for their performance in minimising

our impact on climate and the environment, and

improving our social performance. Substantiated

violations of our Company’s Code of Business

Conduct result in disciplinary measures, which

include loss of bonus, unpaid suspension, formal

written reprimand and termination.

General disclosures continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

GOV-3_06

The Remuneration Committee’s role includes

incentivising strong business performance and

appropriately rewarding contributions to the

Company’s long-term success. The Committee

has reviewed the policy-based outcomes under

the Performance Share Plan (PSP).

E1.GOV-3_01

CCHBC has introduced GHG emission reduction

targets as one of the elements in its long-term

management incentive plan (LTIP) and also PSP.

Thiswas selected to directly align with and

incentivise delivery of the Company’s

sustainability objectives, particularly our

ambitiousgoal to achieve net zero emissions

acrossour entire value chain by 2040.

GOV-3_02, 04 & E1.GOV-3_01, 03

Since 2021, the reduction in GHG emissions metric

was selected as part of the LTIP to directly align

withthe Company’s sustainability objectives. This

includes our ambitious goal to achieve net zero

emissions across our entire value chain by 2040,

covering all scopes of emissions (scope 1, 2 and 3) in

all territories where we operate, and our approved by

the Science Based Targets initiative (SBTi) targets

(2030 target year). The CO

emissions target in the

PSP implicitly captures reduction in plastics. Also,

itindirectly captures water as linked to climate risk

scenarios (both physical and transition).

Since its inclusion in the LTIP in 2021 until 2025,

wehave achieved our annual roadmap for absolute

emissions reduction, and we are progressing

asper the NetZeroby40 transition plan to reach

our science-based absolute emissions reduction

by2030 and further to net zero by 2040.

Our Mission 2025 sustainability commitments

related to the percentage of energy-efficient

coolers are up to 66% in 2025 versus 60% in 2024,

meaning that in both years we exceeded our 2025

target (2025 target is 50%); also, we continue using

100% renewable and clean electricity in our

operations inthe EU and Switzerland (2025 target

is 100%) and we overachieved our 2025 target on

total renewable and clean energy in direct

operations, reaching 54% (2025 target is 50%).

GOV-3_03

The vesting schedule for PSP performance

conditions is a straight line between the threshold

and maximum performance levels. The emissions

reduction was first introduced in the LTIP in 2021.

Additionally, Mission 2025 commitments

performance is part of the annual individual

performance metrics measured, and the

achievement of the goals of helping communities in

water risks areas by implementing water stewardship

projects, #YouthEmpowered, % energy-efficient

coolers, progress made towards packaging

goalsand CO

emissions ratio are included.

E1.GOV-3_02

emissions are part of the LTIP (15% weight)

and PSP of all people eligible, including all C-suite

and senior management members.

GOV-3_03-05

The CEO’s individual performance metrics were

measured versus the following priorities in 2025:

• Reduction of CO

and increase energy-efficient

coolers

• Progress of water stewardship projects

• Advancement of packaging initiatives and

circularity performance

• Number of #YouthEmpowered

The Remuneration Committee also considered

additional achievements during 2025, including the

highest score in the beverage industry in the S&P

Global Sustainability Yearbook (based on the Corporate

Sustainability Assessment – CSA) and an ‘A’ rating from

CDP for both Climate and Water disclosures.

Please see page 253 for more details.

The proportion of variable remuneration

dependent on sustainability-related targets

and/or impacts is up to 15%.

GOV-4 Statement on due diligence

GOV-4_01

Our due diligence work is conducted in accordance

with the OECD Guidelines for Multinational

Enterprises and implemented by our members

from various functions, such as Supply Chain,

Procurement, Corporate Aﬀairs & Sustainability,

Finance, Risk and Commercial, and then presented

to the Social Responsibility Committee, which

reports to the Board of Directors.

Core elements ofdue diligence Paragraphs in the Sustainability Statement Relevant Datapoints

Embedding due

diligence in

governance, strategy

and business model

GOV-2 Information provided to and

sustainability matters addressed by

the undertaking’s administrative,

management and supervisory bodies

GOV-2_01

GOV-2_02

GOV-3 Integration of sustainability-

related performance in incentive

schemes

GOV-3_06

SBM-3 Material impacts, risks and

opportunities and their interaction

with strategy and business model

SBM-3_03 & SBM-3_10

E1.SBM-3_03

Engaging withaffected

stakeholders in all key

steps of the due

diligence

GOV-2 Information provided to and

sustainability matters addressed by

the undertaking’s administrative,

management and supervisory bodies

GOV-2_02

Core elements ofdue diligence Paragraphs in the Sustainability Statement Relevant Datapoints

SBM-2 Interests and views of

stakeholders

SBM-2_04

SBM-2_05

SBM-2_12

IRO-1 Description of the process to

identify and assess material impacts,

risks and opportunities

E3.IRO-1_02 & E2.IRO-1_02 &

E4.IRO-1_05

E5.IRO-1_02

Table 2: Elements of due diligence within the Sustainability Statement

General disclosures continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

Core elements ofdue diligence Paragraphs in the Sustainability Statement Relevant Datapoints

MDR Policies

E1.MDR-P_05

E1. MDR-P_06

E1. MDR-T_11

E2.MDR-P_05

E2.MDR-P_ 06

E2.MDR-T_11

E3.MDR-P_05

E3.MDR-P_ 06

E3.M DR-T_11

E4.MDR-P_05

E4.MDR-P_06

E4. MDR-T_11

E5.MDR-P_05

E5.MDR-P_ 06

E5.MDR-P_11

S1.MDR-P_05

S1.MDR-P_06

S2.MDR-P_05

S2.MDR-P_06

S3.MDR-P_05

S3.MDR-P_0 6

Topical ESRS

E4-1_ 06

S1-2_03

S2-2_03

S3-2_03

Core elements ofdue diligence Paragraphs in the Sustainability Statement Relevant Datapoints

Identifying and

assessing adverse

impacts

IRO Description of the process to

identify and assess material impacts,

risks and opportunities

IRO-1_ 01, IRO-1 _02, IRO-1_ 04,

IRO-1_ 06, IRO-1_ 05

SBM-3 Material impacts, risks and

opportunities and their interaction

with strategy and business model

SBM-3_03 & SBM-3_10

E1.SBM-3_03

S1.SBM-3_03

S2.SBM-3_05

S3.SBM-3_07

MDR Policies

E1.MDR-P_01_02

E2.MDR-P_ 01

E3.MDR-P_ 01

E4.MDR-P_01

E5.MDR-P_ 01

S1.MDR-P_01

S2.MDR-P_01

S3.MDR-P_01

Topical ESRS

E2-1_01

E2-1_03

E3-1_11

E3-1_12

E3-3_01

E3-3_02

E4-2_04

E4-2_06

General disclosures continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

Core elements ofdue diligence Paragraphs in the Sustainability Statement Relevant Datapoints

Taking actions to

address those adverse

impacts

MDR Actions

E1.MDR-A_01_02

E2.MDR-A_01_02

E3.MDR-A_01_02

E4.MDR-A_01_02

E5.MDR-A_01_02_03_05

S1.MDR-A _01

S2.MDR-A_01

Topical ESRS

E2-2_02

E3-2_03

S1-4_01_02

S2-4_01_02

Core elements ofdue diligence Paragraphs in the Sustainability Statement Relevant Datapoints

Tracking the

effectiveness of these

efforts and

communicating

MDR Targets

E1. MDR-T_13

E2.MDR-T_01-13

E3.M DR-T_ 01-13

E4. MDR-T_01-13

E5.MDR-T_02_03

S1.MDR-T_13

S3.MDR-T_13 / S3.MDR-A_05

Topical ESRS

E3-4_01_02_03_08_10_11_12

E4-5_04

E5-

3_01_02_03_04_05_06_07_08

S1-5_02

GOV-5 Risk management and internal

controls over sustainability reporting

GOV-5_01-05

Governance of all risks, including sustainability-

related risks, is the responsibility of the Board. Each

year, the Board reviews principal and emerging risks

and opportunities, including those associated with

climate change, water management, and health

andsafety. Additionally, the Social Responsibility

Committee of the Board takes a particular

interestin risks associated with climate change.

Reporting of our sustainability-related risks,

including climate-related risks, is integrated

intoour risk management programme. This

programme is a five-step process linked to our

strategy and can be applied across all business

activities (e.g. business risk, project risk, new

product development). It involves:

1. Risk identification.

2. Analysing the inherent risk by evaluating

potential impact and likelihood.

3. Assigning current risk ownership, mitigation

activities and internal controls, and analysing

residual risk, by evaluating inherent risk and

mitigation effectiveness.

4. Preparing appropriate action plans to manage

the risk and achieve our risk objective.

5. Monitoring, reviewing, and auditing and reporting.

Prior to external disclosure, all risk assessments

and management plans, including sustainability-

related risks and opportunities undergo rigorous

review by the Group Business Resilience team,

Group Risk and Compliance Committee, ELT,

Audit and Risk Committee of the Board and the

Board; and are subject to internal audit.

The internal control framework is updated promptly

in response to any significant developments and

will expand further as necessary. Its overall

effectiveness and coverage continue to improve

as internal control requirements are cascaded

across reporting periods.

Our sustainability data management approach,

supported bythe Finance function, evolves by

applying financial reporting principles to non-

financial data and through the development of a

robust control environment. This, in combination

with relevant policies, ensures progress towards

our objectives. Internal sustainability process

guidelines set minimum requirements for

environmental management and provide

frameworks, templates and tools for consistent

application across all CCH markets.

When material topics are identified,

reportingprocesses and practices are reviewed.

Consequently, the associated action plans,

internal controls, processes and ways of working

may be adjusted. Such reviews may include

updating policies, procedures and manuals,

streamlining data collection and validation,

andestablishing controls to ensure accuracy,

replicability, reliability and timeliness.

Our internal control system is designed to identify,

assess and manage risks that may affect the

reliability of our sustainability reporting. We have

identified key risks related to sustainability data

collection processes, potential non-compliance

with applicable sustainability laws, adherence to

internal policies and procedures, as well as risks

stemming from inaccurate data inputs and

misapplication of reporting standards.

General disclosures continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

Variations in data collection practices can pose

challenges to the reliability of sustainability

reporting. Certain metrics, particularly those

related to the upstream and downstream value

chain segments, are often estimated using

indirect sources. For example, the calculation

ofscope 3 greenhouse gas (GHG) emissions or

thepercentage of recycled materials. The timing

and availability of data across the value chain

arecritical for effective decision making and

operational efficiency. Achieving synchronisation

of data across different stages of the value chain

isessential to ensure accuracy. Although these

factors introduce risks, they can be effectively

managed through careful planning and

diligentoversight.

We have put a process in place to ensure that

allstrategic goals related to NetZeroby40 and

other sustainability commitments are clearly set

out and monitored properly. In addition, we have

established processes and procedures to ensure

that regular training on our health and safety rules

is provided to employees in accordance with their

roles and responsibilities, and any relevant

regulatory requirements.

Sustainability-related risks are embedded within

our risk management programme, as outlined

inthe ‘Business resilience: Proactive management

ofrisks and opportunities’ section of this IAR. As

part of this programme, sustainability risks and

opportunities are discussed, monitored and

prioritised, alongside other risks, during the

principal risk assessment process. Insights

fromthe engagement with business units and

cross-functional teams are consolidated into

aprincipal risk report, which is reviewed by the

Group Risk and Compliance Committee (GRCC).

The GRCC ensures that principal risks, as

detailedin the IAR section ‘Principal and emerging

risks and opportunities’, are assessed from

abroader, cross-functional perspective, with

findings incorporated into the principal risk report

submitted to the ELT and, on a quarterly basis,

tothe Audit and Risk Committee of the Board.

Once a risk has been identified and assessed,

designated risk owners, accountable managers

and mitigation plan owners are assigned to monitor,

develop and implement appropriate actions,

ensuring clear accountability throughoutthe

process. The outcomes of these assessments,

together with evaluations of the effectiveness

ofmanagement plans and internal controls, are

reviewed by the Group Business Resilience team

incollaboration with Group risk owners, Regional

Management teams and the GRCC, and are

subject to internal audit.

In 2025, we strengthened the Internal Control

Framework to better identify, reduce and mitigate

risks related to sustainability reporting. It currently

contains Group-level controls addressing key

risks, including non-compliance with applicable

sustainability laws and reporting standards,

incomplete disclosures, inaccuracies in data

collection and insufficient validation across

thevarious CCH markets.

We apply a risk-based approach to monitoring

sustainability reporting internal controls, which

isakey component of our assurance model. We

monitor sustainability reporting internal controls

as progress is made with implementing them.

Selected sustainability disclosures undergo

external limited assurance by an independent

auditor, as reported in the Assurance Statement,

complementing our internal controls and

governance oversight.

Our Internal Audit Department conducts

independent, cross-regional sustainability

auditsto assess the processes supporting

sustainability reporting and the standardisation

ofdata collection across selected business

unitsand Group functions. These audits

aimtoidentify opportunities to strengthen

theoveralleffectiveness and efficiency of

processesand controls. All audits are conducted

inconformance with the International Standards

forthe Professional Practice of Internal Auditing.

Findings are then submitted to the Audit and

RiskCommittee. The Board and its Committees

conduct annual reviews of the effectiveness of

the internal controls including sustainability-

related controls.

Local compliance with QSE regulations is reviewed

quarterly, either internally or externally, within the

context of ISO Audits for Quality, Food Safety,

Occupational Health and Safety, and Environment.

The results of these reviews and inspections are

presented quarterly to the Board’s Audit and

RiskCommittee.

Our Board of Directors and Executive Management

set a strong tone at the top, maintaining clear

governance structures and oversight mechanisms

to integrate environmental, social and governance

priorities into our corporate strategy. For more

information, please visit the ‘Corporate governance

– Internal controls’ section of the IAR.

Strategy

SBM-1 Strategy, business model

andvaluechain

SBM-1 _01

Our growth strategy reflects our vision to be

theleading 24/7 beverage company. It is built on

five key pillars of growth, each of which is a core

strength or competitive advantage, while at the

same time, they reflect on different sustainability

aspects. Our five strategic growth pillars include:

• Leverage our unique 24/7 portfolio.

• Win in the marketplace.

• Fuel growth through competitiveness

andinvestment.

• Cultivate the potential of our people.

• Earn our Licence to operate.

For more information, please visit the ‘Strategic

Report – Growth pillars’ section of the IAR. Our

portfolio includes some of the world’s best-known

beverages. We produce and sell an unparalleled

portfolio of beverage brands relevant to every

customer, consumer and occasion. Our portfolio

isone of the strongest, broadest and most flexible

in the beverage industry, offering consumer leading

brands in the Sparkling, Juice, Water, Sport, Energy,

Ready-to-drink Tea, Coffee, Adult Sparkling,

Snacks and Premium Spirits categories. We have

high-growth opportunities across high-value

occasions and categories. Our flexible portfolio

caters to a growing range of tastes and

preferences, with a wider choice of both affordable

and premium products, and a wide range of

healthier options. Our Sparkling portfolio has

evolved with the proliferation of zero-sugar and

light variants, single-serve packs and broader

innovation in flavours, and it is the most significant

group of products as it represents the main source

of revenue. Our 24/7 portfolio has considerable

growth potential, driven by our strategic priority

categories, Sparkling, Energy andCoffee.

SBM-1 _02

We operate in markets with different profiles,

aspresented in the ‘Strategic Report – Growth

pillars’. Every market we serve holds significant

importance to us, contributing substantially to

ouroverall revenue and growth. Further details

areavailable on pages 2 and 17.

General disclosures continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

SBM-1 _03

Table 3:

The geographical distribution of our employees (FTEs) is as follows:

2024 2025

Geographical area Permanent Temporary Permanent Temporary

Region 1 5,914 98 6,063 102

Region 2 7,829 679 7,978 779

Region 3 12,368 2,595 12,063 2,726

Italy 1,991 20 1,982 17

New Businesses – – 28 1

Corporate Centre 1,508 18 1,739 19

Subtotal 29,609 3,409 29,853 3,644

Total 33,018 33,497

• Region 1 includes the following countries:

Austria, Czech Republic, Slovakia, Hungary,

Republic of Ireland, Northern Ireland, Poland,

Estonia, Lithuania, Latvia and Switzerland.

• Region 2 includes the following countries:

Bosniaand Herzegovina, Slovenia, Croatia,

Bulgaria, Greece, Cyprus, Romania, Serbia

(including the Republic of Kosovo), Montenegro,

Ukraine, Moldova and Armenia.

• Region 3 includes the following countries:

Russia,Nigeria, Egypt and Belarus.

• New Businesses employees include Vodka

Finlandia and Three Cents.

Further information about our employees is

available in the ‘Cultivate the potential of our

people’ section of the IAR.

SBM-1_05, 06

None of our products are banned in the markets

where we operate, and we comply with all local

legal requirements for the sale and marketing of

those products. Wherever there is stakeholder

concern expressed relating to beverage industry

ingredients, we address those concerns through

our industry associations and other alliances.

Asdetailed in Notes 6 and 7 of the consolidated

financial statements, our annual revenue reached

€11,604.5 million.

SBM-1 _ 21

Sustainability is embedded in every aspect

ofourbusiness as we look to create and share

valuewith all our stakeholders. We make a strong

contribution to developing the societies in which

we operate through employment and our wider

supply chain, as well as through supporting

community projects. We have established strong

targets to embrace sustainability. Our Mission

2025 commitments on climate, packaging, water,

ingredients, nutrition, people and communities

set measurable targets. Further details and data

related to ‘Our Mission 2025’ sustainability-related

goals and the relationships with stakeholders are

available in the Strategic Report, ‘Earn our Licence

to operate’ and ‘Tracking our progress’ sections

ofthe report. Our Company announced our

commitment to achieving net zero emissions

across its entire value chain by 2040, and we

arefirm in our target to reduce our emissions

footprint across scope 1, 2 and 3. This

commitment is approved by the SBTi. Together

with the Coca-Cola System, we have started to

actively engage with our significant suppliers that

represent over 70% of our scope 3 emissions,

onhow to measure GHG and prompt them

toactively disclose in the CDP and develop their

ownscience-based target commitments. In 2023,

wejoined the engagement programme of the

Science Based Targets Network (SBTN), and

weare committed to follow their guidelines and

methodology for setting science-based targets

for nature. Our target is to make a net positive

impact on biodiversity in critical areas of our

operations and supply chain by 2040 and eliminate

deforestation in our supply chain by 2025, and we

focus our efforts on the relevant actions so both

nature and business can thrive. We strive to

minimise food loss and food waste in our

operations as this helps us preserve water and

other natural resources, avoid carbon emissions

and mitigate the social and economic impacts

ofagriculture. Our target to tackle food waste

andloss across our activities and operations is to

decrease our absolute food losses (in dry matter)

by 30% by 2025 compared to our 2019 baseline,

and further reduce by 40% by 2030 versus 2019.

We also strive to recycle 100% of manufacturing

waste and achieve zero waste to landfill.

More on our new commitments, Mission

Refresh, can be found on page 34

SBM-1 _ 22

When setting our sustainability goals, we consider

our main activities and their impact, and the goals

cover all our business units, not only the largest

ones. We require each of our operations to

followour sustainability standards, with each

sustainability target set first at the overall Group

level, and then we disaggregate for each of our

operations. The disaggregation leads to an

individual country/ business unit annual roadmap,

and we conduct performance reviews based on

those annual roadmaps. In some areas, such as

water, where challenges and risks are very local

(e.g., watershed-specific challenges and risks),

weset our Group target for those risky areas,

butthe individual plant target considers the local

issue and specifics. For suppliers, our overall

sustainability requirements apply to every supplier

or partner (e.g., our Supplier Guiding Principles).

However, forsome specific goals, such as

sustainable certification of agricultural

ingredients, we consider only the main and most

impactful agricultural ingredients representing a

significant part of our procurement spend. In our

Mission 2025, as set in 2017 and endorsed in 2018,

when the Egyptian operations were not yet part

ofCCH, the actual and target data excludes Egypt.

In all other targets (with target year if 2030 and

beyond), Egypt is included.

SBM-1 _ 23

Our boldest sustainability commitment,

NetZeroby40, requires significant decarbonisation

of each part of the value chain and decoupling the

emissions from the business growth. In some

cases, for example to reduce emissions from

packaging materials and increase packaging

circularity, we will use more reusable bottles

(returnable glass bottles), which lead to more

water consumption in our manufacturing sites for

cleaning of the bottles and also more kilometres

driven for reverse logistics (transportation of the

empty bottles back to the plants). Using more

natural ingredients and providing more beverages

with no preservatives to respond to the health

andnutrition expectations of our consumers lead

to increased requirements of our suppliers and

higher cost of sourcing the ingredients. For

moreinformation on our actions, please see the

‘Earn our licence to operate’ and ‘Cultivate the

potential ofour people’ sections of this report.

SBM-1 _ 27

We believe that the only way to create long-term

value for all our stakeholders is through sustainable

growth. Our stakeholders and the wider

communities where we operate benefit in multiple

ways. Each stakeholder group has different benefits

depending on their position in the value chain.

Forour stakeholders’ benefits, please consult

the‘Business model’ section on page 10. We have

astrong socio-economic impact. As a strategic

bottling partner of TCCC, we are aware that our

impact on society is significant. We create value for

the societies we operate in by creating jobs, training

workers and as community participants, building

General disclosures continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

Data & Insights

Portfolio Strategy

Investments in

Revenue Growth

Capabilities Plans

Talent Exchange

Making Our

Packaging Circular

Brand

Ownership

Portfolio

Development

Consumer

Marketing

Concentrate

Supply

Production

of Beverages

Portfolio Sales &

route to market

Customer Marketing,

Execution & Management

Bottling Capex

Investments

physical infrastructure, procuring raw materials

locally, transferring technology, paying taxes,

expanding access to products and services, and

creating growth opportunities for our customers,

distributors, retailers and suppliers. Through the

Socio-Economic Impact Study, which we perform

ineach of our markets together with TCCC, we

understand how our activities benefit economies

and societies and what our total contribution is to

the domestic economy, local communities and

employment. Further details are available in the

Strategic Report, ‘Socio-economic contribution’

paragraph on page 11.

SBM-1 _ 28

Our upstream value chain segment incorporates

allthe activities that supply us with the key raw

materials and resources, equipment and services

toproduce our products. For that purpose, we

partner with our suppliers. We transform these

resources into products through anoptimised

manufacturing infrastructure, creating value for

ouremployees, investors and governments in the

countries where we operate. We are an exclusive

partner of TCCC in 28 markets. TCCC owns,

develops and markets its brands with the

end-consumer. We are responsible for producing,

distributing and selling these beverages. We work

together to ensure that we have the right portfolio

for our markets and to ensure excellent, efficient

execution. We buy concentrate from TCCC under

an incidence-based pricing model. We also share

marketing costs and responsibilities; TCCC

undertakes marketing to consumers while we take

responsibility for trade marketing to our customers.

In the downstream value chain segment, we deliver

our products through a robust channel network

and partner with our customers for the products’

delivery to the end-users (consumers).

SBM-2

Interests and views of stakeholders

Please refer to ‘Stakeholder Engagement’

part on page 12 to 15

In the downstream

value chain segment,

we deliver our

products through

arobust channel

network and partner

with our customers for

the products’ delivery

to the end-users

(consumers).

SBM-3 Material impacts, risks and

opportunities and their interaction

withstrategy and business model

SBM-3_03, 10

Our Business Resilience (BR) programme

embedsthe capability, processes and mindset

needed to proactively manage risks and seize

opportunities, supporting short-, medium-,

andlong-term objectives.

The Group-wide programme includes appropriate

mitigation and response systems that can be

deployed when and where required. Our integrated

and holistic approach has been particularly

important in recent years of geopolitical, economic

and environmental change. We provide managers

at all levels with the processes and tools they need

to proactively identify and assess risks, make well

thought-out decisions and take appropriate and

timely actions. For more information, please seethe

‘Business resilience’ section of the IAR.

Working in close collaboration with risk owners

across our business units, Group functions and the

ELT, the CRO is tasked with maintaining a wide-

angled view of all business streams and identifying

emerging risks and opportunities. Through regular

reporting, the CRO ensures visibility and provides

decision support to the ELTand Board of Directors.

Our process emphasises early identification and

assessment of risks, to prevent or reduce negative

impacts and capture opportunities. When events

occur that we cannot prevent or predict, we have

strong processes in place to minimise their

impacton the business. These include tested

contingency plans, a business continuity

programme, our Incident Management

andCrisisResolution (IMCR) programme,

andcomprehensive insurance coverage.

Since 2024, we have significantly advanced our

integrated approach to risk and resilience across

our business units through the launch of our

Integrated Business Resilience Framework.

Thishas strengthened visibility of key risks,

deepened analytical insight and enabled more

systematic sharing of best practices across the

Group. In parallel, we optimised the assessment

ofbusiness interruption risks and embedded

these insights directly into our insurance strategy

and business continuity programmes, reinforcing

financial protection and operational resilience.

Within the double materiality assessment (DMA)

process, we have reassessed risks and opportunities

facing our business, the environment and society.

Climate change remains a significant medium to

long-term risk, integrated into our risk management

programme. In addition, by proactively preparing for

and managing climate risk through our business

strategy and capital investments, we can also

harness significant opportunities.

SBM-3_02

Following the DMA process, we identified

twomaterial risks and two corresponding

opportunities across our value chain. Financial

materiality focuses on the potential financial

effects of sustainability-related risks and

opportunities; therefore, not all principal risks

outlined in the ‘Business resilience’ section of

thisIAR are considered relevant for the purposes

of the Sustainability Statement.

The first risk, ‘Managing our carbon footprint’,

spans our whole value chain and covers the risk

weface from exposure to potential carbon taxes.

As a result, it is directly tied to progress towards

ourNetZeroby40 commitment. The related

opportunity, of achieving reduced operational

costs by implementing energy efficiency projects,

is also considered material.

The second material risk, ‘Cost and availability

ofsustainable packaging, suppliers and sustainable

sourcing’, spans both the upstream and downstream

value chain. Upstream, it concerns sourcing

sustainable packaging materials for our products;

downstream, it involves reducing packaging waste

and supporting the availability ofsustainable

solutions post-consumption. The associated

opportunity focuses on supporting circularity,

including strengthening or transforming established

collection systems and introducing collection

initiatives in regions without any, to secure long-term

access to high-quality feedstock for recycling.

General disclosures continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

SBM-3_08, 09, 10

The financial effect for 2025 of the material risk

‘Managing our carbon footprint’ is primarily driven

by the €153.0 million of Capex invested in emission-

reduction projects, mainly relating to energy-

efficiency initiatives, the expansion of our green

fleet programme and the deployment of energy-

efficient coolers. For the material risk related to

‘Cost and availability of sustainable packaging,

suppliers and sustainable sourcing’, the current

financial effect amounts to €83.0 million of Capex,

reflecting investments made during the year,

particularly in returnable containers and packaging-

related projects, and an additional €55 million,

associated with the increased cost of recycled

PETused in our beverage packaging. For the next

reporting period, we do not anticipate significant

risk of material adjustments to the carrying

amounts of assets and liabilities reported in the

financial statements as the result of the material

risks identified.

The capital and operating expenditure referenced

above are reflected in our financial statements,

aspart of the consolidated cash flow statement

(within the line-item Payments for purchases of

property, plant and equipment, page 272) and the

consolidated income statement (within Cost of

goods sold, page 269) respectively. Our accounting

system does notseparately classify sustainability-

related investments or costs, as both are reported

in accordance with the general financial reporting

principles. For Capex specifically, we apply

aninternally developed process to identify

expenditures associated with growth initiatives

thatdeliver sustainability benefits, enabling us

totrack and report the amounts noted above.

As we advance our NetZeroby40 transition plan,

we expect theshare of Capex dedicated

tosupporting ittogradually increase to 37% of

totalCapex by2030. Beyond 2030, we anticipate

maintaining theinvestment trajectory established

for 2025-2030, across both Capex and Opex/COGS,

tosupportcontinued progress towards

ourNetZeroby40commitment.

We are confident that we will be able to fund

theaction plan linked to the two material risks

mentioned above. Our Group’s funding sources

include a diverse range of short-term and

long-term instruments that provide flexibility

tomeet our financial requirements at central

andoperational levels, including our various

sustainability commitments.

In 2025, we refreshed our quantitative assessment

of the two material risks. Although their inherent

financial effect is material, we have undertaken

extensive planning to ensure they do not affect our

business strategy, therefore reducing their residual

effect on our business. We validated the resilience

of our strategy by evaluating these risks across the

short term (2026), medium term (2030) and long

term (>2030), and under multiple climate scenarios.

For the ‘Managing our carbon footprint’ risk, we

updated our quantitative assessment in line with

the ongoing refinement of our NetZeroby40

transition plan and carbon reduction glidepath.

Toreduce our scope 1 and 2 emissions, we have

identified initiatives focused on lowering overall

energy use and increasing the share of renewable

energy. As 93% of our emissions are scope 3,

progress also depends on actions taken by our

suppliers and customers. Effective management

of these risks is therefore central to maintaining

and growing our business.

We estimated the future cost of carbon under

multiple climate transition scenarios, and

concluded on two scenarios as the most relevant for

our business: RCP1.9 (Paris Ambition) as this is the

scenario required by SBTi and RCP4.5 (stated policy),

which we consider as the most likely to materialise

as it reflects the countries’ current commitments.

Projected carbon prices for scope 1 emissions in

thesoft drinks industry and scope 2 emissions from

utilities were applied to our forecasted emissions

through 2040, in line with our NetZeroby40

roadmap. Under the Paris Ambition (RCP1.9)

scenario, the resulting additional direct annual

carbon costs for scope 1 and 2 are expected to

riseto €23.2 million by 2030, remain at this level

for several years, and then decline to €9.1 million

by 2040, as emissions fall. Under the Stated Policy

(RCP4.5) scenario, these costs are projected to

reach €10.4 million by 2030 before decreasing

to€2.9 million by 2040.

We also conducted a preliminary assessment of

potential carbon costs associated with scope 3

emissions. Given the indirect nature of these

costs and the uncertainty around their financial

effect, we will continue to refine our methodology

and potentially update the assessment next year.

Our efforts to address the ‘Managing our carbon

footprint’ risk also create material opportunities

for our business by enabling more efficient use

ofresources. Energy optimisation projects across

our production sites and warehouse facilities help

reduce operating costs. Likewise, improving our

distribution networks and increasing the use of

fuel efficient and electric vehicles present

additional cost saving opportunities.

The second material risk, ‘Cost and availability

ofsustainable packaging, suppliers and

sustainable sourcing’ is closely linked to the

carbon footprint risk, as packaging accounts

for38% of our emissions. In 2025, we continued

advancing our Pack Mix of the Future strategy.

Ourwork to develop a profitable, future-ready

packaging strategy is designed to reduce our

environmental impact, respond to growing

stakeholder concerns about packaging waste

andreflect evolving EU regulations, including the

EU regulation on packaging and packaging waste.

Keyinitiatives, such as expanding the use of

recycled and refillable packaging and supporting

decarbonisation across the packaging industry,

play an important role in progressing towards

ourNetZeroby40 commitment.

Based on the updated quantification assessment

conducted in 2025 and considering the projected

future cost of carbon associated with packaging,

weestimate that climate change will drive an

increase in annual packaging costs of approximately

17.5% by 2030 and 3.6% by 2040under a Paris

Ambition (RCP 1.9) scenario. Under a Stated Policy

(RCP 4.5) scenario, we project a more moderate

increase of5.8% by 2030 and 0.6% by 2040.

Moreover, increasing the use of recycled packaging

materials will likely lead to higher input costs,

consistent with the price premiums we have

alreadyencountered forrPET.

Beyond the associated risks, advancing circularity

also presents significant business opportunities.

Our qualitative assessment indicates that

strengthening and/or transforming established

collection systems, and introducing collection

initiatives in regions without them, helps reduce

environmental and regulatory costs (such

aslevies), support circular economy goals

andsecure long-term access to high-quality

feedstock for recycling to achieve circularity.

For the medium and long term, both material

risksare included within our viability statement.

Following a thorough and robust assessment of

the Group’s risks that could threaten our business

model, future performance, solvency or liquidity,

the Board has concluded that the Group is well

positioned to effectively manage its financial,

operational and strategic risks.

For the likelihood assessment of risks and

opportunities linked to climate change, please see

IRO-1_09. For more details on the material risks

and opportunities, please see section ‘Principal

and emerging risks and opportunities’ of this IAR

(pages 189-197).

SBM-3_01, 06, 07

In addition to these material risks and

opportunities, we have also identified material

impacts across our value chain. To describe what

the material impacts are, we followed a holistic

process as described in the Strategic Report,

‘Double materiality assessment (DMA)’ section.

We identified 16 material positive and negative

impacts, withatleast one impact identified in each

valuechain segment (upstream, own operations

and downstream). Material impacts that are

associated with own operations in any of the

horizons, correspond to those arising from our

General disclosures continued

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Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

own activities, while those connected to upstream or downstream segments correspond to those arising from business relationships and activities. In the upstream value chain, we identified impacts on both

the environment and people. Theenvironmental impacts were negative, whereas the impacts on people were mostly positive. The impacts in upstream value chain segment stem from our suppliers’ agricultural

activities, manufacturing of raw materials, capital goods, utilities and transportation. In our own operations we observe negative and positive impacts on environment and people, coming from activities related

to products’ production and packaging, warehousing, and own distribution. In the downstream value chain segment, we identified both material negative and positive impacts to environment, while the material

impacts to people were all positive. These impacts come from our third-party distribution, product use phase and products’ end-of-life. We have conducted our evaluation across four time-horizons. While not

all our impacts and risks are confined to a single time-horizon, there are instances where an impact or risk is material across multiple time-horizons.

For further details please refer to Materiality table in ‘Double materiality assessment (DMA)’ section on pages 48 to 51

SBM-3_04, 05

Our assessment highlights the varying nature of our impacts across different segments. We have recognised the impact we create to environment and to people through our business model and value chain

activities, as well as our business relationships with our stakeholders.

Table 4: List of impacts and topics of interest

Impacts Positive/Negative Actual/Potential Effect

Climate change GHGs are an externality of our business model and value chain. Therefore, we take targeted actions

across the value chain to reduce them and to contribute to climate change mitigation. Our largest

emissions come from packaging and ingredients suppliers (upstream) and from the electricity used

forour drink equipment (downstream). At our own operations, we strive to minimise scope 1 and 2

emissions, through decarbonisation actions focusing on energy efficiency and renewable energy

sources across all our countries. For scope 3, we work with our suppliers and partners to decarbonise.

However, due to our business growth and the lack of available decarbonisation solutions at suppliers

level (such as packaging industry and agriculture), we estimate that our impact will stay in the next

yearsas well.

Soil pollution Upstream: We recognise that the excessive use of nitrogen and phosphorus fertilisers in agriculture

canpollute the soil (our Tier 2 and Tier 3 agricultural suppliers), especially where the maturity level of

oursuppliers is low, such as in Africa.

Soil pollution

Water pollution

Downstream: Indirect impact from post-consumer packaging waste, in countries where effective

collection programmes and schemes are lacking (e.g., Nigeria, Egypt), can lead to pollution in soil

andwater.

Water pollution removal Downstream: We have also identified indirect positive impact through our packaging initiatives

andcommitments, the execution of SBTN actions and water/nature replenishing programmes.

Water use Own operations: The food and beverage (F&B) sector can significantly impact water resources

throughvarious activities associated with food and beverage production. These include using water

asa fundamental ingredient, as well as for essential processes such as cleaning equipment, mixing

ingredients and washing. We acknowledge the extent of our influence on water resources, particularly

through the abstraction and consumption of water in water-stressed or high-risk areas, often referred

to as high-priority locations, as part of our production operations.

Upstream: Water is used by our agricultural suppliers (Tier 2 and Tier 3) for growing agricultural

ingredients. The agricultural sector requires a steady and safe supply in large amounts of water to

ensure the health and wellbeing of crops, as well as for the processing of these as ingredients in our

products. Therefore, our impact is considered to be material taking into account the current and

projected quantity of products.

General disclosures continued

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Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

Impacts Positive/Negative Actual/Potential Effect

Water replenishment Own operations and Downstream: We have identified significant positive impact on nature, particularly

with our water stewardship and replenishment projects. We have expanded water stewardship efforts

by increasing the number of community projects in water risk areas from 12 in 2023 to 16 in 2024 and

to19 in 2025 (i.e., we performed water stewardship projects in 100% of communities in water risk area),

as well as by replenishing water back to communities and nature through various water projects outside

the manufacturing plant boundaries, resulting in a net positive water balance. In the next years, by 2035,

we plan to replenish the amount (100%) of total water used in high-risk locations through water

replenish projects within the same water basin.

Land-ecosystem use change Upstream: We have recognised land-use change as a negative impact due to increased scrutiny and

business growth. Agricultural suppliers (Tier 2 and 3) of high-risk ingredients such as pulp and paper,

and sugar cane cannot quickly and sustainably reduce their impact regardless of our efforts.

Health and Safety Own operations: Health and safety of our employees is of paramount importance. Employees

canbeaffected by any type of accidents in any activity (manufacturing, warehousing, administration,

marketplace activities by commercial team, etc.). We keep metrics to track our progress, and we have

set specific goals.

Upstream: Similarly, Health and safety remains critical for our contractors and workers in the value

chainperforming work at our premises and in Third-Party Logistics (3PL or outsourced logistics and

distribution), as any accidents may cause minor or serious injuries, or even death. Despite our efforts

and measures, Health & Safety will remain critical for the next year.

Health and Safety Own Operations: As part of our internal health and safety management system, all employees (100%)

receive mandatory safety training. Health and safety training is developed also as Group e-learning

programmes and goes much beyond compliance. Behavioural Based Safety programmes, regular

Safety Awareness communication campaigns, and practical ‘Safe driving’ programmes contribute

tobuilding skills and developing safety behaviour.

Contribution to employment Own operations: In all countries of operation, our employees earn more than the local minimum wage.

Due to the direct and indirect jobs created, we have significant employment impact compared to other

players in beverage industry. We expect our impact to increase in the coming years our impact will be

wider due to our business growth.

Upstream and Downstream: For our suppliers and workers in the value chain, we contribute to

theiremployment, by offering a living wage, and social security through fair practices and long-term.

Thesourcing of local suppliers represents more than 97% of procurement spend. Our latest socio-

economic impact studies show that with every job in our system, we create an additional 15 jobs in

thevalue chain. Overall, we have created 563,338 indirect jobs across the value chain.

Provision of social protection

andsocialsecurity

Own operations: We provide an Employee Assistance Programme (EAP), health insurance

foremployees and training on financial wellbeing. Additionally, we follow practices beyond

thelegalrequirements to ensure employment security, such as regular ‘My Voice’ survey’ and

allimprovement actions followed. We estimate that in the next years our impact will be wider

duetoourbusiness growth.

Upstream: We provide fair practices and long-term contracts to our suppliers. We have in place the

Principles of Sustainable Agriculture and Suppliers Guiding Principles ensuring that all our suppliers

treat their co-workers and the environment with respect.

General disclosures continued

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Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

Impacts Positive/Negative Actual/Potential Effect

Gender equality Own operations: We have established special programmes for women, such as ‘Women Leaders

Network’, toenhance female skills and support female developments and transition into bigger roles.

We have embedded the inclusive principles in our processes of recruitment, talent development and

retention, we have committed to 50% females in all leadership positions and have improved our gender

balance atall levels. In all BUs we have initiatives encouraging female equality.

Accessibility of living wage Own operations: Due to our size, we employ hundreds of employees, positively affecting their

employment status with a corresponding wage, offering our employees the financial incentives and

stability they require and deserve. Low-level operators in each of our countries earn more than the

minimum wage in the respective country.

Upstream: With the Principles of Sustainable Agriculture and Suppliers Guiding Principles we have in

place, with long-term contracts and fair procurement and payment practices, we contribute to the

living wage of suppliers’ workers.

Access to education Own employees: We offer numerous training materials and education to all our employees, enhancing

their background to key issues and developing both their technical expertise and soft skills.

Downstream: Additionally to our employees and workers, we provide training and capacity-building

toour communities, under the umbrella of #YouthEmpowered, through which we are equipping them

with the skills, experience and confidence they need to secure a brighter future. Moreover, 11% of

community participants join our internal management programmes which enable skills and knowledge

development to different community members.

Availability, accessibility,

affordabilityandquality

of water

Across the value chain: We positively impact our communities, particularly in the availability,

accessibility, affordability and quality of water. We have implemented community WASH programmes

inpriority locations to strengthen their water, sanitation and hygiene (WASH) systems such as in

Nigeria, Egypt. Furthermore, we have provided 6.6 million litres of beverage to the Red Cross and

otherNGOs for disaster relief and for other community-supporting activities.

In all our facilities we provide WASH services to all people working there (own employees and

workersofour contractors). Free beverages are provided in all of our facilities (manufacturing

sites,warehouses, offices).

Access to (quality) information

• Health and safety

• Access to products and services

• Responsible marketing practices

No impact identified.

Disclosed due to stakeholders’ interest.

We ensure that our products are compliant with regulatory frameworks for food safety, while we

provide the respective information to consumers regarding the quality and nutritional value of our

extended portfolio. The marketing practices used follow the appropriate legislation, and no misleading

content is incorporated.

SBM-3_11

In the previous reporting period (2024), our materiality analysis was conducted in accordance with the ESRS requirements, incorporating both impact materiality and financial materiality. For 2025, we continue

to apply the ESRS framework, maintaining alignment of our material topics with the ESRS standards. The main change compared to 2024 is that certain opportunities have now been determined as material –

specifically those linked to managing our carbon footprint and supporting circularity – while no new material areas have emerged beyond those previously considered, reaffirming the consistency of our

sustainability strategy.

General disclosures continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

Impact, risk and

opportunity management

IRO-1 Description of the process to

identifyand assess material impacts,

risksand opportunities

IRO-1_ 01

In 2025, we conducted a detailed review of the

DMA performed in 2024 as per the European

Sustainability Standards (ESRS) requirements.

Weregularly assess our impacts on people and

the environment as part of our day-to-day

activities, engaging with relevant stakeholders

and experts. These ongoing steps allow us to

actively identify and manage our impacts, risks

and opportunities as we evolve, and as new ones

arise. At the sametime, we have developed a

robust risk management process that integrates

risks and opportunities deriving from sustainability

issues (see also ‘Double materiality assessment

(DMA)’ of the IAR). We followed a top-down

approach at the Group level for identifying,

assessing and prioritising Impacts, Risks and

Opportunities (IROs). Regarding impacts, we

decided to keep theanalysis at the ‘impact’ level to

identify impacts on the environment and people.

Specifically, for impacts to the environment,

inorder to identify suitable impact level universe

tobe utilised for identifying impacts under a

commonly established impact taxonomy, we

leveraged the impact drivers of nature change

under the Taskforce on Nature-related Financial

Disclosures (TNFD). Respectively, to identify

impacts on people under a suitable impact level

universe with a commonly established impact

taxonomy (for social and socio-economic impacts

– which are missing from the ESRS), we leveraged

the UNEP Impact Radar (impacts to the

environment under the UNEPFI were not utilised

asthe TNFD categorisation of impact drivers was

used). Yet, it should be clarified that all actions

have been taken to alleviate any possible negative

impact, are not considered positive impact,

butmitigation actions. Therefore, their mapping

isconsidered supplementary to the negative

impacts’ identification and aims to facilitate

theIROs’ prioritisation, based on the existing

sustainability targets. In assessing the materiality

ofboth actual and potential impacts, we

categorise the severity of current impacts into

three dimensions: scale, scope and remediability.

For potential impacts, we assess them in terms

ofseverity and likelihood. Current impacts are

identified by considering the interface of activities

with nature. Potential impacts are identified using

the ENCORE platform, which provides us with

scientifically rigorous information about the

impacts of pollution of our sector and our value

chain. Furthermore, within the framework of the

Science-Based Targets for Nature (SBTN) to

which we are aligned, we take into account all five

key environmental pressures (Land, water, sea use

change, Resource exploitation, Climate change,

Pollution, Invasive species) in the context of

identifying and assessing impacts to nature.

IRO-1_14

Internal sources (e.g., 2024 IAR, CDP assessments,

GRI Index file, etc.), and external sources (e.g.,

Encore database, TCFD, TNFD, WWF Water Risk

Filter, WWF Biodiversity Risk Filter, SBTN, external

literature review etc.) wereused to identify impacts.

To construct theassessment criteria, an external

scientific literature review was also conducted.

Tofacilitate the impacts’ assessment,

existingassessment reports of impacts on the

environment and people, information from legal

reviews, anti-corruption compliance management

systems, occupational health and safety

programmes and reviews, ISO audit and human

rights audit reports, enterprise risk management

systems and performance KPIs already monitored

were alsoconsidered.

IRO-1_ 03

The business model aspects under the analysis,

atGroup level, included:

a. Main business model activities, including

manufacturing of non-alcoholic, ready-to-drink

beverages, manufacturing of packaging materials

(in-house rPET), manufacturing of snacks,

distribution of alcoholic (sparkling andpremium)

and coffee drinks, as well as secondary activities

as marketing, warehousing, and transportation

and distribution.

b. Main business model inputs (including raw materials

ingredients, packaging, and othersupplies).

c. Main business model outputs (including

mainproducts and services from all

businesssegments).

d. Main externalities (i.e., GHG emissions,

waste,etc.)

IRO-1_ 01

Identifying risks and opportunities is a

fundamental aspect of strategic planning and

decision making. The process we follow for the

identification of risks and opportunities is aligned

with the requirements of the ESRS and ensures a

comprehensive assessment of financial effects.

More specifically, CCHBC’s risk universe includes

20 risk categories aligned with the growth pillars.

For more information, please see table 5 below.

Table 5: CCHBC’s risk universe – Risk Categories

Leverage 24/7 beverage

portfolio Win in the marketplace

Fuel growth through

competitiveness and

investment

Cultivate the potential of

our people Earn our licence to operate

Product category

acceptability Commercial

New business

initiatives Health and safety Sustainability

Stakeholder

relationships

Product quality and

food safety

Financial

management People

Environmental

impact

Competing in the

digital marketplace

Cyber – IT resilience

and data privacy Tax

Geopolitical and

security

environment Legal and regulatory

Fraud

Macroeconomic

environment

Business

transformation

Business

interruption

Suppliers and

sustainable sourcing

To ensure the completeness of the sustainability-related risks and opportunities, two additional

sources are systematically reviewed:

• risks and opportunities arising from positive and negative impacts identified during the impact

materiality assessment; and

• dependencies across the value chain, assessed using the ENCORE tool.

General disclosures continued

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Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

These sources also create a dual connection with

the TNFD framework:

1. The impact materiality assessment aligns with

TNFD’s nature-related drivers, ensuring that

identified risks and opportunities are consistent

with TNFD’s approach.

2. The ENCORE analysis is methodologically

connected to TNFD and supports the ‘Assess’

phase of the LEAP approach by screening

economic activities for dependencies and

impacts on ecosystem services.

In addition, risks suggested in TNFD’s sector-

specific guidance are also considered to ensure

sector-relevant coverage.

Each risk category is assessed across all segments

of the value chain – upstream, own operations and

downstream – and classified as environmental,

social or governance-related based on its

underlying characteristics.

IRO-1_ 07

To ensure effective management and

communication of these risks, we have

established regular updates and discussions.

Twice a year, the Business Resilience team hosts

aconference where all risk sponsors, risk and

insurance coordinators, and Business Resilience

Managers are updated on key trends and

emerging risks across the business. The CRO

alsofacilitates discussion with the regional

management teams twice a year to discuss risk

and resilience issues and trends, and to calibrate

and benchmark risks across the business.

At least every two years, each business unit

participates inan IMCR validation exercise led

byacross-functional Group team. This includes

training andparticipation in a crisis simulation

basedon arelevant business risk.

IRO-1_08, 12

We carry out an analysis of the main current

andemerging sustainability trends in the beverage

industry by using desktop research, benchmarking

with peer companies, output from different ESG

raters and indices, reports and articles on global

and beverage industry trends, regulatory

developments and standards (such as CSRD,

ESRS, ISSB, SASB, ENCORE and the GRI

Standards), and by listening to the concerns of

ourstakeholders at both local and Group level.

Our materiality assessment is integrated into

ourrisk management programme, and we

evaluate the risks and opportunities associated

with priority topics.

IRO-1_10-13

Over the years (including in January 2024),

wehave performed annual materiality surveys

where we consult with more than 500 internal

andexternal stakeholders, including customers,

widerconsumers, employees, suppliers,

community representatives, governments,

non-governmental organisations, investors,

tradeassociations and academics. Their feedback

is considered in our sustainability strategy. The

2025 materiality survey was sent to 40 different

stakeholders, and it confirmed the results of our

materiality assessment.

Opportunities are identified using the same

methodology applied to risks, with both evaluated

in terms of likelihood of occurrence and the effect

on the business if the risk or opportunity was to

occur. All potential risks and opportunities are

identified anddocumented in the risk universe,

which isreviewed and updated annually.

Within the materiality assessment process, we

have assessed a long list of risks and opportunities.

Among these, climate change stands out as one of

the most significant risks to our long-term

resilience. However, by proactively preparing for

and managing climate risk through our business

strategy and capital investments, wecan turn

challenges into opportunities. Climaterisk is fully

integrated into our BR programme, and our CRO

facilitates frequent discussions with a cross-

functional team that includes representatives from

Business Resilience, Finance, Procurement, QSE,

andCorporate Affairs and Sustainability.

Another critical sustainability-related risk is

linkedto the cost and availability of sustainable

packaging, suppliers and sustainable sourcing,

which aligns with our commitments tocircular

economy. This issue represents a key focus within

our broader sustainability strategy.

Sustainability-related risks are included in our

riskmanagement programme and are prioritised

in the same way as other risks. The prioritisation of

risks is based first on the assessed level of residual

risk, followed by inherent risk.

The Board retains overall accountability and

responsibility for the Group’s risk management and

internal control systems. For more details, please refer

to the ‘Business resilience’ section of this annual report.

Our internal audit department conducts an

annualindependent audit of the Business

Resilience Programme and its implementation,

assessing the Group’s risk management, business

continuity and crisis management processes, and

their application against business best practices

and the International Accounting Standards. The

Head of Corporate Audit makes

recommendations to improve the programme,

where required, and the findings are submitted

tothe Audit and Risk Committee. The Board

andits Committees conduct annual reviews

oftheeffectiveness of our internal controls

including sustainability.

E1.IRO-1_05

The time horizons applied in the analysis and their

business scenarios alignment are:

• Short-term horizon: 2026 Annual business

planning cycle which includes consideration of

short-term risks and opportunities that affect

annual performance objectives.

• Medium-term horizon: 2030 Long-range

planningthat includes consideration of risks and

opportunities that may affect medium-term

objectives, financial viability assurance and

allocation of capital for medium-term investments.

• Long-term horizon: >2030 Long-term strategic

planning including capital investments, mergers

and acquisitions, impact of climate change,

including meeting our NetZeroby40 commitments.

Further details on the DMA process can be found

in the ‘Double materiality assessment (DMA)’

section of the IAR on pages 48 to 51 and on pages

64 to 68 (SBM-3).

IRO-1_ 09

The magnitude of the financial effect of each

identified risk and opportunity is assessed

quantitatively or, where necessary, qualitatively,

based on their potential effect on CCHBC’s key

financial metrics: financial position, financial

performance, cash flow, cost of capital and

accessto finance. Wherever feasible, the effect

ismeasured using the percentage of comparable

EBIT (cEBIT) and rated on a five-step scale.

Whena quantitative estimate cannot be derived,

aqualitative magnitude is provided using the same

five-step scale.

For the current financial effect of risks and

opportunities, materiality is determined solely by

considering their magnitude. Applying a suitable

threshold to address materiality, items assessed

as ‘Critical’ or ‘Major’ are deemed material, while

those assessed as ‘Moderate’, ‘Minor’ or

‘Insignificant’ are not.

For anticipated risks and opportunities, the likelihood

of occurrence is also assessed for eachrelevant time

horizon, using the scoring categories ‘Almost

certain’, ‘Likely’, ‘Possible’, ‘Unlikely’ and ‘Rare’.

Combining the financial effect magnitude and the

likelihood scoring, an inherent risk scale emerges:

‘Critical’, ‘High’, ‘Moderate’, ‘Low’ and ‘Very low’.

Materiality for anticipated (short-, medium- and

long-term) risks and opportunities follows this scale

and, using the same materiality threshold as for

current risks, items assessed as ‘Critical’ or ‘High’ are

considered material whereas those categorised

as‘Moderate’, ‘Low’ or ‘Very low’ are not.

General disclosures continued

Coca-Cola HBC Integrated Annual Report 2025

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Sustainability statement continued

E1.IRO-1_01

Through our annual carbon accounting process, we

calculate the GHG emissions across our entire value

chain, encompassing our own operations as well as

upstream and downstream activities. The impact on

climate change is directly correlated with the severity

of both direct and indirect GHG emissions. Our

screening process for activities impacting climate

change is closely linked to the significance level

established in our carbon footprint assessment,

which aligns with SBTi criteria. Accordingly, we

estimate and report emissions that constitute

amaterial portion of ourtotal carbon footprint,

totalling to >95% of our overall carbon footprint

inventory. To identify potential future sources of

GHG emissions and assure that we report every

activity, entity oremission’s sub-category as per

our materialitythreshold, we periodically conduct

acomprehensive carbon footprint assessment

across our entire value chain. This process includes

evaluating prospective investments, enabling the

business to project our carbon footprint inventory

over the coming years in alignment with our business

plan. Scale is measured by our annual progress

inalignment with our roadmap for achieving our

validated by the SBTi goals. Scope is predetermined,

due tothe impact of GHG emissions, to be global in

reach. Remediability refers to the ability of natural

systems to restore the climate to its prior state,

andis set exceeding 30 years, reflecting the

extended timeframe required for significant

environmental restoration.

E1.IRO-1_02-03-04-06-07 -08-09-10-11-12-

13-15-16

Following our risk assessment, we have identified

three risks that have been linked to ESRS E1 –

Climate Change:

• Managing our carbon footprint

• Impact of extreme weather on our production

and distribution, and

• Impact of climate change on the cost and

availability of key ingredients

Out of the above three risks, only ‘Managing

ourcarbon footprint’ has been deemed

financiallymaterial.

As part of the ‘Managing our carbon footprint’

riskassessment, for scope 1 emissions, we used

projected carbon pricing for the soft drinks

industry and, for scope 2, we used projected

carbon pricing for utilities. For further details

regarding the scenarios and time horizons used

please refer to SBM-3_08, 09, 10.

Global warming has intensified extreme weather

events, such as droughts and storms, increasing

risk to our operations. In assessing the ‘Impact of

extreme weather on our production and

distribution’ risk, which forms part of the broader

principal risk of ‘Business interruption’, we used

different climate scenarios, including RCP8.5, to

assess the sensitivity of 62 locations to flood risk,

likelihood of wildfires, and precipitation. As a

result, we identified 20 plants at higher risk. While

all 20 plants have mitigation plans for business

interruption, only five require additional Capex

directly due to climate change.

One-off investments to strengthen resilience are

estimated at €24.4 million for the period 2026-2030,

of which €5.3 million are specifically linked to climate

change. Rising insurance premiums reflect also

increased climate-related risks. The SwissRe

Institute projects rate increases of 40% for fire

and 25% for flood and precipitation. If applied to

the higher risk facilities, we have estimated

potential annual increases in insurance premiums

asa direct result of climate change to be

approximately €1.2 million per annum by 2040.

We have also enhanced our assessment of the

potential for business interruption in our plants,

for any reason, including climate change, and

estimate that climate change will only minimally

contribute to the increase of this risk. As a result

ofthis assessment, we are updating our business

continuity plans to enhance our ability to continue

to supply our customers at acceptable levels and

within our risk tolerance if reasonably foreseeable

disruptive events occur.

Finally, when it comes to the ‘Impact of

climatechange on the cost and availability

ofkeyingredients’ emerging risk, we have

considered thephysical risk related to the

changing productive capacity of key agricultural

regions supplying our ingredients. Some of the

main sugar-producing regions are projected to

face productivity declines under most scenarios,

while other growing regions may benefit. If

alternative sources compensate, ouroverall

sugarsupply risk remains neutral. Most suppliers

are conducting contingency planning, including

diversifying sourcing. While physical risks to our

ingredient supply are a concern, their longer

timeframe allows for proactive measures

andresilience-building.

While all ingredients and materials remain subject

to market dynamics, the application of carbon

pricing mechanisms, due to regulatory pressures,

are expected to have the greatest impact on

costsand supply stability. Regulatory measures

targeting agricultural emissions and shifts in

climate-related policies may drive higher

production costs for key ingredients, leading

toincreased input cost for us. Emissions-related

costs are expected to drive annual input cost rises

of14.4% by 2030 and 2.7% by 2040 under an

RCP1.9 scenario, and by 6.8% by 2030 and 1.0%

by2040 under an RCP4.5 scenario. To mitigate

this risk, we are working closely with our suppliers

to monitor and support potential changes in crop

yields, diversify our supplier base and identify

alternative growing regions where necessary.

It is important to note that we have identified one

material risk, ‘Cost and availability of sustainable

packaging, suppliers and sustainable sourcing’ that is

partly driven by transition risk, aswe expect higher

cost of sustainable packaging materials due to the

future cost of carbon. However, this risk has been

linked to the E5 ‘Circular economy’ standard, for the

purposes of this Sustainability Statement. For more

details, please see below, section E5.IRO-1_01.

Finally, it is noted that our efforts to address the

‘Managing our carbon footprint’ risk also create

material opportunities for our business, linked

toadvancing our NetZeroby40 commitment.

Wealso recognise the opportunity for our

business in meeting or exceeding stakeholder

expectations in managing our carbon footprint.

Asnoted in our assessment of the impact of our

sustainability performance on our reputation,

positive perception of our environmental

performance can drive sales growth. For more

details, please refer to risk ‘E4. The impact of

consumer perceptions of our environmental

performance’, page 196 of this annual report.

E1.IRO-1_10

Given that climate-related risks affect Coca-Cola

bottlers globally in similar ways, we have adopted a

Coca-Cola System approach to identifying these

risks. We have identified and assessed four transition

risks: managing our carbon footprint; the cost and

availability of sustainable packaging, suppliers and

sustainable sourcing; the impact of consumer

perceptions of our environmental performance on

our reputation, as well as the effect of increasing

government regulation on the cost and availability of

water. Of these, we have determined that managing

our carbon footprint and the cost and availability of

sustainable packaging, suppliers and sustainable

sourcing are material. The outcomes of these

assessments are presented in section SBM-3_08,

09, 10 of the Sustainability Statement, and in the

‘Principal and emerging risks and opportunities’

section of this IAR.

E1.IRO-1_14

As part of the cross-functional work on our

climate transition plan, we have assessed the

potential of locked-in GHG emissions by 2030

and2040. This has been incorporated into the

emissions glidepath that we use as the basis for

the calculation of our transition risks. For more

details on the locked-in GHG emissions, please

refer to section E1-1_07 of this document.

E2.IRO-1_01

We employ a robust and systematic process to

identify and assess material impacts, risks and

opportunities related to pollution. To identify

General disclosures continued

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thematerial impacts, risks and opportunities, we

follow the ‘LEAP’ approach as proposed by ESRS

guidelines. This approach encompasses all value

chain segments and is divided into the following:

• Locate: We apply a screening process to identify

sites with significant environmental interfaces.

Specifically, we focus on locations where

pollution impacts water excluding GHG

emissions. Our assessment criteria encompass

both qualitative and quantitative indicators,

evaluating factors such as pollutant types,

discharge volumes and concentrations,

proximity to vulnerable ecosystems, and

regulatory compliance.

• Evaluate: We assess scale using the WWF

Biodiversity Risk Filter in conjunction with the

received notices of violation, which highlight the

level of significance. Scope is assessed using the

level of geographical occurrence of facilities with

relevant impact, and for remediability, we

estimate the anticipated time required for

natural restoration. The likelihood of potential

impacts is assessed by considering best

practices, the business model and the mitigation

measures we implement.

• Assess: We have assessed the financial effect

oftransitional risks due to regulation and impact

on our reputation. We have also assessed the

risk related to disruption in our production

process due to unavailability of key raw

ingredients due tosoil pollution, as part of the

upstream value chain. None of these risks was

deemed financially material.

E2.IRO-1_03

To avoid pollution from own operations, we adhere

to the strict environmental standards of TCCC

(KORE standards), which in many cases are more

stringent than the local legislation. We also treat

our wastewater to the levels that support aquatic

life. All our manufacturing sites are certified under

the ISO 14001 Environmental Management

System. Upstream pollution may come from soil

pollution at farmers’ level, which are our Tier 2 and

Tier 3 suppliers, if they do not follow our Principles

for Sustainable Agriculture (PSA). Downstream

pollution is linked to leakages in soil and water

from improperly collected post-consumer waste

(packaging waste from our beverages), mostly in

emerging countries such as Egypt and Nigeria.

E3.IRO-1_01

We employ a robust and systematic process

toidentify and assess material impacts, risks

andopportunities related to water and marine

resources, applying the 4 Phase approach

asindicated in the ESRS. This approach

encompasses all value chain segments

andisdivided into the following:

• Locate: We apply a screening process to identify

plants located in areas at water risk, including

areas of high-water stress which are considered

to be priority locations. As per our rigorous risk

assessment, in 2025, we had 19 plants located

inwater risk areas, that interface with surface

and groundwater resources through withdrawal,

consumption and discharge. The risk would

include water stress but also some water quality

risk or WASH risk for communities (lack of clean

water and sanitation). Additionally, CCHBC

considers where the interface with marine

resources takes place. Using the S&P Global

definition coming from the biodiversity criterion

of the Corporate Sustainability Assessment,

sites that interface with marine resources

asthose located either within or adjacent

toadistance of 0 to 2 kilometres from marine

resources. For the year 2025, these sites

includeonly the Aeghion plant in Greece and

theVladivostok plant in Russia. Additionally, we

consider the Heraklion plant in Greece (situated

at 2.5 kilometres from marine resources) as

relevant due to its proximity within municipalities

or geographical areas adjacent to the seashore.

None of these plants had directly interfaced

withmarine resources, for example via

abstraction of seawater and/or discharge of

treated wastewater in marine water bodies. The

screening process is extended to the upstream

and downstream value chain, following the same

process as in own operations, for major suppliers

and communities. The related activities of the

whole value chain that occur in priority locations

proceed to the ‘Evaluate’ step.

• Evaluate: In order to assess the severity, we use

the SBTN indicators related to water availability

and consumption to assess how grave our

impact is (scale); we estimate the scope which

assesses the level of geographical occurrence

offacilities with impact to water resources, and

remediability which assesses the anticipated

time required for natural restoration of water

bodies, taking into account the impact caused.

The likelihood of potential impacts assesses the

probability of an impact to occur considering

best practices and based on the business model

and the mitigation measures that we implement.

• Assess: Risks in own operations identified are

the insufficiency of water to service our needs

(throughout the production process), which is a

physical chronic risk; the increased water costs,

which is a transition market risk; and the potential

damage to our reputation due to the use of

significant amounts of water from the local

watershed that could reduce the availability of

water for local communities, which is a transition

reputational risk. Regarding the identified

water-related opportunities, water recovery

from sewage treatment emerged, which is a

resource efficiency opportunity. None of these

risks and opportunities was deemed financially

material. Furthermore, on a plant level, a tailored

risk assessment framework exists. Based on this

framework, the most relevant dependency-

related water risks considered are:

• watershed baseline water stress;

• ecological status and qualitative risks

ofwaterresources;

• communities’ access rights to clean

waterresources;

• hygiene and sanitation services;

• regulatory framework; and

• biodiversity and important water-related

areassurrounding our manufacturing sites.

• Methodologies, assumptions and tools

utilised: CCHBC applies the WWF Water Risk

Filter, which provides detailed information

regarding water risk on water availability,

quantity, quality and other risks in different

locations worldwide. Theindicators monitored

are: water use/water withdrawal per source,

water reused or recycled, clean unused water

and quantity of wastewater discharged by

destination. Moreover, location-based

assessments are carried out in each plant

inorder to evaluate the vulnerability of the

associated water resources. According to ISO

46001 water efficiency management system

certifications, verified by a third party, the

impact of water withdrawal is assessed on both

site level and watershed scale. This assessment

includes important water-related areas, the

value chain, local communities and indigenous

people, and biodiversity value. The risk

assessment is conducted taking into

consideration the severity of impacts and the

frequency for two separate categories (frequent

and non-frequent physical risks). Also, to identify

potential impacts, the ENCORE platform is

utilised. Water risk management programmes

are organised in all our bottling operations.

Theyallow us to implement successive risk

assessment steps, create appropriate mitigation

measures and actively follow-up the results of

the mitigation plan and effectiveness in reducing

the water risk levels. By implementing the water

risk management programme, we aim to do

thefollowing:

• Assess specific location-based water risks

andvulnerabilities relevant to each plant.

• Identify the water priority locations for

whichexternal goals are raised.

• Implement appropriate mitigation measures

for the identified water risks and vulnerabilities.

We evaluate the water risks and vulnerabilities

for each plant based on a common risk scoring

methodology that captures strategic,

operational and reputational risks. We extend

the scope of water risk assessments from the

General disclosures continued

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plant level to the watershed and communities.

Our evaluation comprises several water risk

aspects, such as supply reliability, water

efficiency, compliance, water economics,

product quality and food safety, water

sustainability, and local and social aspects. For

allthese water risk aspects, we are considering:

1) the dependencies of our manufacturing sites

to the overall organisational context, and 2) the

impact of operations to the environment,

watershed and local communities. Most relevant

dependency-related water risks considered in

our assessment are: watershed baseline water

stress, ecological status and qualitative risks

ofwater resources, communities’ access rights

to clean water resources, hygiene and sanitation

services, regulatory framework, biodiversity

andimportant water-related areas surrounding

our manufacturing sites. The most significant

impact-related water risks considered in our

assessment are: the impact of our water

withdrawal on the available renewable water

resources, the impact of our wastewater

operations and discharge to the natural

environment, and the impact of our community

projects on the watersheds health status.

Duringthe mid-term and long-term water risk

assessment processes, we evaluate the future

trends that might impact the current water risks.

The starting point for the climate change impact

on water resources is related to water availability.

We use the publicly available information from

recognised platforms such as Aqueduct (WRI)

and Water Risk Filter (WWF) to evaluate the

change in baseline water stress of the areas

inwhich our plants are located. We also factor

inthe current source water utilisation rate

(calculated as water use volume divided by

available water at source). This allows us to

calculate the future source water utilisation rate.

If this value exceeds 100%, it means we need

tooptimise and expand our water infrastructure

to ensure future available water volumes for our

production needs. We also quantify the climate

change impact on water resources availability

asfinancial risk. We specifically quantify the

additional operational and capital expenditure

we need to increase water availability for the

climate scenarios of 2030 and 2040, under two

different climate scenarios. We actively monitor

the regulatory changes that may potentially

impact water resources so we can proactively

upgrade plants’ water supply and water

treatment infrastructures. The reputational

issues are considered in our stakeholders’

engagement process, and we agree common

actions to address shared, current and future

water challenges.

E4.IRO-1_01, 02, 03, 04

We apply the LEAP approach, specifically the

Locate, Evaluate and Assess steps as indicated

inESRS. These steps can be further analysed

asfollows:

• Locate: We develop a list of the locations of our

assets and identify the biomes and ecosystems

our assets interface with. Consequently, we

identify the integrity and importance of

biodiversity in these areas and carry out a

mapping of the biodiversity-sensitive areas.

Finally, we identify our activities as well as those

in our upstream and downstream value chain.

In2025, 7 plants were in close proximity to

legallyprotected areas. Out of them, 5 plants

arein proximity from zero to 2 kilometres as

perthe definition of the S&P Global Corporate

Sustainability Assessment biodiversity criterion.

• Evaluate: Regarding the identification of current

impacts, we consider the direct impact of the

interface of our activities with the biodiversity

inthe material locations. Moreover, we indicate

the size, scale, frequency of occurrence and

timeframe of the impacts on biodiversity and

ecosystems in these areas. We estimate the

percentage of our procurement spent from

major suppliers with facilities located in risk

prone areas (with threatened species on the

IUCN Red List of Species, the Birds and Habitats

Directive or national list of threatened species,

or in officially recognised Protected Areas, the

Natura 2000 network of protected areas and

KeyBiodiversity Areas). Furthermore, we indicate

the size and scale of the dependencies on

biodiversity and ecosystems, including on raw

materials, natural resources and ecosystem

services. Regarding the identification of

potential impacts, we use the ENCORE

platformthat provides us with scientific

rigorousinformation about the impacts on

waterresources of the sector and our value

chain. After the identification process, we

assessthe severity and likelihood (for potential

impacts) of the positive and negative impacts.

Specifically, to assess the severity of our

impact,we assess: the scale through the WWF

Biodiversity Risk Filter, the scope which assesses

the level of geographical occurrence of facilities

with impact on biodiversity and the remediability

which is determined by the anticipated time

required fornatural restoration of ecosystems.

Also, likelihood of potential impacts assesses

theprobability of an impact to occur considering

best practices and based on the business model

and the mitigation measures that we implement.

At a site level, we have conducted biodiversity

impact and risk assessment throughout our

value chain which can be found in our

BiodiversityImpact and Risk Assessment.

Additionally, on a five-year basis, we conduct a

Source Vulnerability Assessment, which includes

impact assessment related to biodiversity within

our own operations.

• Assess: Physical and transition risks (including

systemic risks) and dependencies in relation to

nature are considered during the ‘assess’ step.

Based on the assessment process, the risks for

further consideration are three transition risks.

In the upstream value chain, difficulties in

accessing ingredients and/or potential increase

in their cost driven by climate change, and low

quality or quantity of agricultural ingredients

used in our production triggered by invasive

species in our supply chain are assessed as

transition market risks. In the downstream

valuechain, the impact on our reputation if we

do not meet our deforestation commitment, is

assessed as a transition reputational risk. None

of these risks was deemed financially material.

E4.IRO-1_06

Please read our Biodiversity Impact and Risk

Assessment for detailed insights regarding our

sites: within our seven manufacturing sites in

close proximity to legally protected areas up

to30kilometres, there is no site with negative

impact on biodiversity.

E4.IRO-1_07

For calibration of our material impact, we

haveapproached representatives from the

localcommunities in Europe and Africa, and we

have captured their feedback. In every Annual

Stakeholder Forum, there are representatives

from local communities who discuss the relevant

sustainability topic and suggest actions for

improvement. Within the WASH projects, we

provide clean water access and sanitation to

communities in need, and we work together

withNGOs, local municipalities and local

representatives. In other water stewardship

projects, e.g., for providing water for irrigation,

wework with affected farmers.

E4.IRO-1_08

Replenishment projects are implemented

nearplants in the countries where we operate

togenerate positive contributions to local

ecosystems and communities. The negative

impact assessed in direct operations relates

onlyto water use, however, water is addressed

across the entire value chain by:

• undertaking Source Vulnerability Assessments

in 100% of our manufacturing sites, which serves

as a basis for our Source Water Protection Plan;

• actively reducing the amount of water used in

the production of our beverages and treating

wastewater at levels that support aquatic life;

• partnering with suppliers to minimise our water

footprint across the entire value chain;

• investing in community water conservation

projects designed to replenish the water we use

through innovative sustainable technologies; and

• delivering ISO 46001 water efficiency

management system certification in all our

bottling manufacturing sites.

E4.IRO-1_14

As of 2025, we have one site overlapping with a

legally protected biodiversity area (Natura 2000,

Category IV-VI) and six sites located near other

legally protected areas up to 30 kilometres.

General disclosures continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

E4.IRO-1_15

Even though we have activities near legally protected

areas, we do not negatively affect these areas by any

means of deterioration of habitats and/or species.

This is confirmed in our Source Vulnerability

Assessment (SVA), an assessment done regularly for

each manufacturing site by an external independent

expert and documented in the SVA.

E4.IRO-1_16

We fully comply with all local biodiversity

regulations and, on top, we have voluntarily

achieved ISO 14001 certification across 100%

ofour sites. In addition, by 2023 we have reported

the external Alliance for Water Stewardship (AWS)

certification achieved for all plants (except newly

acquisition Lurisia, Neresnica and Egyptian plants).

In 2024 we began transitioning from AWS to ISO

46001 standard. 88% of our production sites

werecertified to the ISO 46001 water efficiency

standard by the end of 2025, with the remaining

sites scheduled for certification in 2026. As

nonegative impact has been identified for own

operations and downstream, our measures are

rather for addressing the positive impact, such

asreplenish water and nature-based projects

benefitting local ecosystems.

E5.IRO-1_01

Resource inflows, outflows and mostly waste were

used as drivers of impacts that affect soil and water

bodies. Furthermore, TNFD does not have a specific

impact topic related to circular economy, so to be

compliant with TNFD, we incorporated them as

drivers of impacts to soil and water pollution. To

determine the latter, all activities of our value chain

(upstream, own operation and downstream) were

screened, and according to their location in the

value chain, different assumptions were made.

The ROs identification process included a

thorough review to capture the full scope of ROs,

incorporating the ERM, Impact Universe, SASB

sectoral analyses and ENCORE dependency

assessments. The identified and evaluated risks

were grouped under the broader risk ‘Cost and

availability of sustainable packaging, suppliers and

sustainable sourcing’, which was deemed

financially material. This risk includes risks

relatedto regulatory targets on collection,

wastemanagement and specific packaging

types,increased cost of packaging materials

withsmallercarbon footprint and Capex costs

associated with changing packaging mix.

We have also identified a material opportunity,

related to the promotion of circularity. By

strengthening and/or transforming established

collection systems, and introducing collection

initiatives in regions without them, we help reduce

environmental and regulatory costs (such as

levies), support circular economy goals and secure

long-term access to high-quality feedstock for

recycling to achieve circularity.

E3.IRO-1_02 & E2.IRO-1_02 & E4.IRO-1_05 &

E5.IRO-1_02 & IRO-1_05

We conduct consultations with affected

stakeholders, including communities, and we

ensure that their feedback is taken into account.

Every year we carry out an Annual Stakeholder

Forum, the aim of which is to supplement the

process of material IROs identification and

assessment and to take insights regarding our

impacts on both people and nature. The theme

ofthis forum changes each year as well. In 2023,

thefocus was on ‘Water Regeneration – partnering

to strengthen communities’ resilience and drive

economic growth’. During the event, we welcomed

132 key stakeholders, and the theme was covered

in the context of climate resilience, economic

growth and the wellbeing of people. In 2024,

wewelcomed 167 stakeholders to our Annual

Stakeholder Forum, themed ‘Harnessing the

Circular Economy for Packaging’, a topic of

significant importance both to us and to many

ofour key stakeholders. Further information

regarding our Annual Stakeholder Forum is available

on our website. In 2025, we brought together 116

interested stakeholders and subject matter

experts from 28 countries including customers,

suppliers, NGO partners, local municipalities,

community organisations, and other valued

stakeholders under the theme the ‘Power of Place:

Driving measurable impact in local communities.

Further insights regarding our 2025 Annual

Stakeholder Forum are available on page 49 of the

Strategic Report, paragraph ‘Stakeholder Forum –

hearing from our stakeholders on what matters

most’. In addition to our Annual Stakeholder

Forum, we regularly organise supplier sustainability

events (especially with our main sugar and

sweeteners suppliers) and meetings where

wediscuss different sustainability aspects,

including biodiversity, deforestation and soil

practices that prevent pollution. During the annual

innovation daywith suppliers, we also discuss with

packaging suppliers’ solutions for alternative

packaging, lightweighting and recyclability to

minimise packaging waste and increase circularity

and thusreduce further soil and water pollution.

Furthermore, in the context of environmental

permitting process and updates regarding the

performance towards the licensing environmental

authorities, we consult various stakeholders such

as NGOs, environmental and subject-matter

(pollution, water and biodiversity-related) experts

and affected communities. Lastly, we engaged with

subject-matter experts and impacted stakeholders

through dedicated interviews as an additional

source for identifying impacts and understanding

how our business activities, including those across

the value chain, affect the environment and people.

In particular, an independent organisation

conducted 26 interviews with various external

stakeholders and experts, representing a diverse

range of our stakeholders, including investors,

shareholders, customers, suppliers, industry

associations, NGOs, IGOs, community

participants, and international institutions such

asthe UNGC and the International Organisation

ofEmployers. Interviews’ objectives were to

hearthe perspective of affected stakeholders

tounderstand the level of impact materiality,

tosupport decisions on setting the materiality

thresholds and manage the total level of disclosure

required, as well as to understand the nature of the

impacts, to guide any disclosure, in line with the

needs of users of sustainability statements.

G1.IRO-1

As part of our double materiality assessment (DMA),

business conduct matters were assessed through

the same process used for identifying impacts,

risks, and opportunities across all sustainability

topics. ESRS G1 positions responsible business

conduct as a foundational driver of positive

impacts on people, the environment, and the

widereconomy. Strong governance systems

–supported by ethical conduct policies, anti-

corruption controls, whistleblower protections,

andresponsible supplier management – create

the enabling conditions for ethical behaviour

across our operations and value chain. These

practices strengthen stakeholder trust, reduce

misconduct, and support alignment with

sustainability goals over time.

We have reviewed potential impacts related to

governance integrity, stakeholder trust, and

supplier relationships. Corporate culture was

assessed using the Impact Radar, which links

governance topics to areas such as health and

safety and access to education. No significant

direct impacts were identified under ESRS G1,

andnone were deemed material. We also

assessed risks across all value chain segments.

These included non-compliance with our Code of

Business Conduct and Anti-Bribery &Corruption

policies, which could lead to financial penalties,

litigation costs, reputational damage, and

increased management effort. Additional

risksconsidered included supplier relationship

management andpayment practices, as well

ascompliance with emerging sustainability

transparency and due diligence requirements

under regulations. Potential impacts of these risks

include reputational harm, fines, andadditional

costs associated with enhanced due diligence

andsourcing alternatives. None of these risks

were deemed material under ESRS thresholds,

reflecting the robustness of our governance

systemsandmitigation measures. Although no

material impacts, risks, or opportunities were

identified for ESRS G1, our governance framework

remains a critical enabler of responsible business

conduct andlong-term resilience.

General disclosures continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

Table 6: Consolidated Policies Table

Key contents (MDR-P_01) Monitoring (MDR-P_01) Scope & exclusions (MDR-P_02) Accountability (MDR-P_03)

Third-party standards

(MDR-P_04) Stakeholders’ interests (MDR-P_05) Policy availability (MDR-P_06)

Environmental policy

Policy places environmental protection at

the heart of CCHBC long-term strategy.

CCHBC aims to continually improve its

environmental performance, minimise

impact, and comply with all relevant

regulations and standards. It pursues

internationally recognised certifications,

uses risk and opportunity assessments

to guide objectives, and embeds

environmental goals in its business

strategy. Employee engagement and

innovation are encouraged, alongside

transparent reporting and collaboration

with stakeholders. The policy also

supports the circular economy,

sustainable packaging, resource

efficiency, and responsible water

management across all operations.

For more information please

visit our website

Monitoring – including

assessment of associated

impacts, risks and

opportunities – is dynamic

and rigorously conducted

through our Sustainability

Committees and the

DMAprocedure.

Applies to CCHBC’s production

operations and business facilities;

products and services; distribution and

logistics; environmental due-diligence

in each step of the value chain,

including mergers and acquisitions,

divestments and investments;

management of waste; suppliers,

service providers and contractors; and

other key business partners (including

co-packers, joint ventures,etc.).

CCHBC CEO has the

overallresponsibility for

theimplementation of

thePolicy, which is owned

and endorsed by the

Social Responsibility

Committee of the Board

of Directors.

Through this policy

wearecommitted

toimplementing

environmental

management systems,

such as ISO 14001.

We engage with a broad range of

stakeholders, including our

communities, governments, NGOs,

investors and suppliers, taking into

account their recommendations in the

process of setting the policy. We

conduct an annual materiality survey

with stakeholders across our

29 markets to assess sustainability

priorities. Key sustainability topics are

discussed at our Annual Stakeholder

Forums, where we set improvement

actions. We also engage suppliers

through sustainability events, monitor

sustainability requirements year-

round, and regularly consult with

sustainability experts from investors

and financial institutions.

All policies, as well as our

net zero transition plan,

are publicly available at

our website.

Climate change policy

Policy emphasises CCHBC’s

commitment to addressing climate

change, asserting that industry must

lead in finding sustainable solutions.

The company pledges to achieve net

zero emissions across its entire value

chain by 2040, with an approved interim

reduction target for 2030. Key

objectives include reducing emissions

by improving operational energy

efficiency, expanding renewable energy

use, enhancing packaging sustainability,

engaging suppliers and stakeholders,

and integrating climate actions into

business strategy and incentives.

Progress is transparently monitored

and reported, andthe company

collaborates broadly to advance

climatemitigation and adaptation.

For more information please visit

our website

Monitoring – including

assessment of associated

impacts, risks and

opportunities – is dynamic

and rigorously conducted

through our Sustainability

Committees and the

DMAprocedure.

Covers our entire Company,

allscopes1, 2 and 3, and all three

valuechain segments (i.e.,

upstream,own operations,

downstream).

CCHBC CEO has the

overall responsibility for

the implementation of the

Policy, which is owned and

endorsed by the Social

Responsibility Committee

of the Board of Directors.

Through this policy,

weare committed to

bealigned with SBTi

forourtargets

We engage with a broad range

ofstakeholders, including our

communities, governments, NGOs,

investors and suppliers, taking into

account their recommendations in

theprocess of setting the policy.

Weconduct an annual materiality

survey with stakeholders across our

29 markets to assess sustainability

priorities. Key sustainability topics are

discussed at our Annual Stakeholder

Forums, where we set improvement

actions. We also engage suppliers

through sustainability events, monitor

sustainability requirements year-

round, and regularly consult with

sustainability experts from investors

and financial institutions.

All policies, as well as our

net zero transition plan,

are publicly available at

our website.

General disclosures continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

Key contents (MDR-P_01) Monitoring (MDR-P_01) Scope & exclusions (MDR-P_02) Accountability (MDR-P_03)

Third-party standards

(MDR-P_04) Stakeholders’ interests (MDR-P_05) Policy availability (MDR-P_06)

Principles for Sustainable Agriculture

Our approach to sustainable

agriculture is founded on principles

toprotect the environment, uphold

human and workplace rights and help

build more sustainable communities.

We seek to mitigate business risk

byaddressing challenges to the

availability, quality and safety of

agricultural ingredients. These

Principles establish the framework

fordefining our commitment to

sustainable sourcing and are

integrated into internal governance

routines and procurement processes.

We intend to work collaboratively with

our suppliers on the journey ahead to

ensure that all agricultural ingredients

are sourced sustainably, including

requirement for Human and Workplace

Rights, Environment and Ecosystems

(water, energy, climate, soil, pollution,

forest, biodiversity etc.), Farm

Management Systems.

For more information please

visit our website

Monitoring – including

assessment of associated

impacts, risks and

opportunities – is dynamic

and rigorously conducted

through our Sustainability

Committees and the

DMAprocedure.

Policy pertains specifically tothe

upstream value chain and possesses

global applicability, aligning seamlessly

with CCHBC’s operational framework

and predominantly influences

suppliers operating within

theagricultural supply chain.

CCHBC CEO has the

overall responsibility for

the implementation of the

Policy, which is owned and

endorsed by the Social

Responsibility Committee

of the Board ofDirectors.

Policy was developed

inline with international

Human Rights principles.

As of April 2021, the Principles

forSustainable Agriculture (PSA)

became the main supplierguidance

framework, enhancing the earlier

Supplier Guiding Principles by

offeringmore detailed directives

foragricultural suppliers. The PSA

isintegrated into governance and

procurement, demonstrating a

commitment to sustainable sourcing.

Annual Stakeholder Engagement

Forums and ongoing collaboration

with suppliers—through events,

workshops, industry participation,

surveys, and a CSR platform—

supportcontinuous improvement

andresponsible supply

chaindevelopment.

All policies, as well as our

net zero transition plan,

are publicly available at

our website.

Supplier guiding principles policy

Aimed at our direct suppliers, policy’s

principles are based on the belief that

good corporate citizenship is essential

to our long-term business success and

must be reflected in our relationships

and actions inthe marketplace, the

workplace, the environment and the

community. The policy spans across

several principles, ranging from

workplace practices and health &

safety, to forced labour and freedom

ofassociation. As for its environmental

principles, thepolicy mandates that

oursuppliers are expected to:

embracepollution prevention

andwaste management practices;

andenhance resource efficiency

throughout the product lifecycle.

For more information please

visit our website

Our suppliers develop

andimplement

appropriate internal

business processes

toensure compliance

withSupplier Guiding

Principles. We collaborate

with TCCC, which

routinely utilise

independent third

partiesto assess

suppliers’ compliance

withthe policy, through

confidential interviews

with employees

andon-site

contractworkers.

Policy relates to the upstream

valuechain and possesses global

applicability, encompassing the

entirety ofsuppliers engaging

withCCHBC.

CCHBC CEO has the

overallresponsibility for

the implementation of the

Policy, which is owned and

endorsed by the Social

Responsibility Committee

of the Board of Directors.

If the eight Core

Conventions of the

International Labour

Organisation establishes

higher standards than

local law, the Supplier

shallmeet the ILO

standards. These

minimum requirements

are part of all agreements

between CCHBC and its

direct suppliers.

Annual Stakeholder Engagement

Forums and ongoing collaboration

with suppliers—through events,

workshops, industry participation,

surveys, and aCSR platform—support

continuous improvement

andresponsible supply

chaindevelopment.

All policies, as well as our

net zero transition plan,

are publicly available at

our website.

General disclosures continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

Key contents (MDR-P_01) Monitoring (MDR-P_01) Scope & exclusions (MDR-P_02) Accountability (MDR-P_03)

Third-party standards

(MDR-P_04) Stakeholders’ interests (MDR-P_05) Policy availability (MDR-P_06)

Biodiversity statement

Policy sets a goal to achieve a net

positive impact on biodiversity in

critical areas inour operations and

supply chain by 2040 and eliminate

deforestation in our supply chain by

2025. This will beachieved by reducing

emissions and water use, bypreserving

and reinstating water priority areas,

bysourcing agricultural ingredients

sustainably anddelivering sustainable

packaging solutions. Moreover, through

the Biodiversity Statement, CCHBC is

committed to promoting sustainable

forest management and helping

protect woodlands from deforestation

and illegalharvesting.

For more information please

visit our website

Monitoring – including

assessment of associated

impacts, risks and

opportunities – is dynamic

and rigorously conducted

through our Sustainability

Committees and the

DMAprocedure.

Covers all geographies where

CCHBCoperates. Among the

affectedstakeholder groups,

farmers,other suppliers andlocal

communities associated with the

Group’supstream valuechain,are

most significantly impacted.

CCHBC CEO has the

overallresponsibility for

theimplementation of the

Policy, which is owned and

endorsed by the Social

Responsibility Committee

ofthe Board of Directors.

We joined the SBTN

Corporate Engagement

Programme in 2022 and

willcontinue working

toimplement the

SBTN’sguidance.

We engage with a broad range

ofstakeholders, including our

communities, governments, NGOs,

investors and suppliers, taking into

account their recommendations in

theprocess of setting the policy.

Weconduct an annual materiality

survey to assess sustainability

prioritiesor confirm our material impact.

Keysustainability topics are discussed

at our Annual Stakeholder Forums,

where weset improvement actions.

Wealso engage suppliers through

sustainability events, monitor

sustainability requirements year-

round, and regularly consult with

sustainability experts from investors

andfinancial institutions.

All policies, as well as our

netzero transition plan,

arepublicly available at

ourwebsite.

Packaging waste management policy

We are committed to continually

improving our environmental

performance inthe area of packaging

and packaging waste. Policy commits

to specific targets on packaging

collection, recycled packaging, 100%

recyclability by design We are also

committed to invest in recycling

infrastructure and new technologies

that enable increased usage of

recycled content in our packaging.

Formore information please

visit our website

Monitoring – including

assessment of associated

impacts, risks and

opportunities – is dynamic

andrigorously conducted

through our Sustainability

Committees and the

DMAprocedure.

Covers entire Company andallthree

value chain segments (upstream,

ownoperations, downstream).

CCHBC CEO has the

overallresponsibility for

the implementation of the

Policy, which is owned and

endorsed by the Social

Responsibility Committee

of the Board ofDirectors.

Policy includes

objectivesrelevant

bothto packaging

materials and packaging

waste, and is aligned

withthe ISO 14001

Environmental

Management System

andtheGRI Standards.

We engage with a broad range

ofstakeholders, including our

communities, governments, NGOs,

investors and suppliers, taking into

account their recommendations

intheprocess of setting the policy.

Weconduct an annual materiality

survey with stakeholders across our

29 markets to assess sustainability

priorities. Keysustainabilitytopics are

discussed atourAnnual Stakeholder

Forums, where we set improvement

actions. Wealsoengage suppliers

through sustainability events,

monitorsustainability requirements

year-round, andregularly consult with

sustainability experts from investors

andfinancial institutions.

All policies, as well as our

net zero transition plan,

are publicly available at

our website.

General disclosures continued

Coca-Cola HBC Integrated Annual Report 2025

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

Key contents (MDR-P_01) Monitoring (MDR-P_01) Scope & exclusions (MDR-P_02) Accountability (MDR-P_03)

Third-party standards

(MDR-P_04) Stakeholders’ interests (MDR-P_05) Policy availability (MDR-P_06)

Water stewardship policy

Policy aims to make a positive

impacton society and communities

byreducing water usage, fully treating

wastewater to protect aquatic life,

andsupporting projects that address

packaging pollution in waterways. We

assess and address environmental and

social water risks, work to maintain and

improve community access to fresh

water, and collaborate with suppliers to

promote efficient water management

for agricultural and other materials.

The policy also emphasises

community engagement to raise

awareness of water protection, builds

partnerships with organisations such

as the United Nations and NGOs for

water stewardship, encourages sharing

and development of best practices and

standards, and ensures transparent

reporting of our activities

andprogress.

For more information please

visit our website

Monitoring – including

assessment of associated

impacts, risks and

opportunities – is dynamic

and rigorously conducted

through our Sustainability

Committees and the

DMAprocedure.

Covers entire Company andallthree

value chain segments (upstream, own

operations, downstream).

CCHBC CEO has the

overallresponsibility for

the implementation of the

Policy, which is owned and

endorsed by the Social

Responsibility Committee

of the Board ofDirectors.

We actively participate

inand align with various

third-party standards

andinitiatives, such as

theCEO Water Mandate

and ISO 46001 Water

Efficiency Management

Systems.

We engage with a broad range

ofstakeholders, including our

communities, governments, NGOs,

investors and suppliers, taking into

account their recommendations in

theprocess of setting the policy.

Weconduct an annual materiality

survey with stakeholders across our

29 markets to assess sustainability

priorities. Keysustainability topics are

discussedatour Annual Stakeholder

Forums, where weset improvement

actions. We also engage suppliers

through sustainability events,

monitorsustainability requirements

year-round, and regularly consult with

sustainability experts from investors

andfinancial institutions.

All policies, as well as our

net zero transition plan,

are publicly available at

our website.

Code of Business Conduct

The Code sets standards for all

employees, managers, and partners

on ethics, compliance, and responsible

conduct. Suppliers and partners are

also subject to the Code’s principles,

through the Supplier Guiding

Principles. It covers human rights,

diversity, asset use, information

protection, anti-bribery, health and

safety, and more. Non-compliance

may result in disciplinary action.

For more information please

visit our website

Corporate Audit team

conducts risk-based

audits; Audit and Risk

Committee reviews

findings, monitor the

remediation and track

theprogress of the

internal audit quality

assurance programme.

Applies to all employees, managers,

ELT, and partnersglobally.

BoD and Head of

Corporate Audit

responsible.

Aligned with UNGC

andILOconventions.

Stakeholder input gathered viaaudits

and surveys.

The Code is available on

our website and internal

platforms.

General disclosures continued

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Sustainability statement continued

Key contents (MDR-P_01) Monitoring (MDR-P_01) Scope & exclusions (MDR-P_02) Accountability (MDR-P_03)

Third-party standards

(MDR-P_04) Stakeholders’ interests (MDR-P_05) Policy availability (MDR-P_06)

Human Rights Policy

The policy ensures dignity, respect,

and protection of human rights for all,

regardless of personal characteristics

or background. Covers respect for

diversity, workplace safety, fair labour

and prevention of forced labour and

discrimination. Itincludes due diligence

to prevent adverse impacts and

protects at-risk group, including

migrants, indigenous people,

refugees,and minorities.

For more information please

visit our website

The Chief People

andCulture Officer

communicates the

updated policy to senior

managers, with local

rollout by People and

Culture Directors.

Mandatory e-learning and

onboarding cover human

rights and DEI topics.

Compliance isensured

through regular reviews,

external audits, and

triennial independent

plantaudits. Certification

confirms compliance

andeffectiveness.

Awhistleblower system

anddue diligence audits

are in place.

Applies to all geographies where

CCHBC operates, totheentities that it

owns, theentities in which it holds

amajority interest, and the facilities

that it manages. TheSupplier Guiding

Principles apply to our suppliers and

are aligned with the expectations and

commitments of thisPolicy.

Approved by ELT

andCEO; Chief People

and Culture Officer

accountable.

Guided by ILO, the UN

Guiding Principles on

Business and Human

Rights, and the UN Global

Compact frameworks.

Employee feedback via surveysand

ongoing dialogue with employee

representatives via Work Councils.

Human Rights Policy Manager’s guide

isdesigned and published on our

website and internally to help

managers understand andimplement

the Human Rights Policy.

Available at our website

(Policies | Coca-Cola HBC)

andinternally, translated

in locallanguages

foraccessibility.

Inclusion and Diversity and Anti-Harassment Policy

The policy commits to arespectful,

inclusive workplace that values diverse

contributions and aligns with our

Human Rights Policy.

For more information please

visit our website

Ethics and Compliance

Officershandle cases,

withaudits assessing

policy adherence. The

Audit and RiskCommittee

reviews findings, and

remediation

isimplemented

asneeded. Employees

receive regular training

and have access

toconfidential

reportingchannels.

Applies to all individuals workingwith

the company, from application through

post-employment.

Approved by the CEO,

with group-level

accountability assigned to

the Chief People and

Culture Officer and

country-level to each

People and Culture

Director.

Follows ISO 30415:2021

for DEI.

Employee feedback is

gatheredthrough local-language

surveys, meetings, forums, and

ongoing dialogue with Work Councils.

Available at our website

(Policies | Coca-Cola HBC)

andinternally translated in

locallanguages and

shared with employees via

regular trainings and

mandatory e-learnings.

General disclosures continued

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Sustainability statement continued

Key contents (MDR-P_01) Monitoring (MDR-P_01) Scope & exclusions (MDR-P_02) Accountability (MDR-P_03)

Third-party standards

(MDR-P_04) Stakeholders’ interests (MDR-P_05) Policy availability (MDR-P_06)

Occupational Health and Safety Policy

This policy supports safe, healthy

workplaces by controlling risks,

complying with legal requirements

andOH&S standards, promoting

awareness. The policy ensures that

occupational H&S strategies, priorities

and action plans are integral part of

annual business planning, set targets,

and commits to develop employee

OH&S competency through

effectivetraining.

For more information please

visit our website

Compliance monitored

viaISO45001

certification, audits

andtrainings.

Applies to all sites, products,

logistics,suppliers,and partners.

CEO responsible; Owned

and endorsed by Board’s

Risk and Audit Committee

and the Health & Safety

Committee.

Implements ISO 45001. Incorporates regulations, OH&S best

practices, sustainabilityrequirements,

investorexpectations, andinput from

Work Councils to align with standards

and stakeholder priorities.

Available at our website

(Policies | Coca-Cola HBC)

andinternally at all sites.

Itis included in e-learning

and translated into local

languages.

Donations Policy

The policy supports community

development through standalone

philanthropic initiatives andlong-term,

value-based donation programmes

focused oncommunity resilience,

sustainable access to water, economic

empowerment foryoung people and

women, circular economy initiatives

andlocally relevant charity initiatives.

Itoutlines the scope, processes, and

controls to ensure charitable actions

are fair, diligent, and aligned with our

values. It encourages employee

participation in donations and

recognises diverse community needs.

For more information please

visit our website

All donations must

comply with company

policies. Compliance is

maintained through

regular reviews, dialogue

with recipients, and

annual policy updates

based on feedback

anddevelopments.

Applies to all CCHBC units

andemployees.

Approved by the Chief

Corporate Affairs and

Sustainability Officer.

UN Guiding Principles and

ILOConventions.

Developed with input fromNGOs

andinternal stakeholders to ensure

thepolicy reflects diverse

perspectives and addresses

community needs.

Available online at our

website (Policies |

Coca-Cola HBC).

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Sustainability statement continued

Key contents (MDR-P_01) Monitoring (MDR-P_01) Scope & exclusions (MDR-P_02) Accountability (MDR-P_03)

Third-party standards

(MDR-P_04) Stakeholders’ interests (MDR-P_05) Policy availability (MDR-P_06)

Health & Wellness Policy

The policy promotes consumer health

through a diverse beverage portfolio

(including low/no-calorie options),

clear nutritional labeling, responsible

marketing, and education. It states

that the company avoids marketing

tochildren under 13and upholds

UNESDA standards on consumer

information, healthy lifestyles, and

advertising. It also supports physical

activity initiatives and ensures

consumer well-being.

For more information please

visit our website

Compliance is monitored

via quarterly sales reports

and annual confirmations

from General Managers,

supporting CCHBC’s

declaration to TCCC.

UNESDA conducts

third-party audits, and

employees complete

annual responsible

marketing training.

Applies globally across all markets and

the full value chain, covering internal

operations and downstream activities.

Addresses sustainability concerns

ofkey stakeholders: consumers,

employees, communities, customers,

andinvestors.

Owned by the

SocialResponsibility

Committee; implemented

by the Chief Customer

&Commercial Officer

through business units.

Follows TCCC’s Global

Responsible Marketing

Policyand UNESDA

advertisingstandards.

Consumer and customer feedback

gathered through surveys, customer

care channels and public forum and

incorporated in policy updates.

Available online at

ourwebsite (Policies |

Coca-Cola HBC).

Additional nutritional

information is shared on

packaging and through

various communication

channels.

Quality & Food Safety Policy

The policy evidence company’s

commitment to upholds top standards

for product quality and food safety

through risk-based approaches,

measurable objectives, andintegration

into business planning. It ensures

supplier compliance, clear requirements

across the value chain, andfosters

continuous improvement via

structured programmes and

stakeholder engagement.

For more information please

visit our website

Monitoring is performed

via ISO9001 and FSSC

22000 audits (internal/

external), regulatory

notices, cross-border

quality audits, TCCC GAO

audits, and consumer

complaint tracking.

Applies globally across all markets and

geographies, covering the entire value

chain including internal operations and

downstream activities.

CEO responsible; Owned

and endorsed by the BoD.

Certified systems aligned

withISO 9001, FSSC

22000, and The

Coca-Cola

KOREstandards.

We share quality and food safety

strategies and performance with

stakeholders and engage them

through audits and forums to set

standards and improve processes.

Feedback ensures compliance,

fostersasustainable culture,

anddrivescontinuous improvement.

Available online at our

website (Policies |

Coca-Cola HBC) and

internally translated into

local languages.

Additional Quality and

Food safety requirements

are communicated to

consumers and relevant

stakeholders through

clear specifications for

ingredients, packaging,

storage, distribution,

andusage.

Responsible marketing policy for alcoholic beverages

The policy promotes responsible

consumption, prevents underage

drinking andreduces harmful use

ofalcohol. It provides clear guidance

for responsible marketing and

promotion, ensuring compliance

withlawsand industry guidelines.

For more information please

visit our website

Monitoring is performed

viaannual confirmations

from all General Managers.

All covered employees

complete annual

responsible

marketingtraining.

Applies to our downstream activities

andmarketing practices. Affected

stakeholder groups include consumers,

communities and customers.

COO responsible. Joined Global Standards

Coalition, which is driven

bytheInternational

Allianceof Responsible

Drinking (IARD).

Collaboration with consumers,

industry partners,communities,

andregulators todevelop responsible

marketing guidelines and promote

safeconsumption. Stakeholder

feedback shapescampaigns

andtrainingto align withexpectations.

Available online at our

website (Policies |

Coca-Cola HBC) and

internally, translated

inlocallanguages.

General disclosures continued

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Sustainability statement continued

As part of the EU’s plan to direct investments towards a more sustainable economy aligned with

theEuropean Green Deal, the European Commission introduced the Taxonomy Regulation in 2020,

establishing a common definition of environmentally sustainable economic activities for investors,

corporates, policymakers and other stakeholders. The Climate Delegated Act

introduced two

environmental objectives – climate change mitigation and climate change adaptation objectives

–effective since 2022. In 2023, the Environmental Delegated Act

added four more objectives:

sustainable use and protection of water and marine resources; transition to a circular economy;

pollution prevention and control; and protection and restoration of biodiversity and ecosystems.

The Simplification Delegated Act3, which amended the EU Taxonomy framework in July 2025 by

introducing materiality thresholds and streamlining disclosure requirements, has been adopted in our

2025 reporting.

We believe that EU Taxonomy is a valuable tool for guiding our sustainability strategy, including

decarbonisation, the circular economy and sustainable product development. However, it is important

torecognise two key factors:

1. According to the EU Taxonomy Delegated Acts, our main economic activity of ‘Food and beverage

manufacturing’ is not considered eligible.

2. EU Taxonomy is evolving, potentially leading to adjustments in the future.

Taxonomy eligibility and alignment assessment

An economic activity is considered Taxonomy-eligible if it falls within the scope of the EU Taxonomy

regulation and is listed in the relevant Delegated Acts for at least one of the six environmental objectives.

To be considered Taxonomy-aligned, an eligible activity must comply with the technical screening criteria

(TSC) set out in the Taxonomy Delegated Acts, and meet all of the following conditions:

a) Make substantial contribution (SC) to at least one environmental objective;

b) Do no significant harm (DNSH) to any of the other five environmental objectives; and

c) Comply with minimum safeguards.

Taxonomy eligibility assessment

Since our core economic activity of ‘Food and beverage manufacturing’ remains non-eligible under the

Delegated Acts, we instead focus on investments and operating expenses linked to eligible activities

either directly under our control, such as water treatment initiatives at our facilities, or through the

procurement of Taxonomy-eligible assets or services from business partners. An example is our

investment in our vehicle fleet (see below, section ‘Transportation-related activities’).

Following an assessment of our economic activities across all territories, we have identified the following

activities that meet the EU Taxonomy eligibility criteria. The table below groups these activities

according to our business areas, including recycling, energy, transportation, real estate and water.

Economic activity Code Environmental objective Relevance to Coca-Cola HBC

Recycling-related activities

Manufacture of plastic

packaging goods

1.1 Transition to a

circular economy (CE)

Our Gaglianico plant in Italy

produces preforms from 100% rPET

Energy-related activities

Electricity generation using

solar photovoltaic technology

4.1 Climate change

mitigation (CCM)

Electricity generation from the

installation of solar panels

Transportation-related activities

Transport by motorbikes,

passenger cars and light

commercial vehicles

6.5 Climate change

mitigation (CCM)

Use of passenger cars, including

conventional, hybrid and electric

vehicles, for management and

business development teams

Freight transport services

byroad

6.6 Climate change

mitigation (CCM)

Leasing of trucks for freight

transportation

Installation, maintenance and

repair ofcharging stations for

electric vehicles inbuildings

7.4 Climate change

mitigation (CCM)

Charging stations to support

hybrid plug-in and electric cars

Real estate-related activities

Acquisition and ownership

of buildings

7.7 Climate change

mitigation (CCM)

Relevant to non-production

buildings (e.g. offices) leased

forCoca-Cola HBC use

Water-related activities

Construction, extension and

operation of water collection,

treatment and supply systems

5.1 Climate change

mitigation (CCM)

Capacity expansion projects

related to water supply and

treatment

Renewal of water collection,

treatmentandsupply systems

5.2 Climate change

mitigation (CCM)

Upgrade projects related to water

supply and treatment

Urban wastewater treatment 2.2 Sustainable use and

protection of water and

marineresources (WTR)

Projects related to wastewater

treatment

EU Taxonomy

1. Commission Delegated Regulation (EU) 2021/2139, Commission Delegated Regulation (EU) 2023/2485

2. Commission Delegated Regulation (EU) 2023/2486

3. Commission Delegated Regulation (EU) 2026/73

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Sustainability statement continued

Taxonomy alignment assessment

– Substantial contribution

To assess substantial contribution, we reviewed

eligible activities against the criteria defined in the

Delegated Acts. We adopted a prudent approach,

supported by working groups of internal and

external experts, to ensure accurate interpretation

and consistent application of these criteria.

Recycling-related activities

According to EU Taxonomy, the Gaglianico plant fits

the criteria of eligibility under the CE1.1 economic

activity, significantly contributing to the ‘transition

toa circular economy’ environmental objective. To

enable the transition of our Italian business to 100%

rPET

, we have converted our Gaglianico plant into

an innovative hub, which can transform up to 30,000

tonnes of post-consumer PET per year into new

100% recycled PET preforms, covering our beverage

bottling needs in the country. In addition, the plant’s

use of 100% renewable electricity reduces CO

emissions per preform by up to 70%, compared to

virgin plastic. Using circular feedstock as its primary

input and surpassing the minimum required

percentage of recycled post-consumer material,

theplant met the relevant SC criteria in last year’s

assessment and continues to fully satisfy them

in2025.

Energy-related activities

In 2025, at our Timisoara production plant in

Romania and in line with economic activity CCM4.1,

we have installed a photovoltaic park where

thousands of photovoltaic panels now capture

sunlight and turn it into clean electricity we use

onsite, fully meeting the relevant SC criteria.

Weexpect the solar park to supply around 10% of

the factory’s annual electricity needs and continue

avoiding GHG emissions by 380 tonnes annually,

while reducing operating costs and reliance on

grid energy. Our €1 million investment, supported

by a €0.3 million grant from the EU Modernisation

Fund, demonstrates our commitment to

renewable energy.

Transportation-related activities

Our continuous investment in our fleet is

considered eligible under the economic activities

CCM6.5 and CCM6.6. This includes investments

inboth conventional and alternative fuel vehicles

used by management and business development

teams (CCM6.5) and leasing of trucks for freight

transportation (CCM6.6). As of 2025, we have

reduced ourown fleet’s carbon footprint by

26.8%, a reduction of 29,269 tonnes ofCO

compared toour 2019 baseline.

As we procure our vehicles from a select group of

leasing companies, our ability to claim alignment with

the EU Taxonomy depends on their compliance with

its criteria. While Original Equipment Manufacturers

(OEMs) provide most of the information, leading

toa significant part of our fleet meeting the

SCcriteria, challenges with the DNSH criteria

remain. As a result, and consistent with last year’s

conclusion, we will again claim zero alignment for

activity CCM6.5 and newly added activity CCM6.6.

To support the expansion of our electric and

hybrid fleet, we continue to invest in charging

infrastructure in line with economic activity

CCM7.4. By engaging qualified contractors, we

areinstalling charging points at our offices and

facilities, to ensure convenient access and further

encourage the adoption of low-emission vehicles.

Real estate-related activities

Eligible buildings associated with economic

activity CCM7.7 include non-production-related

properties, such as office premises or standalone

warehouses, which we lease for administrative and

support functions. Due to limited availability of

data per property, we are unable to claim

alignment in 2025.

Water-related activities

Climate change affects both water availability

andquality. We are committed to protecting

thisvaluable resource, particularly in areas

facingscarcity or heightened risk. We also

recyclewastewater from our manufacturing

sites,returning it safely to the environment.

With our growing presence in Egypt, we continue

toimprove our water management and wastewater

treatment efforts in the country. At our Alexandria

plant, we continue to invest in replacing and

expanding the water treatment infrastructure

inlinewith activity CCM5.1, meeting the relevant

SCcriteria. At the Assiut and Sadat plants, new

wastewater treatment facilities are being

implemented under activity WTR2.2, ensuring

compliance with SC criteria while reducing

waterpollution and protecting ecosystems.

In Greece and Romania, we are implementing

projects to expand water treatment capacity.

Allprojects fall under activity CCM5.1 and fully

comply with the relevant SC criteria.

In addition, we are undertaking water loss

prevention projects in countries such as Italy,

Poland, Bosnia, Croatia and Nigeria, linked to

activity CCM5.2. The SC criteria require closing

the gap between current leakage levels and the

prior three-year average by at least 20%. These

projects are designed to meet this requirement,

further strengthening our approach to sustainable

water management.

For more details on initiatives, see the

‘E3Waterand Marine Resources’ section

oftheSustainability Statement.

Taxonomy alignment assessment –

Do No Significant Harm

For all economic activities that demonstrate

substantial contribution to at least one EU Taxonomy

environmental objective, we have conducted an

assessment against the DNSH criteria. Where we

have direct oversight – such as inour own facilities

– we have carried out a detailed evaluation based

on available data from local operations. If the

activity falls outside our direct control, as is

thecase for our vehicle leasing under activities

CCM6.5 and CCM6.6, we rely on suppliers to

provide the necessary DNSH-related information.

Climate change mitigation

For activity CE1.1, the process relies entirely on

mechanical recycling, without the use of chemically

recycled or sustainable bio-waste feedstock.

For activities under WTR2.2, assessments

ofthedirect greenhouse gas (GHG) emissions

fromthe centralised wastewater system have

been performed.

Climate change adaptation

For economic activities CE1.1, CCM4.1, CCM5.1,

CCM5.2, CCM7.4 and WTR2.2, the EU Taxonomy

requires a robust climate risk and vulnerability

assessment. In accordance with the DNSH

criteria, we conducted such analyses at our

relevant sites, assessing potential physical

climate-related risk factors based on

materialclimate risks as defined in Appendix

Aofthe respective Delegated Acts2. We have

considered Intergovernmental Panel on Climate

Change scenarios and multiple time horizons.

Where we identified exposure to physical risks in

certain asset locations, we performed a second-

level assessment to review asset readiness and

local regulations and then analysed potential

adaptation measures as needed.

1. Excluding water brands.

2. Delegated Act (EU) 2021/2178, Delegated Act (EU) 2023/2486.

EU Taxonomy continued

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Sustainability statement continued

Sustainable use and protection of water and

marine resources

For activity CE1.1, which involves producing

preforms, the dry production process does not

materially impact water resources, and the plant

operates under a valid environmental permit. For

activities CCM5.1 and CCM5.2, we review source

vulnerability assessments that inform our water

management protection plans, which are

periodically updated.

Transition to a circular economy

For activity CCM4.1, the EU Taxonomy requires

using equipment and components that are

durable, recyclable and easy to dismantle and

refurbish, where feasible. It is confirmed by

oursupplier that the equipment used, meets

these criteria.

Pollution prevention and control

As per the adjustment of Appendix C under the

Commission Delegated Regulation (EU) 2026/73,

we assessed the respective activities in line with

the amended requirements.

For activity CE1.1, the Taxonomy Regulation

emphasises avoiding the manufacture, placement

on the market or use of restricted and reportable

substances as defined by European legislation on

chemicals. In Gaglianico plant, where we produce

preforms for beverage bottles, we follow all

applicable regulations and no harmful

substancesapply.

For activities under WTR2.2, the EU Taxonomy

requires wastewater discharges to comply with

legislation

and national standards for permissible

pollutant levels; measures to be in place to prevent

and mitigate harmful stormwater overflows from

wastewater collection systems; and sewage

sludge to be managed in accordance

withregulations governing its application on soil.

We follow all applicable regulations, and we take

allmeasures needed to prevent harmful

stormwater overflows.

For activities CCM6.5 and CCM6.6, the relevant

DNSH requirements remain an industry-wide

challenge, requiring vehicle tyres to comply with

strict noise and rolling resistance standards.

Through official feedback channels, we have

highlighted the need for clearer and more

practicable DNSH reporting requirements for

fleet-related activities. Given current limitations in

verifying full alignment across all required criteria,

we are following a prudent approach and will not

claim alignment foreither activity in 2025. Despite

this, we remain committed to fleet electrification

as part of our long-term transition strategy.

Protection and restoration of biodiversity

and ecosystems

For activity CE1.1, a biodiversity impact screening

was conducted when granting the environmental

permit for the Gaglianico plant, in line with local

legislation. For activity CCM4.1, we obtained the

opinion of the Environmental Agency and an

operational permit from the Electrical Networks.

In addition, environmental impact assessments

are available for the key sites relevant to activities

CCM5.1, CCM5.2 and WTR2.2.

Based on the evidence required under Appendix D

ofthe EU Taxonomy, we consider that the activities

examined do not harm biodiversity and ecosystems.

Taxonomy alignment assessment –

Minimum safeguards

For any economic activity to be considered

aligned with the EU Taxonomy, Coca-Cola HBC

must comply with the minimum social safeguards

defined in Article 18 of the Regulation

Unlike the SC and the DNSH criteria, which apply

at the activity level, compliance with the minimum

safeguards is assessed

at Group level. The EU

Taxonomy identifies four key pillars of these

safeguards – human and labour rights, anti-bribery

and anti-corruption, fair competition and taxation.

We have reviewed each pillar and have concluded

that we apply the necessary procedures and

policies to meet the EU Taxonomy standards.

Human and labour rights

Our Human Rights Policy, Code of Business

Conduct (the ‘Code’) and Supplier Guiding

Principles embed internationally recognised

standards, including the UN Universal Declaration

of Human Rights, ILO Fundamental Conventions,

the UN Guiding Principles and the OECD

Guidelines. Wecarry out human rights due

diligence through regular risk assessments,

supplier reviews and third-party audits, supported

by mandatory training. Potential concerns can be

raised through our independent ‘SpeakUp!’

hotline, which allows anonymous reporting and

supports remediation processes. No human

rights or labour violations orrelated litigation were

identified during the reporting period.

Anti-bribery and anti-corruption

We maintain a zero-tolerance approach to bribery

and corruption, reinforced by our Anti-bribery

Policy, Code of Business Conduct and Supplier

Guiding Principles, which align with international

standards. These apply to all employees,

subsidiaries, controlled jointventures and third

parties acting on our behalf.Compliance is ensured

through regular risk assessments, third-party due

diligence, audits and mandatory training, including

targeted sessions for higher-risk roles. Grievance

mechanisms, including the independent ‘SpeakUp!’

line, are available inall markets. In 2025, five

confirmed corruption cases were investigated and

addressed in line withinternal guidelines, resulting

in dismissals andcontract termination. No public

legal cases were brought against Coca-Cola HBC

during the reporting period.

Fair competition

We are committed to promoting awareness and

ensuring full compliance with applicable competition

laws and regulations across all our operations.

Mandatory annual trainings on competition law

foremployees, including senior management, are

implemented across all countries. In 2025, there

were no decisions with findings of anti-competitive

behaviour on the part of our company.

Taxation

We are committed to complying with both the

spirit and letter of all applicable tax laws, rules and

regulations in every jurisdiction where we operate.

Our Tax Policy outlines governance procedures

and risk management best practices to ensure

robust tax compliance and reporting across the

Group. We publish a Tax Transparency Report that

reflects our commitment to openness and

accountability. Additionally, we closely monitor

developments in the fast-evolving tax reporting

landscape to prepare for upcoming regulatory

changes. In this regard, we collaborate with

trusted tax advisers and statutory auditors to

ensure our approach remains compliant and

aligned with best practices.

Explanation of key performance indicators

In accordance with Annex I to the Delegated Act

under Article 8 of the EU Taxonomy Regulation,

the following KPIs are used to determine the

proportion of eligible and aligned activities.

Byrelying on our detailed financial statements,

clearly distinguishing activity definitions and

allocating appropriately expenses, we ensure

thatdouble counting is avoided.

1. Directive 91/271/EEC.

2. Regulation EU (EE) 2020/852.

3. Assessment based on the ‘Final Report on Minimum Safeguards’ published by the Platform on Sustainable Finance (PSF) in October 2022, in the absence of further guidance from the European Commission.

EU Taxonomy continued

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Sustainability statement continued

Turnover

Turnover corresponds to the net sales figure presented in the consolidated income statement under IFRS 15, as detailed in Note 7 to the consolidated financial statements. No eligible oraligned turnover is

recognised, as the ‘Food andbeverage manufacturing’ economic activity isnotin scope of the EU Taxonomy Regulation.

Capital expenditure (Capex)

Capex denominator: This includes the total additions of property, plant and equipment, andintangible assets as well as the addition of right-of-use assets for leases recognised under IFRS 16. These relate to

Notes 13, 14 and 16 of the consolidated financial statements. In 2025, the Capex additions amounted to €961.7 million.

Capex numerator: For eligibility, capital expenditure has been allocated to assets associated with the Taxonomy-eligible activities listed above. For alignment, the eligible assets have been thoroughly assessed

against the respective SC and DNSH criteria. As a result, we identified €8.3 million (2024: €5.3 million) in EU Taxonomy-aligned investments linked to activities CE1.1, WTR2.2, CCM4.1, CCM5.1, CCM5.2 and

CCM7.4. The year-on-year increase reflects accelerated investments in projects related to water supply and wastewater systems. No investments were reported in 2025 under economic activity CCM4.25 –

Production of heat using waste heat (2024: €0.8 million). Similarly with the prior year, the Capex numerator does not include additions resulting from acquisitions through business combinations, nor expenses

incurred as part of a Capex plan.

Operating expenditure (Opex)

Opex denominator: This refers to direct non-capitalised costs related to research and development, building renovation measures, short-term leases, maintenance and repair and other direct expenses

necessary for the continued and effective functioning of property, plant and equipment. For Coca-Cola HBC, we considered expenditures related to repair & maintenance, day-to-day servicing of assets and

short-term leases.

Opex numerator: This captures Opex associated with activities deemed eligible and aligned. In 2025, while activities CE1.1, CCM6.5 and CCM7.7 were all identified as having eligible Opex, only activity CE1.1

contributed to the €1.0 million of aligned Opex. This mirrors the prior year’s disclosure, where €1.0 million of aligned Opex was similarly reported, exclusively under activity CE1.1.

Tables of EU Taxonomy KPIs

Templates provided in Annex II of the Commission Delegated Regulation (EU) 2026/73 amending Delegated Regulation (EU) 2021/2178 are disclosed below.

Summary table – Turnover, Capex, Opex

Financial Year 2025

KPI Total

Proportion of

Taxonomy eligible

activities

Taxonomy aligned

activities

Proportion of

Taxonomy aligned

activities

Breakdown by environmental objectives of Taxonomy aligned activities

Proportion of

enabling activities¹

Proportion of

transitional

activities²

Not assessed

activities

considered

non-material

Taxonomy aligned

activities in

previous financial

year (2024)

Proportion of

Taxonomy aligned

activities in

previous financial

year (2024)

Climate Change

Mitigation

Climate Change

Adaptation Water Circular Economy Pollution Biodiversity

€ million % € million % % % % % % % % % % € million %

Turnover 11,604.5 0.00% – 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% – 0.00%

Capex 961.7 13.06% 8.3 0.87% 0.71% 0.00% 0.08% 0.07% 0.00% 0.00% 0.08% 0.00% 0.00% 5.3 0.67%

Opex 436.6 16.79% 1.0 0.23% 0.00% 0.00% 0.00% 0.23% 0.00% 0.00% 0.00% 0.00% 0.00% 1.0 0.26%

1. Enabling Activities: An economic activity qualifies if it directly supports other activities in achieving a substantial contribution to one or more environmental objectives. To be classified as enabling, the activity must not result in a lock-in of assets that undermine long-term environmental

goals, considering the economic lifetime of those assets, and have a substantial positive environmental impact based on lifecycle considerations.

2. Transitional activities: These are activities for which no technologically and economically feasible low-carbon alternatives currently exist but that support the transition to a climate-neutral economy. They must align with a pathway that limits the global temperature increase to 1.5ºC above

pre-industrial levels.

EU Taxonomy continued

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Sustainability statement continued

Capex

Reported KPI Capex

Financial Year 2025

Economic Activities Code¹

Taxonomy eligible

KPI (proportion of

Taxonomy eligible

Capex)

Taxonomy aligned

KPI (monetary

value of Capex)

Taxonomy aligned

KPI (proportion of

Taxonomy aligned

Capex)

Environmental objective of Taxonomy aligned activities

Enabling activity

Transitional

activity

Proportion of

Taxonomy aligned

in Taxonomy

eligible

Climate Change

Mitigation

Climate Change

Adaptation Water Circular Economy Pollution Biodiversity

% € million % % % % % % % (E where applicable) (T where applicable) %

Manufacture of plastic packaging goods CE1.1 0.07% 0.7 0.07% 0.00% 0.00% 0.00% 0.07% 0.00% 0.00% 100.00%

Urban wastewater treatment WTR2.2 0.08% 0.8 0.08% 0.00% 0.00% 0.08% 0.00% 0.00% 0.00% 100.00%

Electricity generation using solar photovoltaic technology CCM4.1 0.07% 0.6 0.07% 0.07% 0.00% 0.00% 0.00% 0.00% 0.00% 100.00%

Construction, extension and operation of water collection,

treatmentandsupply systems CCM5.1 0.59% 3.3 0.34% 0.34% 0.00% 0.00% 0.00% 0.00% 0.00% 58.23%

Renewal of water collection, treatment and supply systems CCM5.2 0.25% 2.2 0.22% 0.22% 0.00% 0.00% 0.00% 0.00% 0.00% 90.76%

Transport by motorbikes, passenger cars and light commercial vehicles CCM6.5 6.45% 0.0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% T 0.00%

Freight transport services by road CCM6.6 0.65% 0.0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% T 0.00%

Installation, maintenance and repair of charging stations for electric

vehicles in buildings (and parking spaces attached to buildings) CCM7.4 0.09% 0.7 0.08% 0.08% 0.00% 0.00% 0.00% 0.00% 0.00% E 87.95%

Acquisition and ownership of buildings CCM7.7 4.81% 0.0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Sum of alignment per objective

0.71% 0.00% 0.08% 0.07% 0.00% 0.00%

Total KPI (Capex) 13.06% 8.3 0.87% 0.71% 0.00% 0.08% 0.07% 0.00% 0.00% 0.08% 0.00% 6.64%

Opex

Reported KPI Opex

Financial Year 2025

Economic Activities Code¹

Taxonomy eligible

KPI (proportion of

Taxonomy eligible

Opex)

Taxonomy aligned

KPI (monetary

value of Opex)

Taxonomy aligned

KPI (proportion of

Taxonomy aligned

Opex)

Environmental objective of Taxonomy aligned activities

Enabling activity

Transitional

activity

Proportion of

Taxonomy aligned

in Taxonomy

eligible

Climate Change

Mitigation

Climate Change

Adaptation Water Circular Economy Pollution Biodiversity

% € million % % % % % % % (E where applicable) (T where applicable) %

Manufacture of plastic packaging goods CE1.1 0.23% 1.0 0.23% 0.00% 0.00% 0.00% 0.23% 0.00% 0.00% 100.00%

Transport by motorbikes, passenger cars and light commercial vehicles CCM6.5 8.31% 0.0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% T 0.00%

Acquisition and ownership of buildings CCM7.7 8.25% 0.0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Sum of alignment per objective 0.00% 0.00% 0.00% 0.23% 0.00% 0.00%

Total KPI (Opex) 16.79% 1.0 0.23% 0.00% 0.00% 0.00% 0.23% 0.00% 0.00% 0.00% 0.00% 1.39%

1. The Code abbreviations of the relevant environmental objective to which the economic activity is eligible to make a substantial contribution: CCM = climate change mitigation; CCA = climate change adaptation; WTR = water and marine resources; PPC = pollution, prevention and control;

CE = circular economy; BIO = biodiversity and ecosystems.

2. Enabling Activities: An economic activity qualifies if it directly supports other activities in achieving a substantial contribution to one or more environmental objectives. To be classified as enabling, the activity must not result in a lock-in of assets that undermine long-term environmental

goals, considering the economic lifetime of those assets, and have a substantial positive environmental impact based on lifecycle considerations.

3. Transitional activities: These are activities for which no technologically and economically feasible low-carbon alternatives currently exist but that support the transition to a climate-neutral economy. They must align with a pathway that limits the global temperature increase to 1.5ºC above

pre-industrial levels.

EU Taxonomy continued

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Sustainability statement continued

Environmental information

ESRS E1 –

Climate change

Strategy

E1-1 Transition plan for climate

change mitigation

E1-1_01-03_05-06_12-15 &

E1.MDR-A_06-07_09-12 & E1-3_05-06

& E1-4_23

Our focus on clear targets and robust action plans

around climate change is evident in our climate

transition plan. We have committed to our

NetZeroby40 journey since 2021, and the healthy

liquidity position of the Group ensures proper

funding of relevant initiatives every year. Our

climate transition plan, first developed in 2021,

covers the full value chain (scope 1, 2 and 3) and

itis as per the 1.5 degree scenario, approved by

the SBTi. Developed by a cross-functional team

ofexperts, the plan was approved by the ELT

(through Sustainability SteerCo) and endorsed by

the Social Responsibility Committee of the BoD.

CCHBC considers the five main levers shown

below, while the actions per lever are presented

inTable 10:

1. Manufacturing (e.g., scope 1 fuels used,

scope1 losses of CO

used for beverage

carbonation, scope 2 electricity/heat/steam/

hot water purchased).

2. Transportation (e.g., scope 1 fuels used

forown transport, both light and heavy, and

scope 3 fuels used for outsourced logistics

andtransportation).

3. Packaging (e.g., scope 3 from all primary,

secondary and tertiary packaging used for

ourproducts).

4. Ingredients (e.g., scope 3 from all ingredients

used for manufacturing of ourbeverages).

5. Drink Equipment (e.g., scope 3 ofelectricity

used by our customers in drinkequipment).

CCHBC is not excluded from the EU Paris-aligned

benchmarks. NetZeroby40 roadmap is presented

in the Strategic Report, section ‘Earn our License

to operate’ on page 35.

In 2025, we invested €236 million of capital

expenditure (Capex) on projects supporting

theimplementation of our NetZeroby40 transition

plan,representing 28.5% of total Capex. We also

invested €55 million driven by the higher cost of

recycled PET compared to virgin PET, a significant

increase compared to last year, as we successfully

delivered on our Mission 2025 strategic objective

to reach 35% rPET by 2025, positively influencing

both the reduction of our scope 3 emissions and

the transition to a circular economy.

Our accounting system does not separately

classify sustainability-related investments or

costs, as both are reported in accordance with

thegeneral financial reporting principles. For

Capex, however, we apply an internal process to

identify expenditures fully aligned with the levers

of the NetZeroby40 transition plan. This allows

usto track and monitor investments that directly

support our commitment to emissions reduction

but does notnecessarily consider larger

investments that have multiple objectives, even

when sustainability is one of them. The Capex and

cost of packaging materials mentioned above are

reflected in our financial statements, as part of

the overall amounts reported in the cash flow

statement andthe income statement, reinforcing

our climatechange mitigation actions.

In 2026, we plan to follow a similar approach,

investing around 30% of total Capex on projects

supporting the implementation of our

NetZeroby40 transition plan. We also expect that

the higher spend for rPET compared to virgin PET

willcontinue to similar levels as in 2025, as we want

to maintain the rPET percentage achieved this

year across the Group.

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Sustainability statement continued

ESRS E1 – Climate change continued

In the medium term, for the period 2027-

2030,Capex investments that support our

NetZeroby40 transition plan will gradually

increaseto reach 37% of Capex by 2030. Main

drivers are the acceleration of investments to

improve energy efficiency of our manufacturing

plants and using more renewable fuel alternatives,

the switch to coolers with even better energy

profile and the increase in the contribution of

returnable glass bottles to our package portfolio.

As far as investments in Opex/COGS are

concerned, we expect that they will also gradually

increase, as we will use more packaging materials

with recycled content and purchase more

ingredients that are sustainably sourced.

For the period after 2030, we expect to continue

the2026-2030 trajectory of investments,

bothCapex and Opex/COGS to support the

fasterreduction of emissions so that we can

meetour NetZeroby40 commitment.

Given the fast-paced nature of our business,

beingaconsumer goods company, the rapid

technological advancements and the uncertainty

inthe regulatory environment, an attempt to

assign investment amounts per decarbonisation

action could result in misleading information.

Hence, wemaintain the approach we have

followed in the past few years and report the

percentage of total Capex that is related to

projects that support the implementation

ofourNetZeroby40 transition plan.

Our Group’s funding sources include a diverse

range of short-term and long-term instruments

that provide flexibility to meet our financial

requirements at central and operational levels,

including our various sustainability commitments.

Some of our financing instruments are linked to our

sustainability performance. Our sustainability-

linked revolving credit facility (RCF) increased in

August 2025 from €800 million to €1.2 billion, with

new maturity set to August 2030 and an option to

extend it for up to two years. The RCF includes

sustainability targets, although it is not specifically

earmarked for funding the NetZeroby40 transition

plan. Further details on financing instruments and

resource allocation are available in Note 25 of the

consolidated financial statements (p.315 to 319).

E1-1_07

By 2030, the only assets from scope 1 and 2

inmanufacturing that could potentially lead

tosignificant locked-in GHG emissions are the

CHPplants outside Europe and boilers used in

manufacturing facilities, as they will still operate with

fossil fuels (natural gas mainly), and it will be difficult

to switch to alternative or renewable fuels. We will

run an innovative project in two of the manufacturing

sites to use biomass for the boilers and based on

theresults we are planning to implement across all

plants by 2040. In logistics, we will have around 2,000

own trucks (scope 1) by 2030 using fossil fuel. In light

fleet, which is leased and changed every four years,

we don’t expect significant locked-in emissions.

Asper our NetZeroby40 commitment, by 2050 we

will not have main assets with significant locked-in

emissions: CHP in operations will be either

decommissioned or replaced by renewable fuel, and

boilers’ fuel will be replaced by alternative systems.

By 2050, we don’t expect any of our own trucks

torun on fossil fuel. Cumulatively, by 2030 those

locked-in emissions would be around 256,000

tonnes of CO

e or 5.3% of our scope 1, 2, 3

emissions. Those locked-in emissions arenotlikely

to affect our NetZeroby40 commitment, as they will

be effectively managed and minimised before 2040

as shared above. As we sell beverages, we don’t

expect significant locked-in emissions in scope 3

category ‘Use ofsold products’, neither by 2030

nor by 2040 or2050.

SBM-3 Material impacts, risks and

opportunities and their interaction

with strategy and business model

E1.SBM-3_01_05

GHG emissions, emitted from every business and

activity, are leading to global temperature increase

and extreme weather conditions around the

world. Global warming impacts environment

andsociety across our entire value chain: from

suppliers to customers and consumers.

Managing our carbon footprint is our major

transition risk related to climate change in the

medium and long term, as emerged from our

double materiality assessment (DMA). The time

horizons applied in the analysis and their business

scenarios alignment are described in ESRS 2.

E1.SBM-3_02

We have a thoroughly designed Business

Resilience Programme that enables us to

proactively manage risks and embrace

opportunities so that we grow sustainably

andmeet our short-, medium- and long-term

objectives. One of the most significant risks to

ourresilience over the longer term is climate

change. By proactively preparing for and managing

climate risk through our business strategy and

capital investments, however, we can harness

significant opportunities.

E1.SBM-3_03-04_06

In our resilience analysis, weuse a variety

ofclimate scenarios in our assessment of

thepotential impact of climate change on our

business, which are briefly described in Table 7. This

enables us to consider a broad range of drivers

and their impact.In considering thecost ofcarbon

emissions, the more ambitious scenarios assumea

greater amount of government use ofregulation,

taxes and levies, and hence the higher costs of

carbon. However, we also assumethat

government intervention will notbe consistent

across all our markets given ourdiverse operating

territories and, therefore, countries are grouped

into leaders, followers andlaggards in evaluating

potential increases intaxes and levies.

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ESRS E1 – Climate change continued

Table 7: Climate transition scenarios considered in Resilience Analysis and their key characteristics

Transition scenarios

RCP 1.9 RCP 4.5 RCP 8.5

Description • Limits global warming to below the 1.5ºC target of the

ParisAgreement.

• Projects a median temperature increase of approximately

1.5ºC by 2100, though this may involve a temporary

‘overshoot’ where temperatures briefly rise above 1.5ºC

before falling back down.

• Reaches net zero around 2050.

• The global average temperature increase is expected to be

between 2.1ºC and 3.5ºC by the end of the century.

• Greenhouse gas emissions are projected to peak around

2040 and then decline, leading to a stabilisation of radiative

forcing at 4.5ºC by 2100.

• Net zero by 2055 is not reached

• Scenario projects that by 2100:

• A global temperature increase between 3.3ºC and 5.7ºC.

• An increasing frequency of extreme weather events.

• Sea level rise of 0.52-0.98m relative to 1986-2005 levels.

• Significant changes in other climate indicators, such as

ocean temperature, sea ice extent and permafrost.

• Net zero by 2055 is not reached

Rationale for

inclusion

For consistency with our Science Based Targets initiative

(SBTi) commitment and as representation of a best-case

scenario from a climate action point of view

Represents the stated policy position and provides a midpoint

scenario

Represents a ‘worst-case’ or ‘extreme’ scenario, particularly

for physical risks.

As around 93% of our carbon emissions are scope

3, we are dependent on suppliers and customers

reducing their carbon emissions. To assess the

reduction in overall carbon emissions and our

trajectory towards NetZeroby40, we rely on NGFS

data to model industry decarbonisation rates.

In assessing how climate change may affect our

production and distribution, we use external data

used in the insurance industry, which we consider

robust. While this data provides projections of

general changes under different climate

scenarios, it cannot predict the timing or severity

of extreme events, which pose the greatest risk to

our facilities. We also use assumptions about

potential increases in insurance premiums based

on this industry’s statements about the impact of

climate change. However, these projections may

not fully apply to us, as they do not reflect the

climate change mitigation and adaptation

measures we are implementing.

In addition, we apply internal assumptions on

production volume growth to 2040 to estimate

future carbon emissions and resource use. We

also recognise that these estimates are subject to

several variables, including domestic growth rates

in our operating countries, changes in consumer

demand and preferences, weather patterns,

industry developments, competition and

regulatory changes.

As a result of our resilience analysis, we

continueto improve our assessment of the

effects of climate change, with a focus on clear

targets and robust action plans. This enables us

todeliver on our commitments, mitigate risks

andtake advantage of the opportunities inherent

in change.

E1.SBM-3_07

We are keenly aware of the importance of

delivering on our plans and the potential to adjust

ourstrategy to respond to emerging needs and

priorities. We continue to decarbonise our value

chain, while updating our NetZeroby40 transition

plan anddeveloping long-term climate scenarios.

Wearealso working towards our bold

commitment to achieving a net-positive impact

on biodiversity by 2040 in critical areas of our value

chain, implementing the guidelines of the Science

Based Targets Network, and we shifted our

deforestation-free commitment from 2030

to2025. We continue to expand our partnerships

and seek new collaborations, as our ambitious

goals and commitments can only be achieved

through collective action.

With prudent financial risk management,

theGroupmaintains a healthy liquidity position

andaccess to various funding sources. As of

31 December 2025, the Group had €2.1 billion

available under a €5.0 billion Euro medium term

note programme, €0.4 billion available under a

€1.0 billion Euro-commercial paper programme, an

undrawn revolving credit facility of €1.2 billion and

several bilateral bank loan facilities. None of the

Group’s debt facilities are subject to financial

covenants that could impact liquidity or access

tocapital. For further details, refer to Note 25 of the

consolidated financial statements (p.315 to 319).

Strong treasury governance ensures a consistent

supply of committed funding at both central and

operational levels, optimising liquidity and funding

risk management to secure the most efficient

financing solutions. This diversified funding

strategy supports both operational and strategic

needs, enabling the Group to allocate resources

promptly and effectively to various commitments,

including the ones relevant to sustainability.

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Sustainability statement continued

ESRS E1 – Climate change continued

Impact, risk and opportunity management

E1-2 Policies related to climate change mitigation and adaptation

MDR-P_01-06

Please see ‘Consolidated Policies Table‘ on page 75

E1-2_01

Our NetZeroby40 commitment supports community development and a positive environmental impact. Guided primarily by our Climate Change and Environmental Policies, but also aided by our Principles for

Sustainable Agriculture, Biodiversity statement, and Packaging waste management policy, we aim to reduce emissions across our value chain through energy efficiency, renewable technologies, sustainable

packaging, and green fleets. We collaborate with stakeholders and suppliers, set clear emissions reduction roadmaps, and include CO

targets in management incentives. We integrate climate risks and

opportunities into our strategy, explore solutions for residual emissions, and transparently monitor and report our progress. Also, our response to climate change is structured around the five decarbonisation

pillars developed as part of our Transition Plan, as described in E1-1_01. Table 8 presents our material climate change IROs as emerged from the double materiality assessment (DMA), and the main

corresponding policies through which they are being monitored and addressed.

Table 8: E1 IROs and the corresponding policies that address them

Top ic IROs description IROs classification Environmental policy Climate change policy

Principles for

Sustainable

Agriculture

Supplier guiding

principles policy

Biodiversity

statement

Packaging waste

management policy

Water stewardship

policy

E1 Negative impact to the state of nature

through contribution to Climate Change

Impact (-)

E1 Managing our carbon footprint Risk

E1 Managing our carbon footprint Opportunity

E1-3 Actions and resources in relation to climate change policies

E1.MDR-A _01-03

We have in place a number of existing and planned actions in order to deliver our climate change policies and achieve our targets and commitments, as presented in the following table.

Table 9: Key actions (existing and planned) in relation to climate change policies

List of actions (MDR-A_01)

Time horizon

(MDR-A _03) Expected outcome and relation to policy objectives (MDR-A_01)

Scope of Action (MDR-A_02)

Value chain, geographies, affected stakeholders Progress on Action

Top 20 energy savers

programme

Current and

will continue

Action is expected to lead to reduced Scope 1

emissions and cost savings. In accordance with the

Climate Change Policy and our overall Environmental

Policy, we strive to reduce all our emissions across

thevalue chain as much as possible by advancing

thereduction of the energy used in our operations.

Value chain:

Geographical boundary:

All CCH markets

Key affected stakeholders:

Employees/suppliers

Reduction of energy consumption by improving

efficiency of main energy consumers such as

high-pressure compressors, boilers, bottle

blowing processes, cleaning (CIP) process

optimisation and cold CIP, introducing UV

treatment for simple syrup process and heat

recovery forsyrup dissolving instead of use of

thermal energy, optimising glass bottles washing

process and introducing heat pumps.

Upstream Own Operations Downstream

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ESRS E1 – Climate change continued

List of actions (MDR-A_01)

Time horizon

(MDR-A _03) Expected outcome and relation to policy objectives (MDR-A_01)

Scope of Action (MDR-A_02)

Value chain, geographies, affected stakeholders Progress on Action

Increase of Renewable energy

consumption through the

installation ofsolar PV

Current and

will continue

Action is expected to lead to Scope 1 & 2 (market-

based) emissions savings and climate resilience.

Relates to our objective of expanding our use

ofrenewable energy technologies.

Value chain:

Geographical boundary: Egypt, Nigeria,

Switzerland, Italy,Austria, Czech Republic,

Greece, Romania, Croatia,Ukraine

Key affected stakeholders: Employees/

suppliers

Current installations of roof-top PVs owned by

CCH and also owned by third-party providers.

yield improvement (for

beverage carbonation)

Current and

will continue

Action is expected to lead to Scope 1 carbon

emissionsreduction.

Relates to our objective of advancing the reduction

ofthe energy used in our operations.

Value chain:

Geographical boundary: All CCH markets

Key affected stakeholders: Employees,

suppliers

yield improvement by optimising the

process/equipment and by using sterile air and

nitrogen.

Heat pumpsand electrification

of energy

Current and

will continue

Action is expected to lead to Scope 1 & 2 carbon

emissions reduction.

Relates to our objective of advancing the reduction

ofthe energy used in our operations, and expanding

our use of renewable energy technologies.

Value chain:

Geographical boundary: EU countries

Key affected stakeholders: Employees,

suppliers

Energy recovery from existing manufacturing

processes and thermal energy electrification.

Alternative and low-carbon

fuels introduction

Current and

will continue

Action is expected to lead to Scope 1 carbon

emissionsreduction.

Relates to our objective of advancing the reduction

ofthe energy used in our operations, and expanding

our use of renewable energy technologies.

Value chain:

Geographical boundary: N. Ireland

(implemented in 2025); Greece and Nigeria (in

preparation)

Key affected stakeholders: Employees,

suppliers

Introduction of Biomass, Biogas and other

low-carbon fuel solutions.

Modernisation of

manufacturing equipment

Current and

will continue

Action is expected to lead to Scope 1 & 2 carbon

emissions reduction.

Relates to our objective of advancing the reduction

ofthe energy used in our operations, and expanding

our use of renewable energy technologies.

Value chain:

Geographical boundary: Selective CCH

markets as per thetransition plan

Key affected stakeholders: Employees,

suppliers

Replacement of depreciated and old production

lines and installation of new ones with high

energy efficiency.

Green Fleet Programme Current and

will continue

Action is expected to lead to Scope 1 carbon

emissionsreduction.

Relates to our objective of accelerating our green fleet.

Value chain:

Geographical boundary: EU countries

Key affected stakeholders: Employees,

suppliers

Increase the number of electric and hybrid fleet

(own and leased fleet).

Upstream Own Operations Downstream

Coca-Cola HBC Integrated Annual Report 2025

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Sustainability statement continued

ESRS E1 – Climate change continued

List of actions (MDR-A_01)

Time horizon

(MDR-A _03) Expected outcome and relation to policy objectives (MDR-A_01)

Scope of Action (MDR-A_02)

Value chain, geographies, affected stakeholders Progress on Action

Low Carbon alternative fleet

introduction of transportation

solutions

Current and

will continue

Action is expected to lead to Scope 3 carbon

emissionsreduction.

Relates to our objective of working with suppliers to

reduce their carbon footprint and to minimise their

climate impacts, and of expanding our use of renewable

energy technologies.

Value chain:

Geographical boundary: All CCH markets

Key affected stakeholders: Third-Party

Logistics providers (suppliers),customers

Distribution fleet electrification in Austria, Italy,

Ireland, Switzerland, Czech Republic, Slovakia

and Hungary; and Low Carbon Fuel (HVO, CNG)

usage in all markets.

Improvement of logistics

efficiencies

Current and

will continue

Action is expected to lead to a reduction in Scope 3

carbon emissions.

It relates to our objective of working with suppliers

toreduce their carbon footprint and to minimise their

climate impacts, and accelerating our green fleet.

Value chain:

Geographical boundary: All CCH markets

Key affected stakeholders: Third-Party

Logistics providers (suppliers), Customers

Km driven reduction due to:

• Warehouse network optimisation (reducing

Haulage through the reduction of overflow

warehouses)

• Route-to-market optimisation

• Reduction of returns, routes optimisation

Using advanced technologies

and further reduction offuel

consumption

Current and

will continue

Action is expected to lead to Scope 3 carbon

emissionsreduction.

It relates to our objective of accelerating our

greenfleet.

Value chain:

Geographical boundary: All CCH markets

Key affected stakeholders: Third-Party

Logistics providers (suppliers), Customers

Reduce consumption of fuel through advanced

technology (Euro 7, light trailers).

Introducing intermodal

transportation

Current and

will continue

Action is expected to lead to Scope 3 carbon

emissionsreduction.

It relates to our objective of working with suppliers to

reduce their carbon footprint and to minimise their

climate impacts.

Value chain:

Geographical boundary: Austria, Switzerland,

Russia, Poland, Czech Republic, Slovakia

Key affected stakeholders: Third-Party

Logistics providers (suppliers), Customers

Shifting volume towards cleaner transportation

models (e.g., from wheels to trains).

Increase the number of

energy-efficient* coolers in the

marketplace

* New coolers with at least 50% lower

electricity consumption compared to the

same old cooler type and B-type coolers.

Current and

will continue

Action is expected to lead to Scope 3 carbon

emissionsreduction.

Relates to our objective of deploying more energy-

efficient coolers in the marketplace, and engaging with

relevant stakeholders to combat climate change.

Value chain:

Geographical boundary: All CCH markets

Key affected stakeholders: Customers,

suppliers

Continue purchasing energy efficient new

coolers from our suppliers and replacing old

coolers with energy-efficient models.

For packaging initiatives

contributing toScope 3, please

refer toESRS E5 onpage 122 to

133

Current and

will continue

Action is expected to lead to Scope 3 carbon

emissionsreduction.

Relates to our objective of accelerating our packaging

and packaging waste agenda, and engaging with

relevant stakeholders to combat climate change.

Value chain:

Geographical boundary: All CCH markets

Key affected stakeholders: Customers,

consumers, suppliers

Using more recycled content and reusable/

refillable packaging solutions, decarbonisation at

supplier level; all initiatives for packaging

collection that increase % collected and

recovered packaging.

Use of ISO standard for

commodities and supplier

specific LCA development for

key direct supplies of raw and

packaging materials

Current and

will continue

Action is expected to lead to Scope 3 carbon

emissionsreduction.

Relates to our objective of working with suppliers to

reduce their carbon footprint and to minimise their

climate impacts.

Value chain:

Geographical boundary: Global

Key affected stakeholders: Suppliers

Using Supplier-Specific Emission Factors, guiding

suppliers to work on decarbonisation plans and

renewable energy, providing supplier Carbon

emission development programme (Supplier

Leadership on Climate – SLoC).

Upstream Own Operations Downstream

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Sustainability statement continued

ESRS E1 – Climate change continued

E1.MDR-A_04

As per the Union of European Soft Drinks

Associations (UNESDA) statement “Beverage

sector acknowledges its responsibility in playing

its part in the fight against climate change and

weare committed to help the European Union

become a climate neutral continent by 2050

bydriving decarbonisation throughout our

valuechain – from responsible sourcing of our

ingredients to production and distribution of the

final products. We know our competitiveness and

long-term success depend on the sustainability

ofour operations and the resilience of our value

chain”. We have not identified direct harm to

anystakeholders’ group from our actual impact.

Allactions we take are towards decarbonisation

byfollowing the applicable regulatory, industry

andinternational standards.

E1.MDR-A_05

In 2025, we made progress on our climate-related

actions and plans and for the fifth consecutive

year we reached our annual roadmap:

• continued our decarbonisation journey

inallfivelevers in alignment with our

NetZeroby40roadmap;

• continued placing energy-efficient coolers in

themarketplace and continued energy saving

projects in own operations;

• focused on packaging decarbonisation using

ahigher percentage of recycled materials and

improving percentage packaging collection;

• supported further roll-out of Deposit Return

Systems (DRS) in our EU markets;

• promoted Extended Producer Responsibility

(EPR) policies and the launch of new packaging

collection systems in priority markets;

• expanded our partnerships in water and

wastereduction.

In 2021, we committed to achieve net zero

emissions across the entire value chain by 2040.

This is our most ambitious, complex and forward-

looking commitment. We were among the first

companies to adopt science-based reduction

targets back in 2015-2016 (immediately after the

UN COP 21 meeting in Paris). We have reduced our

absolute total value chain emissions in scopes 1,

2and 3 by 29% (including Egypt) from 2010 to the

end of 2025, our absolute value chain reduction in

2025 versus 2019 is 12% (including Egypt). These

results come from our sustained investment and

focus and highlight our consistent approach to

decarbonisation. Reducing carbon emissions

isthe non-negotiable goal for our business.

Wecontinued to work across our value chain

toreduce emissions, with a particular focus on

energy efficiency and renewal, packaging, coolers

and ingredients. We do this because we will make

the biggest progress by delivering sustainable

solutions in these parts of our value chain.

In December 2024, we received formal

validationfrom the SBTi on our net zero target

(NetZeroby40). Throughout 2025 we were working

to update the Net Zero Roadmap with the changes

recommended by the SBTi and their Net Zero

Standard V. 1.3. As communicated in 2024

Sustainability Statement, due to the inclusion

ofFLAG targets, our baseline year was changed

from 2017 to 2019. We have now included the

FLAGcomponent in the emission factors of all

agricultural ingredients (agricultural raw materials

and paper- and wooden-based packaging

materials). Two new scope 3 categories have been

added: Fuel-and-energy-related activities not

included in scope 1 or 2 (or emissions category 3.3)

– these are upstream emissions from extraction,

production and transportation of fuels consumed

and fuels used in the generation of electricity, and

transmission and distribution (T&D) losses; and

End-of-life treatment of sold products (so called

emissions category 3.12) – these are emissions

from waste disposal and treatment of all products

sold at the end of their life. In addition, we

reallocated emissions from on-site electricity

generation from scope 2 to scope 1 reflecting the

direct emissions from fuels used for the generation

and also updated emissions from electricity

consumption in Remote Properties from market-

based to location-based approaches as per the

GHG Protocol. All those additions, together with

the updated emissions factors (coming from new

scientific methodology specifically for agricultural

ingredients and plastic packaging materials), led to

the recalculation of the reported GHG emissions

from 2019 to 2024. In parallel, as part of our

commitment to continuous improvement in

emissions reporting, we automated in 2025

thecalculation of recycled content for certain

secondary packaging materials (e.g., PE stretch

film, plastic shrink film and paper cardboard) and

incorporated these results into emissions

calculations for 2024 and 2025.

E1-3_01_03-04

Table 10 includes the actions per decarbonisation

lever, which are aligned with our updated net zero

roadmap with all recalculations described above.

In2025 we updated our Net Zero Transition Plan

by2030 incorporating: a) the updated long-range

plan (LRP) volume, b) the new Scope 3.3 and Scope

3.12 categories asrequired by the SBTi, c) added

‘Concentrates Other thanJuice’ in our Scope 3.1,

and d) used the updated emission factors, including

FLAG component.

Coca-Cola HBC Integrated Annual Report 2025

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Sustainability statement continued

ESRS E1 – Climate change continued

Table 10: Mitigation actions per decarbonisation lever (action, GHG reductions)

Decarbonisation levers and associated actions

GHG emission reductions

Time horizon for

completing the action

Year

Relevant target

(link to E1-4)

Achieved

(2025 vs. 2019)

tCO

Expected

(2030 vs. 2019)

tCO

Manufacturing (includes scope 1 fuels used in production plants and remote properties,

scope 1 losses of CO

used for beverage carbonation, scope 2 electricity/heat/steam/hot

water purchased (in production plants and remote properties), upstream scope 3 emissions

from energy used in plants and energy used in own Remote Properties (not included in S1 or

S2) – new category S3.3):

• continue implementing and accelerating the energy-efficient projects in our plants

(deploymentof energy-saving projects, old equipment modernisation, and installation

ofheatpumps and electrification);

• improving the CO₂ yield in the plants;

• accelerating usage of renewable and/or cleaner energy to replace fossil fuel in scope 1

orelectricity/heat/steam/hot water in scope 2.

-57.6 kt

-9.7%

-209.8kt

-35.5%

2030 Scope 1 and 2 decrease by 2030

vs. 2019 as per the 1.5 degree

climate scenario (SBT); Scope 3

decrease by 2030 vs. 2019 as per

the well-below 2 degree climate

scenario

Transportation (includes scope 1 fuels used for own transport, both light and heavy, scope 3

fuels used for outsourced logistics and transportation, and upstream emissions from energy

used in own transportation (not included in S1 or S2)- new category S3.3):

• optimising the routes of light and heavy fleet, increasing logistics efficiency and increasing

heavytrucks utilisation;

• shifting the existing fleet to innovative technologies and renewable or alternative fuels;

• enhancing the strategic partnerships with our third-party logistics providers and joint

investments (accelerate shifting to alternative fuels, route to market evolution, shifting

ofmorevolume to trains and applying industry innovations)

-20.2kt

-5.8%

-20.4kt

-5.9%

2030 Scope 1 and 2 decrease by 2030

vs. 2019 as per the 1.5 degree

climate scenario (SBT); Scope 3

decrease by 2030 vs. 2019 as per

the well-below 2 degree climate

scenario

Packaging (includes scope 3.1 category from all primary, secondary and tertiary packaging

purchased quantities and also the new scope 3.12 category for End of Life treatment of

packaging of our sold products):

• implementing our Pack Mix of the Future strategy (increasing recycled PET, moving

fromnon-reusable one-way glass bottles to reusable glass bottles and providing more

packageless solutions);

• implementing decarbonisation of our primary and secondary packaging materials

(aluminiumcans, PET bottles, glass bottles, plastic labels, closures, stretch films, etc.).

+14kt

+0.6%

-401kt

-18.5%

2030 Scope 3 decrease by 2030

vs.2019 as per the well-below

2degree climate scenario

Ingredients (includes scope 3 from all ingredients (sugar, sweeteners and Juice

concentrates) used for manufacturing of our beverages (FLAG + non-FLAG) and non-FLAG

Concentrates Other than Juice (new addition)):

• decarbonisation initiatives with our suppliers (engagement of farmers through co-development

offarming pilots with suppliers, using regenerative agricultural practices);

• continue reformulation of our products and moving to more lights and zero products in our

beverageportfolio

+5.3kt

+0.3%

-133kt

-7%

2030 Scope 3 decrease by 2030

vs.2019 as per the well-below

2degree climate scenario

Drink equipment (includes scope 3 of electricity used by our customers for the drink

equipmentwe provide, scope 1 for refrigerants’ losses from cold drink equipment):

• accelerate the process of providing energy-efficient drink equipment to our customers

andfinding innovative solutions for further energy efficiency of our drink equipment;

• greening the electricity grid mainly in Europe and with slower pace in Africa.

-714 k t

-48%

-917kt

-62%

2030 Scope 1 decrease by 2030 vs. 2019

as per the 1.5 degree climate

scenario (SBT); Scope 3 decrease by

2030 vs. 2019 as per the well-below 2

degree climate scenario

Coca-Cola HBC Integrated Annual Report 2025

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Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

ESRS E1 – Climate change continued

E1-3_07-08 & E1-1_04_06_08

As detailed in the EU Taxonomy section of this

Sustainability Statement (p. 82 to 86), our core

economic activity is not yet included in the

published Delegated Acts and is therefore not

considered Taxonomy-eligible at this stage.

However, we have assessed secondary activities

that contribute to climate change mitigation.

In2025, 0.87% of total Capex was Taxonomy-

aligned, also driven by activities connected to our

NetZeroby40 transition plan. Specifically, CCM4.1

‘Electricity generation using solar photovoltaic

technology’, CCM7.4 ‘Installation, maintenance,

and repair of charging stations for electric vehicles

in buildings’ and CE1.1 ‘Manufacture of plastic

packaging goods’ contributed to aligned Capex.

We have also assessed CCM6.5 ‘Transport by

motorbikes, passenger cars, and light commercial

vehicles’ and CCM6.6 ‘Freight transport services

by road’, which relate to the electrification of

ourfleet. Although a significant part of our fleet

meets the SC criteria, due to challenges with the

DNSH criteria, we will claim zero alignment to EU

Taxonomy in 2025.

Looking ahead, we expect to maintain or increase

EUTaxonomy alignment as we continue to evaluate

investment plans and operational expenditures

inareas that could become eligible with the

introduction of regulatory updates.

Metrics and targets

E1-4 Targets related to climate

change mitigation and adaptation

E1.MDR-T_01-07, E1-4_01-17_24

Net-zero target

Multiple climate scenarios have been taken into

consideration, as outlined in SBM-3_08_09_10,

helping assess external drivers, including policy

developments and market shifts. In October 2021,

we announced our NetZeroby40 transition plan,

as part of our commitment to reach net zero

absolute emissions across all scopes by 2040.

Thistarget is fully aligned with the 1.5 degree

pathway, and it was approved by the SBTi in

December 2024 (https://sciencebasedtargets.

org/target-dashboard). NetZeroby40 is a carbon

emissions roadmap including our base-year

results, year-on-year emissions targets, 2030

near-term and our 2040 net zero target, i.e.,

CCHBC commitment to reach net zero

greenhouse gas emissions across the value

chainby 2040.

Near-term targets

Our near-term targets are serving our carbon reduction ambition by 2030 and are presented in Table 11.

Table 11: Near-term GHG emission reduction targets

Target (MDR-T_01_02_03)

Scope (MDR-T_04)

Baseline year

(M DR-T-0 6)

Baseline

GHGemissions

(M DR-T_ 05)

Current

Reporting Year Value

(M DR-T_13)

Target year

(M DR-T_ 07)

% of scope 1, 2 and 3

Scope 2 location/

market-based Value chain/Geography Coverage of GHG (Year) (tCO

e) (tCO

e) (Year)

Energy and Industry target:

reduce absolute scope 1 and 2 GHG emissions

46.2% by 2030 from a 2019 base year

100%

scope 1 and 2

Scope 2

market-based

Value chain:

Geographical boundaries:

All countries ofoperations

Our targets refer to all GHG

types according to the SBTi

methodology (e.g., CO

, CH

O, etc.) and they correspond

to gross emissions.

2019 556,417 438,105

(456,882 in 2024)

2030

Scope 3 target:

reduce absolute scope 3 GHG emissions 27.5%

by 2030 from a 2019 base year

100%

scope 3

(non-FLAG)

n/a Value chain:

Geographical boundaries:

All countries

2019 5,293,611

Numbers include

Concentrate Other

than Juice

4,539,801

(4,680,264 in 2024)

Numbers include

Concentrate Other

than Juice

2030

FLAG target:

reduce absolute scope 3 FLAG GHG emissions

33.3% by 2030 from a 2019 base year

100%

FLAG part

ofscope 3

n/a Value chain:

Geographical boundaries:

All countries

2019 770,868 886,215

(907,578 in 2024)

2030

Our current roadmap and targets are based on the formally approved by the SBTi in December 2024 net zero target by 2040 and include FLAG emissions.

Upstream Own Operations Downstream

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Sustainability statement continued

ESRS E1 – Climate change continued

Long-term targets

In our NetZeroby40 transition plan we aim to

achieve the following by 2040:

• Energy & Industry: CCHBC commits to reduce

absolute scope 1 and 2 GHG emissions by 90%

by 2040 from a 2019 base year. CCHBC also

commits to reduce absolute scope 3 GHG

emissions by 90% within the same timeframe.

• FLAG: CCHBC commits to reduce absolute

scope 3 FLAG GHG emissions by 72% by 2040

from a 2019 base year. This target includes

FLAGemissions and removals.

Other sustainability commitments

Developed in 2018, Mission 2025 is a set

ofsustainability commitments based on our

stakeholder materiality matrix and aligned with the

UN Sustainable Development Goals (SDGs) and

their targets. It spans across six key focus areas to

cover our entire value chain, including emissions

reduction, with the following commitments:

• Reduce direct carbon emissions ratio by 30%

vs2017.

• 50% of our refrigerators in customer outlets

willbe energy efficient.

• 50% of total energy used in our plants will

befrom renewable and clean sources.

• 100% of the total electricity used in our plants

inEU and Switzerland will be from renewable

andclean source.

The status of all Mission 2025 goals is disclosed

onpages 44 to 45.

Our approved by the SBTi targets for reducing

scope 1 and 2, and scope 3 emissions have

organisation-wide coverage. We cover 100%

ofour operational activities, and as per the

GHGProtocol we cover all our financial activities.

E1. MDR-T_04

As previously mentioned, our climate change

commitments cover our entire Company,

allscope 1, 2, 3, and we aim to reach net zero

emissions across the entire value chain by

2040asper the 1.5 degree scenario, as well

asourintermediate emissions reduction target

by2030 is approved by the SBTi.

E1. MDR-T_08

The Group’s annual roadmap of net zero target by

2040 is shown in the net zero chart in the strategic

part of the IAR, section ‘License to operate’, page

35. Mission 2025 targets related to climate and

energy are disclosed in the Strategic Report,

‘Keyperformance indicators’ section on page 44.

Those targets don’t have interim targets, but only

annual roadmaps at Group level disaggregated

further down per Business Unit.

E1.MDR-T_09-10 & E1-4_22

At the end of 2020, we set and received approval by

the SBTi of our Science-Based Targets by 2030, as

our previous SBT period-closing was end of 2020.

Those targets are reported in the 2024 IAR (as an

old roadmap) and are provided in Table 10. For the

recent targets (see Table 11), approved by the

SBTi in December 2024, we report as per the GHG

Protocol Corporate Accounting and Reporting

Standard. We cover 100% of our operational

activities and we account and reportall seven

Greenhouse Gases, disclosed asequivalent to

. Under scope 2 emissions, weare reporting

market-based GHG emissions and separately the

location-based scope 2 emissions. Our climate

targets are also aligned with the UN SDG Target

13.1, i.e., strengthen resilience and adaptive

capacity to climate-related hazards andnatural

disasters in all countries, as well as UN SDG Targets

7.2 and 7.3 on increased renewable energy and

energy efficiency. We do not use any carbon

removal nor neutralisation or off-setting/insetting

methodologies to achieve our GHG internal annual

roadmap targets as per the SBTiguidelines.

E1.MDR-T_11

Please see ‘Stakeholder Engagement’

section onpages 12 to 15

E1.MDR-T_12

As per the GHG Protocol, the recalculation policy

forbase-year emissions and previous years’

emissions is applicable in case of the following

changes: 1) significant change in calculation

methodology, 2) significant change in emissions

conversion factors (LCAs), 3) investment,

divestment, mergers and acquisitions with

significant impact to business financials and

emissions (>3% of emissions), 4) significant change

in the business growth rate or activity, and 5) mistake

or calculation gap found which is bigger than 3% of

emissions. Recalculations done in 2025 are disclosed

in ESRS 2, BP-2_10, 11, 12. Emission factors are

provided by the Institute of Energy and Environment

(IFEU) assigned by TCCC and used asthe emissions

factors data source to TCCC andtheir bottling

system for regular updates (update as of January

2025). In some specific cases we use also GHG

Protocol Transport Tool and Defra factors.

E1.MDR-T_13

In 2025, we reached 12% reduction of our

absolutevalue chain emissions versus 2019 which

isthe fifth year of meeting our annual roadmap

(please see page 35). We also advanced our

climate-related targets from Mission 2025: our

target on percentage energy-efficient coolers

was overachieved, we continued with 100%

renewable and clean electricity in our EU and

Swissplants, and we overachieved our percentage

renewable and clean energy across CCHBC

plants.) As part of our performance review,

eachtarget is monitored regularly (monthly or

quarterly). We report the progress in a specific

dashboard. There the status versus the target

iscolour-coded and disclosed asdifference

(absolute and in %). Performance review includes

setting corrective measures and assessing their

effectiveness over time.

E1-4_18

Within our recently approved NetZeroby40

targets, we have included all relevant emissions

from all entities from our financial reporting.

Wealso report 100% ofemissions from our joint

ventures as there wehave operational control.

Our NetZeroby40 target was formally approved

bythe SBTi in December 2024.

E1-4_19

We have decreased our absolute direct emissions

by 61% and reduced our absolute total value chain

emissions in scopes 1, 2 and 3 by 29% from2010

to the end of 2025. All our emissions inthose years

have been assured by an external organisation,

and the assurance statement is available in each

of our Integrated Annual Reports published on

thewebsite.

E1-4_20

Our baseline values are with primary data, assured

externally. 2017 was selected as we developed our

Mission 2025 in 2018. Now 2019 is selected as per

the FLAG requirements and considering the most

credible data for our Egyptian operations which

were acquired in 2022. We follow GHG Protocol,

and we have a recalculation policy to recalculate

baseline year as required by it. Recalculation policy

and all carbon accounting rules and principles, as

well as results of the GHG materiality assessment

are documented internally and reviewed regularly.

Coca-Cola HBC Integrated Annual Report 2025

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Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

ESRS E1 – Climate change continued

E1-4_21

The only adjustment to our baseline year is related to the development of our FLAG targets. In line with

SBTi requirements that the baseline year be no earlier than 2018, we updated our original 2017 baseline

to 2019. In addition, no reliable emissions data were available for our Egyptian operations prior to 2019.

E1-5 Energy consumption and mix

E1-5_01-15 & BP-2_11, 12

Table 12: Energy Consumption and mix

Energy consumption and mix Units 2024 2025

(1) Fuel consumption from coal and coal products million MWh 0 0

(2) Fuel consumption from crude oil and

petroleumproducts

million MWh 0.50*

(0.47 in 2024)

0.42

(3) Fuel consumption from natural gas million MWh 1.09*

(1.11 in 2024)

1.12

(4) Fuel consumption from other fossil sources million MWh 0 0

(5) Consumption of purchased or acquired electricity,

heat,steam and cooling from fossil sources million MWh 0.36 0.33

(6) Total fossil energy consumption (calculated as the

sumof lines 1 to 5) million MWh 1.94 1.87

Share of fossil sources in total energy consumption Percentage 76% 74%

(7) Consumption from nuclear sources million MWh 0 0

Share of consumption from nuclear sources in total

energyconsumption Percentage 0 0

(8) Fuel consumption from renewable sources,

includingbiomass (also comprising industrial and

municipal waste of biologic origin, biogas, renewable

hydrogen, etc.) million MWh 0 0.01

(9) Consumption of purchased or acquired electricity,

heat,steam and cooling from renewable sources million MWh 0.62 0.63

(10) The consumption of self-generated non-fuel

renewableenergy million MWh 0 0.01

(11) Total renewable energy consumption (calculated as the

sum of lines 8 to 10) million MWh 0.62 0.65

Share of renewable sources in total energy consumption Percentage 24% 26%

Total energy consumption (calculated as the sum of lines

6, 7and 11) million MWh 2.56 2.52

Energy intensity

A reconciliation of the net revenue: Note 7 from Financial Statement, page 277

kWh/€ revenue 0.238 0.217

* Restatement due to the new factors applied (converting fuel to energy).

E1-6 Gross scopes 1, 2, 3 and Total GHG emissions

E1-6_01-13_17-18_20_22_24-25_28_30-31_32_35 & BP-2_11, 12

Table 13: Gross scopes 1, 2, 3 and Total GHG emissions

Gross emissions Units 2024 2025

Scope 1

Gross scope 1 GHG emissions tonnes of CO

e 345,020*

(342,742 in 2024)

328,550

% of scope 1 GHG emissions from regulated

emissiontrading schemes Percentage 0 0

Biogenic emissions of CO

from the combustion or

bio-degradation of biomass (include emissions of

other types of GHG (in particular CH

and N

O)) tonnes of CO

e 0 1,445

Scope 2

Gross scope 2 GHG location-based emissions tonnes of CO

e 344,219*

(342,047 in 2024)

341,149

% of gross scope 2 GHG location-based emissions

(determine: local, subnational, or national boundaries)

Percentage 5.6*

(7.1% in 2024)

5.7

Gross scope 2 GHG market-based emissions tonnes of CO

e 111,862*

(111,670 in 2024)

109,555

% of gross scope 2 GHG market-based emissions Percentage 1.9*

(2.4% in 2024)

1.9

% of contractual instruments used for sale andpurchase

of energy bundled with attributes aboutenergy

generation in relation to scope 2 GHGemissions Percentage 42.8 41.0

% of contractual instruments used for sale and

purchase of unbundled energy attribute claims

inrelation to scope 2 GHG emissions Percentage 57.2 59.0

Biogenic emissions of CO

carbon from the combustion

or biodegradation of biomass (include emissions of

other types of GHG (in particular CH

andN

O))* tonnes of CO

e 0 0

Scope 3

Gross scope 3 GHG emissions for each

significantcategory

tonnes of CO

e 5,415,508*

(4,135,467 in 2024)

5,273,846

% of emissions calculated using primary data

obtainedfrom suppliers or other value chain partners Percentage 80 83

Biogenic emissions of CO

carbon from the

combustion or biodegradation of biomass that

occurin upstream value chain (include emissions

ofother types of GHG (in particular CH

and N

O)) tonnes of CO

e 0 0

Biogenic emissions of CO

carbon from the

combustion or biodegradation of biomass that occur

in downstream value chain (include emissions of other types of

GHG (in particular CH

and N

O)) tonnes of CO

e 0 0

Coca-Cola HBC Integrated Annual Report 2025

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Sustainability statement continued

ESRS E1 – Climate change continued

Gross emissions Units 2024 2025

Emissions of CO

that occur in the lifecycle of biomass

other than from combustion or biodegradation (such as GHG

emissions from processing or transporting biomass) tonnes of CO

e 0 0

Totals GHG emissions (scope 1, 2 and 3)

Total GHG emissions with location-based scope 2 tonnes of CO

e 6,104,747*

(4,820,256 in 2024)

5,943,546

Total GHG emissions with market-based scope 2 tonnes of CO

e 5,872,390*

(4,589,879 in 2024)

5,711,951

GHG emissions intensity

Scope 1, 2 (location-based) and scope 3 g CO

e/€ 567.7*

(448.2 in 2024)

512.2

Scope 1, 2 (market-based) and scope 3 g CO

e/€ 546.0*

(426.8 in 2024)

492.2

Net revenue used to calculate GHG intensity Million € 10,754.4 11,604.5

Total net revenue (in financial statements) Million € 10,754.4 11,604.5

* In 2025 we recalculated all years from 2024 back to baseline 2019 including new Scope 3.3 and Scope 3.12 categories as required by SBTi. We

have also applied the most recent updates in emission factors received by IFEU to all related years including FLAG component. Emissions

from Concentrates Other than Juice (included in Net Zero Transition Plan) will start being included in our actuals reporting from 2026.

Emissions intensity is also calculated in grammes CO

e per litre of produced beverage; the value in 2025 is

350.8g/lpb, while in 2024 it was 367.6*g/lpb (both figures related to scope 1, 2 market-based and scope 3).

E1-6_02

Table 14: Gross emissions percentages

Gross emissions percentages 2024 2025

Gross scope 1 emissions from the consolidated accounting group

(parent and subsidiaries) 100% 100%

Gross scope 2 emissions from the consolidated accounting group

(parent and subsidiaries) 100% 100%

Gross scope 1 emissions from investees* 0% 0%

Gross scope 2 emissions from investees* 0% 0%

* Associates, joint ventures or unconsolidated subsidiaries that are not fully consolidated in the financial statements of the consolidated

accounting group, as well as contractual arrangements that are joint arrangements not structured through an entity (i.e., jointly controlled

operations and assets), for which it has operational control.

E1-6_03 & BP-2_11, 12

Table15: Gross emissions absolutes

Gross emissions

(tCO

Gross emissions

(tCO

Emissions category 2024 2025

Greenhouse gas emissions from operations (Total scope 1) 345,020* 328,550

Gross emissions

(tCO

Gross emissions

(tCO

Emissions category 2024 2025

e from energy used in plants (scope 1) 196,243 190,154

e from fuel used in Company vehicles 87,078 79,725

Coolant emissions from Cold Drink Equipment (CO

e ) 4,352 1,790

e for product carbonation (CO

losses) 50,582 51,856

e from remote properties’ fuel consumption 6,764 5,025

Energy indirect GHG emissions (scope 2 market-based) 111,862* 109,555

e from electricity used in plants (scope 2 market-based) 73,443 74,026

e from electricity used in plants (scope 2 location-based) 303,932 302,628

e from supplied heating and cooling (scope 2) 34,194 32,600

e from electricity consumption in remote properties, market-based 4,225 2,929

e from electricity consumption in remote properties, location-based 6,093 5,921

Total emissions scope 2 market-based 111,862* 109,555

Total emissions scope 2 location-based 344,219* 341,149

Total emissions (scope 1 and 2 market-based) 456,882 438,105

Total emissions (scope 1 and 2 location-based) 689,239 669,699

Other indirect GHG emissions (scope 3) 5,415,508* 5,273,846

e from electricity use of cold drink equipment 817,138 767,994

e embedded in packaging (Cradle-to-Gate) 1,928,932 1,891,222

e from sugar and Juice concentrates 1,846,447 1,763,356

e from third-party transports 195,488 222,130

e from flights 2,595 2,298

e from product carbonation 102,799 104,448

e from Remote Properties fuel consumption 7,671 5,285

e from electricity consumption in rented and outsourced Remote

Properties location-based 8,202 12,216

e from CO

production in CHPs 11,643 9,491

e from upstream activities of the energy used in own Company

vehicles (not included in S1 or S2) 25,374 23,641

e from upstream activities of the energy used in production plants

(not included in S1 or S2) 175,640 173,142

e from upstream activities of the energy used in own remote

properties (not included in S1 or S2) 3,905 3,317

End of Life (EoL) treatment of sold products 289,674 295,307

GHG emissions absolute (scope 1, 2 market-based, and 3) 5,872,390 5,711,951

GHG emissions absolute (scope 1, 2 location-based, and 3) 6,104,747 5,943,546

* 2024 figures have been restated to reflect the updated emission factors and the inclusion of additional categories of emissions.

Coca-Cola HBC Integrated Annual Report 2025

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Sustainability statement continued

ESRS E1 – Climate change continued

E1-6_04-05_26-27_29

Table 16: Scope 3 categories

Significant categories

of scope 3 emissions

Criterion for significance (Magnitude, financial

spend, influence, related transition risks,

stakeholder views, other

Scope 3

emissions

magnitude

(tCO

e) 2024

Scope 3

emissions

magnitude

(tCO

e) 2025

Included in

inventory (Y/N)

(E1-6_26_27)

Reporting boundaries considered, calculation methods for

estimating GHG emissions, calculation tools applied (E1-6_26, 29)

1. Purchased goods

and services

Magnitude/ Materiality to Corporate

Carbon emissions inventory

3,553,492

(FLAG:

907,578;

Non-FLAG:

2,645,914)

3,460,149

(FLAG:

886,215;

Non-

FLAG:

2,573,934)

Y Average data method.

For emission quantification, we multiply the actual quantities of purchased materials (via automated report

from our systems) by the respective ingredients/packaging GHG emissions factors. We use Ecoinvent,

World Food Database, DEFRA and IFEU LCA assigned by TCCC among others as the source of emission

factors.

In 2025 we started reporting separately FLAG (Forest, Land and Agriculture) emissions and non-FLAG

emissions and thus we recalculated all years back to baseline 2019. All emission factors (EFs) of ingredients

andpackaging with Forest, Land and Agriculture (FLAG) component, are split into two separate EFs: FLAG

andnon-FLAG.

In the near future, we expect this category emission accounting to move from current method to a hybrid

datamethod and use supplier specific emissions factor where available and reliable.

In 2024 and 2025, we used specific emission factor for our own in-house producedrPET. The factor was

developed based on the LCA prepared by IFEU independent experts.

In addition, for our main primary packaging materials, as PET and aluminum for cans, we are including in the

calculation recycling content of materials used (recycled content comes from our suppliers).

In 2025 we started introducing in the calculation recycled content of some secondary packaging like Stretch

and Shrink Films and Cardboard. We continue enhancing our reporting capabilities by implementing

additional automations for higher data accuracy.

2. Capital goods Magnitude/ Materiality to Corporate

Carbon emissions inventory

0 0 N Not reported in Scope 3 as this category is below our materiality threshold, based on our latest Materiality

Analysis (from 2025).

Coca-Cola HBC Integrated Annual Report 2025

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Sustainability statement continued

ESRS E1 – Climate change continued

Significant categories

of scope 3 emissions

Criterion for significance (Magnitude, financial

spend, influence, related transition risks,

stakeholder views, other

Scope 3

emissions

magnitude

(tCO

e) 2024

Scope 3

emissions

magnitude

(tCO

e) 2025

Included in

inventory (Y/N)

(E1-6_26_27)

Reporting boundaries considered, calculation methods for

estimating GHG emissions, calculation tools applied (E1-6_26, 29)

3. Fuel-and-energy-

related activities

(not included in

scope 1 or 2)

Magnitude/ Materiality to Corporate

Carbon emissions inventory

204,919 200,100 Y In 2025 we started including this category in our carbon accounting and have recalculated all years back

to2019 baseline. Under this category, we include:

1. Upstream Scope 3 emissions of all fuels and energy sources reported under Scope 1

• From Fossil Fuels used in our plants (such as LPG, Natural Gas, Light Fuel Oil etc.)

• From Fuels used for our own Fleet & Vehicles

• Fossil Fuels used in Offices, Warehouses, Distribution Centres

2. Upstream Scope 3 emissions of all fuels and energy sources reported under Scope 2 (from purchased

electricity, heat, steam, cold/hot water used in our own operations).

3. Upstream Scope 3 emissions of the electricity purchased from own electrical or plug-in fleet under our

operational control.

Method used: primary data of the amount of fuel purchased is multiplied by the respective emission factors

(EF) for each fuel type, covering Well-to-Tank emissions for electricity: primary data of the amount of

electricity purchased is multiplied by the Scope 3 electricity factor per country covering Transmission and

Distribution losses (T&D).

4. Upstream

transportation

anddistribution

Magnitude/ Materiality to Corporate

Carbon emissions inventory

429,018 426,050 Y Under this category, we quantify emissions captured from mileage driven by third- party fleet, including

product Haulage and Distribution multiplying by the GHG factor (emissions based on distance from the

calculation tool of WRI-WBCSD GHG Protocol). GHG factors used include Tank-To-Wheel emissions.

In addition, in 2025 we revised the calculation of this category including also the emissions from

Transportation of purchased goods and services from category 3.1 from suppliers’ gate to our factory gate.

For the emission quantification, we multiply the quantities of purchased materials by the respective

ingredients/packaging GHG Transportation emission factor.

5. Waste generated

inoperations

Magnitude/ Materiality to Corporate

Carbon emissions inventory

0 0 N Not reported in Scope 3 as this category is below materiality threshold, according to the updated materiality

assessment we conducted in 2025 with an external consultant.

6. Business travel Magnitude/ Materiality to Corporate

Carbon emissions inventory

2,595 2,298 Y Distance-based method.

Since 2018, we report GHG emissions from flights related to all Company employees. We receive emission

data from the travel agencies, they use GHG factors based on the distance travelled and the travel class

(from GHG Protocol). GHG factors used include Tank-To-Wheel emissions. Business travel by company car

is included in scope 1.

7. Employee

commuting

Magnitude/ Materiality to Corporate

Carbon emissions inventory

0 0 N We have company owned and leased fleet, including management and functional cars in addition to the

company owned and leased heavy fleet (trucks, vans, etc.) used for the product transportation to customers

and reported under Scope 1 (mobile combustion). Management and functional cars are used by employees

also to commute between home and office. Fuels and energy used for this activity are reported as part of

Scope 1 (mobile combustion) and that’s why it is not included here (to avoid double reporting). Rest of the

employee commuting is below materiality threshold, according to the updated materiality assessment we

conducted in 2025 with external consultant.

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Sustainability statement continued

ESRS E1 – Climate change continued

Significant categories

of scope 3 emissions

Criterion for significance (Magnitude, financial

spend, influence, related transition risks,

stakeholder views, other

Scope 3

emissions

magnitude

(tCO

e) 2024

Scope 3

emissions

magnitude

(tCO

e) 2025

Included in

inventory (Y/N)

(E1-6_26_27)

Reporting boundaries considered, calculation methods for

estimating GHG emissions, calculation tools applied (E1-6_26, 29)

8. Upstream

leasedassets

Magnitude/ Materiality to Corporate

Carbon emissions inventory

15,873 17,501 Y Average data method.

The emissions captured under this category are emissions from electricity and fuels used in rented and

outsourced Remote Properties. We use location-based emission factors for electricity used in rented and

outsourced Remote Properties.

9. Downstream

transportation

anddistribution

Magnitude/ Materiality to Corporate

Carbon emissions inventory

0 0 N It is the transportation paid by our customers (not paid by us). Till 2024 we reported here the emissions from

fuel used in 3rd party fleet, but then we transferred those emissions to category 3.4 Upstream

Transportation and Distribution (as the service and suppliers we use for these services are contracted and

paid by CCHBC).

10. Processing of

soldproducts

Magnitude/ Materiality to Corporate

Carbon emissions inventory

0 0 N We sell Ready-to-Drink products, no processing required by consumers.

11. Use of sold

products

Magnitude/ Materiality to Corporate

Carbon emissions inventory

102,799 104,448 Y Primary data method.

In this category we include carbon dioxide used for our product carbonation. We quantify carbon dioxide

based on the product formulations and multiply by the GHG factor. In case of carbon dioxide, the GHG

emission factor is equal to 1.

12. End-of-life

treatment of

soldproducts

Magnitude/ Materiality to Corporate

Carbon emissions inventory

289,674 295,307 Y In 2025 we started including this category in our carbon accounting separately, and we have recalculated all

years back to 2019 baseline. We include all primary, secondary and tertiary packaging materials purchased,

reported under category 3.1, considering their End-of-life (EoL) EF per material. Primary data of all

purchased materials is multiplied by the respective EoL EF per material.

13. Downstream

leasedassets

Magnitude/ Materiality to Corporate

Carbon emissions inventory

817,138 767,994 Y In this category we include emissions from electricity consumption related to downstream leased assets,

which are drink equipment placed in the customers’ outlets in all our markets.

We use primary data for the quantity and the respective model/type of drink equipment. We use average

data method for electricity consumption per model assuming that every unit placed on the market operates

24h per day, 7 days per week (or 365 days per year).

We receive information about electricity consumption by type of equipment from producers (Original

Equipment Manufacturer or OEM). We know number and type of the units in each market as the year-end

inventory. Then we multiply the electricity consumption by the number of units of each type. Subsequently,

the total electricity consumption is multiplied by the country (location-based) electricity grid factor.

14. Franchises Magnitude/ Materiality to Corporate

Carbon emissions inventory

0 0 N We do not operate any franchises.

15. Investments Magnitude/ Materiality to Corporate

Carbon emissions inventory

0 0 N We do not operate with investments.

Other upstream Magnitude/ Materiality to Corporate

Carbon emissions inventory

0 0 N No other upstream activities are operated by the company.

Other downstream Magnitude/ Materiality to Corporate

Carbon emissions inventory

0 0 N No other downstream activities are operated by the company.

In the above table all CCHBC subsidiaries and parent company are considered based on our financial consolidation and the materiality threshold defined.

Coca-Cola HBC Integrated Annual Report 2025

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Sustainability statement continued

5.8%

71.9%

20.4%

1.9%

Scope 2 Upstream

Scope 3 Upstream

Scope 3 Downstream

Scope 1 Own operation

5.5%

69.1%

19.6%

5.7%

Scope 2 Upstream

Scope 3 Upstream

Scope 3 Downstream

Scope 1 Own operation

Total emissions with Scope 2

Market-based (MB)

Total emissions with Scope 2

Location-based (LB)

ESRS E1 – Climate change continued

E1-6_06

The following graphs present our GHG emissions disaggregated by scope and by value chain segment,

with total emissions calculated with scope 2 market-based and location-based, respectively.

% of total emissions by scope and by value chain segment

E1-6_14

There were no significant changes in the definition of our upstream and downstream value chain

related to emissions reporting.

E1-6_15

The methodologies and significant assumptions for calculation GHG emissions were as follows:

Scope1: in our GHG emission factors are included: CO

, CH

, N

O, HFCs, PFCs, SF

, NF

. We use

Greenhouse Gas Protocol Corporate Accounting and Reporting Standard. CO

e factors: mobile

stationary combustion: GHGP tool; Refrigerants: IPCC 2021. Scope 2 includes the activities under

ouroperational control, described in our Environmental Whitebook. In our GHG emissions factors

areincluded: CO

, CH

, N

O, HFCs, PFCs, SF

, NF

. Scope 3: in our GHG emissions factors are included:

, CH

, N

O, HFCs, PFCs, SF

, NF

. We use Greenhouse Gas Protocol Corporate Accounting and

Reporting Standard. CO

e factors: mobile and stationary combustion: GHG tool; electricity: from

IEAlocation-based; Ingredients/Pack materials: LCA studies made by TCCC. We are working also

withthe Coca-Cola System team on the Supplier Specific Emission Factors in collaboration with key

commodities suppliers, which will enable us to define value chain emissions brought to the business

inamuch more accurate way in the future. This will create clear visibility of the common interest

projects and initiatives with suppliers and partners to decarbonise the business and reach our

long-term climate goal – NetZeroby40.

E1-6_19_23

CCHBC is using a range of contractual instruments for sale and purchase of energy across the

countries in which it operates. Sourcing methods employed include purchasing from an on-site

installation (on-site Power Purchase Agreement or PPA), and unbundled procurement of energy

attribute certificates (EACs), whilethemain tracking instruments used are Guarantees of Origins (GOs)

or contracts. For more information on the contractual instruments per country of operation, you may

refer to our latest CDPreport.

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Sustainability statement continued

ESRS E1 – Climate change continued

E1-7 GHG removals and GHG mitigation projects financed through

carboncredits

E1-7_01

CCHBC is not currently using any carbon removal or neutralisation or off-setting/insetting

methodologies to meet our GHG roadmap targets. As per the SBTi guidelines, carbon removal

measures are not permitted at this stage. We commenced the purchase of a small amount of carbon

removals in 2023, 2024 and 2025, we accumulate them but we don’t use them in our carbon inventory

as per the SBTi guidelines. At present, we are still gaining knowledge on carbon removals, and we plan

todevelop a comprehensive removal strategy once the formal guidelines on removals are finalised.

E1-7_02

We plan to purchase and cancel carbon credits for neutralisation at the end of our net zero target

(2040). In case of a change of the Net Zero Standard, we would comply with its requirements.

E1-7_ 20

We intend to neutralise any residual emissions with permanent carbon removals at the end of

thetarget.

E1-7_ 21

No public claims on GHG neutrality involving use of carbon credits were made in 2025.

E1-8 Internal carbon pricing

E1-8_01-04_06-08

Table 17: Internal carbon pricing (ICP) schemes

Types of internal carbon

pricescheme

Volume at stake

(tCO

% of gross scope emissions

(define the percentage of the

respective scopes that are

covered by ICP schemes) Perimeter description/Scope of application

Shadow price applied

for risk assessment

(evolutionary, updated

on a yearly basis)

Scope1:

328,550

Scope 2:

109,555

Scope 3:

5,273,846

Scope 1: 100%

Scope 2: 100%

Scope 3: 100%

Applicable across all geographies

and entities, for the inclusion of

climate-related considerations in

risk assessment of production and

operational activities. Across

scope 1, 2 and 3 emissions.

E1-8_05

We apply an internal carbon price (ICP) mechanism to encourage the integration of climate-related

considerations into our risk assessments. Since 2022, we have partnered with an external provider to

review a wide range of publications and translate the findings into projected carbon prices, expressed in

Euros per tCO₂e, through to 2050.

This approach uses a top-down assessment to estimate the global average carbon price required to

drive emissions reductions aligned with the pathways we have evaluated. The underlying data draws on

multiple sources, including the International Monetary Fund (IMF), the International Energy Agency

(IEA), the Inevitable Policy Response (IPR), the High Level Commission on Carbon Pricing (CPLC) and

the Network for Greening the Financial System (NGFS).

Carbon prices were differentiated across scope 1, 2 and 3 emissions using sector specific inputs and

calculated as a weighted average reflecting each country’s share of total Group emissions. For scope 1

emissions, we relied on projected carbon prices for the soft drinks industry; for scope 2, we used

projections from the utilities sector; and for scope 3, we applied distinct rates for ingredients,

packaging and other key drivers.

Our analysis considered multiple climate scenarios, including Paris Ambition (RCP1.9) and Stated

Policies (RCP4.5). The maximum projected prices applied in our assessment were:

• Scope 1: Under the Paris Ambition scenario, carbon prices are projected to reach €81.8/tCO₂e in 2030

and €155.1/tCO₂e in 2040. Under the RCP4.5 scenario, they are expected to reach €38.4/tCO₂e in

2030 and €53.8/tCO₂e in 2040.

• Scope 2: Under the Paris Ambition scenario, carbon prices are projected to reach €93.1/tCO₂e in 2030

and €189.9/tCO₂e in 2040. Under the RCP4.5 scenario, they are expected to reach €35.1/tCO₂e in

2030 and €48.6/tCO₂e in 2040.

• Scope 3: Under the Paris Ambition scenario, carbon prices are projected to reach €260.6/tCO₂e in

2030 and €525.4/tCO₂e in 2040. Under the RCP4.5 scenario, they are expected to reach €85.8/tCO₂e

in 2030 and €93.3/tCO₂e in 2040.

Using the ICP to quantify climate risk has enabled full alignment with TCFD guidance and has equipped

management with meaningful insights for evaluating and managing climate-related risks and

opportunities. Additionally, we have a well-established strategic business planning process that forms

the basis of the Board’s quantitative assessment of the Group’s viability. This rolling five-year plan

reflects our current strategy and incorporates the impact of climate change across multiple scenarios.

The annual operating costs associated with scope 1 and 2 carbon emissions, calculated using the ICP

methodology, are integrated into the financial forecasts that support the viability assessment.

E1-8_09

Impairment testing for goodwill and intangible assets with indefinite useful lives is performed annually,

using forward-looking projections covering a five-year horizon and reflecting current operating and

market conditions. The assumptions applied in these tests are subsequently evaluated at the Group

level to assess whether an impairment loss should be recorded.

The assessment also incorporates potential adverse effects on future cash flows related to

climatechange risks. These include higher capital expenditure needed to address climate-related

challenges, possible disruptions to production and distribution from extreme weather events, rising

water costs, and the ongoing effort to manage the Group’s carbon footprint in line with our

NetZeroby40 commitment.

For more details, please refer to Note 13 of the consolidated financial statements (p. 283 to 286).

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Sustainability statement continued

Environmental information

ESRS E2 –

Pollution

Impact, risk and

opportunity management

E2-1 Policies related to pollution

E2.MDR-P_ 01- 0 6

Please see ‘Consolidated Policies Table‘

onpages 75 to 78

E2-1_01

According to the Principles for Sustainable

Agriculture (PSA) Policy, CCHBC’s suppliers

arecommitted to adhering to the following:

• Environment and Ecosystems: agriculture

andlivestock production should be resilient,

environmentally sustainable, cause minimal

damage and, where possible, be restorative

tothe surrounding environment in all areas

andactivities on the farm.

• Soil Management: maintain and improve soilsand

prevent degradation, minimise GHGemissions,

protect soil biodiversity and enhance soil structure.

Implement a Nutrient Management Plan based on

an integrated Nutrient Management approach and

incorporate the ‘Four Rs of nutrient stewardship’

to maintain and enhance soil quality and minimise

impacts on air, water and biodiversity.

• Agrochemical Management: follow national and/

or local regulations and label requirements for

safe and proper use of all agrochemicals, in

accordance with label directions, to ensure

properprotection of farm personnel and the

environment. Do not use or store agrochemicals

that are banned in the country of operation or

areprohibited under international treaty. All

agrochemicals are managed in a manner that

respects Maximum Residue Limits (MRLs) of the

countries where agricultural materials are grown

and – when possible – of the countries where

theyare being used as ingredients to help prevent

negative impacts on human health. All products

used to protect crops from pest pressures,

including, but not limited to, insects, weeds

anddiseases, are clearly documented and are

partof an Integrated Pest Management System.

E2-1_03

We have implemented a comprehensive set

ofpolicies and procedures to proactively prevent,

manage and mitigate the risks of incidents and

emergency situations across our value chain,

witha focus on minimising impacts on both people

and the environment. In CCHBC, we have local

emergency preparedness procedures available,

which are regularly tested in each site and

business unit,e.g., the spill prevention is tested

annually. The Group Business Resilience team is

leading emergency preparedness assessment of

all ouroperating business units. This assessment

includes response in emergency situations.

Upstream value chain

• Supplier engagement and risk assessments

CCHBC actively collaborates with its significant

suppliers to apply robust standards for

environmental and social responsibility. An annual

risk assessment exercise is conducted to identify

potential vulnerabilities across the entire supply

base, and the depth increases as the exposure and

importance of each supplier starting from Platform

enabled tools on sustainability risk identification,

allthe way to full ESG assessments and physical

audits. In this way, CCHBC is able to proactively

identify supply disruptions or unsafe practices and

prioritise corrective actions. The Supplier Guiding

Principles mandate compliance with environmental

standards to avoid incidents such as spills,

contamination or resource overuse.

• Incident prevention measures

Suppliers are required to implement and maintain

safety management systems, including contingency

plans for environmental emergencies. Monitoring

tools are in place to track compliance with sustainable

sourcing policies, especially concerning water

stewardship and raw materialprocurement.

• Emergency response

In case of upstream incidents, we collaborate

with suppliers to contain and remediate impacts

by means of tracking supplier activities through

the development of corrective actions and

following through to completion.

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ESRS E2 – Pollution continued

Downstream value chain

• Distribution and logistics

We incorporate sustainable logistics practices,

including optimised route planning to reduce

theenvironmental footprint and minimise the

risk of transport-related incidents. Emergency

preparedness protocols, such as proper driver

training, are standard across fleet operations.

• Customer and consumer safety

We ensure that products adhere to the highest

food safety and quality standards, with stringent

testing procedures. Emergency response

mechanisms are in place to address recalls

orproduct withdrawals

• Partnerships and collaboration

Collaboration with retailers and distributors

includes training and sharing best practices

forproduct handling and waste management

toavoid downstream incidents. Our impacts on

water and soil pollution are also being addressed

through our Water Stewardship Policy, which is

focusing, among others, on effectively treating

wastewater and addressing packaging pollution

in waterways, as well as through our Packaging

Waste Management policy, which is aiming to

further improve effective waste management

and packaging collection solutions, while

Environmental Policy is ensuring compliance

with all relevant legislative and regulatory

requirements and striving for continuous

improvement on our overall environmental

performance to minimise our impact on

thelocaland global environment.

Table 18: E2 IROs and the corresponding policies that address them

Top ic IROs description IROs classification

Environmental

policy

Climate

change policy

Principles for

Sustainable

Agriculture

Supplier

guiding

principles

policy

Biodiversity

statement

Packaging

waste

management

policy

Water

stewardship

policy

E2 Negative impact to the state

of nature through Water

Pollution

Impact (-)

E2 Positive impact to the state

of nature through Water

Pollution Removal

Impact (+)

E2 Negative impact to the state

of nature through Soil

Pollution

Impact (-)

E2-2 Actions and resources related to pollution

E2.MDR-A_01-03_05 & E2-2_02

Table 19: List of actions in relation to pollution

List of actions

(MDR-A _01)

Time horizon

(MDR-A _03)

Expected outcome and relation

topolicyobjectives

(MDR-A _01)

Scope of Action (MDR-A_02) Progress on action (MDR-A_04)

Value chain, geographies, affected

stakeholders Activities

PSA certification

of our key

agricultural

ingredients

Start year 2017,

completion year

2025

100% of the volume

ofourmain agricultural

ingredients certified

asperthe requirements

ofourPrinciples for

Sustainable Agriculture

(PSA) by year 2025

Value chain:

Geographical boundary:

Global

Key affected stakeholders:

Suppliers

Recruitment of Suppliers for

Sugar & Juices under PSA.

Regular engagement with

suppliers to follow up their

certification status.

95%

(excluding Multon

PartnersJuices)

More actions preventing pollution downstream are disclosed in section ESRS E5 Resource use and circular economy, pages 122 to 133. Pollution is an

important environmental matter for us. We implement actions that focus on the prevention of pollution either in soil or water. We have the PSA certification

of our key agricultural ingredients through which we planned to achieve 100% Sustainable Agriculture by 2025. To achieve our goal, we have collaborated

with sugar and juice suppliers of the countries from which we are sourcing our ingredients. We didn’t reach 100% sustainable certification in 2025 due to

asmall volume of not certified ingredients (mostly sugar) from a few suppliers in some of our emerging countries.

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Sustainability statement continued

ESRS E2 – Pollution continued

E2.MDR-A_04

CCHBC has implemented comprehensive

mitigation measures and monitoring processes

across all facilities to minimise the environmental

impact of our operations on water resources.

Additionally, a robust monthly monitoring and

tracking system is in place to identify and address

any environmental non-compliances, violations,

or fines. This data is systematically reviewed and

communicated to senior management on a

quarterly basis to ensure continuous oversight

and accountability. In 2025, one significant

instance of non-compliance with environmental

laws and regulations was reported in Croatia,

resulting in a penalty of €21k due to a delay

insubmitting emissions measurement data for a

boiler (in manufacturing plant). Upon submission

of the required measurements, no regulatory

violations were identified. In addition, 15 minor

environmental notices of violation were recorded

(in Egypt, Romania, Multon Partners), with total

penalties amounting to €6.05k.

E2.MDR-A_06-12

As part of our ongoing engagement with

suppliers, we actively promote responsible

environmental practices and encourage

themtoadopt pollution prevention initiatives.

Implementing these measures requires

investment on their side; as a result, we do

notincur material Opex or Capex associated

withthis standard’s action plan. For details on

operational and capital expenditures required to

support our action plan related to pollution

downstream, please refer to E5.MDR-A_06-12.

Our Group’s treasury strategy ensures the

availability of financial resources to support

related initiatives, if and when required.

Byleveraging a diversified range of financing

mechanisms, we can effectively address both

current and future priorities.

Metrics and targets

E2-3 Targets related to pollution

E2.MDR-T_01-13 & E2-3_02-03

Table 20: List of targets and progress achieved

Target

Relationship with policy objectives

(M DR-T_ 01)

Target to be achieved

(MDR-T_02)

Type of target

(abs. vs rel.)

(M DR-T_ 03)

Scope

(M DR-T_ 0 4)

Target duration:

Baseline year

– Target year

(M DR-T_ 0 6 - 07)

Baseline value

(M DR-T_ 05)

2025

performance

against target

andfuture plans

(M DR-T_13)

Stakeholder

involvement

(M DR-T_11)

Value chain

segment and

geographical

boundaries

Sustainable

sourcing of our

key agricultural

ingredients

Our approach to sustainable

agriculture is founded on principles

to protect the environment, uphold

human and workplace rights and

help build more sustainable

communities. Related requirements

considered: water management,

waste management, soil

management and agrochemical

management

100% of our key

agricultural

ingredients

sourced in line

with sustainable

agricultural

principles

Relative in %

Value chain:

Geographical

boundaries:

Global

2017-2025

(8 years)

33% In 2025, we

achieved

compliance

rate of 95%

(excluding Multon

Partners Juices)

Suppliers

All targets have a designated target year of 2025,

with no intermediate milestones. Instead, we

adopt a disaggregated approach, setting annual

roadmaps that outline the trajectory towards our

objectives. No assumptions were made in the

definition of these targets. The calculations

andmethodologies employed are meticulously

documented in our internal guidebooks, providing

a clear and consistent framework. In establishing

these targets, we have incorporated feedback

from NGOs and ESG rating agencies, and

considered the UN SDGs, industry benchmarks

and ISO standards, ensuring alignment with

globally recognised standards such as SDGs 8, 9,

12 and 13 (please see ‘Stakeholder Engagement’

section for more details). Since their initial

establishment, ourtargets have remained

unchanged, reflecting our commitment to

consistency and long-term strategic planning.

Aspart of our performance review process,

eachtarget is subject to regular monitoring,

conducted either on a monthly or quarterly basis,

depending on its nature and criticality. Progress

issystematically reported through a dedicated

dashboard, where performance is colour-coded

tovisually represent the status relative to the

target. Thedashboard discloses the absolute

andpercentage difference between actual

performance and the predefined goal, enabling

aprecise assessment ofprogress. Corrective

measures are promptly identified and

implemented when necessary to ensure

alignment with the annual roadmap and

overarchingobjectives.

E2-3_09

The targets we have established in this

contextare voluntary. In alignment with

ourEnvironmental Policy, we ensure that all

operations are conducted in full compliance

withapplicable legislative requirements.

Consequently, if any mandatory targets are

introduced within our territories, we adhere

tothem fully and without exception.

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Sustainability statement continued

Environmental information

ESRS E3 – Water

and marine

resources

Impact, risk and

opportunity management

E3-1 Policies related to water and

marine resources

E3.MDR-P_ 01-06

Please see ‘Consolidated Policies Table‘

onpages 75 to 78

E3-1_01-02_06_11-12

We firmly believe that environmental protection

isacornerstone of long-term success, and we are

embedding this principle in our corporate strategy

and policies. Water, as a critical ingredient, central to

our manufacturing processes, and essential forour

agricultural supply chains, is at the core ofthese

efforts. Ensuring access to safe, clean water in

sufficient quantities and adequate sanitation is

fundamental to sustaining ecosystems, supporting

communities and fostering economic growth.

Tothis extent, weimplement an internal water

stewardship programme across all production

facilities, in order to mitigate business risks related

towater and promote sustainable development.

Themain objectives of the programme are to ensure

good quality safe water, in sufficient quantities,

aswell as access to clean water and sanitation,

which are essential to the health of people and

ecosystems and vital for sustaining communities

and supporting economic growth. Moreover,

theGroup is committed to constantly reducing

theamount ofwater use in priority locations,

andafterimplementing the conventional water

efficiency practices, the next big opportunity resides

in the circular water use for utilities, ensured by

wastewater recovery. Recognising theimportance

oflocal contexts, we tailor ourinitiatives to address

specific challenges inwater-risk areas. By2030,

climate change is expected to increase pressure

onwater availability and quality. We stay vigilant and

continue to monitor these developments closely.

Through comprehensive risk assessments in 2018,

using globally accredited tools like the WWF Water

Risk Filter, WRI Aqueduct, and TCCC’s Facility

Water Vulnerability Assessment (FAWVA), we have

identified 19 bottling plants in water-risk regions,

including Nigeria, Armenia, Bulgaria, Cyprus, Greece

and Italy. In Nigeria, the focus is on water access and

sanitation (WASH), while in other locations, efforts

centre on water replenishment, nature-based

solutions and water quality improvements. Our

comprehensive risk assessment was reviewed

andenhanced further in2025 and, from 2026,

wewill start reporting our water priority plants

asper this latest development.

Our Principles for Sustainable Agriculture Policy

ensures the long-term sustainability of water

resources at supplier level by measuring water use

in irrigated crop production, optimising efficiency

and minimising impacts on water quality. Also,

ourWater Stewardship Policy aims to reduce

water use, improve efficiency and ensure

wastewater is fully treated to protect aquatic

ecosystems. We educate communities about

water conservation and packaging pollution,

assess water availability, and work to maintain

access to fresh drinking water and collaborate with

suppliers to optimise water use and understand

the water footprint of our agricultural ingredients,

while promoting efficient water management

solutions. Protection of water resources also plays

a key role in our Biodiversity Statement, which is

focusing on reducing own water consumption

andcontributing to the secure access to water in

priority areas via water replenishment activities,

wetland restoration and other initiatives.

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ESRS E3 – Water and marine resources continued

E3-1_03 _10

As a beverage producer, we uphold stringent quality standards to ensure sustainable water sourcing. Our water treatment process begins withtreating raw water entering our manufacturing facilities in

compliance with TCCC KORE standards, which often exceed local regulatory requirements. Additionally, wastewater discharged from our operations undergoes strict monitoring to align with TCCC’s high

quality standards and ensure the treated water is suitable for aquatic life. To reinforce our commitment to sustainable water stewardship, we implement comprehensive water risk management practices,

including mandatory Source Vulnerability Assessments (SVAs) and source water protection programmes across all manufacturing plants. These measures underscore our dedication to environmental

responsibility and sustainable practices.

E3-1_04-05

We actively contribute to improving water resources through investments in educational initiatives, volunteering and community-based projects aimed at reducing packaging pollution in seas, oceans and

rivers.Additionally, we collaborate with governments and industries to develop legal frameworks that promote economic progress and landfill diversion. This includes conducting packaging collection modelling

studies to identify the most effective solutions for each market. We also support and advocate for public policy interventions and technological innovations that enable a circular economy for packaging – a key

concept in pollution prevention. In line with our Packaging Waste Management Policy, we have achieved our target of collecting 75% of our primary packaging materials at marketplace by 2025, which reduces

potential pollution events in soil and water. Moreover, we report a 3pp better result (78%) compared to the 2025 target.

Table 21: E3 IROs and the corresponding policies that address them

Top ic IROs description IROs classification Environmental policy Climate change policy

Principles for

Sustainable Agriculture

Supplier guiding

principles policy Biodiversity statement

Packaging waste

management policy

Water stewardship

policy

E3 Negative impact to the state

of nature through Water Use

Impact (-)

E3 Positive impact to the state of

nature through Water

Replenishment

Impact (+)

E3-2 Actions and resources related to water and marine resources

E3.MDR-A_01-03_05 & E3-2_03

Table 22: List of actions in relation to water management

List of actions

(MDR-A _01)

Time horizon

(MDR-A _03)

Expected outcome and relation to policy objectives

(MDR-A _01)

Scope of Action (MDR-A_02) Progress on action (MDR-A_05)

Value chain, geographies, affected

stakeholders Activities

Source

Vulnerability

Assessment

(SVA)

Current and continued

ona regular basis

All plants performed SVA

audits according to the

renewal calendar (with

five-year frequency), with

reports and mitigation

plans validated by CCH

and TCCC

Comprehensive water risks assessment performed by external

consultant, used to define strategic priorities in water resource

protection and development, according to our business needs,

and local environmental and society water challenges.

Ensure sustainable water supply for our bottling operations.

Value chain:

Geographical boundary:

Allour markets

Key affected stakeholders:

Communities and other

water users near the

beverage operations

Site audits by external

consultant

All plants (100% or 60 beverage

plants) have undergone the

assessment. The assessment

isrepeated every five years

onaverage.

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ESRS E3 – Water and marine resources continued

List of actions

(MDR-A _01)

Time horizon

(MDR-A _03)

Expected outcome and relation to policy objectives

(MDR-A _01)

Scope of Action (MDR-A_02) Progress on action (MDR-A_05)

Value chain, geographies, affected

stakeholders Activities

Facility Water

Vulnerability

Assessment

(FAWVA)

Current and continued

ona regular basis

All plants perform the

assessment every 3 years

Internal classification of all plants according to water risk

categories (Leadership Locations, Advance Efficiency Locations,

Contributing Locations), for which external commitments are

raised. This is an internal water risks assessment process, with

3-year frequency. The outcome will be used for the new external

water goals by 2035 (after the completion of our Mission 2025).

Prioritise plants by water risks categories, and subsequently

defineexternal goals (targets) for each risk category.

Value chain:

Geographical boundary:

Allour markets

Key affected stakeholders:

Communities, other water

users near the beverage

operations, suppliers

Internal rigorous water risk

evaluation, through own

developed methodology,

including external sources

such as WRI Aqueduct

andinternal assessment

and data.

All plants (100% or 60 beverage

plants) have undergone the

assessment. The assessment is

repeated every 3 years on average.

Water Risk

Current and continued

ona regular basis

All plants performed the

yearly update of the Water

Risk Register

The Water Risk Register is the central repository of all active and

strategic risks, to serve for better prioritisation of the associated

mitigation plans. During the yearly update of the Water Risk

fortheir current status, and the risk level is updated.

Enable timely implementation of water mitigation plans.

Value chain:

Geographical boundary:

Allour markets

Key affected stakeholders:

Communities and other

water users near the

beverage operations,

suppliers

Internal risk evaluation

process, targeting the

current and strategic

waterrisk, focused

onbusiness priorities

All plants (100% or 60 beverage

plants) have undergone the

assessment. The assessment

isrepeated on a yearly basis.

Certification

ofplants

according

toISO 46001

standard

Start year 2024.

Completion year 2026.

Thereafter, will be carried

out on a regular basis

(3-year certification cycle)

External recognition of our water stewardship programme.

Reduction of water consumption, stakeholders engagement

andimproved reputation.

Value chain:

Geographical boundary:

Allour markets

Key affected stakeholders:

Communities near the

beverage operations

Site audits by an external

independent body

The external AWS certification

wasachieved for all plants

(exceptnewly acquisition Lurisia,

Neresnica and Egyptian plants) by

2023. In 2024 westarted the shift

from AWS to ISO 46001. 53 plants

certified by the end of 2025, the

remaining 7 scheduled for 2026.

True Cost of

Water (TCoW)

Current and continued

ona regular basis

All plants are expected

tocalculate and update

yearly the True Cost

ofWater tool

Convert the operational aspects of water use such as water fees,

utilities and discharge cost and inherited water risks of the local

watershed (e.g., the local economic value of water), into True

Costof Water.

Reduction of water consumption by providing proper value

ofwater use in the payback calculations.

Value chain:

Geographical boundary:

Allour markets

Key affected stakeholders:

Beverage operations

Calculation of the

TCoW,based on own

methodology, updated ona

yearly basis

Fully implemented

100% of the plants (60 beverage

plants) with implemented true

costof water and used for

decisionmaking.

Water Usage

Ratio (WUR)

Targeting Tool

Current and continued

ona regular basis

All plants are expected

tocalculate their WUR

target annually, and

project the targets for

atleast 5 years ahead

Forecast the expected WUR for each plant depending

onthewater-risk category of the location and the

manufacturingcomplexity.

Reduction of water consumption.

Value chain:

Geographical boundary:

Allour markets

Key affected stakeholders:

Beverage operations

Calculation of the WUR

Targeting Tool, based on

own methodology, updated

on a yearly basis

Fully implemented

(100%or60plants).

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ESRS E3 – Water and marine resources continued

List of actions

(MDR-A _01)

Time horizon

(MDR-A _03)

Expected outcome and relation to policy objectives

(MDR-A _01)

Scope of Action (MDR-A_02) Progress on action (MDR-A_05)

Value chain, geographies, affected

stakeholders Activities

Water

MaturitySelf-

Assessment

Tool

Current and continued

ona regular basis

Assess water stewardship capabilities at plant level and

theimplementation status of water efficiency practices.

Reduction of water consumption.

All plants are expected toperform the Water Maturity Self-

Assessment, in order to identify the improvement opportunities

interms of capabilities and water-efficiency practices. This tool

isused in conjunction with the TCoW and WUR Targeting Tool.

Value chain:

Geographical boundary:

Allour markets

Key affected stakeholders:

Communities, other

waterusers

Calculation of the Water

Maturity Self-Assessment,

based on own

methodology, updated ona

yearly basis

Completed for all plants (100%)

in2025.

Water use

optimisation

forutilities

inEgypt

Start and completion

year2025

Reducing the water use for utilities.

Reduction of water consumption.

Value chain:

Geographical boundary:

Egypt, Africa

Key affected stakeholders:

Communities, other

waterusers

In-line monitoring of

flowrate and chemical

parameters of water use for

utilities. Implement

predictive maintenance.

Fully implemented for all 5 plants

inEgypt in 2025.

Installation of

3rd stage for

reverse

osmosis units

inQalioub

plant,Egypt

Start and completion

year2025

Improved water treatment conditions, setting the basis

forhighercapacity and water reuse.

Reduction of water consumption.

Value chain:

Geographical boundary:

Egypt, Africa

Key affected stakeholders:

Communities, other

waterusers

Installation of 3rd stage for

reverse osmosis units.

Project completed in 2025.

New ozone

generator in

Qalioub plant,

Egypt

Start and completion

year2025

Improved and accurate ozone production and dosing,

inlinewiththe production flowrate.

Reduction of water consumption.

Value chain:

Geographical boundary:

Egypt, Africa

Key affected stakeholders:

Communities, other

waterusers

Installation of a new ozone

generator, with accurate

dosing in line with the

production flowrate,

reducing water discharge

during downtimes.

Project completed in 2025.

New municipal

water supply for

Kostinbrod

plant, Bulgaria

Current and planned

completion year 2026

Improved reliability of water supply for production needs.

Increase the source water capacity, reduce water consumption

through improved raw water quality.

Value chain:

Geographical boundary:

Bulgaria

Key affected stakeholders:

Communities, other water

users, suppliers

Working with suppliers and

municipality to connect

Kostinbrod plant to a new

water supply network.

Installation of a new

distribution pipeline

thatwill benefit the

localcommunity as well.

All project steps planned for

2025are completed. The final

connection works are expected

tobe finalised in 2026.

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ESRS E3 – Water and marine resources continued

List of actions

(MDR-A _01)

Time horizon

(MDR-A _03)

Expected outcome and relation to policy objectives

(MDR-A _01)

Scope of Action (MDR-A_02) Progress on action (MDR-A_05)

Value chain, geographies, affected

stakeholders Activities

Water

treatment

upgrade in

Schimatari

plant, Greece

Start and completion

year2025

Increased capacity of water treatment.

Secure water use for plant operations.

Value chain:

Geographical boundary:

Greece

Key affected stakeholders:

Communities, other

waterusers

Extended the water

treatment capacity with

additional equipment

Project completed. Water

treatment capacity increased

through installation of new

sandfilters, buffer tanks and

carbon filter.

Backwash

optimisation of

sand filters and

carbon filters in

Nigerian plants

Start year 2025. Planned

completion year 2026

Reducing the water consumption due to intense

backwashingofsand filters and carbon filters.

Reduction of water consumption.

Value chain:

Geographical boundary:

Nigeria, Africa

Key affected stakeholders:

Communities, other

waterusers

Improving the maintenance

and quality control

conditions for sand

filtersand carbon filters.

Implementing validation

protocols to verify the

increased frequency

ofbackwashing.

First phase of the project

completed in 2025; final step

willbecompleted in 2026.

Improving

water mapping

and monitoring

by digital

flowmeters

inAsejire

plant,Nigeria

Start and completion

year2025

Improved monitoring conditions.

Reduction of water consumption.

Value chain:

Geographical boundary:

Nigeria, Africa

Key affected stakeholders:

Communities, other

waterusers

Developing an updated

water map.

Installation of digital

flowmeters and integration

into a SCADA system

Project completed in 2025.

Upgrading

thewater

treatment

plantin

Alexandria,

Egypt

Start year 2025. Planned

completion year 2026

Improved reliability of the raw water treatment operations,

mostlyby automated membrane separation technology,

withhigher efficiency.

Reduction of water consumption.

Value chain:

Geographical boundary:

Nigeria, Africa

Key affected stakeholders:

Communities, other

waterusers

Upgrading the water

treatment plant with

newequipment such

asultrafiltration unit,

activated carbon filters,

reverse osmosis units.

Major installation works completed

in 2025, final commissioning to be

completed in 2026.

Replacing water

rinsing with air

rinsing on

canning line,

Nogara plant,

Italy

Start and completion

year2025

Reduction of water usage by replacing water rinsing with air rinsing.

Reduction of water consumption.

Value chain:

Geographical boundary:

Italy

Key affected stakeholders:

Communities, other

waterusers

Replacing the

rinsingfacilities.

Project completed.

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ESRS E3 – Water and marine resources continued

List of actions

(MDR-A _01)

Time horizon

(MDR-A _03)

Expected outcome and relation to policy objectives

(MDR-A _01)

Scope of Action (MDR-A_02) Progress on action (MDR-A_05)

Value chain, geographies, affected

stakeholders Activities

Upgrading

thewater

treatment in

Oricola plant,

Italy

Start and completion

year2025

Reduction of water usage by optimising the flow distribution within

the water treatment processing steps.

Reduction of water consumption.

Value chain:

Geographical boundary:

Italy

Key affected stakeholders:

Communities, other

waterusers

Redesign of piping network

and recalibration of water

treatment hydraulics.

Project completed.

Water

treatment

optimisation

inKrakow

plant,Poland

Start and completion

year2025

Reducing the water usage ratio by upgrading the water treatment

equipment and overall simplifying the processing steps.

Reduction of water consumption.

Value chain:

Geographical boundary:

Poland

Key affected stakeholders:

Communities, other

waterusers

Replacing worn-out

equipment, installing

anewgeneration of

reverseosmosis with

highefficiency, reducing

complexity in water

processing steps.

Project completed.

Implementation

of community

water projects

to help local

communities

Start year 2017.

Completion year 2025

Secure water availability, increase water resilience.

Help secure water availability in all areas with water risk; engaging

with communities and other stakeholders to increase the

awareness of water protection measures; access to fresh drinking

water for local communities; establishing water stewardship

partnerships with local and international organisations.

Value chain:

Geographical boundary:

Seven of our markets

Key affected stakeholders:

Local communities, NGOs,

municipalities

Implementation

ofwaterstewardship

projectsinItaly, Bulgaria,

Multon, Nigeria, Greece,

Cyprus,Armenia.

Roadmap 2025 implemented

and19 water stewardship projects

incommunities executed.

Engagement

with WWF on

Living Danube

partnership

Start year 2024.

Completion year 2030

Enhanced climate resilience through improved watershed health

inthe Danube River, delivering benefits for nature and people.

Establishing water stewardship partnerships with local

andinternational organisations; engaging with communities

andotherstakeholders to increase the awareness of water

protectionmeasures.

Value chain:

Geographical boundary:

Europe (countries along

theDanube River)

Key affected stakeholders:

NGOs, suppliers, peer

companies, municipalities,

communities

River, floodplain and

wetland restoration;

collective actions on

watershed; improved

landand water use at

suppliers/farmers level;

awareness raising and

communications

Kick-off of three innovative

interventions in Hungary,

Romaniaand Bulgaria; agreed

roadmap for each of them.

Allthree projects are fully on

trackin 2025 as per the plan.

Upstream Own Operations Downstream

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Sustainability statement continued

ESRS E3 – Water and marine resources continued

E3.MDR-A_04

We have implemented comprehensive mitigation

actions and monitoring processes across all our

plants to minimise potential impacts on water

resources resulting from our operations.

Additionally, a robust monthly monitoring and

tracking system is in place to identify and record

any environmental non-compliances, violations

orfines across all facilities. This information is

systematically reported to senior management

ona quarterly basis. In 2025, we reported 12 minor

notices of violations related to wastewater or

water (all in Egypt), all of those with no fine.

E3. MDR-A _06-12

We allocate funds every year to implement

ouraction plan related to water management, both

Capex and Opex. In 2025, we invested €10.9 million

of Capex for projects related to water optimisation

and wastewater treatment upgrades across the

Group, including in Italy, Nigeria and Egypt.

We also allocated €0.5 million on Opex

fortheannual cost of the ISO 46001 certification

in53 production sites and to perform Source

Vulnerability Assessments (SVAs) in three

locations. Finally, another €0.45 million of Opex

was allocated to support community water

projects and engage with WWF on the Living

Danube partnership.

While our accounting practices do not separately

classify sustainability-related investments or

costs, we apply an internal process to identify

Capex directly linked to relevant initiatives.

Thisapproach enables us to track investments

inpriority areas, such as water efficiency

initiatives,primarily for monitoring and strategic

planning purposes. The Capex and operating

expenditure mentioned above are reflected

inourfinancial statements, as part of the

overallamounts reported in the cash flow

andincome statement respectively.

Moving ahead, we will continue to support our

action plan on water management as required.

InJuly 2024, CCHBC Egypt was awarded a

US$130 million loan by the European Bank for

Reconstruction and Development (EBRD) to

finance capital expenditures and working capital

requirements of the company. This loan also

supports the Group’s investment in people

development and sustainable business practices

in Egypt. A US$0.75 million complementary grant

from the Global Environment Facility (GEF) has

also been secured to support the implementation

of advanced wastewater treatment technologies

and water management systems of CCHBC Egypt.

These investments are designed to meet EU and

local discharge standards and to support the

Group’s long-term environmental goals.

Further details on financing instruments

areavailable in Note 25, p.315 to 319

Metrics and targets

E3-3 Targets related to water

andmarine resources

E3.MDR-T_01-09_12-13 & E3-3_03_09

For all bottling operations, we have implemented

theISO 14001 Environmental Management

System, which encompasses comprehensive

riskassessments, well-defined operational

procedures, and a commitment to continuous

improvement. One of our core objectives is

tomaintain ISO 14001 certification across all

production facilities, as this serves as a testament

to the effective and responsible environmental

management of our operations. In 2025, 100%

ofproduction volume was certified against ISO

14001. Further targets related to water can be

found in the table below.

Table 23: List of targets and progress achieved

Target

Relationship with policy objectives

(M DR-T01)

Target to be

achieved

(MDR-T_02)

Type of target

(abs. vs rel.)

(M DR-T_ 03)

Scope

(M DR-T_ 0 4)

Target duration:

Baseline year

– Target year

(M DR-T_ 0 6 - 07)

Baseline

value

(M DR-T_ 05)

2025 performance against target and future plans

(M DR-T_13)

Alignment with international

initiative

Value chain

segment and

geographical

boundaries

Reduction in water usage per unit

ofproduction in water priority areas.

Our target is to decrease water

usage per production unit (litre

ofbeverage produced) in water

priority areas by 20% by 2025

vs2017. The measurement is litre

ofwater usage (withdrawal) per

litreof beverage produced.

Reduction of water

consumption

20%

reduction

(1.57)

Relative Value chain:

Geographical

boundaries:

All our

markets

2017-2025

(8 years)

1.97 2025 value is 1.82. Target was not

achieved mainly due to the shift to more

sensitive products requiring more water

for cleaning and due to the shifted

production in Multon Partners.

We have implemented a solid investment

and optimisation plan in the beverage

facilities in Greece, Bulgaria and Nigeria.

For each critical location, we have

introduced site-specific end-to-end

water assessments, resulting in

identification ofwater-saving

opportunities and subsequent Capex/

Opex allocation plan.

Sustainable

Development

Goal6and Water

Resilience Coalition

Upstream Own Operations Downstream

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Sustainability statement continued

ESRS E3 – Water and marine resources continued

Target

Relationship with policy objectives

(M DR-T01)

Target to be

achieved

(MDR-T_02)

Type of target

(abs. vs rel.)

(M DR-T_ 03)

Scope

(M DR-T_ 0 4)

Target duration:

Baseline year

– Target year

(M DR-T_ 0 6 - 07)

Baseline

value

(M DR-T_ 05)

2025 performance against target and future plans

(M DR-T_13)

Alignment with international

initiative

Value chain

segment and

geographical

boundaries

Number of implemented water

stewardship projects in water

riskcommunities that help

securewater availability.

Our target is to help secure water

availability in all water risk (water

priority) locations. Those are 19

locations across 7 of our countries

(e.g., in Greece, Cyprus, Bulgaria,

Nigeria, Armenia, Italy). We count

the water stewardship projects

there, which tackle the specific

localcontext (local risk). Those 19

locations are defined after a detailed

risk assessment by using the WRI

Aqueduct Water Risk Atlas and

WWFWater Risk Filter data.

Engaging with communities

and other stakeholders

toincrease awareness

ofwaterprotection

measures; access to

freshdrinking water

forlocalcommunities;

establishing water

stewardship partnerships

with local and international

organisations.

19 water

risk(water

priority)

locations

Absolute Value chain:

Geographical

boundaries:

Seven of our

markets

2017-2025

(8 years)

2 We have executed projects in all 19 water

priority locations thereby fully achieving our

2025 target. Examples of those projects:

in Nigeria, in collaboration with the Kano

State Water Board and local communities,

we have invested in new water wells and

installed new pipes to transport water from

the Challawa River – this provides clean

water to one million people; in 2023, we

built sanitation and water facilities in Benin,

Kano, Lagos, Maiduguri and Owerri.

InGreece, since Q4 2022, two projects

started: in Heraklion (Zero Drop with

GWP-Med) to facilitate the use of treated

wastewater for irrigation in collaboration

with the municipality and in Schimatari

for water reuse in collaboration with a

NGO. In 2024 we started projects in

Bulgaria. In 2025, we introduced a water

project in the Aegheon area in Greece

and wecontinued with more projects in

Schimatari (Greece) and Cyprus.

Sustainable

Development

Goal6and Water

Resilience Coalition

Constantly ensure that our

wastewater meets the local

regulatory standard or TCCC KORE

standards, whatever is the stringest.

Ensure that every manufacturing

plant meets the criteria for

wastewater treatment and treats

the wastewater to the levels

supporting aquatic life, either via

investment in own wastewater

treatment facility orby joining

municipality (or private) treatment

facility.

Ensuring that our

wastewater is fully

treatedtolevels that

support aquatic life

Continuous Absolute Value chain:

Geographical

boundaries:

All our

markets

Continuous,

takes place

annually

2009 All wastewater (100%) discharged

istreated either in Company-owned

wastewater treatment plants or in

third-party facilities (municipal-owned)

plants. In 2025, >98% of discharged

wastewater is suitable for supporting

aquatic life.

Constant monitoring of the parameters,

upgrade and expansion of the wastewater

facilities, building a new facility in Egypt.

Sustainable

Development

Goal6and Water

Resilience Coalition

Upstream Own Operations Downstream

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Sustainability statement continued

ESRS E3 – Water and marine resources continued

Target

Relationship with policy objectives

(M DR-T01)

Target to be

achieved

(MDR-T_02)

Type of target

(abs. vs rel.)

(M DR-T_ 03)

Scope

(M DR-T_ 0 4)

Target duration:

Baseline year

– Target year

(M DR-T_ 0 6 - 07)

Baseline

value

(M DR-T_ 05)

2025 performance against target and future plans

(M DR-T_13)

Alignment with international

initiative

Value chain

segment and

geographical

boundaries

Assure water stewardship/water

management certification in each

plant (ISO 46001).

Reduction of water

consumption, stakeholder

engagement and improved

reputation.

Achieve

100% of

plants to be

certified and

maintained

continuously

Absolute Value chain:

Geographical

boundaries:

All our

markets

Continuous,

takes place

annually

Rolling

target

53 plants out of 60 beverage plants were

certified according to ISO 46001; the

remaining 7 are planned to be certified in

2026, followed by the continuous

recertification every 3 years.

Sustainable

Development

Goal6and Water

Resilience Coalition

Decrease water usage ratio per litre

of produced beverage by at least 1%

in 2025 vs 2024.

Reduction of water

consumption

At least 1%

reduction

vs2024

Relative Value chain:

Geographical

boundaries:

All our

markets

Continuous,

takes place

annually

Rolling

target

2025 value is 1.76 (-1.2% vs. 2024)

Deploying successful water practices,

according to the TCCC Water Maturity

Self-Assessment tool, which is an

integralpart of our water stewardship

programme, requested to be fulfilled

andupdated on a yearly basis by every

bottling plant. TCCC Water Maturity

Self-Assessment tool contains a

listof48water-saving practices,

withaproper library of details and

implementation tips, which has to be

assessed by every plant. Continuous

process of water savings

implementation.

Sustainable

Development

Goal6and Water

Resilience Coalition

Upstream Own Operations Downstream

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Sustainability statement continued

ESRS E3 – Water and marine resources continued

E3.MDR-T_09-10 & E3-3_01

We set measurable, outcome-oriented and time-bound targets for water stewardship, grounded in the

TNFD framework and aligned with the UN SDGs. All of the targets are voluntary. We follow a three-step

process to ensure our targets are scientifically sound and relevant. These targets are developed

through a structured, inclusive and scientifically sound process. The approach begins with identifying

key areas where our operations depend on or impact water resources, with a focus on high-risk

geographies identified through comprehensive risk assessments. These water-risk, or water-priority

locations face specific challenges such as water scarcity, limited access to water and sanitation

services for local communities, and declining water quality within watersheds. Evidence-based

evaluations of water-related risks and opportunities guide our actions to ensure they are beneficial to

local ecosystems. Lastly, we have initiated our engagement with the SBTN. Notably, SBTN has recently

updated its methodology, and as a result, we plan to establish our freshwater targets in alignment with

their framework in the next years.

E3.M DR-T_11

Please see ‘Stakeholder Engagement‘ section on pages 12 to 15

E3-4 Water consumption

E3-4_01-07_11

Table 24: Water consumption performance

Parameters Unit Performance (2024) Performance (2025)

Water withdrawal m

30,894,756 30,969,712

Total water consumption m

18,239,702 19,289,106

Total water consumption in areas at water risk,

including all areas of high-water stress m

9,415,396 10,207,959

Total water consumption only in areas of high-

water stress m

6,470,879 6,940,625

Total water recycled and reused m

1,680,670 1,747,044

Total water stored and changes in storage m

0 0

Changes in storage m

0 0

Water withdrawal is measured using flowmeters installed in all of the water sources we use, while water

consumption is calculated as the difference between water withdrawal and discharged wastewater.

Primary data on water extraction, categorised by source, is collected on a monthly basis. Progress

towards water usage targets is monitored regularly using specialised software, ensuring accurate and

timely tracking of performance. Monthly reviews with the management at local plant, country and

Group level are performed to monitor performance and actions. Following the ESRS definition on water

risk, we have 29 plants located in areas with certain water risk (lack of clean water and sanitation (WASH)

for communities, water quality, reputational risk, high-water stress). Out of them, 20 plants are situated

in watersheds with high-water stress as per the latest version of the WRI Aqueduct tool. For example,

one of those watersheds is the Asopos River basin in Greece where we implement water replenishment

activities in collaboration with the local municipality and NGOs. As per our internal evaluation,

considering the local site-specific context, done for our Mission 2025 commitments, 19 of our plants

are designated as priority plants, located in areas facing challenges related to basin water quantity,

water quality or WASH (water, sanitation and hygiene) for communities.

E3-4_08_10

Table 25: Water intensity index

Intensities

2025 Total water

consumption (m

)

2025 Net revenue

(million EUR)

2025 Production

(million litres) Performance (2024) Performance (2025)

Water intensity

per net revenue 19,289,106 11,604.5 – 1.696 l/EUR 1.662 l/EUR

Water intensity

per units of

production 19,289,106 – 16,282.452 1.142 l/lpb 1.185 l/lpb

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Sustainability statement continued

Environmental information

ESRS E4 –

Biodiversity

andecosystems

Strategy

SBM-3 Material impacts, risks and

opportunities andtheir interaction

with strategy and business model

E4.SBM-3_05

Through our double materiality assessment

(DMA), wehave identified a material impact within

our upstream value chain specifically related to

land use change. However, no material impact has

been identified in relation to soil degradation,

desertification, or soil sealing.

E4-1 Transition plan and consideration

of biodiversity and ecosystems in

strategy and business model

E4-1_ 01

Protection of biodiversity and ecosystems is one

ofour main sustainability priorities. Our biggest

impact on the biodiversity landscape occurs in

theupstream segment of our value chain, and it

isrelated to the potential deforestation (land use

change) from some agricultural commodities,

mostly wood (used for our paper packaging

materials). This impact is assessed as potential

andit is mostly related to Tier 2 and 3 suppliers,

notwith Tier 1. We are committed to eliminate

deforestation in our supply chain by 2025

(primarily related to our key raw materials,

particularly pulp and paper, while our direct

operations are largely located in urban areas

anddo not contribute to deforestation), andit is

aligned with the recommendations by theScience

Based Targets initiative (SBTi) for companies with

Forest, Land and Agricultural Activities (FLAG).

Bythe end of 2025, we focused exclusively on

pulpand paper materials, identified as the only

highest-risk category, given the lack of reliable

certification to assess deforestation compliance

for other agricultural ingredients, mainly sugar

andjuice. In our Principles for Sustainable

Agriculture (PSA), we have requirements related

todeforestation, and our target is to achieve 100%

sustainable sourcing by2025. We voluntarily report

the sites adjacent to legally protected areas, and

forall of them we have a confirmed ‘no negative

impact’ by an external expert, who performs

Source Vulnerability Assessment for all water

sources we use in our direct operations. In 2022,

wepublished our Biodiversity Statement where

weset a goal to achieve a net positive impact on

biodiversity in critical areas in our operations and

supply chain by 2040 and eliminate deforestation

inour supply chain by 2025. The time horizons

weuse are defined as follows: short-term (2026),

medium-term (2030), and long-term (>2030).

E4-1_02

Environmental risks at supplier level, including

deforestation risk, are mitigated through our

robust programme at procurement level.

Weannually review the risks and performance

ofallour suppliers against our SGPs, PSA,

WaterRiskAssessment, as well as other equally

important aspects that impact our business, such

as supply risk and financial stability. Sustainability

is one of the key criteria in supplier selection under

strategic sourcing, as well as a criterion for the

Annual Supplier Review process that we conduct

cross-functionally across our supply base. To

ensure that suppliers demonstrate sustainability

requirements compliance we rely onmultiple

screening and assessment practices that offer

usa holistic view of their performance. We collect

primary and secondary data that we combine

together and analyse to identify priority areas

forcritical to our operations suppliers.

TheSustainable Agriculture programme secures

sustainability impact and risk monitoring through

the PSA certification process of the Coca-Cola

System across our main agricultural commodities.

For the remaining supply base, wehave designed

arobust assessment methodology leveraging

physical audits, as well as a number of globally

recognised screening and assessment tools

suchas EcoVadis IQ Plus, EcoVadis IQ Plus

Vitals,EcoVadis Assessments, SEDEX, WWF

Water Risk Filter Assessment, and Moody’s

Analytics. Additionally, annual Supply Base

Assessments are carried out by external subject

matter experts for Group Critical suppliers. These

assessments evaluate Tier 1 and Tier 2 suppliers

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Sustainability statement continued

ESRS E4 – Biodiversity andecosystems continued

on various criteria, including water risk, climate

change, forced labour, child labour, labour rights,

biodiversity, and financial risk. In case of any risk

identified, the supplier is typically asked to join

EcoVadis for transparency purposes and provide

an action plan.

In late 2024, CCHBC established a cross-functional

team of internal experts and external consultants

tolead and manage the EUDR compliance

implementation across the impacted business units.

Chief Corporate Affairs and Sustainability Officer was

appointed as the overall ELT member accountable

for full implementation, with the support of the Chief

Supply Chain Officer. In 2025, the team completed

full mapping of commodities in scope of the

regulation. A central software platform for assuring

due diligence, traceability and risk assessment

hasbeen acquired, configured and integrated with

our existing systems (SAP). Additionally, a mapping

of suppliers has been done, and relevant ones have

been assessed on their EUDR compliance readiness

including signing of additional contractual

agreements securing EUDR-related data is provided

to CCHBC. Internal governance procedures as well as

roles and responsibilities per department have been

determined. The outcomes have been shared with

Sustainability SteerCo and then with the Social

Responsibility Committee of the Board. For 2026,

theCompany plans to fully operationalise the EUDR

processes, with focus on the risk mitigation

workflows, documentation management, internal

trainings and customer-facing traceability

statements. We are going to publish the EUDR

Compliance Policy, continue monitoring the

EU-levelchanges to timelines and scope, and

adapt accordingly. While EUDR covers specific

commodities, we are proactively collecting

deforestation information from our main

agriculturalingredients suppliers across all

ourcountries in order to have a holistic view

oftheexposure and potential risk.

E4-1_ 03-05

The Intergovernmental Science-Policy Platform

onBiodiversity and Ecosystem Services (IPBES)

hasidentified five pressures on nature: 1) land/

water/sea use change, 2) resource exploitation, 3)

climate change, 4) pollution and 5) invasive species.

Back in 2023, we undertook the mapping and

materiality assessment on biodiversity across

ourvalue chain and we assessed those pressures

following the SBTN guideline step 1 and 2. We have

collected all our activity data, covering: 1) upstream

activities (volumes sourced and origin ofraw

materials), 2) direct operations (consumption of

water and energy of all sites), and3) downstream

(packaging distribution by country). Then we

translated the activity data intopressures on nature

across five metrics. These pressures on nature

were weighted by localnature vulnerability

indicators assessing the state of nature in the

locations where the activity occurs. Time horizons

used in the analysis are asdescribed in E4-1_01.

We considered in theassumptions the tighter

environmental regulations (e.g., EU Regulations),

carbon pricing policies which would include

landconversion activities, deforestation-free

commitments from suppliers, and climate risks

(e.g., water scarcity, extreme weather events).

Theresult shows that the biggest impact we

haveisin upstream activities, mainly agricultural

suppliers and their impact onland-use change

ordeforestation. Our procurement strategy to

purchase certified rawmaterials that meet our PSA

and our goal ofachieving deforestation-free supply

chain, support mitigation of the impact and also

reduce any potential risk that may occur.

Our target for eliminating deforestation associated

with our main ingredients (or suppliers) is based on

a 2020 cut-off year and follows an internally defined

framework and definition. ThisKPI is not equivalent

to the EU Regulation onDeforestation-free

Products (EUDR).

Forest-related risks are assessed through our

Principles for Sustainable Agriculture (PSA)

compliance framework and procurement

processes. The PSA set expectations for respect

of environmental laws and practices and includes

promotion of sustainable forest management

andprotecting woodlands from deforestation

andillegal harvesting. Our assessment focuses on

the seven primary commodities identified as most

relevant under the EUDR, selected due to their

higher potential risk of driving deforestation and

forest degradation. Within our core operations

and production activities, pulp and paper materials

derived from wood are the only commodities

assessed as potentially linked to deforestation

orwith a potential high risk.

Our assessment approach for pulp and paper

follows the three-steps process:

a) Pulp and paper sourced from 100% recycled

materials are considered deforestation-free.

b) Pulp and paper certified under the Forest

Stewardship Council (FSC) or the Programme

for the Endorsement of Forest Certification

(PEFC) are considered deforestation-free.

c) Non-certified pulp and paper sourced from

countries classified as low risk are considered

deforestation-free. Low-risk countries are

defined according to the Consumer Goods

Forum (CGF) Forest Positive Coalition (FPC)

Pulp,Paper, and Fibre-based Packaging (PPP)

Deforestation- and Conversion-Free (DCF)

methodology (CGF FPC PPP DCF methodology).

93% of our pulp and paper is sourced from

suppliers that comply with this three-steps

process. We have mapped our supplier base

andrequested confirmation of the certification

standards applied.

At this stage, sugar derived from sugar beet and

sugar cane, high-fructose starch syrup (HFSS)

derived from maize, and our main juice concentrates

sourced from apples, oranges, peaches and apricots

are not considered high-risk commodities for

deforestation. Our internal assessment concludes

that PSA compliance, together with suppliers’ Letters

of Attestation and the fact that these commodities

are sourced from low-risk countries provide

sufficient assurance that the risk of deforestation

associated with these commodities is very low.

In addition, suppliers are required to complete

anannual Supplier Letter of Attestation, a

self-assessment questionnaire introduced in

2024.This process enables us to evaluate suppliers’

compliance with our PSA and to identify potential

risks of non-compliance. The Letter of Attestation

provides information on the proportion of supplied

agricultural volumes that comply with the PSA,

thecountry of origin, and the relevant certifications

or standards in place. This includes risks related to

non-compliance with our commitment to promote

sustainable forest management and prevent

deforestation and illegal harvesting.

We recognise the need to further strengthen our

due diligence processes for paper and pulp sourcing.

Accordingly, we have initiated collaboration with

an external consultant to support the verification

of deforestation-free materials and to enhance

our controls in the coming year.

Impact, risk and

opportunity management

E4-2 Policies related to biodiversity

and ecosystems

E4.MDR-P_01-06

Please see ‘Consolidated Policies Table’ on

pages 75 to 77

E4-2_01_20

We have adopted policies that address

deforestation and sustainable land practices.

Ouroverarching goal for biodiversity is to achieve

anet positive impact on biodiversity in critical areas

in Supply chain by 2040. Besides, we have set our

Environmental Policy, the main objective of which

isto minimise the environmental impact of the

Group, and the Biodiversity Statement, the

objective of which is to enhance biodiversity by

reducing emissions and water use, by preserving

and reinstating water priority areas, and by sourcing

agricultural ingredients sustainably. Moreover,

through the Biodiversity Statement, CCHBC is

committed to promoting sustainable forest

management and helping protect woodlands from

deforestation and illegal harvesting. Our policies

support biodiversity conservation, sustainable land

management, andresponsible sourcing. We are

committed toachieving a net positive impact on

biodiversity in critical areas by 2040 and eliminating

deforestation in our supply chain by 2025 (those

targets were set in 2022). Thus, our policies address

ecosystem protection, sustainable forest

management, and mitigation of environmental

impacts. As per the internal methodology applied,

described in E4-1_03-05, we report 93%

deforestation-free pulp and paper materials.

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Sustainability statement continued

ESRS E4 – Biodiversity andecosystems continued

Werecognise the importance of biodiversity for long-term resilience, as our Natural Capital Impact Study and Source Vulnerability Assessments (SVA) help identify key dependencies and risks, while sustainable

sourcing practices mitigate transition risks. We implement traceability mechanisms through certifications, verification schemes, and supplier requirements aligned with TCCC’s Principles for Sustainable

Agriculture and EcoVadis assessments. Moreover, our policies prioritise collaboration with NGOs, communities, and industry stakeholders to ensure sustainable supply chains that respect human rights,

promote responsible land use, and protect natural ecosystems. Moreinformation on individual policies is provided in ‘Policies Table’ onpages 75 to 77.

E4-2_02_03

In June 2022, we joined the SBTN Corporate Engagement Programme. We will continue working to implement the SBTN’s guidance, in order to map and assess the material impacts on biodiversity of our critical

commodities and suppliers, and then set science-based targets in priority areas. The critical areas in our supply chain are defined based on the material dependencies that we have in relation to biodiversity,

forexample, the provision of water, agricultural raw materials and wood.

E4-2_04

We started mapping all our operations and critical commodities/suppliers. For our sustainability assessment, we use the risk-based approach with the support of our partners (EcoVadis). Transparency and

traceability of material supply chains is established through certifications schemes or by ensuring suppliers have robust traceability of supply that meets our expectations (please see ‘Supplier Engagement,

Verification and Assurance’ from TCCC Principles for Sustainable Agriculture). Also, we regularly measure and report on the progress made against our Mission 2025 commitments, and all other commitments,

including those related to biodiversity and deforestation. The annual performance is disclosed in our Annual Report and the GRI Content Index, obtained limited assurance by an independent auditor, and

published on our website.

E4-2_05-07_18

We are committed to sourcing 100% of our key ingredients in line with the Principles for Sustainable Agriculture as set out by TCCC. These principles protect and support biodiversity and ecosystems, uphold

human and workplace rights, ensure animal health and welfare, and help build thriving communities. They apply to primary production, i.e., at farm level, and form the basis for our continued engagement with

Tier 1 suppliers to ensure sustainable long-term supply at a lower environmental impact. This extends in particular to the sections Conservation of Forests, Conservation of Natural Habitats, Biodiversity and

Ecosystems, Soil Management and Agrochemical Management.

Table 26: E4 IROs and the corresponding policies that address them

Top ic IROs description IROs classification Environmental policy Climate change policy

Principles for

Sustainable Agriculture

Supplier guiding

principles policy Biodiversity statement

Packaging waste

management policy

Water stewardship

policy

E4 Negative impact to the state

of nature through Land

Ecosystem Use Change

Impact (-)

Upstream Own Operations Downstream

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Sustainability statement continued

ESRS E4 – Biodiversity andecosystems continued

E4-3 Actions and resources related to biodiversity and ecosystems

E4.MDR-A_01-02_05 & E4-3_01

Table 27: List of key actions and resources in relation to biodiversity

List of actions

(MDR-A _01)

Time horizon

(MDR-A _03)

Expected outcome and relation to policy objectives

(MDR-A _01)

Scope of Action (MDR-A_02)

Application of

mitigation hierarchy

(E4-3_ 01)

Progress on action

(MDR-A _05)

Value chain, geographies, affected

stakeholders Activities

Biodiversity impact and risk

assessment

Start year

2023,

continues

in 2025

Identify CCH’s most material impacts on

nature and where they occur in the value

chain. Prioritise a shortlist of key contributors

by location for target setting.

Net positive impact on biodiversity in critical

areas in our operations and supply chain by 2040.

Value chain:

Geographical boundary: Global

Key affected stakeholders:

Suppliers, NGOs, communities,

own employees, regulators

Use of the updated

SBTNmethodology.

Assessment of the three

steps of the value chain.

Set science-based targets

for water replenishment.

Avoidance Completed step 1 and 2 of the

SBTN methodology, continue the

process based on the updated

SBTN guidelines.

Collaborate with suppliers

to develop plans to address

land conversion risks and

develop an appropriate

monitoring system to

measure deforestation

atsupplier level

Start year

2024,

completion

year 2026

The amount and % of our main commodities

which are deforestation-free.

Eliminate deforestation in our supply chain

by2025.

Value chain:

Geographical boundary: Global

Key affected stakeholders:

Suppliers, NGOs, regulators

Continue collaboration with

main agricultural suppliers;

cross-functional work for

assuring compliance with

theEU DR by the end of 2026

Avoidance,

Minimisation

Meetings with main sugar suppliers

performed in 2024 and 2025;

meetings with software provider

for geo-satellite monitoring and

deforestation monitoring done;

anew software approved and

process set for assuring

compliance with the EU DR.

Biodiversity action near our

Tylicz plant in Poland

Start year

2024,

completion

year2027

Minimise negative impact and enhance

river’sbiodiversity.

Net positive impact on biodiversity in

criticalareas in our operations and supply

chain by 2040.

Value chain:

Geographical boundary: Poland

Key affected stakeholders:

Nature, communities,

localmunicipality

Fish stocking of the

Muszynka River near our

Tylicz plant in Poland; two

clean-up activities near plant

and on riverbanks

Reducing,

restoring

3,000 common trout released in

three river locations; 400kg waste

collected; Area of 20,000m2 along

the river is cleaned.

Issue Biodiversity

Whitepaper

Start year

2024,

completion

year 2025

Publish CSR Europe Alliance

BiodiversityWhitepaper.

Build awareness and collaborate with

industries and other stakeholders.

Value chain:

Geographical boundary: Europe

Key affected stakeholders:

Other industry players,

NGOs,regulators

Work with other industry

players from CSR Europe,

NGOs and other partners to

publish ‘How companies in

Europe address biodiversity:

Learning from disclosure’

Whitepaper

Transform Whitepaper published

inFebruary2025.

At this stage, we have not utilised biodiversity offsets or incorporated specific indigenous knowledge into our actions. Our approach is grounded in best practices, scientific knowledge and in the collaboration

with our suppliers. For water stewardship projects that also impact biodiversity, please see Table 22 ‘List of actions in relation to water management’.

E4.MDR-A_03

Our biodiversity journey started in 2022. Our actions are work in progress as we follow the SBTN guidelines, and they are also in a dynamic development phase. Our water replenishment activities will continue

beyond 2030 and 2035. Deforestation actions will continue beyond 2025.

E4.MDR-A_04

Every site adjacent to legally protected areas has Source Vulnerability Assessment, which shows no negative impact on biodiversity.

Upstream Own Operations Downstream

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Sustainability statement continued

ESRS E4 – Biodiversity andecosystems continued

E4.MDR-A _ 06-12

There is no significant Opex or Capex related to the action plan for biodiversity. However, similar to our approach on all environmental matters, our Group’s treasury strategy ensures the availability of financial

resources to support related initiatives, if and when required. By leveraging a diversified range of financing mechanisms, we can effectively address both current and future priorities.

Metrics and targets

E4-4 Targets related to biodiversity and ecosystems

E4.MDR-T_01-09_12-13 & E4-4_06_07_09

Table 28: List of targets and progress achieved

Target

Relationship

withpolicy

objectives/IROs

(M DR-T_ 01)

Target

to be

achieved

(MDR-T_02)

Type of target

(abs. vs rel.)

(M DR-T_ 03)

Scope (MDR-T_04) Target duration:

Baseline year

– Target year

(M DR-T_ 0 6 - 07)

Baseline

value

(M DR-T_ 05)

2025 performance against target and future plans

(M DR-T_13) Mitigation hierarchy

Alignment with

internationalinitiative

Value chain segment and geographical

boundaries

Eliminate

deforestation in our

supply chain (we

consider Pulp and

Paper as our most

risky commodities)

Land use

ecosystem

change

100% Absolute Value chain:

Geographical boundaries: Main

commodities critical for

biodiversity we use, global scope

(excluding Multon Partners Juices)

2020-2025

(2020 cut-off

year)

N/A Pulp and paper*: 93% deforestation-

free and certified asper the PEFC or

FSC certifications. The target has not

yet been achieved due to the absence

of certification for four suppliers

(* Based on 2024 volume; 2025 status will be available in

May 2026)

Avoidance,

minimisation,

restoration

Global Biodiversity

Framework’s ‘30x30’

conservation target

100% sustainable

sourcing (adherence

to the PSA in main

agricultural

commodities)

Land use

ecosystem

change

100% Absolute Value chain:

Geographical boundaries: Main

commodities we use, global scope

(excluding Multon Partners Juices)

2017-2025 N/A Total: 95%

(excluding Multon PartnersJuices)

Only EU countries: 100%.

Avoidance,

minimisation,

restoration and

rehabilitation,

compensation

or offsets

FAO Good

Agricultural

Practices; ILO

No assumptions are used to define targets. We took into consideration the best global practices and guidelines such as theSBTN, FAO Good Agricultural Practices, ILO and EU regulations. Targets are set for

the upstream part of the value chain due to the biggest impact there. They are monitored quarterly by obtaining information from suppliers for their sustainable certifications. Deforestation performance of

Pulp and Paper materials is monitored annually. The amount of procured quantity of raw materials certified is divided by the total procured volume for the raw materials in scope. We did not achieve our 2025

sustainable sourcing target, primarily due to a limited volume of uncertified ingredients – predominantly sugar – in a small number of emerging markets. Nevertheless, we have made significant progress

compared to our 2017 baseline of 33%, when this target was established.

The targets set are in line with the Kunming-Montreal Global Biodiversity Framework and its mission to halt and reverse biodiversity loss to put nature on a path to recovery, and contribute to the EU 2030 Biodiversity

Strategy, where the goal for protecting 30% of land in the EU is stated. We also consider the EU Regulation on Deforestation-free Products (EUDR). In 2025, we finalised the assessment of supply base in EU and

supplier readiness for EUDR compliance for primary raw materials. From the rest of the critical supply base a declaration letters on deforestation-free commodities have been requested from suppliers.

E4.MDR-T_11, E4-1_06

Please see ‘Stakeholder Engagement‘ section on pages 12 to 15

E4-5 Impact metrics related to biodiversity and ecosystems change

E4-5_04

With our operations primarily based in cities, we do not have a direct impact on biodiversity and ecosystem change. The impact is linked to Tier 2 and 3 suppliers in the upstream part of the value chain,

specifically concerning agricultural ingredients and primarily pulp and paper materials.

Upstream Own Operations Downstream

1. Egypt is not included in our Mission 2025 targets, as the Egyptian operations had not yet been acquired at the time the targets were established (2017-2018).

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Environmental information

ESRS E5 –

Resource use and

circular economy

Impact, risk and

opportunity management

E5-1 Policies related to resource use

and circular economy

E5.MDR-P_ 01- 0 6

Please see ‘Consolidated Policies Table‘

onpages 75 and 77

E5-1_01-04

We seek to minimise the overall amount

ofpackaging that we use. Together with our

suppliers and partners, we are working to design

more sustainable packaging and take action

toensure that our packaging doesn’t end up

aswaste. The big amount of packaging we use

forourfinished products, if not collected and

recycled properly, would end up in the soil, in the

rivers and then in the seas and the oceans, which

could have a negative impact on ecosystems,

human health (toxicity) and society. Packaging

waste and climate change are interconnected

global challenges, and an area of focus for

businesses and communities. Around 38% of

ourvalue chain emissions come from packaging

materials (including end-of-life emissions), and

toachieve our NetZeroby40 target we invest

insustainable packaging solutions. When we

light-weight our packaging, incorporate more

recycled and bio-based material, invest in local

collection and recycling programmes and increase

our use of reusable packaging, we reduce both

waste and our GHG emissions.

Beverage packaging has value and life beyond

itsinitial use, and we believe that it should be

collected and recycled into a new package as part

ofa circular economy. To deliver this vision, we

own, invest in and take responsibility for collected

packaging material as members of authorised

recovery organisations.

Furthermore, under the umbrella of our Biodiversity

Statement, as already mentioned in ESRS E4 –

Biodiversity and ecosystem, sustainable sourcing

of packaging materials is also taken into account.

We aim to source all our paper-based primary

packaging materials from sustainable forest

sources. All our paper bricks weuse are Forest

Stewardship Council (FSC)-certified. The scope

ofour commitments is to improve the circularity

ofour packaging and to avoid packaging waste,

which in turn contributes to better environmental

performance. Among thekey areas we focus on,

and relevant to the materiality analysis, is the

circular economy. We take action to improve

packaging sustainability, including its recycling

intonew packages, and measuring, evaluating and

sharing progress across regions and stakeholders,

providing therespective transparency.

Additionally, for our engagements regarding

recyclability and recycled packaging, we have

included targets relevant to:

• Collection: help collect the equivalent

of75%ofour primary packaging by 2025.

• Recyclability: make 100% of our primary

packaging fully recyclable by design by 2025.

• Recycled Packaging: increase the percentage

ofrecycled PET (rPET) in our bottles to 35% by

2025 (data excluding Egypt). In our EU countries

and Switzerland, we aim to reach 50% rPET

by2025.

• Eliminate Unnecessary Packaging: building

onthe extensive light-weighting programme

delivered over the past decade, we will continue

tolight-weight our primary packaging towards

‘best-in-class’ bottles and cans in each market,

while innovating to remove shrink film from

multipacks, as well as other plastic reduction

initiatives. We expect this programme to remove

approximately 5,000 metric tonnes of plastic

packaging material by 2025 vs a 2023 baseline.

• Expand Reusable Packaging: deliver

programmes to increase reusable packaging.

• Reduce Virgin Plastic: through the increased use

of circular PET (rPET), light-weighting, removal

ofplastic film and expansion of reusable

packaging formats, we aim to eliminate over

350,000 metric tonnes of virgin plastic by 2025

(vs 2019).

• Innovation: deliver new sustainable packaging

solutions through partnerships and R&D.

• Inspire and Engage Consumers: use the power

ofour brands to encourage consumers to recycle.

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ESRS E5 – Resource use and circular economy continued

E5-2 Actions and resources related

to resource use and circular economy

E5.MDR-A_01-03_05 & E5-2_08

The objectives from the Packaging Waste

Management Policy require continuous

improvement and progress. Therefore, each

year,we strive to improve our performance

byestablishing new actions and working on the

existing ones. Packaging can only be circular if

itisrecyclable. Since 2022, 100% of our primary

packaging – PET, glass, aluminium and aseptic

cartons – has been recyclable by design. We

achieved this milestone three years ahead of

our2025 target. We are also leading industry

efforts to introduce effective and efficient

collection systems in all our markets. These

include Deposit Return Systems (DRS) in most

ofour EU markets. Therefore, we work with

governments and industry to create a legal

framework in which economic progress and

diversion of material from landfill can be achieved.

For the reporting year, we focused on different

pillars, and we worked with specific focus on each

ofthem. These pillars include:

• Recyclability

• Recycled Packaging

• Eliminate unnecessary packaging

• Reduce virgin plastics

• Expand reusable (returnable) packaging

• Packaging collection

E5-2_07_09

For the implementation of all actions, the

contribution of our stakeholders was of utmost

importance. Collective actions are important

when systemic changes are required, and we

haveestablished strong relationships with our

main stakeholders. Together with our suppliers

and partners, we are working to design more

sustainable packaging and take action to ensure

that our packaging doesn’t end up as waste. Each

year, we host a supplier innovation day where

weengage with key partners and potential new

suppliers in the area of sustainable packaging.

Previous to the reporting year, we piloted andthen

scaled technologies that now allow us toreplace

plastic film on multipacks with carton solutions,

such as the KeelClip™ roll-out, thecardboard

holder for multipacks of cans, andprocessnon-

food grade ‘hot washed’ PET flakes to produce

high-quality food-grade rPET. We also launched

the LiteTop pack carton option for 6x1.5L PET

multipacks in Austria in 2023, with plans to roll

itout to more countries from 2026 onwards.

Sustainability partnerships with our customers

arescaling and have become an integral part

ofourshared value creation.

In 2025, we joined Carrefour`s global Sustainable

Linked Business Plan to cut packaging waste and

carbon emissions, launching the pilot initiative

inRomania with consumer awareness campaigns

andoptimised logistics to reduce emissions. In

Italywecontinued our existing partnership with

our customer Carrefour’s ‘Let’s recycle together’,

aninitiative deployed for the second year already

incooperation with Marevivo, a local NGO

protecting sea and environment. Dedicated

in-store activations aimed to educate consumers

onhow to properly recycle beverage packaging and

demonstrate the role that our 100 % rPET portfolio

plays in circular packaging besides creating

commercial value for both us andCarrefour.

Furthermore, since 2022, we started an ongoing

collaboration with the University of Portsmouth,

toinvestigate the potential commercialisation

oftechnologies and processes for the enzymatic

recycling of PET. This co-funded research project

isexploring new applications for bio-recycling

enzymes that could have the potential to promote

packaging circularity at industrial scale. As already

stated, in countries where effective collection

systems do not exist, we are working together with

peers and governments to design and implement

new systems. Such cases are our alliance with the

Food and Beverage Recycling Alliance (FBRA) in

Nigeria and our partnership withthe recycler BariQ

in Egypt. Lastly, we are members of the European

Organisation for Packaging and the Environment -

EUROPEN - andUNESDA Soft Drinks Europe.

EUROPEN is thevoice of the packaging supply

chain industry inEurope on topics related to

packaging and the environment. This membership

provides us with the opportunity to understand

the challenges of the wider packaging supply

chain(from producers ofpackaging all the way to

recyclers) and to work with governments and the

European Commission around issues. The role

ofEUROPEN within the circular economy is to:

a) continuously improve the environmental

performance of packaging and packaged

products all along the supply chain;

b) promote the role, functionalities and benefits

ofpackaging within all relevant EU policies; and

c) achieve a harmonised policy framework and

afunctioning EU internal market for packaging

and packaged products.

UNESDA Soft Drinks Europe enables us to talk

with one voice and discuss with governments and

the EU as a whole matters relating specifically to

the soft drinks sector. With UNESDA, we also have

set commitments for circular packaging that the

corporate members have committed to achieving,

thus enabling improved overall sectoral approach

to circular packaging, including recycled content

targets, collection and recyclability ahead

oflegalrequirements.

Table 29: E5 IROs and the corresponding policies that address them

Top ic IROs description IROs classification Environmental policy Climate change policy

Principles for

Sustainable Agriculture

Supplier guiding

principles policy Biodiversity statement

Packaging waste

management policy

Water stewardship

policy

E5 The cost and availability

ofsustainable packaging

(inflows & outflows)

Risk

E5 The cost and availability

ofsustainable packaging

(inflows & outflows)

Opportunity

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ESRS E5 – Resource use and circular economy continued

Table 30: List of key actions and resources in relation to circular economy

List of actions

(MDR-A _01)

Time horizon

(MDR-A _03)

Expected outcome and relation to policy objectives

(MDR-A _01)

Scope of Action (MDR-A_02)

Progress on action

(MDR-A _04)Value chain, geographies, affectedstakeholders Activities

Recyclability – 100% of our primary packaging and using alternative packaging materials

Maintained KeelClip™ as a carton-

based solution that removes plastic

shrink film previously used to hold can

multipacks together, in 23 countries,

helping us to reduce our plastic

packaging footprint

Continued in 2025

and beyond based

on the rolling plan

To reduce environmental impact (water

andsoil) and reduce waste (avoid 2,300

tonnes of plastic shrink annually).

Supports the delivery of our Packaging

WasteManagement Policy objectives:

• Innovate to minimise the amount of

packaging that we use, while ensuring

thatthe packaging that we do use is

assustainable as possible

• Provide sustainable packaging options

meeting consumers’ needs

Value chain:

Geographical boundary: Europe

Key affected stakeholders:

Consumers, Customers, Communities

Production and packaging:

Maintain solutions and

continue to innovate

Action contributed

tooverall plastic waste

reduction - disclosed

inE5-3_03_04

Maintained QFlex carton-based

solution that removes plastic shrink

filmpreviously used to hold large

multipacks cans together, in Ireland

andNorthern Ireland, helping us to

reduce our plastic packaging footprint

Started in 2024,

continued in 2025

Value chain:

Geographical boundary: Ireland

Key affected stakeholders:

Consumers, Customers, Communities

Production and packaging:

Maintain solutions and

continue to innovate

Action contributed

tooverall plastic waste

reduction - disclosed

inE5-3_03_04

Launch of the Lite Pac initiative

toreplace plastic shrink film

withacarton solution on PET

multipacks; and gradual expansion

toothermarkets

Started in 2024,

continued in 2025

and beyond based

on the rolling plan

Removal of 135 tonnes of plastic

fromoursupply chain annually.

Supports the delivery of our Packaging

WasteManagement Policy objectives:

• Innovate to minimise the amount of

packaging that we use, while ensuring

thatthe packaging that we do use is

assustainable as possible,

• Provide sustainable packaging options

meeting consumers’ needs

Value chain:

Geographical boundary: Austria;

Greece, Republic of Ireland and

Northern Ireland planned for 2026

Key affected stakeholders:

Consumers, Customers, Communities

Production and packaging:

Maintain solutions and

continue to innovate

Progress as per the plan,

>140 tonnes removed

in2025

Upstream Own Operations Downstream

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ESRS E5 – Resource use and circular economy continued

List of actions

(MDR-A _01)

Time horizon

(MDR-A _03)

Expected outcome and relation to policy objectives

(MDR-A _01)

Scope of Action (MDR-A_02)

Progress on action

(MDR-A _04)Value chain, geographies, affectedstakeholders Activities

Recycled Packaging

In-house rPET production and

transitioning to 100% rPET locally

produced portfolio

Current and will

continue

To reduce virgin and increase recycled

plastic content in our packaging.

Supports the delivery of our Packaging

WasteManagement Policy objective:

• Continue to increase recycled content

inour primary beverage packaging, with

anemphasis on PET beverage bottles

• accomplishment of the Mission 2025

Target to35% rPET usage.

Value chain:

Geographical boundary: Switzerland,

Italy, Austria, Romania, Republic of

Ireland, Northern Ireland

Key affected stakeholders:

Consumers, Customers,

Communities, Suppliers

Production and packaging 35% compared to 23.8%

in2024;

65% in EU countries and

Switzerland compared

to45.9% in 2024

Use of rPET from the Coca-Cola

system owned and operated packaging

collection facility in the production of

new bottles in Nigeria

Start year 2025 and

will continue

Value chain:

Geographical boundary: Nigeria

Key affected stakeholders:

Consumers, Customers, Communities

Production and packaging 1,330 tonnes of recycled

PET used in production

in2025

Exploring opportunities to further

decarbonise our aluminum cans

Start year 2025,

completion

year2026

To reduce virgin and increase recycled

aluminium content in our packaging.

Supports the delivery of our

NetZeroby40roadmap.

Value chain:

Geographical boundary: Republic

ofIreland, Northern Ireland

Key affected stakeholders:

Consumers, Customers, Communities

Production and packaging Project preparation

in2025, testing to start

in2026

Exploring opportunities to

furtherdecarbonise returnable

glasspackaging

Start year 2025

andwill continue

To increase returnable glass

packaginglifecycle.

Supports the delivery of our Pack Mix

oftheFuture.

Value chain:

Geographical boundary: Italy

Key affected stakeholders:

Consumers, Customers,

Communities, Suppliers

Production and packaging Testing started in 2025

Increase recycled content in logistics

packaging shrink film

Start year 2025 and

willcontinue

To increase the contribution

ofrecycledcontent.

Supports the compliance with

thePPWRahead of 2030 target.

Value chain:

Geographical boundary: Italy, Poland,

Estonia, Latvia, Lithuania

Key affected stakeholders:

Consumers, Customers,

Communities, Suppliers

Packaging In 2025, shrink film

containing 50%

post-consumer recycled

content was introduced in

Italy, and shrink film with

30% recycled content was

launched in Poland &

Baltics

Upstream Own Operations Downstream

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ESRS E5 – Resource use and circular economy continued

List of actions

(MDR-A _01)

Time horizon

(MDR-A _03)

Expected outcome and relation to policy objectives

(MDR-A _01)

Scope of Action (MDR-A_02)

Progress on action

(MDR-A _04)Value chain, geographies, affectedstakeholders Activities

Eliminate unnecessary packaging

Light-weight our primary

packaging(preforms)

Current and will

continue

To reduce weight of materials used

(decreaseemissions).

Reduction of waste, NetZeroby40.

Value chain:

Geographical boundary: Baltics

Key affected stakeholders: Customers,

Consumers, Suppliers

Design optimisation

toreduce weight ofpreform

Action contributed

tooverall plastic waste

reduction - disclosed

inE5-3_03_04

Label height reductions Start year 2024,

continued in 2025

To reduce weight of plastic used in labels.

Reduction of waste, NetZeroby40

Value chain:

Geographical boundary: Greece,

Cyprus, Poland, Italy, Hungary

Key affected stakeholders: Customers,

Consumers, Suppliers

Design optimisation

toreduce weight

Action contributed

tooverall plastic waste

reduction - disclosed

inE5-3_03_04

Introducing Ultra High Performance

(UHP) stretch film to decrease plastic

quantity in logistics packaging

Start year 2025 and

will continue as per

the rolling plan

Reduction of plastic waste, NetZeroby40

Value chain:

Geographical boundary: Austria,

Hungary, Ireland, Bulgaria,

Serbia,Romania

Key affected stakeholders:

Customers,Suppliers

Design optimisation

toreduce weight

More than 200 tonnes

ofplastic saved in 2025

Light-weight neck and closure in

PETbottles (GME 30:40 Standard)

Start year 2025,

completion

year2029

Removal over 11,800 tonnes of plastic in the

final year of implementation.

Reduction of waste, NetZeroby40

Value chain:

Geographical boundary: Nigeria;

Ireland, Greece

Key affected stakeholders: Customers,

Consumers, Suppliers

Design optimisation

toreduce weight

Pilot in Nigeria successfully

implemented in 2025

saving nearly 200 tonnes

of plastic; further roll-out in

2026; Ireland and Greece

planned for 2026.

Upstream Own Operations Downstream

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Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

ESRS E5 – Resource use and circular economy continued

List of actions

(MDR-A _01)

Time horizon

(MDR-A _03)

Expected outcome and relation to policy objectives

(MDR-A _01)

Scope of Action (MDR-A_02)

Progress on action

(MDR-A _04)Value chain, geographies, affectedstakeholders Activities

Expand Reusable (Returnable) Packaging

Usage of returnable and refillable glass.

Expansion of packageless, i.e.

bag-in-box, cartridges, tank packaging

used with dispensing equipment

(fountains, freestyle machines),

Current and

willcontinue

To reduce environmental impact (water and

soil), and reduce waste and decrease

emissions in scope 3 and help in achieving

our net zero emissions goal.

Expand Reusable Packaging:

• Deliver programmes to increase

reusablepackaging (returnable

anddispensed formats.

• Reduce packaging amount in

absoluteterms.

Value chain:

Geographical boundary:

EuropeandAfrica

Key affected stakeholders:

Consumers,Customers, Communities

Continue implementing the

Pack Mix of the Future

initiatives, focusing on

expanding RGB across

markets and setting our

vision for profitable

growthwhile reducing

footprint.

Activated Packageless

pilotin leading university

inItaly. Replicable

programme envisioning

packageless campus.

Refillables 12.1% in 2025

compared to 12.7% in

2024*

Packageless stable around

4.2% in 2025*

* Transactions in NARTD excluding

North Macedonia

Increase packaging collection

Continue to actively engage with

governments and peer companies

toestablish and ensure the effective

operation of Extended Producer

Responsibility (EPR) Organisations,

including Packaging Recovery

Organisations (PRO) and Deposit

Return Systems (DRS).

Current and

willcontinue

To reduce environmental impact (water

andsoil) and decrease plastic waste.

Supports the delivery of our Packaging

WasteManagement Policy objectives:

1. Work through cross-sector packaging

associations to develop and support

effective waste management and

packaging collection solutions.

2. Enhance the efficiency and effectiveness

of established post-consumer packaging

waste management organisations.

Value chain:

Geographical boundary: Bosnia,

Bulgaria, Czech, Estonia, Italy, Latvia,

Lithuania, Moldova, North Macedonia,

Poland, Ireland, Romania, Serbia,

Slovakia, Slovenia, Switzerland

Key affected stakeholders:

Communities, Governments,

Customers, Peer Companies

Participated in the

supervisory board of EPR

organisations in 15 of

ourcountries, providing

strategic direction

andsupport.

Progress made in line

withroadmap and plans for

collection of our primary

packaging. We secured

ongoing implementation

of our policy objective to

ensure effective packaging

waste management

activities are in place

across our markets.

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Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

ESRS E5 – Resource use and circular economy continued

List of actions

(MDR-A _01)

Time horizon

(MDR-A _03)

Expected outcome and relation to policy objectives

(MDR-A _01)

Scope of Action (MDR-A_02)

Progress on action

(MDR-A _04)Value chain, geographies, affectedstakeholders Activities

Support well-designed Deposit

ReturnSystems (DRS) in our European

markets, if an effective alternative

doesn’t exist. As of 2025, 10 of our

markets now have DRS in place.

Weassisted in the design and

implementation of new national

DRSineach of these countries.

Current, expected

completion in 2029

To reduce environmental impact

(waterandsoil) and decrease plastic waste.

Fulfil our Mission 2025 target to collect the

equivalent of 75% of our primary packaging

for recycling or reuse by 2025.

Deliver EU collection targets of 90%

separate collection for PET and beverage

cans by 2029.

Value chain:

Geographical boundary: Croatia,

Estonia, Hungary, Latvia, Lithuania,

Republic of Ireland, Romania, Slovakia,

Austria and Poland.

We are engaging proactively in

Bulgaria, Cyprus, Czech Republic,

Greece, Moldova, Northern Ireland,

Serbia and Slovenia.

Key affected stakeholders:

Communities, Governments,

Customers, Peer Companies

Played a critical role in the

successful launch of new

DRS in Austria and Poland.

Established a new DRS

inGreece with CCHBC

asashareholder to support

thesuccessful launch of

DRS in 2026. Actively

participating in coalition

todeliver licence to this

operator and launch in 2026.

Actively participated in

steerco and workshops in

Bulgaria and Cyprus to draft

legislation on DRS. Working

with government in Moldova

to deliver secondary

regulation forDRS

implementation in2027.

2025 roadmap and plans

implemented (including

thelaunches in Austria

andPoland).

A clear action plan for 2026

aligned and approved by

senior management

(including DRS launch in

Greece, preparation for

DRS in Moldova, Kosovo

and N. Ireland in 2027).

Development of Extended Producer

Responsibility (EPR) systems in

countries where it is not mandatory

toreduce downstream pollution.

Implement own collection initiatives

where EPR is not mandatory or present

to ensure circularity.

Current, expected

completion in 2029

To reduce environmental impact

(waterandsoil) and reduce waste,

increasepackaging collection.

Fulfil our Mission 2025 target to collect the

equivalent of 75% of our primary packaging

for recycling or reuse by 2025.

Value chain:

Geographical boundary: Nigeria, Egypt

Key affected stakeholders:

Consumers, Customers,

Communities, Peer companies

We continued to support

the work of the Food and

Beverage Recycling Alliance

(FBRA) and otherpackaging

collectionprojects.

Opened the first-ever

Coca-Cola System owned

and operated packaging

collection hub with plans to

ramp up collection in 2026

and horizon to open a

second hub by the end of

2026/beginning of 2027.

Continue working with

BariQin Egypt. Evaluate the

possibilities for establishing

our own collection system

inEgypt.

Progress made in Egypt

andNigeria as per the plan

Upstream Own Operations Downstream

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128

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Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

ESRS E5 – Resource use and circular economy continued

E5.MDR-A_04

As shown above, we have established a

comprehensive action plan and implemented

several actions related to circular economy and

packaging. By those actions, we demonstrate our

support to nature and to people regardless

ofwhether they are harmed or not. In 2025,

nonegative incident related to the circular

economy was recorded.

E5.MDR-A _ 06-12

To support our actions related to the expansion

ofreusable/refillable packaging, we make

investments every year for the renewal or increase

of the returnable containers fleet. In 2025, this

investment reached €63 million. We also invested

€13.2 million in production infrastructure, mainly

for new returnable glass production lines in Italy

and Serbia, and another €6.8 million for

dispensedequipment.

In addition, we invest significant amounts

tosupport our action plan around the increase

ofrecycled content in our packaging, specifically

byexpanding the use of rPET. Buildingonthe

significant in-house rPET production

infrastructure investments we have made in the

past few years in Italy, Poland and Romania, we

allocated €55 million in 2025 tosupport the higher

cost of rPET compared with virginPET.

The capital and operating expenditures

referenced above are reflected in our financial

statements aspart of the consolidated cash flow

statement (within the line-item ‘Payments for

purchases of property, plant and equipment’,

p.272) and the consolidated income statement

(within ‘Cost of goods sold’, p.269), respectively.

Our accounting system does not separately

classify sustainability-related investments or

costs, as both are reported in accordance with the

general financial reportingprinciples.

Moving ahead, we will continue to support

ourcircular economy action plan as required.

Specifically for 2026, we plan to continue our

investments in production infrastructure in Italy

tosupport the RGB expansion in the market, and

we will allocate significant Capex on returnable

containers across our markets. In addition, we

anticipate that the rPET cost premium relative

tovirgin PET will stay broadly in line with 2025,

given our plan to keep rPET content in packaging

at similar levels in 2026.

Our Group’s treasury strategy ensures the

availability of financial resources to support

circularity-related initiatives. By leveraging

adiversified range of financing mechanisms,

wecan address both current and future priorities

effectively. For more details, see E1.MDR-A_06

page 87.

Metrics and targets

E5-3 Targets related to resource

useand circular economy

E5-3_01

We have set voluntary targets that promote

circular economy, and they are designed to

address both resource inflows and outflows,

andthe lifecycle of products and materials.

E5-3_02

Our objective is to keep our primary packaging

100% recyclable by design. Therefore, we have

established a target related to circular product

design, which is already achieved. We have made

our primary packaging 100% fully recyclable three

years ahead of the expected timeline and 2025

target. For us, recyclability is calculated as

technical recyclability by design, and here we

consider all beverage packaging that is made

ofglass, aluminium/steel, PET and aseptic

cartons(excluding cap and label). All of those

canbe recycled fully. We consider as technical

recyclability by design any reuse or recycle

optionfor those materials. In the definition,

wedonot take into consideration the packaging

collection rates in every country or recycling

infrastructure availability.

E5-3_03_04

Our resource inflows targets focus on the

continuous improvement of recycled material use.

They have a double role, since by increasing their

recycled content, the rates of primary raw materials

decline. The targets refer to the recycled PET

usedfor plastic bottles. Building on the extensive

light-weighting programme delivered over the past

decade, we will continue to light-weight our primary

packaging towards ‘best-in-class’ bottles and cans in

each market, while innovating to remove shrink film

from multipacks, as well as other plastic reduction

initiatives. This programme removed more than

10,000 metric tonnes of plastic packaging material

by 2025 vs a 2023 baseline, over double our estimate

of 5,000 tons. Through the increased use of circular

PET (rPET), light-weighting, removal of plastic film

and expansion of reusable packaging formats, we

eliminated more than 340,000 metric tonnes of

virgin plastic by 2025 (with a 2019 baseline).

E5-3_05_09

As already stated, we aim to source all our

paper-based primary packaging materials from

sustainable forest sources. Now, 100% of our

paper bricks (aseptic carton) we use are FSC®-

certified. Also, 93%

of our main Pulp and

Paper-based materials are deforestation-free.

Driven by the materiality results, and focusing on

the material topics, our targets address the

prevention layer (including the reduction) of the

waste hierarchy pyramid, as wellas recycling and

recovering. Returnable glass bottles address

reuse layer of the waste hierarchy.

E5.MDR-T_ 01

The majority of those targets are connected

withthe Packaging Waste Management Policy

andreflect total Group targets. To track our

performance and our contribution to the final

target, every year we set a yearly target as an

annual milestone.

E5.MDR-T_12

For our targets, we use actual data to report the

progress, e.g., for recyclability, we use the

technical by design data of our primary packaging

materials (glass, PET, aluminium/steel can, paper,

aseptic paper). Our time horizons could be an

annual goal aligned with the Business Planning

process (BP), mid-term targets aligned with our

long-range plan(LRP) and business objectives, or

long-term targets such as NetZeroby40 aligned

with the external trends. All those targets,

however, are disaggregated to annual roadmaps,

and our regular performance review is two-

pronged:

a) versus the annual roadmap; and

b) versus the direction of the target year.

On this way, we are able to set actions and correct

course if needed.

E5-3_01 & E5-3_09 & E5.MDR-T_01-07_11_13

Table 31 below provides further details on each

target, including their characteristics (target level,

their units, their time-boundaries, the progress

made over the baseline measurements),

illustrating how they contribute to our overall

sustainability goals and circular economy

principles. Targets are voluntary.

1. Considering 2024 purchased volume; 2025 status will be available

in May 2026.

Coca-Cola HBC Integrated Annual Report 2025

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Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

ESRS E5 – Resource use and circular economy continued

Table 31: List of targets and progress achieved

Target

Relationship with policy objectives / IROs

(M DR-T_ 01)

Target to be achieved

(MDR-T_02)

Type of target

(abs.vs rel.)

(M DR-T_ 03)

Scope (MDR-T_04)

Target duration:

Baseline year

– Target year

(M DR-T_ 0 6 - 07)

Baseline value

(M DR-T_ 05)

2025 performance against target

andfuture plans

(M DR-T_13)

Stakeholder

involvement

(M DR-T_11)

Relation to

wastehierarchy

(E5-3 _09)

Alignment with

international initiative

Value chain segment

and geographical

boundaries

Recyclability

bydesign

(allbeverage

packaging)

Supports technological

solutions that enable a circular

economy for packaging;

Continue to increase

recycledcontent

100% of

consumer

packaging to

berecyclable

Relative

in%

Value chain:

Geographical

boundaries:

Global

2017-2025

(8years)

99% Percentage of recyclable

by design materials from

main packaging used in

2025: 100%

Suppliers Recycling Sustainable

Development

Goal 8, 9, 11,

12, 14 & 17

Light-weighted

packaging

(PETand

otherplastic)

Improve environmental

performance in packaging and

packaging waste; Innovate to

minimise the amount of

packaging that we use

Remove 2,800

tonnes of plastic

packaging

through

light-weighting

our packaging

Absolute

intonnes

Value chain:

Geographical

boundaries:

Global

2023-

2025

- 4,755 tonnes of plastic

packaging removed

Suppliers,

Customers

Prevention

(Reduce)

Sustainable

Development

Goal 8, 9, 11,

12, 14 & 17

PET used from

recycled PET

and/or PET

from renewable

material

Improve environmental

performance in packaging

andpackaging waste; Continue

to increase recycled content

with an emphasis on PET

beverage bottles; Supports

technological solutions

thatenable a circular

economyfor packaging

35% of PET used

from recycled

PET and/or PET

from renewable

material

Relative

in%

Value chain:

Geographical

boundaries:

Global

2017-2025

(8years)

9% 35% rPET (placed on the

market in 2025)

Suppliers,

Customers

Recycling Sustainable

Development

Goal 8, 9, 11,

12, 14 & 17

50% of PET used

from recycled

PET and/or PET

from renewable

material

Value chain:

Geographical

boundaries: EU

countries and

Switzerland

65% rPET (placed on the

market in 2025)

Zero Waste

partnerships

(city and/

orcoast)

Improve environmental

performance in packaging and

packaging waste; Supports

public awareness campaigns

about recycling, waste

collection education and

anti-littering campaigns

Engage in 20

zerowaste

partnerships

(cityand/

orcoast)

Absolute Value chain:

Geographical

boundaries:

Global

2017-2025

(8years)

0 20 out of 20 zero waste

projects achieved one

year ahead of the target

year (in 2024)

NGOs,

Communities,

Local

municipalities

– Sustainable

Development

Goal 8, 9, 11,

12, 14 & 17

Collection rate

of our primary

packaging (all

beverage

packaging)

placed on

themarket

Improve environmental

performance in packaging

andpackaging waste;

workthrough cross-sector

packaging associations to

develop andsupport effective

waste management and

packaging collection solutions

Help collect the

equivalent of 75%

of our primary

packaging

Relative

in%

Value chain:

Geographical

boundaries:

Global

2017-2025

(8years)

41% 78% (excluding Egypt, as

it is not part of Mission

2025 goals)

77% (including Egypt).

Government

andRegulators,

Peer companies,

Customers,

Suppliers, NGOs

Recycling Sustainable

Development

Goal 8, 9, 11,

12, 14 & 17

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Sustainability statement continued

ESRS E5 – Resource use and circular economy continued

Target

Relationship with policy objectives / IROs

(M DR-T_ 01)

Target to be achieved

(MDR-T_02)

Type of target

(abs.vs rel.)

(M DR-T_ 03)

Scope (MDR-T_04)

Target duration:

Baseline year

– Target year

(M DR-T_ 0 6 - 07)

Baseline value

(M DR-T_ 05)

2025 performance against target

andfuture plans

(M DR-T_13)

Stakeholder

involvement

(M DR-T_11)

Relation to

wastehierarchy

(E5-3 _09)

Alignment with

international initiative

Value chain segment

and geographical

boundaries

Coca-Cola

System owned

and operated

packaging

collection

facility

Improve environmental

performance in packaging and

packaging waste; enhance the

efficiency and effectiveness

ofestablished post-consumer

packaging waste

managementorganisation

Collect

1,000 metric

tonnes of

packaging

materials

Absolute

intonnes

Value chain:

Geographical

boundaries:

Nigeria

2024-

2025

0 In 2024, together with

TCCC, the Coca-Cola

system-owned

packaging collection

facility was completed.

In2025 1,330 metric

tonnes of packaging

materials were collected.

NGOs,

Communities,

Local

municipalities.

Government

andRegulators,

Peer companies

Recycling Sustainable

Development

Goal 8, 9, 11,

12, 14 & 17

Paper bricks

(aseptic

cartons) from

sustainable

forest sources

Improve environmental

performance in packaging

andpackaging waste; provide

sustainable packaging options

Source all our

paper-based

primary

packaging

materials from

sustainable

forest sources

Absolute

in%

Value chain:

Geographical

boundaries:

Global

Continue

(takes

place

annually)

Rolling

target

(100% in

2024)

in 2025, 100% of our

paper bricks (aseptic

carton) used are

FSC-certified.

Suppliers Restoring Sustainable

Development

Goal 8, 9, 11,

12, 14 & 17

E5.MDR-T_12 & E5-3_13 & E5.MDR-T_01

We have not changed any of our targets, as for

us,any sustainability target means to deliver, to

execute – an opposite of an aspirational target.

Although certain legal targets exist for collection

and recycled content, we have voluntarily made

our own targets for these two items. For collection

this encompasses all our beverage packaging and

countries of operation. For recycled content we

voluntarily exceeded the Singe Use Plastics

Directive (SUPD) target ensuring that both

targetsreflect our entire value chain.

E5-3_13 & E5.MDR-T_09

For 2025 we set an ambitious target for collection

of 75% of our primary packaging as a weighted

average for all our markets, that encompasses all

beverage packaging and countries of operation

beyond EU. The Single Use Plastics Directive

(SUPD) imposed in 2019 a target for 25% recycled

content in PET beverage bottles by 2025. For

recycled content we have set an ambitious target

E5.MDR-T_10

We use the industry best practices for setting

thetargets and clearly describe the calculations and

methods used in our internal guidebooks. Feedback

by credible NGOs, industry associations such as

UNESDA, suppliers, strategic initiatives such

asthe UN SDGs, and also stakeholder engagement

through Annual Stakeholder Forums and frequent

meetings are considered. The insights gathered

from these engagements, along with the

expectations of ESG raters and investors, inform

thesetting of ambitious, data-driven targets.

E5-3_08

We strive to minimise food loss and food waste

inour operations. Our target to tackle food waste

and loss across our activities and operations is to

decrease our absolute food losses (in dry matter)

by30% by 2025 compared to our 2019 baseline,

despite volume growth, an increase in portfolio/

of 35%, which is above the SUPD. Progress on

targets can be found in Table 31.

E5.MDR-T_13

We have specialised software to monitor and

review for each of our sustainability goals/targets,

and we report monthly the actual performance

and status (if we are on track, lagging behind or

partly on track) to the members of the ELT

whoare accountable for the respective KPIs.

Theactuals are easily available in our EDGE

dashboards. Quarterly, the performance and

therelated actions to achieve the annual goals

arereported to the Social Responsibility

Committee of the Board of Directors.

beverage categories, and expansion to emerging

markets, and further reduce it by 40% by 2030 vs

2019. In 2025 we achieved a 44% (in dry matter)

reduction vs 2019. Food loss and waste at our

manufacturing sites are part of the overall waste

management process. We strive to reach 100%

recycled waste and zero waste to landfill in

manufacturing. We have significantly reduced

thepercentage of manufacturing waste going to

landfill; in 2025, only 3.7% of our manufacturing

waste ended up to landfill, while in 2015, it was

10.1%. This means, in 2025, 96.3% of total

manufacturing waste was recycled or used

foralternative usage. The Zero Waste International

Alliance and LRQA consider 90% diversion rate of

waste from landfills as the standard for classifying

a‘Zero Waste to Landfill’ achievement and we are

working to improve even further our actual result

of96.3%.

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Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

ESRS E5 – Resource use and circular economy continued

E5-4 Resource inflows

E5-4_01

Resource inflows, relevant to upstream activities and reported within this chapter, take into account

theresults of the materiality analysis. This analysis has identified packaging inflows as a material topic.

Our packaging inflows include different streams of packaging, such as:

• Plastic, which is used for plastic bottles, closures, HDPE/LDPE bottles, labels and stretch/shrink films;

• Glass, which is used for glass bottles;

• Metal, which is used for aluminium cans and metal crowns; and

• Paper, which is used for paper labels, composite aseptic carton (Tetra Pak, bricks),

cardboardandwood pallets.

All data relevant to our packaging inflow quantities that we used during the reporting period isdisclosed

in the following table.

E5-4_02-05 & BP-2_11, 12

Table 32: Material Inflows Indicators

Parameters Unit 2024 2025

The overall total weight of products (beverage + packaging) Tonnes 20,588,153

(20,382,929 in 2024)

21,700,070

The overall total weight of technical materials used

(ingredients+packaging materials) Tonnes 2,348,451

(2,143,227 in 2024)

2,410,964

Total plastic Tonnes 427,749 434,510

PET (bottles) Tonnes 346,143 351,623

Plant-Pet Tonnes 0 0

Plastic (closures + HDPE/LDPE bottles) Tonnes 30,268 30,210

PE (labels and stretch/shrink films) Tonnes 51,338 52,676

Total glass Tonnes 193,285 199,374

Glass (bottles) Tonnes 193,285 199,374

Total Metal Tonnes 80,508 88,655

Aluminium (cans) Tonnes 73,608 81,911

Metal (crowns) Tonnes 6,900 6,743

Total wood and paper Tonnes 153,133 195,355

Paper (labels) Tonnes 1,318 1,586

Composite carton (Tetra Pak, bricks) Tonnes 26,232 21,535

Cardboard Tonnes 72,788 74,564

Wood (pallets) tonnes 52,795 97,671

The weight of secondary reused or recycled components

used to manufacture the undertaking’s products and

services (includingpackaging) Tonnes 199,648 256,129

Parameters Unit 2024 2025

The weight of secondary reused or recycled components

used to manufacture the undertaking’s products and

services (includingpackaging) Percentage

23% out of

total packaging

materials

28% out of

total

packaging

materials

The weight of secondary intermediary products used to

manufacture the undertaking’s products and services

(including packaging) Tonnes 0 0

The weight of secondary intermediary products used to

manufacture the undertaking’s products and services

(including packaging) Percentage 0 0

The weight of secondary materials used to manufacture the

undertaking’s products andservices (including packaging) Tonnes 0 0

The weight of secondary materials used to manufacture the

undertaking’s products andservices (including packaging) Percentage 0 0

* Recalculated 2024 figure due to a discrepancy identified in the sugar quantity report.

E5-4_06

The data derives from direct measurements, detailing each material that enters our operations.

Thedata is based on the purchased volume we use either for the manufacturing of our packaging

(onlyin the in-house rPET plants) or for the packaging that is being supplied from external suppliers.

The data relevant to recycled content for the packaging is based on our suppliers’ data, and then we

calculate the weighted average based on the amount purchased by each of those suppliers.

E5-4_08

We ensure that there is no overlap or double counting between the categories of reused and recycled

materials. Reusable glass bottles are reported only with the new number of bottles purchased in

therespective year. We have invoices and number of purchasing orders with the respective amount

purchased for all materials that are entering in our plants. In our systems, we have master data of each

material that is part of the product recipe, meaning that for each of our produced products, we know how

much material we have used. The same for resource outflows – we know the exact amount of every

ingredient and packaging material used in any sold products. Reusable packaging is not reported to the

Packaging Recovery Organisations (PROs) for the floating volumes (i.e., all the bottles in circulation). We

report only the new quantities of bottles purchased each year. This approach assumes that new bottle

purchases are not solely due to increased volume but also because some reusable bottles were not

collected and ended up in the recycling stream. Additionally, once reusable bottles reach the end

oftheirlifespan, they will eventually become waste and be recycled. So, we avoid double counting

byonlyreporting to the PROs the new quantities purchased each year, and not the whole floating

(orincirculation) volume related to reusable/refillable glass bottles.

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Sustainability statement continued

ESRS E5 – Resource use and circular economy continued

E5-5 Resource outflows

Resource outflows are another material topic

forus.

E5-5_01

We are committed to incorporating more circular

principles in our production processes, and for

that purpose, we have implemented key actions

and innovations. Currently, five of our water

brands are sold in 100% rPET bottles:

Romerquelle (Austria, Czech Republic, Slovakia,

Serbia, Croatia and Slovenia), Deep RiverRock

(Republic of Ireland andNorthern Ireland), Valser

(Switzerland), Dorna(Romania and Moldova) and

Natura (Czech Republic and Slovakia). Switzerland

was also our first country to move its entire locally

produced PET portfolio to 100% rPET. Thiswas

followed byItaly

and Austria, and in 2023,

Romania, the Republic of Ireland and Northern

Ireland also transitioned to 100% rPET for the

locally produced PET portfolio. In addition, since

2023, Romania has successfully combined a 100%

rPET local bottle portfolio, an in-house rPET

facility anda Deposit Return System, helping us

close theloop for plastic packaging circularity.

Ourcorrugated cardboard packaging in Europe

contains >80% recycled content, while our

composite paper carton packs, KeelClip™,

Qflexand LitePac Top, are 100% FSC-certified.

Ourwooden pallets are 100% reusable.

E5-5_04

As mentioned, we ensure that our packaging

includes recyclable content. For 2025, the overall

recyclable content rate of our primary packaging

is100%. We do not engage in the production or

commercialisation of durable plastic goods and/or

components, including those made from mixed

materials. Additionally, we do not produce goods

with an expected usage period exceeding three

years. Our beverages, in particular, have a

significantly shorter expected usage period,

defined by their shelf life which is usually between

four and 12 months.

E5-5_18

We make strong efforts to ensure that our products,

especially their packaging materials, will not end up

as waste. We prove our engagement in product

end-of-life waste management, since, as mentioned

earlier, we support the foundation of effective and

efficient collection systems in all ourmarkets. We

are leading industry efforts tointroduce DRS across

the majority of our EUcountries. In 2024, we played

apivotal role in the successful go-live of new DRS in

Romania, Ireland and Hungary. In 2025, we continued

our efforts with the launch of a DRS system in

Austria in January and in Poland in October. This

brings thetotal number of DRS systems in CCH

markets to 10 by the end of 2025. Well-designed

DRS haveaproven track record of delivering very

high collection rates, typically over 90%, once the

system reaches maturity. Romania, Hungary and

Austria achieved average return rates of over

80%in 2025. Additionally, our teams in Greece and

Moldova have been making intensive preparations

to support successful DRS launches in 2026 and

2027 respectively. These extensive preparations

includethe development of DRS business plans,

the establishment of a new DRS administrator

company in Greece, as well as the extensive internal

planning to ensure that DRS-compliant packaging

isavailable to the consumer on shelf in time.

CCHBC is also heavily involved in EPR systems in 25

of our countries, and is a member of the supervisory

board in 15 of these countries. Extended producer

responsibility is a policy approach that holds

producers accountable for their products

throughout the entire lifecycle, including the

post-consumer stage. Further information is

available at Ε5-2 Actions and resources related

toresource use and circular economy.

In 2025, we exceeded our packaging collection

target, achieving a 78% collection rate – 3pp above

our 2025 target of 75% and 20pp higher than the

2024 result of 58%. This strong performance

reflects five years of ambitious plans and focused

execution against our collection roadmap. The

contribution of well-performing recently launched

DRS systems and significant additional investments

for collection in non-EU countries with limited

infrastructure allowed us to improve the rate in

2025significantly.

E5-5_06

The relevant data used is sourced mainly from

directmeasurements, which are taken from our

production and operational records. Products are

classified as designed along circular principles if

theyare recyclable by design. This means that the

packaging is compatible with waste management

and processing, including collection, sorting,

recycling and the use of recycled materials to replace

primary raw materials. Our definition for technical

recyclability does not take into consideration the

packaging collection rates or availability of recycling

infrastructure. We know the exact amount of every

ingredient and packaging material used in any

products sold. For packaging collection data, we

have a calculation methodology document which

details step by step how the data is collected. We

report to our collection systems the amounts of

packaging per type of material placed on the market.

They then report back to us via emails and reports

how much equivalent packaging was collected for

recycling – this is validated following the Packaging

Recovery Organisation’s (PRO’s) own external

auditing processes. In jurisdictions where no

collection systems are in place, we demonstrate

achievements by using evidence of equivalent

packaging recycling activity, for the purpose of

assessing collection for recycling. This is done per

material type, both for primary and for secondary/

tertiary packaging. For primary packaging, the

collection rate is calculated using the number

ofcontainers. If packaging materials contain

anyamount of the same material coming from

post-consumer waste, they are considered to

have recycled content. The percentage of recycled

content in ourproducts and packaging is determined

based onactual data from our suppliers and on

what wehave been using in our production.

E5-6_05,06

Our assessment shows that we do not have any

product at risk in the short-, medium- or long-

term horizon. For the assessment of products

atrisk, the same time horizons as those used in

the double materiality assessment (DMA) were

applied, aspresented in the E1.IRO-1_05.

1 Excluding mineral water bottles.

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Sustainability statement continued

Social information

ESRS S1 –

Ownworkforce

Strategy

SBM-3 Material impacts, risks and

opportunities and their interaction

with strategy and business model

S1.SBM-3_01-02

At CCHBC, all employees and non-employees

within our workforce who could be materially

impacted by our operations are included in the

scope of the disclosures under ESRS 2. This

includes addressing impacts arising from our

ownoperations, our value chain, our products

andservices, and our business relationships.

Actual impacts on our workforce, such as secure

employment, adequate wages, health and safety,

gender equality and training guide our strategic

decisions by enabling us to implement targeted

initiatives, ensuring that we create a supportive

work environment that meets the needs of our

employees, who are the most important asset and

support us in achieving our business objectives.

While CCHBC non-employees are considered in

the materiality assessment, they are not included

in all social KPIs (e.g., basic salary male/female,

gender equality KPIs).

Types of employees and non-employees

Our workforce comprises both employees

andnon-employees, each playing a vital role

insupporting CCHBC’s operations. Below,

weoutline the categories and characteristics

ofthese groups:

Types of employees

Permanent employees are individuals who

haveapermanent and indefinite (no end date)

employment contract with CCHBC. These

employees are paid through the Company’s

payroll and enjoy the stability and benefits

associated with indefinite employment. They

areintegral to our operations and contribute

tothe continuity and growth of our business.

Temporary employees, on the other hand,

haveadefinite (specific end-date) employment

contract with CCHBC. Like permanent employees,

temporary employees are also paid through the

Company’s payroll. They play a crucial role in

supporting our operations during peak periods,

special projects or when specific expertise is

required for a limited time.

Types of non-employees

Non-employees at CCHBC are individuals whowork

for the Company, but are not directly employed by

us. They do not receive compensation through the

Company’s payroll and do not haveadirect contract

with CCHBC. These non-employees can either

beself-employed oremployed through a third-party

agency. Despite not being on the Company’s payroll,

theyactively participate and contribute to CCHBC’s

processes, and they follow all our standards, which

are also part of their contract. Non-employees are

considered part of our own workforce and in general:

• They are provided by a third party

(e.g.,anemployment agency) but work under

ourdirect control, following our instructions,

schedules and operational guidelines.

• They are self-employed individuals

contractedtowork directly for us and

areintegral to our operations.

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Sustainability statement continued

ESRS S1 – Ownworkforce continued

S1-6 Characteristics of CCHBC’s

employees

S1-6_01-06 & S1-1_20

We use specialised software integrated within

ourbusiness systems, to keep up-to-date and

detailed records on recruitment, training and

promotion. Every employee is able to see their

performance review and data in the system.

Allnew positions are published transparently

internally and externally.

Key characteristics of CCHBC’s own workforce

regarding the number of employees by gender,

country, as well as by contract type, are presented

on the following tables:

Table 33: Total employee FTE by gender

Gender

Number of employees

2024 (FTE) 2025 (FTE)

Male 23,999 23,771

Female 9,019 9,654

Other 0 0

Not reported 0 72

Total employees 33,018 33,497

All data in the tables presents FTE calculation,

andit is based on International Financial Reporting

Standards (IFRS), meaning only employees from

entities controlled by the Company are included.

We report full-year FTEs as the average number

ofactual active employees occupying a position

either on permanent or temporary contract

withinthe reported period, converted into

full-time equivalents, excluding any inactive

employees on long term absence. In 2025

thedifference between FTEs and HCs is

0.25%(negligible).

Yearly reporting cycle isapplied (1 Jan 2025 –

31 Dec 2025).

Table 34: Total employee FTE in countries where CCHBC has at least 50 employees representing at least 10% of its total number of employees

Country

Number of

employees

(FTE) 2024

Number of

employees

(FTE) 2025

Armenia 344 345

Austria 868 871

Belarus 1,132 1,241

Bosnia and Herzegovina 286 297

Bulgaria 1,576 1,693

Croatia 498 534

Cyprus 256 264

Czech Republic 798 803

Egypt 5,466 4,974

Estonia 65 67

Finland 19 21

Greece 2,116 2,204

Hungary 960 971

Italy 2,074 2,073

Kosovo 112 116

North Macedonia

(only corporate office employees) 3 2

Latvia 88 89

Country

Number of

employees

(FTE) 2024

Number of

employees

(FTE) 2025

Lithuania 116 113

Moldova 136 140

Montenegro 23 22

The Netherlands 59 66

Nigeria 2,874 2,950

Northern Ireland 535 565

Poland 1,701 1,723

Republic of Ireland 289 366

Romania 1,504 1,535

Russia 5,522 5,740

Serbia 1,546 1,596

Slovakia 148 154

Slovenia 82 84

Switzerland 687 721

Ukraine 1,135 1,157

Total 33,018

(33,068 based

on Headcount)

33,497

(33,582 based

on Headcount)

S1-6 _ 07, 09-10

Table 35: Information on employees by contract type, broken down by gender (FTE)

FTE Female Male Other Not disclosed Total

Reporting year 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025

Total number of employees 9,019 9,654 23,999 23,771 0 0 0 72 33,018 33,497

Number of permanent employees 8,383 8,923 21,226 20,859 0 0 0 71 29,609 29,853

Number of temporary employees 636 731 2,773 2,912 0 0 0 1 3,409 3,644

Number of non-guaranteed hours employees N/A N/A N/A N/A N/A N/A N/A N/A N/A N /A

Number of full-time employees 8,920 9,537 23,974 23,739 0 0 0 0 32,894 33,276

Number of part-time employees 99 117 25 32 0 0 0 0 124 149

Number of not disclosed full/part-time employees 0 0 0 0 0 0 0 72 0 72

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Sustainability statement continued

ESRS S1 – Ownworkforce continued

S1-6_11-12

Turnover is being calculated as the sum of

voluntary and involuntary permanent leavers

throughout the reporting period, divided by

theaverage number of permanent active

employees throughout the reporting period,

multiplied by 100. For the denominator, the

average number of permanent active employees

is calculated as the arithmetic mean of the month-

end permanent active headcount snapshots

applicable to the reporting period, using the prior

month-end headcount for each month included

inthe period.

Table 36: Number of employees wholeftthe

Group and turnover rate

Reporting year 2024 2025

Number of employees

wholeft the Group 3,340 3,405

Employee turnover rate 10.53% 10.59%

Number of employees who

left the Group voluntarily 2,374 2,380

Employee voluntary

turnoverrate 7.48% 7.40%

Number of employees who

left the Group involuntarily 966 1,025

Employee involuntary

turnover rate 3.05% 3.19%

The number of employees who left the Group does not

includeredundancies.

S1-6_13-15, 17

All materially impacted FTEs are included

inthedisclosure.

All data presents FTE (full-time equivalent)

calculation, and it is based on IFRS (International

Financial Reporting Standards). Yearly reporting

cycle is applied (1 Jan 2025 – 31 Dec 2025).

The average number of FTEs can be found in Note

8 of the financial statements, page 278 of this

annual report.

S1-6_16

The percentage of seasonal employees vs total

Group FTE: 1%, i.e., not significant variation

(mostly during the high season, which is summer).

Region 1 includes the following countries: Austria,

Czech Republic, Slovakia, Hungary, Republic of

Ireland, Northern Ireland, Poland, Estonia,

Lithuania, Latvia, Switzerland.

Region 2 includes the following countries: Bosnia

and Herzegovina, Slovenia, Croatia, Bulgaria,

Greece, Cyprus, North Macedonia, Romania,

Serbia (including the Republic of Kosovo),

Montenegro, Ukraine, Moldova, Armenia.

Region 3 includes the following countries: Russia,

Nigeria, Egypt, Belarus.

S1-7 Characteristics of non-

employees in the undertaking’s

ownworkforce

S1-7_01-03, 06-09

The following table shows the number of

non-employees within CCHBC’s own workforce,

shown asfull-time equivalents (FTEs):

Table 37: Number of non-employees

inCCHBC’s own workforce (FTEs)

Number of non-employees in the

undertaking’s own workforce

2024 2025

Number of people with contracts

with the undertaking to supply

labour (self-employed people) 19 18

Number of people provided

byundertakings primarily

engaged in ‘employ activities’

(NACE code N78) 5,822 6,038

Here we apply the same calculation method as to

our regular

employees, reporting FTEs for the full

year as an average at the end of the reporting period.

1. There is no significant fluctuation (about 3.6%) between 2024

reporting period and 2025 reporting period.

2. By ‘regular’ we refer to workers in an employment relationship with

CCH who are internal, either on a permanent or temporary

contract, and being paid by CCH payroll.

Our negative impact

S1.SBM-3_03

CCHBC did not report any negative impacts

regarding child labour, forced labour, compulsory

labour in specific countries or regions outside the

EU in 2025.

Occupational health and safety

We strive to achieving zero occupational health

and safety incidents, while recognising the

importance of addressing potential risks that

could affect employees’ health and wellbeing.

Regrettably, in 2025, we reported one fatality

inUkraine resulting from road accident and 0.31

Lost Time Accidents per 100 full-time employees

(FTEs) in our workforce (0.29 only for the beverage

business, excluding non-beverage activities).

All health and safety-related incidents are

investigated locally by cross-functional teams

ofexperts from different departments. Steps

takenfor the investigation are conducted as

perthe’Incident Investigation training material/

curriculum’ included in the Supply Chain Academy.

The investigation teams also use Structured

Problem-Solving methodology, including Fishbone

analysis and ’the 5 WHY’ principles. Theanalysis

ofincidents is performed in steps: 1.interviews,

2.incident preservation procedure, 3. root cause

analysis, and 4. corrective/preventive action plan.

After the incidents’ investigation, a one-page

lessons learned document is created and shared

locally with all respective teams. It serves as a tool

for learning and prevention of similar incidents

inthe future. This document is published on

adedicated internal platform for knowledge

sharing, accessible to all.

Our positive impacts

S1.SBM-3_04-06, 11

Contribution to employment

In 2025, we employed 33,497 FTEs. In 2019, for

thefirst time, we developed our Group socio-

economic impact study (SEIS) by aggregation

ofthe data from all local SEIS reports, which is

regularly updated. Together with TCCC, inall our

territories, we support more than 563,338 indirect

jobs throughout our value chain. This means that

with every job in our system, we create an additional

15 jobs in the value chain, and we contribute

approximately €16.14 billion invalue added annually.

S1-10_01

Accessibility to a living wage/

AdequateWages

In every country, all employees (100%) earn

atleastthe minimum wage. The People and

Culture function monitors wage levels to ensure

they are competitive relative to the industry and

local labour market. This includes the lowest-paid

employee categories, such as junior line operators

and entry-level merchandisers. We regard our

external reporting segments as key operational

areas, which also form the basis of financial

consolidation. On average, junior line operators

and merchandisers earn approximately 1.2

timesthe local minimum wage in our established

markets, approximately 1.8 times in our developing

markets and approximately 2.5 times the local

minimum wage in our emerging markets.

Therange of ratios is similar for both male

andfemale employees.

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Sustainability statement continued

ESRS S1 – Ownworkforce continued

Improved health, safety and wellbeing

The health, safety and wellbeing of our employees

is one of our top priorities. That is why we looked

for new approaches to wellbeing and employee

support that would be easily accessible to our

employees in our plants, offices or when working

remotely. The H&S Department implements an

occupational health and safety management

system based on the ISO 45001 standard. Also,

regular safety training is conducted for all

employees (100%), including mandatory safety

training before starting work. No employee is

allowed to start working for CCHBC without

completing this mandatory safety training.

Fleetsafety training programmes are

implemented, along with collision avoidance

technology in fleet vehicles, and the development

and execution of all OH&S programmes such as

Life Saving Rules, Behavioural Based Safety, etc.

Two of the initiatives, which focused on the mental

wellbeing of our employees, were the introduction

of the Employee Assistance Programme (EAP),

with the organisation of a session focused on

resilience and stress management, led by a

professional counsellor from this programme

andthe launch of a dedicated mental wellbeing

platform and a wellbeing framework, centred

around physical, mental, financial and social

wellbeing, toprovide our people with the

resources needed. We also continue to provide

our framework for health and dependent care, and

offer a range offlexible working arrangements.

Access to education

We provide learning and development

opportunities for all our employees (in all our

activities), reflecting a key pillar of our people

strategy, which is democratised learning. In 2025,

our learning programmes covered leadership,

functional training and general business training,

and we report 761,389 training hours across all

management layers. Average training hours per

FTE: 23.7 (20.1 in 2024). In addition, we have

launched various academies (e.g., Supply Chain

Academy; Sales Academy; Digital Commerce;

Coffee; Premium Spirits; Key Accounts;

Data,Insights & AI; Digital-DTPS; Strategy and

Transformation; Corporate Affairs

andSustainability Academy) to support

professional development.

Gender balance

One of our key efforts is the Women in Leadership

programme, which supports the growth and

development of women in leadership roles. In

2025, 68 female leaders participated in this

six-month programme, enhancing their leadership

skills and fostering a network of women leaders

within the organisation. Additionally, our local

business units continue to design regionally

targeted campaigns to empower and uplift

women, tailored to the specific needs of each

market. We are also focused on creating equal

opportunities in hiring and career advancement.

The gender balance in our workforce reflects this

commitment. Also, 44% of internal appointments

were made to women, and 36% of our external

hires were female. Notably, among our external

hires for management positions, women

represented 42%, showcasing our dedication to

promoting women into leadership roles. Among

our externally hired sales employees, women

accounted for 42% of the total. To further support

women in the fields traditionally employing males,

we continued to have a focus onWomen in Sales,

specifically for our female Ukrainian sales teams. A

Women in Supply Chain programme was launched

in 2025 to increase female representation and

secure future talent pipeline needs. These

initiatives aim to amplify learning and

development opportunities for women in sales

and supply chain to create a supportive

environment, where female employees can thrive

and grow. Moreover, the ratio of the basic salary

between women and men is 1.53 (1.37 in 2024),

underscoring our ongoing efforts to ensure

equitable pay across genders.

Net zero transition plan

Within our net zero transition plan, we do not

expect any negative impact on our employees.

Onthe contrary, we expect more ‘green’ roles

tobe included, such as people responsible

fordecarbonisation, Sustainability reporting,

internal audit for Sustainability data, etc.

S1.SBM-3_07-12

Own workforce and occupational

healthandsafety risk assessment

For every workplace, we conduct on a regular

(annual, or in case of significant change more

frequently) basis, a risk assessment process,

where we assess any potential health and safety

risk. Based on this, a mandatory corrective action

and mitigation plan is developed at each site.

Theprocess is documented. Own workforce

involved in occupational activities who have a high

incidence or high risk of specific diseases, refers to

2,940 employees who operate in Nigeria, where

the risk of exposure to communicable diseases

(such as malaria, HIV, etc.) is generally higher than

the average for our Group employees. There is

ahigher exposure risk for 23 CCH employees who

work at our wastewater treatment facilities, where

both production wastewater and communal

wastewater are treated, which may lead to some

microbiological (bacterial) exposure. Those two

groups of employees have been assessed based

on our detailed Occupational Health and Safety

(OH&S) risk assessment and hazard prevention

programmes. It is confirmed also by the internal

evaluation. In general, during our detailed OH&S

risk assessment, we evaluate the OH&S risks

andhazards in each working place (each job).

Thisis a documented process done at country

andplant level, and mitigation plans and specific

requirements are issued for each high risk. It is

alsoaudited during the ISO 45001 audits.

Impact, risk and

opportunity management

S1-1 Policies related to own

workforce

S1-1_01-02

The relevant policies adopted to manage

materialsustainability matters are Code of

Business Conduct, Whistleblowing Policy,

HumanRights Policy, Inclusion and Diversity

andAnti-Harassment Policy, HIV/AIDS Policy,

Fleet Safety Policy, and Occupational Health

andSafety Policy. These policies cover all our

ownworkforce.

S1.MDR-P_01-06 & S1-1_08, 16

For more information regarding those

policies mentioned above, please see

‘Consolidated policies table’ on p. 78 to 80

Human Rights Commitment

This section offers a comprehensive overview of

all Human Rights-related disclosures, emphasising

the company’s commitment to a holistic approach

in this area. By consolidating all ESRS data points

related to Human Rights across the four

stakeholder groups - own workforce (S1), workers

in the value chain (S2), affected communities (S3),

and consumers and end-users (S4) - we aim to

assist readers of the Sustainability Statement

inunderstanding our integrated strategy and

dedication to human rights advocacy.

Commitments

S1-1_03

Commitments and respect for the human

rights, including labour rights, of people in

own workforce

Please see S1.MDR-P_01-06 & S1-

1_01_02_09-14_21

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Sustainability statement continued

ESRS S1 – Ownworkforce continued

We respect human rights and we are committed

to identify and prevent any adverse human rights

impacts in relation to our business activities

through human rights due diligence and

preventive compliance processes.

Regular reviews ensure that we adhere to all

applicable laws, regulations and our human rights

policy. In addition, we have a widely communicated,

accessible and transparent whistleblower

systemin place, with all cases investigated.

Ourdue diligence compliance model is driven

through anexternal audit process. Compliance is

monitored through certifications, and Workplace

Accountability audits are conducted within

aminimum cycle of every three years in each

oftheCCHBC’s plants by an independent

externalprovider.

As a Group, we have zero-tolerance to modern

slavery of any kind within our operations and

supply chains, and we are taking steps to ensure

that our employees and contractors understand

the Group’s commitment to human rights, and

their own rights and responsibilities. We comply

with all local laws regarding the minimum age of

employment, as provided in the International

Labour Organization (ILO) Convention 138 and we

prohibit the hiring of individuals who are under 18

years of age for positions in which hazardous work

is required, as provided for in ILOConvention 182.

S2-1_01-04, & S2-4_11

Commitments and respect for the human

rights related to workers in the value chain

including labour rights of workers

Our Supplier Guiding Principles apply to our

suppliers and are aligned with the expectations

and commitments of the Human Rights Policy

andwith internationally recognised instruments.

Ifthe eight Core Conventions of the ILO establish

higher standards than local law, the supplier

shallmeet the ILO standards. These minimum

requirements are part of all agreements between

CCHBC and our direct suppliers. For more

information, please visit Human Rights Policy

andSupplier Guiding Principles.

In line with the Principles for Sustainable

Agriculture (PSA), our human rights approach is

guided by the same international instruments, and

we require full compliance with these principles.

We are committed to identifying and preventing

any adverse human rights impacts in relation to

our business activities through human rights due

diligence and preventive compliance processes.

Moreover, regarding labour rights of our value

chain workers, we are committed to supporting

fair workplace practices, ensuring a fair

workenvironment, and providing fair wages

andbenefits.

S2-1_08

Processes for monitoring compliance

withinternational instruments

Compliance is monitored through certifications and

Workplace Accountability Audits. We monitor the

performance of our significant suppliers through our

annual internal supply base assessments, third-party

audits of compliance, the EcoVadis IQ Plus Tool and

EcoVadis Risk Assessment platform. EcoVadis helps

us monitor, assess and benchmark a range of risks

using 21criteria from international standard setters,

including the UN Global Compact, ISO 26000,

theGlobal Reporting Initiative (GRI) and the ILO.

Based on the findings of the audits, wherever human

rights issues were identified, we engaged with our

suppliers to prepare corrective action plans. We

monitor the progress and conduct audits within the

year to ensure no recurrence. In 2021, we revisited

our Procurement Assessment guidelines to

implement stricter rules over HumanRights,

Ethicsand Compliance practices expected from

oursuppliers and retrained our entire buyers’

community on the Sustainability Risk Assessment

tools available for supplier selection and governance.

We expect our suppliers to develop and implement

appropriate internal business processes to ensure

compliance with the SGP. Suppliers are 100% obliged

to acknowledge acceptance and adherence to

theSGPs before commencing any collaboration

withus. We monitor adherence to the SGPs by

leveraging third-party tools such as EcoVadis IQ Plus

to full-scale audit tools like EcoVadis Assessments

and SEDEX. Inaddition, we collaborate with TCCC,

which regularly engages independent third parties

to assess suppliers’ compliance with the SGP

through physical audits, depending on the criticality

of their business to our operations. All these

activities are repeated bythe Procurement team on

annual basis. Weapply the principle of three-year

audit cycle forcompliant suppliers, while for those

suppliers with audit recommendations, any findings

are addressed within a maximum of 12 months. Our

Procurement teams across business units are

trained on the annual basis to assess risks, recruit

suppliers under appropriate risk assessment

mechanisms and ensure action plans are

implemented where necessary. We monitor

supplier performance and track KBIs to measure

ourprogress on an annual basis.

S3-1_02_03

Commitments and respect for human

rightsrelated to affected communities

We are committed to minimising environmental

impacts, particularly those that may increase

human rights risks such as access to water,

sanitation and clean environments. As a major

buyer of several agricultural commodities, we

source our ingredients via third parties and we

arecommitted to buying sustainably certified

crops, thus supporting and promoting the

protection of the land rights of local farmers

andcommunities.

S4-1_02-03

Commitments and respect for the human

rights related to consumers and end-users

CCHBC is committed to upholding the human

rights of consumers and end-users by ensuring

that our products and practices meet the highest

standards of quality, safety and transparency.

Ourapproach focuses on strong compliance with

statutory and regulatory requirements, fostering

aculture of sustainable quality and food safety,

and openly communicating our standards and

performance to all relevant stakeholders.

Engagement

S1-1_04

Engagement with people in own workforce

At the local business unit level, we consider and

act upon any concern and feedback arising from

regular dialogue with employee representatives of

the Work Council. We offer all our employees

competitive compensation aligned with industry

standards and local labour market conditions. We

operate in full compliance with all relevant wage,

working hours, overtime and benefits regulations.

We are committed to creating workplaces in

whichopen and honest communication among

allemployees (100%) is valued and respected.

Hence, we commit to engaging in dialogue with

stakeholders on human rights issues related

toour business, where appropriate. Our

operations adhere to all applicable labour

andemployment laws.

In order to ensure that we adhere to all applicable

laws and regulations as well as the proper

implementation of our policies, regular reviews

areconducted. In addition, we conduct regular

Employee Engagement surveys in local languages

to capture employees’ perspectives and feedback.

Survey findings and corresponding action plans

toenhance engagement are presented to the

Board of Directors.

To facilitate understanding and implementation

ofour Human Rights Policy, we have developed

Human Rights Policy Manager Guidance where

wediscuss how our everyday work can impact

thehuman rights of people in our Company,

oursupply chain and the communities in which

weoperate. It explains also the components

oftheHuman Rights Policy and provides links

toother resources to aid all managers.

S2-1_03

Engagement with workers in the value chain

Please see ‘Stakeholder Engagement‘

section onpages 12 to 15

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Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

ESRS S1 – Ownworkforce continued

S3-1_04

Engagement with affected communities

Where appropriate, we are committed to engaging

in dialogue with stakeholders on human rights

issues related to our business.

We recognise our impact on the communities in

which we operate. We are committed to engaging

with stakeholders in those communities to ensure

that we listen to, learn from and take into account

their views as we conduct our business. Where

appropriate, we are committed to engaging in

dialogue with stakeholders on human rights issues

related to our business. We believe that local

issues are most appropriately addressed at the

local level. We are also committed to creating

economic opportunities and fostering goodwill

inthe communities in which we operate through

locally relevant initiatives. For more information,

please visit Human Rights Policy.

We have established structured processes

tocapture feedback, input and improvement

suggestions from internal and external

stakeholders. We have been performing annual

materiality assessments on sustainability issues

formore than a decade, engaging a large number

of external stakeholders. Additionally, we host

anAnnual Stakeholder Forum and Suppliers

Sustainability Day, where we engage in open

dialogue with our suppliers and other collaboration

partners, capturing all their feedback and input.

We also hold regular quarterly meetings with

investors and analysts, during which we share

critical business results and topics, including

sustainability, and gather their input.

S4-1_04

Engagement with consumers and end-users

Please also see S4.SBM-2_01 and

‘Stakeholder Engagement‘ Section

Measures to provide and/or enable remedy

for human rights impacts

S1-1_0 6 & S2-1_04

Measures to provide and/or enable remedy

for human rights impacts regarding the

ownworkforce

Workplace Accountability audits (Supplier Guiding

Principles audits in our manufacturing operations)

are conducted through an internationally

recognised and accredited audit organisation.

Theaudits cover our own processes and

employees, contractors and workers who are

notemployees such as staff of third-party

serviceproviders, (e.g., for security or canteens).

Identified risks and mitigation plans are reviewed

by senior management

. The concerns raised via

the ‘Speak Up!’ line are addressed and actions

areimplemented.

1. As senior management, we consider our top 300 business leaders,

which includes country function heads, Group sub-function heads

and the ELT, including the CEO.

S3-1_05

Measures to provide and/or enable remedy

for human rights impacts regarding the

affected communities

The compliance monitoring process

encompasses a comprehensive mechanism

designed to ensure adherence to international

instruments. The establishment of policies,

regular reporting and documentation, internal

audits and assessments, external monitoring

andverification and continuous training,

arecomponents that ensure compliance

withthese instruments.

Besides, we have internal due diligence

procedures for any investment/divestment,

mergers and/or acquisitions, where all social

andenvironmental aspects and impacts are

considered, evaluated and corrective actions

aretaken prior to any investment/divestment,

mergers and/or acquisitions.

S4-1_05

Measures to provide and/or enable remedy

for human rights impacts regarding the

consumers and end-users

CCHBC provides dedicated consumer hotlines

inevery country of operation to address concerns,

including potential human rights impacts. These

channels enable consumers to share feedback

and report issues directly. Currently, no human

rights impacts have been identified in relation

toour consumers and end-users. However, we

actively engage on other key topics such as health

and nutrition, product quality and responsible

marketing. Further details can be found in the

’Stakeholder Engagement’ section (S4-2_01–06).

Coca-Cola HBC Integrated Annual Report 2025

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Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

ESRS S1 – Ownworkforce continued

Incidents, complaints and severe human rights impacts related to discrimination

S1-17_ 01-14

The table below presents key data points, including the number of complaints filed through employee

reporting channels, cases submitted to National Contact Points for OECD Guidelines for Multinational

Enterprises, total fines, penalties and compensation related to disclosed incidents and complaints, as well as

the total number of reported discrimination and harassment incidents reported during the reporting period.

Table 38: The total number of complaints (all issue types) excluding the ones reported as

harassment/discrimination

Reporting year 2024 2025

Number of complaints filed through channels for employees

toraise concerns (including grievance mechanisms) 580 711

Number of complaints filed to National Contact Points for OECD

Multinational Enterprises 0 0

Total amount of fines, penalties and compensation for damages

as a result of the incidents and complaints disclosed above 0 0

Total number of incidents of discrimination, including

harassment reported in the reporting period

(20 reported,

6 confirmed and 14

unsubstantiated)

(16 reported,

7 confirmed and 9

unsubstantiated)

In 2025, there were no findings of human rights

violations related to our employees, and no severe

human rights incidents occurred during the

reporting period. As a result, no remediation

actions or fines were required.

We received 16 cases of alleged discrimination:

seven of the matters were investigated in

accordance with Company policies and procedures

and were found to be substantiated. The Company

took immediate action, and the matters have been

resolved; the other nine of the matters were

investigated in accordance with Company

policiesand procedures and were found to be

unsubstantiated. The matters have been resolved,

and no further action is required. Initiatives to

promote an inclusive workplace with appropriate

leadership behaviours include inclusive leadership

modules available in several of our local languages.

In 2025 we received 41 minor notices of violations

related to Health & Safety, with the totalamount

of €12.47k in fines paid.

S1-17_09

Cases of non-respect to international

instruments

Based on the internal human rights due diligence

process, we have not identified any sites as high

risk. Low to medium risk findings were raised in two

of the manufacturing sites in Nigeria, in one of the

plants in Italy and in the Republic of Ireland. In all

cases, findings have been addressed through a

corrective action plan. Every human rights case

that is reported via either external audits or internal

audits is discussed and addressed. We follow the

corrective action plans immediately and re-audit to

confirm the case is closed and lessons are learned.

The summary of all ‘Notices of Violation’ we have

received with the respective actions taken is

reported to the Board of Directors.

S2-1_09

Cases of non-respect to international

instruments regarding workers in the

valuechain

There are minor

findings identified under the UN

Guiding Principles on Business and Human Rights,

the ILO Declaration on Fundamental Principles

and Rights at Work or the OECD Guidelines for

Multinational Enterprises affecting value chain

workers that have been reported in our upstream

anddownstream value chain.

The summary of findings for which we have

alsomobilised correction actions plans

arepresentedbelow.

Examples of the findings Identified by third-party

audit related to the Supplier Guiding Principles:

• Health and safety: a) France: gaps in

psychosocial risks assessment, b) Germany:

lackof fire extinguishers, c) Poland: insufficient

number of first aid kits, improper storage of

fire-fighting equipment, gaps in review of risk

assessments, insufficient first aid trained

personnel, d) Switzerland: gaps in emergency

lighting, missing machinery safety guards, gaps

in safety trainings, insufficient number of first

aidkits and trained first aiders, improper battery

storage, no secondary containment.

• Wages and benefits findings in France, Poland

and Switzerland.

• Laws, regulations and compliance: a) France:

missing or outdated elements in the internal

regulations in relation to the Labour Code, b)

Switzerland: no women’s changing room

provided, c) United Kingdom: incomplete worker

records in some cases, d) Denmark: gaps in time

records, b) Poland: gaps in paperwork for

non-employee workers; no due-diligence

process to address forced-labour risks, working

hours and overtime.

• Workplace security finding in United Kingdom:

lack of CCTV data management

• Working hours and overtime findings in

Denmark, Poland and Switzerland.

• Forced labour finding in Poland: no

writtenagreements with labour recruiters

definingexpected practices and prohibiting

worker-paid fees.

• Environmental: a) United Kingdom: lack of

documentation for hazardous waste, b) Poland:

gap in collecting local suppliers’ environmental

performance data.

Examples of the findings Identified by EcoVadis:

Findings are mainly related to social issues,

including health and safety incidents; wage and

benefit corrections; working hours and overtime;

labour contracts; missing actions on diversity,

equity and inclusion; labour and human rights

reporting. There are only a few minor

environmental findings, such as gaps in

environmental reporting and insufficient

documentation of environmental management.

All findings have been addressed, and an action

plan is already in place. Suppliers need to close all

actions before the next audit and no later than

12 months, otherwise their contracts may be

suspended. The number of human rights

violations resulting in litigation against the

Company was zero in 2025.

S3-1_06_07 & S3-4_11

Cases of non-respect to international

instruments

There is no significant negative impact

onlocalcommunities. When we have any

restructuring initiatives that can have an impact

on local communities (e.g., involving closing or

consolidation of facilities), we have taken actions

to minimise the impact. These include offering

alternative employment opportunities within the

organisation, providing relocation support, or

voluntary exit packages, and providing

professional support to facilitate employment

elsewhere.No human rights incidents were

reported in 2025 related to affected communities.

1. An isolated discrepancy or procedural departure that does not significantly impact the overall effectiveness of the system, process or product and doesn’t lead to a high risk.

Coca-Cola HBC Integrated Annual Report 2025

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Sustainability statement continued

ESRS S1 – Ownworkforce continued

S4-1_06_07_11

Cases of non-respect to international

instruments regarding consumers and

end-users

Alignment with internationally recognised

instruments and Human Rights Policy

Commitments relevant to Consumers

andEnd-Users

CCHBC adheres to TCCC Global Responsible

Marketing Policy and is a signatory to UNESDA

advertising and marketing practices, which reflect

our commitment to responsible marketing and

consumer protection. Additionally, as a founding

signatory of the UNESDA Commitments, we

support the EU strategies to deliver sustainable

food and drinks production and consumption.

In 2025, we recorded full compliance with our

Responsible Marketing Policies across all our

business units with regards to human rights.

No human rights issues and incidents were reported

in 2025 related to consumers and end-users.

S1-1_10-17

Inclusion and Diversity and Anti-Harassment

At CCHBC, we benefit greatly from the skills,

experience and commitment of the diverse

rangeof people who work with us. We strive

toensure that no one is treated inappropriately

ordisrespectfully in our workplace. This is aligned

with our Values to act with integrity and care for

our people. Inclusion and Diversity and Anti-

Harassment Policy sets out our approach to

inclusion, diversity, anti-harassment and the

avoidance of discrimination at work. Inclusion and

diversity for the purposes of this policy means the

creation of a respectful work environment in which

people neither discriminate nor are discriminated

against in any context, based on the following

characteristics: age, disability, gender or gender

reassignment, sex or sexual orientation, marital

orcivil partnership status, family status including

pregnancy, maternity, paternity or other carer

status, race including ethnic origin, nationality

orcolour, religious, political or other beliefs,

1) full-time or part-time status

2) any other characteristic in respect of which

legal protection is afforded by local law

Incidents of non-compliance with this policy or

ofany other conduct that affects inclusion and

diversity, should ordinarily be reported to line

managers in the first instance. Such incidents

mayalternatively be reported to a line manager’s

line manager or to a member of the People and

Culture department, or to the ‘Speak Up!’ line.

Likeevery policy, the Inclusion and Diversity

andAnti-Harassment Policy is published on

thewebsite, and it is cascaded to all employees

(100%)by the local business unit senior managers.

Communication is mandatory to every new

employee as part of the onboarding process.

There are a few e-learnings courses related

toinclusion, diversity and anti-harassment

available on our intranet training platform in local

languages. It is also part of the regular updates

provided to all local senior leaders responsible

forthe implementation of the policy. We are

committed to dealing promptly and thoroughly

(and with as much confidentiality and sensitivity

aspossible) with any such complaints. We do not

tolerate any form of victimisation relating to any

complaint made in good faith. Victimisation

includes not onlyconduct directed at the

complainant, but alsoconduct directed at any

other person involved inany related investigation.

We may commence disciplinary or other

applicable proceedings under our Code of

Business Conduct against any person who we

consider may have breached this policy. Such

proceedings may lead to the imposition of

appropriate disciplinary sanctions up to and

including dismissal. We reserve the right to review

and amend this policy from time to time to ensure

that we are adequately promoting inclusion and

diversity and anti-harassment. For more

information, please visit our Inclusion and

Diversity and Anti-Harassment Policy.

Training on non-discrimination

We support all people who work for us to comply with

this policy, including, where appropriate, training,

guidance and support from the People and Culture

Department. There are a few e-learning courses

related to Inclusion, Diversity and Anti-Harassment

available on our intranet training platform. It is also

part of the regular updates sent to all local senior

leaders responsible for the implementation of the

policy. In the core leadership programmes, such as

Passion to Lead and LEAP, designed for our middle

and top managers and future leaders, we also cover

the DEI and human rights areas.

Specific policy commitments related to

inclusion or positive action for people from

groups at particular risk of vulnerability in

own workforce

We provide a workplace free of discrimination

andensure equality among all our employees.

Asdisclosed in our Human Rights Policy Manager’s

guide, for vulnerable individuals (including but not

limited to migrants, indigenous people, refugees and

minorities) and communities that would be ingreater

risk of facing various impediments to the enjoyment

of their human rights, we apply programmes to

ensure equality and address specific needs such as

non-discrimination, fullandeffective participation

and inclusion inworking society, respect for

difference and acceptance of persons with

disabilities, equality ofopportunity, accessibility,

andequality between men and women. Our

women’s networks, in our Corporate

ServiceCentre and in several of our business

units, connect and empower women across

ourbusiness. Members come together to

shareexperiences and learning, helping to foster

individual professional development, as well as

shape our organisation’s culture.

S1-1_14

For more information regarding

thesepolicies as well as the types

ofcommunication, please see

‘Consolidated Policies Table’ on p.79

S1-3 Processes to remediate

negative impacts and channels

forown workers to raise concerns

Channels to raise concerns and general

approach and processes for providing or

contributing to remedy

S1-3_01-02, 05-09 & S1-1_21

Workplace Accountability audits are conducted

through an internationally recognised and accredited

auditing organisation. The audits cover our own

processes and employees, our non-employees,

contractors and value chain workers, such as staff

of third-party service providers (e.g., for security or

canteens) working at our territories in manufacturing

plants and warehouses and in third-party logistics.

Identified risks and mitigation plans are reviewed

regularly by senior management. Workplace

Accountability audits cover among others human

trafficking, labour abuse, wages and benefits,

equal pay commitment, working hours and

overtime, and Health and Safety.

We have established grievance mechanisms

thatcover a wide range of social, economic

andenvironmental issues, including impacts

onsociety and communities, human rights,

childand forced labour, wages and working

hours,health, safety and wellbeing, preventing

harassment and discrimination, environmental

impact, and many more.

Please refer to the ’Consolidated Policies Table’

section to identify the policies currently in place

toremediate negative impacts.

Coca-Cola HBC Integrated Annual Report 2025

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Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

ESRS S1 – Ownworkforce continued

‘Speak Up!’ line

Policies in place to remediate negative impacts,

setout accountable officers as well as remediation

plans implementation. They clarify how

grievancesshould be reported and escalated.

Theeffectiveness of our grievance mechanisms

isreviewed by the Internal Audit department, which

evaluates whether mitigation has been effective

and whether grievances have been addressed. We

also operate an independent whistleblower ‘Speak

Up!’ line, whichcan be used by our internal and

external stakeholders to report negative impacts

and non-compliances. The ‘Speak Up!’ line is

managed by a third party and is available to all

employees (100%). It can be accessed at any

timevia phone or internet, and it is available

in26languages. Specifically, the Audit and Risk

Committee (ARC) reviews the results of the internal

audit reports during their regular meetings, focusing

on the key observations of any reports, where

processes and controls require improvement. The

ARC is provided with updates on the management

actions and remediation status of internal audit

findings, and on the internal audit quality

assurance and improvement programme

ateachmeeting.

All communications received through the ‘Speak

Up!’ line are kept confidential and anonymous. The

Head of Corporate Audit liaises regularly with the

General Counsel and communicates all significant

allegations to the ARC Chair. All matters received

via the ‘Speak Up!’ line or any other reporting

mechanism (i.e., online and by phone) are

thoroughly investigated. The Audit andRisk

Committee receives summary reports of

escalated incidents and instances of whistleblowing

together with the status of investigations and,

where appropriate, management actions to

remedy issues identified. The Committee reports

to the Board on such matters, which reviews and

considers those reports at least bi-annually, and/or

as appropriate. In addition to the ‘Speak Up!’ line,

European Works Councils are organised with the

participation of elected employee representatives

from our businesses in EU countries, where various

concerns and matters are raised by them. Charlotte

Boyle (Senior Independent non-Executive Director

of the Board) has the mandate for engagement

with our people. Employee engagement survey

annual results are shared with and reviewed by the

Nomination Committee and the Board. The CEO

held engagement sessions with employees during

the year, including Q&As. The results and actions of

the employee engagement surveys are addressed

by each Function Head and local senior managers

along with their respective teams.

Tracking and monitoring issues raised and

ensuring effectiveness of channels

Allegations received related to issues not covered

under the Code of Business Conduct (COBC) are

routed to the appropriate department for

appropriate handling. All allegations involving

potential COBC violations are investigated in

accordance with the Group COBC Handling

Guidelines. Importantly, we make sure that the

learnings from both the Code of Business Conduct

violations and allegations reported through the

‘Speak Up!’ line are drawn and result in relevant

decision-making and procedural changes, for

example, our procedures re-evaluation in connection

with incidents and the review, adjustment or update

of related policies. We also undertake measures to

improve our systems and use them to prevent as

many of these violations as possible from happening,

learning from our experience and that of others.

We assess the effectiveness of our ‘Speak Up!’ line

through feedback surveys conducted with our

employees as well as regular testing of key controls

conducted by our Internal Controls Department.

We ran communication campaign in 2025 and an

employee survey to better identify ways to improve

the ease of use and understanding of when to use

the ‘Speak Up!’ line.

To ensure theeffectiveness of the line, we involve

stakeholders who are intended users by:

1. Legitimacy and Accountability: Ensuring

appropriate accountability for the fair conduct

of the line and building stakeholder trust.

2. Accessibility: Making the line known and

accessible to stakeholders.

3. Clear Procedures: Establishing clear and known

procedures with indicative timeframes.

4. Access to Information: Ensuring reasonable

access for stakeholders to sources of

information, advice and expertise.

5. Transparency: Providing sufficient information

both to complainants and, where applicable,

tomeet any public interest.

6. Human Rights Compliance: Ensuring that

outcomes achieved accord with internationally

recognised human rights.

7. Continuous Learning: Identifying insights from

the line that support continuous learning in both

improving the line and preventing future impacts.

8. Dialogue: Focusing on dialogue with

complainants as the means to reach agreed

solutions, rather than seeking to unilaterally

determine the outcome.

Assessing awareness and trust in structures

or processes as way to raise concerns

To ensure that our own workforce is aware of and

trusts our processes to raise concerns and the

‘Speak Up!’ line, we conduct regular communication

campaigns, surveys and feedback sessions with our

employees. These surveys assess the levels of

awareness, accessibility and trust in the ‘Speak Up!’

line. We gather relevant and reliable data about the

effectiveness of this line from the perspective of

the people concerned.

Protection against retaliation

We have in place a Whistleblowing Policy,

thepurpose of which is to:

• encourage the reporting of any form of

inappropriate behaviour;

• provide guidance on how to raise concerns;

• confirm that the confidentiality will be

maintained and that genuine concerns reported

honestly can be raised without fear of retaliation,

even if they turn out to be mistaken.

In addition, in accordance with the ‘Speak Up!’

linesetup, all submitted reports are strictly

confidential and visible to the Corporate Audit

office only. The Company runs annual Ethics and

Compliance awareness campaigns highlighting

confidentiality of ‘Speak Up!’ line reports, as well

as the ‘no retaliation’ principle.

S1-4 Taking action on material impacts

on own workforce, and approaches to

mitigating material risks and pursuing

material opportunities related to

ownworkforce, and effectiveness

ofthose actions

S1.MDR-A_01-05 & S1-4_01-03

A summarised description of the action plans and

resources to manage our material impacts related to

own workforce, in relation to the identified material

sustainability matters, is presented below, and

unless otherwise stated, these actions are recurring

annual activities that reflect our ongoing

commitment to our people.

Provision of social protection and social security

In 2024, we refreshed our Human Rights Policy,

strengthening commitment behind equal pay

andbehind vulnerable individuals and communities.

In2024, we refreshed our Human Rights Training,

which is mandatory for all employees (100%), to

further strengthen awareness and knowledge about

this vitally important area. In 2025, we reinforced our

commitment to employee wellbeing by hosting

Employee Assistance Programme (EAP) dedicated

sessions in local languages across our regions,

highlighting the support available through our

EAP,which is available to more than 34,394

employees. Since these sessions, we increased EAP

utilisation to 1.90% (1.35% in 2024) and improved

engagement with the EAP app. Our Wellbeing Hub

features a wealth of resources, including our mental

health policy, stress management booklets for

managers and employees, and other wellbeing-

focused materials.

This commitment to employee wellbeing earned

usaSilver Award in the Employee Wellbeing Initiative

category at Boussias Health & Safety Awards 2025

recognising our Global Wellbeing Strategy and BeWell

Framework, as well as our impactful initiatives.

Please see also S1.SBM-3_04-06, 11

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Sustainability statement continued

ESRS S1 – Ownworkforce continued

Expected outcomes include increased awareness

and understanding of human rights among

employees, improved compliance with human

rights standards, and enhanced protection for

vulnerable groups.

The implementation of actions and the expected

outcomes further contribute to our zero tolerance

for discrimination and harassment, as this is

defined in our respective policy, ensuring a safe

and fair working environment for all employees,

which is confirmed by the fact that there were

zero legal incidents of discrimination.

The actions described above apply to all our

activities, the entities that we own, the entities in

which we hold a majority interest, and the facilities

that we manage, in accordance with the Human

Rights Policy. These actions are conducted on a

recurring annual basis as part of our ongoing

commitment to our employees. The time horizon

for completion is therefore classified as ‘ongoing’

to reflect its continuous nature.

For more information, please see ‘Human Rights

Commitment’ section on p. 137.

S1-11 Social protection

S1-11_01-05

In all Established, Developing and Emerging markets,

employees are covered by social protection against

major life events (unemployment, sickness, parental

leave, injury, retirement). Stock ownership plans,

where these are offered, do not apply to temporary

employees due to the vesting periods (one year

ormore).

Benefit packages are provided according

toin-country guidelines and are available per

country. We do not disclose this information

forasingle statement (per country) currently

dueto confidentiality.

2025

Country

Covered by public protection

programmes

Armenia Yes

Austria Yes

Belarus Yes

Bosnia and Herzegovina Yes

Bulgaria Yes

Croatia Yes

Cyprus Yes

Czech Republic Yes

Egypt Yes

Estonia Yes

Finland Yes

Greece Yes

Hungary Yes

Italy Yes

Kosovo Yes

North Macedonia Yes

Latvia Yes

Lithuania Yes

Moldova Yes

Montenegro Yes

The Netherlands Yes

Nigeria Yes

Northern Ireland Yes

Poland Yes

Republic of Ireland Yes

Romania Yes

Russia Yes

Serbia Yes

Slovakia Yes

Slovenia Yes

Switzerland Yes

Ukraine Yes

Gender balance

Championing women in leadership

During 2025, we continued to proudly uphold our

commitment to increasing the share of female

leaders. We are closely monitoring our progress

across recruitment, talent development and

retention, and embedding inclusive leadership

inour Leadership Development programmes.

Wereport 43.4% of management positions held

by women, a flat number compared to 2024;

however, it is a 25% increase vs 2017 when we set

our gender balance target. As we strive to build a

gender-balanced organisation, we have a number

of activities in place focused specifically on

women. For example, we held several Women

Network sessions in Austria, Ireland and Northern

Ireland, Poland and the Baltics, Egypt and Nigeria,

and virtual talks with our women in the DTPS and

Finance functions to increase visibility and

knowledge sharing. During the last year, 68

ofourfemale leaders participated in our Women

inLeadership programme, which aims to build

engaged and capable female leaders, support

their transition into new roles and change cultural

factors that may hold them back. Since the start

of the programme in 2022, 65% of participants

who completed ‘Women in Leadership 1’ and 52%

ofparticipants who completed ‘Women in

Leadership 2’ have already been promoted.

Weheld several female community talks, with one

of the highlights being our COO, Naya Kalogeraki,

and our CPCO, Ebru Ozgen, joining our female

leaders in a panel discussion. In Nigeria, we

developed a specific female development

programme, with the focus on developing

womenin their self-belief and self-confidence.

We were proud to receive 10 diversity-related

awards. In Greece, we received the Gold award

foran internal unconscious bias training and

twobronze awards for internal communication

campaigns related to inclusion and belonging.

Italywas awarded for the first time from one of

themost prestigious generalist newspapers in

Italy as best in class leaders in Diversity and

Inclusion. In Poland and the Baltics, we have

received the leading family friendly

workplaceaward.

• Additional highlights included: Increased visibility

and recognition of female leaders within the

organisation and the industry.

• Enhanced Company reputation as a champion

ofgender diversity.

• Strengthened partnerships within the

fastmoving consumer goods (FMCG) and retail

industry, resulting in collaborative initiatives that

promote diversity and inclusion.

• Development of a pipeline of qualified female

candidates for managerial positions.

• Enhanced the organisation’s influence in

promoting gender diversity at the managerial

level, contributing to a broader cultural shift in

corporate governance.

• Twelve women senior managers joined WeQual,

an initiative that brings together global

organisations to drive gender equality. Our CEO

continues to be a judge at the WeQual awards for

female leaders.

• Participating in the LEAD conference, as a TCCC

partner – the largest Diversity and Inclusion

event for the European FMCG and retail industry.

• Support The Boardroom in Greece to develop

women for Board positions.Active membership

in the European Inclusion Council to learn and

cherish best practices.

The implementation of our Women in Leadership

programmes increases the representation of

women in senior roles by providing targeted

leadership development, directly addressing

gender imbalances. Our Women Leader Stories

Video Series inspires and motivates other women

by sharing success stories, enhancing the visibility

of female role models and supporting career

growth. Regionally targeted campaigns empower

women in various roles and industries, breaking

down stereotypes and promoting gender equality.

Participation in the WeQual initiative and the

LEAD conference highlights our commitment to

gender equality, supports the development of

female talent, and promotes collaboration and

knowledge sharing. Additionally, supporting The

Boardroom in Greece enhances governance and

decision making by increasing the representation

of women at the highest levels of leadership.

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Sustainability statement continued

ESRS S1 – Ownworkforce continued

Our key actions to promote gender equality

andempower women across CCHBC include

thefollowing initiatives:

• Women in Leadership programmes: Targeted

atfemale leaders within the organisation,

focusing on professional development and

leadership skills.

• Women Leader Stories video series: Aimed

atabroad audience to inspire and share

experiences related to work-life balance,

careergrowth and leadership.

• Regional campaigns: Regionally targeted

initiatives to empower women, addressing

specific cultural and industry-related challenges.

• WeQual initiative: Participation of senior

womenmanagers and CEO involvement

todrivegender equality.

• LEAD conference participation: Engagement

with industry leaders and partners to promote

Diversity and Inclusion.

• Support for The Boardroom in Greece: Focus

on developing women for board positions,

enhancing governance and decision-making.

• International Women’s Day awareness and

communication: A series of international and

local events commencing on 8 March aimed

atcelebrating International Women’s Day.

Regarding our ambition to reach gender parity,

wemonitor our progress using as a KPI the rate

ofmanager positions held by women. By the end

of 2025, 43.4% of management positions are now

held by women, a significant increase vs 2017

when we set the target (2017 number is 35%).

Please see S1.MDR-T_01-09, 11-13

S1-9 Diversity metrics

S1-9_01-02, 06

Table 39: Gender distribution in number and percentage at senior management level.

Gender distribution in

number and percentage at

top management level

2024

(FTE)

2024

(%)

2025

(FTE)

2025

(%)

Female 149 41% 154 42%

Male 210 59% 214 58%

As senior management level, we consider our top 300/top 40 business leaders, which includes country

function heads, Group sub-function heads and the Executive Leadership Team (ELT), including the CEO

S1-9_03-05

Table 40: Distribution of employees by age group

Distribution of employees by age group 2024 2025

< 30 years old 16.4% 16.5%

30 to 50 years old 67.0% 66.6%

> 50 years old 16.6% 16.7%

Not disclosed – 0.2%

S1-16 Compensation metrics (pay gap and total compensation)

S1-16_01-03

Table 41: Gender pay gap & annual total remuneration ratio

Reporting year 2024 2025

Gender pay gap (%) based on average -38.8% -31.7%

Gender pay gap (%) based on median

-38.6% -51.4%

Annual total remuneration ratio 111.15

130.75

* The CEO pay ratio compares the CEO’s total remuneration with the median annual remuneration of all employees across the Group.

Thecalculation is based on the global workforce across all countries and employee levels. CEO and employees’ remuneration has been

adjusted to reflect purchasing power differences between countries using Price Level Indices published by the World Bank International

Comparison Program.

The total remuneration ratio is presented here in alignment with the ESRS calculation. On page 257 of the Remuneration Report, as in

previous years, the ratio continues to be disclosed with reference only to employees based in Switzerland.

Training and development

As a learning organisation, we actively reinforce

continuous learning and upskilling, while giving

people opportunities for personal growth. By making

learning accessible to all, we delivered over 760,000

hours of learning in 2025, of which 20% was in

personal skills, 4% was compliance related and 76%

was in functional skills. Most of our employees

learned ‘online’, with 63% of the learning activity

self-paced and self-initiated. In its sixth consecutive

year, our virtual LearnFest drew in over 2,000

attendees across 6 sessions held over just 4 days.

By ensuring our employees also learn from each

other, we provide access to coaching and mentoring

through technology-enabled solutions. After a

successful campaign to inspire and encourage

internal coaching, in 2025, we incorporated it into

other learning and talent initiatives and continued

to grow our pool of internal coaches.

Through the education programmes we expect

toenhance employee skills, improve leadership

capabilities and increase overall business knowledge.

By investing in our employees’ development, we

aimto foster a culture of continuous learning and

professional growth, ultimately leading to higher

employee satisfaction and retention and thus to

better Company performance and reputational gains.

The implementation of actions and the expected

outcomes contribute to our objective for continuous

education and awareness, promoting understanding

and respect for human rights throughout

theorganisation.

Please see also ‘Access to education’ onp.137

Building on the success of our previous learning

initiatives, we expanded our programmes in 2025 to

include even more participations and a broader range

oftopics. This demonstrates our ongoing commitment

to employee development and our dedication to

continuously improving our training offerings based

onfeedback and evolving business needs.

The programmes are implemented on a recurring

annual basis to continuously improve the knowledge

and skills of our employees. The time horizon is disclosed

as ‘ongoing’ toindicate that this is a recurring initiative.

1. In 2025, Egypt data affects the median gap disproportionally as the majority of the population is males whose median compensation is lower than the overall male median compensation and female

merit increase was significant.

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Sustainability statement continued

ESRS S1 – Ownworkforce continued

S1-13 Training and skills

development metrics

S1-13_01-04 & S1-1_22

Programmes to promote access to skills

development

We provide learning and development

opportunities for all our employees reflecting

akeypillar of our people strategy, which is

democratised learning. In 2025, our learning

programmes covering leadership, functional

training, general business training and compliance

included 564,031 participations, across all

management layers.

Our commitment to people development is

supported by our constantly evolving Talent

Review framework, which enables us to identify

successors for senior leadership roles.

We continued to optimise development tools,

suchas the ‘STAY and career conversations’

toolkit, andindividual development plan guidelines.

Talent Builders was launched as a programme to

support allnew people leaders on an end-to-end

journey dedicated to the essentials of recruiting,

developing and retaining people. We have also

focused on our critical growth capabilities,

introducing ‘x-ray’ reviews to proactively identify

where we need to invest in external hires or

internal capability development, which are vital

forsustainable business performance and growth.

To enable our people to deliver exceptional

performance and realise their full potential, we

have progressively developed and expanded a

comprehensive academy framework designed to

meet the capability needs of employees in various

functions. This concept ensures a high-quality,

consistent learning experience across all

CCHBCmarkets and adopts a holistic approach

–addressing both the technical expertise

andhuman skills essential for success at

ourorganisation.

We have developed a comprehensive academy

framework for our employees to ensure a

high-quality, consistent learning experience

thataddresses technical expertise and develops

human skills, in turn to grow our business. From

the introduction of our Sales Academy in 2021,

followed by the Supply Chain Academy, we

havebroadened our scope with new specialised

academies in Digital Commerce, Coffee, Premium

Spirits, Key Accounts, Data, Insights & AI,

Digital-DTPS, Strategy & Transformation, and

Corporate Affairs & Sustainability. In 2025, over

9,000 employees successfully completed at least

one academy programme, including over 1,300

newly certified Business Developers through the

Licence to Start and Licence to Sell programmes;

over 4,000 existing Business Developers who

were successfully recertified; 2,271 front-line

professionals in Supply Chain, who achieved

Licence to Perform; and 568 Supply Chain

front-line leaders who attained the Licence

toTeam Performance.

Table 42: Percentage of employees who participated in regular performance and career

development review by gender and average number of training hours per employee by gender

Females Males

Reporting year 2024 2025 2024 2025

Percentage of employees that

participated in regular

performance and career

development review 76.8% 76.8% 50.5% 58.3%

Average number of training hours

per FTE 19.9 28.5 20.2 21.8

Occupational Health and Safety

S1-1_09

We monitor additional relevant OH&S indicators

on a regular (monthly) basis, including Near miss,

Severe near miss, Medical treatment cases, First

aid, Behaviour Based Safety (BBS) observations

conducted, Safety barrier removal rate, BBS

observers trained and Accidents per million km

driven (APMK).

• OH&S programmes and initiatives

Our fleet safety training programmes aim to

improve safety for all drivers within the Group.

Theblend of classroom and on-the-road training

elements is adjusted for different groups,

reflecting their relative risk classification. To reduce

the number of road accidents, we have continued

increasing safety features installation in fleet

vehicles. In 2025, we also continued our Behaviour

Based Safety (BBS) programme with the inclusion

of Human and Operational Principles (HOP)

philosophy implemented across manufacturing

and nonmanufacturing locations. We continued

quarterly Life Saving Rules (LSR) assessments of all

facilities and offices. Based on these assessments,

each country has developed specific corrective

actions to address critical gaps and achieve

fullcompliance.

Health and safety awareness training courses

are continued regularly to be completed by all

our employees (100%). In 2025, we continued

the implementation of the mandatory health and

safety e-learning course for all CCH employees

and developed a new dedicated e-learning

course mandatory for all Business Developers.

Moreover, we deployed bi-monthly safety

awareness days (awareness campaigns), where

we engage with employees across the markets

on different health and safety topics.

• OH&S management system

We have implemented our occupational health

andsafety (OH&S) management system based

onboth national standards in the country where we

operate and based on TCCC KORE requirements,

which are either equal or, in many cases, stricter

than the local regulations/requirements. For

ouractions related to health and safety, please

seealso S1. SBM-3_01-04, 06, 11 (brief description

of activities that result in positive impacts with

regards to improved health, safety and wellbeing).

Regrettably, in 2025, we reported one employee

fatality resulting from a road accident.

The proper root cause analysis was conducted for

all, and corrective actions were addressed via

specific Toolbox Talks developed, and lessons

learned were shared across all CCH countries.

Roadsafety remains our top priority, and the

actions we took include continued compliance with

our Fleet Safety guidelines and communication to

all relevant people; continuous enhancement and

implementation of additional safety features in

vehicles; and maintaining regular routines to reduce

road incidents in the most critical business units,

such as fleet safety trainings, communication

campaigns and lessons learned sessions.

To enhance the organisation’s health and safety

culture, we have developed a new H&S framework.

Across-functional team has been established to

create a detailed action plan with clearly defined

responsibilities, focusing on leadership engagement,

reporting, rewards and recognition schemes, and

governance. Our objective is to secure ELT approval

and move forward with implementation by Q1 2026.

The expected outcomes of our OH&S initiatives

include a reduction in fatalities and injuries among

employees and contractors, particularly through

improved road safety measures. By conducting

thorough root cause analyses and implementing

corrective actions, we aim to prevent future

incidents and ensure that lessons learned are

shared across all CCH countries. The continuous

focus on implementing Fleet Safety guidelines and

establishing regular safety routines is anticipated to

reduce road incidents in critical business units and

will remain our priority next year as well. Overall,

these efforts are expected to foster a safer working

environment, enhance compliance with safety

regulations, and build a strong culture of safety

thatimproves employee wellbeing and productivity.

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Sustainability statement continued

ESRS S1 – Ownworkforce continued

Through the actions described above, we aim to

provide and maintain a healthy and safe working

environment by eliminating hazards, reducing

health and safety risks, and raising awareness

among our employees who may be affected

bybusiness-related activities.

The following actions demonstrate how their

implementation supports the achievement of our

health and safety policy objectives and targets:

• Fleet safety guideline compliance to address

reduction of road accidents (drivers’ trainings,

increase of safety features in the vehicles) is in

place and will continue regularly next year as well

• BBS programme, driving safety observations

and conversations with employees, capturing

at-risk behaviour and addressing elimination

ofbarriers to safe behaviour, increasing health

and safety culture and awareness, is in place

and will continue regularly next year as well.

• Life Saving Rules (LSR) compliance and

healthand safety management systems

implementation addressing workplace safety

and the elimination of hazards coming from the

work environment is being conducted three

times per year and will continue regularly in

thenextyear

• Safety awareness training and regular

campaigns to increase safety awareness and

understanding of hazards, and eliminate human

errors are in place and will continue next year.

Ιn accordance with the Occupational Health and

Safety Policy, the actions described above apply

toCCHBC’s:

• production operations and business facilities;

• distribution and logistics;

• suppliers, service providers and contractors

working in our premises;

• other key business partners

(including co-parkers, joint ventures, etc.).

Please see S1.MDR-T_01-09, 11-13

Emergency preparedness

In CCHBC, we have local emergency preparedness

procedures available and annually tested in each

site. Testing is primarily done for fire safety at

manufacturing locations. It is also conducted

forthe emergency spill preparedness throughout

working shifts. This testing includes assurance

ofemployees’ safety, and timely evacuation, and

isconducted in collaboration with local medical

and fire protection emergency services. Based

onthe safety risk assessment for high complexity

manufacturing sites, we have trained dedicated

fire emergency response teams. The Group

Business Resilience team is leading and

emergency preparedness assessment of all

ouroperating business units. This assessment

includes OH&S response in emergency situations.

S1-14 Health and safety metrics

S1-14_01 & S1-1_18

Our Mission is to provide a safe place of work

forallour employees, contractors, visitors and

individuals under our supervision, with a target of

zero accidents across all our operations and sites.

For this reason, our Occupational Health and

Safety policy is applicable toCCHBC employees,

contractors, visitors and individuals across all our

operations and sites (i.e.,100% of CCH people

working in our premises are covered, including

contractors working in our premises). We deliver our

OH&S Policy programme through a structured

implementation of the occupational health and

safety management systemISO 45001.

Adjustments for disabilities: in every office and

manufacturing plant, we have facilities accessible

for people with disabilities (e.g. ramps, lifts,

adjusted toilets).

We have established several healthy working

environment initiatives, focusing on ergonomic

workplace, illumination, noise, indoor air quality

and humidity. For each of these, specific design

requirements are described in our Engineering

Specifications, and regular trainings are offered

tothe employees (e.g., via specific Toolbox Talks).

S1-14 _02-09

Table 43: Health and Safety KPIs

Type of own workforce Employees

Reporting year 2024 2025*

Number of fatalities as a result of work-related

injuries and work-related ill-health 1 1

Number of recordable work-related accidents 100 105

Rate of recordable work-related accidents (LTIFR) 1.52 1.54

Number of cases of recordable work-related

ill-health, subject to legal restrictions on the

collection of data 0 0

Number of days lost to work-related injuries and

fatalities from work-related accidents, work-

related ill-health and fatalities from ill- health. 2,009 2,214

Lost Time Injury Frequency Rate (LTIFR) is calculated using Full-Time Equivalents (FTEs) and total hours

worked. Total hours worked are estimated as: Total FTEs × 40 hours × 50 weeks, assuming a 40-hour

workweek and accounting for annual leave.

* 2025 figures include beverage and non-beverage businesses; 2024 figures relate to the beverage business only.

S1-14 _10 -11

We implement an occupational health and safety management system. 100% of our product

manufacturing sites are certified to ISO 45001, and 100% of our direct operations are covered

bytheinternal Health and Safety audit process, to assure full compliance with the local health

andsafety standards and our internal requirements.

All our business units are covered by the internal health and safety management system, including

manufacturing plants, offices, sales offices, our own distribution centres and warehouses, the

contractors working in our premises and third-party contractors.

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Sustainability statement continued

ESRS S1 – Ownworkforce continued

S1-4_04

The Audit and Risk Committee reviews the results

ofthe internal audit reports during each meeting,

focusing on the key observations of any reports,

where processes and controls require improvement.

The Audit and Risk Committee also receives updates

at each meeting on the status of management

actions arising from internal audit findings, as well

ason the improvement programmes. Detailed

information on a number of findings can be found

inthe ’Corporate Governance’ section of the IAR.

For health and safety incidents, we have a regular

(monthly) performance review at business unit

level, Group level and function level. During these

meetings, discussions encompass not only results

and targets, but also the actions undertaken and

their implementation status, with the objective of

improving performance. A dedicated dashboard is

used to monitor the performance of each country

and plant.

S1-4_05

All health and safety-related incidents are

investigated locally by cross-functional teams

ofexperts from different departments. Steps

taken for the investigation are conducted as

perthe ‘Incident investigation training material/

curriculum’ included in our Supply Chain Academy.

The investigation teams also use Structured

Problem-Solving methodologies, including

Fishbone analysis, and ‘The 5 Whys’ principles.

The analysis of incidents is performed in steps:

1. Interviews

2. Incident preservation procedure

3. Root cause analysis

4. Corrective/preventive action plan

All business units regularly conduct risk and hazard

identification with respective corrective actions

defined. Risk and hazard assessment is in line with

legal requirements and follows the internal OH&S

management system processes.

After the incident investigation, a one-page

lesson learned document is created and shared

locally with all respective teams. It serves as a tool

for learning and prevention of similar incidents in

the future. Selected one-pager lessons learned

are published on a special internal platform for

knowledge sharing, accessible for all.

S1-4_08

Work-related health and safety risk analysis with

corrective actions is performed for each employee

position. Across all our operations, we have

implemented an effective OH&S management

programme integral to ongoing business activities.

In case of moving the business to a region, where

there are lower OH&S standards, we always

conduct risk assessment and gap analysis, and

weare obliged to follow Group and TCCC OH&S

requirements (e.g., local safety regulation or KORE

requirements, whatever is stricter). So, the gap

analysis is always being conducted and then a

Corrective Action Plan (CAP) must be developed

and followed. Additionally, we ensure that human

rights and gender diversity considerations are

included in our risk assessments and corrective

action plans. This means that when moving

operations, we assess negative impacts on

humanrights and gender diversity, and we take

necessary actions to mitigate these impacts.

Ourcommitment to respecting human rights

andpromoting gender diversity remains steadfast,

regardless of the region in which we operate.

S1-4_09

The resources allocated to managing our material

impacts include internal functions responsible

foraddressing these impacts, as well as various

actions taken to mitigate negative effects and

promote positive outcomes, as outlined below:

Internal functions involved:

• People and Culture (P&C) Department:

Responsible for managing secure employment,

adequate wages, gender equality, equal pay

forwork of equal value, training and skills

development, and diversity and inclusion.

• Health and Safety (H&S) Department:

Focuseson ensuring the health, safety and

wellbeing of employees, including mandatory

safety training and implementing health and

safety management systems and programmes.

• Ethics and Compliance Officers:

Overseeadherence to the Code of Business

Conduct, Human Rights Policy, and Inclusion

andDiversity and Anti-Harassment Policy.

• Internal Audit Department:

Evaluatestheeffectiveness of grievance

mechanisms andmonitors compliance with

policies andprocedures.

• Corporate Audit Department (CAD):

Receivesreports that are submitted through

the‘Speak Up!’ line and ensures confidentiality

and protection against retaliation.

S1.MDR-A _06-12

The Group’s treasury strategy ensures the

availability of financial resources to support,

among others, sustainability-related actions

across all key areas. By leveraging a diversified

range of financing mechanisms, we can address

both current and future priorities effectively.

Our approach to workforce development and

policy implementation relies primarily on internal

capabilities and established digital tools, enabling

us to foster continuous learning and advance key

P&C initiatives. This approach enhances efficiency

and ensures broad accessibility for employees

across the organisation.

Our commitment to health and safety is

reinforced by significant investments that

enablethe effective implementation of related

programmes and initiatives. In 2025, the Group

allocated approximately €15 million in capital

expenditures and more than €8 million in

operational expenditures to support compliance

with health and safety standards, employee

training and route-to-market programmes. These

investments demonstrate our focus on protecting

our workforce, meeting regulatory requirements,

implementing preventative measures informed by

lessons learned and improving the working space

across all operational sites. Looking ahead, we

expect to maintain similar levels of spending to

ensure continuity in our efforts to uphold robust

health and safety standards.

The Capex and Opex mentioned above are

reflectedin our financial statements, specifically in

the cash flow statement and the income statement,

underscoring our ongoing commitment to

employee health and safety. Our accounting system

does not separately classify sustainability-related

investments or costs, as both are reported in

accordance with the general financial reporting

principles. However, we apply an internal process

toidentify spending associated with health

andsafety initiatives, which allows us to track

andmonitor investments that contribute to

workplace wellbeing.

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Sustainability statement continued

ESRS S1 – Ownworkforce continued

Metrics & Targets

S1-5 Targets related to managing

material negative impacts, advancing

positive impacts, and managing

material risks and opportunities

S1.MDR-T_01-09, 11-13

A summarised description of the targets to manage

our material impacts related to our own workforce

is presented below.

Occupational Health and Safety Policy

We have set two targets, in connection with our

OH&S Policy, which aims to provide and maintain

ahealthy and safe working environment by

eliminating hazards, reducing health and safety

risks, and raising awareness among employees,

contractors, visitors and others who may be

affected by business-related activities. We have

annual rolling targets related to Accidents per

million kilometres driven, Near Misses reported,

Behavioural Based Safety observations. Those

rolling targets are set only at local business unit level

and the actuals are reported and monitored at local

and Group level via a specialised reporting software.

Equal opportunities

We have set a target, in connection with our

Human Rights Policy, which aims to advance

equalopportunities and equal remuneration.

The year to which targets apply is 2025. Our

targets are intrinsic and they are not compared

toany baseline. 2017 is the year we set the targets.

The only exception is the target of lost time

accidents rate, which is not intrinsic, and the base

year from which progress is measured for the

targets is 2017 and the baseline value is 0%.

Targets cover our employees.

Every sustainability commitment has its annual

roadmap for all the years until the target year is

reached, and we follow it for our business planning

purposes for each respective year.

Table 44: Annual targets for own workforce H&S and diversity (part of Mission 2025 sustainability goals, excluding Egypt).

Name of the target

Description of the relationship

between target and policy

Target Application period Scope of target

Performance

2025 Level

Absolute/

Relative Unit Time – period

Mlestones/

Interim

targets Activities

Value chain

segment

Geographical

boundaries

MDR-T_ 01 M D R-T_13 MDR-T_ 02 M DR-T_ 03 MDR-T_ 03 MD R-T_ 07 MD R-T_ 08 M D R-T_ 0 4

Work-related fatalities

with our employees

Occupational Health

andSafety Policy

(1 in 2024) 0 Absolute # 2025 n/a

Own

operations

Own

operations All Group

Reduce lost time

accident rate (per 100

FTEs) vs 2017

Occupational Health

andSafety Policy

(20 in 2024) 50 Relative % 2025 n/a

Own

operations

Own

operations All Group

Manager positions will be

held by women Human Rights Policy

43.4

(43.5 in 2024) 50 Absolute % 2025 n/a

Own

operations

Own

operations All Group

Our target on employees engagement is annual one. Our 2025 status is 88%, 2pp above the Global Top Decile. Please see page 30.

S1.MDR-T_11

Please see ‘Stakeholder Engagement’

section on pages 12 to 15

S1.MDR-T_09, 12

Changes in methodologies and assumptions

for defining targets

Regarding OH&S, we aim for zero incidents.

Interms of employee engagement annual target,

wecompare ourselves with the Perceptyx Global

Top Decile Norm. On gender diversity target, 50%

is the desired global level, as per the UN SDG 5

(target 5.5 equal opportunities for leadership).

The 2025 sustainability commitments, comprising

18 goals endorsed and published in 2018, are

based on our stakeholder materiality matrix and are

aligned with the United Nations SDGs and their

targets. These commitments focus on six key

areas within our value chain: reducing emissions,

water reduction and stewardship, packaging,

ingredient sourcing, nutrition, and our people and

communities. We report actual numbers for each

of the commitments. No assumptions are made

fortargets related to own workforce. Local

business unit/country data are aggregated

atGroup level.

To ensure these commitments are met,

wereportprogress using actual data and clear

timehorizons. The latter could be an annual goal

aligned with the Business Planning (BP) process,

mid-term targets aligned with our long-range

plan(LRP) and business objectives, or long-term

targets such as NetZeroby40 aligned with external

trends. Please see E5.MDR-T_12 & E5-3_13 & E5.

MDR-T_01. There are no changes in reporting in

2025 vs prior year. We have used various local files,

templates from our partners, and specialised

software where monthly our business units

reportthe progress and actual data.

S1.MDR-T_13

How targets are monitored and reviewed

We have specialised software for each of

oursustainability goals/targets, and we report

monthly the actual performance and status

(ifweare on track, lagging or partly on track)

tothemembers of the ELT who are accountable

forthe respective KPIs. The actuals are easily

available in our EDGE dashboards. Quarterly,

theperformance is reported to the Social

Responsibility Committee of the Board of

Directors. At local business unit level, those

targetsare also reviewed monthly.

For each of the targets, we apply the same

process: setting annual milestones for every

yearup to the target year (so-called annual

roadmaps), monthly reporting of actuals,

monthlyperformance review and actions set

byeach owner, quarterly reporting to the Social

Responsibility Committee, and annual disclosure

intheIAR and on the website.

2025 progress is in line with the annual internal

target. We have made significant progress even

though we didn’t meet the health and safety

andgender diversity 2025 goals set in 2018.

S1-5_01

Setting targets

Setting a target of zero fatalities and aiming

forzero occupational health and safety incidents

aligns with the expectations of both employees

and external stakeholders, as even a single

incident is one too many. Similarly, the goal

ofhaving 50% of leadership positions held by

women andstriving to achieve a top decile global

norm inemployee engagement are fully aligned

with ouremployees’ expectations. These targets

reflect our commitment to creating a safe

andinclusive workplace.

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Sustainability statement continued

ESRS S1 – Ownworkforce continued

S1-5_02

Tracking CCHBC`s performance

We conduct regular performance reviews for

eachof the KPIs used, including those of people.

During those performance reviews, different

levels of the organisation are included. Workers’

representatives are being involved in DEI reviews

in local discussions.

Group OH&S results are communicated toall CCH

countries via regular Group meetings and routines

established with the business units; country

results are communicated via country meetings

across the organisation (shiftreview meetings,

plant management andallemployees’ meetings,

monthly SLT meetings, etc.) and are also displayed

in specific communication boards across

ourplants.

S1-5_03

Lessons learned or improvements as a result

of CCHBC`s performance

We have introduced bi-monthly OH&S lessons

learned meetings, where we present selected SIF

(Severe Injuries and Fatalities) and SIFp (events

that have the potential to become a severe injury

orfatality and can be LTA or Severe Near Miss).

Everysecond month, we choose a few relevant

SIF/SIFp events and they are presented to all our

countries. Then each business unit should take

proactive action to avoid similar accidents from

happening. All documents are then uploaded

onan internal platform and shared again with all

countries. Also, we perform lessons learned from

the major audit findings, where the respective

country is required to share their actions to

improve. We maintain strong collaboration with

worker representatives, both at the local level

andthrough the European Works Council (EWC),

which holds two select committee meetings and

one plenary meeting each year. No issues were

reported in these engagements in 2025.

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Sustainability statement continued

Social information

ESRS S2 –

Workers in the

value chain

Strategy

SBM-3 Material impacts, risks and

opportunities and their interaction

with strategy and business model

S2.SBM-3_01-08

At CCHBC, all value chain workers who may

bematerially impacted by our operations are

included in the scope of disclosures under ESRS 2.

This encompasses addressing impacts linked to

our own operations and value chain, including

those arising from our products, services and

business relationships. We specifically report on

key areas such as secure employment, adequate

wages, health and safety, gender equality, equal

pay for work of equal value, and training and

skillsdevelopment.

Types of value chain workers

We consider value chain workers, workers working

onour sites, but who are not part of own workforce,

(i.e., not self-employed workers orworkers provided

by third-party undertakings primarily engaged in

employment activities). Inessence:

• They are outsourced to a separate company

thatmanages its own staff.

• CCHBC does not directly control the workers;

instead, it has a business relationship with the

service provider.

• The responsibility for managing and employing

the workers lies with the service provider, even

ifthe work is performed at CCHBC’s premises.

• The external service provider retains

responsibility for hiring, managing and

supervising, and CCHBC has a business

relationship with the service provider, not

theindividual workers.

Examples include pickers and forklift drivers in our

warehouses, workers sorting our empty reusable

bottles at our plant facilities, cleaning services

workers and workers working at our wastewater

treatment facilities in the plants, and drivers of

thedelivery trucks by our outsourced logistics.

We also consider value chain workers, a variety

ofworkers in the supply base that execute various

activities either in an office context or within the

agricultural sector and industrial sectors. Our

supply base focus is Tier 1 suppliers and we aspire

tocover for the Tier 2 or below suppliers through

the supplier’s commitment on Suppliers Guiding

Principles (SGP) or Principles for Sustainable

Agriculture (PSA) in the case of agricultural

ingredients. In CCHBC, 100% of vendors must

acknowledge acceptance of CCH SGPs before

they can proceed to work with us across sectors

and sourcing categories, and are monitored on

compliance through various tools depending

oncomplexity and criticality of their operations.

Specifically, we actively ask the Strategic Group

Suppliers to confirm ESG compliance, including

social and human rights attributes, fortheir critical

supply base, i.e., T2 layer or belowfor CCH. This

equally includes whiteand blue collar workers

across industries. Specifically foragricultural

suppliers, we aspire tocover 100% ofour supply

base through PSA certifications provided by

third-party specialists, which are specifically

covering through audits, the practicesof farmers

and their positioning towardsworkers of the land,

such as SAI FSA, ISCCPlus, BONSUCRO,

REDcert2, Rainforest Alliance, FairTrade

International, Global GAP+GRASP

, UNILEVER

SAC, VIVE

, etc.

Our negative impact

We have no widespread or systemic material

negative impacts on value chain workers in

contexts where we operate. Regardless of the

high occupational health and safety standards

werequire from our contractors and service

providers, we still report lost time accidents,

whichis the reason to consider negative

impactthere. Any occupational health and

safetyincidents are individual. Six value chain

worker fatalities were reported in 2025. The

contractor lost-time incidents frequency rate

(LTIFR) in 2025 decreased significantly to 0.98

compared to1.31in 2024.

1. Certification and benchmarking for responsible farming practices.

2. A sustainable supply programme.

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Sustainability statement continued

Our positive impacts

People who are considered as value chain workers,

such as staff of third-party service providers, (e.g.,

for security or canteens), who work at our facilities

are part of our OH&S, Food Safety, including

WASH(clean water and sanitation) access, and

environmental programmes. In addition, they are

included in all our Workplace Accountability audits,

which are conducted through an internationally

recognised and accredited auditing organisation.

The audits specifically cover third-party contracted

labour in our premises. Third-party logistics

workers (warehouse, transport and distribution)

are also mandated to follow our quality, health

andsafety, and environmental standards.

At CCHBC, we have a robust programme

inplaceto annually review every year the

risksandperformance of our suppliers against

ourSupplier Guiding Principles (SGPs), Principles

for Sustainable Agriculture (PSA), Water Risk

Assessment, as well as other equally important

aspects with impact on our business, such as

supply risk and financial stability. Sustainability

isakey criterion in supplier selection under

strategic sourcing, as well as a criterion for

theAnnual Supplier Review process that we

conduct cross-functionally for our critical supply

base.In2024, we have redesigned entirely our

Procurement Guidelines, adding specific focus

onhow Buyers should leverage all these ESG tools

to assess suppliers on ESG criteria as part of our

Strategic Tendering process in a consistent and

uniform manner across our territories. In 2025

wechanged our Tender criteria to enhance the

important of sustainability into awarding decisions

in indirect categories, moving the criterion weight

from 5%to 15%.

To ensure that suppliers demonstrate ESG

requirements compliance, we rely on multiple

screening and assessment practices that

offerusaholistic view of their performance,

leveraging multiple tools depending on supplier

categorisation, criticality and impact to our business.

The Sustainable Agriculture programme secures

ESG monitoring through the PSA certification

process ofthe Coca-Cola System across all

agricultural commodities. For the remaining

supplybase, we have designed a robust assessment

journey leveraging ESG physical audits, as well

asanumber of globally recognised screening

andassessment tools, such as EcoVadis IQ Plus,

EcoVadis Assessments, SEDEX, Supply Based

Assessment executed by specialist consultants for

Group Critical suppliers, WWF Water Risk Filter and

WWF Biodiversity Risk Filter assessments, Resilinc

Event Watch, Exiger, and Moody’s Analytics.

One of our Mission 2025 commitments is toensure

that 100% of our key agricultural ingredients (sugar,

high fructose starch syrup (HFSS) and Juices fruit

crops) are certified by third-party organisations

that specialise in agricultural practices providing

trainings and implementing audits to secure

appropriate implementation of our standards.

Forfull compliance with our PSA, we require our

agricultural suppliers to be assessed and certifiedin

accordance with third-party standards, depending

on the relevant ingredient. For a comprehensive list

of standards, please refer to the section above

‘Types of value chain workers’.

Furthermore, ingredient and packaging suppliers

must meet GFSI recognised standards, and Tier 1

suppliers are prompted to comply with ISO 9001,

ISO 14001, FSSC 22000 and ISO 45000 as

applicable depending on their industry specifics,

as well as impact and criticality to our business.

Finally, we target over 95% of our procurement

addressable spending to be on local suppliers

inourcountries of operation (local sourcing). In2025,

we had 97.6% sourced locally, representing around

€5.6 billion (excluding concentrate supplies) of

procurement addressable spend. Supply within the

European Unionwe define as local toEU countries.

Through our socio-economic impact studies

(SEIS), we evaluate the direct, indirect and

inducedimpact we have from suppliers to our

trade partners and our contribution is significant,

especially in emerging markets. The latest SEIS

shows that every direct job in our system leads

to15 jobs in the value chain, and in many of the

countries where we operate, our contribution

tothe beverage industry is significant.

For the supplier workforce, we secure equal

access employment, adequate wages, health

andsafety, gender equality and equal pay for work

of equal value, training and skills development

through the application and compliance tracking

of the supplier SGPs and PSAs.

Workers in the value chain are supported with

training and capability building programmes offered

by supplier organisations and CCHBC todevelop

understanding of the sustainability elements and

positive impacts and are supported to operate

inanew innovative manner that secures smooth

transition to climate-neutral operations without

the loss of jobs. This is a journey of transition that

takes time, but we workwith our most significant

suppliers to support and record improvement.

Gradually, jobsare transformed to support the

newmodels and are secured at a minimum, while

in many cases, wedetect the creation of new

positions and opportunities by supplier

organisations to supportthe climate transition.

Access to education

Since 2023, we have established annual trainings

delivered both to our buyers and our significant

suppliers on various topics, including ESG

requirements, actions to improve ESG scoring,

the importance of sustainability, the EcoVadis

Assessments, deforestation, modern slavery

andGHG emissions.

For strategic suppliers, we aim to recruit them all

under the EcoVadis Assessment Platform to track

ESG overall performance and, with the support of

the EcoVadis team, we promote the use of the

EcoVadis Academy to help vendors build better

knowledge of important ESG elements.

We place specific focus on developing GHG

performance tracking for our supply base, starting

with a pilot programme for the development of

supplier-specific emission factors (SSEFs) with

ourmost mature suppliers. For less mature

suppliers, since 2022, we have been working with

Guidehouse on capacity building programmes,

offering training through the Supplier Leadership

onClimate Transition (SLoCT) programme annually.

This initiative helps our less mature suppliers build a

strong foundation to start reducing GHG emissions.

In November 2023, we held our second Virtual

Supplier Sustainability Event, ‘Opening up a more

sustainable future together’, where we invited all

ourGroup Critical Suppliers to discuss emissions

reduction, biodiversity and deforestation. Over 400

participants from nearly 200 suppliers, Coca-Cola

System colleagues and trade partners attended our

virtual Supplier Day conference. Our partners, CDP

and the World Economic Forum, provided expert

guidance, tools and tips for suppliers on climate

action. Additionally, our suppliers Nordzucker, Ball

Corporation and Graphic Packaging International

shared their sustainability progress. In 2024, we

expanded upon this initiative, engaging with our

key suppliers on GHG performance. Through this

engagement we have begun developing emissions

glide paths to enhance supplier emissions

performance, aiming to meet our scope 3 targets.

In 2025, we held numerous sustainability meetings

with the most developed suppliers, discussing

their emissions and water reduction initiatives.

For more information about the Annual

stakeholder forum please refer to ’Double

materiality assessment (DMA)’ section.

Contribution to employment

Please see S1. SBM-3_04-06, 11

(Contribution to Employment)

Accessibility to a living wage

We expect our suppliers to compensate their

employees fairly and competitively within their

industry, fully complying with applicable local

andnational wage and hour laws. Additionally,

weencourage our suppliers to provide opportunities

for employees to develop their skillsand capabilities,

and to adhere to the principle of equal remuneration

for men and women workers for work of equal value.

We aspire to secure correct practices towards

supplier workers through the SGPs and PSA

implementation. In CCHBC, 100% of our suppliers

are obliged to acknowledge and agree to the SGPs

before obtaining the right to do business with

us,while we apply different monitoring tools to

track compliance depending on supplier category

andimpact to our business ranging from ESG

performance tracking by means of tools such

asEcoVadis IQ Plus all the way to full scale

assessments such as EcoVadis Assessment,

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Sustainability statement continued

ESRS S2 – Workers in the value chain continued

SEDEX and SGP physical audits. On agricultural

level, we leverage our third-party specialists

toconduct audits against the PSA principles,

whichcover in an extensive manner all rules

andrequirements to secure farmer workers.

Provision of social protection and

socialsecurity

Contactors who work on our premises are

included in our programmes and Workplace

Accountability audits, conducted within a

three-year audit cycle. During these audits, they

are assessed on human rights, and compliance

with local minimum wage laws is verified by an

external company. The Workplace Accountability

audits cover various areas, including laws

andregulations, wages and benefits, working

hoursand overtime, business integrity, work

environment, health and safety, environmental

practices and demonstration of compliance.

Occupational Health and Safety

In the context of our implementation of the

Occupational Health and Safety Management

System (ISO 45001), we take actions that have

inscope value chain workers.

We implement health and safety programmes,

including Behavioural Based Safety and Life

SavingRules:

• We enhanced our behaviour-based safety

programme by embedding more human and

operational principles across manufacturing

andnon-manufacturing locations.

• We ensured Life Saving Rules are in place and

incorporated in our cross-country verification

programme. We conducted quarterly

assessments of all manufacturing and non-

manufacturing facilities. Based on these

assessments, each country has developed its

own corrective actions to address critical gaps

and achieve full compliance.

Value chain workers in greater risk of harm

The service provider workers performing a job

atour premises are part of the same rigorous

hazardous analysis related to the occupational

health and safety, as our employees, e.g., confined

space work, work at height, electrical work, etc.

This rigorous risk assessment involves desktop

research, workplace inspections, reviewing past

incidents, worker interviews, governmental

labourinspections recommendations, external

occupational health and safety guidelines, etc.

Based on these, we know the jobs that potentially

can lead to severe OH&S incidents and thus we

set up specific measures to mitigate the potential

risks and avoid such incidents happening.

Impact, risk and

opportunity management

S2-1 Policies related to value

chainworkers

S2.MDR-P_01-06 & S2-1_05-06

The relevant policies adopted to manage material

sustainability matters include our Occupational

Health and Safety Policy and Principles for

Sustainable Agriculture (PSA), as well as our

Supplier Guiding Principles, which have been

adopted as part of ongoing effort to develop

andstrengthen our relationships with our direct

suppliers. These policies cover all types of value

chain workers mentioned in the previous section.

In addition, we have adopted a Human Right Policy.

For more information, please see

‘Consolidated Policies Table’ on pages 76,

79 and 80

S2-3 Processes to remediate

negative impacts and channels for

value chain workers to raise concerns

S2-3_01-06 & S2-4_04

Tracking and monitoring of issues raised and

addressed and ensuring the effectiveness of

the channels

Please see S1-3_01-02_05-09 & S1-1_21

In CCHBC, we recognise that suppliers play a

critical role in upholding ethical standards and

compliance. To support this commitment, we

provide clear and confidential reporting channels,

including our ‘Speak Up!’ line, so that concerns

canbe raised safely and addressed appropriately.

By extending access to the ‘Speak Up!’ line, we aim

to foster transparency, trust and accountability

across our entire business ecosystem.

Suppliers who believe that an employee of

CCHBC, oranyone acting on behalf of CCHBC,

has engaged inillegal or otherwise improper

conduct, should report the matter to the

Company. We would also encourage all

oursuppliers to freely raise any issues of

compliance or ethics they come across in our

company and feelconfident that their concerns

will be taken seriously and handled appropriately

by CCHBC. Concerns should be raised initially

withthe employee’s manager in CCHBC

orwithCCHBCHead of Legal Compliance

atcompliance@cchellenic.com, or our

‘SpeakUp!’line can be used at

www.coca-colahellenic.ethicspoint.com. We do

not tolerate a reprisal by any of our employees

against suppliers for reporting a concern in good

faith or assisting with an investigation.

To assess that value chain workers are aware

ofand trust these structures or processes to

raisetheir concerns or needs and have them

addressed, we monitor the responses in our

‘Speak Up!’ line and audit reports.

S2-4 Taking action on material

impacts onvalue chain workers,

andapproaches tomanaging

material risks and pursuing

materialopportunities related

tovalue chain workers, and

effectiveness of those actions

S2.MDR-A_01-05 & S2-4_01-04, 10

A summarised description of the action plans and

resources to manage our material impacts related

to value chain workers in relation to material

sustainability matters we have identified is

presented below:

Occupational Health and Safety

For our actions related to health and safety,

please see S2.SBM-3_01-08, S1-4_01-03,

S1-4_04

Through these actions, we aim to provide and

maintain a healthy and safe working environment

by eliminating hazards, reducing health and safety

risks, and raising awareness among suppliers and

their workers who may be affected by business-

related activities.

The implementation of the actions contributes

tothe achievement of Occupational Health and

Safety Policy objectives to provide and maintain

ahealthy and safe working environment.

Scope of the key actions

The scope of key actions taken includes:

• distribution and logistics;

• suppliers, service providers and contractors;

• other key business partners (including co-

partners, joint ventures, etc.).

Time horizons for key actions that we presented

inpeople in our own workforce are the same for

workers in the value chain.

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Sustainability statement continued

ESRS S2 – Workers in the value chain continued

S2-4_05_06_07

As the negative impact is solely related to the

losttime accidents we have with contractors,

theactions to reduce and eliminate any potential

health and safety incidents include establishing

the same safety rules requirements for our

contractors as for our own employees. We have

implemented standardised clauses that include

health and safety requirements, ensuring these

are applied to specific agreements with our

contracting companies. Meeting our safety

standards is a requirement included in all our

contracts. Health and safety requirements are

communicated to contractors during the vendor

selection process. There is a specific TCCC KORE

requirement document in place for allbusiness

units, and they need to comply with it(subject to

aspecific audit). Contractors are included in our

key health and safety programmes and initiatives,

including BBS and LSR assessment.

Our Behavioural Based Safety programme is

implemented for contractors working within

ourpremises and in some high-priority business

units we have established a BBS programme

inroute-to-market (RTM) area, with the regular

performance monitoring and tracking. We are

continuously searching for innovations and

technologies to support health and safety

indedicated working areas, preventing LTAs

ofcontractors, too.

Our LSR programme has a dedicated section

forcontractors management (requirements) and

every facility conducts quarterly self-assessment

of the compliance, followed by dedicated

Corrective Action Plan. All contractors working

forCCH must have health and safety induction

training specific to our premises. Overall, we

havein place regular tracking of health and safety

performance of our contractors, including leading

and lagging indicators. We mainly take actions to

prevent workplace injuries and fatalities, and when

prevention is not possible, to provide or enable

remedies if such incidents occur.

Table 45: Quantitative and qualitative information regarding the progress of key actions or

action plans disclosed in prior periods

Health and safety programme KPI 2024 2025

Behavioural Based Safety

programme (BBS) Elimination of barriers to safety 86.1% 88.7%

Compliance with Life Saving

Rules(LSR)*

Compliance with Life

SavingRules 86.8% 88.9%**

* LSR implementation score includes the total for all 14 areas in the questionnaire, not just contractors.

** As the new LSR 2.0 questionnaire was launched in 2025, results are not directly comparable with 2024.

KPI 2024 2025

Number of Contractors trained as BBS Observers 1,251 2,951

Total Contractors trained as BBS Observers cumulatively

since2019 3,220 6,171

This improvement reflects our ongoing

commitment to enforcing critical safety protocols

and underscores the effectiveness of our training

and awareness initiatives. The reduction in safety

incidents and the improvement in leading

indicators highlight the programme’s impact

oncreating asafer working environment.

All actions taken are key actions aiming to avoid

any OH&S incidents from occurring, so there are

no additional/secondary actions that are taken

forvalue chain workers.

Supplier Guiding Principles

100% of our suppliers are obliged to acknowledge

and agree to comply with the SGPs before

commencing any work with CCHBC. From that

pointonwards, we monitor supplier compliance

totheSGPs, leveraging different tools from

EcoVadis IQ Plus risk monitoring system to

fullscaleassessments, such as EcoVadis

Assessment, SEDEX, PSA Certifications and

physical audits on SGPsinsupplier premises,

depending on the supplier criticality, complexity and

impact to our business. The Supplier Assessment

exercise is repeated on an annual basis and the

results are disclosed to stakeholders. Our buyers

aretrained on an annual basis on how to assess

supplier risks, how to use the EcoVadis platform,

how to encourage suppliers to join and report to

the EcoVadis portal, and ensure action plans exist

andare duly tackled as necessary.

The implementation of these principles

contributes to our objective to have all our

business operations and activities respecting

human rights and managing our business with a

consistent set of values that represent the highest

standards of quality, integrity, transparency and

excellence. We aim to achieve full compliance

withthese principles.

As part of our ongoing effort to develop and

strengthen our relationships with suppliers, we

have adopted these Supplier Guiding Principles

foruse with our direct suppliers (upstream).

Compliance to the SGPs is a rolling target,

sotheactions taken to achieve it are ongoing.

Principles for Sustainable Agriculture (PSA)

In collaboration with our suppliers and external

bodies such as Bonsucro, we support sustainable

agriculture initiatives, including the provision of

training and extension services to farmers aimed

at implementing more sustainable practices that

enhance quality, productivity, and farmer incomes.

This includes providing tools for self-assessment

to track progress and continuous improvement

ofbest practices, contributing to shared learning

platforms through participation inseminars and

webinars (e.g., Sustainable Agriculture Initiative

(SAI) Platform), and engaging in pre-competitive

collaborative initiatives to address broad-scale

systemic changes (e.g., worker safety).

We believe that by implementing practices

alignedwith the PSA expectations, we can achieve

improved farm incomes (higher yields, reduced

costs, better management and accounting),

better product quality and a more stable,

long-term supply.

In advancing our sustainable agriculture

programme, the Company recognises the need

and value of industry collaboration, including with

other buyers and supply chain partners through

recognised industry collaboration platforms. We

seek to partner with others to help address and

drive systemic change at scale, in a transparent

and precompetitive manner.

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Sustainability statement continued

ESRS S2 – Workers in the value chain continued

By working with other companies through

organisations, such as Bonsucro, we seek to

alignexpectations, combine resources and bring

greater efficiency to the interventions. As an

example, Bonsucro in the 2024-2025 Outcome

Report indicates:

• 285,000 workers worldwide are covered by

thehuman rights measures detailed in the

Production Standard.

• Certified producers reduce the rate of accidents

by 42% in mills and 45% in farms over 5 years

ofcertification.

• Currently, on average, Bonsucro certified farms

pay 26% above the national minimum wage.

• Certified farms reduce water consumption by

anaverage of 31% and GHG emissions by 13%.

in5years of certification.

This framework for sustainable sourcing

isintegrated into internal governance and

procurement processes. Our 2025 target for

ingredient sourcing (published in 2018) is to

achieve 100% certification of our key agricultural

ingredients against the Sustainable Agriculture

Guiding Principles.

In 2025, 95% of the key commodities we

purchased for use as ingredients were certified

compared to only 33% back in our baseline

yearof2017, regardless of the volume increase.

Specifically, in 2025 we achieved the following

PSAcertifications:

• 94% of Sugar quantities

• 100% of High Fructose Corn Syrup (HFCS)

• 99% of the main Juices (Fruit crops).

All figures exclude Egypt and Multon Partner.

Our work to certify our key agricultural ingredients

will continue with close cooperation with our

Suppliers and the Coca-Cola System.

The PSA are aimed at primary production –

thatis,farm-level – and form the basis of our

continued engagement with suppliers to achieve

productivity, compliance, transparency, resiliency and

continuous improvement of their farm baseagainst

these principles. Through the implementation of

practices that align with the PSA, we can manage

supply chain risks, reduce reputational risks and

deliver value for all: workers, farmers, suppliers,

customers, our brands and ourbusiness.

The PSA and the actions included, as a set

ofglobal principles, apply to all agricultural

ingredients and plant-based packaging used

inTCCC products.

Each key action related to PSA has a time

horizonyear 2025 in the context of ‘Mission

2025Initiative’.

The effectiveness of the actions is tracked

viathird party ISO and Workplace Accountability

audits and their results. Also, via the result we have

on the top 10 most recognised ESG raters where

our results are with a leading score among the

beverage peer companies. The effectiveness

ofour grievance mechanisms is reviewed by the

Internal Audit department, where they evaluate

whether mitigation has been effective and

whether grievances have been addressed. Within

our contractors, in 2025 we achieved a reduction

of three LTAs compared to 2024, however,

regrettably, we recorded six contractor fatalities

(one contractor fatality reported in 2024).

Governance, Responsibilities and

ResourceAllocation for Health & Safety,

andSustainable Sourcing

S2.MDR-A_06-12

As part of our commitment to sustainability,

wework closely with supply chain partners to

advance responsible practices. We provide

guidanceand resources to support their efforts,

while recognising that thedevelopment and

implementation of specific initiatives also requires

investment from suppliers themselves. Our

approach focuses on building partnerships that

empower suppliers to take ownership of their

progress, helping to create a more sustainable

andresilient value chain.

With respect to health and safety, our approach

mirrors the standards and measures applied

toourown workforce. Contractors are required

tocomply with the same safety protocols and

frameworks that govern our operations.

Consequently, health and safety actions

donotentail additional capital or operational

expenditures beyond those reported under

S1.MDR-A_06-12. This expenditure covers all

workers, including within our supply chain, as our

policies and compliance structures are designed

to ensure a consistent and rigorous approach

across our entire value chain.

S2-4_12

In OH&S, we have assigned responsible people

starting from manufacturing sites and countries

to the Group level: there is OH&S responsible in

every plant and in every country. The Head of

Health and Safety is responsible at Group level.

Every year, CapEx and OpEx for meeting our

safety priorities, targets and policies are allocated

as part of the business plan process, to each

business unit and at Group level.

For suppliers: the responsibility is with local

Procurement teams and business unit Procurement

Director and, at the Group level, with Strategic

Procurement Managers, Heads of Procurement and

the Chief Procurement Officer. Every year, CapEx

and OpEx for meeting our sustainable sourcing

priorities and agenda are allocated as part of the

business plan process to each business unit and

atGroup level.

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ESRS S2 – Workers in the value chain continued

Upstream Own Operations Downstream

Metrics and targets

S2-5 Targets related to

managingmaterial negative

impacts,advancing positive

impacts, andmanaging material

risks and opportunities

S2. MDR-T_01- 08, 13

We have annual rolling targets related to suppliers,

which apply also indirectly to CCHBC value chain

workers. Those rolling targets are set at local

business unit level and at Group level, and the

actual results are reported and monitored via

aspecialised reporting software (which are

disclosed in the table below). Also, we have

targetfor 100% sustainable sourcing by 2025,

partof our Mission 2025 goals. To manage the

negative impact from health and safety incidents,

we have qualitative rolling targets for our

contractors such as implementation of BBS

trainings and providing knowledge sharing.

All those targets contribute to our policies

andtheir objectives related to suppliers,

suchasworkplace practices, health and

safety,childlabour, forced labour, wages and

benefit, environmental practices, biodiversity,

deforestation and land conservation,

briberyandcorruption, etc.

We are committed to managing our business

witha consistent set of values that represent

thehighest standards of quality, integrity,

transparency and excellence. We respect the

unique customs and cultures in communities

where we operate. In pursuing this policy, we

seekto develop relationships with suppliers that

share similar values and conduct business in an

ethical manner.

Actual numbers of the first three targets are for

the 12 month rolling period from December 2024

to November 2025; the actual data of the last

three targets are for the 12 month rolling period

from December 2023 to November 2024.

Table 46: List of targets

Name of the target Performance Target Scope of target

Level Absolute/ Relative Unit Activities Value chain segment

Geographical

boundaries

MDR-T_13 M D R-T_ 02 M D R-T_ 03 M D R-T_ 03 M D R-T_ 03 M D R-T_ 03 M D R-T_ 04

Key agricultural ingredients

tobe compliant with our

sustainable agricultural

guidingprinciples

95%

(96% in 2024)

100 Absolute % Procurement Global

Proportion of spend on local

suppliers at significant

locations of operation

97.6%

(97.7% in 2024)

>95%

Rolling target

Absolute % Procurement Global

Suppliers to accept

ourSupplier Guiding

Principles(SGP)

100%

(100% in 2024)

100%

Rolling target

Absolute % Procurement Global

Supplier Performance

Screening for T1 suppliers:

theAnnual Screening of our

suppliers to cover min 95%

oftotal Procurement Spend.

Reported every

May

Last value:

100%

(100% in 2024)

min 95%

Rolling target

Absolute % Procurement Global

Supplier performance

assessment T1 & T2

suppliers*: Assess in ESG on an

annual basis at least 80% of our

significant T1 and T2 suppliers

Reported every

May

Last value:

95.6%

(97.7% in 2024)

80%

Rolling target

Relative % Procurement Global

Promoting supplier

improvement (significant

suppliers T1 & T2): On annual

basis we aim to have 80%

ofour significant suppliers

(including T1 and T2) to

beunder corrective

actionsupport

Reported every

May

Last value:

91.9%%

(88.8% in 2024)

80%

Rolling target

Relative % Procurement Global

* Tier 1 suppliers are directly assessed by CCHBC, while Tier 2 suppliers are managed by the respective Tier 1 and the results are reported back to us.

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Sustainability statement continued

ESRS S2 – Workers in the value chain continued

S2.MDR-T_11

Please see ‘Stakeholder Engagement’

section on pages 12 to 15

S2. MDR-T_09

To define our sustainability targets, we utilise

certification by third-party organisations, ensuring

compliance with recognised standards such

asSAIFSA, ISCC Plus, BONSUCRO and others.

Significant assumptions involve the accuracy and

completeness of supplier-provided information,

supported by third-party assessments and

certifications. Data sources include annual

supplier reports and external reports. Our targets

align with national, EU and international policy

goals, ensuring that our practices support broader

sustainability objectives and consider the local

contexts of our operations.

Changes in methodologies and assumptions

fordefining targets

S2. MDR-T_12-13

No changes in the targets and calculations

compared to the previous year.

CCHBC monitors progress against its disclosed

targets through regular performance review, audit

findings reviews and regular engagement with

suppliers to assess performance of the targets.

S2-5_01_02

In setting our targets for secure employment,

adequate wages, health and safety, gender equality,

equal pay for work of equal value, andtraining and

skills development, we engage with workers in

thevalue chain through direct consultations and

discussions with their legitimate representatives.

This engagement ensures that our targets are

aligned with the actual needs and expectations

ofthe workers. We also consider the best practices

in the industry and globally. We conduct regular

performance reviews for each of the KPIs related

toour engagement with workers in the value chain.

These reviews include input from various levels

ofour organisation, as well as feedback from the

suppliers. We ensure that this feedback is

incorporated into our performance tracking

processes. For instance, we communicate our

training and skills development targets and

resultsto them through internal meetings

andfeedback sessions.

S2-5_03

In identifying lessons or improvements as a result

ofour performance, we engage indirectly with

workers in the value chain through their legitimate

representatives and credible proxies who have

insight into their situation. For example, each severe

OH&S incident or fatality is followed by a lessons

learned session with the respective contractor or

service provider. These sessions involve discussions

with workers and their representatives to review the

incident, understand the root causes and identify

actionable improvements. This collaborative

approach ensures that the insights and feedback

from those directly affected are incorporated into

our performance tracking and target-setting

processes, leading to continuous improvement

inhealth and safety practices.

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ESRS S2 – Workers in the value chain continued

Social information

ESRS S3 –

Affected

communities

Strategy

SBM-3 Material impacts, risks and

opportunities and their interaction

with strategy and business model

S3.SBM-3_01_02_03_05_07

At CCHBC, we ensure that all affected

communities who could be materially impacted

byour operations, are included in the scope of

disclosure under ESRS 2. This includes addressing

impacts that are connected with our own

operations and value chain, including through

ourproducts or services, as well as through our

business relationships. Specifically, we report

onkey areas such as water and sanitation

andcommunity programmes (i.e.,

#YouthEmpoweredprogramme).

Types of affected communities

Affected communities are communities living

orworking around our operating sites, factories,

facilities (such as warehouses), or other physical

operations. Additionally, more distant communities

impacted by activities at these locations, including

those experiencing downstream water pollution

and scarcity, are also considered. Furthermore,

wesupport the broader community in the

countriesin which we operate through our

variouscommunity programmes.

In our operations, we have identified 19 water

priority locations, including Armenia, Bulgaria,

Cyprus, Greece, Italy and Nigeria. These areas

face specific stress factors, such as water scarcity,

lack of access to water and sanitation services,

and deteriorating water quality in the watersheds.

With our actions on water stewardship, we

consider not only the communities near our

operations (plants, warehouses), but also those

sharing a common watershed, such as farmers

and other water consumers.

Affected communities at greater risk

ofharm

Our comprehensive Source Water Vulnerability

Assessment undertaken by an independent

expert, andthe detailed Water Risk Assessment,

tookintoaccount the water as an end-to-end

processwhere all affected users upstream and

downstream are considered. Besides, within

theISO 46001 certifications, we also assess

theimpact on our stakeholders and implement

stakeholder engagement activities. No negative

impact has been identified.

Our positive impacts

Water and sanitation

In line with our Mission 2025, we are committed to

help secure water availability for the communities

and environment, specifically in those areas.

We protect the water resources supplying our

facilities, reduce the amount of water we use to

produce our soft drinks and treat wastewater to

levels that support aquatic life. We also partner

with suppliers to minimise our water footprint

across the value chain.

Addressing the water availability, we focus on

either water access initiatives or on replenishment

activities. For all these, we partner within the

Coca-Cola System, and with other companies

operating in the relevant watershed area and

international organisations.

In 2025, Europe faced an unprecedented series

ofsevere weather events, including devastating

wildfires in Greece, Cyprus and Bulgaria, and severe

flooding in Romania. These disasters destroyed

homes, disrupted local economies, andimpacted

thousands of lives. In response, theCCHBC

Foundation acted swiftly announcing grants

totalling €2.3 million to help local communities

rebuild and prepare for future risks.

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This support will deliver tangible benefits in the

following ways:

• Restoring native forests in fire-affected areas

ofPatras-Achaia, Greece, and the Troodos

Mountains in Cyprus.

• Equipping and training volunteer firefighters in

Bulgaria to boost local capacity and strengthen

community resilience.

• Supporting flood-affected families in Suceava

County, Romania, through relief, recovery,

andresilience interventions to restore shelter

and reduce future risk.

Our actions reflect a clear purpose, to stand

withcommunities in times of crisis and help

buildasafer, more sustainable future for all.

Access to education (#YouthEmpowered)

We remain focused on making a positive impact

on the local communities where we operate.

Through our flagship community programme,

#YouthEmpowered, we have supported young

people by equipping them with the skills,

experience and confidence necessary for success

By the end 2025, we had trained 1,283,244 young

people (excluding Egypt) since 2017, exceeding

our Mission 2025 goal of training one million

youngpeople. This achievement reflects our

commitment to creating opportunities and

building skills for a sustainable future.

This milestone reflects our dedication to

empowering youth and adapting to their evolving

needs. In 2023, we introduced #YouthEmpowered

2.0 – an enhanced model designed to deepen

impact and strengthen links to our business.

Thisnew chapter prepares young people for jobs,

and it equips them with the skills, confidence and

connections needed to build sustainable careers.

By the close of 2025, #YouthEmpowered 2.0 was

active in 15 markets. Here are just some of our

2025 #YouthEmpowered activities:

Greece: Tackling a critical skills gap in the

hospitality sector by equipping young people with

the capabilities needed to fill roles in an industry

eager for talent.

Romania: Preparing aspiring HoReCa

professionals by preparing youth for careers

inasector with growing demand, ensuring

theyhave the skills to succeed.

Italy: Delivering HoReCa masterclasses ahead

ofthe Olympics to prepare youth for the surge

inhospitality demand - helping them seize

opportunities on a global stage.

Egypt: Partnering with El Sewedy Technical

Academy to provide applied technical training

aligned with industry standards, offering

participants pathways to internships within

ourbusiness.

North Macedonia: Through the Skills for

Successprogramme, young people gain essential

employability and leadership skills. As part of

thesummer internship initiative, 20 participants

completed an intensive career-readiness course,

with two securing roles in our local business.

Nigeria: Advancing employability and

entrepreneurship through regional bootcamps

focused on hospitality, digital literacy and business

skills. This year, 10 participants secured

internships with NBC, while three start-up grants

worth 1 million Naira (€582) each were awarded to

transform innovative ideas into real businesses.

Impact, risk and

opportunity management

S3-1 Policies related to affected

communities

MDR-P_01-06 & S3-1_01

The relevant policy adopted to manage material

sustainability matters is the Water Stewardship

Policy. Besides, we have published a Donations

Policy and adopted a Human Rights Policy. For

more information regarding those policies, please

see ‘Policies Table’ on pages 78, 79 and 80.

S3-2 Processes for engaging with

affected communities

Please see the ‘Stakeholder Engagement’

section of the IAR, pages 12 to 15

S3-3 Processes to remediate

negative impacts and channels

foraffected communities to

raiseconcerns

S3-3_11-15

CCHBC provides clear and accessible channels for

affected communities to raise concerns, including

our confidential ’Speak Up’ line, which is available

toall internal and external stakeholders to report

potential breaches of our Code of Business

Conduct (COBC), Anti-bribery Policy, or Human

Rights Policy. Additionally, consumer care lines

arelisted on all product labels and featured on our

corporate and local unit websites, making it easy

forcommunity members and consumers to ask

questions or share concerns. We also connect with

stakeholders through organised events such as

annual forums and supplier sustainability meetings.

Tracking and monitoring of issues raised and

addressed and ensuring the effectiveness of

thechannels

Please see S1-3_01-02, 05-09 & S1-1_21

All signals and feedback received through these

channels are monitored by dedicated teams

toensure timely and professional responses.

Our Customer Care team plays a central role in

managing feedback received through consumer

care lines and digital platforms. They log and

acknowledge each query, assess and categorise

cases for appropriate routing, and collaborate

withrelevant departments to investigate and

resolve issues in line with Company policies.

Allinteractions are documented for traceability,

and the team reviews feedback trends to identify

recurring themes or emerging concerns.

Our confidential ’Speak Up’ line is operated by

anindependent external provider, while reports

are reviewed and monitored internally by our

Ethics & Compliance team, including those

responsible for the Code of Business Conduct

(COBC). All concerns raised have been handled

inaccordance withour policies and formal

procedures, ensuringconfidentiality, timely

investigation andappropriate resolution.

Feedback was provided to individuals who

raisedthe issues.

Assessing awareness and trust in structures

or processes as way to raise concerns

Communication channels are easily available

onour website and on the label of our products.

Protection of individuals against retaliation

Please see S1-3_01-02, 05-09 & S1-1_21

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Sustainability statement continued

ESRS S3 – Affected communities continued

S3-4 Taking action on material

impacts on affected communities,

and approaches to managing

material risks and pursuing material

opportunities related to affected

communities, and effectiveness

ofthose actions

S3.MDR-A_01-05 & S3-4_03_04

A summarised description of the action plans and

resources to manage our material impacts related

to affected communities in relation to material

sustainability matters we have identified is

presented below:

Water Stewardship Policy

Please see S3.SBM-3_01_02_03_05_07

The expected outcome of these actions is to

ensure good quality, safe water in sufficient

quantities, as well as access to clean water and

sanitation, which are essential to the health of

people and ecosystems and vital for sustaining

communities and supporting economic growth.

The implementation of actions described,

contributes to the achievement of policy

objectives to promote sustainable water

management by ensuring CCHBC’s water

usagealigns with the needs of local communities,

while supporting access to safe, high-quality

waterand adequate sanitation.

Scope of the key actions

We implemented Community WASH programmes

in water priority locations including the following

countries: Armenia, Bulgaria, Cyprus, Greece, Italy

and Nigeria.

Time horizons under which CCHBC intends

to complete each key action

Each water stewardship project is specifically

designed for the local water challenge and its

duration is a minimum of 10 years.

Quantitative and qualitative information

regarding the progress of key actions or

action plans disclosed in prior periods

Regarding Mission 2025 commitment ‘Help

secure water availability for all our communities

inwater risk locations’, we monitor our progress

using as a KPI the number of water risk locations

inwhich we secure water availability for all

ourcommunities.

Please see S3.MDR-T_01-09, 11, 12, 13

Additional actions with the primary purpose

of delivering positive impacts for affected

communities

In Nogara, Italy, a joint project by CCHBC Italy and

the Consorzio di Bonifica Veronese, started in

2024, will add up to 1.5 million m³ of water annually

to the local aquifer in the next years. In 2025, an

additional project for water saving and reuse was

completed within the framework of the Zero Drop

programme in Greece, implemented byCoca-Cola

Hellas and Coca-Cola HBC Greece, incooperation

with the international organisation Global Water

Partnership – Mediterranean (GWP-Med) and with

the support of The Coca-Cola Foundation. This

technical intervention upgraded the Schimatari

Water Treatment Plant (WTP), the largest water

treatment facility in the Municipality of Tanagra,

through the installation of an innovative system for

recirculation, treatment, and reuse of filter

backwash water. This is a project that delivers

multiple benefits for the residents, employees and

the wider community of Tanagra, e.g., water saving

covering the annual needs of approximately 6,500

people (with an average daily use of approximately

170 litres per person), reduction in energy

consumption by 7-10%, ensuring the quality of

drinking water, and strengthening the water

security of the Municipality.

These projects represent part of our ongoing efforts

to enhance our knowledge in managing water

programmes that deliver tangible benefits to local

communities. This also includes the Living Danube

Partnership, which operates across seven countries

along the Danube River where we are active.

Tracking and assessing the effectiveness

ofactions and initiatives in delivering

intended outcomes for affected communities

Water stewardship projects’ benefits are designed

to last atleast 10 years, and we measure the cubic

metres of water saved, the number of community

members who are benefitting, the number of

facilities for clean water or sanitation built, etc.

Within the local stakeholders’ engagement, we

receive feedback on the effectiveness of the

community project.

Donations Policy

Please see S3.SBM-3_01_02_03_05_07

The expected outcomes of these actions are

toenhance access to water, sanitation and

hygiene, support education initiatives and

createopportunities to empower young people,

drive job creation and advance corporate social

responsibility (CSR) efforts.

The implementation of the actions described

abovecontributes to the achievement of

policyobjectives to foster healthier, more

resilientand sustainable communities.

Scope of the key actions

All recipients of CCHBC donations must be

aregistered non-profit organisation, certified

school, hospital, or other academic or social

institution. We prefer organisations that:

• have long-term goals and objectives that are

publicly communicated;

• are committed to sustainable development;

• are renowned experts in the area for which the

donation is made;

• encourage stakeholder engagement and

volunteerism; and

• are transparent about their activities and report

on those publicly.

CCHBC will not make donations to:

• individuals or religious, political or legislative

organisations;

• organisations that discriminate on the basis

ofrace, colour, ethnicity, creed, religion, gender,

gender identity and/or expression, national

origin, citizenship, ancestry, sexual orientation,

age, pregnancy, disability or political affiliation;

• organisations that do not fully respect human

rights asper the UN Guiding Principles on

Business andHuman Rights and the resolutions

ofInternational Labour Organization

(ILO)Conventions;

• organisations that are directly involved in

gambling, armaments, tobacco and recreational

or illegal drugs, with the exception of those

organisations specifically dedicated to tackling

addiction or drug abuse;

• professional local sports, family reunions,

beautycontests or commercial shows;

• organisations that conflict with

CCHBC’sbusiness principles and

CodeofBusiness Conduct;

• projects with a detrimental effect on

theenvironment or biodiversity;

• entities without good standing and

acleanrecord with authorities;

• projects that create the appearance

ofabribe,kickback, other corrupt practice,

orprojects that require any confidentiality about

the contribution.

All donations are made at the discretion

ofCCHBC. CCHBC reserves the right to

denyanyrequest for support.

Time horizons under which CCHBC intends

to complete each key action

All of the targets we set are disaggregated into

annual roadmaps and our regular performance

review is two-fold: a) vs the annual roadmap, and b)

vs the direction of the target year. In this way, we

can set actions and correct course if needed.

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Sustainability statement continued

ESRS S3 – Affected communities continued

Quantitative and qualitative information

regarding the progress of key actions or

action plans disclosed in prior periods

Regarding our Mission 2025 commitment

‘#YouthEmpowered – train one million young

people cumulatively’, we monitor our progress

using as a KPI the number of young people

trainedcumulatively since 2017.

Please see S3.MDR-T_01-09, 11-13

Tracking and assessing the effectiveness of

actions and initiatives in delivering intended

outcomes for affected communities

In 2024, we piloted a Social Return on Investment

(SROI) assessment to strengthen how we evaluate

impact. Building on these insights, we began

developing a comprehensive Social Impact

Measurement Framework in 2025.

This framework will shape our approach by

combining quantitative indicators with qualitative

insights and assessing the effectiveness of our

strategic partnerships and programmes. Together,

these measures will enable us to determine

whether our initiatives are achieving their intended

outcomes and delivering meaningful benefits to

the communities we serve.

S3.MDR-A_06-12 & S3-4_12

As part of our commitment to sustainability,

weremain focused on creating positive impact

inthe local communities where we operate. Each

of our markets allocates community budgets

tolocally relevant initiatives that align with our

programme priorities and address the specific

needs of the community. In 2025, our community

investments totalled €8.04 million (excluding

contributions from the Ukrainian Solidarity Fund

and CCHBC Foundation). Of this amount, more

than €1.5 million was directly invested in our

#YouthEmpowered programme, supporting

young people with skills and opportunities for

abrighter future. For our water and sanitation

initiatives, funding is primarily driven through the

CCHBC Foundation, providing strategic support

tailored to meet critical needs.

Table 47: List of targets

Name of the target

Description of the

relationship between

target and policy Performance 2025

Target Application period Scope of target

Level Absolute/ Relative Unit Time - Period

Milestones/ Interim

Target s Activities Value Chain Segment

Geographical

boundaries

MDR-T_ 01 MD R-T_13 MD R-T_ 02 M D R-T_ 03 MDR-T_ 03 M D R-T_ 07 MDR-T_ 0 8 MDR-T_ 04

Help secure water availability

for all our communities in

water risk locations

Water

Stewardship

Policy

(16 in 2024)

19 Absolute # 2025 n/a n/a

All Group

(except Egypt)

#YouthEmpowered – train one

million young people

cumulatively

Donations

Policy

1,283,244

(1,119,850 in 2024)

1 million Absolute # 2025 n/a n/a

All Group

(exceptEgypt)

The Group’s treasury strategy ensures the

availability of financial resources to support,

among others, sustainability-related actions

across all key areas. By leveraging a diversified

range of financing mechanisms, we can address

both current and future priorities effectively.

Our accounting system does not separately

classify sustainability-related costs, as these are

reported in accordance with the general financial

reporting principles. The Opex mentioned above

is reflected in our financial statements, as part

ofthe overall amounts reported in the income

statement, confirming our commitment to the

#YouthEmpowered programme.

Metrics and targets

S3-5 Targets related to managing

material negative impacts, advancing

positive impacts, and managing

material risks and opportunities

S3.MDR-T_01-09, 11-13

A summarised description of the targets to

manage our material impacts related to affected

communities is presented below:

Water and sanitation

We set the target of helping secure water

availability for our communities in water risk areas

where we operate (19 water priority locations

across seven countries) by 2025 to meet our

policyobjective.

Access to education (#YouthEmpowered)

We have set a target to train young people, in

connection with our Donations Policy, which aims

to create value for youth people by supporting

their socio-economic development. The year to

which all targets apply is 2025 and the target is

cumulative, 2017-2025. Our targets are intrinsic

and they are not compared to any baseline. 2017

isthe year we set the targets.

Every sustainability target has its annual roadmap

for all the years until the target year is reached and

we follow it for our business planning purposes for

each respective year.

Upstream Own Operations Downstream

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ESRS S3 – Affected communities continued

S3.MDR-T_11

Please see ‘Stakeholder Engagement’

section on pages 12 to 15

S3.MDR-T_ 09

Methodologies and assumptions for defining

targets

Our targets align with national, EU, and

international policy goals, ensuring that our

practices support broader sustainability

objectives and consider the local contexts of our

operations.

S3.MDR-T_12

Changes in methodologies and assumptions

for defining targets

No changes in the targets and calculations

compared to the previous year.

S3.MDR-T_13

Performance against disclosed targets

Specifically, regarding #YouthEmpowered,

thenumber ofyoung people through

#YouthEmpowered ismeasured, monitored

andreported monthly atalocal/market or

business unit level. Water stewardship projects

arereported quarterly.

How targets are monitored and reviewed

We have specialised software for each of our

sustainability goals/targets, and we report monthly

the actual performance and status (if weare on

track, lagging or partly on track) to the members

ofthe ELT who are accountable for the respective

KPIs. Quarterly, the performance is reported to

theSocial Responsibility Committee of the Board

of Directors. For each target, we apply a consistent

process that includes setting annual milestones

upto the target year (annual roadmaps), monthly

reporting of actuals, monthly performance review

with actions set by each owner, quarterly reporting

to the Social Responsibility Committee, and annual

disclosure in the IAR and on the website.

S3-5_01-03

Affected communities engaged directly

insetting targets

In setting our targets, we actively engage with

affected communities through direct consultations

and discussions with their representatives, who

have deep insights into the situations of these

communities. This engagement ensures that

ourtargets, in area such as water replenishment

and providing training to youth and community

members, are aligned with the actual needs and

expectations of the affected communities. For

example, for our water stewardship projects in

Greece and Italy, we engaged with farmers in order

to set the intervention that would help in their water

agenda. For water and waste projects in Cyprus, we

engaged with hotel owners to understand how

best to contribute to their environmental goals.

Affected communities engaged directly

intracking performance against targets

We conduct regular performance reviews for

eachof the KPIs related to our engagement with

affected communities. These reviews include input

from various levels of our organisation as well as

feedback from the affected communities. We

ensure that community feedback is incorporated

into our performance tracking processes. For

example, we communicate our #YouthEmpowered

targets and results to community members

through local meetings and public forums. This

transparency allows us to maintain accountability

and continuously improve our performance in

collaboration with the communities we impact.

Affected communities directly in identifying

any lessons or improvements as a result of

CCHBC’s performance

We have established regular lessons learned

sessions that include input from affected

communities. During these sessions, we review

significant projects, discussing the outcomes and

areas for improvement with community members.

This collaborative approach ensures that the

lessons learned are relevant and actionable for

both our organisation and the communities.

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ESRS S3 – Affected communities continued

Social information

ESRS S4 –

Consumers and

end-users

Strategy

SBM-3 Impacts, risks and

opportunities and their interaction

with strategy and business model

S4.SBM-3_01-05

At CCHBC, we are committed to ensuring that

allconsumers and/or end users who may be

affected by our operations, value chain, products

and services, and business relationships are

included in the scope of our disclosures under

ESRS 2. While access to products and services,

health and safety, responsible marketing practices

and quality information werenot identified as

material, we recognise the importance of

transparency and accountability inall aspects of

our business. In the process of stakeholder

engagement and as an output of our stakeholders’

interviews, the topic of health and nutrition has

been deemed as area of interest. Investors and

ESG raters also consider health and nutrition, as

one of the main future risks for the soft drinks

industry. In relation to the nutrition and

consumers’ health and safety, we voluntarily

disclosed responsible marketing practices, access

to (quality) information, and access to products

and services as those are indirectly linked to the

consumers’ health and safety.

Types of consumers and end-users

The types of consumers and/or end users include

persons who drink CCHBC products. As a part of

the Coca-Cola System, we have long believed in the

importance of providing people with clear, simple

and meaningful front-of-pack information that

canhelp support healthier and more informed

foodchoices, in line with national regulatory

requirements in the markets where we sell our

products. We support the recommendation of

leading health authorities that individuals should

consume no more than 10% of their total daily

calories from added sugar. The printed packs and

labels of our drinks have calorie information and

back-of-pack nutrition information with Guideline

Daily Amounts (GDA) in the EU (as required by law).

This legal requirement complements our own

voluntary initiatives to provide transparent

andaccessible nutritional information to our

consumers. We also voluntarily add front-of-pack

traffic-light labels on our core sparkling drinks in

22 markets, which outline whether a food has high,

medium or low amounts of fat, saturated fat,

sugars and salt per 100ml through a colour

schemeof red, amber and green. It also includes

the number of calories and kilojoules per product.

Wefully comply with the labelling regulations of the

country in which we operate. Labelling regulations

require a full list of ingredients, including additives

and allergenic ingredients to be labelled for

consumer safety and transparency. In Europe,

wefully comply with the Food Information to

Consumers Regulation (1169/2011) which sets out

a uniform set of rules as to how the list of

ingredients must be presented on the packaging.

In markets where relevant regulations do not exist,

nutrition information is provided in line with the

Codex Guidelines on Nutrition Labelling. Nutrition

information is displayed on most of our product

labels, except for certain returnable bottles,

fountain beverages, alcoholic ready-to-drink

beverages, and unsweetened, unflavoured waters.

We are committed to not marketing any of our

drinks directly to children under 13, with an

audience threshold of 30%, in any channel or

communications and do not allow any marketing

oradvertising in schools. We do not offer any soft

drinks in primary schools. In secondary schools

across the EU and Switzerland, we actively support

healthier choices by providing only low- and

no-calorie beverages in unbranded vending

machines, in full alignment with UNESDA’s

SoftDrinks Europe school commitments.

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Sustainability statement continued

Key outcomes

We have no widespread or systemic material

negative impacts on consumers and/or end-users

in contexts where we operate. In 2025, no any

product quality incident resulting in a product

recall and no product withdrawal from the market

was reported. We received 26 minor notices of

violations related to quality, with the total amount

of €2.91k in fines paid. In 2025, we recorded full

compliance with our Responsible Marketing

Policies across all our business units.

Our contribution

Health and food safety

At CCHBC, we have implemented several

initiatives to ensure the health and safety of our

consumers. We have a continuous process to

evaluate and assess product- and process-related

food safety risks, ensuring food safety through

relevant prerequisite programmes, such as

HACCP and allergen management. This process

applies to all our products and services. The

programmes are regularly reviewed, updated and

audited internally and externally. All (100%) of our

manufacturing bottling sites, representing 100%

of our production volume, are certified according

to the Food Safety System Certification (FSSC)

22000 scheme, recognised under the Global

FoodSafety Initiative framework. Also, 100% of all

our direct operations are covered by the internal

Quality and Food Safety audit process to ensure

full compliance with the local health and safety,

and food safety standards, and our stringent

internal requirements. All (100%) of our business

units are covered by the internal quality and

foodsafety management system, including

manufacturing plants, offices, sales offices,

ourown distribution centres and warehouses,

thecontractors working in our premises and

third-party contractors. When a new product

islaunched, the product sheet comes with

adetailed risk assessment, and it is also

integratedin the food safety programmes.

Access to (quality) information

At CCHBC, we are committed to providing clear

and transparent information to help consumers

make informed choices about what they drink. We

ensure that key nutritional information is available

and visible on the front-of-pack labels of our

bottles and cans. These labels include the

Guideline Daily Amount (GDA information, which

provides at-a-glance details on calories, sugar, fat,

saturated fat and salt content). Additionally, we

have introduced traffic-light labels, as previously

mentioned, promoting informed choices. In both

2024 and 2025, as required by law in the EU, the

printed packs and labels of our drinks included

calorie information along with back-of-pack

nutrition information with GDA details.

Furthermore, we provide product storage

instructions and freshness rules to customers,

aswell as best before dates to consumers. This

helps ensure that our products are consumed at

their best quality. We also offer different serving

sizes for our products to fit the needs of

consumers, allowing them to manage their intake

more effectively. As mentioned earlier, in markets

without specific regulations, we follow the Codex

Guidelines on Nutrition Labelling. Most product

labels include nutrition information, excluding

certain returnable bottles, fountain beverages,

alcoholic ready-to-drink beverages, FINLANDIA

Vodka, and unsweetened, unflavoured waters.

Access to products and services

At CCHBC, we are dedicated to ensuring that

ourproducts are accessible to a wide range of

consumers with diverse tastes and preferences.

Our 24/7 product portfolio caters to these

varyingpreferences, and we continually innovate,

especially in low- and no-sugar variants, to lead

the sector and provide choices that meet the

needs of our consumers. We are committed

toevolving our portfolio to address changing

consumer moments and have invested further

indigital and e-commerce platforms to meet

newshopper needs. To accommodate different

consumer needs, we provide different serving

sizes for our products, allowing consumers to

manage their intake more effectively. Additionally,

we collaborate with customers, NGOs, and peers

using alternative channels, such as food banks or

markets, to redirect surplus products to support

people in need.

Responsible marketing practices

At CCHBC, in line with our strategic partners at

TCCC, we shape our portfolio through constant

innovation, reformulation, and education. We

provide a wider choice of great-tasting drinks,

including zero- and low-sugar beverages, clear

nutrition information, and small packs for portion

control. Our commitment to responsible

marketing ensures that we conduct business the

right way. For more information, please refer to

pages 18 to 20 of the Strategic Report, ‘Leverage

our unique 24/7 portfolio’ section. We adhere to

TCCC’s Global Responsible Marketing Policy,

which includes its Global School Beverage Policy

and Global Responsible Alcohol Marketing Policy.

Furthermore, we are committed to implementing

the Union of European Soft Drinks Associations

(UNESDA) responsible marketing and school

salespledges, as well as the equivalent industry

commitments of the International Council

ofBeverages Association (ICBA). These

commitments reinforce our dedication to

responsible marketing practices and ensure that

our marketing efforts are conducted in a manner

that is ethical and respectful of all consumers.

S4.SBM-3_07

Health and safety considerations for specific

types of consumers and end-users

Please see ‘Our contribution’

CCHBC recognises the importance of addressing

health product considerations for specific types

ofconsumers and end-users. As less added sugar

is important to specific consumers, such as

individuals with dietary restrictions and health

conditions, and children, we are taking actions

across our products to meet consumer needs. We

continue to expand the sales of low- or no-calorie

beverages in our portfolio and make smaller

packages more available to help enable portion

control. By implementing targeted marketing

strategies, providing clear nutritional information,

and promoting responsible consumption, we

ensure that our products are enjoyed by all

consumers. Continuous engagement with

stakeholders will further enhance our

understanding of consumer needs and help

ustoadapt our practices accordingly.

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ESRS S4 – Consumers and end-users continued

Impact, risk and

opportunity management

S4-1 Policies related to consumers

and end-users

S4-1_01

The relevant policies adopted to manage material

sustainability matters are our Health and Wellness

Policy, Quality and Food safety Policy and

Responsible Marketing Policy for Alcoholic

Beverages. These policies cover all consumers

andend-users of CCHBC and are disclosed in S4.

MDR-P_01-06 & S4-1_01. In addition, we have

adopted a Human Right Policy.

For more information about policies, please

see ‘Consolidated Policies Table‘ on p. 81

MDR-P_01-06

The company’s Food policies related to consumers

and end-users cover all types of consumers and

end-users.

For more information about policies related

to consumers and end-users please see

‘Consolidated Policies Table‘ on p. 81

S4-3 Processes to remediate

negative output and channels

forconsumers and end-users

toraiseconcerns

S4-3_01-06

Channels to raise concerns and general

approach and processes for providing

orcontributing to remedy

CCHBC has established dedicated hotlines

forconsumers’ concerns, with no limitations,

including complaints, available in each country

where we operate and available on the labels of

each of our products. These hotlines allow

consumers to provide feedback and report issues

directly. Insome of our markets, CCHBC was the

first company to launch such a line. Our website

contains contact information and consumers may

approach us via social media as well. In case of any

food safety incident with consumers, as part of

our quality and food safety, and risk procedures,

weprovide the needed support to the consumer.

Tracking and monitoring issues raised

andensuring effectiveness of channels

Please see S4.SBM-3_01-05, S4-3_01-06

and ‘Stakeholder engagement’ section

At CCHBC, we have fostered a culture that

prioritises Quality and Food Safety, while always

focusing on our consumers. We monitor and report

every consumer complaint received through every

available channel. Following this, we perform root

cause analysis and take all necessary measures to

ensure product safety, prevent quality incidents

and eliminate defects through robust analytical

governance and strong capabilities.

Regarding the consumer line, all signals and

feedback provided through this and via our

website are monitored. We utilise advanced

monitoring tools to track mentions and

comments in real-time and assign dedicated team

members to handle feedback, ensuring timely and

professional responses. In addition, we analyse

feedback to identify trends and common issues,

allowing for continuous improvement. In the event

of any complaints, each one is treated with the

utmost seriousness. While we currently do not

have any significant complaints, we are fully

prepared to handle them effectively should they

arise. Each complaint is investigated thoroughly,

and we implement necessary actions to resolve

the issue. All consumer complaints or queries

through our social media are directed to the

appropriate point of contact in the specific region.

Our social media accounts are monitored Monday

to Friday, and we have clearly sign-posted contact

information on our website to support those who

want to get in touch. You can find the list here:

https://www.coca-colahellenic.com/en/contact-

us. If needed, we provide remedies such as

replacement products to ensure consumer

satisfaction. Engaging with consumers and

implementing changes based on their input,

demonstrates a commitment to customer

satisfaction and fosters positive relationships.

The effectiveness of our grievance mechanisms

isreviewed by the Internal Audit department,

which assesses whether mitigation has been

effective and whether grievances have been

addressed. Additionally, the effectiveness of our

grievance mechanisms and the outcomes of Food

safety audits are evaluated to ensure compliance

and continuous improvement in our processes.

We continuously review our complaint

management processes to improve their

effectiveness and ensure they meet our quality

standards. Our focus on consumer feedback

demonstrates our commitment to addressing

concerns and supporting those affected by

anyissues.

Consumer perspectives and engagement

indecision making

While CCHBC collects consumer complaints,

itisimportant to note that any changes regarding

products are managed by TCCC. We facilitate the

collection of feedback, but TCCC is responsible

foraddressing this, e.g., product-related issues.

Furthermore, we actively monitor feedback through

our website and social media channels, ensuring

thatconsumer needs are addressed promptly.

Support for feedback channels in business

relationships

CCHBC encourages the establishment of

effective feedback channels among our suppliers

and partners. We provide guidelines to help them

develop mechanisms that allow consumers to

raise concerns.

Assessing awareness and trust in structures

or processes as way to raise concerns &

protection against retaliation for feedback

Consumer sensitivity remained in 2025, and

werecorded a slight increase in our consumer

complaint rate, from 0.16 in 2024 to 0.17 per million

containers (i.e., individual bottles, cans, andcarton

bricks) sold in 2025. When a consumer complaint

isreceived, we perform thorough root cause

analysis and we resolve it promptly and fairly,

givingfeedback to consumer and often providing

areplacement product. This approach ensures

consumers feel heard and trust our processes,

withno retaliation for raising concerns. We continue

to improve and modernise our manufacturing

processes, focusing on productquality, safety

andintegrity, to maintainconsumer trust.

S4-4 Taking action on consumers

and end-users’ topic of interest,

andapproaches to managing it,

andeffectiveness of those actions

S4.MDR-A_01-05 & S4-4_03

A summarised description of the action plans

andresources to manage our key priorities

relatedtoconsumers and end-users in relation

tosustainability matters we have identified is

presented below. The actions are continuous

(withan annual rolling base) and 2025 status

isasper the plan.

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ESRS S4 – Consumers and end-users continued

S4.MDR-A_01

Key actions and future plans for policy implementation: Health & Wellness Policy, Quality & Food Safety Policy, and Responsible Marketing Policy for Alcoholic Beverages

Table 48: Key actions (existing and planned) in relation to consumers and end-users

List of actions

Time horizon

(MDR-A_03)

Expected outcome

Relation to policy objectives / targets (where

relevant)

Scope of action

(MDR-A_02)

Current Planned Activities Value chain segment

Geographical

boundaries

Affected

stakeholders

Continuous evaluation/

assessment of product-

and process-related food

safety risks

Yes Continuous Ensure food

safety and

eliminate any

potential food

safety risk

Assure consumers and customers

food safety through relevant

prerequisite programmes;

manufacture and deliver products

that meet the highest quality and

food safety standards.

62 out of 62 manufacturing sites (both beverages and

snacks), representing 100% of production volume, are

certified according to Food Safety System Certification

(FSSC) 22000 scheme, which is recognised under the

Global Food Safety Initiative framework.

All our markets Consumers,

customers,

suppliers,

own employees

Clear and transparent

nutrition information

Yes Continuous Increased

consumer trust;

help consumers

make well-

informed choices

CCHBC is committed to responsible

communication about its products

andto promoting clear, user-friendly

front-of-pack nutritional labelling,

together with nutrition programmes and

supporting materials, to help consumers

make well-informed choices.

Provide clear and transparent nutrition information

aboutwhat’s inside our drinks, such as the Guideline

DailyAmount (GDA) and traffic-light labels on our

coresparkling drinks in 22 markets; support the

recommendation of leading health authorities that

individuals should consume no more than 10% of

theirtotal daily calories from added sugar.

(Marketing and

Labelling)

22 markets Consumers

Consumer feedback

mechanisms

Yes Continuous Better consumer

engagement

Collect and address consumer

feedback.

Consumers provide feedback on social media, via

consumer hotlines, via official TCCC website and

indirectly via customers.

(Customer

Service)

All our markets Consumers,

customers

Evolve product portfolio Yes Continuous Address the

emerging

consumer trends

Providing a broad choice of beverages

and helping consumers to manage

their calories intake.

Address changing consumer

moments.

Providing low- and no-calorie beverages, reformulation

of our beverages, expanding portfolio to more natural

and with functional benefits drinks; to help people better

manage their sugar intake from our drinks, we are taking

actions. These include reducing sugar in our beverages,

innovating new low- and no-sugar drinks, offering small

packs for portion control and promoting our low- and

no-sugar beverage choices.

(Product

Development)

All our markets Consumers,

communities

Provide appropriate

portion sizes

Yes Continuous Help consumers

manage their

intake of calories;

consumer choice

and customer

preference

Provide an appropriate choice of

portion sizes so as to help consumers

manage their intake of calories.

Provide appropriate portion sizes to manage

calorieintake.

(Product

Development)

All our markets Consumers

Responsible marketing

policies, including school

beverage policy and

responsible marketing

policy for alcoholic

beverages

Yes Continuous Increased

consumer trust

The effective marketing of ourbrands

is a core driver for our business, and

we take steps to ensure that our

marketing is not only effective but

responsible and reasonable.

Adhere to responsible marketing policies. We don’t do

marketing for any of our drinks directly to children under

13, with a 30% audience threshold, in any channel or

communication and do not allow any marketing or

advertising in schools. We do not offer any soft drinks

inprimary schools.

We also promote responsible consumption

ofalcoholicbeverages in our portfolio, reflected

inthewaywe advertise and communicate about them,

inaccordance with local laws, our applicable policy

andindustry standards.

(Marketing and

Sales)

All our markets Consumers,

communities

Upstream Own Operations Downstream

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ESRS S4 – Consumers and end-users continued

List of actions

Time horizon

(MDR-A_03)

Expected outcome

Relation to policy objectives / targets (where

relevant)

Scope of action

(MDR-A_02)

Current Planned Activities Value chain segment

Geographical

boundaries

Affected

stakeholders

Adhere to the European

Soft Drinks Association

(UNESDA) commitments

topromoting balance diet

Yes Continuous Improved

consumer trust;

contribution to

the EU objectives

for a more

sustainable

foodsystem

CCHBC is a founding signatory of

theUNESDA Commitments, a set

ofvoluntary industry obligations that

address consumer information and

education, healthy lifestyles and physical

activity, advertising, beverage choice

and research in the European Union.

We will continue to promote low-

andno-calorie beverages.

Responsible advertising: not to market or advertise

anysoft drinks to children under 13, with a 30% audience

threshold across all media; Do not sell any soft drinks

inprimary schools (through direct distribution), the

onlysoft drinks we sell in EU secondary schools are

low- and no-calorie (through direct distribution) and

onlyinnon-branded (no logo) vending machines.

UNESDA markets Consumers,

communities

Implement statistical

process control on the

mainquality parameters

inmanufacturing sites

Yes Continuous Ensure product

quality and food

safety; proactive

prevention of any

deviation from

quality parameters

Manufacture and deliver products

that meet the highest quality and

food safety standards, assuring

product and process integrity.

Investing in technologies that monitor, record and analyse

specific manufacturing parameters that are important for

product quality; training of the employees in the plants to

use this statistical control.

Manufacturing

All countries

ofoperation

Own employees,

customers,

consumers

Capability building;

implement training

programmes across

different layers and

functions in the

organisation

Yes Continuous Make sure every

person in the

organisation

understands and

follows high quality

standards so as to

assure product

quality and safety

and thus consumer

preference

Ensure a sustainable quality

andfoodsafety culture.

Build a quality and food safety

capability, mindset and culture.

Develop and perform different quality training across

organisations based on the specific roles: advanced

microbiological training, Supply Chain Academy with

manymodules on quality/food safety, specific packaging

oringredient related trainings with suppliers, Quality

&Food Safety in Sales Academy.

All countries

ofoperation

Own employees

Conduct internal audits Yes Continuous Ensure

continuous

improvement and

compliance with

all requirements

and our internal

quality standards

Validate the effectiveness

ofthequality and food safety

management systems.

Perform validation and continuously improve the effectiveness

of the quality and food safety management systems through

internal audit processes: (Global Audit Organisation by TCCC

audits; Corporate Audit Organisation (CAD) department audits,

Engineering audits for equipment and facilities for internal

standards compliance, QSE-Manufacturing Excellence

assessments ensuring QSE standards, requirements and

best practices are incorporated in plant routines).

All countries

ofoperation

Own employees,

consumers

Apply risk assessment

methodology across our

plants and suppliers

Yes Continuous Manage effectively

food safety risks.

Apply a risk assessment methodology. Conduct risk assessments and implement risk mitigation

actions and strategies.

All countries

ofoperation

andsupply

Consumers,

own employees,

suppliers

Review quality and food

safety policies

Yes Continuous Ensure continuous

improvement and

compliance with

allrequirements

Continually review quality

andfoodsafety policies,

standardsandprocedures

andimplement improvements.

Monitor the external trends and CCHBC performance,

andregularly review and update policies, standards

andprocedures.

All countries

ofoperation

andsupply

Consumers,

own employees,

suppliers

Integrate quality and food

safety in business planning

Yes Continuous Ensure continuous

improvement and

compliance with

allrequirements

Include quality and food safety

strategies in the annual business

planning process.

Integrate quality and food safety strategies into business

planning to ensure that food safety and quality remain an

integral part of operations.

All countries

ofoperation

Consumers,

own employees

Upstream Own Operations Downstream

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ESRS S4 – Consumers and end-users continued

List of actions

Time horizon

(MDR-A_03)

Expected outcome

Relation to policy objectives / targets (where

relevant)

Scope of action

(MDR-A_02)

Current Planned Activities Value chain segment

Geographical

boundaries

Affected

stakeholders

Set annual quality and food

safety objectives

Yes Continuous Ensure continuous

improvement and

compliance with

allrequirements

Set annual measurable quality and food

safety objectives and targets, monitor

their progress and perform corrective

actions in case of deviation.

Establish and monitor quality and food safety objectives.

All countries of

operation

Consumers,

own employees

Perform annual quality and

food safety awareness

campaigns for employees

Yes Continuous Increase

employees’

knowledge

andawareness

Build a quality and food safety culture,

increase awareness, manage risk and

drive quality excellence.

Regularly perform quality and food safety awareness

campaigns (World Food Safety Day and World Quality

Week) focusing on different topics and by using different

communication channels.

All countries of

operation

Own employees

S4.MDR-A_02

Disclosure requirements for policy

implementation and key actions

Please see S4.MDR-P_01, 04, 06 & S4-1_01

S4.MDR-A_03

Time horizons for key actions

Majority of the actions are ongoing and

continuous in order to improve our performance

every year and reach our rolling targets.

S4.MDR-A_04 & S4-4_02

Key actions and results for supporting

remedies

Please see S4-3_01-06

S4.MDR-A_05

Quantitative and qualitative information

regarding the progress of actions or action

plans disclosed in prior periods

Regarding our ultimate goal to assure high-quality

products and continuously improve our quality

results, we monitor our progress using KPIs as

presented in the table below.

Table 49: Progress of actions disclosed in

prior periods including KPIs

KPI

2024

result

2025

goal

2025

result

2026

goal

Number of consumer

complaints per million

bottles sold 0.16 0.13 0.17 0.15

S4.MDR-A_06_07_12

As part of our ongoing commitment to

sustainability and consumer satisfaction, we

continuously invest in enhancing the quality and

safety of our products. Although there is no

significant Opex or Capex to disclose, we focus on

allocating resources to ensure our products meet

the highest standards. This includes efforts in

quality control systems and customer service.

Our efforts are supported by our Group’s

treasurystrategy, which ensures the availability

offinancial resources to support these initiatives.

By leveraging a diversified range of financing

mechanisms, we can address both current and

future priorities effectively, ensuring that our

products continue to meet the evolving needs

andexpectations of our consumers.

S4-4_12

Resources allocated to the management of our

output with information that enables users

togain an understanding of how these impacts

were managed

In every manufacturing site and in every business

unit, we have a dedicated Quality and Food Safety

Manager, who is part of the Supply Chain function,

in the QSE department. At Group level, the Head

of Quality reports to the Head of QSE. Each

business plan allocates Capex and Opex for quality

and food safety in each business unit.

Responsible marketing is managed by our

Commercial team, with support from the

Corporate Affairs and Sustainability function

through the Market Regulation Manager. This

structure ensures that we have the necessary

resources and expertise to effectively manage

ourkey priorities on quality, food safety and

responsible marketing.

S4-4_01-07

Please see S4.MDR-A_01-05 & S4-4_03

Additional actions with the primary purpose

of delivering positive output for consumers

and/or end-users

No additional actions were implemented during

the reporting year.

Upstream Own Operations Downstream

To track and assess the effectiveness of our

actions and initiatives in delivering intended

outcomes for consumers and/or end-users,

weemploy several methods:

• We monitor the results, findings and actions

from all different audits on quality and food

safety performed in our manufacturing sites and

distribution centres: by an independent auditor

(ISO 9001, FSSC 22000); by TCCC Global Audit;

and by the internal x-boarder audits.

• We monitor the results from school sales reports

provided by our commercial function per country on

a quarterly basis. On top, once every year, all business

units provide written statements of compliance

through the business unit General Manager.

• We track our sustainability performance with

thetop 10 ESG raters, including S&P Global

(DowJones Best-in-Class), CDP, MSCI ESG

andISS ESG. Our 2025 rating ranks among the

leading scores within the beverage industry.

• We also have specific reputational metrics where

we survey how different environmental, social

orgovernance topics are perceived by our

consumers and we use customer satisfaction

survey where questions on our sustainability

approach are also asked.

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Sustainability statement continued

ESRS S4 – Consumers and end-users continued

Processes to identify needed actions

inresponse to negative impacts

We identify the actions based on the risk analysis

on quality and food safety (HACCP), based on the

findings from all audits performed.

S4-4_10

Our approach when tensions arise between

the prevention or mitigation of negative

impacts and other business pressures

As a beverage producer, consumers’ safety

andproviding high-quality products is our main

priority. We take all measures across the entire

value chain, starting from requirements for

suppliers, through requirements and standards

inmanufacturing, storage, transportation,

distribution, to the end-point of selling. If any

tensions arise between preventing negative

impacts and other business pressures, we

prioritise consumer safety and product integrity.

We maintain rigorous quality and food safety

standards and procedures and follow our strict

responsible marketing practices.

Metrics and targets

S4-5 Targets related to managing negative impacts, advancing positive impacts, and managing risks and opportunities

S4.MDR-T_01-13

A summarised description of the targets to manage our key priorities related to consumers and end-users is presented below.

S4.MDR-T_01- 0 8

As part of our Mission 2025 goals, we have a target related to calories decrease. We have also set annual rolling targets related to consumers and end-users.

Those rolling targets are set at Group level and at local business unit level, and the actuals are reported and monitored via a specialised reporting software.

Table 50: List of targets

Name of

thetarget

Description of

the relationship

between target

and policy

Target Baseline data Application period Scope of target

Level

Absolute/

Relative Performance

Baseline

value

Baseline

year Time – period

Milestones/

Interim targets Activities

Value chain

segment

Geographical

boundaries

MDR-T_ 01 MDR-T_ 02 M DR-T_ 03 M DR-T_13 M DR-T_ 05 MD R-T_ 0 6 M D R-T_ 07 MD R-T_ 08 MDR-T_ 04

Reduce

calories in

sparkling

softdrinks

Health &

Wellness

Policy

25%

reduction Relative

19% reduction

(target not achieved;

18% in 2024) 0% 2015 2025 n/a n/a All Group

S4.MDR-T_09

Methodologies and assumptions for

definingtargets

No assumptions are used for targets related

tothe consumers and end-users.

S4.MDR-T_11

Please see ‘Stakeholders Engagement‘

onpages 12 to 15

S4.MDR-T_12

Changes in targets and corresponding metrics,

or methodologies, assumptions, limitations,

sources and adopted processes used

Please see S1-MDR-T_12

S4.MDR-T_13

Performance against disclosed targets

To reach our commitment, we focus on growing

zero formulations such as Coca-Cola Zero Sugar,

Zero Caffeine and new flavour creations within the

Fanta and Schweppes brands.

How targets are monitored and reviewed

Please see S1.MDR-T_13

S4-5_01_02_03

Target-setting process and engagement

with consumers and end-users

In setting our targets for access to products and

services, consumers’ safety, responsible marketing

practices, and access to quality information, we

engage with consumers and end-users through

their legitimate representatives and credible

proxies who have insight into their situation. This

engagement ensures that our targets are aligned

with the actual needs and expectations of the

consumers and end-users. We also consider

bestpractices in the industry and globally via

ourmembership in industry associations.

Tracking CCHBC’s performance

We prioritise effective performance tracking to

enhance our engagement with consumers and

end-users. Our approach involves setting clear

KPIs and regularly assessing our progress (e.g.,

consumer complaints). We gather insights from

various teams within our organisation and actively

seek consumer feedback. This information helps

us refine our strategies and communicate our

nutrition and product quality initiatives effectively

through channels such as surveys and social

media.

S4-5_03

Lessons learned or improvements as a result

of CCHBC’s performance

In identifying lessons or improvements as a result

ofour performance, each significant consumer

complaint or incident is followed by a lessons

learned session with the respective stakeholders.

These sessions involve discussions with consumers

and their representatives to review the incident,

understand the root causes and identify actionable

improvements. This collaborative approach ensures

that the insights and feedback from those directly

affected are incorporated into our performance

tracking and target-setting processes, leading

tocontinuous improvement in our practices.

Upstream Own Operations Downstream

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Sustainability statement continued

ESRS S4 – Consumers and end-users continued

IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s

sustainability statement

IRO-2_01

Disclosure Requirement

Location in the sustainability

statement (page)

E1-7 GHG removals and GHG mitigation projects financed through

carboncredits

p. 103

E1-8 Internal carbon pricing

p. 103

Ε2-1 Policies related to pollution

p. 104

Ε2-2 Actions and resources related to pollution

p. 105

Ε2-3 Targets related to pollution

p. 106

E3-1 Policies related to water and marine resources

p. 107

E3-2 Actions and resources related to water and marine resources

p. 108

E3-3 Targets related to water and marine resources

p. 113

E3-4 Water consumption

p. 116

E4.SBM-3 Material impacts, risks and opportunities and their interaction with

strategy and business model

p. 117

E4-1 Transition plan and consideration of biodiversity and ecosystems in

strategy and business model

p. 117

E4-2 Policies related to biodiversity and ecosystems

p. 118

E4-3 Actions and resources related to biodiversity and ecosystems

p. 120

E4-4 Targets related to biodiversity and ecosystems

p. 121

E4-5 Impact metrics related to biodiversity and ecosystems change

p. 121

E5-1 Policies related to resource use and circular economy

p. 122

E5-2 Actions and resources related to resource use and circular economy

p. 123

E5-3 Targets related to resource use and circular economy

p. 129

E5-4 Resource inflows

p. 132

E5-5 Resource outflows

p. 133

S1.SBM-3 Material impacts, risks and opportunities and their interaction with

strategy and business model

p. 134

S1-1 Policies related to own workforce

p. 137

S1-2 Processes for engaging with own workers and workers’ representatives

about impacts

p. 56

S1-3 Processes to remediate negative impacts and channels for own workers

to raise concerns

p. 141

Table 51: Datapoints from list of the Disclosure Requirements

Disclosure Requirement

Location in the sustainability

statement (page)

BP-1 General basis for preparation of sustainability statements

p. 52

BP-2 Disclosures in relation to specific circumstances

p. 54

GOV-1 The role of the administrative, management and supervisory bodies

p. 57

GOV-2 Information provided to and sustainability matters addressed by the

undertaking’s administrative, management and supervisory bodies

p. 58

GOV-3 Integration of sustainability-related performance in incentive schemes

p. 58

GOV-4 Statement on due diligence

p. 59

GOV-5 Risk management and internal controls over sustainability reporting

p. 61

SBM-1 Strategy, business model and value chain

p. 62

SBM-2 Interests and views of stakeholders

p. 64

SBM-3 Material impacts, risks and opportunities and their interaction with

strategy and business model

p. 64

IRO-1 Description of the process to identify and assess material impacts, risks

and opportunities

p. 69

IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s

sustainability statement

p. 169

E1-1 Transition plan for climate change mitigation

p. 87

E1.SBM-3 Material impacts, risks and opportunities and their interaction with

strategy and business model

p. 88

E1-2 Policies related to climate change mitigation and adaptation

p. 90

E1-3 Actions and resources in relation to climate change policies

p. 90

E1-4 Targets related to climate change mitigation and adaptation

p. 95

E1-5 Energy consumption and mix

p. 97

E1-6 Gross scopes 1, 2, 3 and Total GHG emissions

p. 97

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Sustainability statement continued

Appendices

Disclosure Requirement

Location in the sustainability

statement (page)

S1-4 Taking action on material impacts on own workforce, and approaches to

mitigating material risks and pursuing material opportunities related to own

workforce, and effectiveness of those actions

p. 142

S1-5 Targets related to managing material negative impacts, advancing

positive impacts, and managing material risks and opportunities

p. 148

S1-6 Characteristics of the undertaking’s employees

p. 135

S1-7 Characteristics of non-employee workers in CCHBC’s own workforce

p. 136

S1-9 Diversity metrics

p. 144

S1-10 Adequate wages

p. 136

S1-11 Social protection

p. 143

S1-13 Training and skills development metrics

p. 145

S1-14 Health and safety metrics

p. 146

S1-16 Compensation metrics (pay gap and total compensation)

p. 144

S1-17 Incidents, complaints, and severe human rights impacts

p. 140

S2.SBM-3 Material impacts, risks and opportunities and their interaction with

strategy and business model

p. 150

S2-1 Policies related to value chain workers

p. 152

S2-2 Processes for engaging with value chain workers about impacts

p. 56

S2-3 Processes to remediate negative impacts and channels for value chain

workers to raise concerns

p. 152

S2-4 Taking action on material impacts on value chain workers, and approaches

to managing material risks and pursuing material opportunities related to value

chain workers, and effectiveness of those actions

p. 152

Disclosure Requirement

Location in the sustainability

statement (page)

S2-5 Targets related to managing material negative impacts, advancing

positive impacts, and managing material risks and opportunities

p. 155

S3.SBM-3 Material impacts, risks and opportunities and their interaction with

strategy and business model

p. 157

S3-1 Policies related to affected communities

p. 158

S3-2 Processes for engaging with affected communities about impacts

p. 56

S3-3 Processes to remediate negative impacts and channels for affected

communities to raise concerns

p. 158

S3-4 Taking action on material impacts on affected communities, and

approaches to managing material risks and pursuing material opportunities

related to affected communities, and effectiveness of those actions

p. 159

S3-5 Targets related to managing material negative impacts, advancing

positive impacts, and managing material risks and opportunities

p. 160

S4.SBM-3 Material impacts, risks and opportunities and their interaction with

strategy and business model

p. 162

S4-1 Policies related to consumers and end-users

p. 164

S4-2 Processes for engaging with consumers and end-users about impacts

p. 56

S4-3 Processes to remediate negative output and channels for consumers

andend-users to raise concerns

p. 164

S4-4 Taking action on consumers and end-users’ topic of interest,

andapproaches to managing it, and effectiveness of those actions

p. 164

S4-5 Targets related to managing material negative impacts, advancing

positive impacts, and managing material risks and opportunities

p. 168

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Sustainability statement continued

Appendices continued

IRO-2_02

Table 52: Datapoints from other EU legislation

Disclosure Requirement and related

datapoint FDR ( 23 ) reference

Pillar 3 ( 24 ) reference

Benchmark Regulation ( 25 ) reference Benchmark Regulation ( 25 ) reference

Climate Law ( 26 ) reference Materiality of information (Group level)

ESRS 2 GOV-1

Board’s gender diversity

paragraph 21 (d)

Indicator number 13 of Table

#1 of Annex 1

Commission Delegated

Regulation (EU) 2020/1816 (27),

Annex II

p.55, 58

ESRS 2 GOV-1

Percentage of board members

who are independent

paragraph 21

Delegated Regulation (EU)

2020/1816, Annex II

p. 55

ESRS 2 GOV-4

Statement on due diligence

paragraph 30

Indicator number 10 Table #3

of Annex 1

p. 59

ESRS 2 SBM-1

Involvement in activities

relatedto fossil fuel activities

paragraph 40 (d) i

Indicators number 4 Table #1

of Annex 1

Article 449a Regulation (EU)

No575/2013;

Commission Implementing

Regulation (EU) 2022/2453 (28)

Table 1: Qualitative information

on Environmental risk and Table

2: Qualitative information on

Social risk

Delegated Regulation (EU)

2020/1816, Annex II

–

ESRS 2 SBM-1

Involvement in activities

relatedto chemical production

paragraph 40 (d) ii

Indicator number 9 Table #2 of

Annex 1

Delegated Regulation (EU)

2020/1816, Annex II

–

ESRS 2 SBM-1

Involvement in activities related

to controversial weapons

paragraph 40 (d) iii

Indicator number 14 Table #1

of Annex 1

Delegated Regulation (EU)

2020/1818 (29) , Article 12(1)

Delegated Regulation (EU)

2020/1816, Annex II

–

ESRS 2 SBM-1

Involvement in activities related

to cultivation and production

oftobacco paragraph 40 (d) iv

Delegated Regulation (EU)

2020/1818, Article 12(1)

Delegated Regulation (EU)

2020/1816, Annex II

–

ESRS E1-1

Transition plan to reach climate

neutrality by 2050 paragraph 14

Regulation (EU) 2021/1119,

Article 2(1)

p. 87-89

Material for Group Level Not Material

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Sustainability statement continued

Appendices continued

Disclosure Requirement and related

datapoint FDR ( 23 ) reference

Pillar 3 ( 24 ) reference

Benchmark Regulation ( 25 ) reference Benchmark Regulation ( 25 ) reference

Climate Law ( 26 ) reference Materiality of information (Group level)

ESRS E1-1

Undertakings excluded from

Paris-aligned Benchmarks

paragraph 16 (g)

Article 449a

Regulation (EU) No 575/2013;

Commission Implementing

Regulation (EU) 2022/2453

Template 1: Banking book –

Climate change transition risk:

Credit quality of exposures

bysector, emissions and

residual maturity

Delegated Regulation (EU)

2020/1818, Article12.1 (d) to (g),

and Article 12.2

p. 87

ESRS E1-4

GHG emission reduction

targets paragraph 34

Indicator number 4 Table #2

ofAnnex 1

Article 449a

Regulation (EU) No 575/2013;

Commission Implementing

Regulation (EU) 2022/2453

Template 3: Banking book –

Climate change transition risk:

Alignment metrics

Delegated Regulation (EU)

2020/1818, Article 6

p. 95-96

ESRS E1-5

Energy consumption from

fossilsources disaggregated

bysources (only high climate

impact sectors) paragraph 38

Indicator number 5 Table #1

and Indicator number 5 Table

#2 ofAnnex 1

p. 97

ESRS E1-5 Energy consumption

and mix paragraph 37

Indicator number 5 Table #1

ofAnnex 1

p. 97

ESRS E1-5

Energy intensity associated

with activities in high climate

impact sectors paragraphs 40

to 43

Indicator number 6 Table #1

ofAnnex 1

p. 97

ESRS E1-6

Gross Scope 1, 2, 3 and Total

GHG emissions paragraph 44

Indicators number 1 and 2

Table #1 of Annex 1

Article 449a; Regulation (EU)

No 575/2013; Commission

Implementing Regulation (EU)

2022/2453 Template 1: Banking

book – Climate change

transition risk: Credit quality of

exposures by sector, emissions

and residual maturity

Delegated Regulation (EU)

2020/1818, Article 5(1), 6 and

8(1)

p. 97-98

ESRS E1-6

Gross GHG emissions intensity

paragraphs 53 to 55

Indicators number 3 Table #1

of Annex 1

Article 449a Regulation (EU)

No575/2013; Commission

Implementing Regulation

(EU)2022/2453 Template 3:

Banking book – Climate

changetransition risk:

Alignment metrics

Delegated Regulation (EU)

2020/1818, Article 8(1)

p. 98

Material for Group Level Not Material

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Sustainability statement continued

Appendices continued

Disclosure Requirement and related

datapoint FDR ( 23 ) reference

Pillar 3 ( 24 ) reference

Benchmark Regulation ( 25 ) reference Benchmark Regulation ( 25 ) reference

Climate Law ( 26 ) reference Materiality of information (Group level)

ESRS E1-7

GHG removals and carbon

credits paragraph 56

Regulation (EU) 2021/1119,

Article 2(1)

p. 103

ESRS E1-9

Exposure of the benchmark

portfolio to climate-related

physical risks paragraph 66

Delegated Regulation (EU)

2020/1818, Annex II Delegated

Regulation (EU) 2020/1816,

Annex II

–

(use of phased-in option)

ESRS E1-9

Disaggregation of monetary

amounts by acute and chronic

physical risk paragraph 66 (a)

Article 449a Regulation (EU)

No575/2013; Commission

Implementing Regulation (EU)

2022/2453 paragraphs 46 and

47; Template 5: Banking book

– Climate change physical risk:

Exposures subject to

physicalrisk.

–

(use of phased-in option)

ESRS E1-9

Location of significant

assetsatmaterial physical

riskparagraph 66 (c).

–

(use of phased-in option)

ESRS E1-9 Breakdown of the

carrying value of its real estate

assets by energy-efficiency

classes paragraph 67 (c).

Article 449a Regulation (EU)

No575/2013; Commission

Implementing Regulation

(EU)2022/2453 paragraph 34;

Template 2:Banking book

–Climate change transition

risk:Loans collateralised by

immovable property –Energy

efficiency of the collateral

–

(use of phased-in option)

ESRS E1-9

Degree of exposure of the

portfolio to climate-related

opportunities paragraph 69

Delegated Regulation (EU)

2020/1818, Annex II

–

(use of phased-in option)

ESRS E2-4

Amount of each pollutant

listedin Annex II of the E-PRTR

Regulation (European Pollutant

Release and Transfer Register)

emitted to air, water and soil,

paragraph 28

Indicator number 8 Table #1

ofAnnex 1 Indicator number 2

Table #2 of Annex 1 Indicator

number 1 Table #2 of Annex 1

Indicator number 3 Table #2

ofAnnex 1

–

ESRS E3-1

Water and marine resources

paragraph 9

Indicator number 7 Table #2

ofAnnex 1

p. 107-108

Material for Group Level Not Material

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Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

Appendices continued

Disclosure Requirement and related

datapoint FDR ( 23 ) reference

Pillar 3 ( 24 ) reference

Benchmark Regulation ( 25 ) reference Benchmark Regulation ( 25 ) reference

Climate Law ( 26 ) reference Materiality of information (Group level)

ESRS E3-1

Dedicated policy paragraph 13

Indicator number 8 Table #2

ofAnnex 1

–

ESRS E3-1

Sustainable oceans and seas

paragraph 14

Indicator number 12 Table #2

of Annex 1

–

ESRS E3-4

Total water recycled and reused

paragraph 28 (c)

Indicator number 6.2 Table #2

of Annex 1

p. 116

ESRS E3-4

Total water consumption in m3

per net revenue on own

operations paragraph 29

Indicator number 6.1 Table #2

of Annex 1

p. 116

ESRS 2- SBM 3 - E4 paragraph

16 (a) i

Indicator number 7 Table #1

ofAnnex 1

–

ESRS 2- SBM 3 - E4 paragraph

16 (b)

Indicator number 10 Table #2

of Annex 1

–

ESRS 2- SBM 3 - E4 paragraph

16 (c)

Indicator number 14 Table #2

of Annex 1

–

ESRS E4-2

Sustainable land / agriculture

practices or policies paragraph

24 (b)

Indicator number 11 Table #2

of Annex 1

p. 118-119

ESRS E4-2

Sustainable oceans / seas

practices or policies paragraph

24 (c)

Indicator number 12 Table #2

of Annex 1

ESRS E4-2

Policies to address

deforestation paragraph 24 (d)

Indicator number 15 Table #2

of Annex 1

p.118-119

ESRS E5-5

Non-recycled waste paragraph

37 (d)

Indicator number 13 Table #2

of Annex 1

–

ESRS E5-5

Hazardous waste and

radioactive waste paragraph 39

Indicator number 9 Table #1

ofAnnex 1

–

ESRS 2- SBM3 - S1

Risk of incidents of forced

labour paragraph 14 (f)

Indicator number 13 Table #3

of Annex I

–

Material for Group Level Not Material

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Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

Appendices continued

Disclosure Requirement and related

datapoint FDR ( 23 ) reference

Pillar 3 ( 24 ) reference

Benchmark Regulation ( 25 ) reference Benchmark Regulation ( 25 ) reference

Climate Law ( 26 ) reference Materiality of information (Group level)

ESRS 2- SBM3 - S1

Risk of incidents of child labour

paragraph 14 (g)

Indicator number 12 Table #3

of Annex I

–

ESRS S1-1

Human rights policy

commitments paragraph 20

Indicator number 9 Table #3

and Indicator number 11 Table

#1 of Annex I

p. 137

ESRS S1-1

Due diligence policies on issues

addressed by the fundamental

International Labour

Organisation Conventions 1

to8, paragraph 21

Delegated Regulation (EU)

2020/1816, Annex II

p. 138-139

ESRS S1-1

Processes and measures for

preventing trafficking in human

beings paragraph 22

Indicator number 11 Table #3

of Annex I

–

ESRS S1-1

Workplace accident prevention

policy or management system

paragraph 23

Indicator number 1 Table #3

ofAnnex I

p. 138-139

ESRS S1-3

Grievance/complaints handling

mechanisms paragraph 32 (c)

Indicator number 5 Table #3

ofAnnex I

p. 141-142

ESRS S1-14

Number of fatalities and

number and rate of work-

related accidents paragraph

88(b) and (c)

Indicator number 2 Table #3

ofAnnex I

Delegated Regulation (EU)

2020/1816, Annex II

p. 146

ESRS S1-14

Number of days lost to injuries,

accidents, fatalities or illness

paragraph 88

Indicator number 3 Table #3

ofAnnex I

p. 146

ESRS S1-16

Unadjusted gender pay gap

paragraph 97 (a)

Indicator number 12 Table #1

of Annex I

Delegated Regulation (EU)

2020/1816, Annex II

p. 144

ESRS S1-16

Excessive CEO pay ratio

paragraph 97 (b)

Indicator number 8 Table #3

ofAnnex I

p. 144

Material for Group Level Not Material

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Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

Appendices continued

Disclosure Requirement and related

datapoint FDR ( 23 ) reference

Pillar 3 ( 24 ) reference

Benchmark Regulation ( 25 ) reference Benchmark Regulation ( 25 ) reference

Climate Law ( 26 ) reference Materiality of information (Group level)

ESRS S1-17

Incidents of discrimination

paragraph 103 (a)

Indicator number 7 Table #3

ofAnnex I

p. 140

ESRS S1-17

Non-respect of UNGPs on

Business and Human Rights

and OECD Guidelines

paragraph 104 (a)

Indicator number 10 Table #1

and Indicator number 14 Table

#3 ofAnnex I

Delegated Regulation (EU)

2020/1816, Annex II Delegated

Regulation (EU) 2020/1818 Art

12 (1)

p. 140

ESRS 2- SBM3 – S2

Significant risk of child labour

orforced labour in the value

chain paragraph 11 (b)

Indicators number 12 and

number 13 Table #3 of Annex I

–

ESRS S2-1

Human rights policy

commitments paragraph 17

Indicator number 9 Table #3

and Indicator number 11 Table

#1 ofAnnex 1

p. 152

ESRS S2-1

Policies related to value chain

workers paragraph 18

Indicator number 11 and

number 4 Table #3 of Annex 1

p. 152

ESRS S2-1

Non-respect of UNGPs on

Business and Human Rights

principles and OECD guidelines

paragraph 19

Indicator number 10 Table #1

of Annex 1

Delegated Regulation (EU)

2020/1816, Annex II Delegated

Regulation (EU) 2020/1818, Art

12 (1)

p. 152

ESRS S2-1

Due diligence policies on issues

addressed by the fundamental

International Labor

Organisation Conventions 1

to8, paragraph 19

Delegated Regulation (EU)

2020/1816, Annex II

p. 138

ESRS S2-4

Human rights issues and

incidents connected to its

upstream and downstream

value chain paragraph 36

Indicator number 14 Table #3

of Annex 1

p. 140

ESRS S3-1

Human rights policy

commitments paragraph 16

Indicator number 9 Table #3 of

Annex 1 and Indicator number

11 Table #1 of Annex 1

p. 138

Material for Group Level Not Material

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Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

Appendices continued

Disclosure Requirement and related

datapoint FDR ( 23 ) reference

Pillar 3 ( 24 ) reference

Benchmark Regulation ( 25 ) reference Benchmark Regulation ( 25 ) reference

Climate Law ( 26 ) reference Materiality of information (Group level)

ESRS S3-1

non-respect of UNGPs on

Business and Human Rights,

ILO principles or OECD

guidelines paragraph 17

Indicator number 10 Table #1

Annex 1

Delegated Regulation (EU)

2020/1816, Annex II Delegated

Regulation (EU) 2020/1818,

Art12 (1)

p. 140

ESRS S3-4

Human rights issues and

incidents paragraph 36

Indicator number 14 Table #3

of Annex 1

p. 140-141

ESRS S4-1

Policies related to consumers

and end-users paragraph 16

Indicator number 9 Table #3

and Indicator number 11 Table

#1 of Annex 1

p. 138, 164

(disclosed due to stakeholders’

interests)

ESRS S4-1

Non-respect of UNGPs on

Business and Human Rights

and OECD guidelines

paragraph 17

Indicator number 10 Table #1

of Annex 1

Delegated Regulation (EU)

2020/1816, Annex II Delegated

Regulation (EU) 2020/1818,

Art12 (1)

p. 141

(disclosed due to stakeholders’

interests)

ESRS S4-4

Human rights issues and

incidents paragraph 35

Indicator number 14 Table #3

of Annex 1

p. 141

(disclosed due to stakeholders’

interests)

ESRS G1-1

United Nations Convention

against Corruption paragraph

10 (b)

Indicator number 15 Table #3

of Annex 1

–

ESRS G1-1

Protection of whistle-blowers

paragraph 10 (d)

Indicator number 6 Table #3

ofAnnex 1

–

ESRS G1-4

Fines for violation of anti-

corruption and anti-bribery

laws paragraph 24 (a)

Indicator number 17 Table #3

of Annex 1

Delegated Regulation (EU)

2020/1816, Annex II)

–

ESRS G1-4

Standards of anti- corruption

and anti-bribery paragraph

24(b)

Indicator number 16 Table #3

of Annex 1

–

Material for Group Level Not Material

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Swiss Statutory Reporting Supplementary Information

Sustainability statement continued

Appendices continued

Independent Auditor’s

Limited Assurance Report

To the Shareholders of

Coca-Cola HBC AG

Independent Auditor’s Limited Assurance Report to the Shareholders

of Coca-Cola HBC AG

We have conducted a limited assurance engagement on the consolidated Sustainability statement of

Coca-Cola HBC AG (Coca-Cola HBC or/and “Group”), included in the section “Sustainability statement“

of the 2025 Integrated Annual Report of the Board of Directors (the “Sustainability Statement”), for the

period from 01.01.2025 to 31.12.2025.

Limited assurance conclusion

Based on the procedures we have performed, as described below in the “Scope of work performed”

section of our report, and the evidence we have obtained, nothing has come to our attention that

causes us to believe that:

• the Sustainability Statement is not prepared in all material respects, in accordance with Article 154

of the Greek Law 4548/2018, as amended by Greek Law 5164/2024 and in force, which incorporated

into law Article 29(a) of EU Directive 2013/34;

• the Sustainability Statement does not comply with the European Sustainability Reporting Standards

(“ESRS”), in accordance with Commission EU Regulation 2023/2772 of 31 July 2023 and EU Directive

2022/2464 of the European Parliament and of the Council of 14 December 2022;

• the process carried out by the Group to identify and assess material risks and opportunities (the

“Process”), as set out in section “IRO-1 Description of the process to identify and assess material

impacts, risks and opportunities” of the Sustainability Statement, does not comply with “Disclosure

Requirement IRO-1 - Description of the processes to identify and assess material impacts, risks and

opportunities” of ESRS 2 “General Disclosures”;

• the disclosures in the section “EU Taxonomy“ of the Sustainability Statement do not comply with

Article 8 of EU Regulation 2020/852.

Basis for conclusion

We conducted our limited assurance engagement in accordance with International Standard on

Assurance Engagements 3000 (Revised), “Assurance engagements other than audits or reviews

ofhistorical financial information” (“ISAE 3000”).

The procedures in a limited assurance engagement vary in nature and timing from, and are less in

extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained

ina limited assurance engagement is substantially lower than the assurance that would have been

obtained had a reasonable assurance engagement been performed.

Our responsibilities are further described in the “Auditor’s responsibilities” section of our report.

Our independence and quality management

We are independent of the Group throughout this engagement and have complied with the

requirements of the International Code of Ethics for Professional Accountants issued by the

International Ethics Standards Board for Accountants (“IESBA Code”), the FRC’s Ethical Standard, as

applicable to listed entities, and the ethical and independence requirements of Greek Law 4449/2017

and EU Regulation 537/2014.

Our audit firm applies International Standard on Quality Management 1 (ISQM1) “Quality Management

for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related

Services Engagements” and consequently maintains a comprehensive quality management system

that includes documented policies and procedures regarding compliance with ethical requirements,

professional standards and applicable legal and regulatory requirements.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for

ourconclusion.

Directors’ responsibilities for the Sustainability Statement

Directors are responsible for designing and implementing an appropriate Process to identify the information

reported in the Sustainability Statement in accordance with the ESRS and for disclosing this Process in

section “IRO-1 Description of the process to identify and assess material impacts, risks and opportunities”

of the Sustainability Statement.

More specifically, this responsibility includes:

• Understanding the context in which the Group´s activities and business relationships take place and

developing an understanding of its affected stakeholders;

• The identification of the actual and potential impacts (both negative and positive) related to

sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected

to affect, the Group’s financial position, financial performance, cash flows, access to finance or cost

of capital over the short-, medium-, or long-term;

• The assessment of the materiality of the identified impacts, risks and opportunities related to

sustainability matters by selecting and applying appropriate thresholds; and

• Making assumptions that are reasonable in the circumstances.

Independent Auditor’s limited assurance report on Coca-Cola HBC AG’s

Sustainability Statement

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Swiss Statutory Reporting Supplementary Information

Independent auditor’s limited assurance report on Coca-Cola HBC AG’s Sustainability Statement continued

Directors are further responsible for the preparation of the Sustainability Statement, in accordance

with the article 154 of Greek Law 4548/2018, as amended with Greek Law 5164/2024 and in force, by

which Article 29(a) of EU Directive 2013/34 was transposed into Greek legislation.

In this context, the Directors are responsible for:

• Compliance of the Sustainability Statement with the ESRS;

• Preparing the disclosures in section “EU Taxonomy“ of the Sustainability Statement, in compliance

with Article 8 of EU Regulation 2020/852;

• Designing and implementing such internal control that management determines is necessary to

enable the preparation of the Sustainability Statement that is free from material misstatement,

whether due to fraud or error;

• The selection and application of appropriate sustainability reporting methods and making

assumptions and estimates that are reasonable in the circumstances.

The Audit and Risk Committee of the Group is responsible for overseeing the Group’s sustainability

reporting process.

Inherent limitations in preparing the Sustainability Statement

As stated in section BP-2 “Disclosures in relation to specific circumstances” in the Sustainability

Statement, some metrics – especially for upstream and downstream value chain segments – are based

on indirect sources due to inherent limitations arising from the unavailability of direct data from the

value chain.

In reporting forward-looking information in accordance with ESRS, the Directors are required to

prepare the forward-looking information on the basis of disclosed assumptions about events that may

occur in the future and possible future actions by the Group. Actual outcomes are likely to be different

since anticipated events frequently do not occur as expected.

As stated in section “IRO-1 Description of the process to identify and assess material impacts, risks

andopportunities” and section “E1 Climate Change” in the Sustainability Statement, the information

incorporated in the relevant disclosures is based, among other things, on climate-related scenarios,

which are subject to inherent uncertainty regarding the likelihood, timing or impact of potential future

natural and transitional climate-related impacts.

Our work covered the matters listed in the “Scope of Work performed” section to obtain limited

assurance based on the procedures included in the Program, as this is defined in this section. Our work

does not constitute an audit or review of historical financial information in accordance with applicable

International Standards on Auditing or International Standards on Review Engagements, and therefore

we do not express any other assurance than those listed in the “Scope of Work performed” section of

this report.

Auditor’s responsibilities

This limited assurance report has been drawn up based on the provisions of article 154C of Greek Law

4548/2018 and Article 32Α of Greek Law 4449/2017.

Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about

whether the Sustainability Statement is free from material misstatement, whether due to fraud or error,

and to issue a limited assurance report that includes our conclusion. Misstatements can arise from

fraud or error and are considered material if, individually or in the aggregate, they could reasonably be

expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole.

As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), we exercise

professional judgement and maintain professional skepticism throughout the engagement.

Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include:

• Performing risk assessment procedures, including an understanding of the relevant internal control,

to identify risks related to whether the Process implemented by the Group to determine the

information reported in the Sustainability Statement does not meet the applicable requirements

of the ESRS but not for the purpose of providing a conclusion on the effectiveness of the Group’s

internal control and

• Designing and performing procedures to evaluate whether the Process is consistent with the Group’s

description of its Process set out in section “IRO-1 Description of the process to identify and assess

material impacts, risks and opportunities”.

Moreover, we are responsible for:

• Performing risk assessment procedures, including an understanding of the relevant internal control,

to identify those disclosures that are likely to be materially misstated, whether due to fraud or error,

but not for the purpose of providing a conclusion on the effectiveness of the Group´s internal control.

• Designing and performing procedures responsive to where material misstatements are likely to

arise in the consolidated Sustainability Statement. The risk of not detecting a material misstatement

resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,

intentional omissions, misrepresentations, or the override of internal control.

Scope of work performed

Our work involves performing procedures and obtaining evidence for the purpose of deriving a limited

assurance conclusion and covers exclusively the limited assurance procedures provided for in the

limited assurance program issued by the Hellenic Accounting and Auditing Supervisory Oversight

Board according to its decision No 262/22.01.2025 (the “Program”), as it was formed for the purpose of

issuing a limited assurance report on the Group’s Sustainability Statement.

Our procedures were designed to obtain a limited level of assurance on which to base our conclusion

and do not provide all the evidence that would be required to provide a reasonable level of assurance.

Fotis Smyrnis

the Certified Auditor,

Reg. No. 52861

for and on behalf of

PricewaterhouseCoopers S.A.

Certified Auditors, Reg. No. 113

Athens, Greece

20 March 2026

Notes:

(a) The maintenance and integrity of the Coca-Cola HBC AG website is the responsibility of the directors; the work carried out by the auditors

does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have

occurred to the sustainability statement since this was initially presented on the website.

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Swiss Statutory Reporting Supplementary Information

The following sections comprise our climate disclosures under Art. 964b CO. In accordance with Art. 3 of the Swiss Ordinance on Mandatory Climate Disclosures, we have based our disclosures on the report

“Recommendations of the Task Force on Climate-related Financial Disclosures” (June 2017) and the annex “Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures”

(October 2021).

Climate change is having and will continue to have a significant impact on our business. As with all risks, in order for our business to be truly resilient, we need to identify the potential changes, the potential

impact they may have on our business and ensure the business is prepared via mitigation or adaptation over the longer term.

Our primary disclosures relating to climate change can be found in our Sustainability Statement on pages 52 to 177 and the Principal and emerging risk section on pages 189 to 197. These sections along with

additional information on our website, include disclosures consistent with the guidelines provided by the TCFD, however for convenience, we provide the following to guide the reader on where those disclosures

can be found:

Disclosure Reference Consistency Status

1. Governance: Disclose the Company’s governance around climate-related risks and opportunities

a) Describe the Board’s oversight of climate-related risks

andopportunities

The role of the Board, Audit & Risk Committee and the Social Responsibility Committee are described on pages 57 to 58

ofthe Sustainability Statement, and on pages 185 to 187 of the Business resilience section.

Fully consistent

b) Describe management’s role in identifying, assessing

andmanaging climate-related risks and opportunities

Management’s role in identifying, assessing and managing all risks and opportunities, including climate-related risks and

opportunities can be found on pages 185 to 187 of the Business resilience section with more detail found on our website.

Fully consistent

2. Strategy: Disclose the actual and potential impacts of climate-related risks and opportunities on the Company’s business, strategy and financial planning where material

a) Describe the climate-related risks and opportunities that

theorganisation has identified over the short, medium and

long term

Climate-related risks and opportunities and relevant time horizons have been described on pages 194 to 195 of the principal

and emerging risks and opportunities section with further details available on our website.

Fully consistent

b) Describe management’s role in identifying, assessing

andmanaging climate-related risks and opportunities

Management’s role in identifying, assessing and managing all risks and opportunities, including climate-related risks

andopportunities can be found on pages 194 to 195 of the principal and emerging risks and opportunities section with more

detail foundon our website

Fully consistent

c) Describe the resilience of the organisation’s strategy

considering different climate-related scenarios, including

a2-degree or lower scenario

Pages 194 to 195 of the principal and emerging risks and opportunities section and pages 64 to 66 of the Sustainability Statement

describe our assessment of climate-related risks and opportunities and how we are managing those risks to ensure the Company

cancontinue to meet its strategy and objectives. More detail can also be found in the Principal and Emerging Risk Section

ofour website

Fully consistent

3. Risk Management: Disclose how the Company identifies, assesses and manages climate-related risks and opportunities.

a) Describe the Company’s process for identifying and

assessing climate-related risks and opportunities

The Company has a process for identifying and assessing risks and opportunities including those related to climate change

(see the principal and emerging risk and opportunities section of the integrated annual report and our website).

Fully consistent

b) Describe the Company’s process for managing climate-

related risks and opportunities

The Company’s process for managing all risks and opportunities including those related to climate change can be found

inthe principal and emerging risks and opportunities section of the integrated annual report and the principal and emerging

risk section ofour website.

Fully consistent

c) Describe how these processes are integrated into the

overallrisk management programme

The Company’s process for identifying, assessing and managing climate-related risks and opportunities are fully integrated

into our risks management programme and details can be found in the Business resilience section of our website.

Fully consistent

4. Metrics and targets: Disclose the metrics and targets used to assess and manage climate-related risks and opportunities

a) Disclose the metrics used by the organisation to assess

climate-related risks and opportunities in line with its

strategy and risk management process

Pages 194 to 195 of the principal and emerging risks and opportunities section, and pages 69 to 74 of the Sustainability

Statement outlinethe metrics used to assess climate-related risks and opportunities. Further details can also be found on

the Company’s website.

Fully consistent

b) Disclose Scope 1, Scope 2 and, if appropriate Scope 3

greenhouse gas emissions, and the related risks

Page 194 of the principal and emerging risks and opportunities section and pages 87 to 98 of the Sustainability Statement

disclose Scope1and Scope 2 emissions and related risks.

Fully consistent

c) Describe the targets used by the organisation to manage

climate-related risks and opportunities and performance

against targets

Page 194 of the principal and emerging risks and opportunities section relating to the Principal Risk: Managing our carbon

footprint, and pages 95 to 97 of the Sustainability Statement describe the targets used to measure performance against our

targets.

Fully consistent

Task Force on Climate-related Financial Disclosures (TCFD)

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Swiss Statutory Reporting Supplementary Information

Non-Financial Reporting under Swiss statutory law

This report is prepared in compliance with the Swiss

Code of Obligations (CO) and comprises the report

on non-financial matters in accordance with Art.

964a et seqq. CO as well as the report on due

diligence andtransparency requirements in relation

to minerals and metals from conflict-affected areas

andchild labour according to Art. 964j-I CO.

Report on non-financial matters as per

Art.964a et seqq. CO

The report on non-financial matters must, according

toSwiss law contain information on the following topics:

environment matters, in particular the CO

goals, social

issues, employee-related issues, respect for human

rights and combating corruption.

The sustainability aspects of this Integrated Annual

Report (IAR) have been prepared in line with the

European Sustainability Reporting Standards (ESRS)

aswell as with reference to the GRI Standards (2021)

andcomply with the requirements of the Corporate

Social Responsibility Directive (CSRD).

The following sections give information on the topics

asrequired under Art. 964b CO and the Swiss Ordinance

on Mandatory Climate Disclosures. The vote on the

non-financial report under Swiss statutory law at the

2026 AGM is limited to the content ofthese sections:

General information required to understand

our business

• Section ‘Business overview’ on page 2 of the 2025 IAR

Description of the business model

• Section ‘Our business model’ on pages 10 to 11 and

‘Stakeholder engagement’ on pages 12 to 15 of the

2025 IAR

Environmental matters (incl. CO

e goals)

• Environmental policies on our website

• Biodiversity statement

• Climate change policy

• Environmental policy

• Food loss and waste policy

• Packaging and waste management policy

• Principles for sustainable agriculture

• Water stewardship policy

• Section ‘Earn our licence to operate’ on pages 33 to 40,

• Section ‘Task Force on Climate-related Financial

Disclosures (TCFD) on page 180 of the 2025 IAR

• Environmental table of the 2025 GRI Content Index

(pages 54 to 58); sections 201-2 Financial implications

and other risks and opportunities due to climate change,

301-3 Reclaimed products and their packaging

materials, all sections GRI 302 Energy, GRI 303 Water

and Effluents, GRI 101 Biodiversity, GRI 305 Emissions,

GRI 306 Waste, and GRI 308 Supplier environmental

assessment of the 2025 GRI Content Index

• Section ‘Principal and emerging risks and

opportunities’ on pages 189 to 197

• Sections in Sustainability Statement of the 2025 IAR

related to ESRS E1 Climate change, E2 Pollution, E3

Water and marine resources, E4 Biodiversity and

ecosystems, and E5 Resource use and circular economy

(pages 87 to 133)

• With our reporting on climate matters in section ‘Task

Force on Climate-related Financial Disclosures (TCFD)’

on page 180 of the 2025 IAR and ‘ESRS E1 Climate

change’ section on page 87 to 103 of the 2025 IAR, we

comply with the climate reporting obligations in

accordance with Art. 964b para. 1 CO and the Swiss

Ordinance on Mandatory Climate Disclosures with

regard to climate issues.

Social issues

• Social policies on our website

• Community contributions policy (Donation policy)

• Health and wellness policy

• Occupational health and safety policy

• Responsible marketing policy for alcoholic beverages

• Quality and food safety policy

• HIV and aids policy

• Supplier guiding principles

• Principles for sustainable agriculture

• Section ‘Earn our licence to operate’ on pages 33 to

40, section ‘Cultivating the potential of our people’

on pages 28 to 32 of the 2025 IAR

• Social table of the 2025 GRI Content Index (pages 59

to 60); all sections GRI 413 Local communities, GRI 414

Supplier social assessment, GRI 416 Customer health

and safety, GRI 417 Marketing and labelling, GRI 418

Customer privacy of the 2025 GRI Content Index

• Section ‘Principal and emerging risks and

opportunities’ on pages 189 to 197 of the 2025 IAR

• Sections in Sustainability Statement of the 2025 IAR

related to ESRS S1 Own workforce, S2 Employees in

the value chain, S3 Affected communities, and S4

Consumers and end-Users, pages 134 to 168

Employee-related issues

• Policies on our website

• Occupational health and safety policy

• Inclusion and diversity policy

• Whistleblowing policy

• Quality and food safety policy

• Section ‘Cultivating the potential of our people’ on

pages 28 to 32 of the 2025 IAR

• Social table of the 2025 GRI Content Index (pages59 to

60); sections 2-7 Employees, 2-19 Remuneration policies,

2-21 Annual total Compensation ratio, 2-30 Collective

bargaining agreements, all sections GRI 401

Employment, GRI 402 Labour/Management relations,

GRI 403 Occupational health and safety, GRI 404

Training and education, GRI 405 Diversity and equal

opportunity, GRI 406 Non-discrimination, GRI 407

Freedom of association and collective bargaining of the

2025 GRI Content Index

• Section ‘Principal and emerging risks and

opportunities’ on pages 189 to 197 of the 2025 IAR

• Sections in Sustainability Statement of the 2025 IAR

related to S1 Own workforce, pages 134 to 149

Respect for human rights

• Human rights policies on our website

• Human rights policy

• Human rights policy managers guide

• Slavery and human trafficking statement

• Inclusion and diversity policy

• Whistleblowing policy

• Social table of the 2025 GRI Content Index (pages 59 to

60); sections 2-26 Mechanisms for seeking advice and

raising concerns, all sections GRI 408 Child Labor, GRI

409 Forced or compulsory labour, GRI 414 Supplier

social assessment of the 2025 GRI Content Index

• Section ‘Principal and emerging risks and

opportunities’ on pages 189 to 197 of the 2025 IAR

• Sections in Sustainability Statement of the 2025 IAR

related to ESRS S1 Own workforce, S2 Employees in the

value chain, S3 Affected communities, pages 134 to 161

Combating corruption

• Policy on our website

• Antibribery policy

• Code of business conduct

• Supplier guiding principles

• Community contributions policy

• Whistleblowing policy

• Sections 2-27 Compliance with Laws and Regulations,

3-3 Management of material topics (Anti-corruption)

on page 18 of the 2025 GRI Content Index, 205-1

Operations assessed forrisks related to corruption,

205-2 Communication and training about

anticorruption policies and procedures, 205-3 Confirmed

incidents of corruption and actions taken, 206-1 Legal

actions for anti-competitive behaviour, anti-trust, and

monopoly practices of the 2025 GRI Content Index

Main performance indicators

• Section ‘Mission 2025 on pages 44-45, ‘Earn our

licence to operate’ on pages 33 to 40, ‘Cultivating

thepotential of our people’ on pages 28 to 32 of

the2025 IAR

• Section ‘Tracking our progress’ on pages 41 to 45,

‘Business conduct, anti-bribery and anti-money

laundering’ and ‘Whistleblowing’ on pages 234 to 235

ofthe 2025 IAR

• Tables in Sustainability Statement of the 2025 IAR,

pages 52 to 177.

References to national, European or

international regulations

• Section ‘About our report’ on page 364, SASB Index

onpages 182 to 184 of the 2025 IAR

• Sustainability Statement of the 2025 IAR on pages 52

to 177

• The sustainability aspects of this IAR comply with the

requirements of the Corporate Social Responsibility

Directive (CSRD), see pages 364, 178 to 179.

Reporting on compliance with due diligence

and transparency requirements in relation

toconflict minerals and child labour

pursuant to Art. 964j-I CO

Minerals and metals from conflict-affected areas

We have determined that we are out of scope from the due

diligence and reporting obligations in relation to minerals

and metals from conflict-affected areas as we do not place

in free circulation or process any minerals or metals as

defined in Art. 964j CO (i.e. tantalum, tin, tungsten and gold).

Child labour

Concerning the due diligence and reporting obligations in

relation to child labour under Swiss law (Art. 964j et seqq.

CO), we comply and adhere with the ILO Conventions Nos

138 and 182 as well as the ILO-IOE Child Labour Guidance

Tool for Business of 15 December 2015 as well as the UN

Guiding Principles on Business and Human Rights, as

noted in our Human Rights Policy available on our website

and therefore we conclude, that we are exempt from the

due diligence and reporting obligations in accordance with

the Swiss law regulations in respect of child labour

according to Art. 964j para. 4 CO.

Anastassis G. David

Chair of the Board

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Swiss Statutory Reporting Supplementary Information

The majority of the information required by the Sustainability Accounting Standards Board (SASB) framework is included in the 2025 IAR and the 2025 GRI Content Index. Part of the information refers to our

public website https://www.coca-colahellenic.com/

All the numbers refer to total CCHBC markets including Egypt unless otherwise stated. Currently, we do not track all metrics included in the Non-Alcoholic Beverages Standards and will work towards including

more data in the future

Table 1. Sustainability disclosure topics and accounting metrics

Top ic Accounting metric Category Unit of measure Code Response

Fleet fuel

management

Fleet fuel consumed

Quantitative

Gigajoules (GJ)

FB-NB-110a.1

1,151,809

Percentage renewable Percentage

(%)

0.2%

Energy

management

Operational energy consumed

Quantitative

Gigajoules (GJ)

FB-NB-130a.1

7,900,640

Percentage grid electricity Percentage

(%)

29%

Percentage renewable Percentage

(%)

30%

Water

management

Total water withdrawn

Quantitative

Thousand

cubic metres

(m³)

FB-NB-140a.1

30,970

Total water consumed Thousand

cubic metres

(m³)

19,289

and percentage of each in regions with High or

Extremely High Baseline Water Stress

Percentage

(%)

36.3% water withdrawal in regions with High and Extremely High Baseline Water

Stress, 36.0% water consumed in regions with High and Extremely High Baseline

Water Stress.

Description of water management risks and discussion

of strategies and practices to mitigate those risks

Discussion

and analysis

n/a

FB-NB-140a.

2025 IAR, Water section, Business resilience, and TCFD sections.

2025 GRI Content Index (GRI 303: Water and Effluents).

Our water management practices don’t result in tradeoffs in land use, energy

production, and greenhouse gas (GHG) emissions.

CCHBC website – Water stewardship (https://www.coca-colahellenic.com/

en/a-more-sustainable-future/mission-2025/water-reduction-and-

stewardship)

Health and

nutrition

Revenue from: zero- and low-calorie beverages

Quantitative

EUR

FB-NB-260a.1

€1,813 million only from SSD portfolio, 23.4% of total SSD revenue

No added sugar beverages EUR Not reported; we report towards our Mission 2025 commitment for calorie

reduction per 100ml SSD by 25% (2025 vs 2015): in 2025 we reduced the calories

in our SSD by 19% vs 2015.

Artificially sweetened beverages EUR CCHBC website – Sustainability section – Nutrition

(https://www.coca-colahellenic.com/en/a-more-sustainable-future/

mission-2025/nutrition)

Not reported

SASB index

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Top ic Accounting metric Category Unit of measure Code Response

Product

labelling and

marketing

Percentage of advertising impressions (1) made on

children and (2) made on children promoting products

that meet dietary guidelines

Quantitative

Percentage

(%)

FB-NB-270a.1

Not reported. As a member of both the Coca-Cola System and UNESDA, we

abideby the respective responsible marketing guidelines. In addition, we have a

responsible marketing policy for alcoholic beverages, while our strategic approach

towards marketing to children is covered by our health and wellness policy

https://unesda.eu/our-priorities/advertising-and-marketing/

Health and Wellness Policy (https://www.coca-colahellenic.com/en/about-us/

corporate-governance/policies/health-wellness-policy)

Responsible Marketing Policy for Alcoholic Beverages

(https://www.coca-colahellenic.com/en/about-us/corporate-governance/

policies/responsible-marketing-policy-for-alcoholic-beverages)

https://www.unesda.eu/advertising-marketing-practices/

Revenue from products labelled as (1) containing

genetically modified organisms (GMOs) and (2)

non-GMO

Quantitative

Reporting

Currency

FB-NB-270a.2

(1) None – we don’t produce/sell GMO products.

(2) Non-GMO: € 11,604.5 million (100% of the portfolio).

CCHBC website – GMO Policy (https://www.coca-colahellenic.com/en/

about-us/corporate-governance/policies/genetically-modified-organism-

position-statement)

Number of incidents of non-compliance with industry

or regulatory labelling and/or marketing codes

Quantitative

Number

FB-NB-270a.3

No major incidents. Five minor incidents of non-compliance with regulatory

labelling and zero incidents with industry marketing codes in 2025.

Refer to the 2025 GRI Content Index (417-2 and 417-3)

Total amount of monetary losses as a result of legal

proceedings associated with marketing and/or

labellingpractices

Quantitative

Reporting

Currency FB-NB-270a.4

Total amount of monetary losses: €7.5k in 2025.

Refer to the 2025 GRI Content Index (417-2 and 417-3).

Packaging

lifecycle

management

Total weight of packaging Metric tonnes

(t)

917,894

(2) Percentage made from recycled and/or

renewablematerials

Quantitative

Percentage

(%)

FB-NB-410a.1

35% rPET (placed on the market); 37.6% glass; 55.5% aluminium

(3) Percentage that is recyclable, reusable,

and/orcompostable

Percentage

(%)

100% of primary packaging includingincluding closures and labels (recyclable

bydesign)

Discussion of strategies to reduce the environmental

impact of packaging throughout its lifecycle

Discussion

and analysis

n/a

FB-NB-410a.2

CCHBC website – Sustainability section – Making our packaging circular

(https://www.coca-colahellenic.com/en/a-more-sustainable-future/

mission-2025/making-our-packaging-circular)

SASB index continued

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Top ic Accounting metric Category Unit of measure Code Response

Environmental

and social

impacts of

ingredient

supply chain

Suppliers’ social and environmental responsibility

audit:non-conformance rate and associated

correctiveaction rate for (a) major and (b) minor

non-conformances

Quantitative

Rate

FB-NB-430a.1

2025 GRI Content Index (2-6, 308-1, 308-2, 407-1, 408-1, 409-1, 414-1, 414-2)

https://www.coca-colahellenic.com/en/about-us/what-we-do/supply-chain

CCHBC website – Sustainability section – Sourcing

(https://www.coca-colahellenic.com/en/a-more-sustainable-future/

mission-2025/sourcing)

CCHBC website – Supplier Guiding Principles

(https://www.coca-colahellenic.com/en/about-us/corporate-governance/

policies/supplier-guiding-principles)

Ingredient

sourcing

Percentage of beverage ingredients sourced

fromregions with High or Extremely High Baseline

Water Stress

Quantitative

Percentage

(%) by cost

FB-NB-440a.1

Please check ‘Water Risk Results based on WWF assessment methodology’

section of the public file below:

https://www.coca-colahellenic.com/content/dam/cch/us/documents/

about-us/what-we-do/supply-chain/sustainability-monitoring-program.pdf.

downloadasset.pdf

List of priority beverage ingredients

anddescriptionofsourcing risks due to

environmentalandsocial considerations

Discussion

and Analysis

n/a

FB-NB-440a.2

CCHBC website – Sustainability section – Sourcing

(https://www.coca-colahellenic.com/en/a-more-sustainable-future/

mission-2025/sourcing)

2025 GRI Content Index (2-6, 308-1, 308-2, 407-1, 408-1, 409-1, 414-1, 414-2)

CCHBC website – Sustainable sourcing and Our suppliers sections

(https://www.coca-colahellenic.com/en/about-us/what-we-do/supply-chain)

Table 2. Activity Metrics

Top ic Accounting metric Category Unit of measure Code Response

Volume of

products sold Quantitative

Millions of

hectolitres (Mhl) FB-NB-000.A 17,183.54

Number of

production

facilities Quantitative Number FB-NB-000.B 60 production facilities for non-alcoholic beverages

Total fleet road

miles travelled Quantitative Kilometres FB-NB-000.C 415,781,330

SASB index continued

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Business resilience

Proactive management of risks andopportunities

In today’s unpredictable business landscape,

organisations face a wide range of challenges

– from economic disruptions and pandemics

to geopolitical tensions and regulatory shifts.

Thedifference between companies that

merely survive and those that truly thrive lies

in their ability to recognise these challenges

early and create effective strategies to

address them. When risks cannot be avoided

or foreseen, it iscrucial for businesses to

remain agile and responsive, minimising

negative impacts and capitalising on the

opportunities that change can bring. This

proactive and adaptive approach is what

werefer to as business resilience.

Our integrated and holistic approach to business

resilience has been particularly important in recent

years of geopolitical, economic and environmental

change. In 2025, we continued to experience volatility,

and this had an impact on our business. However,

our resilience mindset enabled our business to

adapt and respond to those uncertainties.

Our Business Resilience Programme

• Our Business Resilience (BR) Programme embeds

the capabilities, processes and mindset we

needto anticipate and effectively respond to

change. This approach supports our sustainable

growthand helps Coca-Cola HBC to achieve its

objectives over the short, medium and long term.

• At the core of our BR Programme is a thorough

process for identifying and evaluating current

and emerging risks and opportunities.

Weproactively develop management

planstoaddress these risks and capitalise

onopportunities. This structured approach

isbasedon the International Standard for

RiskManagement, involves managers from

allareas of the business and draws on the

expertise of subject matter specialists.

• Additionally, our BR Programme brings together

key management initiatives – including security,

business continuity, insurance and crisis

management – to ensure that all critical

functions are working in alignment.

Our Business Resilience Framework

In 2025, we implemented our Business

Resilience(BR) Framework, which replaces

ourEnterprise Risk Management Framework

throughout business units. The BR Framework

maintains allkey aspects of effective risk

management, incorporating other BR

elements–security, business continuity,

insurance and crisis management.

After endorsement by the Audit and Risk Committee

(ARC) and the Board, we conducted workshops with

the senior leadership teams ofevery business unit

(BU). We also conducted aseries of pilots to refine

our approach, includingmore robust business

interruption risk assessments. This approach

ensured a deeper understanding of the potential

impact of climate risk; enhanced engagement with,

and input from,supply chain, risk engineering and IT;

and revalidation of property damage and business

interruption insurance coverage.

Our BR Framework provides structure and

simplifies our BR processes to enable us to

focuson core principles:

• Proactivity – a more structured approach

toemerging risks and opportunities makes us

moreforward-looking and puts more emphasis

on leveraging opportunities.

• Cross-functionality – no risk exists in isolation,

nor can it be managed in a functional silo. Every

aspect of our BR programme requires strong

cross-functional engagement.

• Capability and mindset – strong emphasis on

building capabilities and encouraging the right

mindset, to ensure the BR programme is

embedded in core management practice.

Our Business Resilience Framework

All functions and

business units

Identiﬁcation & assessment of

current & emerging risks

&opportunities

Eﬀective management

programmes to reduce risk/

leverage opportunities

Eﬀective response

to incidents

• Executive

Leadership Team

• Board and

Committees

Internal &

External Auditors

Inc. Business Continuity &

Crisis Management

Inc. Security & Insurance

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We are embedding the key principles of BR

throughout CCHBC, providing managers with

theprocesses and tools they need to proactively

identify and assess risks, take advantage of

opportunities, make well thought-out decisions

andtake appropriate and timely action.

We measure the extent to which BR principles

andprocesses are embedded in our business

through key performance indicators, such as our

annual resilience maturity survey, which measures

our risk and resilience culture and involves more

than 400 senior managers. Our 2025 resilience

maturity survey score increased by 1.5

percentagepoints compared with 2024,

reflectinga measurable improvement in

overallresilience capability andits consistent

application across theorganisation.

Every BU completes a BR validation at least every

two years. These validations are led by the Group

BRteam, supported by senior leaders in Group

Corporate Affairs and Sustainability, and Group

Quality, Safety & Environment, as well as other Group

functions aligned to the BU risk profile. Conducted

on site, they provide a structured review of risk

management, security, business continuity and crisis

management programmes, and include training and

simulation exercises. After each review, BU teams

receive detailed feedback and a report that outlines

what is working well and opportunities to improve.

The Group BR team also joins BU senior leadership

risk reviews and is in regular contact with key senior

managers to support effective implementation and

training – continually building BR capability across

the business.

Business resilience continued

Our approach to risk

We capture all current and emerging risks

withinour risk management process, including

sustainability-related risks. We have a top-down,

bottom-up approach, facilitated by the Group BR

team and driven by risk owners at all levels.

How we govern risk and resilience

• The Board retains overall accountability

andresponsibility for the Group’s BR, risk

management and internal control systems.

• The Board, ARC and Executive Leadership Team

(ELT) review the outcomes ofthe risk management

process, which starts with BUs and Group functions.

• The Board directs the level of acceptable risk

through the risk appetite statement and receives

regular reports from the Chief Risk Officer (CRO)

on the extent to which that statement is applied

throughout the business. In 2025, the Board

reviewed the risk appetite statement, and applied

itthrough setting risk tolerance levels for every

riskassessed by BUs and Group functions.

• The Board reviews principal and emerging

risksand opportunities, and key resilience

management plans, including our Group

andlocal insurance programmes, annually.

Throughthe work of the ARC, the Board

receivesquarterly updates on the effectiveness

of the BR and risk management programmes.

• In 2025, our CRO conducted an emerging risk

framework and routine awareness sessions

withthe ELT and the ARC to refresh their

understanding of BR and emerging risk principles,

and how they are applied within ourbusiness.

TheCRO conducted a crisis management (IMCR)

workshop with the ELTaspart of our regular BR

and risk management education programme.

• The ELT reviews principal and emerging risks

andopportunities, and the effectiveness of

mitigation and management plans. The CRO

ensures the ELT is continually updated on how

BR programmes are being implemented

throughout the year.

• The Group Risk and Compliance Committee

(GRCC), co-chaired by the CRO, meets quarterly

toupdate our Principal and Emerging Risk

theGroup. The GRCC is our risk and compliance

‘think tank’, ensuring assessed risks and

opportunities receive broad input and

criticalreview.

• Our internal audit department conducts an

annual independent audit of our BR programme

and its implementation, assessing our risk

management, business continuity and crisis

management processes, and their application

against business best practices and the

International Accounting Standards.

• The Head of Corporate Audit submits their

findings and recommendations to the ARC.

TheBoard and its committees review the

effectiveness of our internal controls every

year.Details of the 2025 review are in the

ARCreport on pages 229 to 235.

• Our external auditor participates in quarterly

GRCC meetings as well as one-on-one

discussions with the CRO at least once

ayeartoensure we have implemented the

BRprogramme effectively, and that publicly

disclosed principal and emerging risks and

opportunities accurately reflect material

riskstoour business.

Proactive management of risks andopportunities continued

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Sustainability risks

Sustainability is embedded as a core element of

our management practices and is a key element of

our BR Framework. We take the same approach to

identifying risks and opportunities and developing

management plans to reduce negative impact or

leverage opportunity with sustainability-related

risks as we do with all risks and opportunities.

On pages 189 to 195, we have summarised several

principal risks and opportunities associated with

the long-term sustainability of our business. On

page 196, we have summarised several emerging

risks and opportunities associated with the

longer-term sustainability of our business.

One of the most significant risks to our resilience

over the longer term is climate change. By

proactively assessing the impact of climate change

and preparing for and managing climate risk through

our business strategy and capital investments, we

can harness significant opportunities (see pages 195

to 196). Climate-related riskis fully integrated into

our risk management programme and our CRO

facilitates frequent discussions with a cross-

functional team (which includes representatives

from BR, Finance, Quality, Safety and

Environment, and Corporate Affairs

andSustainability).

We also remain committed to following guidelines

provided by the Taskforce for Climate-related

Financial Disclosures (TCFD). Disclosures related

tothe TCFD are summarised on page 180, and are

embedded in our Sustainability Statement on pages

52 to 177, and inour risk management section on

pages 189 to 196.

Business resilience continued

Risk and resilience processes in BUs and Group functions

Monthly reviews of the risk assessments and management plans across the BUs and at least biannually with Group functions

Overlaying of external trend analysis and business intelligence

Trend analysis, emerging risk and scenario analysis

Biannual risk reviews for Regional Directors

Biannual reviews

3rd line of defence

Independent

Assurance

2nd line of defence

Oversight &

Facilitation

1st line of defence

Risk ownership

&Delivery

Board and Committees

(Audit and Risk Committee)

ELT

Sponsor: General Counsel

Group Risk and Compliance Committee

Co-Chair: Chief Risk Officer

Regional Director

Region 2

General Manager

Italy

Group Function

Heads

Regional Director

Region 1

Regional Director

Region 3

Assessing, reporting and reviewing risks and opportunities

Risk Summary

Region 1

BusinessUnits

Risk Summary

Region 2

BusinessUnits

Risk Summary

Region 3

BusinessUnits

Risk Summary

Group Functions

Risk information is

aggregated, and the insights

are elevated for strategic

evaluation

Feedback from

all stages of

evaluation and

informed insights

feedback to the BUs

andfunctions

Proactive management of risks andopportunities continued

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Risk management

Our risk management process

Setting and reviewing

risk appetite

Risk identification and

ownership

Risk assessment

Response and action

tracking

Monitoring, reporting

and escalation

Who is involved:

• Board

• ARC

• ELT

• GRCC

• CRO

Who is involved:

• BU Leadership teams

• Group Function Leaders

• Risk Sponsors

• Risk and Insurance Coordinators

• Group BR team

Who is involved:

• BU Leadership teams

• Group Function Leaders

• Risk Sponsors

• Risk and Insurance Coordinators

• Group BR team

Who is involved:

• BU Leadership teams

• Group Function Leaders

• Risk Sponsors

• Risk and Insurance Coordinators

• Group BR team

Who is involved:

• Risk Sponsors

• Risk and Insurance Coordinators

• BU Leadership teams

• Group BR team

• GRCC

• ELT

• ARC

• Board

Key activities: Key activities: Key activities: Key activities: Key activities:

• Set and maintain the risk appetite

statement: Develop and periodically

review the risk appetite statement and

supporting documentation, including

defined tolerance levels for each

principal risk, ensuring alignment with

the organisation’s strategy, operating

model and external environment.

• Ensure strong governance and

oversight: Facilitate regular,

structured dialogue between

theBoard, ARC, ELT, GRCC, and the

CRO to ensure risk appetite iscurrent,

decision-relevant, and responsive

toemerging risks and trends.

• Embed risk appetite across the

organisation: Cascade risk appetite

and tolerance guidance toall Group

functions and BUs, integrating it into

policies, culture, business planning,

investment decisions and major

projects so that risk-taking

boundariesare clearly understood

andconsistently applied.

• Identify risks through structured and

inclusive processes: Conduct

regular, structured risk identification

workshops at Group and BU levels,

leveraging cross-functional

expertise and encouraging open

communication so risks and

concerns are surfaced early.

• Continuously scan for emerging risks

and opportunities: Systematically

monitor the internal and external

environment using data, industry

intelligence and scenario analysis to

identify current and emerging risks

and opportunities.

• Ensure clear ownership and robust

documentation: designated risk

owner for each risk and maintain

up-to-date risk registers with clear

descriptions, categories and key

drivers to support effective

oversight and management.

• Assess and prioritise risks

consistently: Evaluate each risk

forlikelihood and impact across

financial, reputational, health

andsafety, environmental and

sustainability, business interruption

and management effort dimensions

using qualitative and quantitative

tools (e.g., risk matrices and heat

maps) to support clear prioritisation.

• Enable proactive monitoring

andinsight: Identify and document

keyrisk indicators and underlying

drivers for each risk, supporting

earlywarning, trend analysis and

forward-looking management.

• Evaluate controls and residual risk:

Assess the effectiveness of existing

mitigation actions and internal

controls, calculate residual risk and

compare outcomes against defined

tolerance levels to ensure risks outside

appetite are escalated and addressed.

• Design and implement risk mitigation

plans: Develop tailored mitigation

plans for all significant risks, defining

clear actions, owners, timelines and

required resources, and ensure

effective implementation.

• Monitor effectiveness and enable

collaboration: Track the progress and

effectiveness of mitigation actions

through regular reviews and risk

cross-functional collaboration to

address complex or interdependent

risks and share best practices.

• Escalate and resolve material risks:

Promptly escalate unresolved or

out-of-tolerance risks to senior

leadership to enable timely

intervention, informed decision

making and risk reduction within

agreed tolerance levels.

• Monitor risks through structured

reporting: Continuously track key risk

indicators and performance metrics

using dashboards and defined

reporting cycles, supported by

regularreviews of risk registers

andmitigation effectiveness at

allorganisational levels.

• Provide clear oversight and assurance:

Deliver comprehensive risk reporting

to the Regional Directors, GRCC,

ELTand ARC, and participate in BR

validations, internal audits and

externalaudits.

• Drive continuous improvement:

Useinsights from monitoring,

reviewsand audits to refine risk

management practices, strengthen

controls and ensure the risk

assessment process remains

agile,compliant and responsive

toachanging risk environment.

Outcomes and reporting:

A clearly documented risk appetite

statement, reviewed annually and

updated as needed. This ensures

thatrisk-taking aligns with our

strategyand is communicated

toallrelevant stakeholders.

Outcomes and reporting:

Up-to-date risk registers with

clearownership and accountability.

Significant risks are escalated

promptly, ensuring timely

interventionand visibility

atGrouplevel.

Outcomes and reporting:

Thoroughly documented risk

assessments, with clear rationale

andsupporting data. Regular

reviewsand calibration ensure

consistency and accuracy across

BUsand functions.

Outcomes and reporting:

Current action plans, with evidence

oftimely intervention and mitigation.

Escalation records are maintained

forrisks requiring higher-level

attention, supporting transparency

and accountability.

Outcomes and reporting:

Regular risk reports and dashboards

provide visibility and assurance.

Compliance with guidelines and

auditrequirements is demonstrated,

and the process is continuously

refined torespond to emerging

risksand opportunities.

Continuous refinement

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Principal and emerging risks and opportunities

We define principal risks and opportunities as those that are, or could be, material to our business and have the most potential to impact our strategic

objectives. We define emerging risks and opportunities as those that may have a significant impact on our business in the future – both positive and

negative, but around which greater uncertainty exists, and several variables could change the nature of the risk over time.

We have summarised our principal risks and opportunities into four groups to emphasise how they are interrelated:

• Group A: Responding to changes in the geopolitical and macroeconomic environment

• Group B: Maintaining operational excellence in volatile markets

• Group C: Protecting, supporting and developing our people

• Group D: Enhancing the sustainability of our business

On page 196, we have summarised our emerging risks and opportunities.

For further information on our BR programme and our principal and emerging risks and opportunities, see our website.

Principal risks and opportunities

Group A. Responding to changes in the geopolitical and macroeconomic environment

A1. Foreign exchange

fluctuations and

macroeconomic

conditions

Key drivers:

• Geopolitical tensions

• Challenging macroeconomic conditions

• Government responses to domestic and international conditions

• Government responses, particularly taxes and interest rates

• Continuing geopolitical and macroeconomic volatility

Consequences:

• Financial losses and increased costs

• Asset impairment

• Limits on cash repatriation

• Volume and revenue decline

• Reduced profitability

• Increased commodity cost

Risk tolerance:

Group Treasury and Finance continually monitor foreign exchange risk and

economic conditions in collaboration with our BUs, and ensure, to the extent

possible, there are effective mitigation plans in place. While recognising many

external factors are largely out of our control, residual risk is to remain at or

below our ‘moderate’ rating.

Key mitigation actions:

• Maintain target, where feasible, of hedging 25%-80% of rolling 12-month

foreign currency exposures

• Use derivative instruments and hard currency deposits to reduce exposures

• Close engagement with Financial Risk Management Committee and ARC

• Pricing and targeted actions to drive mix to manage cost inflation

• Carefully managed operational expenses and cost controls

• Developed coordinated and targeted plans with TCCC and other

businesspartners on promotions and marketing initiatives

Outlook:

The global growth for 2026 is expected to be similar to that of 2025. Risks

aretilted to the downside due to policy uncertainty, impact of restrictive

immigration policies on labour supply, fiscal vulnerabilities through increased

sovereign debt and geopolitical tensions. We expect continuing foreign

exchange volatility driven by the US Dollar and idiosyncratic Emerging

markets particularly in Nigeria, Egypt and Russia. The global inflation

outlookcontinues a downward path, with the notable divergence being

between inflationary pressures in the US and decelerating inflation in

othermajoreconomies.

Description:

The risk of foreign exchange volatility

andrates fluctuations; the risk of adverse

changes to consumer confidence and

purchasing power.

Risk owner:

Head of Treasury

Included in viability

statement?

Timeframe:

Short-medium

Considered in

double materiality

assessment?

Strategic growth pillar:

12345

Trend:

Increasing

Leverage our unique

24/7 portfolio

Win in the

marketplace

Fuel growth through

competitiveness and investment

Cultivate the potential

of ourpeople

Earn our licence

to operate

Key:

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Group A. Responding to changes in the geopolitical and macroeconomic environment

A2. Complying with

international sanctions

Key drivers:

• The Russia-Ukraine crisis and the international response

• Continuous broadening and changes in applicable sanctions

• Increased regulatory complexity

Consequences:

• Significant financial and criminal fines

• Litigation costs

• Costs of remedies imposed by authorities in negative ruling

• Damage of corporate reputation

Risk tolerance:

We have no tolerance for knowingly breaching legal and regulatory

requirements, our Code of Business Conduct, Anti-bribery Policy, and other

Group and BU ethics and compliance policies and international sanctions.

Residual risk should remain at or below our ‘low’ rating.

Key mitigation actions:

• Sanctions Policy and Recusal Policy

• Training on sanctions for targeted employees

• Russia and Belarus IT systems separation to address impact of EU sanctions

• Enhanced third-party screening

• Ongoing cross-functional monitoring and assessment of applicable

sanctions supported by internal legal teams and outside legal counsels

Outlook:

Given the current geopolitical environment and the territories where we

operate, we expect this risk to remain significant for the foreseeable future.

We expect the international sanctions environment to remain complex in the

short to medium term.

Description:

The risk of inadvertent non-compliance

with applicable international sanctions.

Risk owner:

Head of Legal

Compliance

Included in viability

statement?

Timeframe:

Short-medium

Considered in

double materiality

assessment?

Strategic growth pillar:

12345

Trend:

Stable

Group B. Maintaining operational excellence in volatile markets

B1. IT resilience and data

privacy – Cyber incidents

Key drivers:

• Increasing use of cloud-based IT solutions and working from home

• Increasing sophistication of malware and ransomware actors; use of AI

• Complex third-party ecosystem

Consequences:

• Operational disruptions and financial losses

• Damage to corporate reputation

• Data breaches and privacy violations

• Regulatory and legal costs

Risk tolerance:

We are committed to establishing and maintaining strong internal controls

related to cyber security across our business. Residual risk should remain

atorbelow our ‘low’ rating.

Key mitigation actions:

• Maintained ISO/IEC 27001 certification (Information Security

ManagementSystems)

• Continue to strengthen our protection capabilities to secure applications,

data, cloud, endpoints, identities and network

• Enhanced cyber threat detection and incident response capabilities

• Simulated hacker attacks and vulnerability assessments, remediation

offindings promptly

• Govern third-party, cloud and Software as a Service (SaaS) risks; enforce

security requirements

• Embed security in software development lifecycle

Outlook:

The number and sophistication of cyber incidents is expected to increase

intheshort to medium term. Stakeholder concerns about data privacy and

requirements to protect it will continue to increase. Government agencies will

continue to improve their capabilities to investigate and respond to cyber crime.

Description:

Cyber attacks may disrupt sensitive

business operations, compromising data

confidentiality, integrity and availability.

Risk owner:

Chief Information

Security Officer

Included in viability

statement?

Timeframe:

Short-medium

Considered in

double materiality

assessment?

Strategic growth pillar:

12345

Trend:

Increasing

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Principal and emerging risks and opportunities continued

Group B. Maintaining operational excellence in volatile markets

B2. Business interruption

Key drivers:

• Geopolitical instability

• Increasing frequency and severity of extreme weather events resulting

fromclimate change

• Increasing risk of cyber attacks

Consequences:

• Impact on ability to deliver profitable growth

• Safety risk to employees

• Relationship with key customers in the event of inability to supply

Risk tolerance:

We have low tolerance for being unprepared for disruptive incidents. All BUs

must conduct risk assessments for business interruption for every plant and

use those assessments to develop their business continuity plans. The

residual risk should remain at or below our ‘low’ rating.

Key mitigation actions:

• Ensure all plants maintain business continuity plans aligned with Group

standards

• Base continuity planning on robust business interruption risk assessments

across all plants

• Review and optimise business interruption insurance coverage to mitigate

financial impact

• Strengthen plant-level cyber security and incident response to reduce

outage risk

Outlook:

Continued volatility in ingredients and raw material supply in the short to

medium term, alongside increasing frequency and severity of extreme weather

events over the medium to long term, driven by climate change.

Description:

The risk of being unable to supply our

customers with product for an extended

period in the event of a major disruption.

Risk owner:

Chief Supply Chain

Officer

Included in viability

statement?

Timeframe:

Short-medium

Considered in

double materiality

assessment?

Strategic growth pillar:

12345

Trend:

Increasing

B3. Product quality and food

safety – Quality incidents

Key drivers:

• Changes to suppliers and their processes

• Potential for human error

• Equipment or system failure

• Intentional acts

Consequences:

• Illness to consumer

• Adverse financial impact of events such as product withdrawals and recalls

• Reputational damage

Risk tolerance:

BUs are required to maintain compliance with Legal, CCH and The Coca Cola

Company’s global governance and quality system requirements. We have no

tolerance for products that may pose a health or safety risk for consumers,

and these should be classified as an incident or elevated incident within the

meaning of the Incident Management and Crisis Resolution (IMCR)

programme. Residual risk should remain at or below our ‘low’ rating.

Key mitigation actions:

• Quality and Food Safety (QFS) capabilities through Quality Academy basic

and advanced level implementation as part of our QSE Maturity Matrix Index

• Full implementation of CCH QFS prevention programmes

• QFS management system certification

• Elevated and risk-based supplier quality management

• Updated and tested product withdrawal and recall plans

Outlook:

We have continued to reduce the number of quality-related incidents over time.

However, we remain vigilant given the impact they can have on our business.

Description:

The risk of serious product quality

incidents or contamination of our products.

Risk owner:

Head of Quality, Safety

and Environment

Included in viability

statement?

Timeframe:

Short-medium

Considered in

double materiality

assessment?

Strategic growth pillar:

12345

Trend:

Stable

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Principal and emerging risks and opportunities continued

Group C. Protecting, supporting and developing our people

C1. Geopolitical and

securityenvironment

Key drivers:

• Russia-Ukraine crisis pressures

• Middle East conflict escalation

• Trade-route/security disruptions

• US geopolitical policy shift

Consequences:

• Safety of our people

• Financial impact of sanctions

• Supply chain instability

Risk tolerance:

We have no tolerance for knowingly exposing our employees to potentially

dangerous situations without having effective plans in place to reduce the

riskto acceptable levels. These plans are reviewed and tested regularly.

Residual risk should remain at or below our ‘low’ rating.

Key mitigation actions:

• Enhanced security risk assessments to better inform management plans

• Improvement of emergency and contingency plans for affected markets

• Continuing IMCR development and training

• Strengthen geopolitical monitoring and early-warning mechanisms

Outlook:

Continued geopolitical volatility over the medium to long term. While limited

de-escalation efforts may occur, a durable resolution to the Russia-Ukraine

conflict remains uncertain. Tensions across the Middle East are likely to remain

volatile, with potential for regional spillover and intermittent impacts on energy

markets and supply chains. In parallel, rising political polarisation in parts of

Europe may place additional pressure on social cohesion and increase the

likelihood of localised disruptions.

Description:

The risk to the safety and security of our

people and potential interruption of our

business because of geopolitical instability

and volatile security environment.

Risk owner:

Chief Risk Officer

Included in viability

statement?

Timeframe:

Short-medium

Considered in

double materiality

assessment?

Strategic growth pillar:

12345

Trend:

Increasing

C2. Health and safety

Key drivers:

• Traffic conditions in selected countries

• Non-compliance with or breaches of health and safety (H&S) requirements

• Inadequate contractual provisions and/or behaviours of contractors

Consequences:

• Fatalities and/or serious injuries

• Damage to our reputation as a caring, responsible employer if not

handledproperly

• Financial losses

Risk tolerance:

We have no tolerance for failing to comply with workplace health and safety

policies. Residual risk should remain at or below our ‘low’ rating.

Key mitigation actions:

• Continued implementation of our Behaviour Based Safety (BBS)

programme, including human and organisational principles (HOP),

acrossthe organisation

• Compliance with LSR (Life Saving Rules) requirements

• Involved leaders on all levels in H&S observations and conversations

Outlook:

We are optimistic that our H&S training and awareness programmes

willcontinue to reduce fatalities and injuries.

Description:

The risk of health and safety and

occupational workplace incidents

involving our employees, contractors

orthird-party logistics providers.

Risk owner:

Head of Quality,

Safety and

Environment

Included in viability

statement?

Timeframe:

Short-medium

Considered in

double materiality

assessment?

Strategic growth pillar:

12345

Trend:

Stable

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Principal and emerging risks and opportunities continued

Group C. Protecting, supporting and developing our people

C3. People attraction

andretention

Key drivers:

• Expectations for flexible working arrangements

• Continued high demand for talent across the industry

• Digital evolution and virtual working reshaping the skills required

• Increased focus by regulators on pay transparency and equity

Consequences:

• Failure to meet our goals

• High turnover in critical positions resulting in knowledge

andproductivityloss

• Potential imbalance between male and female employees

Risk tolerance:

We will strive to remain an employer of choice, provide effective career

development programmes and maintain high levels of employee

engagement. Residual risk should remain at or below our ‘low’ rating.

Key mitigation actions:

• Continuous listening to measure culture and employee engagement,

andaddress findings

• Improve people management skills to enhance engagement and energise

employees sustainably

• Maintain leadership development programme and continue to foster

ourcoaching and mentoring culture

• Pay equity reporting and follow-up actions to address any identified gaps

Outlook:

Talent retention will be an ongoing challenge over the short to medium term.

Highly engaged and talented people are critical for our resilience, and our

investment in our workforce presents a significant opportunity for our business.

Description:

The risk of failing to attract and retain the

highest calibre people to take advantage

of opportunities in the future.

Risk owner:

Head of People

Operations

Included in viability

statement?

Timeframe:

Short-medium

Considered in

double materiality

assessment?

Strategic growth pillar:

12345

Trend:

Stable

Group D. Enhancing the sustainability of our business

D1. Product-related

regulatory changes and taxes

Key drivers:

• Consumer concerns around health, environmental and social issues

• Government responses to health issues and budgetary pressures

• International initiatives/organisations promoting discriminatory measures

Consequences:

• Financial impact

• Forced changes in product formulations and portfolio mix

• Impact on reputation and product affordability, accessibility

andacceptability

Risk tolerance:

All BUs must continually monitor regulatory and tax developments, fiscal

pressures and consumer concerns, and identify triggers that can translate

into regulatory changes and potential new taxes. Residual risk should remain

at or below our ‘moderate’ rating.

Key mitigation actions:

• Monitor developments from leading health/political organisations

• Constructive engagement with key stakeholders to navigate possible tax/

regulatory changes

• Continue product innovation and expansion of 24/7 portfolio to respond

toconsumer needs, including expansion of no-/low-calorie beverages

• Continue to adhere to responsible marketing and advertising policies

Outlook:

Heightening concerns around health into the medium to longer term. Increasingly

demanding regulatory environment in the EU. Increasing budgetary pressures

and policies to address consumer health concerns increase the risk of additional

sugar/beverage taxes and regulations in the short term.

Description:

The risk that health and environmental

concerns and budgetary pressures will

impact brand perceptions and increase

governments’ use of discriminatory

taxesand regulations.

Risk owner:

Head of Public &

Regulatory Affairs

Included in viability

statement?

Timeframe:

Medium

Considered in

double materiality

assessment?

Strategic growth pillar:

12345

Trend:

Increasing

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Principal and emerging risks and opportunities continued

Group D. Enhancing the sustainability of our business

D2. Cost and availability

ofsustainable packaging,

suppliers and sustainable

sourcing

Key drivers:

• Geopolitical and macroeconomic conditions

• Financial speculation on global commodities markets

• Hard currency liquidity issues in emerging markets

• Price dynamics of recycle-friendly raw materials such

as rPET and aluminium

• Collection rates in high plastic volume markets

• Access to quality feedstock

• New EU regulations on plastics and packaging waste

Consequences:

• Increased input costs, also attributed to climate change driven

transitionrisk

• Inability to supply customers because of business interruption

• Impact on reputation

• Increase in sales and profits by developing a profitable pack mix

thatresonates with consumers

Risk tolerance:

We only deal with suppliers that demonstrate a capability for consistently

delivering high-quality products that meet our Supplier Guiding Principles.

Residual risk should remain at or below our ‘low’ rating.

All BUs must establish aprocess for monitoring and reporting potential

regulatory changes relating to packaging. Residual risk should remain

atorbelow our ‘moderate’ rating.

Key mitigation actions:

• Strengthen supply resilience by expanding the supplier base,

securingcontracted volumes and prices (with local currency focus),

andmaintaining detailed business continuity plans for each market

andmaterial.

• Advance packaging sustainability by increasing recycled content

andreusable formats while accelerating circularity initiatives across

theportfolio.

• Build effective recovery systems through close collaboration with

regulators, industry peers, start-ups and NGOs.

• Drive innovation by identifying and deploying new technologies and

alternative packaging solutions – including packageless, refillable and

advanced recycling options – to reduce waste and lower our packaging

carbon footprint.

Outlook:

We are likely to see continued pressure on commodity, energy and freight

costs, especially with current geopolitical trade dynamics and tariffs affecting

Asian trade routes. Climate change and evolving regulations will also

increasingly influence ingredient availability and cost, so we need to continue

building resilience into our long-term sourcing strategy. We will continue to

seeheightened stakeholder concerns over the medium term and increased

regulation across EU markets. The price of good-quality recycled material

willcontinue to rise over the medium term as industries focus on increasing

recycled content.

Description:

The risk of being unable to develop a

profitable and sustainable packaging mix

while also securing reliable and affordable

access to key ingredients and materials,

due to increasing regulatory demands

and supply chain pressures.

Risk owner:

Head of Sustainability

and Chief Procurement

Officer

Included in viability

statement?

Timeframe:

Short-medium

Considered in

double materiality

assessment?

Strategic growth pillar:

12345

Trend:

Increasing

D3. Managing our carbon

footprint

Key drivers:

• Increasing pressure to reduce emissions and transparency on our

actionsand targets

• Complexity of managing business growth while reducing emissions

• Legal requirements linking sustainability with financial reporting

andinvestments

• Increasing use of carbon taxes and trading schemes to reduce

carbonemissions

Consequences:

• Impact on the environment and our reputation

• Estimated annual costs of scope 1 and 2 emissions of €23.2 million by 2030

reducing to €9.1 million by 2040 under an RCP1.9 scenario, and €10.4 million

by 2030 reducing to €2.9 million by 2040 under an RCP4.5 scenario

• Significant capital expenditure over the longer term to fund carbon

reduction initiatives

Risk tolerance:

We have a low tolerance for conducting activities that are not optimising our

overall carbon emissions over the medium to long term. Residual risk should

remain at or below our ‘low’ rating.

Key mitigation actions:

• Implemented actions guided by NetZeroby40 transition plan,

includingmitigation and adaptation plans

• Stress tested adaptation plans against multiple climate scenarios

• Embedded climate change response into all business continuity plans

• Enhanced public transparency and communication of climate change

risksand adaptation plans

Outlook:

Consumer, customer and regulatory pressure will continue to increase and

apply pressure on all companies to reduce their carbon footprint. Increased

scrutiny on our sustainability initiatives from regulators and NGOs.

Description:

The risks and opportunities associated

with decarbonisation of our value chain.

Risk owner:

Head of Sustainability

Included in viability

statement?

Timeframe:

Medium-long

Considered in

double materiality

assessment?

Strategic growth pillar:

12345

Trend:

Increasing

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Principal and emerging risks and opportunities continued

Group D. Enhancing the sustainability of our business

D4. The impact of climate

change on the cost and

availability of water

Key drivers:

• Increased water stress in sixteen countries due to climate change under

multiple climate scenarios

• Local community needs for clean water, particularly in areas of waterstress

• Increased regulatory pressure, including imposition of taxes and levies

Consequences:

• Climate change may increase the level of water stress on 27 plants,

withestimated significant impact on 17 plants under an RCP4.5 climate

scenario and 15 plants under an RCP8.5 climate scenario

• Climate change is unlikely to materially increase the annual cost of water;

we estimate that we will need to invest up to an additional €73.2 million in

capital expenditure by 2030 and up to another €132.8 million in 2031-2040

in water infrastructure to ensure sufficient availability for production and

to support local community needs

• Damage to our reputation

Risk tolerance:

We have a low tolerance for conducting activities that do not optimise

ouruse of water. Residual risk should remain at or below our ‘low’ rating.

Key mitigation actions:

• Water usage reduction plans across our operations

• Water stewardship programmes in water priority locations to mitigate

shared water risks

• Updated source vulnerability assessments for all plants and enhanced

ourplans, including identification of additional capital expenditure required

for enhancing infrastructure

• Focus on water treatment innovative technologies for water priority locations

• Integrated environmental KPIs monitoring and reporting for all plants

• Investment in enhancing water infrastructure

Outlook:

Water stress in our water priority locations is likely to increase because of

climate change. The extent of that increase will depend both on our actions

andon the global response to climate change.

Description:

The risks related to the impact of climate

change on water availability, water stress

and water quality in our areas of operation.

Risk owner:

Head of Quality,

Safety and

Environment

Included in viability

statement?

Timeframe:

Long

Considered in

double materiality

assessment?

Strategic growth pillar:

12345

Trend:

Increasing

D5. Business Transformation

– Integration of CCBA

Key drivers:

• Overestimated synergy assumptions

• Misaligned organizational cultures and leadership styles

• Inadequate integration governance and project management

• Insufficient communication and change management

• IT and systems incompatibility

• Lack of effective talent retention strategy

• Regulatory or legal complexities

Consequences:

• Erosion of expected business and financial synergies

• Operational inefficiencies, systems inoperability and supply chain disruption

• Decline in employee engagement and increased turnover

• Reputational challenges or stakeholder distrust

• Increased compliance and audit findings

• Strategic distraction from core business performance

Risk tolerance:

Following completion of the acquisition, which is subject to satisfaction of

conditions including regulatory and merger control approvals the integration of

new businesses/territories will be managed through a structured integration

process where functional and sub-functional teams will own, plan and execute

specific interventions to ensure business continuity, legal compliance and value

acceleration. Residual risk should remain at or below our “low” rating.

Key mitigation actions:

• Establish a robust Integration Management Office with clear governance

• Develop detailed integration plans for each function with clear milestones

• Conduct comprehensive cultural assessment and targeted integration

workshops

• Implement proactive communication and stakeholder engagement plan

• Design and implement retention programmes and actions for key leaders

and critical roles

• Monitor integration progress based on concrete milestones, defined KPIs

and early-warning indicators

Outlook:

We are developing comprehensive integration plans and we will be

collaborating with the business leaders of the new territories on integration,

following completion of the acquisition. The market environment in many

ofthese emerging markets poses challenges that could impact our business

and operational growth drivers and assumptions. We intend to monitor those

assumptions on aregular basis.

Description:

Risk that, following completion of the

acquisition, the integration of CCBA fails to

meet expectations due to cultural,

operational or governance gaps.

Risk owner:

Strategy and

Transformation

Director

Included in viability

statement?

Timeframe:

Short-Medium

Considered in

double materiality

assessment?

Strategic growth pillar:

12345

Trend:

Stable

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Principal and emerging risks and opportunities continued

Emerging risks

Emerging risk framework,

processand management

In today’s volatile and complex global business

environment, identifying and managing emerging

risks and opportunities is essential for long-term

resilience and competitive advantage. Emerging

risks are those that may not currently impact the

business but have the potential to do so, often

characterised by ambiguity, rapid change,

complexity or uncertainty. These risks may

ariseinnew contexts or evolve from known

risksas external conditions shift.

Recognising the need for a structured approach,

ouremerging risk framework combines established

risk management processes with elements of

international standards for risk management,

enhanced by analytical techniques such as

horizonscanning, scenario analysis and

monitoringindicators of change. This enables

ustosystematically identify, assess and respond

toemerging risks and opportunities, ensuring that

we do not wait for complete information before

acting. Early identification allows us to plan for

andmitigate risks before they become critical,

andleverage opportunities.

The process is cyclical and rigorous:

• Identification: Initial horizon scanning and

analysis of trends and drivers are conducted,

supported by discussions with subject matter

experts and BUs. This helps to create an

overview of relevant risks and opportunities.

• Review: Emerging risks are reviewed with regional

management and included in principal and

emerging risk reviews with Group risk owners. Input

from the ARC ensures governance and oversight.

• Assessment: Shortlisted risks and opportunities

undergo scenario planning and testing, with

further review by the Group Risk and Compliance

Committee. These assessments are

incorporated into viability assessments and

long-range planning.

• Reporting: Outcomes are reported to the ELT,

ARC and Board, with disclosures made in the

Integrated Annual Report.

Our emerging risk framework provides structure and discipline in anticipating future events, weighing multiple unknowns, and preparing for disruptive

changes. It also supports compliance with governance requirements, such as the UK Corporate Governance Code, which mandates robust assessment and

management of emerging risks. Ultimately, we ensure that emerging risks and opportunities are integrated into annual and long-term strategic planning,

enabling Coca-Cola HBC to adapt, innovate and thrive in an uncertain world.

Group E: Emerging Risks

E1.

Impact of climate

changeonthecost

andavailability

ofkeyingredients

E2.

Impact of

misinformation

anddisinformation

E3.

Omni-channel

evolution

E4.

The impact of

consumer perceptions

ofour environmental

performance

Description: Description: Description: Description:

Climate change is expected to

influence both the cost and

availability of essential ingredients

such as sugar, coffee and fruit juices

over the long term. This may lead

toreduced crop yields in certain

regions, while potentially improving

growing conditions in others.

The growing prevalence of

misinformation and disinformation

– especially those amplified by

Artificial Intelligence (AI) – poses

significant risks, which are becoming

more frequent and sophisticated,

challenging our ability to safeguard

accurate information.

Rapid shifts in the retail sector,

especially the adoption of omni-

channel strategies by major

retailers, present both risks and

opportunities. Adapting to these

changes is essential as they

reshapehow products are sold and

supported across multiple channels.

How consumers view our

performance on environmental

issues – such as carbon emissions,

packaging and water usage –

presents both risks and

opportunities. These perceptions

can shift rapidly and influence

ourreputation.

Impact: Impact: Impact: Impact:

If access to key ingredients

becomes restricted, our production

capabilities could be disrupted.

Under an RCP1.9 climate scenario,

annual costs for these ingredients

are projected to rise by 14.4% by

2030 and by 2.7% by 2040. In an

RCP4.5 scenario, the estimated

increases are 6.8% by 2030 and

1.0% by 2040.

Potential consequences include

reputational harm, increased

management effort and legal

expenses, as well as heightened

concerns around privacy and

dataprotection.

Failure to respond quickly could

result in loss of market share and

revenue, as real-time data and

multi-channel support become

standard expectations. Conversely,

developing a robust omni-channel

strategy offers significant

growthpotential.

A positive reputation for

environmental responsibility can

enhance brand loyalty, attract new

customers and drive sales growth.

Conversely, negative perceptions may

lead to reputational damage, reduced

customer trust and a tangible decline in

sales. In some cases, negative

sentiment can also result in increased

scrutiny from stakeholders or

regulators, potentially affecting

long-term business performance.

Mitigation: Mitigation: Mitigation: Mitigation:

We are working closely with

suppliers to monitor and respond

tochanges in crop yields. We

arealso expanding our supplier

networkand identifying regions

where growing conditions may

improve, helping to secure reliable

sources for our key ingredients.

We are establishing comprehensive

internal policies, standards and

guidelines for AI usage. A cross-

functional governance team

oversees these efforts. Company

promotes employee awareness to

ensure the safe and secure use of AI.

We are strengthening our analysis to

track changes and identify capability

gaps, ensuring our international

keyaccount strategies prioritise

omni-channel approaches. Ongoing

engagement with retail partners and

effective use of data help us unlock

opportunities for both our customers

and our business.

We monitor consumer attitudes and

trends related to sustainability, using

surveys, social listening and market

research. Insights are used to then refine

and adapt our sustainability strategy,

ensuring our initiatives address

keyconcerns and expectations.

Bytransparently communicating

ourprogress and engaging with

stakeholders, we aim to strengthen

our environmental credentials and

maintain a positive public image.

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Principal and emerging risks and opportunities continued

Interconnectivity between principal risks

Principal risk

Foreign

exchange

fluctuations

and

macroeconomic

conditions

Complying with

international

sanctions

IT resilience

and data

privacy – Cyber

incidents

Business

interruption

Product quality

and food safety

– Quality

incidents

Geopolitical

and security

environment

Health

andsafety

People

attraction

andretention

Product-

regulatory

changes

andtaxes

Cost and

availability of

sustainable

packaging,

suppliers and

sustainable

sourcing

Managing

ourcarbon

footprint

The impact

ofclimate

change on

thecost and

availability

ofwater

Business

Transformation

– Integration

ofCCBA

Foreign exchange

fluctuations and

macroeconomic

conditions

Complying with

international

sanctions

IT resilience

anddataprivacy

–Cyberincidents

Business

interruption

Product quality

and food safety –

Quality incidents

Geopolitical

andsecurity

environment

Health and safety

People attraction

andretention

Product-related

regulatory changes

and taxes

Cost and availability

of sustainable

packaging, suppliers

and sustainable

sourcing

Managing our

carbonfootprint

The impact of climate

change on the cost

and availability

ofwater

Business

Transformation

– Integration

of CCBA

Interconnectivity between

principalrisks

Principal risks are assessed and reported

withinaframework that recognises their

inherentinterdependencies. Many of the risks

theCompany faces share common drivers and

outcomes, and a shift in one area can influence

the profile of others. Our approach to risk

management is designed to ensure these

connections are understood and reflected

indecision making.

To support coherent assessment and reporting,

principal risks are grouped in a way that reflects

their relationships and influences. This allows the

Company to consider where actions in one area

may affect risk outcomes in another and to

prioritise responses that address risks in an

integrated and balanced manner.

Risk connectivity is embedded within

coregovernance processes, including

riskidentification, evaluation and strategic

planning.This enables the Company to

monitormaterial changes in the risk landscape

and to align mitigating actions with strategic

objectives and the approved risk appetite.

By emphasising how principal risks are linked,

theCompany strengthens the quality of risk

oversight and reinforces alignment between risk

management, strategy execution and long-term

value creation.

Coca-Cola HBC Integrated Annual Report 2025

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Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Principal and emerging risks and opportunities continued

Viability statement

Business model and prospects

Our business model and strategy, outlined

onpage 10 of this report, documents thekey

factors that underpin the evaluation

ofourprospects. These factors include our:

• attractive geographic diversity;

• strong sales and execution capabilities;

• ability to innovate;

• market leadership;

• global brands; and

• diverse beverage portfolio.

The ongoing Russia-Ukraine conflict and

MiddleEast tensions as well as the prospect

ofheightened geopolitical instability resulting from

changes in the US and its relationships with other

countries, could continue to impact global supply

chains, create foreign exchange and commodities

volatility, and exacerbate economic challenges

inour markets. We observed an appreciation in

theNigerian Naira, Russian Rouble and Egyptian

Pound, but we remain vigilant, as geopolitical

tensions and global tariffs can create risk aversion

and introduce foreign exchange volatility.

While the Board considers that our markets will

continue to face changes over the medium to longer

term, it believes that our diverse geographic footprint,

including a balance of well-established markets

andexposure to emerging markets that have

lowpercapita consumption and therefore greater

opportunity for growth, and a proven strategy,

incombination with our leading market position,

offersignificant opportunities for future growth.

Our Board has historically applied and continues to

apply a prudent approach to the Group’s decisions

relating to major projects and investments. From

2021 to 2025, we generated free cash flow of

€675 million per year on average.

Key assumptions of the business

plan and related viability period

The Group maintains a well-established strategic

business planning process which has formed the

basis of the Board’s quantitative assessment of

the Group’s viability, with the plan reflecting our

current strategy over a rolling five-year period.

The financial forecasts in the plan are based

onassumptions for the following:

• key macroeconomic data that could impact

ourconsumers’ disposable income and

consequently our sales volume and revenues;

• various scenarios relating to the ability

ofgovernments in key markets to manage

theeconomic conditions in their countries;

• key raw material and other input costs;

• the impact of climate change, particularly

associated with the transition to a lower-carbon

economy and the costs of carbon under multiple

climate scenarios (see also page 194 for more

information on our quantitative assessments

ofthe impact of climate change);

• the impact of ongoing conflicts such as the

Russia-Ukraine crisis and ongoing instability

inthe Middle East;

• foreign exchange rates, including the economic

conditions affecting the Egyptian Pound, the

Nigerian Naira and the impact of the Russia-

Ukraine conflict on the Russian Rouble; spending

for production overhead and operating expenses;

• working capital levels; and

• capital expenditure.

The Board has assessed that a viability period of five

years remains the most appropriate. This is due to

itsalignment with the Group’s strategic business

planning cycle, consistency with the evaluated

potential impacts of our principal risks as disclosed

onpages 189 to 195 and our impairment review

process, where goodwill and indefinite-lived intangible

assets are tested based on our five-year forecasts.

Assessment of viability

Qualitatively and quantitatively, we analysed

theoutput of our robust enterprise risk

management, internal business planning and

liquidity management processes, to ensure that

the risks to the Group’s viability are understood

andare being effectively managed.

The acquisition and integration of CCBA will occur

(subject to satisfaction of conditions, including

regulatory and merger control approvals) during

theperiod covered by the viability statement. Any

potential impacts to the Group over the five-year

period as a result of the agreed acquisition of CCBA

identified through the due diligence and operational

review process performed as well as the acquisition

business case, together with the mitigation actions

that would be available to management in a

downside scenario, have been taken into account

forthe purpose of the viability assessment.

The Board has concluded that the Group’s

well-established processes across multiple

streams continue to provide a comprehensive

framework that effectively supports the

operational and strategic objectives of the Group.

It also provides a robust basis for assessment and

confirmation of the Group’s ability to continue

operations and meet its obligations as they fall

due over the period of assessment.

Supporting the qualitative assessment was a

quantitative analysis performed as part of strategic

business planning. This assessment included, but was

not limited to, the Group’s ability to generate cash.

We have continued to stress test the plan against

several severe but plausible downside scenarios

linked to certain principal risks as follows:

Scenario 1:

The impact of changes to foreign exchange

rateswas considered, particularly the depreciation

offoreign currencies including the Egyptian

Pound, Nigerian Naira and Russian Rouble, also

considering effects from the Russia-Ukraine

conflict and other geopolitical developments.

Principal risks: Foreign exchange fluctuations

andmacroeconomic conditions, and Geopolitical

and security environment.

Scenario 2:

Lower estimates for sales volumes for various

reasons including the continuing difficult

economic conditions in our markets and the ability

of governments to manage these, including the

impact of the ongoing Russia-Ukraine conflict.

Principal risks: Foreign exchange fluctuations and

macroeconomic conditions, and Geopolitical and

security environment.

Scenario 3:

Continued stakeholder focus on issues relating

tosugar and packaging resulting in the potential

for discriminatory taxation. Principal risks:

Product-related regulatory changes and taxes,

and Cost and availability of sustainable packaging,

suppliers and sustainable sourcing.

Scenario 4:

Higher input costs including raw materials and energy

costs. Principal risks: Cost and availability of

sustainable packaging, suppliers and sustainable

sourcing, and Foreign exchange fluctuations and

macroeconomic conditions.

Scenario 5:

Lower sales volumes driven by climate change

including higher costs of water, the projected

costs of carbon emissions and the impact of

extreme weather on our production and

distribution under multiple climate scenarios.

Principal risks: The impact of climate change on

the cost and availability of water, Managing our

carbon footprint, Business interruption.

The above scenarios were tested both in isolation

and in combination. The stress testing showed that

due to the stable cash generation of our business,

the Group would be able to withstand the impact

ofthese scenarios occurring over the period of the

financial forecasts. This could be conducted by

making adjustments, if required, to our operating

plans within the normal course of business,

including but not limited to adjustments to our

operations, including capital expenditure, and

temporary reductions in discretionary spending.

Following a thorough and robust assessment of

the Group’s risks that could threaten our business

model, future performance, solvency or liquidity,

the Board has concluded that the Group is well

positioned to effectively manage its financial,

operational and strategic risks.

Viability statement

Based on our assessment of the Group’s prospects,

business model and viability as outlined above, the

Directors can confirm that they have a reasonable

expectation that the Group will be able to continue

operating and meet its liabilities as they fall due over

the five-year period ending 31 December 2030.

Coca-Cola HBC Integrated Annual Report 2025

198

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Independent NEDs 6

46%

NEDs

Executive directors

46%

1 8%

Board independence

(number and %)

TCCC

21%

Kar-Tess Holding

Free ﬂoat

23%

56%

Shareholder structure

(%)

Men 8

62%

Women 5

38%

Board gender diversity

(number and %)

18–19

15%

23%

15%

enure (years)

0–1

1–2

3–4

5– 6

6–7

8–9

10–11

19–20

0–1

1–2

2–3

4– 5

7–8

8–9

11–12

Compliance with the UK Corporate Governance Code 2024

Board leadership and company purpose

A. Effective and entrepreneurial board to promote the long-term sustainable success of the

company, generating value for shareholders and contributing to wider society

B. Purpose, values and strategy with alignment to culture

C. Governance reporting to focus on board decisions and outcomes in context of the

company’s strategy and objectives

D. Effective engagement with shareholders and stakeholders

E. Consistency of workforce policies and practices to support long-term sustainable success:

• Letter from the Chair of the Board

• Board leadership and Company purpose

• Strategic Report

• Engaging with our key stakeholders

• Culture in action

• Overseeing strategic delivery

• Audit and Risk Committee

• Conflicts of interest

200

1, 208 to 209, 213

1 to 198

210 to 211

214

212

229

204

Division of responsibilities

F. Leadership of Board by Chair.

G. Board composition and responsibilities.

H. Role of NEDs.

I. Company’s policies, processes, information, time and resources:

• Board composition

• Key roles and responsibilities

• Division of responsibilities for the Board

• Support and training for the Board

• Board appointments and succession planning

203

205 to 207, 215

215 to 216

222 to 223

223

Composition, succession and evaluation

J. Board appointments and succession plans for board and senior management and promotion of diversity, inclusion and

equal opportunity

K. Skills, experience and knowledge of board and length of service of board as a whole

L. Annual evaluation of Board, committees and Directors and demonstration of whether each

Director continues to contribute effectively:

• Board composition

• Application of Coca-Cola HBC’s corporate governance practices

• Diversity, tenure, skills and experience

• Board performance review

• Nomination Committee

203

202

199, 221, 224 to 225

224 to 225

221

Audit, risk and internal controls

M. Independence and effectiveness of internal and external audit functions and integrity of

financial and narrative statements

N. Fair, balanced and understandable assessment of the company’s position and prospects

O. Risk management and internal control framework and principal risks the Company is willing

to take to achieve its long-term objectives:

• Audit and Risk Committee

• Strategic Report (Business resilience)

• Fair, balanced and understandable Annual Report

• Going concern basis of accounting

• Viability statement

229

185 to 187

231, 234 and 260

260

198

Remuneration

P. Remuneration policies and practices to support strategy and promote long-term sustainable

success with executive remuneration aligned to company purpose and values

Q. Procedure for developing policy on executive director and senior management remuneration

R. Authorisation of remuneration outcomes:

• Remuneration Committee report 236 to 259

Governance at a glance

Corporate Governance Compliance statement

As a Swiss corporation listed on the London Stock Exchange (LSE) with a secondary listing on

theAthens Exchange, we aim to ensure that our corporate governance systems remain in line

withinternational best practices. We continuously review our corporate governance standards

andprocedures, considering current developments and rulemaking processes in the UK, Switzerland

andthe EU. Find out more on pages 202 to 204.

Corporate

Governance

Report

Nationalities

American 1 8%

American/Brazilian 1 8%

British 4 30%

British/Cypriot 1 8%

Bulgarian 1 8%

Croatian 1 8%

Greek 1 8%

Greek/British 1 8%

Greek/Cypriot 1 8%

Nigerian 1 8%

Coca-Cola HBC Integrated Annual Report 2025

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Strategic Report

Dear Stakeholder,

On behalf of the Board, I am pleased to share the

Corporate Governance Report for the financial

year ended 31 December 2025. The Board is

responsible for the effective leadership of the

Group and promoting the highest standards

ofcorporate governance, while also ensuring

ourgovernance standards and systems operate

inlinewith international best practices.

Strong culture as a growth enabler

In 2025, the Board continued to play a central role

in embedding Coca-Cola HBC’s purpose-led and

values-driven culture, recognising it as a critical

enabler of long-term sustainable performance.

Directors lead by example, cascading good

behaviour throughout the Group and bringing our

values to life. The Board monitors cultural health

through regular reviews of employee engagement

insights, including the My Voice survey, and

oversees management’s actions to strengthen

transparency, fairness, wellbeing and leadership

behaviours across the organisation. Our

consistently strong employee engagement

results demonstrate that we are embedding

theright culture to achieve our purpose.

Robust and enduring governance

intimes of change

We aim to ensure best practice governance through

robust processes and frameworks. Our considered,

strategic and sustainable approach has laid strong

foundations and enabled us to be future-ready.

Together, we have faced uncertainties and made

bold, ambitious choices, opening up moments

that refresh us all – our people, our customers,

ourpartners and our wider stakeholders.

Throughout 2025, the Board heard from a range

of speakers presenting on a variety of topics –

from financial markets and macroeconomic

outlook to cyber security. External speakers

enhance our collective insight and diversity of

thought. Combined with each Board member’s

extensive knowledge and experience, this

exposure ensures we continue to be best placed

to make bold and informed strategic decisions,

and to challenge and support the ELTtoreach

better outcomes.

Board Leadership and oversight

2025 was another year of strong growth in a

challenging external environment. I am reassured

by the Board’s contribution in decision making,

representing the interests of all stakeholders in

adiverse range of issues; from engaging with our

communities and shareholders to undertaking

areview and assessment of the milestone

acquisition by Coca-Cola HBC of Coca-Cola

Beverages Africa (CCBA). A priority in 2026 will

beto support our senior leadership in completing

the acquisition and integrating CCBA.

Our unique culture, heritage and

values are a fundamental part of

delivering sustainable value to all our

stakeholders. Our robust governance

practices are a strong foundation

for future proofing our business as

we look ahead to the next chapter

ofourgrowth story.

Letter from the Chair of the Board

Governance for the next chapter of growth

Digital as a growth lever

In 2025, the Board strengthened its oversight

oftechnology, data and Artificial Intelligence (AI)

as core enablers of the Group’s long-term growth,

receiving regular updates on how digital and AI

drive business performance, on technology

capabilities and on the integration of data and

insights into decision making. The Board’s annual

effectiveness review identified technology as a

priority area, ensuring that management’s digital

investments align with Coca-Cola HBC’s strategic

objectives and are executed within a strong,

controlled environment. Through its committees,

the Board also monitored cyber resilience, IT

security and data privacy risks, maintaining robust

governance around the ethical, secure and value

creating deployment of digital and AI solutions

across the Group.

Coca-Cola HBC Integrated Annual Report 2025

200

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Strategic Report

Board composition and diversity

During the year, the Board’s composition,

skills,experience and broader aspects of diversity

werereviewed, including through the externally

facilitated annual Board assessment, to ensure

the Board continues to function effectively.

Webelieve that a diverse Board fosters both

innovation and resilience.

The Board is cognisant of the Financial Conduct

Authority’s (FCA) UK Listing Rules on targets for

gender and ethnic diversity (see the Nomination

Committee report on page 221). We continue to

attach great importance to all aspects of diversity

in our nomination processes for Board members

and the ELT, and appoint candidates who possess

the appropriate experience and skillset to

contribute to our continued growth and

performance within our highly complex sector.

Asat the date of this report, female Directors

comprised more than 38% of our Board – just

below the FCA gender target of 40% – and

Charlotte J. Boyle is the Board’s Senior

Independent Director.

Coca-Cola HBC welcomed two new Board

members in 2025, Pantelis (Linos) D. Lekkas

andStavros Pantzaris, who both bring a wealth

ofexperience and are already making significant

contributions. We are extremely grateful to and

would like to thank William W. (Bill) Douglas III

andReto Francioni, who retired from the Board

and left Coca-Cola HBC in 2025, for their valuable

contributions to the Group over the years.

Board review and effectiveness

In accordance with the UK Corporate Governance

Code 2024 and the Board’s commitment to adhere

to best corporate governance practices, an

externally facilitated Board effectiveness review

was undertaken by Lintstock in the second half

of2025. Key outcomes are on page 225 of the

Nomination Committee report.

Letter from the Chair of the Board continued

The outcome of the review concluded that

theBoard remains effective, as well as fostering

apositive culture, and maintains a strong sense

ofaccountability to its stakeholders. During 2026,

the Board will apply the learnings from that

reviewand will further look at how they have

beenapplied.

Governance anchoring our next

chapter of growth

Our continued revenue growth, expanding

profitability and consistently strong cash

generation demonstrate the strength and

resilience of our business. The passion of our

people, and the strength of our culture, are the

driving forces behind this performance. As we

lookahead to the next chapter of our growth

story, supported by robust governance, I want

toexpress my appreciation to my fellow Board

members, the ELT and all Coca-Cola HBC

colleagues for their commitment and hard work,

as well as to our customers, consumers and

partners for their ongoing trust in us. Together,

they ensure Coca-Cola HBC remains on track

toachieve sustainable, profitable growth.

Anastassis G. David

Chair of the Board

Coca-Cola HBC Integrated Annual Report 2025

201

Corporate Governance Report continued

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Further details are onour website.

Compliance with the UK Corporate

Governance Code 2024

As a Swiss corporation listed on the LSE, with a

secondary listing on the Athens Exchange, we aim

to ensure that our corporate governance systems

remain in line with international best practices.

Wecontinuously review our corporate governance

standards and procedures considering current

developments and rule-making processes in the

UK, Switzerland and the EU. Further details are

onour website.

Pursuant to our obligations under the UK Listing

Rules, we apply the principles and comply with the

provisions of the UK Corporate Governance Code

or explain any instances of non-compliance in our

Integrated Annual Report. For the year ended

31 December 2025, Coca-Cola HBC was subject

to the UK Corporate Governance Code 2024 (the

‘UK Corporate Governance Code’) except for

provision 29 and was subject to provision 29 in the

2018 UK Corporate Governance Code.

Our Board confirms that Coca-Cola HBC applied

the principles, as far as possible and in accordance

with and as permitted by Swiss law, and complied

with the provisions of the UK Corporate

Governance Code throughout 2025, except for

the following provisions:

1. The Chair was not independent on appointment

(provision 9) and has been a Board member for

more than nine years (provision 19). Anastassis

G. David was appointed as a non-Executive

Director (NED) in 2006, following a nomination

by Kar-Tess Holding (a major shareholder). At

the time of his appointment as Chair in 2016,

hewas not independent as defined by the UK

Corporate Governance Code. Further details

are set out in the section on independence

onpage 204.

2. Provision 39 requires alignment of Executive

Director pension contributions with the wider

workforce. Our difficulties in compliance with

this provision (provision 38 in the 2018 UK

Corporate Governance Code) due to existing

contractual obligations were outlined in the

2021 Annual Report and explained on page 241

ofthe Directors’ remuneration report. On the

appointment of any new Executive Director, we

intend that their pension contributions will align

with the wider workforce’s pension scheme.

Formore information on the appointment

ofDirectors and compliance with the UK

Corporate Governance Code, see pages

222and223.

Swiss corporate rules

The main source of law for Swiss governance

rulesis the company law contained in article

620etseqq. of the Swiss Code of Obligations.

There isnomandatory corporate governance

code under Swiss law applicable to Coca-Cola

HBC. Swiss company law includes provisions

regarding compensation in listed companies and

further limits the authority of the Remuneration

Committee and the Board to determine

compensation. The effective limitations include

anAGM approval requirement for the maximum

total amount of compensation for the Board

andthe maximum total amount of compensation

forthe ELT.

Other limitations include a requirement that

certain compensation elements be authorised

inthe Articles of Association (the ‘Articles’) and

aprohibition of certain forms of compensation,

such as severance payments and financial or

monetary incentives for M&A transactions. We

arein compliance with the requirements of Swiss

company law and the specific provisions therein

regarding compensation in listed companies.

UK City Code on Takeovers

andMergers

The UK’s City Code on Takeovers and Mergers

(the‘City Code’) does not apply to Coca-Cola HBC

as it does not have its registered office in the UK,

the Channel Islands or the Isle of Man. The Articles

include specific provisions designed to prevent any

person acquiring shares carrying 30% or more of

the voting rights (taken together with any interest in

shares held or acquired by the acquirer or persons

acting in concert with the acquirer), except if

(subject to certain exceptions) such acquisition

would not have been prohibited by the City Code

or if such acquisition is made through an offer

conducted in accordance with the City Code. For

further details, read our Articles on our website.

Application of Coca-Cola HBC’s corporate governance practices

Coca-Cola HBC Integrated Annual Report 2025

202

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Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Amending the Articles

The Articles may only be amended by a resolution

of the shareholders passed by a majority of at

least two thirds of the voting rights represented

and an absolute majority of the nominal value

ofthe shares represented, unless the Articles

specify a higher majority for certain specific

amendments under the Articles.

The Articles were amended at the AGM on

23 May2025 to incorporate changes in respect

ofmanagement incentive and long-term incentive

arrangements. To give effect to the terms of the

sale and purchase agreement dated 21 October

2025 entered into between, among others, the

Company, The Coca-Cola Company (TCCC) and

Gutsche Family Investments concerning (i) the

acquisition of 75% of CCBA; and (ii) the entry into

aseparate option agreement at completion of the

sale and purchase agreement for the Company to

acquire the remaining 25% of CCBA still owned by

TCCC within a six-year period from closing, the

Articles were further amended.

In particular, the Articles were amended at

theExtraordinary General Meeting (the 'EGM')

on19 January 2026 to introduce a capital band

provision, which enables the issuance of new

shares to Gutsche Family Investments and TCCC,

and to introduce a provision permitting flexibility to

use a certain number of own Company registered

shares, as well as give effect to provisions in the

shareholder agreement betweenthe two major

shareholders of the Company, that will be entered

intoon completion of the acquisition.

The capital band provision in the Articles

authorises the Board until 19 January 2031, and

subject totheterms of the capital band provision,

to (i) issuea maximum of 21,027,676 new shares

inthe Company in connection with the completion

of the acquisition of 75% of CCBA; and (ii) to issue

amaximum of 15,323,113 new shares in the

Company in connection with the option

agreement to acquire the remaining 25%

ofCCBAstill owned by TCCC following

completionof the acquisition.

The shareholders also approved the introduction

of a provision in the Articles authorising the Board

to use in total 6,301,533 shares held in treasury

for(i) the completion of the acquisition of 75%

ofCCBA; and (ii) the option agreement to acquire

the remaining 25% of CCBA still owned by TCCC

following completion of the acquisition.

Share capital structure

Coca-Cola HBC has ordinary shares in issue

withanominal value of CHF 6.70 each. Rights

attaching to each share are identical and each

share carries one vote. Details of the movement

inordinary share capital during the yearare on

page 320. There are no persons holding shares

that carry special rights regarding the control

ofCoca-Cola HBC.

Powers of Directors to issue and buy

backshares

Subject to the provisions of the relevant laws and

the Articles, the Board, acting collectively, has the

ultimate responsibility for running Coca-Cola HBC

and for the supervision and control of its executive

management. The Board may take decisions

onallmatters that are not expressly reserved to the

shareholders by the Articles or the applicable Swiss

law. Pursuant to the provisions of the Articles and

Swiss law, shareholders must approve the direct

issuance of shares or the grant of authority to the

Board to issue shares from acapital band or a

conditional capital increase. Further, the Articles

provide for a pre-emption right with regard to the

use of treasury shares of the Company other than

for the use for employee participation plans or if

authorised by the shareholders. Also, in accordance

with the FCA’s UK Listing Rules, the Board requires

shareholder authority to repurchase shares.

In 2012/2013, the shareholders approved a

conditional capital increase to source shares

foremployee options. As at 31 December 2025,

under the conditional capital increase, the Board

may issue a maximum of 23,658,623 shares for

employee options.

At the AGM on 23 May 2025, the shareholders

authorised the Board to repurchase ordinary

shares of CHF 6.70 each in the capital of Coca-

Cola HBC up to a maximum aggregate number

of15,000,000, representing less than 10%

ofCoca-Cola HBC issued share capital as at

12 April2025. The authority will expire at the

conclusion of the AGM on 8 May 2026 or at

midnight on 30 June 2026, whichever is earlier.

Coca-Cola HBC commenced a share buyback

programme on 21 November 2023, and it was

expected to run until the end of December 2025.

However, on 21 October 2025, the Board cancelled

the share buyback programme following the

announcement of the acquisition of CCBA. No

shares have been purchased under the authority

granted at the AGM on 23 May 2025. Shares held

intreasury as at 16 March 2026 total 9,712,727,

outof which 6,282,592 are held by CCHBC AG

and3,430,135 shares are held by its subsidiary,

CCHBCServices MEPE.

Board composition

On 31 December 2025, Coca-Cola HBC’s Board

comprised 13 Directors: the Chair, one Senior

Independent Director, 10 NEDs and one Executive

Director. The NEDs are experienced individuals

from a range of backgrounds, countries and

industries (see their biographies on pages 206

to207). Pantelis (Linos) D. Lekkas and Stavros

Pantzaris were appointed to the Board at the

2025AGM and, at the conclusion of the 2025

AGM, William W. (Bill) Douglas III and Reto Francioni

retired from the Board. Stavros Pantzaris was

elected as a member of and Chair of the Audit

andRisk Committee, and Pantelis (Linos) D.

Lekkas was elected as a member of both the

Nomination and Remuneration Committees. See

page 222 of the Nomination Committee report.

Application of Coca-Cola HBC’s corporate governance practices continued

Coca-Cola HBC Integrated Annual Report 2025

203

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Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

External appointments

Coca-Cola HBC’s Articles (article 36) set limits on

the maximum number of external appointments

that members of our Board and executive

management may hold. In addition, if a Board

member wishes to take up an external appointment,

he or she must obtain prior Board approval. The

Board will assess all requests on a case-by-case

basis, including whether the appointment could

negatively impact Coca-Cola HBC or the

performance of the Director’s duties to the Group,

considering external guidance and proxy voting

guidelines to ensure the principles ofmajor investors

in respect of ‘overboarding’ are considered. The

nature of the appointment and the expected time

commitment are assessed to ensure that the

effectiveness of the Board is not compromised.

Read about our Directors’ external appointments

in their biographies on pages 205 to 207.

Our Chair is active in the international community.

Regarding his external appointments, the Board

considers that fewer than four of the positions held

by the Chair are significant. Several of our other

Directors also have other external roles, but the

Board is satisfied that any additionally disclosed

positions are insignificant. Having considered the

scope of the external appointments of all Directors,

including the Chair, our Board is satisfied that they

do not compromise the effectiveness of the Board.

Each Director has sufficient time to devote as

necessary to the performance of their duties

andaccording to the terms of appointment to the

Board. This includes attending approximately 10

Board meetings per year, plus AGMs and other

meetings (see the table of attendance of Board

and Board Committee meetings on page 216).

In 2025, each Director was able to devote the

timerequired to discharge their duties and the

Board has determined that each Board member

commits sufficient time and energy to the role,

and continues to make a valuable contribution

tothe Board and its committees.

Independence

The Board’s independence is of utmost

importance, as NEDs play a crucial role in

overseeing management performance and

ensuring individual Executive Directors are

heldaccountable against established

performance objectives.

Our Board has concluded that Zulikat Wuraola

Abiola, Elizabeth Bastoni, Charlotte J. Boyle,

Pantelis (Linos) D. Lekkas, Stavros Pantzaris

andGlykeria Tsernou are deemed independent,

representing half of the Board, excluding the

Chair,in accordance with the criteria set out in

theUK Corporate Governance Code, with such

individuals being independent in both character

and judgement. The other NEDs, including the

Chair, were appointed following nomination by

thetwo major shareholders (see details below)

and they are therefore not considered by the

Board to be independent, as defined by the UK

Corporate Governance Code.

Anastassis G. David was appointed as Chair

on27 January 2016. The Board believes that

Anastassis G. David embodies Coca-Cola HBC’s

core values, heritage and culture. These

attributes,together with his strong identification

with Coca-Cola HBC and its shareholders’

interests, and his deep knowledge and experience

of the Coca-Cola System, ensure an effective and

appropriately balanced leadership of the Board

and Coca-Cola HBC. Anastassis G. David was first

appointed as a member of the Board in 2006,

before being appointed Chair in 2016. Prior to his

appointment as Chair, major shareholders were

consulted, and an external search consultancy

was engaged to find suitable candidates.

The consensus was that Anastassis G. David was

the appropriate candidate to become Chair and

that he continues to be effective in his leadership

of the Board. In accordance with the Swiss law

requirement of appointing all Directors on an

annual basis, the Board continues to keep all

positions under regular review and subject to

annual election by shareholders at the AGM.

TheBoard continues to believe that the proven

leadership ofour Chair and his deep knowledge

ofthe Coca-Cola System position him as unique

to steerthe Group at the current time.

Accordingly, Anastassis G. David has the

continuing support ofthe Board and major

shareholders to remain asChair.

Shareholder nominees

As described on page 359, since the main listing

ofCoca-Cola HBC on the Official List of the LSE in

2013, Kar-Tess Holding, TCCC and their respective

affiliates have no special rights in relation to the

appointment or re-election of nominee Directors.

Those Directors originally nominated for

appointment by TCCC or Kar-Tess Holding will

berequired to stand for re-election on an annual

basis in the same way as the other Directors.

TheNomination Committee is responsible

foridentifying and recommending candidates

forsubsequent nomination by the Board for

election as Directors by the shareholders on

anannual basis.

As our Board currently comprises 13 Directors,

neither Kar-Tess Holding nor TCCC can control

(positively or negatively) decisions of the Board

that are subject to simple majority approval.

However, decisions of the Board subject to the

special quorum provisions and supermajority

requirements contained in the Articles, in

practice, require the support of Directors

nominated at the request of at least one of

eitherTCCC or Kar-Tess Holding.

Application of Coca-Cola HBC’s corporate governance practices continued

In addition, based on their current shareholdings,

neither Kar-Tess Holding nor TCCC can control

adecision of the shareholders (positively or

negatively), except to block a resolution to wind

upor dissolve Coca-Cola HBC, or to amend the

supermajority voting requirements. The latter

requires the approval of 80% of the voting rights

outstanding and exercisable in accordance with

the law and the Articles of Association and an

absolute majority of the nominal value of shares

represented. Depending on the attendance levels

at AGMs, Kar-Tess Holding or TCCC may also be

able to control other matters requiring

supermajority shareholder approval.

Anastassis G. David, Anastasios I. Leventis,

Christo Leventis and George Pavlos Leventis were

nominated for appointment by Kar-Tess Holding.

Henrique Braun and Evguenia Stoitchkova were

nominated for appointment byTCCC.

Conflicts of interest

In accordance with Coca-Cola HBC’s

Organisational Regulations, Directors are required

to arrange their personal and business affairs to

avoid a conflict of interest with the Group. Each

Director must disclose to the Chair the nature and

extent of any conflict of interest arising generally

or in relation to any matter to be discussed at a

Board meeting as soon as the Director becomes

aware of its existence. If the Chair becomes aware

of a Director’s conflict of interest, the Chair is

required to contact that Director promptly and

discuss the nature and extent of such a conflict

ofinterest. Subject to exceptional circumstances

in which Coca-Cola HBC’s best interests dictate

otherwise, the Director affected by a conflict

ofinterest is not permitted to participate

indiscussions and decision making involving

theinterest at stake.

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Board of Directors

Anastassis G.

David

Non-Executive

Chair

Appointed: January 2016. Anastassis joined

the Board of Coca-Cola HBC as a NED in

2006 and was appointed Vice Chair in 2014.

Relevant skills and contribution:

Anastassis brings more than 20 years’

experience as an investor and non-executive

director in the global beverage industry, and

has proven leadership qualities as well as a

deep understanding and knowledge of the

Coca-Cola System.

Experience: Anastassis is also a former

chair of Navios Corporation. He holds a

BAinHistory from Tufts University.

External appointments: Anastassis is

active in the international community.

He serves as vice chair of Aegean Airlines

S.A., vice chair of the executive committee

of Cyprus Union of Shipowners, chair of

the board of Sea Trade Holdings Inc., and

member of Adcom Advisory Ltd. He is also

a board member of Kar-Tess Holding. Also,

he is a member of the board of trustees

of College Year in Athens, and director

ofGeorge and Kaity David Foundation.

Nationality: British-Cypriot

Anastassis G. David has a shared directorship with

Anastasios I. Leventis, as both are directors in Kar-Tess

Holding, and has a shared directorship with Anastasios I.

Leventis, Christo Leventis and George Pavlos Leventis,

as all are directors of Adcom Advisory Ltd.

Zoran

Bogdanovic

Chief Executive Officer,

ExecutiveDirector

Appointed: June 2018.

Relevant skills and contribution: Zoran

has wide-ranging experience across Coca-

Cola HBC’s operations and markets, with

atrack record of delivering results across

ourterritories.

Experience: Zoran was previously Coca-

Cola HBC’s Regional Director responsible

for operations in 12 countries and has

been a member of the ELT since 2013. He

joined Coca-Cola HBC in 1996 and has

held several senior leadership positions,

including as General Manager of Coca-Cola

HBC’s operations in Croatia, Switzerland

and Greece. Before joining Coca-Cola HBC,

Zoran was an auditor with auditing and

consulting firm Arthur Andersen. He holds

a bachelor’s degree in economics from the

Faculty of Economics in Zagreb.

External appointments: None

Nationality: Croatian

Zulikat Wuraola

Abiola

Independent

non-Executive Director

Appointed: May 2024.

Relevant skills and contribution: Wuraola

brings over 25 years of experience in

strategy, business development, leadership,

governance, organisational development,

risk management and public sector policy

inNigeria and throughout Africa.

Experience: Wuraola previously worked

atMcKinsey & Co, in New York and London,

primarily in strategy and organisation.

Wuraola lectures on Organisational

Development at the University of Lagos,

as well as on Strategy and Corporate Policy

at the University of Lagos Business School

(ULBS). She holds a bachelor’s degree in

accounting from the University of San

Francisco and a Ph.D. in Organisational

Behaviour from Imperial College in London.

External appointments: Wuraola is

Managing Director of Management

Transformation Ltd. She is also a non-

executive senior independent director of

Frigoglass S.A.I.C.; board chair for Appzone

Mauritius Ltd; and director on the boards

of Lekoil Nigeria Limited and Summit Oil

International Ltd (Nigeria). Until April 2024,

she was also a board member ofBeta Glass

Nigeria PLC.

Nationality: Nigerian

Elizabeth

Bastoni

Independent

non-Executive Director

R N

Appointed: September 2024.

Relevant skills and contribution: Elizabeth

brings experience of advising boards of

global companies on governance, executive

compensation, strategy development and

execution, and people development and

succession planning.

Experience: Elizabeth has held both

executive and non-executive director

roles. She held C-suite roles in HR and

communications at Cascade Asset

Management Co (formerly BMGI), Carlson,

TCCC (2005 to 2011) and Thales. Elizabeth

began her career with KPMG in Europe,

inthe International Tax practice. Elizabeth

obtained a BA with a concentration in

accounting from Providence College in the

USA.

External appointments: Elizabeth is

currently an independent director and board

chair of Qorium B.V; an independent director

and audit committee chair with Jerónimo

Martins; audit committee independent

director and chair of the nomination and

compensation committee with Euroapi;

andan independent director ofCNH

Industrial, where she chairs the human

capital & compensation committee.

Nationality: American

Board committees

Committee Chair

Nomination Committee

Remuneration Committee

Audit and Risk Committee

Social Responsibility Committee

Skills and experience key

Corporate governance

Finance, investments &accounting

FMCG knowledge/experience

International exposure

Risk oversight & management

Sustainability &community

engagement

The Board considers

thateachof the Directors

continues to contribute

effectively to the work and

deliberations of the Board.

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Strategic Report

Charlotte

J. Boyle

Senior Independent

non-Executive Director

R N S

Appointed: June 2017

Relevant skills and contribution:

Charlottebrings extensive advisory and

board experience, with particular expertise

in people, succession planning, talent,

remuneration and ESG governance across a

range of sectors.

Experience: After 14 years with The Zygos

Partnership, an international executive

search and board advisory firm, including

nine years as a partner, she retired from her

position in July 2017. Previously, Charlotte

worked at Goldman Sachs International

and at Egon Zehnder International,

an international executive search and

management assessment firm. Charlotte

obtained an MBA from the London Business

School and an MA from Oxford University,

and was a Bahrain British Foundation Scholar.

External appointments: Charlotte is

UK chair for the UN High Commission for

Refugees (UNHCR); chair of Thatchers

Cider Company Ltd; and an advisory board

member of Worcester College, Oxford

University.

Nationality: British

Henrique

Braun

Non-Executive

Director

Appointed: June 2021

Relevant skills and contribution: Henrique

has vast experience in corporate functions as

well as regional and business unit operations

in TCCC worldwide, including expertise in

supply chain, new business development,

marketing, innovation, general management

and bottling operations.

Experience: Henrique joined TCCC in 1996

as a trainee in Global Engineering in the

US. From 2022 to 2024, Henrique served

as EVP, International Development; from

2020 to 2022, he served as President of the

Latin America operating unit; from 2016 to

2020, he served as the President of the Brazil

business unit; and from 2013 to 2016, he was

the President for Greater China and Korea.

His other roles in TCCC include Vice President

of Innovation and Operations in Brazil and

Director for Still Beverages (non-carbonated

beverages) in Europe. Henrique holds a

bachelor’s degree in agricultural engineering

from the University Federal of Rio de Janeiro,

a master’s in industrial engineering from

Michigan State University and an MBA from

Georgia State University.

External appointments: Effective 31 March

2026, Henrique will be appointed CEO of TCCC.

Since January 2025, Henrique has served

as Executive Vice President (EVP) and COO

for TCCC, with responsibility for all TCCC’s

operating units worldwide. As COO, the role

includes oversight of North America and Europe.

Nationality: American and Brazilian

Pantelis (Linos)

D. Lekkas

Independent

non-Executive Director

N R

Appointed: May 2025

Relevant skills and contribution: Linos

is an experienced investment banker with

broad capital markets and advisory services

expertise across several sectors and

countries. He developed leading franchises

and gained extensive banking management

experience, including regulatory roles.

Experience: Linos began his banking

career at Credit Suisse before moving

to investment banking leadership roles

at Bank of America Merrill Lynch, initially

covering Greece and Cyprus before

expanding his remit to include Southeast

Europe. He has held senior leadership

roles at Citi Bank including overarching

responsibility for corporate and investment

banking activities across key regions such

at Continental Europe, the Middle East

and Africa contributing to banking, capital

markets and advisory operations. Linos

holds a BSc in Business Economics from

Queen Mary & Westfield College, University

College London and an MPhil in Finance from

Robinson College, Cambridge University.

External appointments: Linos is Group

Head of Investment Banking & Markets at

First Abu Dhabi Bank (FAB) where he leads

investment banking strategy across key

global markets.

Nationality: Greek-British

Anastasios

I. Leventis

Non-Executive

Director

Appointed: June 2014

Relevant skills and contribution:

Anastasios brings experience from across

the financial services sector and extensive

knowledge on environmental, sustainability

and social responsibility issues.

Experience: Anastasios began his career

as a banking analyst at Credit Suisse and

then American Express Bank. He has

previously served on the boards of the Cyprus

Development Bank and Papoutsanis SA. He

holds a BA in Classics from the University of

Exeter and an MBA from New York University’s

Leonard Stern School of Business.

External appointments: Anastasios is

aboard member of A.G. Leventis (Nigeria)

Ltd; a board member of Maxenta Invest

Corp., of Middle East Finance Sarl, of Tabor

House Limited; and of Adcom Advisory Ltd;

and a board member of Kar-Tess Holding.

Furthermore, Anastasios is a member of the

European Council of the Nature Conservancy,

a board member of WWFHellas (Greek

branch of WWF); a member of the board of

Overseers of the Gennadius Library in Athens;

a member of the University of Exeter Global

Advancement Board; co-founder of the

Cyclades Preservation Fund; member of the

board of trustees of A.G. Leventis Foundation;

and director of Leventis Foundation Nigeria.

Nationality: British

Anastasios I. Leventis has a shared directorship with

Anastassis G. David, Christo Leventis and George Pavlos

Leventis, as all are directors of Adcom Advisory Ltd.

Healso has shared directorship with Anastassis G. David,

asboth are directors of Kar-Tess Holding, and he has

ashared directorship with Christo Leventis, as both

aredirectors of Middle East Finance Sarl.

Christo

Leventis

Non-Executive

Director

Appointed: June 2014

Relevant skills and contribution: Christo

brings over 30 years of expertise in finance

and investment.

Experience: Christo worked as an investment

analyst with Credit Suisse Asset Management

from 1994 to 1999 and as an equity research

analyst at J.P. Morgan Securities from 2000

to 2002, focusing on European beverage

companies. He founded Alpheus Capital, a

family office private equity investor. Christo

holds a BA in Classics from University

College London, an MSc in Archaeology

from the University of Oxford and an MBA

from the Kellogg School of Management,

Northwestern University.

External appointments: Christo is chair

and board member of Alpheus Capital Ltd;

a board member of Adcom Advisory Ltd;

a board member of Middle East Finance

Sarl; and holds the following positions

within the Kar-Tess group of companies:

aboard member of Kar-Tess Holding and

aboard member of Torval Investment

Corp.Heisalso a member of the board

of trustees of the Anastasios G. Leventis

Foundation (Cyprus).

Nationality: British

Christo Leventis has a shared directorship with

Anastassis G. David, Anastasios I. Leventis and George

Pavlos Leventis, as all are directors of Adcom Advisory

Ltd. He also has a shared directorship with Anastasios I.

Leventis, as both are directors of Middle East Finance

Sarl, and with George Pavlos Leventis, as both are

directors of Torval Investment Corp.

Board of Directors continued

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George Pavlos

Leventis

Non-Executive

Director

Appointed: May 2023

Relevant skills and contribution: George

brings management, investmentand

governance experience and knowledge

across a range of sectors, as well

as expertise on environmental and

sustainability issues.

Experience: George was a non-executive

director and vice chair of the board of

Frigoglass S.A.I.C. from 2014 until May 2023.

George previously worked as an analyst in

fund management and holds an Investment

Management Certificate from the CFA

Society. He graduated with a bachelor’s

degree in modern history from Oxford

University and holds a post-graduate law

degree from City University in the UK.

External appointments: George is a board

member of Adcom Advisory Ltd, of Chalet

Alpette Sarl and of 8 Kensington Park Road

Ltd. He is also a board member of Torval

Investment Corp., a company within the Kar-

Tess group of companies. Furthermore, he

is a director of the Terra Cypria Foundation,

a charitable non-governmental organisation

(NGO), which promotes environmental

awareness and sustainability.

Nationality: British

George Pavlos Leventis has a shared directorship with

Anastassis G. David, Christo Leventis and Anastasios I.

Leventis, as all are directors of Adcom Advisory Ltd.

Healso has a shared directorship with Christo Leventis,

as both are directors of Torval Investment Corp.

Stavros

Pantzaris

Independent non-Executive

Director

Appointed: May 2025

Relevant skills and contribution: Stavros

is an experienced business executive and

independent director with expertise in

leadership and impactful decision making,

organisational growth and transformation.

Stavros brings a wealth ofexperience

in risk and compliance, with exposure

to sustainability assurance and IT-

relatedissues.

Experience: Stavros began his professional

career as a chartered accountant and worked

in London and Athens before joining EY

Cyprus and becoming country managing

partner and chair until the end of 2023.

Stavros obtained a Bachelor of Engineering

with Industrial Management from the

University of Surrey, UK, and is a Fellow

member of the Institute of Chartered

Accountants in England & Wales (ICAEW).

External appointments: Stavros is a

founding member and treasurer of The

Propeller Club of the United States, Port

ofLimassol; a board member of the Cyprus

Employers and Industrialists Federation,

Cyprus Seeds, Phaethon Research and

Innovation Centre of Excellence, and the

Nicosia Chamber ofCommerce and Industry,

serving as vice chair of the professional

services sector.

Nationality: Greek-Cypriot

Evguenia

Stoitchkova

Non-Executive

Director

Appointed: May 2023

Relevant skills and contribution: Evguenia

brings extensive knowledge and experience of

acquisitions, marketing, franchise operations

and brand management across the beverage

industry for TCCC.

Experience: From 2020 to June 2025,

Evguenia served as President of Global

Ventures for TCCC as well as a member

of the ethics & compliance committee

of TCCC. Prior to that role, Evguenia was

President of TCCC’s Eurasia & Middle East

operating unit. From 2017 to 2020, Evguenia

was President of the Türkiye, Caucasus and

Central Asia business unit. From 2013 to

2017, Evguenia served as Franchise General

Manager for Italy and Albania. From 2010

to 2013, she was Franchise Operations

Director for Romania, Bulgaria, Moldova and

Albania. From 2021 to 2022 Evguenia was a

director and member of the audit committee

of Coca-Cola Bottling Africa.

Evguenia joined Coca-Cola Bulgaria in 2004

as Franchise Country Manager. In 2007, she

became Marketing Manager for sparkling

soft drinks in the Adriatic and Balkans

business unit and became Area Marketing

Manager in Romania, Bulgaria, Moldova and

Macedonia in 2008, before becoming Brand

Director for still beverages for Southeastern

Europe in 2009. Evguenia started her career

at Danone Group in 1994 and led Danone

marketing in Bulgaria from 2000 to 2004.

External appointments: Board member of

AmCham in Türkiye and Bulgaria.

Nationality: Bulgarian

Glykeria

Tsernou

Independent non-Executive

Director

Appointed: May 2024

Relevant skills and contribution: Glykeria

brings extensive knowledge of financial

advisory, investments and business

development, and management consulting

experience across a range of sectors.

Experience: Since 2013, Glykeria has been an

executive in the family office for Th. Vassilakis

Group in Greece (ATHEX listed Aegean

Airlines S.A., Autohellas S.A. and holdings in

logistics and hospitality) focusing on portfolio

companies, new investments and business

development. Previously, she worked in

private equity, financial advisory, as well as in

industry (aluminium). Glykeria also worked

in management consulting at Marakon

Associates in London and as financial

analyst at Morgan Stanley in New York.

Glykeria studied Business Economics and

International Relations at Brown University

(Magna Cum Laude, ΦΒΚ) and obtained

anMBA from the London Business School.

External appointments: Glykeria is a non-

executive director of Attica Department

Stores S.A., Goldair Handling S.A. and Phaea

S.A.; an independent non-executive director

of Resolute Cepal Greece S.A. and Reinvest

Greece S.A; and chair of Elecion Energy S.A.

Glykeria also serves on the board of trustees

of Anatolia College.

Nationality: Greek

Board of Directors continued

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The Board has ultimate responsibility for our

long-term success and for delivering sustainable

shareholder value, as well as contributing to wider

society. It is responsible for setting our purpose,

values and strategy, and for ensuring alignment

withculture. This includes ensuring that workforce

policies and practices are consistent with Coca-

Cola HBC’s values and long-term sustainable vision.

The Board recognises the value of maintaining

close relationships with its stakeholders,

understanding their views and the importance

ofthese relationships in delivering our strategy.

TheGroup’s key stakeholders and their differing

perspectives are considered as part of the Board’s

discussions. Read more in our statement on

section 172 of the Companies Act 2006 on page

15.

Discussions at Board meetings follow a carefully

tailored agenda agreed in advance by the Chair in

conjunction with the Chief Executive Officer (CEO)

and the Company Secretary. A typical Board

meeting will comprise:

• committee reports from the Chairs of our

Boardcommittees;

• business and financial performance reviews with

senior management; and

• deep-dive reviews into areas of strategic

importance.

Actions Outcomes Page reference Link to stakeholders Link to strategy

Culture and values

Our people

Reviewed the employee engagement

andcollaboration surveys, kept apprised

on engagement-driving initiatives and

feedback from the designated NED

onworkforce issues surfacing

fromengagement.

Our Sustainable Engagement Index score of 88%

remained strong, standing two points above the

Perceptyx Global Top Decile Norm and reinforcing

ourposition among high-performing companies. Insight

on the views of employees enabled the Board to focus

onaddressing areas where improvement is required.

See p. 30-31

and 211 to 212

1 2 3 4 5

Monitored health and safety KPIs and

progress against key actions.

Three compliance assessments conducted at all

manufacturing and non-manufacturing locations to

ensure adherence to TCCC’s Life Saving Rules achieving

a year end implementation rate of 88.9%; over 25,000

employees trained on our H&S e-learning course.

See p. 31 to 32

Monitored talent development and

succession planning for Board and

seniormanagement; oversaw talent

development framework evolution and

performance for the wider workforce.

Smooth onboarding of two new Board members and new

Senior Independent Director; 77% (+4%) of leaders in

senior leadership roles are internal appointments; new

rewards operating model established fuelling operational

excellence and enriching employee experience.

See p. 28 and

222 to 223

1 2 3 4 5

Oversaw cultural and Coca-Cola HBC

values elements in engagement surveys

and business reviews.

Concluded that culture is aligned with Coca-Cola HBC’s

purpose, values and strategy. Received 10 diversity,

equity and inclusion awards in a number of our markets.

See p. 30

and214

Stakeholder engagement initiatives

Coca-Cola HBC’s Annual Group

Stakeholder Forum engaging with 116

stakeholder representatives from 28

countries; continued engagement with

TCCC; investor roadshows; shareholder

engagement around our AGM; creating

value to our communities through a range

of programmes.

Our progress in delivering growth sustainably continues to

be recognised, placing us among the leaders of the global

beverage industry across major ESG benchmarks. For the

ninth time, we were ranked as the world’s most sustainable

beverage company in the S&P Global Corporate

Sustainability Assessment, with a score of 93/100. Since

2024, The Coca-Cola HBC Foundation has committed

€4.5 million in community grants, primarily fordisaster

relief,underscoring our enduring commitment to stand

bycommunities in times of crisis. Introduced programmes

with customers to reduce food loss andwaste.

See p. 12 to 15

and 210

1 2 3 4 5

Performance on our growth strategy

Business and financial performance

Investing in our 24/7 portfolio and bespoke

capabilities to drive sustainable growth.

Regularly reviewed and debated on

business plan progress and financial

performance and strategic priorities.

Delivered a year of strong results, achieving a netsales

revenue of €11,604.5 million, growing our organic revenue by

8.1% and €1,356.2 million comparable EBIT; organic revenue

per case grew by 5.1%. Ourbalancesheet remained very

strong, closing theyearwith net debt tocomparable EBITDA

at 0.7x.

See p. 6 to 7

1 2 3 4 5

Prioritised capabilities

Continued developing our people

focusingon prioritised bespoke

capabilitiesand leveraging technology

toimprove customer satisfaction

andcollaboration.

Our teams once again lifted our Net Promoter Score to 78,

up from 66, supported by resolving 99% of customer issues

within 48 hours; we leveraged our bespoke capabilities and

data-driven insights, our Business Developers tailored

execution and recommendations to outlets, growing

salesand improving profitability of our customers.

See p. 16, 22

and 28 to 32

1 2 3 4 5

Our consumers

Stakeholders

Our investors

The Coca-Cola Company

Our customers

Our people

Our communitiesGovernments

NGOs

Our suppliers

Strategic pillars

Leverage our unique

24/7 portfolio

Cultivate the potential

of ourpeople

Win in the

marketplace

Earn our licence

to operate

Fuel growth through

competitiveness and

investment

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Strategic Report Corporate Governance Financial Statements

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Board leadership and Coca-Cola HBC’s purpose

Actions Outcomes Page reference Link to stakeholders Link to strategy

Risk management, internal controls and external audit

Reviewed and debated on the principal and emerging risks of

theGroup, mitigation plans (including on cyber security and AI)

andriskappetite.

Endorsed the nature and management of principal risks and was satisfied that the

approach to risk appetite and the risk management framework were fit for purpose.

See p. 185

to188

1 2 3 4 5

Reviewed Coca-Cola HBC’s risk management systems, including

financial, operational and compliance controls, and the effectiveness

of our internal control framework; oversaw the preparatory work for

applying the updated provision 29of the UK Corporate Governance

Code effective 1 January2026.

Concluded that the Company’s internal control and risk management systems are

considered effective; monitored work for compliance with revised UK Corporate

Governance Code provision 29, including review of our internal control and risk

management framework, including design, operational effectiveness and results

ofapilotexercise.

See p. 187 to

188 and 233

Kept apprised on regulatory requirements, including on sustainability

reporting and governance; reviewed and approved the

Group’sSustainability Statement and the double materiality

assessment (DMA) results endorsed by the Audit and Risk

Committee and the Social Responsibility Committee.

Monitored the external auditors’ tender process and assessed

theAudit and Risk Committee’s recommendation to award PWC.

Exercised oversight of regulatory developments and sustainability reporting requirements

and demostrated that the sustainability matters have been formally embedded into the

Company's governance, risk oversignt and external reporting framework.

Awarded PwC as the Group’s external auditors effective 1 January2027.

See p. 48, 52

to177 and 231

1 2 3 4 5

Finance

Reviewed treasury updates on the liquidity, financing status

andcommodity exposure of the Group; considered funding

requirements for the Group.

Approved the Group’s funding requirements, including a €2.5 billion committed bridge

financing facilities agreement in connection with the proposed acquisition of CCBA

anda€1.2 billion new syndicated revolving credit facility for general corporate purposes

replacing the €0.8 billion RFC which was set to expire in April 2026; endorsed approach

inmanaging financial exposure tomarket risk.

See p. 319

to320

1 2 3 4 5

Reviewed management’s proposed going concern and long-term

viability statements.

Approved the going concern and long-term viability statements for the financial year

ended 31 December 2024, concluding that the Board's reasonable expectation is that

theGroup will be able to continue operating and meet its liabilities as they fall due over

the5-year period ending 31 December 2029.

See p. 232

1 2 3 4 5

Capital expenditure and investment

Continuously reviewed and monitored the Group’s investment and

capital expenditure programmes.

Approved capital expenditure of €827.6 million on growth initiatives and material capital

expenditure projects, includingproduction capability, supply chain automation, digital

anddata solutions, energy efficient coolers and other sustainability-oriented projects.

See p. 24 to 25

1 2 3 4 5

New acquisitions

Reviewed, assessed and approved the agreement to acquire

Coca-Cola Beverages Africa (CCBA)

In October, we announced the agreement to acquire 75% of CCBA, from TCCCand

Gutsche Family Investments, with a path to full ownership, marking atransformational

stepinour long-term growth journey. The acquisition is subject to customary anti-trust

andother regulatory approval requirements andcompletion is expected by the end

of2026. With a compelling strategic rationale, creating value ofall stakeholders, the

acquisition materially expands our existing African presence, bringing together two

leadingbottlers in the continent, creating the second-largest Coca-Cola bottling partner

globally byvolume, with leading positions across 43 markets in Africa and Europe. It is

alsoincreasing our exposure to high-growth markets with compelling demographics

andaclearopportunity toleverageour proven track record in Africa.

See p. 6 and 8

to 9

1 2 3 4 5

Coca-Cola HBC Integrated Annual Report 2025

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Board leadership and Coca-Cola HBC’s purpose continued

The Board regularly reviews stakeholder

engagement activities undertaken, by both it

andthe Group, and is satisfied that the activities

outlined on pages 12 to 15 and 210 to 212 remain

effective for the mutual benefit of Coca-Cola HBC

and its stakeholders. The focus on our people,

customers, consumers, suppliers, investors,

governments, NGOs, communities and partners

remains high on the Board’s agenda.

Shareholders

Shareholders can engage with the Board during

the AGM. The Chair and Chair of the Audit and Risk

Commiittee will beavailable at the 2026 AGM to

answer questions from shareholders. Pursuant to

Swiss law and theArticles, shareholders annually

elect an independent proxy and have the possibility

toauthorise and give voting instructions to the

independent proxy in writing or electronically

forour general meetings. The Board encourages

shareholders to attend.

The Chair meets and maintains a dialogue

withCoca-Cola HBC’s major shareholders

tounderstand their views on the Company’s

strategy and performance.

Following the announcement for the acquisition of

a75% shareholding in CCBA, subject to regulatory

approvals, meetings were held with several

institutional investors to answer questions

andhear their thoughts on the acquisition.

More broadly, through our investor relations team,

Coca-Cola HBC and the Board maintain a dialogue

with institutional investors and financial analysts

on our strategy, finances and sustainability

performance. We engaged with the investment

community and our shareholders throughout the

year, and continued with our Bitesize Investor

Event series during the year. The Board regularly

considers feedback from our investors and,

wherenecessary, takes appropriate action

tofurther engage.

Read more on our Bitesize Investor Events

on p. 22.

Our people

The Board recognises that our people are core to

our strategy – our success depends on our ability

to attract, retain and develop the best talent. The

safety of our workforce continued to be a focus

throughout 2025, ensuring appropriate measures

are in place so that people can continue in their

roles and that we are supporting a healthy working

environment, particularly for colleagues and their

families based in or around Ukraine.

The Nomination Committee and the Board

closelymonitor and review the results of

employee engagement surveys. They also

reviewtalent development initiatives designed

tosupport long-term success. The CEO held

engagement sessions with employees during

2025, including Q&As. Charlotte J. Boyle, our

designated NED for workforce engagement,

attended meetings with our European Works

Council and heard from elected employee

representatives about their experiences and

inputs. Charlotte also frequently interacted

withour Head of Labour Relations to better

understand our activities for a more diverse

andinclusive workplace (see page 138). All insights

gained contribute to the Board’s decisions to

ensure the appropriate support and resources

forour people.

Other stakeholders

The Board carefully considered stakeholder

interests and matters in its decisions, including:

• approving the acquisition of CCBA, announced

inOctober 2025;

• investments in technology, data & AI;

• capital expenditure in areas suchas energy

efficient coolers and other sustainability-

orientated projects; and

• therolling out of our Deposit Return Systems

(DRS) in Austria and Poland in 2025 (bringing

total DRS in our markets to ten, with one more to

be rolled out in early 2026).

We considered the interests of our communities

affected by floods and wildfires during the year,

and we granted donations through the Coca-Cola

HBC Foundation to support relief efforts.

We assessed joint value creation with our

customers and improving our customers’

experience and collaboration when reviewing

market execution plans, customer satisfaction

reports and plans to elevate our bespoke

capabilities, as well as during market visits.

We approved investments in digital and

embedded new AI tools to support a more

customer-centric and personalise approach at

outlet level.

We considered the interests of our consumers

inendorsing innovation programmes with TCCC,

including expanding our ‘zero’ ranges.

Investor relations highlights

February

• 2024 full-year results

• EU roadshow (Frankfurt)

• UK roadshow (London,

Edinburgh)

• US roadshow

(New York, Boston)

March

• EU roadshow (Athens)

April

• 2025 Q1 trading update

May

• US roadshow (Chicago,

Santa Fe, Denver, Los

Angeles, San Francisco)

• Goldman Sachs European

Consumer Staples and

Retail Conference (London)

• AGM (Zug)

June

• dbAccess Global Consumer

Conference (Paris)

July

• Bitesize Investor Event

onNigeria

August

• 2025 half-year results

September

• Canada roadshow (Toronto)

• Barclays Global Consumer

Staples Conference

(Boston)

• Bernstein Consumer Day

(London)

October

• 2025 Q3 trading update

November

• UK roadshow (London)

• UBS European Conference

(London)

• US roadshow (New York)

• BofA EMEA Consumer

Conference (Paris)

• Investec South African CEO

Conference (London)

December

• Morgan Stanley and Athens

Exchange Greek

Investment Conference

(London)

• EU roadshow (Amsterdam)

Coca-Cola HBC Integrated Annual Report 2025

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Engaging with our stakeholders

Stakeholder

group

How the Board engages with stakeholders Read more

To monitor engagement, collaboration and feedback from colleagues, and how we embed our culture and align with our strategic priorities, we

conduct a biennial Culture & Engagement survey; in 2025, we achieved a record-high 93% participation rate across the Company. Survey results are

presented to the Nomination Committee and the Board. Charlotte J. Boyle is the designated NED for workforce engagement. The Board monitors

the Company’s talent development programme and talent plans for senior positions. The Board attended our 2025 Leadership Conference in

Athens with the Company’s senior leaders across 29 markets. The Board was kept abreast of the Company’s new Employee Value Proposition (EVP)

launched in 2025 and of the management actions on employee wellbeing, and future-proof rewards assessment exercise. The CEO held employee

engagement sessions during the year, including several calls with Q&A sessions.

See p 11 to 12,

28 to 32 and

210

The Board is regularly updated on business performance and market execution, reviews joint business plans and joint value-creation initiatives,

andmonitors customer satisfaction feedback. During our 2025 Leadership Conference in Athens, in February, the Board participated in the Market

Impact team activation with senior leaders and sales teams to activate key campaigns to our customers. In June, the Board also attended a market

visit in Warsaw engaging with our customers. The Board approved investments in digital tools to improve customer experience and collaboration,

and identify opportunities for growth and value creation.

See p 10 to 12

The Board is regularly updated on business performance and market execution, consumer trends and insights, product innovations and consumer

engagement programmes, and is kept abreast on how the Company and the Group leverages data, insights & AI (DIA) to offer products and

personalised experiences tailored to consumer needs and expectations.

See p 10, 13,

23, 25 and 27

Our CEO had meetings with numerous senior government officials from our markets during market visits and the 2025 World Economic Forum.

Engagements throughout the year of local senior management with governmental authorities. Regulatory updates on issues and developments

relevant to Coca-Cola HBC’s business, such as the UK Corporate Governance Code, UK Listing Rules, CSRD and other sustainability-related

regulations, DRS initiatives, health and safety and taxation matters.

See p 15

Support to our communities in many ways, such as community initiatives to educate young people (#YouthEmpowered programme), water and

other infrastructure initiatives, and help to communities in need, including during floods and wildfires in Europe, etc. Since 2024, the CCHBC

Foundation committed €4.5 million in communities grants, primarily for disaster relief. Community meetings and partnerships on common issues,

participation in new packaging collection schemes and supporting volunteering initiatives.

See p 11

and14

Continued dialogue, policy work, partnerships on common issues, membership in business and industry associations.

See p 15

The Board approved the acquisition of 75% of Coca-Cola Beverages Africa from TCCC and Gutsche Family Investments further extending the

partnership with TCCC. Regular engagement with the Chair on performance against strategy and governance matters, day-to-day interaction

asbusiness partners, joint projects, including sports and music summer activities and the “Share a Coke“ campaign, joint business planning,

functional groups on strategic issues, and ‘top-to-top’ senior management meetings.

See p 8 to 9

and 13

Engaging with shareholders during our AGM, ongoing dialogue with analysts and investors, including investor roadshows and results briefings,

webcasts, Bitesize Investor sessions, engagement of Chair with major shareholders and engagement of committee Chairs on significant matters

pertaining to their areas of responsibility. Considering ESG raters’ requirements and insights from internal and external parties to ensure that our

targets remain aligned with our investors’ evolving expectations.

See p 14

and210

Engagement with our suppliers, consultants and counterparts in related industries.

See p 11

and13

Stakeholders

Our investors

The Coca-Cola Company

Our consumers

Our customers

Our people

Our communities

Governments

NGOs

Our suppliers

Coca-Cola HBC Integrated Annual Report 2025

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Engaging with our stakeholders continued

Overseeing strategic delivery

2025 Board activity for each of our growth pillars

What did the Board consider? What did the Board discuss and decide? What were the material stakeholder considerations?

• Monitoring business and

financialperformance alongside

market execution

• Evaluating opportunities

forbusinessdevelopment

• Insights on consumer

needsandtrends

• Reviewed and approved 2025 business plan

• Activation of the ‘Share a Coke’ campaign in partnership with TCCC

• Innovation launches, including Monster’s Rio Punch flavour and the brand’s new drink with

LandoNorris, and strengthening of Monster Energy Green Zero Sugar placements

• Launch of adult ready-to-drink Bacardi and Coke in 11 markets

• Further investments in digital and e-commerce to meet new shopper needs

• Roll-out of Bambi snacks in Nigeria

• Launch of the new Finlandia global campaign

• Strategic decision with TCCC to refocus Costa Coffee toOut-of-home channels

• Supporting growth in our low- and no-sugar variants, in line with sustainability strategy

• Ensuring product safety and supply

• Continuously evolving our products to

meet consumer needs for health hydration,

quality, taste, innovation and convenience

• Focusing on opportunities that generate

long-term value for our shareholders,

customersand other stakeholders

• Data, insights & AI (DIA), consumer

insights and feedback fromcustomer

satisfaction surveys

• Updates on market execution

initiatives andtheir performance

• Oversight of route to market, revenue

growth management and digital

commerce-related opportunities

• Considered and approved investments in digital and strengthened our DIA capabilities by embedding

new AI tools to support a more customer-centric and personalised approach at outlet level

• Use of energy-efficient coolers, which represent 66% of equipment in the marketplace, and reusing

packaging strategies to advance our market sustainability goals

• Reviewed growth of our digital commerce and continued to invest in digitalising our routes to market,

toboth customers and consumers

• Offering a 24/7 beverage portfolio that

meets consumer needs and trends

• Opportunities for growth and value

creation forour customers

• Driving sustainability with our customers

• Marketplace economic conditions

• Shareholder value creation

• Assessment of business development

and growth opportunities

• Capex requirements and plans

• Updates on business and financial

performance, marketplace economic

conditions, insights and trends

• Optimisation of our production

process in line with our

sustainabilitystrategy

• Agreement to acquire 75% of CCBA from TCCC and Gutsche Family Investments

• Approval of Capex required to fuel growth

• Consideration and approval of the half- and full-year results and dividend payment

• Review and approval of treasury projects, such as €1.4 billion bridge financing to fund the acquisition

of CCBA and €1.2 billion revolving credit facility

• Use of new and innovative approaches to optimise water use in our production processes

• Approval of investments in technology and AI enabled tools to elevate employee experience

andlearning, transform speed and quality of interactions with customers, and support our

sustainability objectives

• Monitored supply chain effectiveness initiatives

• Reviewed and approved the management’s proposed going concern and long-term viability statement

• Making investments that deliver

sustainable returns and benefits

forallstakeholders

• Embracing digitalisation and innovation

tofuture-proof our business

• Initiatives aimed at embedding our

culture andembodying our values

andpurpose

• Talent management and employee

engagement

• Considered and endorsed development and succession plans for senior positions

• Discussed and approved upgrade to tools and platforms thatenhance people engagement, talent

management andsuccession plans

• Reviewed employee engagement survey results

• Oversaw the roll-out of the Company’s new Employee Value Proposition (EVP)

• Focusing on engaging, retaining

anddevelopingour people

• Building high-performing teams

withessential skills to drive value

forourcustomers, consumers,

investorsandcommunities

• Progress in delivering our

sustainability strategy and

ambitioussustainability targets

• Regulatory trends and developments

• Creating value for the communities

we serve, our partners and

theenvironment

• Upholding corporate governance as a

vital enabler of our licence to operate

• Considered and endorsed our renewed sustainability commitments, Mission Refresh

• Monitored health and safety plans

• Launch of Deposit Return Systems (DRS) in Austria andPoland, and a PET recycling hub in Nigeria,

ourfirstinAfrica

• Continued supporting our communities in need, with €2.3 million committed by the Coca-Cola HBC

Foundation in 2025 in natural disaster relief initiatives

• Maintained a strong emphasis on corporate governance by overseeing the effectiveness of our internal

control framework and risk management processes

• Approved the award of external auditors effective 1 January 2027 following a tender process

• Approved of our updated Code of Business Conduct andAnti-bribery Policy, to better reflect our

refreshed values and regulatory requirements

• Broad stakeholder expectations around

environmental, sustainability and

governancecommitments

• Product quality, health & safety

• Supporting communities in need and

during crises, with a focus on natural

disaster relief, youth and women

empowerment

• Diversity, equity & inclusion

• Ensuring a robust governance

andcomplianceframework

Our growth pillars

Win in the

marketplace

Fuel growth

through

competitiveness

and investment

Leverage

our unique

24/7 portfolio

Cultivate

thepotential

ofourpeople

Earn our

licence

to operate

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A historic agreement to

drive long-standing growth

The Board’s decision to approve the acquisition

of a 75% shareholding in CCBA and the entering

into an option agreement for the Company to

acquire the remaining 25% of CCBA represents

acompelling, value-accretive opportunity

tosupport long-term growth and, upon

completion, create the second-largest

Coca-Colabottler globally by volume.

2025 was a landmark year for Coca-Cola HBC, as

theBoard considered and approved the acquisition

ofCCBA, in line with our growth strategy. Based

onacompelling strategic rationale, this acquisition

isexpected to create value for all stakeholders and

further strengthens our partnership with TCCC. Upon

its completion, it will drive further diversification of our

geographical footprint, materially expand our existing

African presence and provide a clear opportunity

toleverage our proven track record in emerging

markets with compelling demographics to unlock

further growth. Together, we will cover more than

50% of Africa’s population, over 60% of Africa’s GDP

and two thirds of Africa’s Coca-Cola System volume.

Read more on pages 8 to 9.

Together we will cover:

>50%

of Africa’s population*

* UN: 2024 total population of CCBA countries plus Nigeria and Egypt,

as a % of total Africa population

>60%

of Africa’s GDP*

* IHS: 2024 real GDP (US$) of CCBA countries plus Nigeria and Egypt,

as a % of total Africa real GDP (US$)

2/3

of Africa’s Coca-Cola System volume*

* Based on 2024 Company information

1.8bn

total volume (UC) in Africa*

* Based on 2024 Company information

Maintained a robust

talentpipeline andstrong

engagement ofour people

The Board’s continued focus on growing talent

and fostering an employee engagement culture

delivered clear and measurable outcomes.

Our targeted investments in leadership

development and succession planning resulted

inan 82% internal appointment rate for senior

leadership roles, supported by a robust pipeline

ofidentified successors, reinforcing our long-

termorganisational resilience.

Continued oversight of diversity, equality

&inclusion (DEI) targets and performance

supported balanced representation outcomes,

with 43.4% of managerial roles held by women,

embedding fair access to opportunity and

aninclusive leadership pipeline. Underlining

oursuccessful approach, Coca-Cola HBC

received10DEI-related awards across a

numberofmarkets in 2025.

In parallel, the Board’s emphasis on sustainable

engagement translated into a consistently high

and stable sustainable engagement score of

88%for 2025, well above external benchmarks,

supported bytargeted actions future-proofing

ourrewards and the wellbeing of our people,

elevating our talent development and cultivating

ourgrowth mind-set driven culture, demonstrating

high levels oftrust, inclusion and employee voice.

Read more on pages 28 to 32.

88%

Sustainable Engagement Index score

82%

Internal appointment rate for senior leader roles

43.4%

Female leaders

Our sustainability strategy

remained a key driver of

performance

Sustainability continues to be at the core of our

strategy, enabling growth while creating value

for the communities we serve, our partners and

the environment.

Our continued progress in our sustainability targets

was recognised again in 2025, placing us along the

leaders of the global beverage industry across

major benchmarks, including by S&P Global

(owners of Dow Jones indices), CDP’s A list for

Climate andWater, ISS ESG, MSCI ESG,Morningstar

Sustainalytics’ ESG and FTSE ESG. Under the

Boards’ oversight of our sustainability strategy

andperformance and decisions to support

sustainability-driven investments, we delivered

strong progress against Mission 2025. Among

ourmost notable successes were achieving 78%

recovery of primary packaging for recycling or

reuse, +20% from 2024, and 66% energy-efficient

coolers, +6% compared to 2024,

We further supported the expansion of effective

collection systems, with two new launches in Austria

and Poland translating to increased collection rates

and increased recycling rates. Wecontinued to

invest in supply chain efficiency projects and grew

partnerships focused on water and waste reduction.

Throughout 2025, we continued advancing

#YouthEmpowered and supporting communities

in need. The outcomes of our decisions underpin

our commitment to achieving our sustainability

goal to do what is right.

Read more on page 33 to 37.

ESG score 93

Ranked as a top performer within

thebeverageindustry by S&P Global*

SustainabilityYearbook 2026

* Owners of the Dow Jones Best-in-Class Indices

78%

Primary packaging collected for recycling

(equivalent)

2024: 58%

* Excluding Egypt

66%

Energy-efficient coolers

2024: 60%

* Excluding Egypt

The outcomes of key decisions by the Board in 2025

Deposit Return System in Poland

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Culture shapes the way

wethink, behave and

act.To successfully

achieve Coca-Cola HBC’s

purpose, it is essential

tohave the right culture

inplace.

The Board is responsible for monitoring and

assessing our culture. The Chair ensures that

theBoard is operating appropriately and sets

theBoard’s values, which in turn set the standard

forCoca-Cola HBC’s culture.

The CEO, supported by members of the ELT, is

responsible for ensuring our culture is embedded

throughout the business and its operations, and

inall our dealings with our stakeholders. The Board

measures the culture of the Group using internal

and external metrics, which also enable it to

identify further actions to ensure the culture

remains appropriate. What defines our culture

iswho we are, our purpose, our vision, our values,

how we need to evolve and the behaviours we

commit to each other. The Board monitors

progress through regular updates from the

management team, and Culture &

Engagementsurvey – see page 30.

The Board also assesses the alignment of

theGroup’s policies, practices and behaviours

throughout the business with Coca-Cola HBC’s

purpose, values and strategy, and, if dissatisfied,

seeks assurance that management is taking

corrective action. The Board also monitors the

Group’s performance against its peer group

withinthe same sector.

Doing the right thing

• Prioritised the safety and wellbeing of our

people, including our people in Ukraine,

whichcontinues to be impacted by conflict

–seepage 31.

• Supported our communities in need, including

through the Coca-Cola HBC Foundation, which

approved grants for flood and wildfire relief

infive of our markets – see pages 38 and 39.

• Strengthened our compliance processes and

training for our employees and kept focus on

sanctions compliance. We continued to train

ourpeople on artificial intelligence ethics and

compliance and our new AI Policy to ensure we

deploy AI technologies in an ethical, trustworthy

and robust way – see pages 220 to 234.

• Invested to transform, innovate and digitalise

our business, including by further automating

and streamlining our supply chain, compliance

and customer processes and controls to ensure

we are fit for the future – see page 14 and 18.

Investing in our people

• Deployed initiatives to strengthen talent

attraction and promote our preferred employer

profile – see pages 23 and 28.

• Empowered our people with digital tools to make

their day-to-day work easier and simpler – see

pages 23 and 28.

• Ran engagement and collaboration

surveysduring the year – see page 30.

• Reinforced our people’s continuous learning

andupskilling, delivering over 760,000 hours

oflearning in 2025, of which 20% was in personal

skills, 4% was compliance related and 76% was

infunctional skills – see page 31.

• Sustained workforce diversity through ourDEI

programme: 43.4% of management positions

are now held by women, a 25% increase vs 2017

when we set out our gender balance target

–seepage 32.

Opening opportunities for our consumers,

customers and partners

• Continued creating joint value with our

customers, with both premiumisation and

affordable offers, and focusing on personalised

execution, both physical and e-route to market

(RTM), driving market share gain – see page 22.

• Continued leveraging our CustomerGauge

“voice of customer“ software across all our

markets, which enables instant feedback from

customers, increasing in 2025 from 66 to 78,

supported by an improvement in case resolution,

with 99% of customer issues resolved within 48

hours (2024:93%) – see page 22.

• Invested in our bespoke capabilities, with DIA

infocus and closely interconnected with our

revenue growth management (RGM) and RTM

capabilities – see page 23.

Sustainability

• Accelerated progress towards our long-term

goal of achieving net zero emissions by 2040.

• Achieved our #YouthEmpowered target two

years ahead of schedule – see page 39.

• Continued to prioritise a circular approach to

packaging, which resulted in an increase of rPET

content in our bottles to 35% with EU countries

and Switzerland reaching over 65% and

achieving 78% recovery of primary packaging

forrecycling or reuse – see page 37.

• We advanced our circular packaging agenda

withthe launch of a new collection hub in Nigeria

and expansion of DRS in Austria and Poland,

–seepages 37 and 128.

• Accelerated progress towards NetZeroby40

through progressing packaging circularity,

decarbonising our operations, further shift

toenergy-efficient coolers and green fleet,

andothers.

Key highlights

customer net promoter score (2024:66)

761,389

hours of learning for our people

€2.3m

approved by the Coca-Cola HBC Foundation

indisaster-relief funding

100%

packaging recyclability*

* technical recyclability by design

Culture in action

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Division of responsibilities and meeting attendance

Chair

• Leads the Board, sets the agenda

and promotesa culture of

openness and debate.

• Ensures the highest standards

ofcorporate governance.

• Is the main point of contact

between the Board

andmanagement.

• Ensures effective communication

with stakeholders, together with

the CEO.

Chief Executive Officer

(CEO)

• Leads the business, implements

Group strategy and chairs the ELT.

• Is responsible for overall

effectiveness in leading Coca-Cola

HBC and setting the culture.

• Communicates with the Board,

shareholders, employees,

government authorities, other

stakeholders and the public.

Senior Independent

Director (SID)

• Acts as a sounding board

fortheChair and appraises

hisperformance.

• Leads the independent NEDs

onmatters that benefit from

anindependent review.

• Is available to shareholders if they

have concerns that have not been

resolved through the normal

channels of communication.

Non-Executive Directors

• Contribute to developing

Groupstrategy.

• Scrutinise and constructively

challenge the performance of

management in the execution

ofthe Group’s strategy.

• Oversee succession planning,

including the appointment

ofExecutive Directors.

Company Secretary

• Ensures that correct Board

procedures are followed and

thatthe Board has full and timely

access to all relevant information.

• Facilitates induction and training

programmes and assists with

theBoard’s professional

development requirements.

• Advises the Board on

governancematters.

Board of Directors

Board committees

Nomination Committee

• Identifies and nominates new Board

members, including recommending Directors

to be members of each Boardcommittee.

• Ensures adequate Board training;

supportstheBoard and each Committee

inconducting aself-assessment.

• Oversees the talent development framework.

• Oversees effective succession planning

fortheCEO, in consultation with the

Chair,and formembers of the ELT,

inconsultation with theCEO.

Social Responsibility Committee

• Supports the Board in its responsibilities

tosafeguard the Group’s reputation for

responsible and sustainable operations.

• Oversees engagement with stakeholders

toassess their expectations and the possible

consequences of these expectations for

theGroup.

• Establishes principles governing ESG

andoversees reporting transparency

anddevelopment of performance

management to achieve ESG goals.

Audit and Risk Committee

• Oversees accounting policies, financial

reporting and disclosure controls; approach

tointernal control framework and risk

management; information/cyber security

andAI matters; and the quality, adequacy and

scope of internal and external audit functions

(including responsibility for the external audit

tender process).

• Oversees compliance with legal, regulatory

and financial reporting requirements and the

internal audit function.

• Receives external auditor reports.

• Responsible for Sustainability

Statementreporting.

Remuneration Committee

• Establishes the remuneration strategy;

determines and agrees with the Board

theremuneration of Group executives

andapproves remuneration for the

Chairandthe CEO.

• Makes recommendations to the Board

regardingremuneration matters to be

approvedat the AGM.

• Recommends to the Board the implementation

or modification ofemployee coverage for any

benefit planresulting in an increased annual

costof€5 million or more.

Biographies of the Chairs of the Board committees and the other members of the Board, the Audit andRisk Committee, the Nomination

Committee, the Remuneration Committee and the Social Responsibility Committee are on pages 205 to207.

The Board receives and reviews reports from each committee Chair on its activities and discussions following each committee meeting.

The Board reviews and approves strategy, monitors performance towards strategic objectives, oversees

implementationbytheELTand approves matters reserved by the Articles and applicable law for decision

bytheBoard.Thegovernance process of the Board is set out in our Articles and the Organisational Regulations,

andcanbefoundat https://www.coca-colahellenic.com/en/about-us/corporate-governance

Effective as of completion of the CCBA acquisition, a Strategy Committee will beestablished by the Board, in accordance withthe Articles as amended on 19 January 2026. The Strategy Committee will have

the authority to consider and prepare recommendations on certain strategic matters of Coca-Cola HBC priorto consideration and determination by theBoard. Further details can be found in article 29bis of

the Articles.

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215

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Separation of roles

There is a clear separation of the Chair and the

CEO roles:

• The Chair is responsible for the operation of

theBoard and for ensuring that all Directors are

properly informed and consulted on all relevant

matters. The Chair, in the context of the Board

meetings and as a matter of practice, also meets

separately with the NEDs without the presence

of the CEO. The Chair promotes a culture of

openness and debate within the Board sessions

as well as outside the formal sessions. The

Chairis also actively involved in the work of the

Nomination Committee concerning succession

planning and the selection of key people.

• The CEO is responsible for Coca-Cola HBC’s

day-to-day management and performance,

forthe implementation of the Group strategy

approved by the Board, and for leading the ELT.

Board

Director

Month and

year appointed

Board meeting

attended/total

Nomination

Committee

Social Responsibility

Committee

Audit and

Risk Committee

Remuneration

Committee

Anastassis G. David January 2016 6/6

Zoran Bogdanovic June 2018 6/6

Zulikat Wuraola Abiola

May 2024 6/6 7/8

Elizabeth Bastoni September 2024 6/6 6/6 6/6

Charlotte J. Boyle June 2017 6/6 6/6 4/4 6/6

Henrique Braun

June 2021 4/6

William W. (Bill) Douglas III

June 2016 2/2 3/3

Reto Francioni

June 2016 2/2 1/2 1/2

Pantelis (Linos) D. Lekkas

May 2025 4/4 4/4 4/4

Anastasios I. Leventis June 2014 6/6 4/4

Christo Leventis June 2014 6/6

George Pavlos Leventis May 2023 6/6

Stavros Pantzaris

May 2025 4/4 5/5

Evguenia (Jeny) Stoitchkova May 2023 6/6 4/4

Glykeria Tsernou May 2024 6/6 8/8

1. Zulikat Wuraola Abiola was unable to attend one meeting of the Audit and Risk Committee due to a pre-agreed prior commitment.

2. Henrique Braun was unable to attend two Board meetings due to pre-agreed prior commitments.

3. William W. (Bill) Douglas III retired from the Board and the Audit and Risk Committee at the end of the AGM on 23 May 2025.

4. Reto Francioni was unable to attend one Nomination Committee meeting and one Remuneration Committee meeting due to pre-agreed prior commitments and retired from the Board, as Senior Independent

non-Executive Director and from the Nomination Committee and Remuneration Committee at the end of the AGM on 23 May 2025.

5. Pantelis (Linos) D. Lekkas was appointed to the Board at the AGM on 23 May 2025 and as a member of the Remuneration Committee and the Nomination Committee.

6. Stavros Pantzaris was appointed to the Board at the AGM on 23 May 2025 and as a member and Chair of the Audit and Risk Committee.

Division of responsibilities and meeting attendance continued

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The Executive Leadership Team

Zoran

Bogdanovic

(53) Chief Executive Officer,

Executive Director

Senior management tenure: Appointed

June 2013; appointed CEO December 2017

Previous Group roles: Zoran was previously

Coca-Cola HBC’s Region Director, responsible

for operations in 12 countries. He joined

Coca-Cola HBC in 1996 and has held several

senior leadership positions, including General

Manager of Coca-Cola HBC’s operations

inCroatia, Switzerland andGreece.

Previous relevant experience: Prior to

joining Coca-Cola HBC in 1996, Zoran was

an auditor with auditing and consulting firm

Arthur Andersen.

External appointments: None

Nationality: Croatian

Naya

Kalogeraki

(55) Chief Operating Officer

Senior management tenure:

AppointedJuly 2016; appointed Chief

Operating Officer in September 2020

Previous Group roles: Naya served as

ChiefCustomer and Commercial Officer

from 2016 to 2020. She joined the Group

in1998 and has since held a range of senior

leadership positions of progressively

increasing responsibility, including Marketing

Director, Trade Marketing Director, Sales

Director, Country Commercial Director

and General Manager. She has extensive

experience across commercial, marketing

and general management functions, and

has contributed to the Group’s strategic

oversight through participation in Group-

wide initiatives, strategic projects and task

forces focused on key business priorities

andlong-term value creation.

Previous relevant experience: Naya joined

Coca-Cola HBC in 1998, following several

marketing roles at TCCC, where her most

senior position was Marketing Manager.

External appointments: Naya serves

asaboard member of Casa del Caffè

Vergnano S.p.A., in which the Group holds

a30% equity stake.

Nationality: Greek

Anastasis

Stamoulis

(51) Chief Financial Officer

Senior management tenure:

AppointedMay 2024

Previous Group roles: Anastasis joined

Coca-Cola HBC in 2008 as Commercial

Controller for our operation in Greece.

Since2011, he has held various senior

financial roles, including CFO Baltics (2011-

2014), CFO Bulgaria (2014-2015) and CFO

Italy (2015-2018). In 2018, he assumed the

role of Group Financial Controller, and from

2021 until 2023, he held the role of Head

of Finance Operations. From 2023 up until

appointment to the role of Group CFO,

he led the Group Strategic Finance and

Financial Planning & Analysis.

Previous relevant experience: Before

joining Coca-Cola HBC, Anastasis worked

in senior financial positions with Ford Motor

Company in Greece and the UK, and Volvo

Cars in Greece as finance manager.

External appointments: None

Nationality: Greek

Jan

Gustavsson

(60) General Counsel, Secretary

and Chief Corporate Development

Officer

Senior management tenure:

AppointedAugust 2001

Previous Group roles: Jan served as Deputy

General Counsel for Coca-Cola Beverages

from 1999 to 2001.

Previous relevant experience: Jan started

his career in 1993 with the law firm White

& Case in Stockholm, Sweden. In 1995,

he joined TCCC as Assistant Division

Counsel in the Nordic and Northern Eurasia

Division. From 1997 to 1999, Jan was Senior

Associate in White & Case’s New York office,

practising securities law and M&A.

External appointments: Jan is a board

member of Casa del Caffè Vergnano S.p.A.,

in which the Group holds a 30% equity stake.

Nationality: Swedish

Ebru

Ozgen

(56) Chief People and Culture

Officer

Senior management tenure:

AppointedSeptember 2023

Previous Group roles: None

Previous relevant experience: Before

joining Coca-Cola HBC, Ebru worked

with Coca-Cola Icecek (CCI) from 1997,

where she progressed through leadership

roles in finance until she was appointed

as the CFO of the Türkiye operation.

In2017, she assumed the Chief Human

Resources Officer role of CCI and became

an Executive Committee member, where

she led the People and Culture agenda and

transformation in business strategy for the

Türkiye, Middle East, Pakistan and Central

Asia operations, bringing a multi-disciplinary

approach and a holistic business partnering

mindset to the People and Culture function.

Ebru started her career in 1992 with Arthur

Andersen & Co, as an auditor, before moving

to the FMCG sector.

External appointments: None

Nationality: Turkish

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217

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Ivo

Bjelis

(58) Chief Supply Chain Officer

Senior management tenure:

AppointedJanuary 2022

Previous Group roles: Ivo joined the Group

in 1996 as Plant Manager in Croatia. In 2002,

he took over the position of Country Supply

Chain Manager. Since 2006, Ivo’s roles

have included Strategic Initiative Leader

for Customer Centric Supply Chain, Group

Supply Chain Processes and Capabilities

Director, Regional Supply Chain Director,

Group Supply Chain Services Director and

Group Supply Chain Operations Director,

leading the development and transformation

of the supply chain strategyover the years.

External appointments: None

Nationality: Croatian

Karyn

Harrington

(46) Chief Corporate Affairs and

Sustainability Officer

Senior management tenure:

AppointedAugust 2025

Previous Group roles: None

Previous relevant experience: Karyn joined

the Group from TCCC, where she most

recently served as Vice President, Public

Affairs, Communications & Sustainability

for the Africa Operating Unit. Karyn brings a

wide range of experience to our team, having

held multiple senior leadership positions

across the public affairs, media relations,

internal and leadership communications

and sustainability areas in TCCC’s North

American and African operations, as well as

the corporate centre team. Her connection

to the Coca-Cola system began in 1997

with the local bottler in California, which

presented her with a university scholarship

award from the Coca-Cola Scholars

Foundation. Prior to joining TCCC, Karyn

started her career as a journalist and TV

news reporter.

External appointments: None

Nationality: American

Mourad

Ajarti

(49) Chief Digital and

TechnologyOfficer

Senior management tenure:

AppointedOctober 2019

Previous Group roles: None

Previous relevant experience: Mourad has

20 years’ experience at FMCG companies

Procter & Gamble and L’Oréal. Mourad

started at Procter & Gamble, leading SAP

implementation in Morocco, Saudi Arabia

and Europe, and later was Chief Information

Officer (CIO) for different lines of business.

From 2014 to 2019, Mourad was CIO for

the Asia and Pacific region for L’Oréal,

leading consumer and customer journey

transformation and enabling the use of big

data and advanced analytics.

External appointments: None

Nationality: British and Moroccan

Spyros

Mello

(51) Strategy and

TransformationDirector

Senior management tenure:

AppointedNovember 2021

Previous Group roles: Spyros served

as Deputy General Counsel and Chief

Compliance Officer from 2010 to 2021.

Hewas Deputy General Counsel from

2007to 2009 and Senior Corporate

Counselfrom 2005 to 2007.

Previous relevant experience: Spyros

wasan associate with the law firm Sullivan

&Cromwell LLP, practising securities law

andM&A first in New York from 1999 to 2001

and then in London from 2001 to 2004.

External appointments: None

Nationality: Greek

Minas

Agelidis

(56) Region Director: Austria,

Czech Republic, Estonia, Hungary,

Island of Ireland, Latvia, Lithuania,

Poland, Slovakia, Switzerland

Senior management tenure:

AppointedApril 2019

Previous Group roles: Minas joined

theGroup in 1999, holding positions

in thecommercial function in Greece

(NationalAccount Manager, Athens Region

Sales Manager, National Wholesale Manager

and Country Sales Director). Since 2008,

Minas has held general management

assignments in several markets, including

Country General Manager Cyprus, Country

General Manager Bulgaria and Country

General Manager Hungary.

Previous relevant experience: Minas spent

seven years at Unilever Greece in managerial

positions in sales and marketing.

External appointments: None

Nationality: Greek

The Executive Leadership Team continued

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Frank

O’Donnell

(58) Region Director: Armenia,

Bosnia & Herzegovina, Bulgaria,

Croatia, Cyprus, Greece, Moldova,

Montenegro, North Macedonia,

Romania, Serbia, Slovenia, Ukraine

Senior management tenure:

AppointedJune 2023

Previous Group roles: Frank joined

theGroup in 1992, holding positions with

increasing responsibility in the commercial

function in Ireland, becoming Sales Director

in 2003. From 2010, Frank was Commercial

Director of our Czech/Slovak business

unit. Since 2014, Frank has held general

management assignments in several of our

markets, including those of Country General

Manager Ireland, Country General Manager

Austria and Country General Manager Italy.

External appointments: None

Nationality: Irish

Vladimir

Kosijer

(47) Region Director: Belarus,

Egypt, Nigeria, Russia

Senior management tenure: Appointed

as Regional Director in July 2025; previously

Acting Regional Director from February 2024

Previous Group roles: Vladimir joined

theGroup in 2002 as a sales representative.

He joined the Ukrainian team in 2013 in the

role of Capability Development Director,

then held the Sales Director role for four

years, including responsibility over Moldova.

In 2018, Vladimir was appointed General

Manager in North Macedonia. In 2019, he

was appointed business unit Sales Director

of Russia and, in 2023, he led Multon

Partners as General Manager.

External appointments: None

Nationality: Serbian

Barbara

Tönz

(55) Chief Customer and

Commercial Officer

Senior management tenure:

AppointedMay 2021

Previous Group roles: Barbara joined

the Group in 1998, building her career

inSwitzerland as Trade Marketing Director,

Sales Director and Commercial Director,

andthen in Austria from 2012 as Commercial

Director and Interim General Manager.

Previous relevant experience: In 2016,

Barbara enriched her experience within

the Cola-Cola System as Country Director

Sweden for TCCC, with responsibility

expanded to Norway and Iceland in 2019

before she was appointed Commercial

Execution Director Europe. Prior to joining

the Group in 1998, she held positions

in brand and customer development

atUnilever.

External appointments: None

Nationality: Swiss

Vitaliy

Novikov

(46) Digital Commerce Business

Development Director

Senior management tenure:

AppointedSeptember 2020

Previous Group roles: Vitaliy joined the

Group in 2011 as General Manager of the

Baltics business unit and then held General

Manager roles in Poland and Italy.

Previous relevant experience: Prior

to joining the Group, Vitaliy spent four

years atJohnson & Johnson as managing

director of the Ukrainian operation, and was

previously at Henkel, holding managerial

positions in Austria and Ukraine.

External appointments: None

Nationality: Ukrainian

Jaak

Mikkel

(51) New Businesses Director

Senior management tenure:

AppointedFebruary 2023

Previous Group roles: Jaak joined the

Group in 2008 as Sales Director for Baltics

and then held General Management roles

for Pivara Skopje in North Macedonia and

Romania. His previous role was as General

Manager for Poland & Baltics.

Previous relevant experience: Prior

tojoining the Group, Jaak spent 10 years

at Shell, managing Convenience Retail

businesses in the Baltics, Central Eastern

Europe and the Nordics.

External appointments: None

Nationality: Estonian

There have been a number of changes to theELT during 2025 and in early 2026. During 2025, we welcomed Karyn

Harrington to the ELT as Chief Corporate Affairs and Sustainability Officer. We are grateful for the contributions

made by Marcel Martin (Chief Corporate Affairs andSustainability Officer) as he stepped down from his role

during2025.

Further changes to the ELT were announced in January 2026. Ebru Ozgen, Chief People and Culture Officer,

and Barbara Tönz, Chief Customer and Commercial Officer, both stepped down from their roles and we are

grateful for their contributions. We welcomed Toon van der Veer to the role of Chief People and Culture Officer,

andthenew Chief Customer and Commercial Officer will be announced in due course.

The Executive Leadership Team continued

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Responsibilities of the ELT

Executive Leadership

gender diversity

(number and %)

4 27

11 Men

Women

0 –1

1–2

2–3

3– 4

4–5

5–6

9–10

12–13

24–25

6–7

Executive Leadership Team tenure

(years)

Key activities and decisionsin2025

The ELT met eight times in 2025

todiscussthe following:

Long-term direction setting

• Overseeing the strategic evolution of Supply

Chain, People and Culture, Commercial, Finance,

Digital & Technology Platform Services, Strategy

& Transformation, and Corporate Affairs and

Sustainability functions.

• Sponsoring ongoing Company culture redesign.

• Assessing, approving and reviewing key

initiatives related to simplification and

collaboration processes and projects.

• Evaluating and evolving our 24/7 portfolio

strategy together with our brand partners.

• Review of Company-wide talent strategy

andprocesses.

• Review of rewards strategy, policy

andprocesses.

• Assessing our sustainability priorities and

progress of initiatives on the way to deliver

2026commitments.

• Setting long-term capability building priorities

and programmes.

• Approving and reviewing deployment of major

automation and digitalisation initiatives.

Business planning

• Aligning key priorities and investment strategy

with TCCC.

• Aligning key priorities with strategic partners.

• Reviewing and approving annual business plans

for 2026 for all operations and central functions.

• Reviewing and approving capital

expenditureproposals.

• Reviewing and approving progress of selected

key project and initiatives.

• Approving Group and country talent, capabilities

development and succession plans.

Risk, safety and business resilience

• Evaluating the Group’s business

resiliencestrategies.

• Evaluating and strengthening the Group’s

Incident Management and Crisis Resolution

incidents and capabilities.

• Reviewing the Group’s health and safety

performance, policies, projects and

materialincidents.

• Reviewing the corporate audit plan.

• Evaluating our risk management and internal

controls framework in advance of compliance

with the requirements of the UK Corporate

Governance Code, including review of

pilotexercise.

Priority initiatives and projects

• Processes and projects simplification

andoptimisation of strategic projects.

• Employee engagement, collaboration

andcustomer satisfaction initiatives,

basedonconsolidated insights.

• Implementing Talent 2.0 strategic project

andprioritised initiatives for attracting,

developing and retaining talent.

• Workforce reward review project.

• DEI initiatives.

• Setting targets and measuring and driving

progress on our sustainability strategic projects.

• Priority strategic digital commerce projects and

monitoring performance.

• Data, insights & AI (DIA) prioritisedinitiatives.

• Cyber security and AI projects.

• Logistics Best-in-Class Project.

Responsibilities of the ELT

• Executive management of the Group and its

businesses, including all matters not reserved

forthe Board or other bodies.

• Development of Group strategies and

implementation of the strategies approved

bythe Board.

• Providing adequate head-office support for

each of the Group’s countries and functions.

• Working closely with the country General

Managers, as set out in the Group’s operating

framework, to capture benefits of scale,

ensuring appropriate governance and

compliance, and managing the performance

ofthe Group.

• Leading the Group’s talent and capability

development programmes.

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Dear Stakeholder

The work of the Nomination Committee focuses

onthe proper composition and effective operation

of the Board, Board and senior management

succession planning, the oversight of the talent

management framework, as well as employee

engagement and diversity initiatives.

In 2025, the Nomination Committee continued

toreview the balance of skills, experience and

diversity of the Board, as well as how the Board

canremain effective with the use of AI given the

rapid changes in technology and capabilities. The

Nomination Committee also continued its review

ofthe overall length of service of the Board, both

asawhole and as part of its succession planning,

andconsidered the Board succession. Our

Group’s Nomination Policy forthe recruitment

ofBoard members is our compass for recruitment

totheBoard. This year, following the retirement

oftwo Board members, two new members were

appointed to the Board atthe 2025 AGM. Again

thisyear, theNomination Committee coordinated

the evaluation of the Board and the Board

committees’ effectiveness through an

externallyfacilitated assessment.

On the employee side in 2025, the Nomination

Committee had regular updates on engagement

results, external benchmarking results against

best-performing companies across industries, the

evolution of our bespoke International Leadership

Trainee programme, the Talent 2.0 programme,

and progress on our DEI initiatives. The

Nomination Committee was kept abreast

onCoca-Cola HBC’s newly launched Employee

Value Proposition (EVP), aiming to raise awareness

ofthe Company as an employer of choice and

attract key talent to join.

Charlotte J. Boyle

Committee Chair

Gender representation at Board and ELT level

Number

of Board

members

of the

Board

Number

of senior

positions on

Board (CEO,

CFO, SID

and Chair)

Number

in ELT

% of

ELT

Men 8 62% 2 11 73%

Women 5 38% 1 4 27%

Ethnicity representation at Board and ELT level

Number

of Board

members

of the

Board

Number

of senior

positions on

Board (CEO,

CFO, SID

and Chair)

Number

in ELT

% of

ELT

White British or other

White (including

minority-White groups) 12 92% 3 15 100%

Mixed/multiple ethnic

groups

Asian/Asian British

Black/African/

Caribbean/Black British 1 8%

Other ethnic group

Not specified/prefer

not to say

1. CEO is a senior position on the Board, but CFO is not.

2. Board and ELT diversity data is collected directly from each Director and

ELTmember using a questionnaire and is given on a self-identifying basis.

3. This includes, as permitted by UK Listing Rule 6.6.13R, those persons inrespect

of whom data protection laws in relevant jurisdictions prevent thecollection or

publication of some or all the personal data required to bedisclosed.

Corporate Governance Report continued

Nomination Committee

Board composition, succession and evaluation

Priorities for 2026

• Continued focus on succession planning

fortheBoard and the ELT

• Close monitoring of the Group’s talent

development framework and pipeline,

includingtalent attraction and retention

• Employee engagement and collaboration surveys

• Externally facilitated Board and

committeeassessments

• Follow-up actions on outcome of 2025

evaluationassessment

Highlights 2025

• Succession planning and talent review

• Appointment of two new independent NEDs

• Oversight of employee engagement and Culture

& Engagement survey

• Board and committee performance assessments

and follow-up actions

Members

Charlotte J. Boyle

(Chair)

Member since 2017

Chair since May 2025

Elizabeth Bastoni

Member since May 2024

Pantelis

(Linos) D. Lekkas

Member since May2025

Reto Francioni

Member and Chair from

June 2016 until May2025

Welcome to our new

Boardmembers

Pantelis (Linos) D. Lekkas

Elected at the AGM on 23 May 2025 and joined

theRemuneration Committee and the

Nomination Committee.

Stavros Pantzaris

Elected at the AGM on 23 May 2025, and joined

the Audit and Risk Committee as Chair.

These appointments bring diverse expertise

tothe Board, enhancing Coca-Cola HBC’s

strategic direction and governance.

Linos brings wealth of experience and broad

capital markets and regulatory knowledge,

acquired as an investment banker, and providing

advisory services across several sectors

andcountries.

Stavros is an experienced leader and decision

maker with knowledge and experience of

organisational growth and transformation as

wellas experience of audit and risk management

assurance services.

Members

All members of the Nomination Committee

areindependent NEDs. At the AGM in May 2025,

Charlotte J. Boyle and Elizabeth Bastoni were

re-elected for a one-year term by the shareholders.

Pantelis (Linos) D. Lekkas was appointed following

his election to the Board by shareholders at the

2025 AGM and Reto Francioni retired as Chair

oftheNomination Committee having stepped

down from the Board at the end ofthe 2025 AGM

and Charlotte J. Boyle was also elected as Chair

ofthe Nomination Committee. The Chair of the

Nomination Committee regularly interacts

withrepresentatives of our shareholders.

2025 Committee composition

Female 66.7% Male 33.3%

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Role and responsibilities

A key function of the Nomination Committee is

toestablish and maintain a process for appointing

newBoard members. The role also includes

managing effective succession planning for

theCEO, in consultation with the Chair, and for

themembers of the ELT, inconsultation with the

CEO. The Nomination Committee oversees the

development of a diverse pipeline for succession,

and supports the Board in fulfilling its duty to

conduct a Board self-assessment. The formal

roleof the Nomination Committee is set out

inthecharter for the committees of the Board

ofDirectors in Annex C of Coca-Cola HBC’s

Organisational Regulations.

Read more: www.coca-colahellenic.com/

en/about-us/corporate-governance.

Key elements of the Nomination Committee’s

roleare:

• reviewing the size and composition of the Board;

• identifying candidates and nominating new

members to the Board;

• planning and managing, in consultation with

theChair, a Board membership succession plan;

• ensuring, together with the Chair, the operation

of a satisfactory induction programme for

newmembers of the Board and a satisfactory

ongoing training and education programme

forexisting members of the Board and its

committees as necessary to deliver on the

Group strategy;

• setting the criteria for, and overseeing, the

annual assessment of the performance and

effectiveness of each member of the Board

andeach Board committee;

• conducting an annual assessment of the

performance and effectiveness of the Board,

and reporting conclusions and

recommendations based on the assessment

tothe Board; and

• overseeing the employee and management

talent development and succession plans

oftheGroup.

Work and activities

The Nomination Committee met six times during

2025 and discharged the responsibilities defined

under Annex C of Coca-Cola HBC’s Organisational

Regulations. The CEO and the Chief People and

Culture Officer regularly attend meetings of the

Nomination Committee. In addition, the Chair and

the General Counsel are actively involved in the

work of the Nomination Committee concerning

succession planning and the selection of key

people. During 2025, the Nomination

Committeeconsidered:

• succession planning and development of plans

for the recruitment of new Board members and

certain members of the ELT;

• recruitment and onboarding of two new

Boardmembers;

• composition of the Board, including the

appropriate balance of skills, knowledge,

experience and diversity;

• review of the talent pipeline and talent

management framework, initiatives and

globaltrends;

• oversight of engagement survey results

andfocus areas;

• oversight of the Group’s flagship International

Trainee Leadership Programme;

• monitoring of activities focused on building

understanding and bringing our values to life;

• external benchmarking and review of our EVP

and other activities to strengthen our employer

branding position and promote our preferred

employer status;

• coordination of the performance evaluation

andannual assessments of the Board and

itscommittees;

• presentation of the Board and committees’

assessment and alignment on follow-up actions

arising from these evaluations; and

• review of the Director induction process

andtraining programmes.

The Nomination Committee takes into

consideration Coca-Cola HBC’s Inclusion and

Diversity and Anti-Harassment Policy, the Board

Nomination Policy, as well as Coca-Cola HBC’s

commitment to such policies, to ensure they

areembedded into the Group’s activities,

programmes and initiatives.

Board Nomination Policy

Our Board Nomination Policy requires that each

Director is recognised as a person of the highest

integrity and standing, both personally and

professionally. Each Director must be ready

todevote the time necessary to fulfil his or her

responsibilities to Coca-Cola HBC according

tothe terms and conditions of his or her letter

ofappointment. They should have demonstrable

experience, skills and knowledge that enhance

Board effectiveness and will complement those

ofthe other members of the Board to ensure an

overall balance of experience, skills and knowledge

on the Board. In addition, each Director must

demonstrate familiarity with, and respect for good

corporate governance practices, sustainability

and responsible approaches to social issues.

We are proud of the diverse skills and experiences

of our Board. For example, in relation to ESG

matters, several of our Board members sit on the

boards of other multinationals that face similar

challenges and have similar concerns on the ESG

agenda. Their expertise has helped us to identify

ESG commitments and set the relevant targets.

In addition, connected to ESG, Anastasios I.

Leventis, the Chair of the Social Responsibility

Committee of the Board, is a member of the

European Council of The Nature Conservancy

(TNC), a global environmental non-profit

organisation working to create a world where people

and nature can thrive, and is a board member of

WWF Hellas (the Greek branch of WWF). Those

experiences support in driving the environmental

agenda and in endorsing Coca-Cola HBC’s

sustainability commitments related to climate,

waterstewardship, biodiversity and packaging.

In relation to risk oversight and management,

weare proud that most of our Board members

possess strong risk management expertise,

developed over time from their extensive

experience in senior leadership positions

inlargeorganisations, as executives and/or

asboardmembers. The deep understanding

ofmaterial risks and their potential impact, the

implementation of mitigation and contingency

plans, and the setting of appropriate internal

controls, processes and policies to apply effective

risk management is paramount to successfully

perform in such senior roles.

In the areas of sustainability and technology,

Stavros Pantzaris, the Chair of the Audit and Risk

Committee, has substantial exposure to

sustainability assurance and IT-related matters

overseeing these areas of the business for many

years in his capacity as managing partner in

EYCyprus, and has gained strong experience

inthis field during his tenure as an audit partner.

His relevant experience supports the Board

inoverseeing related risks, and opportunities

fordriving forward sustainability and digital

business performance.

Support and training for the Board

The practices and procedures adopted by our

Board ensure that the Directors are provided

onatimely basis with comprehensive information

onCoca-Cola HBC’s business development and

financial position, the form and content of which

isexpected to enable the Directors to discharge

their duties.

All Directors have access to our General Counsel,

aswell as independent professional advice at

Coca-Cola HBC’s expense. They have full access

to the CEO and senior management, as well as

theexternal auditor and internal audit team.

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Case study:

Induction of new Non-Executive

Director, Stavros Pantzaris

Induction Programme

Following his appointment to the Board, Stavros

Pantzaris completed a structured induction

designed to give him a comprehensive

understanding of Coca-Cola HBC’s business,

strategy and governance environment.

Theprogramme combined formal briefings,

operational immersion and stakeholder

meetingsto ensure a well-rounded

introductionto the Group.

Understanding the business and strategy

Stavros received detailed briefings from the

CEO, CFO and from ELT members covering

strategy, market priorities and the value-

creation model. Sessions spanned Commercial,

Supply Chain, Finance, Legal Corporate

Governance, People & Culture and

Sustainability, giving him insight into the

Group’s long-term growth drivers, digital

capabilities and capital allocation framework.

Culture, values and leadership

A core element of the induction focused

onCoca-Cola HBC’s values, leadership

expectations and‘growth culture’. Meetings

with the Chief People & Culture Officer and

country People & Culture teamsintroduced

Stavros to the organisation’s talentphilosophy,

performance mindset andcommunity

engagement approach. Sustainability briefings

provided further perspective on the Group’s

commitments andmaterial priorities.

Tailoring to the individual Director

The induction was adapted to reflect Stavros’s

strong financial and investment background,

with additional focus on capital allocation, risk,

and sector-specific operational and franchise

nuances. Further briefings and market visits will

continue to support his ongoing development.

Committee at work

Succession planning

Board composition

Recruitment

Shortlisting

Interview

Balance of skills assessment

Appointment

Induction

The Board has an induction programme for new

Directors. It involves meetings with the Chair,

members of the ELT and other senior executives,

aswell as receiving orientation training in relation to

the Group and its corporate governance practices.

Italso includes meetings with representatives of our

sales force, customers andmajor shareholders, and

visits to our production plants. All Directors are given

the opportunity to attend training to ensure that

theyare up to date on relevant legal, accounting

andcorporate governance developments.

The Directors individually attend seminars,

forums, conferences and working groups on

relevant topics. The Nomination Committee

reviews Director training activities regularly.

Finally, as part of the continuing development

ofthe Directors, the Company Secretary

ensuresthat our Board is kept up to date with

keycorporate governance developments.

TheBoard appoints the Company Secretary,

whoacts as secretary to the Board.

Board appointments

andsuccessionplanning

Our Board has plans to ensure the progressive

renewal of and appropriate succession planning

for senior management. These cover the short,

medium and long term, and are regularly reviewed.

Appointments and succession plans are based on

merit and objective criteria to ensure Coca-Cola

HBC is promoting diversity (including gender,

social and ethnic backgrounds) and cognitive

andpersonal strengths. Pursuant to our Articles,

the Board consists of a minimum of seven and

amaximum of 15 members, and the Directors

arere-elected annually for a term of one year

byCoca-Cola HBC’s shareholders, which is also

inaccordance with the UK Corporate Governance

Code. In case of the resignation or death of any

member, the Board may elect a permanent guest

to be proposed for election by the shareholders

atthe next AGM.

In accordance with the Organisational

Regulations, the Board proposes for election

atthe shareholders’ meeting new Directors who

have been recommended by the Nomination

Committee after consultation with the Chair.

The Nomination Committee and the Board must

consider objective criteria as above, as well as the

overall length of service of the Board as a whole,

when refreshing its membership. Through this

process, the Board is satisfied that the Board and

its committees have the diversity, independence

and knowledge to enable them to discharge their

duties, including sufficient time commitment.

Promoting diversity

The Group has a firm commitment to policies

promoting diversity, equal opportunity and

talentdevelopment at every level throughout the

organisation, including at Board and management

level, and is constantly seeking to attract and

recruit highly qualified candidates for all positions

in its business. The Group’s Inclusion and Diversity

and Anti-Harassment Policy applies to all people

who work for us.

The Group’s Inclusion and Diversity and

Anti-Harassment Policy is on pages 80 and

142intheStrategic Report and on our website

under https://www.coca-colahellenic.com/en/

about-us/corporate-governance/policies/

inclusion-and-diversity-policy

The Group believes that diversity at the Board

level acts as a key driver of Board effectiveness,

helps to ensure that the Group can achieve its

overall business goals, especially considering our

geographical footprint, and is critical in promoting

a diverse and inclusive culture.

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The Board Nomination Policy guides the

Nomination Committee and the Board in relation

to their approach to diversity in respect of

succession planning and the selection process

forthe appointment of new Board members.

It does not include targets for either gender or

ethnicity. However, the Board is cognisant of the

recommendations in the FTSE Women Leaders

Review, the Parker Review, as well as the targets

for gender, ethnicity and persons in senior board

positions in the FCA’s UK Listing Rules, and these

are taken into consideration for succession

planning and the appointment of new Board

members. The Nomination Committee is

responsible for implementing the Board Nomination

Policy and for monitoring progress towards the

achievement ofitsobjectives.

The requirements and objectives of the Board

Nomination Policy include that the Nomination

Committee is required to take into account all

aspects of diversity, including age, ethnicity, gender,

educational and professional background, and social

background when considering succession planning

and new Board appointments; seek a wide pool

ofcandidates, with a broad range of previous

experience, skills and knowledge; and give

preference to executive search firms that are

accredited under the Enhanced Code of Conduct

forExecutive Search Firms. Board appointments

areevaluated on merit against objective criteria with

due regard for diversity to ensure that candidates

contribute to the balance of skills, experience,

knowledge and diversity of the Board. The Board

alsoconsiders the overall length of service of the

Board when considering Board succession.

Two Directors retired at the end of the 2025

AGMand, following recommendation by the

Nomination Committee, two Directors (both male)

were appointed at the end of the 2025 AGM.

Femalerepresentation on the Board is 38%.

Board and ELT gender and ethnicity metrics

As at 31 December 2025, in accordance with the

FCA’s UK Listing Rules, Coca-Cola HBC had met

the target for ethnic Board diversity and had just

over 38% of female Board representation (slightly

behind the required 40% target in the FCA UK

Listing Rules). One senior position on the Board,

Senior Independent Director, as described in the

FCA UK Listing Rules, is held by a woman. Female

representation in the ELT is 27% and in senior

management positions reporting to the ELT

is38%. The Board will continue to prioritise its

gender balance and the Nomination Committee

has, and will continue to, consider this in the

context of its continuous work on succession

plans for the Board, as well as senior management,

including the ELT.

The tables on page 221 include metrics that set out

the range of gender and ethnicity as they relate to

our Board and ELT as at 31 December 2025. The

ELT refers to the most senior level of managers,

including the General Counsel/Company Secretary

but excluding administrative and support staff,

inaccordance with the definition in the FCA’s UK

Listing Rules. The Board diversity-related data

iscollated directly from each Director and ELT

member using a questionnaire and is given

onaself-identifying basis.

Gender diversity and representation

atBoard and ELT level

The Board is committed to appointing the

bestpeople with the right skills, using non-

discriminatory and fair processes during selection,

and recognises the importance of diversity in

business success. It is the Board’s responsibility to

oversee senior management succession planning

to ensure a diverse pipeline of managers and

talent is identified from Coca-Cola HBC’s

management talent development programme.

Our target is to remain within 40%-50% female

representation of managers. This links to one of

the five pillars of our growth strategy. Read more

on page 32.

The Nomination Committee, in conjunction with

the ELT, will continue to monitor the proportion

ofwomen at all levels of the Group and ensure that

all appointments are made with a view to having

ahigh level of diversity within the workplace and

inleadership positions.

We are a global company with a diverse

geographic footprint, including emerging markets.

Our ELT is based in Switzerland (where Coca-Cola

HBC is incorporated), but most of our senior

management team reporting to the ELT arein

other countries. As a Swiss-headquartered

company, any senior management representation

in the UK is purely circumstantial. We do not have

specific ethnicity targets or tracking. We are

committed to increasing the diversity of our senior

management population and will introduce several

initiatives over the coming years to ensure that we

have abalanced pipeline of talent. In the future,

wewillalso look more closely at ethnic minority

representation across Coca-Cola HBC and

reporton this where appropriate.

Board performance review

The Nomination Committee led the annual

reviewofthe Board’s, committees’ and Chair’s

performance, as well as a self-evaluation of each

individual Director. Lintstock, anexternal advisory

firm, supported the review and has worked with

Coca-Cola HBC for thepast 10 years. Lintstock

hasno other connection to Coca-Cola HBC or

individual Directors.

Key areas in the assessment were:

• Board composition;

• Stakeholder oversight;

• Board dynamics;

• Management of meetings;

• Board support;

• Board committees;

• Strategic, risk, stakeholder and people

oversight;and

• Priorities for focus in 2026.

In addition to the annual performance review,

theChair met with Directors throughout 2025

toreceive feedback on the functioning of the

Board and its committees, Board dynamics

andCoca-Cola HBC’s Group strategy. These

meetings give particular focus to areas where

aDirector believes the performance of the

Boardand its committees could be improved.

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Evaluation

An externally facilitated

review assessed the

effectiveness of the Board

and its Committees, an

individual performance

review and a Chair review.

Theprocess included

surveys run by Lintstock

through its platform,

ensuring anonymity of

responses. The evaluation

considered composition,

NED appointment,

Committees’ effectiveness,

management of meetings,

strategic and market

oversight, risk governance,

stakeholder oversight and

overall Board dynamics.

Next evaluation

Progress against

theaction plan will

bereviewed with a full

follow-up assessment

scheduled as part of

thenext annual Board

effectiveness review.

Implementation

Management has

begunimplementing

theagreed actions,

planning into the annual

schedule educational

sessions on technology

andAI,talent pipeline,

deeper discussions

onunderstanding

customers, suppliers

andregulators inour

markets, monitoring

progress of CCBA

acquisition steps and

integration planning

toprovide clearer,

decision-useful insight.

Actions

In response, the Board

agreed a targeted set

ofactions for the year

ahead. These include:

increased engagement

with management to

strengthen stakeholder

oversight; developing

theBoard’s education

ontechnological change,

and AI in particular, and

how it impacts our

business; continued

focuson embedding

newDirectors with

goodunderstanding

ofthebusiness; and

talentpipeline and

succession planning.

Findings

The review concluded

thatthe Board operates

effectively with a strong

culture of constructive

challenge, trust and

collaboration. It highlighted

continued strengths in

oversight of strategy and

risk, and the quality and

focus of meetings. Areas

identified for enhancement

included increasing time

allocated to technology

andAI, and new market

risks and opportunities,

andcontinued focus on

talent and succession

planning and deepening

stakeholder oversight.

A robust, independent methodology for performance review

The independent Directors met separately

ateveryBoard meeting to discuss a variety of

issues,including Board effectiveness. The Chair

andtheSenior Independent Director conducted

anevaluation of each Director (other than the Chair).

The Senior Independent Director led the evaluation

of the Chair, in conjunction with the NEDs,

considering the views of the CEO, and, asamatter

ofpractice, meets with the other independent NEDs

when each Board meeting isheld to discuss issues

together, without the CEOor other NEDs present.

The Chair also holdsmeetings with the NEDs,

without the CEOpresent.

2025 actions based on 2024 Board evaluation

findings and previous experience

• Prioritized long-term strategic oversight, issues

and opportunities and approved the strategic

acquisition of CCBA.

• Board succession and continuity, with continued

focus on succession planning for the Board,

including the appointment of two new NEDs

atthe AGM in May 2025.

• Focused on the talent pipeline and succession

planning for senior management roles, including,

regular updates on people activities, development

and succession plans for senior positions, reviews

ofengagement and collaboration surveys to

ensure ample exposure to the talent pool.

• Oversight of external developments,

particularlygeopolitical dynamics,

regulationandindustry trends.

• Regular updates and educational sessions

focusing on technology, digital, data and AI,

andsustainability-related topics.

• Continued focusing on deep dives into key areas

of the business and improving understanding

ofkey markets.

• Updates by internal and external stakeholders

oninvestor and market expectations, trends

anddevelopments, and customer satisfaction

surveys to acquire external perspectives and

insights on priority areas.

• Reviewed, debated and oversaw business plans

and execution, strategic priority categories,

riskmanagement and governance matters,

tosupport management in achieving our

growthtargets.

2025 review findings

• The Board’s performance review was considered

positive and scores in all areas remained high.

• The Board’s performance comparable metrics

inall areas reviewed landed above or in line with

the Lintstock Index, which aggregates feedback

from over 200 recent board reviews that

Lintstock has facilitated, demonstrating

theBoard’s high confidence in its oversight.

• Coca-Cola HBC’s Group strategy and the

Board’s oversight, as well as its execution,

received very high ratings overall.

• The Board’s oversight of talent and succession

wasrated highly. Excellent succession planning

andmajor steps to improve talent and

succession processes were commended.

• The Board's and the Committees' effectiveness

and management of meetings were rated highly.

• Developing the Board’s education and collective

skillset on technological change and AI in

particular and how it impacts our business.

2026 priorities based on review findings

• Oversight of CCBA acquisition completion

andintegration planning process.

• Continue developing the Board's education

andcollective skillset on technological change

and AI in particular.

• Talent and succession planning.

• Embedding new Directors with good

understanding of the business.

Review process

The first stage of the review involved Lintstock

engaging with the Company Secretary and the

Nomination Committee to set the context for the

review, and to tailor survey content. The surveys

were designed to further explore key themes

identified in last year’s evaluation, so that year-on-

year progress could be tracked. The anonymity

ofall responses was guaranteed throughout the

process to promote open and honest feedback.

Lintstock subsequently analysed the results

anddelivered reports on the performance of the

Board, the committees and the Chair, which were

considered at a subsequent Board meeting. The

individual Director self-assessment reports were also

provided to the Chair. Overall results of the review

were positive, and the Board was felt to have

performed effectively and maintained astrong

working dynamic.

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Dear Stakeholder,

2025 is the final year of our Mission 2025

sustainability commitment and, as we conclude,

wetake pride in the progress achieved and

thelessons learned throughout this journey.

Launched in 2018, Mission 2025 set ambitious

sustainability targets aligned with the SDGs and

with the expectations of our main stakeholders.

They covered six critical areas: climate, water

stewardship, packaging, ingredient sourcing,

nutrition, and our people and communities.

Mission 2025 has demonstrated that collaboration

with stakeholders and partners in the value chain,

innovation and transparency are essential for

driving systemic change. We are proud that by

theend of 2025, we had met or made significant

progress on 15 of our 18 targets.

• Climate and emissions reduction: reduced

absolute CO₂ emissions across the entire

valuechain by a third vs 2010 levels, while

growing volume, supported by science-based

targets and our NetZeroby40 roadmap, and we

continue for a third consecutive year using 100%

of the electricity in all our European and Swiss

plants from renewable and clean sources.

• Packaging and circularity: reached 35% rPET

usage in all PET bottles, alongside significant

progress in collection systems across markets

from 41% in 2017 to 78% in 2025, and 100%

recyclability by design of our primary packaging

since 2022.

• Water stewardship: since 2017, delivered at least

one water stewardship and water replenish project

in each of the 19 locations in high water risk,

including flagship projects such as the Living

Danube 2.0, Zero Drop in Greece and Cyprus, and

expanded community water initiatives inNigeria.

• Social impact: Since 2017, empowered

approximately 1.3 million young people

through#YouthEmpowered programmes

andadvancedgender diversity, reaching in

202543.4%women in management roles.

Highlights 2025

• Review of the overall performance and final

results of each Mission 2025 sustainability

commitment inall environmental and

socialpillars

• Review of net zero transition progress and key

decarbonisation drivers and their impact, part

ofthe Group’s NetZeroby40 target approved

by theScience Based Target initiative (SBTi)

• Review of the overall reduction of greenhouse

gas (GHG) emissions and the recalculations,

specifically related to the new baseline year

of2019, Forest, Land and Agriculture (FLAG)

emissions inclusion, and updates from the

newemission factors

• Oversight of the Group’s packaging and waste

initiatives, specifically the packaging collection

roadmap and Deposit Return Systems (DRS)

plans, and returnable glass bottle (RGB) and

rPETroadmaps

• Overview of the value-creation initiatives

withourcustomers, leveraging sustainability

withcommercial benefits

• Detailed review of the water stewardship

andwater replenishment initiatives and plans

inhigh-priority locations such as Italy, Greece,

Cyprus, Bulgaria, Armenia, Nigeria and Egypt

• Endorsement of the 2025 double

materialityassessment (DMA) results

andSustainability Statement

Members

The Social Responsibility Committee comprisesoneindependent NED and

twoNEDs:Anastasios I. Leventis, Evguenia Stoitchkova and Charlotte J. Boyle.

Members

Anastasios I. Leventis

(Chair)

Member since 2016

Chair since 2016

Evguenia

Stoitchkova

Member since

May2023

2025 Committee composition

Female 66.7% Male 33.3%

Charlotte J. Boyle

Member since

September2024

Priorities for 2026

• Continuously review the NetZeroby40

transition planand its roadmap, supporting

ourNetZeroby40 emissions target approved

bythe SBTi

• Oversee actions and roadmaps for new

sustainability targets (2030 and 2035)

• Oversee plans and key activities to deliver

packaging initiatives (including collection,

recycled content, refillables and

packagelesssolutions)

• Review development of sustainability

reportingand compliance, specifically

comingfrom EU Sustainability Omnibus l,

EUDeforestation Regulation, ISSB and the

UK’s non-financial reporting, and non-financial

reporting obligations pursuant to Swiss law

(ifapplicable)

• Monitor development of SBTi Net Zero

Guidelines, carbon removals guidelines,

anyupdates coming from the GHG Protocol,

the Science Based Targets Network for

Natureand its guidelines for setting

biodiversity science-based targets, and

theirimplementation in ourCompany

• Continuously review value-creation

partnerships in ESG, with both customers

andsuppliers

• Oversee the social impact programmes

• Stakeholder outreach activities

• Continue to respond to the evolving needs

ofour communities and monitor funding

forthe Coca-Cola HBC Foundation

• Ongoing activities related to sustainability

benchmarking, plastic packaging levies and

product tax developments

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Social Responsibility Committee

We have made considerable improvement in

reducing Lost Time Accidents (LTAs) per 100 full

time equivalent (FTEs) employees, though below

the bold target we set for ourselves. We have

developed various programmes to boost health

and safety performance, including Behavioural

Based Safety, Life Saving Rules, practical safety

driving courses and regular awareness

communication campaigns.

Building on our strong foundations, we are

refreshing our sustainability ambition through

newsustainability commitments in four main

areas: climate (NetZeroby40), biodiversity, water

stewardship and replenishment, and social impact.

More information is on pages 34 to 40.

For the fifth consecutive year, we have performed

in linewith our NetZeroby40 roadmap, affirming

thatwe can decouple our emissions from our

business growth. We are advancing in each of

thefive pillars of our NetZeroby40transition plan,

for example:

• progressing our 20 energy-saving initiatives

inmanufacturing;

• investing in renewable energy solutions;

• increasing the energy-efficient coolers

thatsaveelectricity for our customers; and

• using more rPET, recycled aluminium

andrecycled glass in our primary

packagingmaterials.

In 2025, we implemented the recommendations

of the SBTi for the NetZeroby40 target (approved

in December 2024), changed the baseline year of

our emissions plans to 2019 (from 2017), included

Egypt, and introduced a FLAG component and

additional emissions categories in our reporting.

During the year, we reviewed the numerous

value-creation initiatives and partnerships with our

customers in Italy, Romania, Croatia, Serbia, Bulgaria

and other markets, confirming that joint efforts

and collective actions lead to a bigger impact.

We have continued to progress on packaging

collection: as at January 2026, 10 markets have

DRS in place, with one more scheme is expected

togo live in 2026.

The Coca-Cola HBC Foundation approved

€2.3 million in disaster-relief funding in 2025. Since

its launch in 2024, The Coca-Cola HBC Foundation

has committed €4.5 million in community grants,

primarily for disaster relief, underscoring our

enduring commitment to stand by communities

intimes of crisis.

In 2025, a cross-functional team worked on the

EUDeforestation Regulation (EUDR). It mapped

allcommodities and suppliers, and integrated

acentral platform for due diligence, traceability

and risk assessment. In 2026, we will fully

operationalise EUDR processes.

Based on our experience in 2024, when we

published our first Sustainability Statement as

perthe ESRS, we have improved our disclosure,

and our 2025 Sustainability Statement is on

pages52 to 177.

In 2025, Coca-Cola HBC continued to be

recognised and rewarded with industry-leading

scores and grades by sustainability ratings

including CDP Climate and Water, ISS ESG, MSCI

ESG, Morningstar Sustainalytics and EcoVadis.

Our Corporate Sustainability Assessment score,

issued by S&P Global (owner of Dow Jones indices),

again placed us as a leader in the beverage industry.

This is the ninth time we have topped the industry

and marks 15 consecutive years among the top

three companies.

Over the coming year, the Social Responsibility

Committee will continue to ensure that the

Groupstrategy is fully aligned with the Group’s

sustainability agenda and new commitments

Mission Refresh.

On behalf of the Board, we thank our employees,

partners and communities for their unwavering

support. Together, we have proven that, with

astrong focus and discipline in execution,

sustainable growth is achievable – and we

remaincommitted to leading the way in the

nextchapter of our journey.

Anastasios I. Leventis

Committee Chair

Disaster relief support in Greece supported by The Coca-Cola HBC Foundation

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Social Responsibility Committee continued

Role and responsibilities

The Social Responsibility Committee is

responsible for the development and supervision

of procedures and systems to ensure the pursuit

of the Group’s social and environmental goals,

asset out in the charter for the Board committees

in Annex C of Coca-Cola HBC’s Organisational

Regulations. Key areas of responsibility are:

• establishing the principles governing the

Group’spolicies on social responsibility and

theenvironment to guide management’s

decisions and actions;

• overseeing the development and supervision

ofprocedures and systems to ensure the

achievement of the Group’s social responsibility

and environmental goals;

• establishing and operating a council responsible

for developing and implementing policies and

strategies to achieve Coca-Cola HBC’s social

responsibility and environmental goals (in all

ESGpillars, such as climate change, water

stewardship, packaging and waste, sustainable

sourcing, health and nutrition, our people and

communities, and biodiversity), and ensuring

Group-wide capabilities to execute such policies

and strategies;

• ensuring the necessary and appropriate

transparency and openness in the Group’s

business conduct in pursuit of its social

responsibility and environmental goals;

• ensuring and overseeing the Group’s

interactions with stakeholders in relation

toitssocial responsibility and environmental

policies, goals and achievements, including

thelevel of compliance with internationally

accepted standards; and

• reviewing Group policies on environmental

issues, human rights and other topics as they

relate to social responsibility.

Work and activities

The Social Responsibility Committee met four

times during 2025. It invited other members

oftheBoard to attend the meetings, namely

George Leventis, Pantelis (Linos) D. Lekkas and

theCEO, aswell as theChief Corporate Affairs and

Sustainability Officer and additional senior leaders,

subject tothe discussion topics. During 2025,

theSocial Responsibility Committee reviewed

andprovided guidance and insights to advance

the Group’s sustainability approach in the

following areas:

• Progress and action plans against Mission 2025

– our publicly communicated sustainability goals

and their status in its final year.

• 2030 science-based targets and the SBTi-

approved NetZeroby40 target, including its net

zero transition activities and the main initiatives.

• Sustainable packaging agenda and progress

towards more sustainable and circular packaging.

• Packaging collection and recovery with DRS

implementation across Europe and solutions

forNigeria and Egypt.

• The CEO’s participation in the Alliance of CEO

Climate Leaders at the World Economic Forum.

• Investments in different initiatives that deliver

sustainability benefits.

• Review of progress in decreasing calories in

ourbeverages as part of our nutrition agenda.

• Health and safety programmes.

• Social impact community programmes such

as#YouthEmpowered programmes and water

stewardship projects.

• The double materiality assessment (DMA)

process and endorsement of its results.

• Sustainability reporting and compliance with

theCSRD, ESRS, EUDR as well as non-financial

reporting obligations pursuant to Swiss law (if

applicable), as well as reporting towards different

ESG reporting frameworks, standards and

benchmarking, such as the GRI Standards, SDGs,

Dow Jones Best-in-Class Indices, CDPClimate and

Water, Task Force on Climate-related Financial

Disclosures (TCFD) and the Sustainability

Accounting Standards Board (SASB).

• Review of supplier monitoring and engagement

programmes, including supplier capabilities

building, development of supplier-specific emission

factors, shifting to renewable energy, supplier risk

assessments, and overall sustainable sourcing.

• Deep-dive analysis of Group results in various

ESG benchmarks.

• Monitoring innovation projects and partnerships

that support our ESG agenda.

• Ongoing updates on plastic packaging levies,

EUPackaging and Packaging Waste Regulation,

product tax developments, the EU Green Claims

Directive and the UN Global Plastics Treaty.

• Active involvement in Annual Stakeholder Forum

‘Power of Place: Driving Measurable Impact in

Local Communities’.

• Monitoring socio-economic impact studies

across the Group and our Coca-Cola System

contribution to local economies and employment.

• Support of flood relief and wildfire relief for

ourcommunities in need by the Coca-Cola

HBCFoundation.

• Review of Group sustainability communication

plans and corporate reputation measures and

activities, including the people-centred

communication stories.

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Social Responsibility Committee continued

Dear Stakeholder,

I am pleased to present the annual report of

theAudit and Risk Committee (ARC). This report

explains the ARC’s responsibilities and work

during2025.

In performing its work, the ARC balances

independent oversight with support and guidance

tomanagement. I am confident toreport that

theARC, supported by senior management

andthe Group’s external auditor, consistently

performed its duties to a high standard during

thereporting year.

As outlined in the 2024 IAR, during the year

underreview we carried out the tender process

ofthe external audit engagement, a rigorous

andcompetitive process to recommend and

select the Group’s external auditor. The process

followed by the ARC involved inviting a number

offirms to submit proposals to act as the Group’s

external auditor. Three leading firms made

presentations on their proposals to the ARC.

Following the completion of the tender process,

the Board, on the recommendation ofthe ARC,

approved the award of PwC asthe Group’s

external auditor effective 1 January 2027.

Thedecision toaward the tender to PwC,

wasmadeafter adetailed assessment by the

ARCandthe Board,considering also the depth

ofthe incumbent auditor's knowledge of the

Group’soperations, which will be invaluable

fortheintegration of the business ofCCBA,

uponcompletion of the acquisition.

We monitored and reviewed the Group’s risk

management processes, including its risk profile,

mitigation plans, principal risks and risk appetite,

together with the effectiveness of the Business

Resilience Framework. The ARC endorsed the

syndicated multi-currency revolving credit facility,

had regular updates of the work on CSRD

compliance and endorsed the double materiality

assessment (DMA) results.

The ARC worked closely with the corporate audit

and finance teams to oversee the implementation

and ongoing monitoring of the Group’s internal

control framework, including preparations for

compliance with provision 29 of the revised UK

Corporate Governance Code, which applies to

financial years beginning on 1 January 2026.

Aspart of this work, the Committee reviewed

anassessment of the Group’s risk management

and internal control framework against the

requirements of provision 29 and considered

theoutcomes of a pilot exercise undertaken

tosupport implementation.

Further areas of focus are included in the work

andactivities of the Audit and Risk Committee

andthe key areas of significance in the preparation

of the financial statements in the IAR.

Stavros Pantzaris

Committee Chair

Members

All members of the Audit and Risk Committee are

independent NEDs. William W. (Bill) Douglas III (Chair) retired

at the conclusion of the 2025 AGM. Zulikat Wuraola Abiola

and Glykeria Tsernou were each elected for a one-year

term by the shareholders at the AGM in May 2025. Stavros

Pantzaris was elected to the Board at the AGM in May 2025,

following which he was appointed as ARC Chair.

Members

William W. (Bill) Douglas III

(Chair)

Member and Chair from

June 2016 untilMay 2025

Stavros Pantzaris

(Chair)

Member and Chair

since May 2025

2025 Committee composition

Zulikat Wuraola Abiola

Member since May 2024

Glykeria Tsernou

Member since May 2024

2026 priorities

• Monitoring updates in connection with International

Financial Reporting Standards (IFRS) and other

regulatory and reporting matters

• Ongoing monitoring of risks, as well as impairment

testing of goodwill and intangible assets

• Ongoing monitoring of internal financial controls,

anti-fraud systems and Code of Business

Conductcompliance

• Ongoing monitoring of the Group’s business resilience,

risk management and quality assurance programmes

• Ongoing monitoring of the Group’s Cyber

Securityprogramme

• Ongoing monitoring of developments regarding CSRD

reporting requirements

• Oversight and monitoring of process for compliance

withnew provision 29 of the Corporate Governance

Code and subsequent reporting

• Monitoring progress in connection with the

CCBAacquisition and the Group's listing process

ontheJohannesburg Stock Exchange

Highlights 2025

• Review of audit tender process and recommendation to

the Board of externalauditoreffective 1 January 2027

• Endorsement of work for compliance with revised

UKCorporate Governance Code provision 29 which

applies to financial years beginning on 1 January 2026,

including updates on review ofinternal control framework,

as well as design andoperational effectiveness

• Overview of the review performed on the Group’s

implementation readiness of the new Global Internal

Audit Standards, effective January 2025

• Endorsement of syndicated multi-currency revolving

credit facility

• Endorsement of the double materiality assessment

(DMA) results

• Monitoring of developments regarding CSRD reporting

requirements and non-financial reporting requirements

pursuant to Swiss law

Female 66.7% Male 33.3%

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Audit and Risk Committee

Role and responsibilities

The ARC monitors the effectiveness of our

financial and regulatory sustainability reporting,

internal control framework and risk management

systems, and processes. The role of the ARC is set

out inthe charter for the committees of the Board

ofDirectors in Annex C of Coca-Cola HBC’s

Organisational Regulations. Read more:

https://www.coca-colahellenic.com/en/about-us/

corporate-governance. The key responsibilities

and elementsof the ARC’s role are as follows:

• providing advice to the Board on whether

theIntegrated Annual Report (including the

consolidated financial statements, taken as

awhole) is a fair, balanced and understandable

assessment of Coca-Cola HBC’s position

andprospects, and provides the information

necessary for shareholders to assess the

Group’s position and performance, including:

whether there is consistency throughout the

report including the financial reporting; whether

the report will form a good basis of information

for the shareholders; and whether important

messages are highlighted appropriately

throughout the report;

• monitoring the quality, fairness and integrity

ofthe consolidated financial statements

oftheGroup and reviewing significant financial

reporting issues and judgements contained

inthem;

• reviewing the Group’s internal financial control

and anti-fraud systems as well as the Group’s

broader business resilience and legal and

ethicscompliance programmes (including

computerised information system controls

andsecurity) with the input of the external

auditor and the internal audit department;

• reviewing and evaluating the Group’s major areas

of financial risk and the steps taken tomonitor

and control such risk, as well asguidelines and

policies governing riskassessment;

• quarterly review of Coca-Cola HBC’s principal risks

and the actions it is taking to manage those risks;

• establishing and updating the risk appetite

statement, which establishes the level of risk

Coca-Cola HBC is prepared to take in achieving

its strategic objectives;

• monitoring and reviewing the external auditor’s

independence, quality, adequacy and effectiveness,

taking into consideration the requirements of all

applicable laws in Switzerland and the UK, the listing

requirements of the LSE and Athens Exchange,

and applicable professional standards.

The Board is satisfied that Stavros Pantzaris,

Zulikat Wuraola Abiola and Glykeria Tsernou

possess recent and relevant financial and sector

experience in compliance with the UK Corporate

Governance Code, as William (Bill) Douglas III had

prior to retiring from the Board and Chair of the

Audit and Risk Committee in May 2025. Stavros

Pantzaris, achartered accountant, was formerly

country managing partner and chairman

ofEYCyprus, Zulikat Wuraola Abiola has

riskmanagement experience and Glykeria

Tsernou isexperienced infinancial advisory

andinvestment. The Board isalso satisfied that

theARC members have competence in the sector

inwhich Coca-Cola HBC operates, in compliance

with the UK Corporate Governance Code and

UKListing Regime requirements.

Read about their experience and

biographies on pages 205 to 207.

The Group CFO, as well as the General Counsel,

external auditor, the Head of Corporate Audit and

the Group Financial Controller, attend all meetings

of the ARC. Other officers and employees are

invited to attend meetings when appropriate.

TwoNEDs, Henrique Braun and Christo Leventis,

were invited to attend all meetings during 2025.

The Head of Corporate Audit and, separately,

theexternal auditor, meet regularly with the ARC

without the presence of management to discuss

the adequacy of internal controls and any other

matters deemed relevant to the ARC. Stavros

Pantzaris attended our AGM in May 2025 and,

asthe Chair of the ARC, regularly interacts with

representatives of our shareholders.

Work and activities

The ARC met eight times, four of which were by

video conference call, during 2025 and discharged

the responsibilities defined under Annex C of

Coca-Cola HBC’s Organisational Regulations.

Thework of the ARC during the year included

consideration, review and (where appropriate)

challenge of the respective matters, as well

asassessing management’s mitigating actions

and response plans in the areas below:

Reporting

• Endorsement of the double materiality

assessment (DMA) results.

• The full-year consolidated financial statements

and results announcement, the half-year

consolidated financial statements and interim

results announcement, prior to submission for

Board approval, and the quarterly trading updates.

• Areas of significance in the preparation of the

consolidated financial statements and impact

onmarkets, including foreign currency volatility

(including inflationary pressures), affordability

challenges, consumer environment sensitivities,

and geopolitical issues such as in the Middle East

region, Ukraine and Russia.

• The external auditor’s reports on the Group’s

consolidated half-year and annual financial

statements, and Swiss statutory audit report.

Regular finance, tax and regulatory updates

• Regular finance and market updates on

performance and significant accounting,

reporting and internal audit matters, including

actions to mitigate inflationary, currency

volatility and other finance-related risks.

• Oversight of tax strategy, key international

taxinitiatives and ongoing tax audits.

• Regular updates on health and safety, quality

assurance, regulatory compliance (including

dataprivacy, fraud control and sanctions,

andoverview of litigation and regulatory

investigations) and compliance with the

Group’sCode of Business Conduct.

• Regular updates from the external auditor

onaccounting and regulatory developments,

including updates on Swiss and UK regulatory

developments and CSRD.

Principal risks, internal controls and

externalauditor

• Scheduled risk updates and updates on business

resilience matters, including emerging risks,

useof AI, cyber security, insurance and

businessresilience.

• Review of recovery plans following the fire at the

Bambi production site in June 2024.

• Approval of the updated 2025 internal audit

plan,quarterly reports on internal audit matters

across the Group’s business and approval of the

2026 internal audit plan.

• The internal control environment, principal risks

and risk management systems (including the

Group’s statement on the effectiveness of its

internal controls prior to endorsement by the

Board), concluding that management has

conducted a robust risk assessment process.

• Endorsement of the Group’s risk appetite

statement and the framework for establishing

risk tolerance levels for all risks as a key part

ofthe risk assessment process.

• Evaluated reports on the Group’s impairment

assessment processes and relevant results

inconnection with the interim and annual

financial report.

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Audit and Risk Committee continued

• Review of and discussion with senior management

on the viability statement scenarios and underlying

assumptions, the going concern reporting basis

and endorsement of recommendation to the

Board to approve the viability statement.

• Progress on internal control framework

andassessment of Coca-Cola HBC’s

Egyptiansubsidiary.

• An assessment and confirmation of the internal

audit function, including the sufficiency of the

internal audit budget and resources, and

confirmation of the internal auditor’s quality,

independence, experience and expertise for

thebusiness.

• External audit plan and pre-approval of audit fees

for 2026.

• Consideration of the external auditor’s

independence, quality and adequacy, and the

effectiveness of its audit of the financial

statements.

• External audit tender process, review and

recommendation to the Board.

• Assessment of Coca-Cola HBC’s external

reporting to ensure it is fair, balanced and

understandable in accordance with the

Board’sobligation under the UK Corporate

Governance Code.

• Review of preparations for compliance with

therevised UK Corporate Governance Code

provision 29, which is applicable for the financial

year beginning on 1 January 2026.

In 2025, the ARC also reviewed the 2024

Integrated Annual Report, including the

consolidated financial statements and associated

reports and information. The ARC received

assurances from management and detail on the

processes underlying the preparation of published

financial information.

Following evaluation of all available information,

the ARC concluded and advised the Board that the

2024 Integrated Annual Report, including the

consolidated financial statements, was fair,

balanced and understandable.

Areas of key significance in the preparation

of the financial statements

The ARC considered several areas of key

significance in the preparation of the financial

statements in 2025, including:

• appropriateness of critical accounting

judgements and estimates that affect the

reported amounts of assets, liabilities, revenues

and expenses, and the disclosure of contingent

assets and liabilities in the consolidated financial

statements (detailed in Notes 5, 13, 15, 21 and

29 to the consolidated financial statements),

asidentified by management;

• review of the trading environment and resilience

of the Group’s business considering the conflict

between Russia and Ukraine, and strategic

actions implemented to mitigate risks and

restructure business operations;

• review of the annual impairment testing of goodwill

and other indefinite-lived intangible assets testing

performed by management and reviewed by

theexternal auditor under IAS 36 as well as the

related sensitivity analysis, with confirmation

that management had undertaken a robust

impairment testing process, relying on both

internal information and other publicly available

metrics to perform the auditor’s assessment;

• review of key assumptions for specific countries,

challenging management drivers of relevant

deviations and performance to date, as well as

countries’ Weighted Average Cost of Capital

(WACC) rates development vs prior year;

• review of geopolitical events in the Middle East;

• review of new launches of products into markets

and further expansion of other products into

new markets;

• review of contingencies, legal proceedings,

competition law and regulatory procedures;

• review of guidance provided by the FCA and related

to areas of focus for the 2024/2025 reporting

season, including EU CSRD, amendments to

theFRC’s UK Corporate Governance Code, the

FCA’s UK Listing Regime and new global internal

audit standards applying from January 2025;

• review of the external auditor’s work on the

European Single Electronic Format standard,

aswell as its work on climate risk;

• assessment of management’s work in

conducting a robust assessment of the risks

thatimpact the viability and going concern

statements, including review of scenarios

andunderlying assumptions;

• recommending to the Board to approve the

viability statement;

• deeming appropriate that the Group continues

to apply the going concern basis for the

preparation of the financial statements; and

• TCFD reporting obligations and non-financial

reporting obligations pursuant to Swiss law.

External auditor

PricewaterhouseCoopers AG, Birchstrasse

160,CH 8050 Zurich, Switzerland (PwC AG)

waselected by the shareholders as the statutory

auditor for the Group’s statutory consolidated

andstandalone financial statements. For the year

ended 31 December 2025, Patrick Balkanyi acted

as the signing partner on behalf of PwC AG for

thestatutory financial statements, marking

thethird year in this role.

The Board, at the recommendation of the ARC,

has retained PricewaterhouseCoopers S.A., 65

Kifissias Avenue, Marousi – 15124, Greece (PwC

S.A.), an affiliate of PwC AG, to act as the Group’s

independent registered public accounting firm

forthe purposes of reporting under the UK

rulesfor the year ended 31 December 2025.

For the fifth year, the signing partner of the

Groupfinancial statements (for the year ended

31 December 2025) on behalf of PwC S.A. was

Fotis Smyrnis, who was also the signing partner

ofthe assurance engagement regarding the

Group Sustainability Statement.

The appointment of PwC S.A. has also been

approved by the shareholders until the next

AGMby way of advisory vote for UK purposes.

‘PwC’ refers to PwC AG or PwC S.A., as applicable,

in thisIntegrated Annual Report.

During the accounting period, ARC members met

on a regular basis with the appointed PwC signing

partners, both with and without management

being present. This provided the ARC with an

opportunity for open dialogue, to question and

besatisfied as to the quality of the audit work

performed by PwC and to challenge PwC’s

professional scepticism.

During the meetings, the appointed PwC signing

partners demonstrated their understanding of

theGroup’s business risks and the consequential

impact on the financial statement risks, especially

around areas of key significance in the preparation

of the financial statements. This included the

trading environment and resilience of the

Group’sbusiness considering the challenging

macroeconomic conditions, annual impairment

testing, contingencies and legal proceedings

including taxes. The ARC reviewed the scope

oftheaudit, the independence, objectivity and

effectiveness of PwC, and the negotiations relating

to audit fees. The ARC also met the management

team that led the discussions with PwC, including

the Head of Corporate Audit, to review the

performance of PwC without PwC being

present.Following this review process, the ARC

recommended to the Board that (i) a proposal to

reappoint PwC AG be put to a shareholders’ vote;

and (ii) a proposal to reappoint PwC S.A. beput

toashareholders’ advisory vote at the nextAGM.

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PwC has been the Group’s principal external auditor since 2003. Coca-Cola HBC ran a competitive tender for the external auditor services in 2015, which was overseen by the ARC. Following the evaluation of the

proposals, the ARC concluded in 2015 that it was in the best interests of the Group and its shareholders to reappoint PwC as external auditor and made this recommendation to the Board. PwC was reappointed

by the Board as the Group’s externalauditor on 11 December 2015 witheffectfrom the financial year 2017.

As stated and anticipated in the 2024 Integrated Annual Report, the audit contract was put out to tender during the first half of 2025 for audit services effective 1 January 2027, ensuring the stability and quality

of the audit process. See the timeline below.

Audit contract tender timeline 2025

2024 2025

Dec Mar Apr May Jun Jul Aug Sept

Phase 1: Preparation

Audit & Risk Committee approves audit tender plan

Steering Committee approves Request for Proposal (RFP)

Phase 2: RFP Process

RFP sent to Heads of Assurance of the selected firms

Confirmation of expression of interest by Audit firms

Confirmation of independence by Audit firms

Written replies by Audit firms

Review of proposals

Presentations by Audit firms

Evaluation of proposals and further clarifications

Phase 3: Approvals

Recommendation by Steering Committee to ARC

ARC decision and recommendation to BoD

BoD decision and recommendation to AGM

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As a Swiss company, Coca-Cola HBC is not

subjectto mandatory auditor rotation rules in the

EU or UK,but understands the requirements and,

asfaras practicable, follows the rotation rules.

Thereare no contractual or other obligations

restricting the Group’s choice of external auditor.

Non-audit services provided by the

externalauditor

The ARC considers the independence, in both fact

and appearance, of the external auditor as critical

and has long had an auditor independence policy

providing definitions of the services that the

external auditor may and may not provide. In line

with relevant FRC Guidance, Coca-Cola HBC’s

relevant policy requires the ARC’s pre-approval

ofall audit and permissible non-audit services

provided by the external auditor, and only for

matters that are clearly trivial to Coca-Cola HBC.

Such services include audit, work related to audit,

and certain tax and other services as further

explained below. In practice, the ARC applies the

policy restrictively, and approval for work other than

audit and audit-related services is rarely granted.

Under the policy, pre-approval may be provided for

work associated with: statutory or other financial

audit work under IFRS or according to local

statutory requirements; attestation services not

required by statute or regulation; accounting and

financial reporting consultation and research work

necessary to comply with generally accepted

accounting and auditing standards; internal control

reviews and assistance with internal control

reporting requirements; review of information

systems security and controls; tax compliance

andrelated tax services, excluding any tax services

prohibited by regulatory or other oversight

authorities; expatriates’ and other individual

taxservices; and assistance and consultation

onquestions raised by regulatory agencies.

For each proposed service, the external auditor is

required to provide detailed back-up documentation

at the time of approval to permit the ARC to decide

whether the provision of such services would

impair the external auditor’s independence.

PwC has complied with the policy for the financial

year ended 31 December 2025.

Audit fees and all other fees

Audit fees: The fees to PwC and affiliates for audit

services were approximately €5.6 million for the

year ended 31 December 2025 (2024: €5.4 million).

The audit fees for 2025 include: fees associated

with the annual audit of the Group’s consolidated

financial statements; the review of the Group’s

condensed consolidated interim financial

statements, prepared in accordance with IFRS

asadopted bytheEU; as well as local statutory

audits. Fees foraudit services to firms other than

PwC and affiliates were €0.7 million for the year

ended 31 December 2025 (2024: €0.7 million).

Audit-related fees: Fees to PwC and affiliates

foraudit-related services for the year ended

31 December 2025 were €1.1 million

(2024: €1.1 million).

All other fees: Fees to PwC and affiliates

fornon-audit services for the year ended

31 December 2025 were €nil (2024: €nil).

Risk management

During 2025, Coca-Cola HBC continued to revise

and strengthen its approach to risk management

(see pages 185 to 188). The primary aim of the risk

management programme is to minimise exposure

and ensure that the nature and significance of all

risks Coca-Cola HBC faces are properly identified,

reviewed, managed and, where necessary,

escalated. Risk assessments are conducted

anddiscussed at monthly senior leadership team

meetings in all business units. These assessments

are reviewed by regional management teams and

the Chief Risk Officer (CRO) twice a year. In

addition, corporate functions conduct broader

risk assessments across the business with the

CRO bi-annually.

Coca-Cola HBC’s Group Risk and Compliance

Committee reviews the assessments of emerging

and principal risks bi-annually, and the outcomes

of those reviews, along with mitigating actions,

arepresented by the CRO to the ELT and the ARC.

This process is both top-down and bottom-up,

and is designed to ensure that risks arising from

business activities are appropriately managed.

The ARC confirms that the risk management

andinternal control systems have been in place

for2025 and up to the approval of the 2025

Integrated Annual Report. Finally, Coca-Cola HBC

has in place third-party insurance to cover residual

insurable risk exposure such as property damage,

business interruption, cyber risks and liability

protection, including Directors’ and Officers’

insurance for our Directors and officers.

Internal control

The Board has ultimate responsibility for ensuring

that Coca-Cola HBC has adequate systems of

financial reporting control. Systems of financial

reporting control can provide only reasonable

andnot absolute assurance against material

misstatements or loss. In certain countries where

we operate, our businesses are exposed to a

heightened risk of loss due to fraud and criminal

activity. We review regularly our financial control

systems to minimise such losses.

Internal controls preparation for the UK

Corporate Governance Code changes

The 2024 version of the UK Corporate Governance

Code has introduced changes in provision 29, which

are effective for financial years beginning on or after

1 January 2026 and will be reported on in the 2026

Integrated Annual Report. Provision 29 requires

boards to monitor their company’s risk management

and internal control framework and, at least annually,

to conduct a review of its effectiveness. The 2026

Integrated Annual Report will include a description

ofhow the Board monitored and reviewed the

effectiveness of the framework, including a

declaration by the Directors of the effectiveness

ofmaterial controls as at the balance sheet date,

anda description ofany material controls that

havenot operated effectively (including action

takenor proposed toimprove them).

In 2025, management focused on ensuring

compliance with the enhanced requirements

ofthe new provision 29 of the 2024 version of

theUK Corporate Governance Code regarding

internal controls and risk management. This

included supporting the development of

acomprehensive Group-wide programme

toreconfirm our material controls (including

financial, operational, reporting and compliance

controls), encompassing all key risk areas.

In order to comply with the new provision 29,

management redefined the scope of those material

controls that should be included in the Board’s

attestation and its approach to assessing their

effectiveness, enhancing the Group’s internal

control framework to ensure it continues to be

robust, and refined its assurance approach to

support the provision of evidence demonstrating

the effectiveness of material controls. Management

conducted a dry run of the redefined risk

management and internal control framework

toenable it to make any adjustments in advance

ofhaving to report on the new provision 29 in the

next Integrated Annual Report.

The ARC’s oversight of the process enabled it to

ensure that the Group was on track to meet the

compliance requirements of provision 29 and that

there was sufficient time for testing, remediation

and alignment with governance expectations,

including integration of the material controls

methodology into the internal control framework.

Coca-Cola HBC Integrated Annual Report 2025

233

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Corporate Governance Report continued

Audit and Risk Committee continued

Internal audit

Our internal audit function reports directly

totheARC, which reviews and approves the

internal audit plan for each year. The internal audit

function consists of approximately 45 full-time

professional audit employees, primarily based

inAthens, Sofia, Lagos and Cairo, with a range

ofdisciplines and business expertise. One of

theresponsibilities of the internal audit function

istoprovide risk-based and objective assurance

tothe Board as to whether the Group’s framework

of risk management, including the internal control

framework, is operating effectively. For this

purpose, the Head of Corporate Audit presents

quarterly to and meets regularly with the ARC

without management present. In addition, the

internal audit function reviews the internal

financial, operational and compliance control

systems across all jurisdictions where we operate,

and reports its findings to management and the

ARC on a regular basis.

The internal audit function focuses on areas

ofkeyrisk, as determined by a risk-based approach

to audit planning. As part of our commitment

tomaintaining and strengthening best practice

incorporate governance, we consistently seek

toenhance our internal control environment

andrisk management capability. The internal

auditfunction works across the Group, providing

independent assurance, advice and insight to help

Coca-Cola HBC accomplish its objectives using a

systematic, disciplined approach to evaluating and

improving the effectiveness of risk management,

control and governance processes.

In December 2025, the ARC agreed that the internal

audit team will undertake the 2026 audit plan. The

audit plan coverage is based on risk and strategic

priorities, and considers the strength of the control

environment. The internal audit function prepares

audit reports and recommendations following each

audit, and acts appropriately to ensure that all

recommendations are implemented. Significant

issues, if any, are raised immediately after being

identified. There were no such issues identified

in2025.

The Board has adopted a chart of authority,

defining financial and other authorisation limits,

and setting procedures for approving capital and

investment expenditure. The Board also approves

detailed annual budgets and reviews quarterly

performance against targets. A key focus of the

financial management strategy is protecting our

earnings stream and managing our cash flow.

Ourinternal audit function has conducted an

annual review of the effectiveness of our risk

management and internal control systems in

accordance with the UK Corporate Governance

Code and in preparation for reporting in line with

the new provision 29.

The ARC’s review includes bi-annual reviews with

the CRO of the Business Resilience Programme,

regular review of our financial operations and

compliance controls, and consideration of

Coca-Cola HBC’s principal risks. Part of this

reviewinvolves regular review of Coca-Cola HBC’s

financial, operational and compliance controls,

following which we report back to the Board on our

work and findings. This allows the ARC to provide

positive assurance to the Board to assist it in

making the statements that Coca-Cola HBC’s

riskmanagement and internal control systems

areeffective, as required by the UK Corporate

Governance Code. Read more on page 199.

The key features of the Group’s internal control

systems that ensure the accuracy and reliability of

financial reporting include: clearly defined lines of

accountability and delegation of authority; policies

and procedures that cover financial planning and

reporting; preparation of monthly management

accounts; and review of the disclosures within the

Integrated Annual Report from function heads to

ensure that the disclosures made appropriately

reflect the developments within the Group in

theyear and meet the requirement of being fair,

balanced and understandable.

The ARC reviews the results of the internal audit

reports during each meeting, focusing on the key

observations of any reports where processes and

controls require improvement. The ARC also

receives updates on the remediation status of

management actions on internal audit findings

and on the internal audit quality assurance and

improvement programme at each meeting.

The robustness of the internal control systems

and processes around risk management was a

focus in 2025. The ARC was informed of any

changes or adaptations to ensure full functionality

as Coca-Cola HBC continued to operate under

the circumstances and uncertainties of the

conflict between Russia and Ukraine.

The Group CFO, the Country General Managers

and Country CFOs always have access to the

implementation status of the recommendations.

Where internal or external circumstances give

riseto an increased level of risk, the audit plan

ismodified accordingly.

Nevertheless, in 2025, no significant cases

occurred. Any changes to the agreed audit

planare presented to and agreed by the ARC.

Cyber security and AI

There were no significant cyber security incidents

in the last five years. For details on the identification

of cyber security as a principal risk, see page 190.

End-user training materials were communicated

aspart of our Group-wide communication

campaign on compliance during our Ethics

andCompliance Week, to ensure the ethical,

trustworthy and robust deployment of AI

technologies throughout Coca-Cola HBC.

Business conduct, anti-bribery and

anti-money laundering

We seek to grow our business by serving

customers and consumers, and conduct all

business activities with integrity and respect.

TheBoard is responsible for ensuring appropriate

procedures and processes are in place to enable

our workforce to raise any issues of concern

andissatisfied that the processes in place are

appropriate. The Board maintains zero tolerance

regarding breaches of our Code of Business

Conduct and anti-bribery policies, as well

asanyattempts to retaliate against our

peoplewho report potential violations.

We have mandatory training for all our people,

including our ELT, so that everyone understands our

Code of Business Conduct, and we hold additional

targeted anti-bribery training for employees working

in areas we assess as high risk. Continuing our

commitment to technological advancement,

weinvested in further automating and streamlining

our processes and controls: we enhanced our COBC

approval portal and the third-party screening tool,

for a better user experience.

Coca-Cola HBC Integrated Annual Report 2025

234

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Swiss Statutory Reporting Supplementary Information

Corporate Governance Report continued

Audit and Risk Committee continued

In 2025, we also updated our Code of Business

Conduct and Anti-Bribery Policy, to better reflect

our refreshed values and regulatory requirements.

A Code of Business Conduct and Anti-bribery

Policy course is available online to all employees

and includes a knowledge test, acknowledgement

and recommitment to compliance with the Code

of Business Conduct and its related policies.

Atthe end of the last training wave, 29,053

employees passed the course – 95.8% of total

population (active employees). Since then,

wehavehired 3,297 new employees, with 94.6%

ofthem having completed the course.

In 2025, we also run significant awareness initiatives

on business ethics and anti-corruption: we rolled

out accross our operations our annual Group-wide

communication campaign on compliance, the

Ethics and Compliance week. The Board of

Directors members, who are all non-executive,

except the CEO, were kept updated about our

Anti-Bribery and Anti-Corruption (ABAC) program

and are aware of our Anti-bribery Policy.

There were no money laundering incidents

toreport.

Read our Anti-bribery Policy and Code

ofBusiness Conduct: coca-colahellenic.

com/en/about-us/corporate-governance/

policies

Whistleblowing

We have established grievance mechanisms,

including an independently operated whistleblower

‘SpeakUp!’ line, available in all Coca-Cola HBC

countries in local languages, to ensure any concerns

can be raised. In 2025, we processed 923 (2024: 828)

allegations, reports and inquiries, of which 700

(2024: 588) were received through the ‘SpeakUp!’

line. Among these allegations, reports and inquiries,

727 (2024: 600) were allegations involving potential

Code of Business Conduct violations, which were

investigated in accordance with the Group Code

of Business Conduct Handling Guidelines. The

remaining 196 (2024: 228) were inquiries regarding

Company policies and procedures.

Of those investigated as potential violations

ofourCode of Business Conduct, 204 (2024: 208)

matters were substantiated as Code violations,

ofwhich 21 (2024: 33) involved a financial impact

greater than €10,000 or involved an employee

inamanagerial position. For details concerning

the handling of allegations received in 2025,

seeour website. More information on allegations

investigated and violations uncovered is in our

GRIindex.

Read about the handling of allegations

received in2025:

https://www.coca-colahellenic.com/en/

about-us/corporate-governance/policies/

whistleblowing-policy

Read about allegations investigated and

violations uncovered in our GRI index:

https://www.coca-colahellenic.com/en/

about-us/corporate-governance/policies/

biodiversity-statement

Through the ‘SpeakUp!’ line, we receive, retain,

investigate and act on employee, officer, consultant,

intern, secondee or agent of Coca-Cola HBC

complaints or concerns regarding accounting,

internal control, suspected fraudulent conduct,

corrupt conduct, violation of any applicable anti-trust

and competition law rules, violation of personal data

protection and company system security rules,

endangerment of an individual’s orindividuals’ health

and safety, endangerment of the environment,

commission of a criminal offence, failure to comply

with any legal or regulatory obligation, and

concealment of any information pertaining

toanyof the above, or other ethicalmatters.

This includes any matters regarding the

circumvention or attempted circumvention

ofinternal controls, including matters that would

constitute a violation of our Code of Business

Conduct and related policies or matters involving

fraudulent behaviour by officers or employees of

theGroup. Individuals can report all such allegations,

complaints or concerns in local languages, also

directly to their Ethics and Compliance Officer,

General Manager, Function Head, the Senior Audit

Manager – COBC & Compliance, the Head of

Corporate Audit or our General Counsel.

All communications received directly by

Coca-Cola HBC’s representatives or through

the‘SpeakUp!’ line are confidential and, where

requested, anonymous. The Head of Corporate

Audit consults regularly with the General Counsel

and communicates all significant allegations

tothe ARC Chair. All matters received via the

‘SpeakUp!’ line or any other reporting mechanism

are thoroughly investigated. The ARC receives

summary reports of escalated incidents and

instances of whistleblowing together with the

status of investigations and, where appropriate,

management actions to remedy issues identified.

The ARC reports on such matters to the Board,

which reviews and considers those reports at

leastbi-annually as appropriate.

Disclosure Committee

Disclosure controls and procedures have

beenadopted to ensure the accuracy and

completeness of our public disclosures. Our

Disclosure Committee is composed of the Group

CFO, the General Counsel, the Head of Investor

Relations and the Group Financial Controller.

Performance reporting

Reports on our annual performance and

prospectsare presented in the Integrated Annual

Report following recommendation by the ARC.

Inline with UK practice, we have adopted half-year

and full-year reports, and Q1 and Q3 trading

updates. Internally, our ELT reviews our financial

results and KPIs every month. This information

includes comparisons against business plans,

forecasts and prior-year performance. The Board

receives updates on performance at each Board

meeting, as well as a monthly report on our

business and financial performance.

Coca-Cola HBC Integrated Annual Report 2025

235

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Corporate Governance Report continued

Audit and Risk Committee continued

Directors’ remuneration report

Letter from the Chair of the Remuneration Committee

Dear Shareholder,

As the Chair of the Remuneration Committee,

Iampleased to share the Directors’ remuneration

report for the year ended 31 December 2025,

which includes: an overview of the Directors’

remuneration policy (the ‘policy’) approved by

shareholders at the 2025 AGM, and the annual

remuneration report, reflecting how the Directors’

remuneration policy has been implemented

during 2025 and will continue to be implemented

in 2026. Coca-Cola HBC AG is domiciled in

Switzerland, and we have a primary listing on the

London StockExchange. We therefore ensure

that we adhere to UK regulations and best practice,

except where these conflict with Swiss law, which

takes precedence. The Committee receives

regular updates from our remuneration advisers

on UK best practice and market trends, and we

also ensure we are current with pay trends inour

markets, reflecting our geographic footprint

andinternational peers.

The Group’s remuneration philosophy and policy

continue to be designed to attract, motivate and

retain our talented people. The Remuneration

Committee has worked to ensure that the policy

remains fair, transparent, motivational, and

competitive in comparison to our peers, and the

adjustments made in recent years were carefully

considered and implemented with the long-term

interests of the Company and its stakeholders

firmly in mind. I am pleased to confirm that the

policy operated effectively and as intended

throughout 2025, demonstrating its continued

alignment with our strategic objectives, and no

material changes to the remuneration framework

are proposed for 2026. The Committee will keep

the policy and its implementation under review

toensure it remains appropriate and effective,

particularly in the context of the recently announced

acquisition of Coca-Cola Beverages Africa (CCBA),

which, subject to completion, will increase the

scale and complexity ofthe Company.

Our employees

As well as reviewing the policy that applies

totheCEO, the Committee has oversight

ofremuneration across the workforce.

TheCommittee receives regular updates

onremuneration across the workforce,

andasthenon-Executive Director responsible

forworkforce engagement, Iattend the European

Works Council meetings togather insights from

workforce representatives as well as meeting

withcolleagues from across theCompany

throughout the year.

Over the last two years, the Committee and

management have been working together to

ensure that our reward framework is effective

andvalued across the whole Company. We have

reviewed and refreshed our total employee value

proposition, undertaken a comprehensive review

of our reward arrangements across our sales

andsupply chain teams to ensure they continue

todrive and reward performance, and reviewed

our benefits offering for our employees. We are

committed to ensuring that remuneration within

the Company continues to motivate, retain and

attract the best talent that has been so critical

toour success.

There has also been an investment in salaries

inresponse to inflation in the markets in which

weoperate, the performance of the business

andmarket positioning. During 2025, the average

salary increase awarded across the Group was

7.4% and, for 2026, we expect this to be broadly

5.8%, demonstrating our commitment to

ensuring all employees are paid fairly.

Performance overview

2025 has been a defining year for our Company,

marked by disciplined execution of our strategy,

strong financial performance and the announced

milestone acquisition of CCBA. Across our markets,

we navigated inflationary pressures, mixed

consumer sentiment, evolving regulation and

geopolitical instability. Despite this, we achieved

ourfifth consecutive year of strong growth.

As outlined earlier in the report, we delivered another

year of strong organic revenue growth of 8.1% and

comparable EBIT growth of 11.5% on an organic basis,

resulting in comparable EPS growth of 19.7%, despite

the challenging macroeconomic environment.

Thisincrease in profitability, combined with our

disciplined approach to capitalallocation, drove a

return on invested capital (ROIC) of 19.4% (+100bps

vs.2024).

Members

Charlotte J. Boyle

(Chair)

Member since 2017

Chair since June 2020

Reto Francioni

Member from June

2016 until May 2025

2025 Committee composition

Female 66.7% Male 33.3%

Elizabeth Bastoni

Member since

September2024

Pantelis (Linos) D. Lekkas

Member since May 2025

Performance overview

Organic revenue

growth

+8.1%

and reported revenue

up7.9%

Organic revenue

percase growth

+5.1%

reflecting targeted

revenue growth

management (RGM)

initiatives and lower

levelsofinflation

Comparable

EBIT

€1,356.2m

with organic comparable

EBIT growth of 11.5%

Comparable EPS

growth

+19.7%

supported by strong

EBITdelivery

Free cash flow

€700.0m

Members

All members of the Remuneration Committee

areindependent NEDs. At the AGM in May 2025,

Charlotte Boyle (Chair) and Elizabeth Bastoni were

re-elected for aone-year term by the shareholders.

Pantelis (Linos) D. Lekkas was appointed following

hiselection to the Board byshareholders at the 2025

AGMand Reto Francioni retiredas member of the

Remuneration Committee having stepped down

fromthe Board at theend of the 2025 AGM.

Highlights 2025

• Finalise changes to and implementation

oftheremuneration policy which received

shareholder approval at the 2025 AGM

• Review and approve the 2024 Directors’

remuneration report

• Review and approve base salary increases,

MIPandPSP payouts for the CEO, ELT and

GeneralManagers

• Review and approve MIP and PSP targets and

grantsfor the CEO, ELT and general managers

• Ongoing engagement with our shareholders

• Regular updates from our remuneration advisers

onbest practice and market trends

• Regular updates on employee rewards

strategyandimplementation

Coca-Cola HBC Integrated Annual Report 2025

236

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Swiss Statutory Reporting Supplementary Information

Directors’ remuneration report continued

These results reflect strong operational

performance, disciplined execution of our strategy

and continued investment in our strategic growth

pillars. Key highlights during theyear include:

• The milestone agreement to acquire CCBA,

atransformational step in our long-term growth

journey, which will create the second-largest

Coca-Cola bottling partner globally by volume

• Deepening our focus on priority categories, with

Sparkling remaining the core driver of growth

through initiatives such as the ‘Share a Coke’

campaign; continued strong double-digit growthin

Energy for the 10th consecutive year;and growth

of Coffee in the Out-of-home channel, following

our strategic decision to focus on thisarea

• Continued investment in digital, data and AI

todeepen customer and consumer centricity,

drive operational and supply-chain efficiencies,

and enhance employee experience

• Strong progress against our Mission 2025

goals,where we met or made strong progress

on15 of 18 targets, with notable achievements

in packaging collection and rPET usage,

emissions reduction, renewable and clean

energy, energy-efficient coolers, water

replenishment and community programmes.

This performance has translated into strong

shareholder returns. The Board has proposed

anordinary dividend of €1.20 per share for

theyear, an increase of 17% on the prior year.

Totalshareholder return for the financial year

wasapproximately 45%, outperforming the

FTSE100index, which delivered around 25%.

We are also proud to build on our long-standing

commitment to supporting the communities

weare part of. Through the Coca-Cola HBC

Foundation, we committed €4.5 million

indonations to support communities, including

those impacted by wildfires and floods.

2025 incentive outcomes

Against this context, the Committee has reviewed

the formulaic outcomes under the Management

Incentive Plan (MIP) and Performance Share Plan

(PSP). It is the Committee’s responsibility to

ensure our remuneration framework incentivises

strong business performance and appropriately

rewards contributions to the Company’s long-

term success. The incentive outcomes were

considered with this in mind.

Management Incentive Plan (MIP)

The formulaic 2025 MIP outcome for the CEO

was55% of the maximum opportunity. The MIP

was based on three financial measures: net sales

revenue, comparable EBIT and free cash flow. The

outcome reflects revenue performance being just

above target, comparable EBIT performance

around target, and free cash flow performance

between target and maximum.

Whilst the Committee felt that the strong

performance delivered over the year may have

warranted a higher payout this year, the 2025 MIP

outcome reflects the stretching targets set by the

Committee at the beginning of the year. As such,

itconcluded that it would be appropriate to apply

the scorecard on a formulaic basis.

Performance Share Plan (PSP)

Performance against targets over the period 2023

to2025 resulted in a formulaic vesting level of 93%

ofmaximum PSP awards granted in 2023. Following

assessment against the targets set, thecomparable

EPS outcome reflects strong performance at the

stretch target. The ROIC and CO

emissions

reduction metric outcomes also reflected strong

performance andwere near the stretch target.

At the end of the performance period, the

Committee assessed the wider business

performance and experience of stakeholders

more broadly to determine whether the formulaic

outcome and the total value delivered to the CEO

over the period is appropriate. As well as the

strong performance in 2025 set out earlier in this

letter, the Committee considered the sustained

strong performance over an extended period of

time. Over the last three years, there has been:

• Strong revenue growth of 26.2% and 43.8%

onareported and organic basis respectively,

achieved through both volume growth and

revenue per case growth

• Robust profitability with EBIT growth of 45.9%

and 47.2% on a reported and organic basis

respectively, including record comparable EBIT of

€1,356.2 million in 2025, and EPS growth of 59.7%

• The milestone agreement to acquire CCBA

andthe successful acquisition and integration

ofFinlandia

• Strengthening of our 24/7 portfolio, particularly

our three priority categories of Sparkling, Energy

and Coffee, as well as strong momentum across

smaller but fast-growing categories such as

Sports Drinks and Premium Spirits

• Significant progress towards our Mission 2025

targets and NetZeroby40 goal

• Market-beating shareholder returns, including

anincrease in dividend per share of 53.8% and

anincrease in the share price to an all-time high,

resulting in a total shareholder return of more

than 100% over the period, significantly

outperforming the FTSE 100 index.

Whilst the Committee acknowledges that the

award made in 2023 was at the upper end of the

policy maximum, its conclusion is that the level

ofperformance delivered by the Company against

the targets and the wider strategic progress over

the period supports the overall incentive payout

and total remuneration payable to the CEO in

respect of the year.

Implementation of the policy in 2026

As set out earlier in my letter, no material

changesare proposed for how the policy

willbeimplemented in 2026. The CEO’s salary

isexpected to be increased at no more than

thatofthewider workforce and will be effective

from 1 May 2026.

As in 2025, the 2026 MIP business performance will

be measured based on performance against three

KPIs: net sales revenue (40% weighting),

comparable EBIT (40% weighting) and free cash

flow (20% weighting), with an individual

performance multiplier. There willbe no change to

the maximum MIP opportunity of 200% of salary

forthe CEO in 2026.

The 2026 PSP awards will also be subject to the

same performance metrics as the 2025 awards:

EPS (42.5%), ROIC (42.5%) and CO

emissions

reduction (15%). The targets for the 2026 PSP

awards are based on the current shape of the

Group, and as in previous years, considers our

business plan, market expectations, and the wider

economic and geopolitical environment. Subject

to completion of the agreed acquisition of CCBA,

the Committee intends to keep the targets (for

this and other outstanding awards) under review

and would reach out to investors to discuss

adjustments at the appropriate time.

Further details of the implementation, including

the 2026 PSP targets, can be found on page 255.

In line with previous years, the MIP and PSP will

only pay out for maximum exceptional

performance across all measures.

The Committee also reviewed the Board Chair’s

fee during the year. The fee has not increased

since 2022 and the Committee recognised that

the fee is positioned materially below market,

anddoes not reflect the time commitment and

responsibilities of the role. As such, the fee will

increase to €165,000, following shareholder

approval at the 2026 AGM. The Committee notes

that this remains below FTSE 100 market practice

and will keep this under review in future years.

Conclusion

It has been a privilege to serve as Chair of the

Remuneration Committee since 2020. Reflecting

on my tenure, we have consistently sought to

make decisions in the best interests of the

Company – ensuring that we can attract and

retainan executive team and broader talent

basethat continues to deliver exceptional

performance for all our stakeholders.

I would like to thank all our employees for

theircontributions to delivering such strong

performance, my fellow Committee and Board

members for their insights and commitment,

andour shareholders for their invaluable feedback

and engagement throughout my tenure. I hope

we will receive your continuing support for all

remuneration-related resolutions at our

upcoming AGM.

Charlotte J. Boyle

Committee Chair

Letter from the Chair of the Remuneration Committee continued

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Directors’ remuneration report continued

Remuneration at a glance

Performance-based pay in 2025

Net sales revenue 53%MIP

MIP

PSP

73%

90%

48%

100%

84%

Free cash flow

ROIC

Comparable EBIT

Comparable EPS

Reduction of CO₂ emissions

Performance measure Incentive plan Achievement as a % of max

CEO remuneration

Salary and other beneﬁts 20.2%

Retirement beneﬁts 1.7%

Annual bonus – MIP 12.1%

Performance Shares – PSP 66.1%

CEO remuneration

Salary and other beneﬁts

20.2%

Retirement beneﬁts

1.7%

Annual bonus – MIP

12.1%

Performance Shares – PSP 66.1%

CEO remuneration

Salary and other beneﬁts

20.0%

Retirement beneﬁts

1.7%

Annual bonus – MIP

12.0%

Performance Shares – PSP

66.3%

CEO actual holding 20 x salary

Guidance Additional holding

4.5

15.5

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Remuneration throughout the organisation – asnapshot

CEO remuneration CEO share ownership

• Shareholding guidelines support alignment with shareholder interests, ensuring sustainable performance

• The CEO is required to hold shares in the Company equal in value to 450% of annual base

salarywithinafive-year period and there is a post-employment shareholding requirement

Reward strategy and objective

The Group’s remuneration philosophy aims to attract,

retain andmotivate high-performing, agile employees

witha growth mindset. Rewards are tied to individual

contributions and the Company’s success.

Variable pay forms a key part of top managers’

remuneration, linked to business objectives aligned

with our growth strategy and shareholder value.

Equity-related long-term incentives ensure

theinterests of senior leaders align with those

ofshareholders.

Our remuneration plans are cost-effective, market-

aligned and performance-driven, with shareholder

feedback shaping policy and programmes.

Attracting

Finding the people

wewant and need

Recognising

Adopting behaviours

thatproduce exceptional

performance

Retaining

Fostering an environment

that continues to engage

ourpeople

Motivating

Achieving business,

financial and

non-financialtargets

22%

Fixed remuneration

78%

Variable remuneration

Directors’ remuneration report continued

How we implement our reward strategy

The table below illustrates how we put our reward strategy into practice, with the different remuneration arrangements that apply to different employee groups.

We regularly review our reward strategy to ensure it remains relevant and effective in meeting the needs of our employees, especially our front-line workers.

Chief Executive Officer and Executive

LeadershipTeam

Chief Executive Officer, Executive Leadership

Team and selected senior management Selected middle and senior management All management All employees

Shareholding guidelines

Support the alignment with

shareholder interests ensuring

sustainable performance: CEO –

required to hold shares in the

Company equal in value to 450% of

annual base salary within a five-year

period and a post-employment

shareholding requirement that

applies for two years post-leaving.

ELT –required to hold shares in the

Company equal in value to 100%

ofannual base salary within a

five-year period.

Performance Share Plan

Performance share awards

vestoverthree years. PSP

awardsarecascaded down

toselectsenior managers,

promotingafocus on long-term

performance andaligning them

toshareholders’ interests.

Long-Term Incentive Plan

Cash long-term incentive awards

vest over three years. LTIP awards

are cascaded down to select middle

andsenior management to reinforce

long-term performance and ensure

retention of our talent.

Management Incentive Plan

Employees may be eligible toreceive

an award under theannual bonus

scheme which promotes a high-

performance culture. Performance

conditions are bespoke to each role

and businessunit.

Employee Share Purchase Plan

(dependent on country practice)

The Employee Share Purchase Plan

(ESPP) encourages share ownership

and aligns the interests of our

employees with those

ofshareholders.

Fixed pay and benefits

(basesalary, retirement

andotherbenefits – dependent

oncountry practice)

Base salaries may reflect the

marketvalue of each role as well

asthe individual’s performance

andpotential. Retirement and

otherbenefits are subject to

localmarket practice.

Note: Participants in the PSP are not eligible to participate in the LTIP.

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Directors’ remuneration report continued

Year 1 Year 2 Year 3 Year 4 Year 5

Variable pay – MIP

The MIP consists of a maximum annual bonus opportunity, which for 2026

will be 200% of base salary.

Payout is based on business performance targets and individual performance.

The business performance element will result in an outcome of between 0%

and 200% of the target MIP, and the individual performance element will result

in an outcome of up to 100%, with the overall payout as a percentage of salary

being based on the multiplication of these two figures.

Business performance will be measured based on performance against

three KPIs: net sales revenue (40% weighting), comparable EBIT (40%

weighting) and free cash flow (20% weighting).

50% of any MIP payout will normally be deferred into shares for a further

three-year period until the shareholding guideline is met. As the CEO has

amaterial shareholding of 2,022% of salary, no deferral will apply. Payments

aresubject to potential application of the malus and clawback policy.

Variable pay – PSP

The PSP is an annual share award, which vests after three years.

For2026,the CEO will be granted an award of 330% of salary and

vestingwill be based on performance conditions measured over

a three-year period against:

i. comparable EPS (42.5% weighting);

ii. ROIC (42.5% weighting);

iii. reduction of CO

emissions (15% weighting).

An additional two-year holding period will apply following vesting.

Awards are subject to potential application of the malus and

clawbackpolicy.

Shareholding guidelines

The shareholding guidelines support the alignment with shareholders.

The CEO’s minimum shareholding guideline is set at 450% of annual base

salary, within a five-year period, and a post-employment shareholding

requirement that applies for two years post-leaving.

Remuneration arrangements for the CEO – at a glance

Year 1 Year 2 Year 3 Year 4 Year 5

Fixed pay – base salary

The base salary of the CEO is €1,083k.

The 2026 salary review has not been finalised at the date of this report.

Any increase for the CEO is expected to be no more than the increase

applied forthe wider workforce, subject to performance and market

considerations, and will be effective from 1 May 2026.

Fixed pay – retirement benefits

The CEO participates in a defined benefit pension plan under Swiss law.

Employer contributions are 15% of annual base salary.

Normal retirement age for the CEO’s plan is 65 years. In case of early

retirement, which is possible from the age of 58, the CEO is entitled to

receive the amount accrued under the plan as a lump sum.

Fixed pay – other benefits

Other benefits include (but are not limited to) medical insurance, housing

allowance, company car or car allowance, cost-of-living adjustment, trip

allowance, partner allowance, exchange rate protection, tax equalisation

and tax filing support and advice. Benefit levels vary each year depending

on need. These benefits align with the benefits offered to our international

expatriates and are considered a core part of the Company’s offering for

seniortalent.

Fixed pay – ESPP

The CEO may participate in the Company’s ESPP.

As a scheme participant, the CEO has the opportunity to invest a portion

of his base salary and/or MIP payments in shares. The Company matches

employee contributions on a one-to-one basis up to 3% of base salary

and/or MIP payout.

Awards are subject to potential application of the malus and clawbackpolicy.

Base salary Other benefits MIP

Retirement

benefits

ESPP PSP

Total

compensation

+ =

Fixed pay Variable pay subject to performance

The table below summarises the remuneration arrangements in place for our CEO. See page 252 for total compensation figures.

50% shares deferred

forthreeyears (not

applicable

ifshareholding

guidelines are met)

50% cash

Three-year performance

period

Minimum shareholding requirements

Two-year holding

period

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Directors’ remuneration report continued

Remuneration policy

Introduction

The following section (pages 241 to 248) sets out

our Directors’ remuneration policy as approved by

shareholders at the Annual General Meeting on

23 May 2025. No changes are being proposed to

the policy this year.

As a Swiss-incorporated company, we are not

required to put forward our remuneration policy for

ashareholder vote, but we intend to do so voluntarily

at least every three years (or when there are

changes). We continue to endeavour tomake sure

that our disclosure complies withUKregulations,

except where these conflictwith Swiss law.

Policy table – Chief Executive Officer

The Company currently has a single Executive

Director, being the CEO.

Therefore, for simplicity, this section refers

onlytothe CEO. This remuneration policy would,

however, apply for any new Executive Director

role, in the event that one was created during

theterm of this remuneration policy.

In that case, references in this section to

theCEOshould be read as being toeach

ExecutiveDirector.

Fixed pay

Base salary Retirement benefits

Purpose and

link to strategy

To provide a fixed level of compensation appropriate to the requirements of the role of CEO

and to support the attraction and retention of the talent able to deliver the Group’s strategy.

To provide competitive, cost-effective post-retirement benefits.

Operation

Salary is reviewed periodically, with salary changes normally effective on 1 May each year.

The following parameters are considered when reviewing the base salary level:

• the CEO’s performance, skills and responsibilities;

• economic conditions and performance trends;

• experience of the CEO;

• pay increases for other employees; and

• external comparisons based on factors such as: the industry of the business, revenue,

market capitalisation, headcount, geographical footprint, stock exchange listing (FTSE)

and other European companies.

The CEO participates in a defined benefit pension plan. However, we have adjusted the

pension scheme to be co-contributory, in line with the pension scheme for the wider Swiss

workforce, for new Executive Director appointments from 2020 onwards.

Normal retirement age for the CEO’s plan is 65 years. In case of early retirement, which is

possible from the age of 58, the CEO is entitled to receive the amount accrued under the

plan as a lump sum.

For any new Executive Directors, retirement benefits may be in the form of a defined benefit

pension plan, contributions into a defined contribution pension scheme, a cash allowance or

a combination thereof.

Maximum

opportunity

Whilst there is no maximum salary level, any increases awarded to the CEO will normally

bebroadly aligned with the broader employeepopulation.

The salary increase made to the CEO may exceed the average salary increase under certain

circumstances at the Remuneration Committee’s discretion. These circumstances may

include: business and individual performance; material changes to the business; internal

promotions; accrual of experience; changes to the role; or other factors.

The contributions to the pension plan are calculated as a percentage of annual base salary

(excluding any incentive payments or other allowance/benefits provided) based on age

brackets as defined by Federal Swiss legislation.

This percentage is currently 15% of base salary and increases to 18% above age 55.

For any new Executive Directors, the pension level will take into account that available

toother employees in the country where they are employed.

Performance

metrics

Individual and business performance are key factors when determining any base salary

changes. The annual base salary for the Chief Executive Officer is set out on page 252.

None.

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Fixed pay continued

Other benefits ESPP

Purpose and

link to strategy

To provide benefits to the CEO that are consistent with marketpractice. The ESPP is an Employee Share Purchase Plan, encouraging broader share ownership,

andisintended to align the interests of employees including the CEO with those of

theshareholders.

Operation

Benefit provisions are reviewed by the Remuneration Committee, which has the discretion

to recommend the introduction of additional benefits where appropriate.

Typical provisions for the CEO include benefits related to relocation such as housing

allowance, company car or car allowance, cost-of-living adjustment, trip allowance, partner

allowance, exchange rate protection, tax equalisation and tax filing support and advice.

Forallbenefits, the Company bears any income tax and social security contributions arising

from such payments.

This is a voluntary share purchase scheme across many of the Group’s countries.

TheCEOas a scheme participant has the opportunity to invest from 1% to 15% of his

basesalary and/or MIP payout to purchase the Company’s shares by contributing to the

planon a monthly basis.

The Company matches the CEO’s contributions on a one-to-one basis up to 3% of his base

salary and/or MIP payout. Matching contributions are used to purchase shares one year after

the purchase of shares byemployees. Matching shares are immediately vested.

Dividends received in respect of shares held under the ESPP are used to purchase additional

shares and are immediately vested. The CEO is eligibleto participate in the ESPPoperated

by the Company on the same basis asother employees.

Subject to the potential application of the malus and clawback policy. Further details are set

out on page 246.

Maximum

opportunity

There is no defined maximum as the cost to the Company of providing such benefits will

vary from year to year.

Maximum investment is 15% of gross base salary and /or MIP payout. The Company

matches contributions up to 3% of gross base salary and/or MIP payout. Matching

contributions areused to purchase shares one year after the matching. Matching

sharesareimmediatelyvested.

Performance

metrics

None.

The value is directly linked to the share price performance. It is therefore not affected

byother performance criteria.

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Variable pay

MIP

Purpose and

link to strategy

To support profitable growth and reward annually for contribution to business

performance. The plan aims to promote a high-performance culture with stretching

business and individual targets linked to our key strategies.

Maximum

opportunity

The CEO’s maximum MIP opportunity is set at 200% of annual base salary.

Threshold, target and maximum achievement for the business performance

element for 2026 will result in an outcome as follows:

• Threshold: 0% of base salary

• Target: 100% of base salary

• Maximum: 200% of base salary

Operation

Annual bonus awarded under the MIP is normally subject to business and individual

performance metrics and is non-pensionable.

The CEO’s individual objectives are regularly reviewed to ensure relevance to our

business strategy, and are set and approved by the Chair of the Remuneration

Committee and Chair of the Board of Directors.

Stretching targets for business performance are set based onthebusiness plan

ofthe Group as approved by the Board of Directors. TheRemuneration Committee

will determine the business performance metricsand weightings on an annual basis.

Performance against these targets and bonus outcomes is assessed by the

Remuneration Committee, which may recommend an adjustment to the payout

levelwhere it considers the overall performance of the Company or the individual’s

contribution warrants a higher or lower outcome.

Subject to the potential application of the malus and clawback policy. Further details

are set out onpage 246.

Performance

metrics

The MIP awards are normally based on business metrics linked to our business

strategy. These may be a mix of financial and non-financial measures. These may

include, but are not limited to, measures of revenue, profit, profit margins and

operating efficiencies. The weighting of individual performance metrics shall

normally be determined by the Remuneration Committee around thebeginning

ofthe MIP performance period.

Details related to the key performance indicators can be found inthe Annual Report

on Remuneration on page 252.

Deferral of MIP

50% of any MIP award is to be deferred into shares for a further three-year period

where the shareholding guideline has not been met. Where the shareholding guideline

has been met, no deferral will apply. Any deferred shares will be made available after

the three-year deferral period which commences on the first day of the fiscal year

inwhich the deferred share awardis made.

Deferred shares may be subject to malus and clawback to the extent deemed

appropriate by the Remuneration Committee, and to the extent applicable in line the

malus and clawback policy. Dividend equivalents may be payable on deferred shares.

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Directors’ remuneration report continued

Variable pay continued

PSP

Purpose and

link to strategy

To align the CEO’s interests with the interests of shareholders, andincrease

theabilityof the Group to attract and reward individuals with exceptionalskills.

Holding

period

Any vested award (net of shares sold to cover tax liability) is normally subject to

afurther two-year holding period following the end of the three-year performance

period. During this two-year period, these beneficially owned shares are subject

toano-sale commitment. Any shares subject to the holding period count towards

theshareholding requirement.

Operation

The CEO is granted conditional awards of shares (or through a mechanism of

equivalent value), which vest after three years, subject to the achievement of

performance metrics and continued service. Grants typically take place annually.

Performance metrics and the associated targets are typically reviewed and

determined around the beginning of each performance period to ensure that they

support the long-term strategy and objectives of the Group, and are aligned with

shareholders’ interests. Dividends may be paid on vested shares where the

performance metrics are achieved at the end of the three-year period.

Subject to the potential application of the malus and clawback policy. Further details

are set out on page 246.

Adjustments

In the event of an equity restructuring, the Remuneration Committee may make

anequitable adjustment to the terms of the performance share award by adjusting

the number and kind of shares that have been granted or may be granted and/or

making provision for payment of cash in respect ofany outstanding performance

share award.

Where exceptional circumstances exist such that the original targets no longer meet

the intent at the time of grant, the Committee has the discretion to adjust targets

inamanner that is considered to be appropriate. Where any such adjustment is made,

the details will be fully disclosed in the following remuneration report.

Maximum

opportunity

Awards (normally) have a face value of up to 330% of base salary.

In exceptional circumstances only, the Remuneration Committee hasthediscretion

to grant awards of up to 450% of base salary.

Change of

control

In the event of change of control, unvested performance share awards held by

participants vest immediately on a pro-rated basis if the Remuneration Committee

determines that the performance metrics have been satisfied or would have been

likely to be satisfied at the end of the performance period, unless the Remuneration

Committee determines that substitute performance share awards may be used

inplace of the previous awards. For vested shares subject to the additional holding

period, the holding period lapses and the participants are no longer subject to the

no-sale commitment.

Performance

metrics

Vesting of awards is subject to the performance metrics. For each award,

theRemuneration Committee determines the applicable metrics, weightings

andtarget calibration making up the performance condition. The performance

conditions applying to awards may be based on financial (including share price)

measures and/or non-financial measures. The majority of the award is

normallybased on financial measures.

Following the end of the performance period, the Remuneration Committee

determines the extent to which performance metrics have been met and, in turn,

thelevel of vesting. Participants may receive vested awards in the form of shares

or,in exceptional circumstances, a cash equivalent.

For each performance metric, achieving threshold performance results in vesting of

25% of the award and maximum performance results in vesting of 100% of the award.

Performance share awards lapse if the Remuneration Committee determines that

theperformance metrics have not been met. The Remuneration Committee has

thediscretion to adjust the payout level where it considers the overall performance

ofthe Company warrants a higher or lower outcome.

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Maximum

performance +50%

share price growth

Maximum

Target

Minimum

Base salary

PSP

PSP – share price appreciation

Cash and non-cash beneﬁts

Pension MIP

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

10,000

9,000

18%11%

10% 22% 37%

9,744

7,956

5,409

2,149

14% 12%

20% 17%

50% 42%

27%

20%

45%

40%

Additional notes to the Executive Director’s remuneration policy table

Chief Executive Officer’s remuneration policy illustration

The graph below provides estimates of the potential reward opportunity for the CEO andthe split

between the different elements of remuneration under three different performance scenarios:

‘Minimum’, ‘Target’ and ‘Maximum’. In line with the reporting regulations, a scenario assuming 50%

share price growth over the three-year PSP performance period is also shown below.Theassumptions

used for these charts are set out in the table below (€000s).

Minimum performance Fixed remuneration only, i.e. base salary, pension and other benefits

(including ESPP participation)

No payout under the MIP or PSP

Target performance Fixed remuneration

MIP payout of 50% of maximum

PSP vesting at 60% of maximum

Maximum performance Fixed remuneration

MIP payout of 200% of base salary

PSP vesting at 330% of base salary

Maximum performance +50%

share price growth

Fixed remuneration

MIP payout of 200% of base salary

PSP vesting at 330% of base salary

50% assumed share price growth over three-year PSP

performanceperiod

Other than in the ‘Maximum performance +50% share price growth’ scenario, no share price growth or

dividend assumptions have been included in the charts above.

Component

Minimum

(€000s)

Target

(€000s)

Maximum

(€000s)

Maximum

performance

+ 50% share

price growth

(€000s)

Fixed Base salary

1,083 1,083 1,083 1,083

Pension 162 162 162 162

Cash and non-cash benefits

904 936 969 969

Variable MIP – 1,083 2,167 2,167

PSP – 2,145 3,575 3,575

PSP – 50% share price

Appreciation – – – 1.788

Total 2,149 5,409 7,956 9,744

1. Represents the annual base salary effective May 2025.

2. ESPP employer contributions may vary depending on the MIP payout provided that the CEO decides to contribute a portion of the MIP

towards the ESPP. The figures provided have been calculated on the basis of the applicable MIP payout and the CEO deciding to contribute

3% to the ESPP.

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Employee Stock Option Plan (ESOP)

The ESOP was replaced by the PSP in 2015,

withthe final grant under the ESOP occurring

inDecember 2014. Awards under the ESOP vest

inone third increments each year over three years

and can be exercised for up to 10 years from the

date of the award. The Remuneration Committee

does not intend to issue further awards under

theESOP. All stock option awards held by the

CEOat the end of the previous year were fully

exercised in2024.

Malus and clawback policy

The CEO’s incentive plans have malus and

clawback clauses applicable to variable pay,

whichhave now been centralised in a formal

policyoutlining the circumstances and process

ofapplication.The MIP, PSP and ESPP plans

include malusprovisions that give the

Remuneration Committee and/or the Board

discretion to judge that an award should

lapsewholly or partly in the event of a material

misstatement of the financial results and/or

misconduct, gross negligence, significant

reputational risk and corporate failure.

The Remuneration Committee and/or Board

alsohas the discretion to determine that clawback

should be applied to awards under the MIP, PSP,

ESOP and ESPP plans for the CEO. Clawback

canpotentially be applied to payments or vested

awards for up to a two-year period following

payment or vesting. The Committee considers

the malus and clawback time frames to be a

reasonable period over which incentive pay should

remain at risk. Malus and clawback will beapplied in

accordance with Swiss law.

Shareholding guidelines

To strengthen the link with shareholders’

interests,the CEO is required to hold Company

shares equivalent to 450% of annual base salary,

The CEO hasfive years from appointment to

accumulate shares to meet this requirement,

withshares acquired from PSP awards counting

towards fulfilment.

Members of the ELT are required tohold Company

shares equivalent to 100% of annual base salary.

The Committee continues to review the potential

need for stronger shareholding requirements in

the long term and this is subject to further review

in the future.

The policy contains a post-employment shareholding

requirement whereby the CEO would, if leaving the

Company, be required to hold shares equivalent

to200% of base salary (oractual shareholding

attermination date if lowerthan this) for a period

oftwo years after leaving employment.

Remuneration arrangements across

theGroup

The remuneration approach for the CEO, the

members of the ELT and senior management

issimilar. The CEO’s total remuneration has

asignificantly higher proportion of variable pay

incomparison to the rest of our employees.

TheCEO’s remuneration will increase or decrease

in line with business performance, aligning it with

shareholders’ interests.

The structure of the remuneration package for

the wider employee population takes into account

local market practice, and is intended to attract

and retain the right talent, be competitive and

remunerate employees for promoting a growth

mindset while contributing to the Group’s

performance. As set out in the Remuneration

Committee Chair’s letter, we have undertaken a

comprehensive review of the wider workforce

reward offering and overall employee value

proposition atCCHBC to ensure our colleagues

are appropriately rewarded for their performance

andare appropriately paid reflecting emerging

markettrends.

Policy table – non-Executive Directors

Base fees

Purpose and link

to strategy

To provide a fixed level of compensation appropriate to the requirements of the

roleof non-Executive Director and to attract and retain high-quality non-Executive

Directors with the right talent, values and skills necessary to provide oversight and

support to management to grow the business, support the Company’s strategic

framework and maximise shareholder value.

Operation Non-Executive Directors’ fees are set at a level that will not call into question the

objectivity of the Board. When considering market levels, comparable companies

typically include those in the FTSE index with similar positioning as the Company,

other Swiss companies with similar market capitalisation and/or revenues, and other

relevant European listed companies. Fees can be paid in cash or shares. Currently

fees are paid fully in cash.

Maximum

opportunity

Fee levels for non-Executive Directors include an annual fixed fee plus additional

fees for membership of Board committees when applicable, as summarised below

for the period from the AGM May 21, 2025 to AGM May 2026. The proposed fees

which will be voted on at the next AGM can be found on page 255.

• Base Chair’s fee: €150,000

• Base non-Executive Director’s fee: €82,000

• Senior Independent Director’s fee: €18,000

• Audit and Risk Committee Chair fee: €32,000

• Audit and Risk Committee member fee: €16,000

• Remuneration, Nomination and Social Responsibility Committee Chair

fees:€13,000

• Remuneration, Nomination and Social Responsibility Committee member

fees: €6,500

Fee levels are subject to periodic review and approval by the Chair of the Board and

the CEO. Additional fees may be payable for other responsibilities or increased time

commitments on a one-off or ongoing basis.

Other benefits Non-Executive Directors do not receive any benefits in cash or in kind. They are

entitled to reimbursement of all reasonable expenses incurred in the interests of the

Group (including any tax thereon).

Variable

remuneration

Non-Executive Directors do not receive any form of variable compensation.

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Legacy arrangements

Notwithstanding the restrictions laid out

inthepolicy, where the Company has made

acommitment to a Director that:

• was in accordance with the prevailing

remuneration policy at the time that the

commitment was made; and/or

• was made before the Director became a

Directorand, in the opinion of the Committee,

thepayment was not in consideration for the

individual becoming a Director of the Group

the Company will continue to give effect to it,

evenif it is inconsistent with the remuneration

policy that is in effect at that time.

Policy on recruitment/appointment

Executive Directors

Annual base salary arrangements for the

appointment of an Executive Director are set

considering market relevance, skills, experience,

internal comparisons and cost. The Remuneration

Committee may recommend an appropriate initial

annual base salary below relevant market levels.

Insuch situations, the Remuneration Committee

may make a recommendation to realign the level

of base salary in the following years.

The maximum level of variable remuneration

thatmay be granted to a new Executive Director

is650% of salary, in line with the limits set out in the

policy table. Different performance measures may

be set initially taking into consideration the point

inthe financial year that a new Executive Director

joins. The above limits do not include the value

ofany buyout arrangements.

Benefits are provided in line with the Group’s

policy for other employees. If an Executive

Director is required to relocate, benefits or

allowances may be provided as per the Group’s

international transfer policy, which may include

transfer allowance, tax equalisation, tax advice

and support, housing, cost-of-living, schooling,

traveland relocation costs.

The Remuneration Committee may consider

recommending the buying out of remuneration

arrangements that an individual would forfeit

byaccepting the appointment. In doing so,

theCommittee will take into account all relevant

factors including any performance conditions

attached to the awards, the form of award

(e.g.cash orshares) and the time horizons,

andwilllook to make awards on a like-for-like

basiswhere possible. The Committee may

makeuse ofListingRule 9.4.2 where appropriate.

It is expected that Executive Directors appointed

during the remuneration policy period will be

appointed on similar notice provisions to the CEO,

allowing for termination ofoffice by either party

on six months’ notice.

Non-Executive Directors

It is expected that non-Executive Directors

appointed during the remuneration policy period

will receive the same basic fee and, as appropriate,

committee fee or fees as existing non-Executive

Directors, and will be entitled to reimbursement

ofall reasonable expenses incurred in the

interests of the Group.

It is expected that non-Executive Directors

appointed during the remuneration policy

periodwill be appointed on a one-year term

ofappointment, in the same manner as existing

non-Executive Directors.

The Company does not compensate new

non-Executive Directors for any forfeited

shareawards in previous employment.

Termination payments

The provisions regarding compensation in listed

companies in the Swiss Code of Obligations limits

the authority of the Remuneration Committee

and the Board to determine compensation.

Limitations include the prohibition of certain

typesof severance compensation.

Our governance framework ensures that the

Group uses the right channels to support reward

decisions. In the case of early termination, the

non-Executive Directors are entitled to their fees

accrued as of the date of termination, but are not

entitled to any additional compensation. The

CEO’s employment contract does not contain

anyprovisions for payments ontermination.

Notice periods are set for up to six months

andnon-compete clauses are set for 12 months.

Thenotice period anticipates that up to six

months’ paid garden leave may be provided.

Similarly, up to12 months of base salary may be

paid out in relation to the non-compete period.

In case of future terminations, payments will be

made in accordance with the termination policy

onpage 248.

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Pay element

Good leaver (retirement at 55 or later/

at least 10 years’ continued service) Good leaver (injury, disability) Bad leaver (resignation, dismissal) Death in service

Base salary and other benefits/

non-Executive Directors’ fees

Payment in lieu of notice is not permissible. The Company could ask the CEO to be on paid garden leave forupto six months.

ESPP Unvested cash allocations held in the ESPP will vest upon termination. Unvested cash allocations under the

ESPP will be forfeited.

Available ESPP shares will be transferred

to beneficiaries.

MIP A pro-rated payout as of the date

ofretirement will be applied.

Deferred shares will continue to vest

asnormal.

A pro-rated payout as of the date

ofleaving will be applied.

Deferred shares will continue to vest

asnormal.

In the event of resignation or dismissal,

asper Swiss law, the CEO is entitled to

apro-rated MIPpayout.

Any outstanding deferred shares

willlapse.

A pro-rated payout will be applied and

willbe paid immediately to beneficiaries,

based on the latest rolling estimate.

Deferred shares will continue to vest

asnormal.

PSP/ESOP All unvested options and performance

share awards will continue to vest as

normal, subject to time pro-rating and

subject to the additional holding period.

For vested shares that are subject to the

additional holding period, they will

continue to be subject to the no-sale

commitment until the end of the relevant

two-year period.

Under Swiss law, share awards are

considered annual compensation and,

assuch, when time pro-rating is required,

the year of grant (12 months) and not

thevesting period (36 months) for time

pro-rating calculations is considered.

All unvested options and performance

share awards will immediately vest

totheextent that the Remuneration

Committee determines that the

performance conditions have been met,

or are likely to be met at the end of the

three-year performance period, and are

subject to the additional holding period.

Any options that vest will be exercisable

within 12 months from the date

oftermination.

For vested shares that are subject to

theadditional holding period, they will

continue to be subject to the no-sale

commitment until the end of the relevant

two-year period.

All unvested options and performance

share awards will immediately lapse

without any compensation.

In the event of resignation, all vested

options must be exercised within six

months from the date of termination.

Upon dismissal, all vested options must

be exercised within 30 days from the date

of termination.

For vested shares that are subject to

theadditional holding period, they will

continue to be subject to the no-sale

commitment until the end of the relevant

two-year period.

All unvested options and performance

share awards will immediately vest

subject to time and performance

pro-rating.

Any options that vest will be exercisable

bythe beneficiaries within 12 months

fromthe date of passing.

For vested shares that are subject to the

additional holding period, the no-sale

commitment will cease immediately.

Under Swiss law, share awards are

considered annual compensation.

When time pro-rating is required, the year

of grant (12 months) and not the vesting

period (36 months) is considered for time

pro-rating calculations.

Corporate events

In the event of an equity restructuring, theRemuneration Committee may make an equitable

adjustment to the terms of the performance share award by adjusting the numberand kind of shares

thathave been grantedor may be granted and/or making provision for payment of cash in respect

ofanyoutstanding performance share award.

In the event of a change of control, unvested performance share awards held by participants vest

immediately on a pro-rated basis if the Remuneration Committee determines that the performance

conditions have been satisfied or would likely have been to be satisfied at the end ofthe performance

period, unless the Remuneration Committee determines that substitute performance share awards

maybe usedin place of the previous awards.

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Directors’ remuneration report continued

Name Title

Date originally

appointed to

theBoard of

theCompany

Date appointed

tothe Board

oftheCompany

Unexpired term

ofservice contract

orappointment as

non-Executive Director

Anastassis G. David Chair and

Non-ExecutiveDirector

27 July 2006 23 May 2025 One year

Zoran Bogdanovic Chief Executive Officer 11 June 2018 23 May 2025 Indefinite,

terminable on six

months’ notice

Charlotte J. Boyle Senior Independent

Non-Executive Director

20 June 2017 23 May 2025 One year

Henrique Braun Non-Executive Director 22 June 2021 23 May 2025 One year

Anastasios I. Leventis Non-Executive Director 25 June 2014 23 May 2025 One year

Christo Leventis Non-Executive Director 25 June 2014 23 May 2025 One year

George Pavlos Leventis Non-Executive Director 17 May 2023 23 May 2025 One year

Evguenia Stoitchkova Non-Executive Director 17 May 2023 23 May 2025 One year

Zulikat Wuraola Abiola Independent

Non-Executive Director

21 May 2024 23 May 2025 One year

Glykeria Tsernou Independent

Non-Executive Director

21 May 2024 23 May 2025 One year

Elizabeth Bastoni Independent

Non-Executive Director

16 September

2024

23 May 2025 One year

Pantelis (Linos) D. Lekkas Independent

Non-Executive Director

23 May 2025 23 May 2025 One year

Stavros Pantzaris Independent

Non-Executive Director

23 May 2025 23 May 2025 One year

1. Each non-Executive Director is appointed until the next AGM, a term of approximately one year.

The CEO’s service contract and the terms and conditions of appointment of the non-Executive

Directors are available for inspection by the public at the registered office of the Group.

Consideration of employee views

The remuneration structure has been designed

toapply to all Group employees, not just the

Executive Directors, which is a material factor

indefining and shaping the policy and

implementation of the policy.

The Remuneration Committee does not currently

consult specifically with employees on the policy

forthe remuneration of the Directors. Pay

movement for the wider employment group is

considered when making pay decisions for the

CEO. The Chairof the Remuneration Committee

is also the designated non-Executive Director

forworkforce engagement. As such, she attends

meetings of our European Works Council and

meets with elected employee representatives

from our businesses in EU countries. She then

reports backto the Board on her observations

andmatters raised by employees, ensuring Board

andRemuneration Committee deliberations

anddecision makers are fully informed.

Ourengagement levels continue to

remainhighat88%.

Consideration of shareholder views

Shareholder views and the achievement of

theGroup’s overall business strategies have

beentaken into account in formulating the

remuneration policy. Following shareholder

feedback before and after the Annual General

Meeting, the Remuneration Committee and the

Board consult with shareholders and meet with

institutional investors to gather feedback on the

Company’s remuneration strategy and corporate

governance. The Company will continue to engage

with shareholders in the future to discuss the

outcomes of the remuneration policy.

In reviewing and determining remuneration,

theRemuneration Committee takes into account

the following:

• the business strategies and needs of

theCompany;

• the views of shareholders on Group policies

andprogrammes of remuneration;

• the alignment of remuneration policy with the

principles of clarity, simplicity, risk, predictability,

proportionality and alignment with culture;

• market comparisons and the positioning of the

Group’s remuneration relative to other

comparable companies;

• input from employees regarding our

remuneration programmes;

• the need for similar, performance-related

principles for the determination of executive

remuneration and the remuneration of other

employees; and

• the need for objectivity.

Board members, the CEO and ELT members play

nopart in determining their own remuneration.

The Chair of the Remuneration Committee and

the CEO are not present when the Remuneration

Committee and theBoard discuss matters that

pertain to theirremuneration. This ensures that

the same performance-setting principles are

applied for Executive remuneration and for other

employees in the organisation.

Service contracts

Zoran Bogdanovic, the CEO, has a service

contract with the Company with a six-month

notice period. As noted in the ‘Termination

payments’ section on page 248, the CEO’s

employment contract does not include any

termination benefits, other than as mandated

bySwiss law.

The CEO is also entitled toreimbursement of

allreasonable expenses incurredin the interests

ofthe Company.

In accordance with the Swiss Code of Obligations,

there are no sign-on policies/provisions for the

appointment of the CEO.

The table below provides details of the current

service contracts and terms of appointment

fortheCEO and other Directors.

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Directors’ remuneration report continued

Annual Report on Remuneration

Introduction

This section of the report provides detail on

howwe implemented our remuneration policy

in2025, which, in accordance with the UK

remuneration reporting regulations and alongside

other sections of the Directors’ remuneration

report, will be subject to an advisory shareholder

vote at our 2026 Annual General Meeting.

The role of the Remuneration Committee

The main responsibilities of the Remuneration

Committee are to establish the remuneration

strategy for the Group and to approve

compensation packages for Directors and senior

management. Further, the Committee reviews wider

workforce remuneration policies at Coca-Cola HBC

and the alignment of incentives and rewards with

strategy and culture, taking these into account when

setting the remuneration policy. The Remuneration

Committee operates under the Charter for the

Committees of the Board of the Company set forth

in Annex C totheOrganisational Regulations of the

Company, available on the Group’s website at:

https://www.coca-colahellenic.com/en/about-us/

corporate-governance.

The Remuneration Committee met six times in

2025: in March, April, June, September, November

and December. Please refer to the Corporate

Governance Report on page 216 for details

oftheRemuneration Committee meetings.

Advisers to the Remuneration Committee

The Chief People and Culture Officer, the Head

ofRewards and the General Counsel regularly

attend meetings of the Remuneration Committee.

While the Remuneration Committee does not

have external advisers, in 2025, it authorised

management to work with external consultancy

firm Deloitte, which provided independent advice

on ad hoc remuneration issues during the year.

These services are considered to have been

independent, objective and relevant to the

market. Deloitte also provides tax advisory,

andadvisory on people and culture topics,

andpayrollservices to theCompany.

The total cost in connection with Deloitte’s

workon Remuneration Committee matters was

€103,065, invoiced on a time spent basis. Deloitte

is a member of theRemuneration Consultants

Group and provides advice in line with its Code of

Business Conduct. Considering this, and the level

and nature of the service received, the Committee

remains satisfied that the advice is objective

andindependent.

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Directors’ remuneration report continued

Non-Executive Directors’ remuneration for the years ended 31 December 2025 and 2024

Financial

year

Base fee

(€)

Audit and Risk

Committee (€)

Remuneration

Committee (€)

Nomination

Committee (€)

Social Responsibility

Committee (€)

Senior Independent

Director (€)

Social security

contributions

(€)

Total

(€)

Anastassis G. David FY2025 150,000 – – – – – – 150,000

FY2024 150,000 – – – – – – 150,000

Charlotte J. Boyle FY2025 82,000 – 13,000 10,450 6,500 10,939 – 122,889

FY2024 82,000 – 13,000 6,500 3,250 – – 104,750

Henrique Braun FY2025 82,000 – – – – – 6,364 88,364

FY2024 82,000 – – – – – 6,569 88,569

Olusola (Sola) David-Borha3 FY2025 – – – – – – – –

FY2024 31,989 6,242 – – – – 3,063 41,294

Anna Diamantopoulou4 FY2025 – – – – – – – –

FY2024 58,380 – 4,628 4,628 4,628 – 4,097 76,361

William W. (Bill) Douglas lll5

FY2025 32,392 12,641 – – – – – 45,033

FY2024 82,000 32,000 – – – – – 114,000

Reto Francioni5 FY2025 32,392 – 2,568 5,135 – 7,110 2,646 49,851

FY2024 82,000 – 6,500 13,000 – 18,000 7,058 126,558

Anastasios I. Leventis FY2025 82,000 – – – 13,000 – – 95,000

FY2024 82,000 – – – 13,000 – – 95,000

Christo Leventis FY2025 82,000 – – – – – – 82,000

FY2024 82,000 – – – – – – 82,000

Alexandra Papalexopoulou3 FY2025 – – – – – – – –

FY2024 31,989 6,242 – – – – – 38,231

George Pavlos Leventis FY2025 82,000 – – – – – – 82,000

FY2024 82,000 – – – – – – 82,000

Evguenia Stoitchkova FY2025 82,000 – – – 6,500 – – 88,500

FY2024 82,000 – – – 6,500 – – 88,500

Elizabeth Bastoni

FY2025 82,000 – 6,500 6,500 – – 7,373 102,373

FY2024 23,620 – 1,872 1,872 – – 2,192 29,556

Zulikat Wuraola Abiola FY2025 82,000 16,000 – – – – 7,605 105,605

FY2024 50,236 9,802 – – – – 4,809 64,847

Glykeria Tsernou FY2025 82,000 16,000 – – – – – 98,000

FY2024 50,236 9,802 – – – – – 60,038

Pantelis (Linos) D. Lekkas6 FY 2025 49,834 – 3,950 3,950 – – 4,481 62,215

FY 2024 – – – – – – – –

Stavros Pantzaris6 FY 2025 49,834 19,448 – – – – 5,377 74,659

FY 2024 – – – – – – – –

1. Non-Executive Director fees for 2025 were in line with the fees that were revised in 2022.

2. Social security employer contributions as required by Swiss legislation.

3. Olusola (Sola) David-Borha and Alexandra Papalexopoulou retired from the Board of Directors on 16 May 2024.

4. Anna Diamantopoulou retired from the Board of Directors on 16 September 2024.

5. William W. (Bill) Douglas III and Reto Francioni retired from the Board of Directors on 23 May 2025. The Group applied a pro-rated base fee

until this date.

6. Pantelis (Linos) D. Lekkas and Stavros Pantzaris were appointed to the Board of Directors on 23 May 2025. The Group applied a pro-rated

base fee from this date.

Non-Executive Directors do not participate in any of the Group’s incentive plans, nor do they receive any retirement or other taxable

benefits. Fee levels in the table above were last reviewed in 2022.

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Directors’ remuneration report continued

Single figure table

Single total figure of remuneration for the CEO for the years ended 31 December 2025 and 2024.

Base pay

€000s

Cash and

non-cash benefits

€000s

Annual bonus

€000s

Employee Share

Purchase Plan

€000s

Long-term incentives

€000s

Retirement benefits

€000s

Total fixed remuneration

€000s

Total variable remuneration

€000s

Total single figure

€000s

2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024

Zoran

Bogdanovic 1,036 926 871 767 1,181 983 61 28 6,522 4,886 163 141 2,070 1,834 7,764 5,897 9,834 7,731

1. Base pay includes the monthly instalments linked to the base salary for 2025 and 2024.

2. Cash and non-cash benefits include the value of all benefits paid during 2025. These are outlined in the ‘Cash and non-cash benefits’ section below and include any gross-ups for the tax benefits.

3. Annual bonus for 2025 includes the MIP payout, receivable in 2026 for the 2025 performance year. Refer to ‘2025 MIP performance outcome’ for details.

4. ‘Employee Share Purchase Plan’ reflects the value of Company matching share contributions under the ESPP.

5. ‘Long-term incentives’ for 2025 reflects the 2023 awards made under the Performance Share Plan and the dividend equivalent shares paid on PSP shares that will vest in early 2026. The number of shares due to vest to the CEO for the 2023 award is 146,116. TheCEO willalso get 11,724

shares representing the dividend equivalents for the awarded shares for 2023, 2024 and 2025. The value reflects the number of shares multiplied by the average market price over the last three months of the financial year. The figure will be restated in next year’s report based on the share

price at vesting (as has been done for the 2022 award in the 2024 figure above). The 2023 award increased by €2,723,936 since the grant date due to the share price increase, resulting in a total value at vest of €6,521,565.

6. ‘Retirement benefits’ includes the pension plan under Swiss law. Employer contributions are 15% of annual base salary. The disclosed figure also includes risk and administration costs of €7,120

7. No malus and clawback was operated.

Fixed pay for 2025

Base salary

As proposed in 2024 IAR and voted for on 2025 AGM,

Zoran Bogdanovic’s salary was adjusted to €1,083,000

effective May 2025.This adjustment recognised the

CEO’s strong performance and ensured that the

remuneration package is reflective of the role at

CCHBC relative toboth FTSE-listed and industry

peers. The average increase for ouremployees

was8.3%.

Retirement benefits

Zoran Bogdanovic receives an annual retirement

benefit of 15% of base salary, aligning to the

retirement benefit provided under Swiss law

andbased on the age brackets defined by Swiss law.

During the year, €162,550 ofretirement benefit

was received, inclusive of€7,120 for risk and

administration costs.

Normal retirement age for the CEO’s plan is 65

years. In case of early retirement, which is possible

from the age of 58, the CEO is entitled to receive

the amount accrued under the plan as a lump sum.

Cash and non-cash benefits

Zoran Bogdanovic received additional benefits

during 2025. These included cost of living and

foreign exchange rate adjustment (€467,549),

private medical insurance (€5,500), partner

allowance (€1,000), home trip allowance (€4,608),

taxsupport (€23,810), company car (€30,115),

housing allowance (€105,952), tax equalisation

(€-280,030) and the value ofsocial security

contributions (€512.738). The Company matching

contribution relates to the ESPP (€60,561 reflecting

the maximum match of3%under the plan).

These benefits align with the benefits offered

toour international expats and are considered

acore part of the Company’s offering for senior

talent. The benefits provided, both in nature and

quantum, are regularly benchmarked relative to

external market data.

Variable pay for 2025

2025 MIP performance outcome

The business performance element for the

2025MIP was based on the following metrics:

• NSR, with an opportunity of80%of salary

formaximum performance (40%of salary

fortargetperformance).

• Comparable EBIT, with an opportunity

of80%ofsalary for maximum performance

(40%of salary for target performance).

• Free cash flow, with an opportunity level of40%

of salary for maximum performance (20%of

salary for target performance).

The outcome of the business performance

element is multiplied by the outcome for the

individual performance element.

The CEO’s individual performance metrics were measured versus the following priorities in 2025:

Priorities Achievement

Business

performance

Increase volume Volume increased 2.8% versus2024

Increase organic revenue

growth

Organic revenue growth: 8.1% increase compared

toprior year

Increase comparable EBIT Comparable EBIT: 13.8% increase and 11.5% organic

Employee

engagement

Maintain or increase

employeeengagement

Engagement Index score of 88% has remained

consistently strong since 2024

Sustainability

commitments

Reduction of CO

and

increase energy-efficient

coolers

Increased by 6pp (10%) the number of new energy-

efficient coolers in customers’ premises, bringing the

total to 66% ofcoolers and surpassing the 2025 target

of 50% by 16pp or 32%

Progress of water

stewardship community

projects

Number of water stewardship community projects

inwater risk areas increased from 16 in 2024 to 19

in2025, covering all water risk areas and achieving

2025 target

Advancement of packaging

initiatives and circularity

performance

Increased the percentage of rPET in sold products to

35% in 2025, compared to 23.8% in 2024; exceeded

the 2025 target for primary packaging collection,

achieving a 78% collection rate versus the 75% target

and 58% achieved in 2024

Increase the number of young

people who have access

to#YouthEmpowered

Over 1,283,244 young people from2017to2025 have

had access to#YouthEmpowered versus1,119,850

from2017 to 2024, exceeding our 2025 goal of 1 million

by 28%

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Directors’ remuneration report continued

PSP outcomes of the 2023-2025 award

The table below summarises performance against the applicable targets for PSP awards made in 2023,

which are due to vest in March 2026.

Threshold Maximum Actual

Total %

of maxMeasure Weighting Targ et Vesting Targ et Vesting Achievement Vesting

Comparable EPS 42.5% 1.44 25% 1.67 100% 1,67 100%

93%

ROIC 42.5% 12.4% 25% 14.6% 100% 14.3% 90%

Reduction of CO

emissions 15.0% 4,572 25% 4,361 100% 4,407 84%

Based on performance against the targets, the formulaic outcome has a vesting level of 93%.

The Committee’s approach to the performance targets for the 2023-2025 PSP award, as previously

communicated, excluded Russia and Ukraine. The EPS and ROIC targets have been increased from

those set at grant as the Committee noted that whilst the earnings and cash from the Russia / Ukraine

operations had been removed at grant, debt and finance costs had not been fully removed. To ensure

the targets operated as intended (i.e., stripping out the Russia / Ukraine operations) and to ensure a

robust like for like comparison with actuals, these have now been removed. The original targets were

€1.40 at threshold and €1.63 at maximum for EPS and 11.0% at threshold and 12.9% at maximum for

ROIC. The Committee is satisfied that the revised targets are no easier or harder to achieve and the

revision had no impact on the level of vesting.

As reported last year, following the notification from a third party (IFEU, an institute preferred by TCCC as the

source on material emission factor changes) and in line with GHG Protocol guidance, re-calculations of the

base year 2017 onwards were triggered during the performance period. In 2023, the NetZeroby40 roadmap

was re-calculated based on the latest annual release of emission factors with an increase in absolute

emissions by 250k MT and cascaded onwards. This also led to a higher emissions decline rate year on year. In

early 2024, the NetZeroby40 roadmap was re-calculated based on the latest annual release of emission

factors, which triggered an increase in the absolute emissions base, starting in 2017 by 95k MT and cascaded

onwards. In 2025, the Net Zero Transition Plan was re-calculated again to reflect several methodological and

scope enhancements, including the expansion of Scope 3 categories in line with SBTi requirements and

updates to emission factors (including FLAG for agricultural inputs). As a result of these updates, emissions

have been recalculated from the baseline year, leading to an increase of 1,5k MT of CO₂ emissions in 2025.

Further details are provided on page 35 for updated Net Zero Transition Plan and page 93 Table 10 for ESRS

E1. Given the methodology changes, the Committee considered it appropriate for these technical changes

to flow through to the targets attached to the 2023 PSP award. In doing so, the Committee was comfortable

that the revised targets were not materially easier or harder to achieve than the original targets. It was

determined that no adjustment would be made to the formulaic outcome.

The 2023 PSP award was granted at a higher share price than the 2022 PSP award and, therefore, there

are no windfall gains associated with this award. In light of the external challenges facing the business,

the Committee believed that the outcomes achieved reflected strong performance and that the

2025 MIP performance outcome – continued

The Remuneration Committee took into account the following additional achievements during 2025:

• Continued handling of the challenges posed by the Russia-Ukraine war and the humanitarian support

toUkraine during the war.

• Being next to our communities with support during natural disasters. The Coca-Cola HBC Foundation

committed €2.3 million in donations to support communities recovering from the devastating summer

wildfires and floods across Greece, Cyprus, Bulgaria and Romania.

• Achieved the highest score within the beverage industry in the S&P Global Sustainability Yearbook, based

on the Corporate Sustainability Assessment (CSA) and received an ‘A’ rating from CDP for both Climate

and Water disclosures.

• Acquisition of Coca-Cola Beverages Africa (CCBA).

Since the onset of the war in Ukraine, we have taken the decision to exclude Ukraine and Russia from

both the targets as well as the actuals in calculating the payout.

The CEO’s individual financial metrics were measured as follows:

Performance level (payout % of target opportunity)

Threshold (0%) Target (100%) Maximum (200%) Achievement

Payout (% of base

salary)

Net sales revenue (€m) 8,814.4 9,580.8 10,347.3 9,614.3 42%

40%weighting

Comparable EBIT (€m) 846.8 920.5 994.1 917.5 38%

40%weighting

Free cash flow (€m) 423.7 460.5 506.6 480.1 29%

20%weighting

Total (business performance multiplied by individual performance) 109%

Total (as a % of maximum) 55%

The Remuneration Committee considered the formulaic outcome to ensure that it was both fair

andappropriate given the wider stakeholder experience described above and the wider performance

assessment as set out in the Remuneration Committee Chair’s letter earlier on in this report. The

annual bonus award in respect of the 2025 financial year for the CEO was therefore €1,180,797

and109% of salary (55% of maximum). The Committee agreed that this outcome was appropriate

anddidnot apply a discretionary adjustment.

As set out in our policy no deferral will apply as the CEO has significantly exceeded the

shareholdingguideline.

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Directors’ remuneration report continued

vesting outcome was appropriate. Further detail is provided in the letter from the Chair of the

Remuneration Committee.

PSP awards – 2025-2027

The PSP is the Company’s primary long-term incentive vehicle. In March 2025, the CEO was granted

aperformance share award of 74,056 shares under the PSP, representing 330% of base salary atdate

ofgrant.

The award is subject to a three-year performance period, aligned to the Company’s financial year,

withperformance measured to the end of financial year 2027 and vesting anticipated in March 2028.

These vested shares will then be subject to a further two-year holding period, and the CEO has agreed

to a no-sale commitment during this time.

The following table sets out the details of the performance share award made to the CEO under the

PSP for 2025-2027.

Type of award made

Performance share award of 74,056 shares receivable for nil

cost

Share price at date of grant (spot price) € 41.98 (£ 34.76)

Date of grant 12 March 2025

Performance period 1 January 2025 to 31 December 2027

Face value of the award

(The maximum number of shares that would vest

ifallperformance measures and targets are met,

multiplied by the share price at the date of grant)

€ 3,108,871

Face value of the award as a % of annual

basesalary

330%

Percentage that would be distributed if threshold

performance was achieved in all three PSP key

performanceindicators

25% of maximum award

Percentage that would be distributed if threshold

performance was achieved only in one PSP key

performance indicator

10.625% (EPS or ROIC)/3.75% (reduction

inCO

emissions) of maximum award

Similar to the award made in March 2024, the 2025 award was subject to comparable EPS, ROIC and

reduction in CO

emissions targets, as outlined below, and excludes Russia and Ukraine.

The financial measures are key measures of business performance. The reduction in greenhouse

gasemissions metric was selected to directly align with and incentivise delivery of the Company’s ESG

objectives, particularly our ambitious goal to achieve net zero emissions across our entire value chain

by 2040. The CO

emissions target in the PSP implicitly captures reduction in plastics, which was a key

driver of its selection as a metric. The measures and targets below were set out in the 2024 Directors’

remuneration report.

Threshold Maximum

Measure Description Weighting Target

Vesting

(% of max) Target

Vesting

(% of max)

Comparable EPS Calculated by dividing the

comparable net profit attributable to

the owners of the parent company

by the weighted average number

ofoutstanding shares during

theperiod.

42.5% € 1,76 25.0% € 2.06 100%

ROIC ROIC is the percentage return that

acompany makes on its invested

capital. More specifically, we

defineROIC as the percentage

ofcomparable net profit excluding

net finance costs divided by the

capital employed. Capital employed

is calculated as the average of net

debt and shareholders’ equity

attributable to the owners of

theparent company through

theyear.

42.5% 14.3% 25.0% 16.2% 100%

Reduction in CO

emissions

This target supports the Company’s

ambitious goal to achieve net zero

emissions across its entire value

chain by 2040. 1.5°C scenario

approved by the SBTi and calculated

as thousand tonnes of CO

emissions equivalent.

15.0% 4,485 25.0% 4,278 100%

The vesting schedule for PSP performance conditions is a straight line between the threshold

andmaximum performance levels.

Dilution limit

Usage of shares under all share plans and executive share plans adheres to the dilution limits set by

theInvestment Association Principles of Remuneration (10% for all share plans and 5% for all executive

share plans, in any 10-year period).

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Implementation of policy in 2026

For 2026, the Committee intends to continue operating the remuneration policy approved by

shareholders at the 2025 AGM. No changes to the policy are currently proposed.

Base salary and fees

2026 salary increase levels for employees have not been finalised at the date of this report.

Itisanticipated that the average increase for the wider workforce will be approximately 5.8%.

TheCommittee’s intention is that any salary increase for the CEO will not exceed the level awarded

tothewider workforce.

The Chair and non-Executive Directors fees have been reviewed during the year (by the Remuneration

Committee in respect of the Chair and by the Board excluding the non-Executive Directors in respectof

the non-Executive Directors). The fees have not been increased since 2022, and they do not reflect the

increased time commitment and responsibilities of our Chair and non-Executive Directors. The Board is

also mindful that the fees are positioned below market when compared to FTSE 100 market practice. As

such, the Chair’s fee will be increased to €165,000, and the non-Executive Director basic fee to €90,000,

subject to shareholder approval at the 2026 AGM, and will take effect from the date of the AGM. The fees

for additional responsibilities have also been increased and are set out in the table below. Following these

increases, the fees remain conservatively positioned against the FTSE 100 and this will be kept under

review in future years.

Non-Executive Directors’ fees

Current fees

( u n c h a n g e d

since 2022)

Fees with effect

from the date of

2026 AGM

Chair fee €150,000 €165,000

Basic fee €82,000 €90,000

Senior Independent Director €18,000 €20,000

Audit and Risk Committee Chair €32,000 €35,200

Audit and Risk Committee member €16,000 €17,600

Remuneration/Nomination/Social Responsibility Committee Chair €13,000 €14,300

Remuneration/Nomination/Social Responsibility Committee member €6,500 €7,200

MIP 2026

The MIP operates on a multiplicative basis. The outcome will be determined by business performance

multiplied by individual performance, which means that unless the business performance targets are

achieved, no bonus will be payable.

Business performance is measured based on performance against three KPIs: revenue (40% weighting),

comparable EBIT (40% weighting) and free cash flow (20% weighting). Targets are considered to be

commercially sensitive but will be disclosed on a retrospective basis in next year’s remuneration report.

For target performance against this element, the outcome will be 100%, rising to 200% for maximum

performance. For the CEO, individual performance will be assessed based on the achievement of defined

strategic objectives. Based on the Remuneration Committee’s assessment of performance against

these strategic objectives, the outcome for the individual performance element may be up to 100%.

The maximum opportunity level (which would reflect both a stretch level of business performance

andfull achievement of the individual strategic objectives) for the CEO will be 200% of base salary.

PSP 2026-2028

The 2026 PSP award for the CEO has a normal policy maximum of 330% of salary. It is intended that, as

in past years, the three-year performance conditions applicable to the award will continue to be based

on ROIC and EPS as well as the reduction of CO

emissions metric, which was first introduced in 2021.

The weightings will be 42.5% for ROIC, 42.5% for EPS and 15% for reduction of CO

emissions.

Theseare unchanged from 2021.

The targets for the 2026 PSP award exclude Russia and Ukraine, and take into account our business

plan, market expectations and the wider economic and geopolitical environment, and are as follows:

Threshold Stretch

Measure Description Weighting Target

Vesting

(% of max) Target

Vesting

(% of max)

EPS Calculated by dividing the comparable

net profit attributable to the owners

ofthe parent company by the weighted

average number ofoutstanding shares

during theperiod.

42.5% 1.80 25.0% 2.14 100%

ROIC ROIC is the percentage return

thatacompany makes on its

investedcapital. More specifically,

wedefineROIC as the percentage

ofcomparable net profit excluding

netfinance costs divided by the

capitalemployed. Capital employed

iscalculated as the average of net debt

and shareholders’ equity attributable

tothe owners of the parent company

through the year.

42.5% 14.5% 25.0% 16.4% 100%

Reduction in CO

emissions

emission targets have been

settoreflect the Group’s ambitious

goal to achieve net zero emissions

across its entire value chain by 2040.

Targets reflect the inclusion of Egypt

inthe range and other technical

changes mandated bySTBi and IFEU.

15.0% 4,537 25.0% 4,327 100%

The Committee believes that the proposed target ranges are appropriately stretching relative to the

business plan and external forecasts of performance.

The performance period for 2026 awards will be the three years to the end of December 2028 and

vesting will occur in March 2029. These vested shares will then be subject to a further two-year holding

period, and the CEO agrees to a no-sale commitment during this time.

1. The targets for CO

emissions include scope 1, scope 2 and scope 3 emissions, reflecting the Company’s goal to achieve net zero emissions

across its entire value chain by 2040. Whilst we are committed to this target, the Committee is conscious that the external environment on

ESG is rapidly evolving and this could have a material impact on our targets given they include scope 3 emissions. If there are material

changes in the external environment over the performance period that affect our ability to meet the target range, the Committee would

engage with investors as appropriate on the impact on our targets.

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Annual percentage change in remuneration of Directors and employees

The following table sets out the percentage change in remuneration for each Director and average percentage change for employees on an annual basis.

Salary/fees Taxable benefits Annual bonus

2024 to 2025 % 2023 to 2024 % 2022 to 2023 % 2021 to 2022 % 2020 to 2021 % 2024 to 2025% 2023 to 2024 % 2022 to 2023 % 2021 to 2022 % 2020 to 2021 % 2024 to 2025% 2023 to 2024 % 2022 to 2023 % 2021 to 2022 % 2020 to 2021 %

All employees 7.37 8.31 7.29 4.39 4.59 17.13 5.40 0.40 16.34 4.19 -26.572 -9.61 11.86 96.50 -14.79

Director

Anastassis G. David – – – 104.08 – – – – – – – – – – –

Zoran Bogdanovic 15.001 5.50 6,30 3.10 3.20 16.87 9.88 32.18 -36.53 24.25 3.423 4.24 –12.22 155.21 -28.87

Charlotte J. Boyle – – – 11.66 – – – – – – – – – – –

Henrique Braun – – – 11.46 – – – – – – – – – – –

William W. (Bill) Douglas lll4 – – – 11.33 – – – – – – – – – – –

Reto Francioni4 – – – 11.96 – – – – – – – – – – –

Anastasios I. Leventis – – – 11.63 – – – – – – – – – – –

Christo Leventis – – – 11.56 – – – – – – – – – – –

George Pavlos Leventis – – – – – – – – – – – – – – –

Evguenia Stoitchkova – – – – – – – – – – – – – – –

Zulikat Wuraola Abiola – – – – – – – – – – – – – – –

Glykeria Tsernou – – – – – – – – – – – – – – –

Elizabeth Bastoni – – – – – – – – – – – – – – –

Pantelis (Linos) D. Lekkas

– – – – – – – – – – – – – – –

Stavros Pantzaris

– – – – – – – – – – – – – – –

1. The increase in salary for the CEO was higher due to the salary adjustment implemented in 2025 to recognise the CEO’s strong performance in role and ensure the salary level remained competitive against FTSE 100 market practice. Further detail was provided in the 2024 Integrated

Annual Report.

2. The decrease in annual bonus for local population is due to lower performance in some of our higher-income business units. The majority of the business units performed well versus the annual targets, but a few of them had lower achievements versus the prior year.

3. The increase in annual bonus for the CEO is due to the implementation of the new policy proposed in 2024 IAR and voted for on 2025 AGM.

4. William W. (Bill) Douglas III and Reto Francioni retired from the Board of Directors on 23 May 2025.

5. Pantelis (Linos) D. Lekkas and Stavros Pantzaris were elected as non-Executive members of the Board of Directors as of 23 May 2025.

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Directors’ remuneration report continued

CEO pay ratio

Coca-Cola HBC is domiciled in Switzerland. We are therefore not required to report a CEO pay ratio

under UK regulations; however, we are voluntarily disclosing ratios below. We have chosen to make

acomparison with employees in Switzerland as this is the market in which our CEO is based.

The international nature of our business means that we operate in countries with a significant range

interms of market practice for levels of remuneration and cost of living.

Switzerland, for example, has a substantially higher cost of living and employment remuneration

compared with other countries. For this reason, comparisons with our Swiss workforce are likely

tobemore informative about the pay distribution of our workforce.

The table below compares the 2025 single figure of remuneration for the CEO with that of the employees

who are paid at the 25th percentile (lower quartile), 50th percentile (median) and 75th percentile (upper

quartile) of the Company’s workforce based in Switzerland, ranked based on total remuneration.

Year Method

25th percentile pay ratio

(P1)

Median pay ratio

(P2)

75th percentile pay ratio

(P3)

2025 Option A 97:1 77:1 64:1

2024 Option A 69:1 57:1 48:1

2023 Option A 56:1 44:1 35:1

2022 Option A 46:1 37:1 31:1

2021 Option A 65:1 52:1 42:1

Option A has been used as it is the most robust methodology and is based on a sample of full-time

Swiss employees as of 31 December 2025. Their pay and benefits are calculated, and every Swiss

employee is ranked to determine P25, P50 and P75. Several Swiss employees around each percentile

were identified to ensure that they accurately represent the relevant percentile ranking.

The methodology used to identify the lower quartile, median and upper quartile employees was to rank

allemployees of the Swiss workforce on total remuneration (for employees who were in employment for

the full calendar year). Two employees around each percentile were identified to ensure they accurately

represent the relevant percentile ranking. The total remuneration for each of these employees was then

calculated consistent with the methodology applied for deriving the CEO’s single figure remuneration.

The table below sets out the total pay and benefits for the lower quartile, median and upper quartile:

25th percentile in € Median in € 75th percentile in €

Annual base salary 79,594 93,917 113,963

Total remuneration 101,537 127,017 154,551

Total remuneration of Swiss employees includes base salary, annual bonuses, other cash compensation

(e.g. overtime), other cash and non-cash benefits (e.g. company car, tax support, relocation, etc.),

pension employer contributions and employer social security contributions during 2025.

We are satisfied that the pay ratios reported this year are consistent with our wider pay, reward and

progression policies for employees.

As described on page 238, we have an overall remuneration philosophy that operates throughout

theGroup, ensuring that employees are fairly rewarded and that their individual contributions are linked

tothe success of the Company.

Variable pay is an important element of our reward philosophy and a significant proportion of

totalremuneration for top managers (including the CEO) is tied to the achievement of our business

objectives. As employees advance through the Company, there will be the opportunity to receive

higher rewards commensurate with increased accountability and market practice. The CEO’s total

remuneration has a significantly higher proportion of variable pay in comparison with the rest of our

employees. The CEO’s remuneration will therefore increase or decrease in line with business

performance, aligning it with shareholders’ interests.

The change in the CEO pay ratio between 2024 and 2025 primarily reflects a combination of strong

underlying business performance, exceptional share price growth, and the changes made to the CEO’s

remuneration package for 2025 to reflect the performance of the business since Zoran Bogdanovic

became CEO and to ensure the overall package is competitive against the market, further detail of

which was provided in the 2024 Integrated Annual Report.

Chief Executive Officer pay and performance comparison

The graph below shows the total shareholder return (TSR) of the Company compared with the

FTSE100 index over a 10-year period to 31 December 2025, based on an initial investment of £100.

TheRemuneration Committee believes that the FTSE 100 Index is the most appropriate index to

usefor historic performance due to the size of the Company and our listing location.

Total Shareholder Return versus FTSE 100

100

150

200

250

300

350

FTSE 100Coca-Cola HBC

Dec 25

Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24

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Directors’ remuneration report continued

2025

2024

377.91,442.3

342.91,297.4

Total staﬀ costs Distribution to shareholders (total shares)

Relative importance of spend on pay (€m)

The graphic below presents the year-on-year change in total expenditure for all employees across the Group

and distributions made to shareholders in the form of dividends, share buybacks and/or capital returns.

0 200 400 600 800 1,000 1,200 1,400 1,8001,600

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Dimitris Lois Dimitris Lois Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic

Total remuneration

– single figure (€ 000s) 2,923 15,378 410 3,710 2,499 3,340 4,203 4,294 5,494 6,781 9,834

MIP (% of maximum) 55% 53% 5% 48% 56% 40% 91% 78% 76% 75% 55%

PSP (% of maximum) – 90% – 100% 75% 50% 75% 48% 94% 77% 93%

Dimitris Lois sadly passed away on 2 October 2017. The 2017 total remuneration values above reflect the period 1 January 2017 to 2 October 2017. The total remuneration value for Zoran Bogdanovic reflects

the period from his appointment as CEO to the end of the financial year, 7 December 2017 to 31 December 2017.

Compared with the prior year, the total staff costs have increased by 11.2%, while dividends distributed

to shareholders have increased by 10.2%

Shareholder voting outcomes

The table below sets out the result of the vote on the remuneration-related resolutions at the Annual

General Meeting held in May 2025.

Resolution Votes for Votes against Abstentions Total votes cast

Voting rights

represented

Advisory vote on the UK

remuneration report

259,297,435 5,594,423 16,457 264,908,315 72.89%

97.88% 2.11% 0.01%

Advisory vote on the Swiss

statutory remuneration report

259,202,272 5,689,271 16,772 264,908,315 72.89%

97.85% 2.15% 0.01%

Advisory vote on the

remunerationpolicy

258,124,913 6,760,060 23,342 264,908,315 72.89%

97.44% 2.55% 0.01%

Approval of the maximum

aggregate amount of remuneration

for the Boardof Directors until the

next AnnualGeneralMeeting

264,354,200 536,749 17,366 264,908,315 72.89%

99.79% 0.20% 0.01%

Approval of the maximum

aggregateamount of remuneration

for the Executive Leadership Team

forthe next financial year

262,393,604 2,305,826 208,885 264,908,315 72.89%

99.05% 0.87% 0.08%

The Remuneration Committee was pleased that shareholders supported our remuneration-related

resolutions so strongly. We value our ongoing dialogue with shareholders and welcome any views on

this report.

Payments to past Directors and payments for loss of office

There were no payments made to past Directors of the Group or loss of office payments made during

the year.

Payments to appointed Directors

There were no payments made to appointed Directors during the year.

Outside appointments for the CEO

Zoran Bogdanovic does not hold any appointments outside the Company.

Total Directors’ and Executive Leadership Team members’ remuneration

The table below outlines the aggregated total remuneration figures for Directors and ELT members in

the year.

2025

(€ m)

2024

(€ m)

Salaries and other short-term benefits 22.9 23.4

Amount accrued for performance share awards 12.0 8.1

Pension and post-employment benefits for Directors, the ELT and the CEO 1.4 1.1

Total remuneration paid to or accrued for Directors, the ELT and the CEO 36.3 32.6

Credits and loans granted to governing bodies

In 2025, no credits or loans were granted to active or former members of the Company’s Board,

members of the ELT or any related persons.

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Share ownership

The table below summarises the total shareholding as at 31 December 2025, including any outstanding shares awarded through our incentive plans, for the CEO and other Directors.

With performance measures Without performance measures

PSP ESOP ESPP

interests

Performance

granted in

2025

Unvested and

subject to

performance

conditions Vested

Number of

stock options

outstanding

Fully

vested

Vesting at

the end of

2025

Number of

outstanding

shares held as at

31December 2025

Beneficially

owned

Current

shareholding

as % of

base salary

Shareholding

guideline met

Zoran Bogdanovic Yes 83,828 333,092 117,958 – – – 86,462 496,870 2,022% Yes

Anastassis G. David

– – – – – – – – – –

Charlotte J. Boyle Yes – – – – – – – 1,395 – –

Henrique Braun – – – – – – – – – –

William W. (Bill) Douglas III Yes – – – – – – – 10,000 – –

Reto Francioni Yes – – – – – – – 7,000 – –

Anastasios I. Leventis

– – – – – – – – – –

Christo Leventis

– – – – – – – – – –

George Pavlos Leventis

– – – – – – – – – –

Evguenia Stoitchkova – – – – – – – – – –

Zulikat Wuraola Abiola – – – – – – – – – –

Glykeria Tsernou – – – – – – – – – –

Elizabeth Bastoni – – – – – – – – – –

Pantelis (Linos) D. Lekkas Yes – – – – – – – 10,000 – –

Stavros Pantzaris Yes – – – – – – – 3,000 – –

There were no changes in share ownership between 31 December 2025 and 18 March 2026 for the Directors except for Zoran Bogdanovic.

1. The shareholding requirement was introduced from the date of the 2015 PSP award, and was updated to 300% in 2020 and to 450% in 2025. In February 2026, Zoran Bogdanovic sold 30,000 shares from a previously vested MIP deferred share award at £46.94 per share.

2. Anastassis G. David is a beneficiary of:

a) a private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 85,355,019 shares held by Kar-Tess Holding; and

b) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 832,268 shares held by Ari Holdings Limited.

3. Anastasios I. Leventis is a beneficiary of:

c) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Avgie Leventis, that has an indirect interest with respect to 559,871 shares held by its trustee, Trustena GMBH (successor of Mervail Company (PTC) Ltd).

4. Christo Leventis is a beneficiary of:

c) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Avgie Leventis, that has an indirect interest with respect to 623,665 shares held by its trustee, Trustena GMBH (successor of Mervail Company (PTC) Ltd).

5. George Pavlos Leventis is a beneficiary of:

(a) a private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 85,355,019 shares held by Kar-Tess Holding;

(b) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 294,191 shares held by its trustee, Selene Treuhand AG; and

(c) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Avgie Leventis, that has an indirect interest with respect to 559,871 shares held by its trustee, Trustena GMBH (successor of Mervail Company (PTC) Ltd).

Approval of the Directors’ remuneration report

The Directors’ remuneration report set out on pages 236 to 259 was approved by the Board of Directors on 18 March 2026 and signed on its behalf by:

Charlotte J. Boyle

Committee Chair

18 March 2026

Coca-Cola HBC Integrated Annual Report 2025

259

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

The Directors are responsible for preparing the Integrated Annual Report, including the consolidated

financial statements, the Corporate Governance Report including the Directors’ remuneration report

and the Strategic Report, in accordance with applicable law and regulations.

The Directors, whose names and functions are set out on pages 205 to 207, confirm to the best oftheir

knowledge that:

a) the Integrated Annual Report, taken as a whole, is fair, balanced and understandable, and provides

the information necessary for shareholders to assess the Group’s position and performance,

business model and strategy;

b) the consolidated financial statements, which have been prepared in accordance with International

Financial Reporting Standards, as adopted by the European Union and in compliance with Swiss law,

give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company,

and the undertakings included in the consolidation of the Group taken as a whole; and

c) the Integrated Annual Report includes a fair review of the development and performance of the

business and the position of the Company and the undertakings included in the consolidated

Coca-Cola HBC Group taken as a whole, together with a description of the principal risks and

uncertainties that they face.

The activities of the Group, together with the factors likely to affect its future development,

performance, financial position, cash flows, liquidity position and borrowing facilities, are described

inthe Strategic Report (pages 1 to 198). In addition, Notes 24 ‘Financial risk management and financial

instruments’, 25 ‘Net debt’ and 26 ‘Equity’ include: the Company’s objectives, policies and processes

formanaging its capital; its financial risk management objectives; details of its financial instruments and

hedging activities; and its exposures to credit risk and liquidity risk. The Group has considerable financial

resources, together with long-term contracts with a number of customers and suppliers across

different countries. The Directors have also assessed the principal risks and the other matters

discussed in connection with the viability statement on page 198.

The Directors considered it appropriate to adopt the going concern basis of accounting in preparing

theannual financial statements and have not identified any material uncertainties to the Group’s

abilityto continue to do so over a period of at least 12 months from the date of approval of these

financial statements.

By order of the Board

Anastassis G. David

Chairman of the Board

19 March 2026

Disclosure of information required under UK Listing Rule 6.6.4R

For the purposes of the UK Listing Rules, the information required to be disclosed by UKLR 6.6.1R is

asfollows:

Listing

Rule

Information

to be included

Reference

in report

6.6.1R(1) Interest capitalised by the Group and an indication of the amount

andtreatment of any associated tax relief

Not applicable

6.6.1R(2) Details of any unaudited financial information required by UKLR 6.2.23R Not applicable

6.6.1R(3) Details of any long-term incentive scheme described in UKLR 9.3.3R Not applicable

6.6.1R(4) Details of any arrangement under which a Director has waived

anyemoluments

Not applicable

6.6.1R(5) Details of any arrangement under which a Director has agreed

towaivefuture emoluments

Not applicable

6.6.1R(6) Details of any allotments of shares by the Company for cash not

previouslyauthorised by shareholders

Not applicable

6.6.61R(7) Details of any allotments of shares for cash by a major subsidiary

oftheCompany

Not applicable

6.6.1R(8) Details of the participation by the Company in any placing made

byitsparent company

Not applicable

6.6.1R(9) Details of any contracts of significance involving a Director Not applicable

6.6.1R(10) Details of any contract for the provision of services to the Company

byacontrolling shareholder

Not applicable

6.6.1R(11) Details of any arrangement under which a shareholder has waived

oragreed to waive any dividends

Not applicable

6.6.1R(12) Details of any arrangement under which a shareholder has agreed

towaivefuture dividends

Not applicable

6.6.1R(13) Statements of compliance where there is a controlling shareholder Not applicable

Coca-Cola HBC Integrated Annual Report 2025

260

Strategic Report Corporate Governance Financial Statements

Swiss Statutory Reporting Supplementary Information

Statement of Directors’ responsibilities

Report on the audit of the consolidated financial statements

Our opinion

In our opinion:

• Coca-Cola HBC AG’s (‘Coca-Cola HBC’ or the ‘Group’) consolidated financial statements (the

‘financial statements’) give a true and fair view of the state of the Group’s affairs as at 31 December

2025 and of its profit and cash flows for the year then ended; and

• the financial statements have been properly prepared in accordance with International Financial

Reporting Standards (‘IFRSs’) as adopted by the European Union (‘EU’).

We have audited the financial statements, included within the 2025 Integrated Annual Report

(the ‘Annual Report’), which comprise: the consolidated balance sheet as at 31 December 2025;

the consolidated income statement, the consolidated statement of comprehensive income, the

consolidated cash flow statement, the consolidated statement of changes in equity for the year then

ended; and the notes to the financial statements, comprising material accounting policy information

and other explanatory information.

Our opinion is consistent with our reporting to the Audit and Risk Committee.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing issued by the

International Auditing and Assurance Standards Board (‘ISAs’). Our responsibilities under ISAs are

further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of

our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide

a basis for our opinion.

Independence

We remained independent of the Group in accordance with the ethical requirements that are relevant

to our audit of the financial statements, which include the Code of Ethics for Professional Accountants

(including International Independence Standards) issued by the International Ethics Standards Board

for Accountants (‘IESBA Code’), and the FRC’s Ethical Standard, as applicable to listed entities, and we

have fulfilled our ethical responsibilities in accordance with these requirements.

To the best of our knowledge and belief, we declare that non-audit services prohibited by the IESBA

Code or the FRC’s Ethical Standard were not provided to the Group.

Other than those disclosed in Note 8 ‘Operating expenses’ of the financial statements, we have

provided no non-audit services to the Group in the period under audit.

Our audit approach

Overview

Audit scope • Following our assessment of the risks of material misstatement of the financial

statements, we performed full scope audit procedures on the financial

information of 14 subsidiary undertakings and audit procedures over certain

financial statement line items for a further 3 subsidiary undertakings. These

subsidiary undertakings are located in15 countries spread across all of the

Group’s reportable segments.

• In addition, we conducted audit procedures over certain financial statement

line items including those related to the group treasury operations.

• For the subsidiary undertakings not included in our scope, we performed

targeted risk assessment procedures, as appropriate.

• Central audit testing was performed where appropriate for reporting

components in group audit scope that are supported by the Group’s shared

services centres.

• Audit procedures were also performed in relation to consolidation adjustments

and balances which arise or eliminate on consolidation when preparing the financial

statements.

• Taken together, the subsidiary undertakings which were in scope for the

purpose of our audit accounted for 81% of consolidated net sales revenue, 71%

of consolidated profit before tax and 85% of consolidated total assets of the

Group.

• As part of the group audit supervision process, the group engagement

team has performed reviews of the component auditors’ audit files and final

deliverables. In person site visits to component auditors in Bulgaria, Greece,

Italy, Poland, Romania, Egypt and Switzerland were also performed.

Key audit matters • Goodwill and indefinite-lived intangible assets impairment assessment.

• Uncertain tax positions.

Materiality • Overall materiality: €65.2 million based on 5% of profit before tax (2024: €56

million based on 5% of profit before tax).

• Performance materiality: €48.9 million (2024: €42 million).

The scope of our audit

As part of designing our audit, we determined materiality and assessed the risks of material

misstatement in the financial statements.

Independent auditor’s report to the General Meeting of Coca-Cola HBC AG

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Strategic Report

Interaction with the Audit and Risk Committee

In addition to forming this opinion, in this report we have also provided information on how we

approached the audit and details of the significant discussions that we had with the Audit and Risk

Committee. We attended each of the eight Audit and Risk Committee meetings held during the

year. Certain meetings involved a private discussion without management being present. We also

met with the Audit and Risk Committee on an ad-hoc basis. During these discussions we shared

our observations on a variety of matters, for example the methodology and assumptions used

in the Group’s impairment assessment over goodwill and indefinite-lived intangible assets, the

judgements taken by management in assessing the risk of potentially material tax exposures, the

accounting implications arising from the ongoing challenging macroeconomic environment; and

relevant regulatory developments. In September and December 2025, the Audit and Risk Committee

discussed and challenged our audit plan. The plan included the matters which we considered presented

the highest risk of material misstatement to the financial statements and other information about

our audit, including the key audit matters as set out below, and other information on our audit

approach such as our approach to specific balances and transactions, our direction and supervision

of the component teams, and where the latest technology would be used to obtain better quality

auditevidence.

Key audit matters

Key audit matters are those matters that, in the auditor’s professional judgement, were of most

significance in the audit of the financial statements of the current year and include the most significant

assessed risks of material misstatement (whether or not due to fraud) identified by the auditors,

including those which had the greatest effect on: the overall audit strategy; the allocation of resources

in the audit; and directing the efforts of the engagement team. These matters, and any comments

we make on the results of our procedures thereon, were addressed in the context of our audit of the

financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate

opinion on these matters.

This is not a complete list of all risks identified by our audit.

The areas of highest risk for the Group audit and where we focused more efforts and resources were

‘Goodwill and indefinite-lived intangible assets impairment assessment’ and ‘Uncertain tax positions’.

These areas are common with other international beverages companies.

Our key audit matters are consistent with last year.

Independent auditor’s report to the General Meeting of Coca-Cola HBC AG continued

Key audit matter How our audit addressed the key audit matter

Goodwill and indefinite-lived intangible

assets impairment assessment

Refer to Note 13 ‘Intangible assets’.

Goodwill and indefinite-lived intangible assets

as at 31 December 2025 amount to €1,849.7

million and €661.7 million, respectively.

The above amounts have been allocated

toindividual cash-generating units (‘CGUs’),

whichin accordance with International

Accounting Standard 36 ‘Impairment of

Assets’ (‘IAS 36’) require the performance

ofanimpairment assessment at least

annually or whenever there is an indication

of impairment. The impairment assessment

involves the determination of the recoverable

amount of the CGU, being the higher of its

value-in-use and the fair value lesscosts

ofdisposal.

No impairment loss was recorded in 2025.

We consider this area as a key audit matter

dueto the magnitude of goodwill and indefinite-

lived intangible assets balances and because

the determination of whether elements of

goodwill and of indefinite-lived intangible assets

are impaired involves a significant amount of

judgement by management when developing

the estimates of the future results of the

CGUs. These estimates include assumptions

surrounding revenue growth rates, costs and

discount rates.

We evaluated the appropriateness of management’s

identification of the Group’s CGUs, the process by

which management prepared the CGUs’ value-in-use

calculations and the design and operating effectiveness

of related control activities.

We tested the accuracy of the CGUs’ carrying values

and value-in-use calculations and compared the

future cash flow projections included therein to the

financial budgets, approved by the directors, covering

a one-year period, and management’s projections for

the subsequent four years. In addition, we assessed

management’s past forecasting accuracy by comparing

key elements of the prior-year budgets and projections

with actual results.

Taking into account the ongoing challenging

macroeconomic environment in several countries, we

challenged the basis for certain assumptions used in

management’s cash flow projections.

With the support of our valuation experts, we assessed

the appropriateness of the methodology and valuation

techniques used, as well as certain assumptions including

discount, annual revenue growth and perpetuity revenue

growth rates.

We also evaluated management’s assessment of

the potential impact of climate change risks, such as

the cost of water, carbon emissions and exposure to

extreme weather events on future cash flow forecasts.

We performed independent sensitivity analyses on the

key drivers of the value-in-use calculations for the CGUs

with significant balances of goodwill and indefinite-lived

intangible assets.

Based on our work, we concluded that the results reached

by management in relation to the impairment testing

of goodwill and indefinite-lived intangible assets were

supported by assumptions within reasonable ranges.

We evaluated the related disclosures provided in the

financial statements in Note 13 ‘Intangible assets’

andconcluded that these are appropriate.

Corporate Governance

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Strategic Report

Key audit matter How our audit addressed the key audit matter

Uncertain tax positions

Refer to Note 10 ‘Taxation’ and Note 29

‘Contingencies’.

The Group operates in numerous tax

jurisdictions and is subject to periodic

challenges, in the normal course of business,

by local tax authorities on a range of matters

including corporate tax, transfer pricing

arrangements and indirect taxes. As at 31

December 2025, the Group has provisions for

uncertain tax positions of €89.1 million that are

classified in current tax liabilities and deferred

tax liabilities.

The impact of changes in local tax regulations

and ongoing inspections by local tax authorities,

could materially impact the amounts recorded

in the financial statements.

Where the amount of tax payable is uncertain,

the Group establishes provisions based on

management’s estimates with respect to the

likelihood of potential material tax exposures

crystallising and the probable amount of the

resultant liability.

We consider this area as a key audit matter

given the level of judgement and subjectivity

involved in estimating tax provisions, including

a high degree of estimation uncertainty relative

to the numerous and complex tax laws in

the various jurisdictions in which the Group

operates, the frequency of tax audits, and the

considerable time to conclude investigations

and negotiations with local tax authorities as

a result of such audits that could materially

impact the amounts recorded in the

financialstatements.

In order to understand and evaluate management’s

judgement, we considered the status of current tax

authority inspections and inquiries, the outcome of

previous tax authority inspections, the judgemental

positions taken in tax returns and current year estimates

as well as recent developments in the tax jurisdictions in

which the Group operates.

We evaluated the Group’s monitoring process for current

tax authority inspections and challenged management’s

estimates, particularly in respect of cases where there had

been significant developments with tax authorities.

Our component audit teams, through the use of tax

specialists with local knowledge and relevant expertise,

assessed the tax positions taken by the subsidiary

undertakings in scope, in the context of applying local

taxlaws and evaluating the local tax assessments.

We read recent rulings and correspondence with tax

authorities, as well as any external advice provided by the

Group’s tax experts and legal advisors. Additionally, with

our group engagement team tax specialists we further

evaluated management’s estimation of tax exposures

and contingencies in order to assess the adequacy of the

Group’s tax provisions and satisfy ourselves that the tax

provisions have been appropriately recorded or adjusted

to reflect the latest developments.

We held meetings with Group and local management

to discuss the individual tax positions of the in-scope

subsidiary undertakings and assessed with the support

ofour group engagement team tax specialists the

Group’s overall taxexposure.

From the evidence obtained we consider the provisions

in relation to uncertain tax positions as at 31 December

2025 to be reasonable.

We also evaluated the related disclosures provided in the

financial statements in Note 10 ‘Taxation’ and Note 29

‘Contingencies’ and concluded that these are appropriate.

How we tailored the audit scope

We tailored the scope of our audit to ensure that we performed sufficient work to be able to provide

an opinion on the financial statements as a whole, taking into account the operating structure of the

Group, the accounting processes and controls, and the industry in which the Group operates. There were

three different levels of work in our approach: audit work performed on the Group’s trading subsidiary

undertakings; at shared service centres; and at the group level.

The Group operates through its trading subsidiary undertakings in Nigeria, Egypt and 27 countries

in Europe, as set out in Note 1 ‘General information’ and Note 6 ‘Segmental analysis’ of the financial

statements. The Group also operates centralised treasury functions in the Netherlands and in Greece

and a centralised procurement function for key raw materials in the Netherlands.

Based on their significance to the financial statements and in light of the key audit matters as noted

above, we identified 17 subsidiary undertakings in 15 countries spread across all of the Group’s reportable

segments (including the significant, due to risk or size, subsidiary undertakings in Egypt, Italy, Nigeria,

Poland, Romania, Russia and Switzerland). For 14 subsidiary undertakings, we obtained full scope audit

reports over their financial information. For a further 3 subsidiary undertakings, we performed audit

procedures over certain financial statement line items. In addition, we have performed Group level

analysis on the remaining components, where appropriate, to determine whether further risks of material

misstatement exist in those components. We consider the scope of our audit, as communicated to the

Audit and Risk Committee, to be an appropriate basis for our audit opinion.

At the planning phase of the audit process, we hosted a two-day, in-person audit planning workshop

in Greece. The workshop focused on developments relevant to the Group and encompassed key

planning and risk assessment activities, including fraud risk assessment, auditor independence

considerations, accounting, regulatory and auditing developments, climate related topics and centralised

testing procedures. The workshop also included presentations and discussions with key members of

management. Attendance comprised senior members of the component audit teams included in the

scope of the Group audit.

We issued formal, written instructions to the component teams setting out the work to be performed by

each of them. We had separate planning meetings and we were in active dialogue throughout the year

with the teams that conducted these component audits; this included consideration of how they planned

and performed their work. In addition to holding formal periodic meetings, the group engagement team

had ongoing informal interactions with the component audit teams to be continuously updated and to

monitor their progress and the results of their procedures. Furthermore, the group engagement team

reviewed component auditor working papers and undertook other forms of interaction as considered

necessary, depending on the significance of the component and the extent of accounting and audit

issues arising. We evaluated the sufficiency of the audit evidence obtained through discussions with

each team and a review of their audit working papers and deliverables. The senior members of the group

engagement team performed site visits in Bulgaria, Egypt, Greece, Italy, Poland, Romania and Switzerland.

These visits gave us an opportunity to meet with the local audit teams and management to discuss the

business performance and outlook, regulations and taxation, and any specific accounting and auditing

matters identified, including fraud and internal controls. For certain trading subsidiary undertakings,

where physical attendance was not undertaken (in Austria, Egypt, Nigeria, Northern Ireland and Republic

of Ireland and Nigeria), we participated in the final audit meetings via video conference.

Independent auditor’s report to the General Meeting of Coca-Cola HBC AG continued

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263

Financial Statements

Strategic Report

A significant number of operational processes which are critical to financial reporting and IT functions

areundertaken in the shared service centres in Bulgaria for many of the Group’s subsidiary undertakings.

The group engagement team was responsible for planning, designing and overseeing the audit

procedures performed on those processes. We tested controls and transactions which supported the

financial information for many of the subsidiary undertakings in scope, to ensure that adequate audit

evidence was obtained. In addition, we performed work centrally on IT general controls and cybersecurity

and shared audit comfort with the component teams. Furthermore, audit procedures were performed

with respect to the centralised treasury functions by the group engagement team and with respect to

thecentralised procurement function by the component audit team in the Netherlands.

We ensured that appropriate further audit work was undertaken at a group level. This work included

auditing, for example, the consolidation of the group’s results, the preparation of the financial statements,

litigation provisions and exposures and management’s entity level and oversight controls relevant to

financial reporting. We also performed work on a number of other areas that involve significant judgement

and estimates, including goodwill and intangible assets and the Group’s going concernassessment.

Collectively, the work performed at all levels, as described above, accounted for 81% of consolidated net

sales revenue, 71% of consolidated profit before tax and 85% of consolidated total assets of the Group,

which gave us sufficient and appropriate audit evidence for our opinion on the financial statements.

The impact of climate risk on our audit

As part of our audit, we also made inquiries of management to understand the process adopted to assess

the extent of the potential impact of climate change risk on the financial statements. In addition to enquiries

with management, we read the minutes of the committees in place to assess climate risk and the additional

reporting made by the Group on climate. Management considers that climate change does not give rise

toa potential material financial statement impact. Using our knowledge of the business and wider industry

awareness, we evaluated management’s assessment, and we remained alert when performing our audit

procedures for any indicators of the impact of climate risk on the financial statements. By their nature

the financial statements present historical information which does not fully capture future events. We

determined that the key areas in the financial statements that are more likely to be materially impacted by

climate change are those areas that depend on estimated future cash flows. We particularly considered the

relevant assumptions made in the future cash flow forecasts prepared by management and used in their

impairment and going concern assessments. Our procedures did not identify any material impact on the

financial statements for the year ended 31 December 2025. Whilst the Group has started toquantify some

of the impacts, the future estimated financial impacts of climate risk are clearly uncertain given the medium

to long term timeframes involved and their dependency on how governments, global markets, corporations

and society respond to the issue of climate change and the speed of technological advancements that may

be necessary. Accordingly, financial statements cannot capture all possible future outcomes as these are

not yet known. Where climate risk relates to a key audit matter our audit response is given in the key audit

matters section of our audit report. We considered the consistency of thedisclosures in relation to climate

change made in the other information (including the disclosures in the Task Force on Climate-related

Financial Disclosures (TCFD) section) within the Annual Report (‘Reporting on other information’ section

ofthis report) with the financial statements and knowledge from our audit. We discussed with management

and the Audit and Risk Committee the ways in which climate change disclosures should continue to

evolve as there continues to be an increased level of attention on the reporting of risks associated with

climatechange.

We were engaged separately to provide independent limited assurance on the Group’s Sustainability

Statement reported in the Annual Report. The independent limited assurance report, which explains the

scope of our work and the limited procedures undertaken, is included in the Annual Report on page 178.

Materiality

The scope of our audit was influenced by our application of the concept of materiality. We set certain

quantitative thresholds for materiality. These, together with qualitative considerations, helped us to

determine the scope of our audit and the nature, timing and extent of our audit procedures on the

individual financial statement line items and disclosures, and to evaluate the effect of misstatements,

both individually and in aggregate, on the financial statements as a whole.

Based on our professional judgement, we determined materiality for the financial statements as a

whole, as follows:

Overall group materiality €65.2 million (2024: €56 million).

How we determined it 5% of profit before tax

This benchmark is consistent with the prior year.

Rationale for benchmark applied We consider that the profit before tax remains the principal measure

used by the shareholders in assessing the underlying performance of

the Group. Therefore, an approach to calculate materiality based on

5% of profit before tax has been applied which is a generally accepted

auditing benchmark.

For each component in the scope of our group audit, we allocated a materiality that is less than our

overall group materiality. The range of materiality allocated across components was from €6 million

to€36.0 million.

We use performance materiality to reduce to an appropriately low level the probability that the

aggregate of uncorrected and undetected misstatements exceeds overall materiality. Specifically, we

use performance materiality in determining the scope of our audit and the nature and extent of our

testing of account balances, classes of transactions and disclosures, for example in determining sample

sizes. Our performance materiality was 75% (2024: 75%) of overall materiality, amounting to €48.9

million (2024: €42 million).

In determining the performance materiality, we considered a number of factors - the history of

misstatements, risk assessment and aggregation risk and the effectiveness of controls - and

concluded that an amount at the upper end of our normal range was appropriate.

Where the audit identified any items that were not reflected appropriately in the financial information,

we considered these items carefully to assess if they were individually or in aggregate material. We

agreed with the Audit and Risk Committee that we would report to them misstatements identified

exceeding €3.2 million (2024: €2.8 million) as well as misstatements below that amount that, in our view,

warranted reporting for qualitative reasons.

Independent auditor’s report to the General Meeting of Coca-Cola HBC AG continued

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Conclusions relating to going concern

Our evaluation of the directors’ assessment of the Group’s ability to continue to adopt the going

concern basis of accounting included:

• Verification that the cash flow projections used in the goodwill impairment, going concern and

viability assessments were consistent;

• Review of management’s assessment supporting the Group’s ability to continue to adopt the going

concern basis of accounting, ensuring that appropriate severe but plausible downside scenarios,

including those relating to climate change, the geopolitical events involving Russia and Ukraine and

the continued tensions in the Middle East, were considered;

• Assessment of the reasonableness of management’s assumptions used in the cash flow projections;

• Testing of the mathematical integrity of the cash flow forecasts and reconciliation with the Board

approved budget and management’s projections for the subsequent periods;

• Evaluation of the Group’s forecast liquidity for the period under assessment by considering the

Group’s available cash resources, committed undrawn credit facilities and other debt instruments in

place as well as the maturity profile of the Group’s debt. We confirmed the outstanding amounts of

the financing facilities and verified their nature, terms and conditions;

• Consideration of whether climate change is expected to have any significant impact during the

period of the going concern assessment; and

• Evaluation of the appropriateness of the related disclosures provided in the financial statements in

Note 2 ‘Basis of preparation and consolidation’.

Based on the work performed, we have not identified any material uncertainties relating to events or

conditions that, individually or collectively, may cast significant doubt on the Group’s ability to continue

as a going concern for a period of at least twelve months from when the financial statements are

authorised for issue.

In auditing the financial statements, we have concluded that the directors’ use of the going concern

basis of accounting in the preparation of the financial statements is appropriate. However, because not

all future events or conditions can be predicted, this conclusion is not a guarantee as to the Group’s

ability to continue as a going concern.

In relation to the Group’s reporting on how they have applied the UK Corporate Governance Code, we

have nothing material to add or draw attention to in relation to the directors’ statement in the financial

statements about whether the directors considered it appropriate to adopt the going concern basis

ofaccounting.

Our responsibilities and the responsibilities of the directors with respect to going concern are described

in the relevant sections of this report.

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial

statements, our auditor’s report thereon and the Swiss statutory reporting, which we obtained prior to

the date of this auditor’s report. The directors are responsible for the other information. Our opinion on

the financial statements does not cover the other information and, accordingly, we do not express an

audit opinion or any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other

information and, in doing so, consider whether the other information is materially inconsistent

with the financial statements or our knowledge obtained in the audit, or otherwise appears to be

materially misstated. If we identify an apparent material inconsistency or material misstatement,

we are required to perform procedures to conclude whether there is a material misstatement of the

financial statements or a material misstatement of the other information. If, based on the work we have

performed, we conclude that there is a material misstatement of this other information, we are required

to report that fact. We have nothing to report based on these responsibilities.

Corporate governance statement

The Listing Rules require us to review the directors’ statements in relation to going concern, longer-

term viability and that part of the corporate governance statement relating to the Group’s compliance

with the provisions of the UK Corporate Governance Code specified for our review. Our additional

responsibilities with respect to the corporate governance statement as other information, are

described in the Reporting on other information section of this report.

Based on the work undertaken as part of our audit, we have concluded that each of the following

elements of the corporate governance statement is materially consistent with the financial statements

and our knowledge obtained during the audit, and we have nothing material to add or draw attention to

in relation to:

• The directors’ confirmation that they have carried out a robust assessment of the emerging and

principal risks;

• The disclosures in the Annual Report that describe those principal risks, what procedures are in place

to identify emerging risks and an explanation of how these are being managed or mitigated;

• The directors’ statement in the financial statements about whether they considered it appropriate

to adopt the going concern basis of accounting in preparing them, and their identification of any

material uncertainties relating to the Group’s ability to continue to do so over a period of at least

twelve months from the date of approval of the financial statements;

• The directors’ explanation as to their assessment of the Group’s prospects, the period this

assessment covers and why the period is appropriate; and

• The directors’ statement as to whether they have a reasonable expectation that the Group will be

able to continue in operation and meet its liabilities as they fall due over the period of its assessment,

including any related disclosures drawing attention to any necessary qualifications or assumptions.

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Our review of the directors’ statement regarding the longer-term viability of the Group was substantially

less in scope than an audit and only consisted of making inquiries and considering the directors’ process

supporting their statement; checking that the statement is in alignment with the relevant provisions

of the UK Corporate Governance Code; and considering whether the statement isconsistent with the

financial statements and our knowledge and understanding of the Group and itsenvironment obtained

in the course of the audit.

In addition, based on the work undertaken as part of our audit, we have concluded that each of the

following elements of the corporate governance statement is materially consistent with the financial

statements and our knowledge obtained during the audit:

• The directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced and

understandable, and provides the information necessary for the members to assess the Group’s

position, performance, business model and strategy;

• The section of the Annual Report that describes the review of effectiveness of risk management and

internal control systems; and

• The section of the Annual Report describing the work of the Audit and Risk Committee.

We have nothing to report in respect of our responsibility to report when the directors’ statement

relating to the Group’s compliance with the Code does not properly disclose a departure from a

relevant provision of the Code specified under the Listing Rules for review by the auditors.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Statement of Directors’ Responsibilities in the Annual Report, the

directors are responsible for the preparation of the financial statements in accordance with the

applicable framework and for being satisfied that they give a true and fair view. The directors are also

responsible for such internal control as they determine is necessary to enable the preparation of

financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group’s ability to

continue as a going concern, disclosing, as applicable, matters related to going concern and using the

going concern basis of accounting unless the directors either intend to liquidate the Group or to cease

operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole

are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report

that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee

that an audit conducted in accordance with ISAs will always detect a material misstatement when it

exists. Misstatements can arise from fraud or error and are considered material if, individually or in the

aggregate, they could reasonably be expected to influence the economic decisions of users taken on

the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design

procedures in line with our responsibilities, outlined above, to detect material misstatements in

respect of irregularities, including fraud. The extent to which our procedures are capable of detecting

irregularities, including fraud, is detailed below.

Based on our understanding of the Group and industry, we considered those laws and regulations

that have a direct impact on the financial statements such as the corporate regulations arising from

its listings on the London Stock Exchange and Athens Exchange, international sanctions, tax laws and

regulations applicable to Coca-Cola HBC and its subsidiaries and regulations relating to unethical and

prohibited business practices. We evaluated management’s incentives and opportunities for fraudulent

manipulation of the financial statements (including the risk of override of controls), and determined that

the principal risks were related to areas where management made subjective judgements in respect

of significant accounting estimates that involved making assumptions and considering future events

that are inherently uncertain. The group engagement team shared this risk assessment with the

component auditors so that they could include appropriate audit procedures in response to such risks

in their work. Audit procedures performed by thegroup engagement team and/or component auditors

included:

• Inquiries of management, internal audit, internal legal counsel, management’s experts, where

relevant, including consideration of known or suspected instances of non-compliance with laws and

regulations and fraud;

• Evaluation and testing of the operating effectiveness of management’s controls designed to prevent

and detect irregularities;

• Assessment of matters reported on the Group’s whistleblowing helpline and the results of

management’s investigation of such matters to the extent they related to financial reporting;

• Reading the minutes of Board meetings to identify any inconsistencies with other information

provided by management;

• Challenging assumptions and judgements made by management in determining significant

accounting estimates (because of the risk of management bias), in particular in relation to the key

audit matters;

• Inspecting correspondence with legal advisors and internal audit reports in so far as they related to

the financial statements;

• Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our

testing; and

• Identifying and testing journal entries, in particular any entries posted with unusual account

combinations, journal entries posted by senior management and consolidation entries.

There are inherent limitations in the audit procedures described above. We are less likely to become

aware of instances of non-compliance with laws and regulations that are not closely related to events

and transactions reflected in the financial statements. Also, the risk of not detecting a material

misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud

mayinvolve deliberate concealment by, for example, forgery or intentional misrepresentations,

orthrough collusion.

Our audit testing might include testing complete populations of certain transactions and balances,

possibly using data auditing techniques. However, it typically involves selecting a limited number of

items for testing, rather than testing complete populations. We will often seek to target particular items

for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable

us to draw a conclusion about the population from which the sample is selected.

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As part of an audit in accordance with ISAs, we exercise professional judgement and maintain

professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to

fraud or error, by designing and performing audit procedures responsive to those risks, and obtain

audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not

detecting a material misstatement resulting from fraud is higher than for one resulting from error,

as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of

internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures

that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the Group’s internal control.

• Evaluate the appropriateness of accounting policies and methods used and the reasonableness

ofaccounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting

and, based on the audit evidence obtained, whether a material uncertainty exists related to events

or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.

If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s

report to the related disclosures in the financial statements or, if such disclosures are inadequate, to

modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our

auditor’s report. However, future events or conditions may cause the Group to cease to continue as a

goingconcern.

• Evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and events

in a manner that achieves fair presentation.

• Plan and perform the group audit to obtain sufficient and appropriate audit evidence regarding

thefinancial information of the entities or business units within the Group as a basis of forming

anopinion on the financial statements. We are responsible for the direction, supervision and review

of the audit work performed for the purposes of the Group audit. We remain solely responsible for

our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned

scope and timing of the audit and significant audit findings, including any significant deficiencies in

internal control that we identify during our audit. Those charged with governance are responsible for

overseeing the Group’s financial reporting process.

We also provide those charged with governance with a statement that we have complied with

relevantethical requirements regarding independence and communicate with them all relationships

and other matters that may reasonably be thought to bear on our independence, and where applicable,

related safeguards.

From the matters communicated with those charged with governance, we determine those matters

that were of most significance in the audit of the financial statements of the current year and are

therefore the key audit matters. We describe these matters in our auditor’s report unless law or

regulation precludes public disclosure about the matter or when, in extremely rare circumstances,

we determine that a matter should not be communicated in our report because the adverse

consequences of doing so would reasonably be expected to outweigh the public interest benefits

ofsuch communication.

Use of this report

This report, including the opinions, has been prepared for and only for Coca-Cola HBC AG for the

purpose of compliance with the Disclosure Guidance and Transparency Rules sourcebook and the

Listing Rules of the FCA and for no other purpose. We do not, in giving these opinions, accept or

assume responsibility for any other purpose or to any other person to whom this report is shown or

into whose hands it may come, including without limitation under any contractual obligations of the

company, save where expressly agreed by our prior consent in writing.

Partner responsible for the audit

The engagement partner on the audit resulting in this independent auditor’s report is Fotis Smyrnis.

Other required reporting

Appointment

We have been the Group’s auditors since 2003 and following a tender process that the Group

conducted in 2015, at the recommendation of the Audit and Risk Committee, we were reappointed by

the directors on 11 December 2015 to audit the financial statements for the year ended 31 December

2017. Our appointment has been continuously renewed by the decisions of the annual general

meetings of shareholders for the subsequent financial periods.

Assurance Report on the European Single Electronic Format pursuant to the Athens Exchange

listing requirements

Subject matter

We undertook the reasonable assurance engagement to examine the digital files of Coca-Cola

HBC, which were compiled in accordance with the European Single Electronic Format (ESEF),

and which include the financial statements for the year ended December 31, 2025, in XHTML

format 549300EFP3TNG7JGVE49-2025-12-31-1-en.xhtml, as well as the intended XBRL file

549300EFP3TNG7JGVE49-2025-12-31-1-en.zip with the appropriate markup, on the aforementioned

consolidated financial statements , including other explanatory information (Notes to the financial

statements), (hereinafter referred to as the “Subject Matter”), in order to determine that it was prepared

in accordance with the requirements set out in the Applicable Criteria section.

Applicable Criteria

The Applicable criteria for the European Single Electronic Format (ESEF) are defined by the European

Commission Delegated Regulation (EU) 2019/815, as amended by Regulation (EU) 2020/1989

(hereinafter ‘ESEF Regulation’) and the 2020 / C 379/01 Interpretative Communication of the European

Commission of 10 November 2020, as provided by the Greek Law 3556/2007 and the relevant

announcements of the Hellenic Capital Market Commission and the Athens Exchange.

In summary, these criteria provide, inter alia, that:

• All annual financial reports should be prepared in XHTML format.

• For consolidated financial statements in accordance with International Financial Reporting

Standards, the financial information stated in the consolidated balance sheet, the consolidated

income statement, the consolidated statement of comprehensive income, the consolidated

cash flow statement and the consolidated statement of changes in equity, as well as the financial

information included in the other explanatory information, should be marked-up with XBRL ‘tags’

and ‘block tag’, according to the ESEF Taxonomy, as in force. The technical specifications for ESEF,

including the relevant classification, are set out in the ESEF Regulatory Technical Standards.

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Responsibilities of the directors

The directors are responsible for the preparation and submission of the consolidated financial statements

of the Group, for the year ended 31 December 2025 in accordance with the requirements set by the ESEF

Regulatory Framework, as well as for those internal controls that management determines as necessary,

to enable the compilation of digital files free of material error due to either fraud or error.

Auditor’s responsibilities

Our responsibility is to issue this Report regarding the evaluation of the Subject Matter, based on our

work performed, which is described below in the “Scope of Work Performed” section.

Our work was carried out in accordance with International Standard on Assurance Engagements 3000

(Revised) “Assurance Engagements Other than Audits or Reviews of Historical Financial Information”

(hereinafter “ISAE 3000”).

ISAE 3000 requires that we plan and perform our work to obtain reasonable assurance about the evaluation

of the Subject Matter in accordance with the Applicable Criteria. In the context of the procedures performed,

we assess the risk of material misstatement of the information related to the Subject Matter.

We believe that the evidence we have obtained is sufficient and appropriate and supports the

conclusion expressed in this assurance report.

Code of Conduct and quality management

We are independent of the Group, throughout the duration of this engagement and have complied

with the requirements of the Code of Ethics for Professional Accountants (including International

Independence Standards) issued by the International Ethics Standards Board for Accountants (‘IESBA

Code’), and the FRC’s Ethical Standard, as applicable to listed entities, and we have fulfilled our ethical

responsibilities in accordance with these requirements.

Our audit firm applies International Standard on Quality Management (ISQM) 1 “Quality Management

for Firms that Perform Audits or Reviews of Financial Statements or Other Assurance or Relates

Services Engagements” and consequently maintains a comprehensive quality management system

that includes documented policies and procedures regarding compliance with ethical requirements,

professional standards and applicable legal and regulatory requirements.

Scope of work performed

The assurance work we performed covers the subjects included in the No. 214/4/11.02.2022 Decision

of the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB) and in the ‘Guidelines

in relation to the work and assurance report of Certified Public Accountants on the European Single

Electronic Format (ESEF) of issuers with securities listed on a regulated market in Greece’ as issued

by the Institute of Certified Public Accountants of Greece on 14/02/2022, so as to obtain reasonable

assurance that the consolidated financial statements of the Group prepared by management comply,

in all material respects, with the Applicable Criteria.

Inherent limitations

Our work covered the items listed in the ‘Scope of work performed’ section to obtain reasonable

assurance based on the procedures described. In this context, the work we performed could not

absolutely ensure that all matters that could be considered material weaknesses would be revealed.

Conclusion

Based on the procedures performed and the evidence obtained, we conclude that the

consolidated financial statements of the Group for the year ended 31 December 2025, in XHTML

file format 549300EFP3TNG7JGVE49-2025-12-31-1-en.xhtml, as well as the provided XBRL

file 549300EFP3TNG7JGVE49-2025-12-31-1-en.zip with the appropriate marking up, on the

aforementioned consolidated financial statements, including the other explanatory information, have

been prepared, inall material respects, in accordance with the requirements of the Applicable Criteria.

Other matters

Swiss statutory reporting requirements

PwC Switzerland has reported separately on the Group and Company financial statements of Coca-

Cola HBC AG for the year ended 31 December 2025 for Swiss statutory purposes. The reports are

available in pages 332 to 340.

Annual financial report prepared under the structured digital format pursuant to the London Stock

Exchange listing requirements

The Group is required by the Financial Conduct Authority Disclosure Guidance and Transparency Rules

to include these financial statements in an annual financial report prepared under the structured digital

format required by DTR 4.1.15R – 4.1.18R and filed on the National Storage Mechanism of the Financial

Conduct Authority. This auditor’s report provides no assurance over whether the structured digital

format annual financial report has been prepared in accordance with those requirements which may

differ from the ESEF as defined in section ‘Other required reporting’ above.

Fotis Smyrnis

the Certified Auditor, Reg. No. 52861

for and on behalf of PricewaterhouseCoopers S.A.

Certified Auditors, Reg. No. 113

Athens, Greece

20 March 2026

Notes:

(a) The maintenance and integrity of the Coca-Cola HBC AG website is the responsibility of the directors; the work carried out by the auditors

does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have

occurred to the financial statements since they were initially presented on the website.

(b) Legislation in the UK, Greece and Switzerland governing the preparation and dissemination of financial statements may differ from

legislation in other jurisdictions.

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Consolidated financial statements

Consolidated income statement

For the year ended 31 December

The accompanying notes form an integral part of these consolidated financial statements.

Consolidated statement of comprehensive income

For the year ended 31 December

		2025	2024
	Note	€ million	€ million
Net sales revenue	6, 7	11,604.5	10,754.4
Cost of goods sold		(7,336.6)	(6,876.9)
Gross profit		4,267.9	3,877.5
Operating expenses	8	(2,977.7)	(2,705.7)
Share of results of integral equity method investments	15	15.4	13.6
Operating profit	6	1,305.6	1,185.4
Finance income		130.6	106.2
Finance costs		(131.7)	(166.7)
Finance costs, net	9	(1.1)	(60.5)
Share of results of non-integral equity method investments	15	0.9	3.1
Profit before tax		1,305.4	1,128.0
Ta x	10	(365.1)	(308.3)
Profit after tax		940.3	819.7
Attributable to:
Owners of the parent		940.4	820.6
Non-controlling interests		(0.1)	(0.9)
		940.3	819.7
Basic and diluted earnings per share (€)	11	2.59	2.25

		2025	2024
	Note	€ million	€ million
Profit after tax		940.3	819.7
Other comprehensive income:
Items that may be subsequently reclassified
toincomestatement:
Cost of hedging	24	(3.3)	(2.3)
Net (loss)/gain from cash flow hedges	24	(59.4)	10.8
Foreign currency translation gains/(losses)	12	90.0	(209.5)
Share of other comprehensive loss of equity
methodinvestments	12, 15	(0.4)	(4.6)
Income tax relating to items that may be subsequently
reclassified to income statement	12	6.8	1.0
		33.7	(204.6)
Items that will not be subsequently reclassified
toincomestatement:
Valuation gain/(loss) on equity investments at fair value through other comprehensive income	12	0.3	(0.2)
Actuarial (losses)/gains	12	(0.8)	1.0
Income tax relating to items that will not be subsequently
reclassified to income statement	12	0.2	0.1
		(0.3)	0.9
Other comprehensive income/(loss) for the year, net of tax	12	33.4	(203.7)
Total comprehensive income for the year		973.7	616.0
Total comprehensive income attributable to:
Owners of the parent		974.1	617.8
Non-controlling interests		(0.4)	(1.8)
		973.7	616.0

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Consolidated financial statements continued

		2025	2024
	Note	€ million	€ million
Assets
Intangible assets	13	2,523.7	2,506.7
Property, plant and equipment	14	3,691.5	3,197.3
Equity method investments	15	201.3	197.6
Other financial assets	24	73.0	59.7
Deferred tax assets	10	42.3	40.9
Other non-current assets	18	121.2	88.8
Total non-current assets		6,653.0	6,091.0
Inventories	17	840.3	863.9
Trade, other receivables and assets	18	1,350.6	1,238.2
Other financial assets	24, 25	188.4	901.7
Current tax assets		25.2	10.5
Cash and cash equivalents	25	2,541.7	1,548.1
		4,946.2	4,562.4
Assets classified as held for sale	19	0.1	0.3
Total current assets		4,946.3	4,562.7
Total assets		11,599.3	10,653.7

		2025	2024
	Note	€ million	€ million
Liabilities
Borrowings	25	3,107.4	3,091.9
Other financial liabilities	24	7.4	9.9
Deferred tax liabilities	10	275.7	220.7
Provisions and employee benefits	21	106.0	107.1
Non-current tax liabilities	10	5.0	5.3
Other non-current liabilities		7.4	8.0
Total non-current liabilities		3,508.9	3,442.9
Borrowings	25	805.6	888.7
Other financial liabilities	24	36.4	19.3
Trade and other payables	20	2,941.5	2,670.4
Provisions and employee benefits	21	222.8	191.1
Current tax liabilities		142.5	138.3
Total current liabilities		4,148.8	3,907.8
Total liabilities		7,657.7	7,350.7
Equity
Share capital	26	2,032.1	2,032.1
Share premium	26	1,836.9	2,214.8
Group reorganisation reserve	26	(6,472.1)	(6,472.1)
Treasury shares	26	(263.1)	(298.5)
Exchange equalisation reserve	26	(1,832.2)	(1,922.1)
Other reserves	26	66.5	115.1
Retained earnings		8,476.5	7,536.4
Equity attributable to owners of the parent		3,844.6	3,205.7
Non-controlling interests		97.0	97.3
Total equity		3,941.6	3,303.0
Total equity and liabilities		11,599.3	10,653.7

Consolidated balance sheet

As at 31 December

The accompanying notes form an integral part of these consolidated financial statements.

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					Attributable to owners of the parent
			Group		Exchange				Non-
		Share	reorganisation	Treasury	equalisation	Other	Retained		controlling
	Share capital	premium	reserve	shares	reserve	reserves	earnings	Total	interests	Total equity
	€ million	€ million	€ million	€ million	€ million	€ million	€ million	€ million	€ million	€ million
Balance as at 1 January 2024	2,030.3	2,555.7	(6,472.1)	(144.1)	(1,708.9)	272.1	6,559.8	3,092.8	93.9	3,186.7
Shares issued/granted to employees exercising stock options	1.8	2.0	–	5.2	–	(2.4)	–	6.6	–	6.6
Share-based compensation:
Performance shares	–	–	–	–	–	15.6	–	15.6	–	15.6
Movement in shares held for equity compensation plan	–	–	–	–	–	0.4	–	0.4	–	0.4
Appropriation of reserves	–	–	–	23.4	–	(183.2)	159.8	–	–	–
Purchase and dilution of shares held by non-controlling interests	–	–	–	–	–	–	(8.1)	(8.1)	5.2	(2.9)
Acquisition of treasury shares	–	–	–	(183.0)	–	–	–	(183.0)	–	(183.0)
Dividends	–	(342.9)	–	–	–	–	3.2	(339.7)	–	(339.7)
Transfer of cash flow hedge reserve, including cost of hedging to inventories, net of tax 1	–	–	–	–	–	3.3	–	3.3	–	3.3
	2,032.1	2,214.8	(6,472.1)	(298.5)	(1,708.9)	105.8	6,714.7	2,587.9	99.1	2,687.0
Profit for the year, net of tax	–	–	–	–	–	–	820.6	820.6	(0.9)	819.7
Other comprehensive loss for the year, net of tax	–	–	–	–	(213.2)	9.3	1.1	(202.8)	(0.9)	(203.7)
Total comprehensive income for the year, net of tax 2	–	–	–	–	(213.2)	9.3	821.7	617.8	(1.8)	616.0
Balance as at 31 December 2024	2,032.1	2,214.8	(6,472.1)	(298.5)	(1,922.1)	115.1	7,536.4	3,205.7	97.3	3,303.0
Shares granted to employees exercising stock options	–	–	–	10.0	–	(3.0)	–	7.0	–	7.0
Share-based compensation:
Performance shares	–	–	–	–	–	22.1	–	22.1	–	22.1
Movement in shares held for equity compensation plan	–	–	–	–	–	0.2	–	0.2	–	0.2
Appropriation of reserves	–	–	–	25.4	–	(22.6)	(2.8)	–	–	–
Dilution of shares held by non-controlling interests	–	–	–	–	–	–	(0.2)	(0.2)	0.2	–
Dividends	–	(377.9)	–	–	–	–	3.5	(374.4)	(0.1)	(374.5)
Transfer of cash flow hedge reserve, including cost of hedging to inventories, net of tax 3	–	–	–	–	–	10.1	–	10.1	–	10.1
	2,032.1	1,836.9	(6,472.1)	(263.1)	(1,922.1)	121.9	7,536.9	2,870.5	97.4	2,967.9
Profit for the year, net of tax	–	–	–	–	–	–	940.4	940.4	(0.1)	940.3
Other comprehensive loss for the year, net of tax	–	–	–	–	89.9	(55.4)	(0.8)	33.7	(0.3)	33.4
Total comprehensive income for the year, net of tax 4	–	–	–	–	89.9	(55.4)	939.6	974.1	(0.4)	973.7
Balance as at 31 December 2025	2,032.1	1,836.9	(6,472.1)	(263.1)	(1,832.2)	66.5	8,476.5	3,844.6	97.0	3,941.6

1. The amount included in other reserves of €3. 3 million for 2024 represents the cash flow hedge reserve, including cost of hedging, transferred to inventories of €4 .0 million loss, and the deferred tax income thereof amounting to €0 .7 million.

2. The amount included in the exchange equalisation reserve of €213 . 2 million loss for 2024 represents the exchange loss attributable to owners of the parent, including €4 .6 million loss relating to the share of other comprehensive income of equity method investments.

The amount of other comprehensive income, net of tax included in other reserves of €9. 3 million gain for 2024 consists of cash flow hedges gain of €8 . 5 million, valuation losses of €0 . 2 million on equity investments at fair value through other comprehensive income and the deferred tax

income thereof amounting to €1. 0 million.

The amount included in retained earnings of €821.7 million gain attributable to owners of the parent comprises profit for the year, net of tax of €82 0. 6 million, actuarial gains of €1. 0 million and the deferred tax income thereof amounting to €0 .1 million.

The amount of €1. 8 million loss included in non-controlling interests for 2024 represents the exchange loss attributable to the non-controlling interests of €0 .9 million, and the share of non-controlling interests in profit for the year, net of tax of €0.9 million loss.

3. The amount included in other reserves of €10.1 million for 2025 represents the cash flow hedge reserve, including cost of hedging, transferred to inventories of €13 .3 million loss, and the deferred tax income thereof amounting to €3 . 2 million.

4. The amount included in the exchange equalisation reserve of €8 9.9 million gain for 2025 represents the exchange gain attributable to owners of the parent, including €0. 4 million loss relating to the share of other comprehensive income of equity method investments.

The amount of other comprehensive income, net of tax included in other reserves of €55. 4 million loss for 2025 consists of cash flow hedges loss of €6 2.7 million, valuation gain of €0. 3 million on equity investments at fair value through other comprehensive income and the deferred tax

income thereof amounting to €7.0 million.

The amount included in retained earnings of €939.6 million gain attributable to owners of the parent for 2025 comprises profit for the year, net of tax of €94 0. 4 million and actuarial losses of €0. 8 million.

The amount of €0 .4 million losses included in non-controlling interests for 2025 represents the exchange loss attributable to the non-controlling interests of €0 .3 million and the share of non-controlling interests in profit for the year, net of tax amounting to €0 .1 million loss.

For further details, refer to Note 12 ‘Components of other comprehensive income’, Note 23 ‘Business combinations’, Note 24 ‘Financial risk management and financial instruments’, Note 26 ‘Equity’ and Note 28 ‘Share-based payments’.

The accompanying notes form an integral part of these consolidated financial statements.

Consolidated statement of changes in equity

Consolidated financial statements continued

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		2025	2024
	Note	€ million	€ million
Operating activities
Profit after tax		940.3	819.7
Finance costs, net	9	1.1	60.5
Share of results of non-integral equity method investments	15	(0.9)	(3.1)
Tax charged to the income statement	10	365.1	308.3
Depreciation of property, plant and equipment including
right-of-use assets	14, 16	424.2	374.2
Impairment of property, plant and equipment including
right-of-use assets	14	6.5	21.5
Employee performance shares		22.1	15.6
Amortisation and impairment of intangible assets	13	1.5	1.1
		1,759.9	1,597.8
Share of results of integral equity method investments	15	(15.4)	(13.6)
Gain on disposals of non-current assets	8	(5.7)	(4.5)
Decrease/(increase) in inventories		49.2	(150.0)
Increase in trade and other receivables		(180.0)	(71.7)
Increase in trade and other payables		214.2	322.5
Tax paid		(308.7)	(288.6)
Net cash inflow from operating activities		1,513.5	1,391.9
Investing activities
Payments for purchases of property, plant and equipment		(752.6)	(615.4)
Proceeds from sales of property, plant and equipment		6.1	8.6
Payment for business combinations, net of cash acquired	23	(31.0)	(1.5)
Receipts from integral equity method investments	27	11.7	11.7
Receipts from non-integral equity method investments	27	0.6	2.2

		2025	2024
	Note	€ million	€ million
Net proceeds from/(payments for) investments in financial
assets at amortised cost		502.9	(561.9)
Net proceeds from investments in financial assets at fair value through profit or loss		265.6	259.9
Payments for investments in financial assets at fair value through other comprehensive income		(4.4)	(7.0)
Loans to related parties		(5.1)	(8.0)
Repayments of loans by related parties		1.7	0.9
Interest received		124.6	89.6
Net cash inflow/(outflow) from investing activities		120.1	(820.9)
Financing activities
Proceeds from shares granted/issued to employees
exercising stockoptions	26	7.0	6.6
Payments for purchases of shares held by non-controlling interests		–	(2.9)
Acquisition of treasury shares	26	–	(183.0)
Proceeds from borrowings	25	499.5	1,265.2
Repayments of borrowings	25	(621.9)	(748.5)
Principal repayments of lease obligations	25	(69.6)	(60.8)
Dividends paid to owners of the parent	26	(374.4)	(339.7)
Payments for settlement of derivatives and funded forward
contracts regarding financingactivities	25	(5.9)	(42.0)
Interest paid	25	(139.5)	(100.4)
Net cash outflow from financing activities		(704.8)	(205.5)
Net increase in cash and cash equivalents		928.8	365.5
Movement in cash and cash equivalents
Cash and cash equivalents as at 1 January		1,548.1	1,260.6
Net increase in cash and cash equivalents		928.8	365.5
Effect of changes in exchange rates		64.8	(78.0)
Cash and cash equivalents as at 31 December	25	2,541.7	1,548.1

Consolidated cash flow statement

For the year ended 31 December

Consolidated financial statements continued

The accompanying notes form an integral part of these consolidated financial statements.

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Notes to the consolidated financial statements

1. General information

Coca-Cola HBC AG and its subsidiaries (the ‘Group’ or ‘Coca-Cola HBC’ or the ‘Company’) are

principally engaged in the production, sales and distribution of primarily non-alcoholic ready-to-drink

beverages, under franchise from The Coca-Cola Company, across Nigeria, Egypt and 26 countries

in Europe; while in Russia, the Group operates under a business model focusing on local brands.

Information on the Group’s operations by segment is included in Note 6.

On 11 October 2012, Coca-Cola HBC, a Swiss stock corporation (Aktiengesellschaft/Société

Anonyme) incorporated by Kar-Tess Holding (a related party of the Group, refer to Note 27),

announced a voluntary share exchange offer to acquire all outstanding ordinary registered shares

and all American depositary shares of Coca-Cola Hellenic Bottling Company S.A. As a result of

the successful completion of this offer, on 25 April 2013, Coca-Cola HBC acquired 96.85% of the

issued Coca-Cola Hellenic Bottling Company S.A. shares, including shares represented by American

depositary shares, and became the new parent company of the Group. On 17 June 2013, Coca-Cola

HBC completed its statutory buyout of the remaining shares of Coca-Cola Hellenic Bottling Company

S.A. that it did not acquire upon completion of its voluntary share exchange offer. Consequently,

Coca-Cola HBC acquired 100% of Coca-Cola Hellenic Bottling Company S.A., which was eventually

delisted from the Athens Stock Exchange, from the London Stock Exchange, where it had a secondary

listing and from the New York Stock Exchange, where American depositary shares were listed.

The shares of Coca-Cola HBC started trading on the London Stock Exchange (Ticker symbol: CCH)

and on the Athens Stock Exchange (Ticker symbol: EEE), and regular way trading in Coca-Cola HBC

American depositary shares commenced on the New York Stock Exchange (Ticker symbol: CCH) on

29 April 2013. On 24 July 2014, the Group proceeded to the delisting of its American depositary shares

from the New York Stock Exchange and terminated its reporting obligations under the US Securities

Exchange Act of 1934. The deregistration of Coca-Cola HBC shares under the US Securities Exchange

Act of 1934 and the termination of its reporting obligations became effective on 3 November 2014.

2. Accounting information

Basis of preparation

The consolidated financial statements of the Group have been prepared in accordance with the

International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and in

compliance with Swiss law.

These consolidated financial statements were approved for issue by the Board of Directors on 19 March

2026 and are expected to be verified at the Annual General Meeting to be held on 8 May 2026.

Going concern

The consolidated financial statements have been prepared on a going concern basis. As part of its

assessment, management has considered the Group’s financial performance in the year, its strong

balance sheet and liquidity position, including its committed funding facilities, as well as the Group’s

quantitative viability exercise linked to certain of its principal risks, including those relating to climate

change, as detailed on page 198 of the Strategic Report. Management has also considered the

potential impact of the geopolitical events involving Russia and Ukraine, and the ongoing tensions in

the Middle East. Management has reviewed the Group’s financial forecasts and funding requirements

with consideration given to the potential impact of severe but plausible downside scenarios. Even under

these scenarios, the Group’s cash position is still expected to remain strong over the period of the

financial forecasts, considering also that there are mitigating actions the Group could take, should they

be required, by making adjustments to its operating plans within the normal course of business.

Having considered the outcome of these assessments, management confirms the Group’s ability

to generate cash for a period of 12 months from the date of approval of these consolidated financial

statements and beyond.

Therefore, it is deemed appropriate that the Group continues to adopt the going concern basis for the

preparation of the consolidated financial statements under the historical cost convention, as modified by

the revaluation of financial assets at fair value through profit or loss, investments in equity instruments

classified at fair value through other comprehensive income and derivative financial instruments.

Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and its

subsidiaries as at 31 December 2025. Subsidiaries are those entities over which the Group, directly

or indirectly, has control. The Group controls an entity when it is exposed to, or has rights to, variable

returns from its involvement with the entity and has the ability to affect those returns through power

over the entity. Subsidiary undertakings are consolidated from the date on which control is transferred

to the Group and cease to be consolidated from the date on which control is transferred out of the

Group. The subsidiaries’ accounting policies are consistent with policies adopted by the Group. All

inter-company transactions and balances between Group entities are eliminated on consolidation.

Transactions with non-controlling interests that do not result in loss of control are accounted for as

equity transactions – that is, as transactions with the owners in their capacity as owners. The difference

between fair value of any consideration paid and the relevant acquired share of the carrying value of net

assets of the subsidiary is recorded in equity.

When the Group ceases to have control over a subsidiary, it derecognises the related assets and

liabilities, non-controlling interests and any other components of equity, while any resulting gain or loss is

recognised in the income statement. Any retained interest in the former subsidiary is remeasured to its

fair value at the date when control is lost, with the change in carrying amount recognised in the income

statement. This fair value is the initial carrying amount for the purposes of subsequently accounting for

the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously

recognised in other comprehensive income in respect of that entity are accounted for as if the Group

had directly disposed of the related assets or liabilities. This means that amounts previously recognised

in other comprehensive income, if any, are reclassified to the income statement.

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Notes to the consolidated financial statements continued

3. Foreign currencies and translation

The individual financial statements of each subsidiary are presented in the currency of the primary

economic environment in which the subsidiary operates (its functional currency). For the purposes

of the consolidated financial statements, the results and financial position of each subsidiary are

expressed in Euro, which is the Group’s presentation currency.

The assets and liabilities of foreign subsidiaries are translated into Euro at the exchange rates prevailing

at the balance sheet date. The results and cash flows of foreign subsidiaries are translated into Euro

using the average monthly exchange rates, being a reasonable approximation of the rates prevailing

on the transaction dates. The exchange differences arising on translation of the results, assets and

liabilities of foreign subsidiaries are recognised in other comprehensive income and included in the

exchange equalisation reserve. On disposal of a foreign subsidiary, accumulated exchange differences

are recognised in the income statement as a component of the gain or loss on disposal.

Transactions in foreign currencies are recorded at the rates ruling at the date of transaction. Monetary

assets and liabilities denominated in foreign currencies are remeasured at the rates of exchange ruling

at the balance sheet date. All gains and losses arising on remeasurement are included in the income

statement, except for exchange differences arising on assets and liabilities classified as cash flow

hedges, which are deferred in equity until the occurrence of the hedged transaction, at which time they

are recognised in the income statement or, in the case of deal-contingent cash flow hedges, as part of

goodwill. Share capital and share premium denominated in a currency other than the functional currency

are initially recorded at the spot rate of the date of issue but are not retranslated.

The principal exchange rates used for translation purposes in respect of one Euro are:

	Average	Average	Closing	Closing
	2025	2024	2025	2024
US Dollar	1.13	1.08	1.18	1.04
UK Sterling	0.86	0.85	0.87	0.83
Polish Zloty	4.24	4.31	4.23	4.27
Nigerian Naira	1,719.72	1,602.37	1,705.24	1,614.99
Hungarian Forint	398.39	394.86	386.21	410.56
Swiss Franc	0.94	0.95	0.93	0.94
Russian Rouble	94.70	100.14	92.36	107.50
Romanian Leu	5.04	4.97	5.09	4.98
Ukrainian Hryvnia	46.99	43.43	49.65	43.75
Czech Koruna	24.71	25.12	24.28	25.20
Serbian Dinar	117.19	117.09	117.33	116.97
Egyptian Pound	55.60	48.75	56.14	52.92

4. Accounting pronouncements

a) Accounting pronouncements adopted in 2025

The Group has adopted the following amendment to standard, which was endorsed by the EU, that is

relevant to its operations and effective for the accounting period beginning on 1 January 2025:

• Amendment to IAS 21 – Lack of Exchangeability: This amendment specifies how an entity should

assess whether a currency is exchangeable and how it should determine a spot exchange rate when

exchangeability is lacking. The amendment also requires disclosure of information that enables users

of its financial statements to understand how the currency not being exchangeable into the other

currency affects, or is expected to affect, the entity’s financial performance, financial position and

cash flows. When applying the amendment, an entity cannot restate comparative information.

The adoption of this amendment did not have an impact on the consolidated financial statements of

the Group.

b) Accounting pronouncements not yet adopted

At the date of approval of these consolidated financial statements, the following amendments to

standards relevant to the Group’s operations were issued but not yet effective and not early adopted:

• Amendments to the Classification and Measurement of Financial Instruments – Amendments

to IFRS 9 and IFRS 7;

• Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7; and

• Annual improvements to IFRS – Volume 11 (narrow scope amendments to IFRS 1, IFRS 7, IFRS 9,

IFRS 10 and IAS 7).

The above amendments to standards are not expected to have a material impact on the consolidated

financial statements of the Group.

In addition, the following standard relevant to the Group’s operations was issued but not yet effective

and not early adopted:

• Presentation and Disclosure in Financial Statements – IFRS 18.

IFRS 18 is effective for reporting periods beginning on or after 1 January 2027 and will not be early

adopted by the Group. The Group is currently working to identify all impacts the new standard will have

on the primary financial statements and notes to the consolidated financial statements.

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5. Critical accounting estimates and judgements

In conformity with IFRS, the preparation of the consolidated financial statements for Coca-Cola

HBC requires management to make estimates and judgements that affect the reported amounts

of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities

in the consolidated financial statements and accompanying notes. Although these estimates and

judgements are based on management’s knowledge of current events and actions that may be

undertaken in the future, actual results may ultimately differ from estimates.

Estimates

The key items concerning the future and other key sources of estimation uncertainty at the reporting

date that have a significant risk of causing a material adjustment to the carrying amounts of assets and

liabilities within the next financial year are described below:

• Impairment of goodwill and indefinite-lived intangible assets (refer to Note 13); and

• Employee benefits – defined benefit pension plans (refer to Note 21).

Judgements

In the process of applying the Group’s accounting policies, management has made the following

judgements, apart from those involving estimations as described above, which have the most

significant effect on the amounts recognised in the consolidated financial statements:

• Joint arrangements (refer to Note 15).

6. Segmental analysis

The Group has essentially one business, being the production, sale and distribution of primarily

non-alcoholic ready-to-drink beverages across 29 countries. The Group’s markets are aggregated in

reportable segments as follows:

Established	Austria, Cyprus, Greece, Italy, Northern
markets:	Ireland, the Republic of Ireland, Switzerland
	and Global exports 1 .
Developing	Croatia, Czech Republic, Estonia,
markets:	Hungary, Latvia, Lithuania, Poland,
	Slovakia and Slovenia.
Emerging	Armenia, Belarus, Bosnia and Herzegovina,
markets:	Bulgaria, Egypt, Moldova, Montenegro,
	Nigeria, North Macedonia, Romania, the
	Russian Federation, Serbia (including the
	Republic of Kosovo) and Ukraine.

1. The Global exports market refers to the export business for Finlandia and Three Cents in countries where the Group does not have

operations in connection with non-alcoholic ready-to-drink beverages.

The Group’s chief operating decision maker is its Executive Leadership Team, which evaluates

performance and allocates resources based on volume, net sales revenue and operating profit. The

Group’s operations in the Established, Developing and Emerging markets have been aggregated on the

basis of their similar economic characteristics, assessed by reference to their net sales revenue per unit

case, as well as disposable income per capita, exposure to political and economic volatility, regulatory

environments, customers and distribution infrastructures. The accounting policies of the reportable

segments are the same as those adopted by the Group.

a) Volume and net sales revenue

The Group’s sales volume in million unit cases

for the years ended 31 December was as follows:

	2025	2024
Established	631.6	631.3
Developing	486.4	482.6
Emerging	1,879.4	1,800.6
Total volume	2,997.4	2,914.5

Net sales revenue per reportable segment for the years ended 31 December is presented in the

graphs below:

Established	€3,599.7 million
Developing	€2,551.8 million
Emerging	€5,453.0 million

2025

€11,604.5

million

Established	€3,501.3 million
Developing	€2,385.2 million
Emerging	€4,867.9 million

2024

€10,754.4 million

Sales or transfers between the Group’s segments are not material, nor are there any customers that

represent more than 10% of net sales revenue for the Group.

Notes to the consolidated financial statements continued

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6. Segmental analysis continued

In addition to non-alcoholic ready-to-drink beverages, as well as coffee and snacks (NARTD), the Group

sells and distributes premium spirits. An analysis of volume and net sales revenue per product type is

presented below for the years ended 31 December:

Volume in million unit cases 2 :	2025	2024
NARTD	2,990.0	2,907.9
Premium Spirits	7.4	6.6
Total volume	2,997.4	2,914.5
Net sales revenue in € million:
NARTD	11,144.1	10,340.1
Premium Spirits	460.4	414.3
Total net sales revenue	11,604.5	10,754.4

2. One unit case corresponds to approximately 5.678 litres or 24 servings, being a typically used measure of volume. For premium spirits

volume, one unit case also corresponds to 5.678 litres. For biscuits volume, one unit case corresponds to 1 kilogram. For coffee volume,

one unit case corresponds to 0.5 kilograms or 5.678 litres. Volume data is derived from unaudited operational data.

Net sales revenue from external customers attributed to Switzerland (the Group’s country of domicile),

the Russian Federation, Italy and Poland was as follows for the years ended 31 December:

	2025	2024
	€ million	€ million
Switzerland	460.2	465.8
The Russian Federation	1,613.3	1,357.3
Italy	1,260.5	1,232.8
Poland	1,228.0	1,158.2
All countries other than Switzerland, the Russian Federation, Italy and Poland	7,042.5	6,540.3
Total net sales revenue from external customers	11,604.5	10,754.4

b) Other income statement items

		2025	2024
Year ended 31 December	Note	€ million	€ million
Cost of inventories recognised as an expense:
Established		1,717.6	1,702.9
Developing		1,134.1	1,051.1
Emerging		2,582.8	2,376.6
Total cost of inventories recognised as an expense	17	5,434.5	5,130.6

		2025	2024
Year ended 31 December	Note	€ million	€ million
Operating profit:
Established		371.0	385.8
Developing		239.0	223.6
Emerging		695.6	576.0
Total operating profit		1,305.6	1,185.4
Finance costs:
Established		(23.9)	(21.0)
Developing		(16.6)	(14.9)
Emerging		(48.3)	(85.7)
Corporate 3		(195.0)	(198.8)
Inter-segment finance cost		152.1	153.7
Total finance costs	9	(131.7)	(166.7)
Finance income:
Established		5.4	5.1
Developing		2.8	3.0
Emerging		119.1	64.9
Corporate 3		155.4	186.9
Inter-segment finance income		(152.1)	(153.7)
Total finance income	9	130.6	106.2
Income tax expense:
Established		(78.2)	(105.6)
Developing		(41.6)	(54.4)
Emerging		(226.3)	(126.2)
Corporate 3		(19.0)	(22.1)
Total income tax expense	10	(365.1)	(308.3)
Reconciling items:
Share of results of non-integral equity method investments	15	0.9	3.1
Profit after tax		940.3	819.7

3. Corporate refers to holding, finance and other non-operating subsidiaries of the Group.

Notes to the consolidated financial statements continued

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6. Segmental analysis continued

Depreciation and impairment of property, plant and equipment, including right-of-use assets, and

amortisation and impairment of intangible assets included in the measure of operating profit were

as follows for the years ended 31 December:

		2025	2024
	Note	€ million	€ million
Depreciation and impairment of property, plant and equipment including right-of-use assets:
Established		(132.3)	(123.4)
Developing		(84.4)	(75.1)
Emerging		(214.0)	(197.2)
Total depreciation and impairment of property, plant and equipment including right-of-use assets	14, 16	(430.7)	(395.7)
Amortisation and impairment of intangible assets:
Established		(0.4)	–
Developing		(0.4)	–
Emerging		(0.7)	(1.1)
Total amortisation and impairment of intangible assets	13	(1.5)	(1.1)

c) Other items

The balance of non-current assets

attributed to Switzerland (the Group’s country of domicile) and Italy

was as follows as at 31 December:

	2025	2024
	€ million	€ million
Switzerland	658.2	636.8
Italy	1,272.5	1,236.4
All countries other than Switzerland and Italy	4,551.8	4,059.7
Total non-current assets 4	6,482.5	5,932.9

Expenditure on property, plant and equipment per reportable segment was as follows for the years

ended 31 December:

	2025	2024
	€ million	€ million
Established	185.2	148.6
Developing	93.8	95.6
Emerging 5	485.1	382.9
Total expenditure on property, plant and equipment	764.1	627.1

4. Excluding other financial assets, deferred tax assets, pension plan assets, and trade and loans receivable.

5. Expenditure on property, plant and equipment for 2025 includes €11.5 million (2024: €11.7 million) relating to repayment of borrowings

undertaken to finance the purchase of production equipment by the Group’s subsidiary in Nigeria, classified as ‘Repayments of borrowings’

in the consolidated cash flow statement.

7. Net sales revenue

Accounting policy

The Group essentially produces, sells and distributes primarily non-alcoholic ready-to-drink

beverages. Under IFRS 15 ‘Revenue from contracts with customers’, the Group recognises revenue

when control of the products is transferred, being when the products are delivered to the customer.

Net sales revenue is measured at the fair value of the consideration received or receivable and is

stated net of sales discounts and consideration paid to customers. These mainly take the form of

promotional incentives and are amortised over the terms of the related contracts as a deduction

in revenue.

The Group provides volume rebates to customers once the quantity of goods purchased during

the period exceeds a threshold specified in the contract. To estimate the variable consideration

for the expected future rebates, the Group uses the most likely amount method and the amount is

recognised in net sales revenue only to the extent that it is highly probable that a significant reversal

in the amount of cumulative revenue recognised will not occur when the uncertainty associated with

the variable consideration is subsequently resolved.

A contract liability is recognised if a payment is received or a payment is due (whichever is earlier)

from a customer before the Group transfers the related goods. Contract liabilities are recognised as

revenue when the Group performs under the contract (i.e. transfers control of the related goods to

the customer).

Net sales revenue includes excise and other duties where the Group acts as a principal but excludes

amounts collected by third parties, such as value-added taxes, as these are not included in the

transaction price. The Group assesses these taxes and duties on a jurisdiction-by-jurisdiction basis

to conclude on the appropriate accounting treatment.

Revenue recognised in 2025 that was included in the contract liability balance at the beginning of the

year amounted to €11.8 million (2024: €14.7 million). For contract liabilities as at 31 December 2025 and

2024, refer to Note 20.

For an analysis of net sales revenue per reportable segment, refer to Note 6.

For the contributions received from The Coca-Cola Company, which are offset against consideration

paid to customers, refer to Note 27.

Notes to the consolidated financial statements continued

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8. Operating expenses

Operating expenses for the years ended 31 December comprised:

	2025	2024
	€ million	€ million
Selling expenses	1,356.2	1,228.1
Delivery expenses	837.5	778.8
Administrative expenses	731.7	693.6
Restructuring costs	10.0	3.3
Acquisition costs (refer to Note 23)	42.3	1.9
Operating expenses	2,977.7	2,705.7

In 2025, operating expenses included a net gain on disposals of non-current assets of €5.7 million

(2024: €4.5 million net gain).

For the contributions received from The Coca-Cola Company, which are offset against expenses for

general marketing programmes, refer to Note 27.

a) Restructuring costs

Accounting policy

Restructuring costs are recorded in a separate line item within operating expenses and comprise

costs arising from significant changes in the way the Group conducts its business, such as

significant supply chain infrastructure changes, outsourcing of activities and centralisation of

processes. Restructuring provisions are recognised only when the Group has a present constructive

obligation, which is when a detailed formal plan identifies the business or part of the business

concerned, the location, function and number of employees affected, a detailed estimate of the

associated costs and an appropriate timeline, including when the employees affected have been

notified of the plan’s main features.

As part of the effort to optimise its cost base and sustain competitiveness in the marketplace, the

Company undertakes restructuring initiatives. The relevant restructuring costs consist primarily of

employees’ termination benefits. Restructuring costs per reportable segment for the years ended 31

December are presented below:

	2025	2024
	€ million	€ million
Established	(0.3)	(0.1)
Developing	(1.0)	0.2
Emerging	11.3	3.2
Total restructuring costs	10.0	3.3

b) Employee costs

Employee costs for the years ended 31 December comprised:

	2025	2024
	€ million	€ million
Wages and salaries	1,029.9	947.9
Social security costs	181.2	163.8
Pension and other employee benefits	208.5	178.1
Termination benefits	22.7	7.6
Total employee costs	1,442.3	1,297.4

The average number of full-time equivalent employees in 2025 was 33,497 (2024: 33,018).

Employee costs for 2025 included in operating expenses and cost of goods sold amounted to

€1,085.8 million and €356.5 million respectively (2024: €979.2 million and €318.2 million respectively).

c) Directors’ and senior management’s remuneration

The total remuneration paid or accrued for Directors and the senior management team for the years

ended 31 December comprised:

	2025	2024
	€ million	€ million
Salaries and other short-term benefits	22.9	23.4
Performance share awards	12.0	8.1
Pension and post-employment benefits	1.4	1.1
Total remuneration	36.3	32.6

d) Auditor fees

Audit, audit-related and other fees charged in the income statement concerning the auditor of the

consolidated financial statements, PricewaterhouseCoopers S.A. and affiliates, for the years ended

31 December were as follows:

	2025	2024
	€ million	€ million
Audit fees	5.6	5.4
Audit-related fees	1.1	1.1
Total audit and audit-related fees	6.7	6.5

Fees for audit services to firms other than PricewaterhouseCoopers S.A. and affiliates were €0.7 million

for the year ended 31 December 2025 (2024: €0.7 million).

Notes to the consolidated financial statements continued

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9. Finance costs, net

Accounting policy

Interest income and interest expense are recognised using the effective interest rate method,

and are recorded in the income statement within ‘Finance income’ and ‘Finance cost’ respectively.

Interest expense includes finance charges with respect to leases, reclassification of the loss on the

forward starting swaps and the net impact from swaptions recorded in other comprehensive income

(refer to Note 24).

Finance costs, net for the years ended 31 December comprised:

	2025	2024
	€ million	€ million
Finance income	130.6	106.2
Interest expense	(127.8)	(121.0)
Other finance costs	(2.8)	(2.0)
Net foreign exchange remeasurement losses	(1.1)	(43.7)
Finance costs	(131.7)	(166.7)
Finance costs, net	(1.1)	(60.5)

Other finance costs include commitment fees on loan facilities (for the part not yet drawn down) and

other similar fees. Finance income relates to interest income earned from financial assets that are held

for cash management purposes, as well as gain recognised from the fair value measurement of money

market funds.

For the interest expense incurred with respect to leases, refer to Note 16.

10. Taxation

Accounting policy

Tax is recognised in the income statement, except to the extent that it relates to items recognised

in other comprehensive income or in equity. In this case, tax is recognised in other comprehensive

income or directly in equity.

The current income tax expense is calculated on the basis of the tax laws enacted or substantively

enacted at the balance sheet date in the countries where the Group operates and generates taxable

income. Management periodically evaluates positions taken in tax returns with respect to situations

in which applicable tax regulations are subject to interpretation and establishes provisions where

appropriate, on the basis of amounts expected to be paid to the tax authorities.

Deferred tax is provided using the liability method for all temporary differences arising between

the tax bases of assets and liabilities and their carrying values for financial reporting purposes.

However, the deferred tax liabilities are not recognised if they arise from the initial recognition of

goodwill. Deferred tax is not accounted for if it arises from initial recognition of an asset or liability

in a transaction other than a business combination that at the time of the transaction affects

neither accounting nor taxable profit or loss. Deferred tax assets and liabilities are measured at the

tax rates that are enacted or substantively enacted at the balance sheet date. Tax rates enacted

or substantively enacted at the balance sheet date are those that are expected to apply when the

deferred tax asset is realised or the deferred tax liability is settled.

Deferred tax assets are recognised to the extent that it is probable that future taxable profit

will be available against which the temporary differences can be utilised. Deferred tax assets are

recognised for tax losses carried forward to the extent that realisation of the related tax benefit

through the reduction of the future taxes is probable.

Deferred tax is provided on temporary differences arising on investments in subsidiaries,

associates and joint ventures, except where the timing of the reversal of the temporary difference

can be controlled by the Group, and it is probable that the temporary difference will not reverse

in the foreseeable future. This includes taxation in respect of the retained earnings of overseas

subsidiaries only to the extent that, at the balance sheet date, dividends have been accrued as

receivable or a binding agreement to distribute past earnings in future periods has been entered

into by the subsidiary.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to offset

current tax assets against current income tax liabilities and the deferred taxes relate to the same

taxation authority on either the same taxable entity or different taxable entities where there is an

intention to settle the balances on a net basis.

Notes to the consolidated financial statements continued

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10. Taxation continued

The income tax charge for the years ended 31 December was as follows:

	2025	2024
	€ million	€ million
Current tax expense	307.5	308.7
Deferred tax expense/(income)	57.6	(0.4)
Income tax expense	365.1	308.3

The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the

weighted average tax rate applicable to profits of the consolidated entities as follows:

	2025	2024
	€ million	€ million
Profit before tax	1,305.4	1,128.0
Tax calculated at domestic tax rates applicable to profits
in the respective countries	299.7	223.0
Additional local taxes in foreign jurisdictions	26.7	27.1
Tax holidays in foreign jurisdictions	–	(0.2)
Expenses non-deductible for tax purposes	26.9	40.6
Income not subject to tax	(0.9)	(1.3)
Changes in tax laws and rates	(1.2)	3.3
Movement of accumulated tax losses	23.6	2.5
Other	(9.7)	13.3
Income tax expense	365.1	308.3
Effective tax rate	28.0%	27.3%

Non-deductible expenses for tax purposes include marketing and advertising expenses, service fees,

loss allowance on trade receivables, entertainment expenses, certain employee benefits and other

items that, partially or in full, are not deductible for tax purposes in certain of the Group’s jurisdictions.

The Group’s effective tax rate varies depending on the mix of taxable profits by territory, the

non-deductibility of certain expenses, non-taxable income and other one-off tax items across

its territories. The changes in applicable tax rates compared to the previous year are driven by a

combination of blended tax rates and changes in the standard corporate tax rate in certain territories of

the Group (namely Cyprus, Italy, Nigeria, Switzerland and Slovakia).

The Group is subject to income taxes in numerous jurisdictions. There are many transactions and

calculations for which the ultimate tax determination cannot be assessed with certainty in the ordinary

course of business. The Group recognises a provision for potential cases that might arise in the foreseeable

future based on assessment of the probabilities as to whether additional taxes will be due. Where the final

tax outcome on these matters is different from the amounts that were initially recorded, such differences

will impact the income tax provision in the period in which such determination is made; however, based on

past experience, management expects that any such differences in the next financial year will be immaterial

for the Group. The income tax provision amounted to €89.1 million as at 31 December 2025 (2024:

€72.3 million), of which €70.5 million (2024: €61.4 million) is classified in line ‘Current tax liabilities’, €nil (2024:

€2.3 million) in line ‘Current tax assets’, €nil (2024: €8.6 million) in line ‘Deferred tax assets’ and €18.6

million (2024: €nil) in line ‘Deferred tax liabilities’ of the consolidated balance sheet.

The income tax provision per reportable segment for the years ended 31 December was as follows:

	2025	2024
	€ million	€ million
Established	17.4	15.6
Developing	21.4	24.6
Emerging	44.3	23.6
Corporate 1	6.0	8.5
Total income tax provision	89.1	72.3

1. Corporate refers to holding, finance and other non-operating subsidiaries of the Group.

OECD Pillar Two Model Rules

The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework

on Base Erosion and Profit Shifting published the Pillar Two Model Rules designed to address the tax

challenges arising from the digitalisation of the global economy. Under Pillar Two legislation

, the Group

may be liable to pay a top-up tax for the difference between its Global Anti-Base Erosion (GloBE)

effective tax rate per jurisdiction and the 15% minimum rate

As of 31 December 2025, Pillar Two legislation has been enacted or substantively enacted in certain

jurisdictions in which the Group has a presence. More specifically, Pillar Two legislation has been

enacted or substantively enacted in Austria, Bulgaria, Croatia, Cyprus, Czech Republic, Finland, Greece,

Guernsey, Hungary, the Republic of Ireland, Italy, the Netherlands, Poland, Romania, Slovakia, Slovenia,

Switzerland and the United Kingdom (Northern Ireland). The application of Pillar Two rules has been

deferred based on an exception allowed by the EU Directive in additional EU countries where the Group

has presence, e.g. Estonia, Latvia and Lithuania.

Notes to the consolidated financial statements continued

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10. Taxation continued

The Group applies the exception to recognising and disclosing information about deferred tax assets and

liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.

As per the local legislation in Switzerland, the Income Inclusion Rule (IIR) is applicable from 1 January

2025 onwards. In this respect, any potential top-up tax which may arise in a jurisdiction where the Pillar

Two legislation is not applicable for 2025 will be payable from Coca-Cola HBC AG, which is the Group’s

Ultimate Parent Entity and is located in Switzerland.

The Group has performed an assessment, for all countries in which it has a presence, of the potential

tax expense arising from Pillar Two rules, including:

• the determination of all Group entities in scope for the Pillar Two rules;

• the assessment of the entities in jurisdictions for which no Pillar Two liability is expected to arise

based on the Country-by-Country Reporting Safe Harbour transitional rules in place; and

• the calculation of the estimated liability for entities in locations where a Pillar Two liability is expected

to arise.

Considering that the separate financial statements of the Constituent Entities

and Joint Ventures

for 2025 (which will form the basis of the 2025 Country-by-Country Report due by 31 December 2026)

are not yet available, the assessment of eligibility for the Country-by-Country Reporting Safe Harbour

transitional rules was performed using the financial information prepared under IFRS and submitted

by the Group entities for consolidation purposes, together with the relevant management accounts

of the Joint Ventures. As a reasonability check, the eligibility conclusion reached for each Group

entity was validated by comparing the 2024 Country-by-Country Reporting Safe Harbour transitional

rules outcomes based on (a) the Group’s consolidated financial statements under IFRS and (b) the

standalone statutory financial statements of the respective entities.

Based on the Group’s assessment as described above, considering also the impact of specific

adjustments in the Pillar Two legislation, the Group has recognised an additional income tax expense

arising from the Pillar Two rules of €5.0 million (2024: €5.3 million), driven by Constituent Entities located

in the following jurisdictions: Bosnia-Herzegovina, Bulgaria, the Republic of Ireland, Kosovo, Moldova

and Montenegro. This has been recognised within the ‘Tax’ line of the consolidated income statement

and ‘Other non-current liabilities’ line of the consolidated balance sheet.

The Group’s exposure to paying Pillar Two income taxes might not be for the full difference in tax rates.

This is due to the impact of specific adjustments envisaged in the Pillar Two legislation which give rise to

different effective tax rates compared to those calculated in accordance with IAS 12.

Deferred taxation

Deferred tax assets and liabilities presented in the consolidated balance sheet as at 31 December

can be further analysed as follows:

	2025	2024
Deferred tax assets:	€ million	€ million
To be recovered after 12 months	54.4	68.0
To be recovered within 12 months	93.8	88.2
Gross deferred tax assets	148.2	156.2
Offset of deferred tax	(105.9)	(115.3)
Net deferred tax assets	42.3	40.9
Deferred tax liabilities:
To be settled after 12 months	(368.8)	(321.6)
To be settled within 12 months	(12.8)	(14.4)
Gross deferred tax liabilities	(381.6)	(336.0)
Offset of deferred tax	105.9	115.3
Net deferred tax liabilities	(275.7)	(220.7)

A reconciliation of net deferred tax is presented below:

	2025	2024
	€ million	€ million
As at 1 January	(179.8)	(209.0)
Taken to the income statement	(57.6)	0.4
Arising from business combinations (refer to Note 23)	(0.2)	–
Taken to other comprehensive income (refer to Note 12)	7.0	1.1
Taken directly to equity	(3.2)	(0.7)
Foreign currency translation	0.4	28.4
As at 31 December	(233.4)	(179.8)

Notes to the consolidated financial statements continued

1. Pillar Two legislation refers to OECD Global Base Anti-Erosion Rules (OECD Globe Rules) introducing minimum taxation effective on low tax jurisdictions.

2. The top-up tax is calculated on the GloBE income after deduction of the Substance Based Excluded Income (i.e. after deducting part of the income calculated based on the local personnel costs and local tangible assets as per Pillar Two rules).

3. Constituent Entities are the entities in scope of the Pillar Two rules, i.e. entities included in the consolidated financial statements with full consolidation.

4. Joint Ventures in scope of the Pillar Two rules are the entities whose financial results are reported under the equity method in the consolidated financial statements of the Ultimate Parent Entity and the Ultimate Parent Entity holds directly or indirectly at least 50% of their ownership interests.

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10. Taxation continued

The movements in deferred tax assets and liabilities during the year, without taking into consideration

the offsetting of balances within the same tax jurisdiction where applicable, were as follows:

			Tax losses	Book in		Other
		Pensions and	carry-	excess of tax		deferred tax
	Provisions	benefit plans	forward	depreciation	Leasing	assets
Deferred tax assets	€ million	€ million	€ million	€ million	€ million	€ million	Total
As at 1 January 2024	16.6	15.1	19.0	4.8	33.2	55.8	144.5
Taken to the income statement	7.7	(1.8)	(3.7)	(0.9)	9.4	17.5	28.2
Taken to other comprehensive income	–	(0.6)	–	–	–	1.5	0.9
Other movements and foreign
currency translation	(16.2)	1.9	2.1	(0.4)	(2.4)	(2.4)	(17.4)
As at 31 December 2024	8.1	14.6	17.4	3.5	40.2	72.4	156.2
Taken to the income statement	0.1	(0.5)	(5.2)	(2.8)	7.8	(11.0)	(11.6)
Arising from business
combinations (refer to Note 23)	0.6	–	–	–	–	–	0.6
Taken to other comprehensive income	–	(0.5)	–	–	–	1.6	1.1
Other movements and foreign
currency translation	2.3	(0.3)	(1.0)	2.5	0.1	(1.7)	1.9
As at 31 December 2025	11.1	13.3	11.2	3.2	48.1	61.3	148.2

	Tax in excess		Other
	of book	Derivative	deferred tax
	depreciation	instruments	liabilities	Total
Deferred tax liabilities	€ million	€ million	€ million	€ million
As at 1 January 2024	(276.9)	(2.4)	(74.2)	(353.5)
Taken to the income statement	(28.6)	1.6	(0.8)	(27.8)
Taken to other comprehensive income	–	(0.5)	0.7	0.2
Taken directly to equity	–	(0.7)	–	(0.7)
Other movements and foreign
currency translation	38.5	2.0	5.3	45.8
As at 31 December 2024	(267.0)	–	(69.0)	(336.0)
Taken to the income statement	(46.9)	(2.3)	3.2	(46.0)
Arising from business
combinations (refer to Note 23)	(0.2)	–	(0.6)	(0.8)
Taken to other comprehensive income	–	5.2	0.7	5.9
Taken directly to equity	–	(3.2)	–	(3.2)
Other movements and foreign
currency translation	(0.3)	(1.3)	0.1	(1.5)
As at 31 December 2025	(314.4)	(1.6)	(65.6)	(381.6)

Deferred tax assets recognised for tax losses carry-forward in accordance with the relevant local rules

applying in the Group’s jurisdictions can be analysed as follows:

	2025	2024
	€ million	€ million
Attributable to tax losses that expire within five years	9.8	8.0
Attributable to tax losses that expire after five years	–	4.7
Attributable to tax losses that can be carried forward indefinitely	1.4	4.7
Recognised deferred tax assets attributable to tax losses	11.2	17.4

Unrecognised deferred tax assets attributable to tax losses that are available to carry forward against

future taxable income of €61.3 million (2024: €38.8 million) are analysed as follows:

	2025	2024
	€ million	€ million
Attributable to tax losses that expire within five years	55.1	35.3
Attributable to tax losses that expire after five years	6.2	3.5
Unrecognised deferred tax assets attributable to tax losses	61.3	38.8

The aggregate amount of distributable reserves arising from the realised earnings of the Group’s

operations was €5,179.8 million in 2025 (2024: €4,410.0 million). No deferred tax liabilities have been

recognised on such reserves given that their distribution is controlled by the Group or, in the event of

plans to remit overseas earnings of subsidiaries, such distribution would not give rise to a tax liability.

Notes to the consolidated financial statements continued

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11. Earnings per share

Accounting policy

Basic earnings per share is calculated by dividing the net profit attributable to the owners of the

parent by the weighted average number of ordinary shares outstanding during the year. The

weighted average number of ordinary shares outstanding during the year is the number of ordinary

shares outstanding at the beginning of the year, adjusted by the number of ordinary shares bought

back or issued during the year multiplied by a time-weighting factor. Diluted earnings per share

incorporates stock options for which the average share price for the year is in excess of the exercise

price of the stock option and which create a dilutive effect.

The calculation of the basic and diluted earnings per share attributable to the owners of the parent is

based on the following data:

	2025	2024
Net profit attributable to the owners of the parent (€ million)	940.4	820.6
Weighted average number of ordinary shares for the purposes
of basic earnings per share calculation (million)	363.2	364.3
Effect of dilutive stock options on the number of shares (million)	0.1	0.2
Weighted average number of ordinary shares for the purposes
of diluted earnings per share calculation (million)	363.3	364.5
Basic earnings per share (€)	2.59	2.25
Diluted earnings per share (€)	2.59	2.25

12. Components of other comprehensive income

The components of other comprehensive income for the years ended 31 December comprised:

		2025			2024
	Before tax	Income tax	Net of tax	Before tax	Income tax	Net of tax
	€ million	€ million	€ million	€ million	€ million	€ million
Cost of hedging (refer to Note 24)	(3.3)	–	(3.3)	(2.3)	–	(2.3)
Net (loss)/gain on cash flow hedges
(refer to Note 24)	(59.4)	6.8	(52.6)	10.8	1.0	11.8
Foreign currency translation gains/(losses)	90.0	–	90.0	(209.5)	–	(209.5)
Valuation gain/(loss) on equity
investments at fair value through other comprehensive income	0.3	0.2	0.5	(0.2)	–	(0.2)
Actuarial (losses)/gains	(0.8)	–	(0.8)	1.0	0.1	1.1
Share of other comprehensive loss
of equity method investments	(0.4)	–	(0.4)	(4.6)	–	(4.6)
Other comprehensive income/(loss)	26.4	7.0	33.4	(204.8)	1.1	(203.7)

The foreign currency translation gains for 2025 primarily related to the Russian Rouble, partially offset

by the Ukrainian Hryvnia and the Nigerian Naira, while the foreign currency translation losses for 2024

primarily related to the Nigerian Naira, the Russian Rouble and the Egyptian Pound.

13. Intangible assets

Accounting policy

Intangible assets consist of goodwill, franchise agreements, trademarks and water rights. Goodwill

and other indefinite-lived intangible assets are carried at cost less accumulated impairment losses,

while finite-lived intangible assets are amortised over their useful economic lives. The useful lives,

both finite and indefinite, assigned to intangible assets are evaluated on an annual basis.

Indefinite-lived intangible assets (‘not subject to amortisation’)

Intangible assets not subject to amortisation consist of goodwill, franchise agreements and trademarks.

Goodwill is the excess of the consideration transferred over the fair value of the share of net assets

acquired. Goodwill and fair value adjustments arising on the acquisition of subsidiaries are treated

as the assets and liabilities of those subsidiaries. These balances are denominated in the functional

currency of the subsidiary and are translated to Euro on a basis consistent with the other assets

and liabilities of the subsidiary.

The useful life of franchise agreements is usually based on the term of the respective franchise

agreements. The Coca-Cola Company does not grant perpetual franchise rights outside the

United States. However, given the Group’s strategic relationship with The Coca-Cola Company and

consistent with past experience, the Group believes that franchise agreements will continue to be

renewed at each expiration date with no significant costs. The Group has concluded that the franchise

agreements are perpetual in nature and they have therefore been assigned an indefinite useful life.

The Group’s trademarks are assigned an indefinite useful life when they have an established sales

history in the applicable region, it is the intention of the Group to receive a benefit from them

indefinitely and there is no indication that this will not be the case.

Goodwill and other indefinite-lived intangible assets are tested for impairment annually and

whenever there is an indication of impairment.

For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units

expected to benefit from the business combination in which the goodwill arose. Other indefinite-lived

intangible assets are also allocated to the Group’s cash-generating units expected to benefit from those

intangibles. The cash-generating units to which goodwill and other indefinite-lived intangible assets have

been allocated are tested for impairment annually, or more frequently when there is an indication that

the unit may be impaired. If the recoverable amount (i.e. the higher of the value-in-use and fair value less

costs to sell) of the cash-generating unit (‘unit’) is less than the carrying amount of the unit, the impairment

loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then

pro-rata to the other assets of the unit on the basis of the carrying amount of each asset in the unit.

Impairment losses recognised against goodwill are not reversed in subsequent periods.

Finite-lived intangible assets

Finite-lived intangible assets mainly consist of water rights and certain brands, are amortised over

their useful economic lives and are carried at cost less accumulated amortisation and impairment

losses. Finite-lived intangible assets are reviewed for impairment whenever events or changes in

circumstances indicate that the carrying amount may not be recoverable.

Notes to the consolidated financial statements continued

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13. Intangible assets continued

Critical accounting estimates

Determining whether goodwill or indefinite-lived intangible assets are impaired requires an

estimation of the value-in-use of the cash-generating units to which they have been allocated

in order to determine the recoverable amount of the cash-generating units. The value-in-use

calculation requires the Group to estimate the future cash flows expected to arise from the

cash-generating unit, discounted at an appropriate rate. Estimating the discounted future cash

flows involves a significant degree of uncertainty. The value-in-use estimation is sensitive to the

discount rate used as well as the perpetuity growth rates used for extrapolation purposes. The key

assumptions used to determine the recoverable amount for the different cash-generating units,

including a sensitivity analysis where possible changes to these key assumptions could eliminate the

remaining headroom, are disclosed and further explained below under the ‘Annual impairment test

for goodwill and other indefinite-lived intangible assets’ section.

The movements in intangible assets by classes of assets during the year were as follows:

				Other
		Franchise		intangible
	Goodwill	agreements	Trademarks	assets	Total
	€ million	€ million	€ million	€ million	€ million
Cost
As at 1 January 2024	2,003.2	333.8	418.1	15.9	2,771.0
Impairment	–	–	(0.4)	0.4	–
Foreign currency translation	8.0	(70.1)	0.1	–	(62.0)
As at 31 December 2024	2,011.2	263.7	417.8	16.3	2,709.0
Amortisation
As at 1 January 2024	182.4	–	8.6	10.2	201.2
Charge for the year	–	–	0.5	0.6	1.1
As at 31 December 2024	182.4	–	9.1	10.8	202.3
Net book value as at 1 January 2024	1,820.8	333.8	409.5	5.7	2,569.8
Net book value as at 31 December 2024	1,828.8	263.7	408.7	5.5	2,506.7

				Other
		Franchise		intangible
	Goodwill	agreements	Trademarks	assets	Total
	€ million	€ million	€ million	€ million	€ million
Cost
As at 1 January 2025	2,011.2	263.7	417.8	16.3	2,709.0
Arising from business combinations (refer to Note 23)	26.2	–	–	5.0	31.2
Foreign currency translation	(5.3)	(7.3)	–	(0.1)	(12.7)
As at 31 December 2025	2,032.1	256.4	417.8	21.2	2,727.5
Amortisation
As at 1 January 2025	182.4	–	9.1	10.8	202.3
Charge for the year	–	–	0.5	1.0	1.5
As at 31 December 2025	182.4	–	9.6	11.8	203.8
Net book value as at 1 January 2025	1,828.8	263.7	408.7	5.5	2,506.7
Net book value as at 31 December 2025	1,849.7	256.4	408.2	9.4	2,523.7

In 2024, the Group partially reversed the impairment loss, initially recognised in 2023, in connection

with its self-serve coffee vending business in Poland (the ‘Costa Express Business’) by €0.4 million.

The reversal of the impairment was driven mainly by finalisation of the negotiations regarding scope

and duration of a contract with a key customer. The reversal of impairment was allocated fully to other

finite-lived intangible assets and was included in line ‘Operating expenses’ of the consolidated income

statement and under Developing markets for segmental allocation purposes.

In 2024, the Group also recognised an impairment loss of €0.4 million in connection with a juice

trademark in its Emerging markets, as the recoverable amount was lower than the carrying amount.

The recoverable amount was €0.6 million and was determined based on relief-from-royalty method

calculations, considering management’s best estimates of future revenue attributable to the trademark,

discounted at a rate of 22.9%. The impairment loss was driven mainly by the higher discount rate used

due to worsening macroeconomic conditions and was included in line ‘Operating expenses’ of the

consolidated income statement.

Notes to the consolidated financial statements continued

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13. Intangible assets continued

Intangible assets not subject to amortisation amounted to €2,511.4 million (2024: €2,497.9 million) and

are presented in the charts below:

Goodwill	€1,849.7 million
Franchise agreements	€256.4 million
Trademarks	€405.3 million

2025

€

2,511.4 million

Goodwill	€1,828.8 million
Franchise agreements	€263.7 million
Trademarks	€405.4 million

2024

€2,497.9 million

The carrying value of intangible assets subject to amortisation amounted to €12.3 million (2024:

€8.8 million) and comprised water rights of €4.3 million, trademarks of €2.9 million and other intangible

assets of €5.1 million (2024: €4.8 million water rights, €3.3 million trademarks and €0.7 million other

intangible assets).

Annual impairment test for goodwill and other indefinite-lived intangible assets

The recoverable amount of each cash-generating unit was determined through a value-in-use

calculation. This calculation uses cash flow forecasts based on financial budgets approved by the Board

of Directors covering a one-year period and cash flow forecasts for four additional years. Cash flows for

years two to five are forecasted by management based on operation and market-specific assumptions

including growth rates, forecast selling prices, direct costs and operating expenses. Management

determined gross margins based on past performance, expectations for the development of the

market and expectations about raw materials costs. Cash flows for the subsequent years after the

forecast period are extrapolated using perpetuity growth rates which reflect management’s best

estimate of industry growth, considering long-term inflation and gross domestic product forecasts

specific to the countries of operation. The discount rates used by management represent the current

market assessment of the risks specific to each cash-generating unit, taking into consideration the

time value of money, and are derived from the weighted average cost of capital. The Group applies

post-tax discount rates to post-tax cash flows as the valuation calculated using this method closely

approximates to applying pre-tax discount rates to pre-tax cash flows.

Management also assessed the potential adverse impact to future cash flows arising from climate

change risk, under different scenarios. In making this assessment, management considered the impact

from disruptions to production and distribution due to extreme weather and the increased cost of

water, as well as the impact from costs associated with managing the Group’s carbon footprint in line

with its NetZeroby40 commitments as detailed in pages 191, 194 and 195 of the Strategic Report.

The Group will continue to monitor and assess the potential impact of climate-related risks and

opportunities in the impairment assessment, as global efforts to mitigate the risks arising from climate

change evolve, including the development of relevant governmental policies.

No impairment of goodwill and other indefinite-lived intangible assets was identified during the 2025 or

2024 annual impairment test, except for the impairment of the juice trademark described on page 284

for 2024.

In the 2024 Integrated Annual Report, the Group provided additional disclosures relating to the

impairment testing of the Egyptian unit. Based on the results of the 2025 annual impairment test,

management has concluded that no further disclosures are required for the Egyptian unit. The Group

continues to closely monitor the performance and outlook of the Egyptian unit, taking also into account

the overall macroeconomic and geopolitical environment, to ensure that timely and appropriate

actions are taken to mitigate any potential adverse impacts on its expected performance.

Notes to the consolidated financial statements continued

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13. Intangible assets continued

The following chart and accompanying table set forth the percentage and carrying value respectively

of goodwill and other indefinite-lived intangible assets for those cash-generating units whose carrying

value is greater than or equal to 9% of the total, as at 31 December 2025.

Intangible assets not

subject to amortisation as

at 31 December 2025

(%)

Italy	31%
Switzerland	20%
The Republic of Ireland	10%
and Northern Ireland
Koncern Bambi a.d. Požarevac	9%
All other cash-generating units	30 %

		Franchise
	Goodwill	agreements	Trademarks	Total
	€ million	€ million	€ million	€ million
Italy	640.9	126.9	–	767.8
Switzerland	496.0	–	–	496.0
The Republic of Ireland and Northern Ireland	244.8	–	–	244.8
Koncern Bambi a.d.
Požarevac	115.2	–	118.5	233.7
All other cash-generating
units	352.8	129.5	286.8	769.1
Total	1,849.7	256.4	405.3	2,511.4

The key assumptions for these cash-generating units are presented below:

	Growth rate in			Post-tax discount		Pre-tax discount
	perpetuity (%)			rate (%)		rate (%)
	2025	2024	2025	2024	2025	2024
Italy	2.0	2.0	6.2	7.1	7.9	9.3
Switzerland	1.0	1.0	5.3	5.7	6.3	6.8
The Republic of Ireland and Northern Ireland	4.0	4.0	5.3	5.6	5.6	6.0
Koncern Bambi a.d. Požarevac	4.5	4.5	6.4	7.1	6.7	7.6

For the cash-generating units of The Republic of Ireland and Northern Ireland, and Koncern Bambi a.d.

Požarevac, the growth rate in perpetuity as estimated by management was higher than that expected for

the industry in general. This is attributable to the strength of the Group’s brand portfolio, which is amongst

the strongest and broadest in the industry. The Group has historically achieved higher revenue growth than

the industry, leveraging the strength of its portfolio, while it continually invests in brand-related innovations

to remain relevant, be able to cater to all consumption occasions and increase market share.

14. Property, plant and equipment

Accounting policy

All property, plant and equipment is initially recorded at cost and subsequently measured at cost less

accumulated depreciation and impairment losses. Subsequent expenditure is added to the carrying

value of the asset when it is probable that future economic benefits, in excess of the original assessed

standard of performance of the existing asset, will flow to the operation and the costs can be

measured reliably. All other subsequent expenditure is expensed in the period in which it is incurred.

Assets under construction are recorded as part of property, plant and equipment, and depreciation

on these assets commences when the assets are made available for use.

Depreciation is calculated on a straight-line basis to allocate the depreciable amount over the

estimated useful life of the assets as follows:

Freehold buildings and improvements	40 years
Leasehold buildings and improvements	Over the lease term, up to 40 years
Production equipment	4 to 20 years
Vehicles	5 to 8 years
Computer hardware and software	2 to 15 years
Marketing equipment	3 to 10 years
Fixtures and fittings	8 years
Returnable containers	3 to 12 years

Freehold land is not depreciated as it is considered to have an indefinite life.

Deposits received for returnable containers by customers are accounted for as deposit liabilities

(refer to Note 20).

Residual values and useful lives of assets are reviewed and adjusted if appropriate at each balance

sheet date. Climate change-related risks and relevant mitigation and adaptation actions may

impact the useful lives of property, plant and equipment. The Group monitors the potential impact

of climate change-related risks and associated legislation in the context of its review of the useful

lives and no impact has been identified.

Property, plant and equipment is reviewed for impairment whenever events or changes in

circumstances indicate that the carrying amount may not be recoverable. An impairment loss is

recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount,

which is the higher of the asset’s fair value less cost to sell and its value-in-use. For the purposes of

assessing impairment, assets are grouped at the lowest level of separately identifiable cash flows.

For the accounting policy regarding right-of-use assets, refer to Note 16 ‘Leases’.

Notes to the consolidated financial statements continued

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14. Property, plant and equipment continued

The movements of property, plant and equipment by class of assets were as follows:

	Land and	Plant and	Returnable	Assets under
	buildings	equipment	containers	construction	Total
	€ million	€ million	€ million	€ million	€ million
As at 1 January 2024:
Gross carrying amount	1,598.1	3,960.8	459.0	269.3	6,287.2
Accumulated depreciation and impairment	(605.7)	(2,548.4)	(283.3)	(2.3)	(3,439.7)
Net book value as at 1 January 2024 excluding
right-of-use assets	992.4	1,412.4	175.7	267.0	2,847.5
Additions	6.8	161.0	60.8	420.7	649.3
Reclassified to assets held for sale (refer to Note 19)	(0.3)	–	–	–	(0.3)
Reclassified from assets held for sale (refer to Note 19)	1.8	–	–	–	1.8
Reclassified from right-of-use assets	–	5.7	–	–	5.7
Reclassifications	81.0	242.6	1.1	(324.7)	–
Disposals	(1.8)	(4.1)	(11.2)	(0.5)	(17.6)
Depreciation charge for the year	(45.2)	(237.8)	(29.7)	–	(312.7)
Impairment	(5.3)	(16.2)	(0.3)	0.3	(21.5)
Foreign currency translation	(79.6)	(86.3)	(19.5)	(20.8)	(206.2)
Net book value as at 31 December 2024 excluding
right-of-use assets	949.8	1,477.3	176.9	342.0	2,946.0
As at 31 December 2024:
Gross carrying amount	1,583.8	4,037.0	449.1	344.0	6,413.9
Accumulated depreciation and impairment	(634.0)	(2,559.7)	(272.2)	(2.0)	(3,467.9)
Net book value as at 31 December 2024 excluding
right-of-use assets	949.8	1,477.3	176.9	342.0	2,946.0
Net book value of right-of-use assets as at 31 December 2024	141.9	109.4	–	–	251.3
Net book value as at 31 December 2024	1,091.7	1,586.7	176.9	342.0	3,197.3
As at 1 January 2025:
Gross carrying amount	1,583.8	4,037.0	449.1	344.0	6,413.9
Accumulated depreciation and impairment	(634.0)	(2,559.7)	(272.2)	(2.0)	(3,467.9)
Net book value as at 1 January 2025 excluding
right-of-use assets	949.8	1,477.3	176.9	342.0	2,946.0

	Land and	Plant and	Returnable	Assets under
	buildings	equipment	containers	construction	Total
	€ million	€ million	€ million	€ million	€ million
Additions	11.7	166.7	68.2	565.1	811.7
Arising from business combinations (refer to Note 23)	2.5	1.5	–	–	4.0
Reclassified to assets held for sale (refer to Note 19)	–	(0.2)	–	–	(0.2)
Reclassified from right-of-use assets	–	1.1	–	–	1.1
Reclassifications	99.3	326.1	0.9	(426.3)	–
Disposals	(0.2)	(2.5)	(3.0)	(0.1)	(5.8)
Depreciation charge for the year	(49.2)	(269.3)	(34.9)	–	(353.4)
Impairment	1.3	(8.0)	0.4	(0.1)	(6.4)
Foreign currency translation	8.3	4.5	(1.9)	(1.6)	9.3
Net book value as at 31 December 2025 excluding
right-of-use assets	1,023.5	1,697.2	206.6	479.0	3,406.3
As at 31 December 2025:
Gross carrying amount	1,714.6	4,431.6	501.5	481.1	7,128.8
Accumulated depreciation and impairment	(691.1)	(2,734.4)	(294.9)	(2.1)	(3,722.5)
Net book value as at 31 December 2025 excluding
right-of-use assets	1,023.5	1,697.2	206.6	479.0	3,406.3
Net book value of right-of-use assets as at 31 December 2025	154.6	130.6	–	–	285.2
Net book value as at 31 December 2025	1,178.1	1,827.8	206.6	479.0	3,691.5

Assets under construction as at 31 December 2025 include advances for equipment purchases of

€104.6 million (2024: €87.6 million). The depreciation charge for the year, including that for right-of-

use assets (refer to Note 16), recognised in operating expenses and cost of goods sold, amounted to

€242.3 million (2024: €213.5 million) and €181.9 million (2024: €160.7 million) respectively.

Impairment of property, plant and equipment, and right-of-use assets

In 2024, the Group recorded impairment losses of €2.9 million, €1.2 million and €20.8 million, and

reversals of impairment of €nil, €0.2 and €3.2 million relating to property, plant and equipment in the

Established, Developing and Emerging segments respectively. The impaired assets, being mainly

production equipment, were written down based mainly on value-in-use calculations. The Group also

recorded impairment losses of €0.1 million in the Emerging segment and reversals of impairment of

€0.1 million in the Established segment relating to right-of-use assets.

In 2025, the Group recorded impairment losses of €3.4 million, €1.3 million and €6.4 million, and

reversals of impairment of €0.4, €0.1 and €4.2 million relating to property, plant and equipment in the

Established, Developing and Emerging segments respectively. The impaired assets, being mainly

production equipment and returnable containers, were written down based mainly on value-in-use

calculations. The Group also recorded impairment losses of €0.1 million in the Emerging segment and

reversals of impairment of €nil relating to right-of-use assets.

Notes to the consolidated financial statements continued

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15. Interests in other entities

The following are the principal subsidiaries of the Group as at 31 December:

			% of voting rights		% of ownership
	Country of registration	2025	2024	2025	2024
Adelink Ltd	Cyprus	50.0% *	50.0% *	50.0%	50.0%
AS Coca-Cola HBC Eesti	Estonia	100.0%	100.0%	100.0%	100.0%
BDS Vending Solutions Ltd 1	Republic of Ireland	100.0%	–	100.0%	–
CC Beverages Holdings II B.V.	The Netherlands	100.0%	100.0%	100.0%	100.0%
CCB Management Services GmbH	Austria	100.0%	100.0%	100.0%	100.0%
CCHBC IT Services Limited	Bulgaria	100.0%	100.0%	100.0%	100.0%
CCHBC Reinsurance Designated
Activity Company	Republic of Ireland	100.0%	100.0%	100.0%	100.0%
CCHBC Ventures BV	The Netherlands	100.0%	100.0%	100.0%	100.0%
CCH CirculaRPET S.r.l.	Italy	100.0%	100.0%	100.0%	100.0%
Coca-Cola Beverages Belorussiya	Belarus	100.0%	100.0%	100.0%	100.0%
Coca-Cola Beverages Ukraine Ltd	Ukraine	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Armenia CJSC 2	Armenia	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Austria GmbH	Austria	100.0%	100.0%	100.0%	100.0%
	Bosnia and
Coca-Cola HBC B-H d.o.o. Sarajevo	Herzegovina	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Bulgaria EAD 3	Bulgaria	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Česko a Slovensko, s.r.o.	Czech Republic	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Česko a Slovensko, s.r.o.
– organizačná zložka	Slovakia	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Cyprus Ltd	Cyprus	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Egypt	Egypt	99.9%	99.9%	99.9%	99.9%
Coca-Cola HBC Finance B.V.	The Netherlands	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Greece S.A.I.C.	Greece	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Holdings B.V.	The Netherlands	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Hrvatska d.o.o.	Croatia	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Hungary Ltd	Hungary	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Ireland Limited	Republic of Ireland	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Italia S.r.l.	Italy	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Kosovo L.L.C.	Kosovo	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Northern Ireland Limited	Northern Ireland	100.0%	100.0%	100.0%	100.0%

			% of voting rights		% of ownership
	Country of registration	2025	2024	2025	2024
Coca-Cola HBC Polska sp. z o.o.	Poland	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Romania Ltd	Romania	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Services LLC	Egypt	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Services MEPE	Greece	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Slovenija d.o.o.	Slovenia	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Sourcing B.V.	The Netherlands	100.0%	100.0%	100.0%	100.0%
Coca-Cola HBC Switzerland Ltd	Switzerland	99.9%	99.9%	99.9%	99.9%
Coca-Cola HBC-Srbija d.o.o.	Serbia	100.0%	100.0%	100.0%	100.0%
Coca-Cola Hellenic Bottling Company-Crna
Gora d.o.o., Podgorica	Montenegro	100.0%	100.0%	100.0%	100.0%
Coca-Cola Hellenic Business
Service Organisation	Bulgaria	100.0%	100.0%	100.0%	100.0%
Coca-Cola Hellenic Procurement GmbH	Austria	100.0%	100.0%	100.0%	100.0%
Coca-Cola Imbuteliere Chisinau SRL	Moldova	100.0%	100.0%	100.0%	100.0%
dCommerce Solutions BV	The Netherlands	100.0%	100.0%	100.0%	100.0%
Finlandia Vodka Oy	Finland	100.0%	100.0%	100.0%	100.0%
Koncern Bambi a.d. Požarevac	Serbia	100.0%	100.0%	100.0%	100.0%
LLC “Multon Partners”	Russia	100.0%	100.0%	100.0%	100.0%
Multon AO	Russia	50.0% *	50.0% *	50.0%	50.0%
Nigerian Bottling Company Ltd	Nigeria	100.0%	100.0%	100.0%	100.0%
SIA Coca-Cola HBC Latvia	Latvia	100.0%	100.0%	100.0%	100.0%
Sirvis Bulgaria EOOD	Bulgaria	100.0%	100.0%	100.0%	100.0%
Sirvis d.o.o. Beograd-Novi Beograd	Serbia	100.0%	100.0%	100.0%	100.0%
Sirvis d.o.o. za usluge 4	Croatia	100.0%	–	100.0%	–
Sirvis GmbH	Austria	100.0%	100.0%	100.0%	100.0%
Sirvis S.R.L.	Italy	100.0%	100.0%	100.0%	100.0%
Sirvis Greece 5	Greece	100.0%	–	100.0%	–
Three Cents Hellas Single Member S.A.	Greece	100.0%	100.0%	100.0%	100.0%
UAB Coca-Cola HBC Lietuva	Lithuania	100.0%	100.0%	100.0%	100.0%

* Percentage of voting rights presented in respect of reserved matters following the Waiver in 2022.

1. BDS Vending Solutions Ltd was acquired on 28 February 2025.

2. CCHBC Armenia CJSC was renamed to Coca-Cola HBC Armenia Closed Joint-Stock Company (CJSC) as of 20 May 2025.

3. Coca-Cola Hellenic Bottling Company Bulgaria EAD was renamed to Coca-Cola HBC Bulgaria EAD as of 16 April 2025.

4. Sirvis d.o.o. za usluge was established on 8 January 2025.

5. Sirvis Greece was established on 31 October 2025.

Notes to the consolidated financial statements continued

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15. Interests in other entities continued

Associates and joint arrangements

Accounting policy

Equity method investments comprise investments in associates and joint arrangements, and are

classified into integral and non-integral on the basis of whether they are considered part of the

Group’s core operations and strategy.

Investments in associates

Investments in associated undertakings are accounted for using the equity method of accounting.

Associated undertakings are all entities over which the Group has significant influence but not

control, generally accompanying a shareholding of 20% to 50% of the voting rights.

The equity method of accounting involves recognising the Group’s share of the associates’

post-acquisition profit or loss and movements in other comprehensive income for the period in the

income statement and statement of other comprehensive income respectively. Unrealised gains

and losses resulting from transactions between the Group and the associate are eliminated to the

extent of the interest in the associate.

The Group’s interest in each associate is carried in the balance sheet at an amount that reflects its

share of the net assets of the associate and includes goodwill on acquisition. When the Group’s share

of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise

further losses, unless the Group has incurred obligations or made payments on behalf of the associate.

Investments in joint arrangements

Joint arrangements are arrangements in which the Group has contractually agreed sharing of

control, which exists only when decisions about the relevant activities require unanimous consent.

Joint arrangements are classified as joint ventures or joint operations depending upon the rights

and obligations arising from the joint arrangement.

The Group classifies a joint arrangement as a joint venture when the Group has rights to the net

assets of the arrangement. The Group accounts for its interests in joint ventures using the equity

method of accounting as described in the section above.

The Group classifies a joint arrangement as a joint operation when the Group has the rights to the

assets, and obligations for the liabilities, of the arrangement and accounts for each of its assets, liabilities,

revenues and expenses, including its share of those held or incurred jointly, in relation to the joint operation.

If facts and circumstances change, the Group reassesses whether it still has joint control and

whether the type of joint arrangement in which it is involved has changed.

Critical accounting judgements

The Group participates in several joint arrangements. Judgement is required in order to determine

the classification of the Group’s joint arrangements as joint ventures where the Group has rights

to the net assets of the arrangement or joint operations where the Group has rights to the assets and

obligations for the liabilities of the arrangement. In making this assessment, consideration is given to

the legal form of the arrangement, and the contractual terms and conditions, as well as other facts and

circumstances (including the economic rationale of the arrangement and the impact of the relevant

legal framework). The Group participates in a number of joint arrangements with The Coca-Cola

Company in connection with its water business across its markets, the classification of which involves

a significant degree of judgement due to the complexity of the underlying contractual arrangements

of the business model and the diversity of the relevant legal frameworks across markets.

Equity-method investments

Changes in the carrying amounts of equity method investments are as follows:

	Joint ventures	Associates	Total
	€ million	€ million	€ million
As at 1 January 2024	86.8	110.2	197.0
Share of results of equity method investments	13.7	3.0	16.7
Share of other comprehensive loss of equity
method investments	–	(4.6)	(4.6)
Share of total comprehensive income/(loss)	13.7	(1.6)	12.1
Dividends	(9.1)	(2.4)	(11.5)
As at 31 December 2024	91.4	106.2	197.6
Share of results of equity method investments	15.4	0.9	16.3
Share of other comprehensive income/(loss) of equity
method investments	0.1	(0.5)	(0.4)
Share of total comprehensive income	15.5	0.4	15.9
Dividends	(11.7)	(0.5)	(12.2)
As at 31 December 2025	95.2	106.1	201.3

The carrying amount of equity method investments comprises integral and non-integral equity

method investments as follows:

	Joint ventures	Associates	Total
	€ million	€ million	€ million
As at 31 December 2024:
Integral equity method investments	87.1	–	87.1
Non-integral equity method investments	4.3	106.2	110.5
Total equity method investments	91.4	106.2	197.6
As at 31 December 2025:
Integral equity method investments	90.9	–	90.9
Non-integral equity method investments	4.3	106.1	110.4
Total equity method investments	95.2	106.1	201.3

Notes to the consolidated financial statements continued

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15. Interests in other entities continued

a) Investments in joint ventures

The Group has a significant joint venture with Heineken, through its 50% interest in AD Pivara Skopje,

which is engaged in the bottling and distribution of soft drinks and beer in North Macedonia. The

structure of the joint venture provides the Group with rights to its net assets.

Summarised financial information of the Group’s significant joint venture is presented below.

The information below reflects the amounts presented in the IFRS financial statements of the joint

venture, amended to reflect adjustments made when using the equity method, including fair value

adjustments, and not the Group’s share in these amounts.

	2025	2024
AD Pivara Skopje	€ million	€ million
Summarised balance sheet:
Non-current assets	70.6	66.9
Cash and cash equivalents	0.1	–
Other current assets	18.5	19.8
Total current assets	18.6	19.8
Borrowings	(0.7)	(3.2)
Other current liabilities (including trade payables)	(27.2)	(25.4)
Total current liabilities	(27.9)	(28.6)
Borrowings	(0.3)	(0.5)
Other non-current liabilities	(0.7)	(0.5)
Total non-current liabilities	(1.0)	(1.0)
Net assets	60.3	57.1
Summarised statement of comprehensive income:
Revenue	145.1	137.9
Depreciation	(6.9)	(7.3)
Interest expense	(0.1)	(0.2)
Profit before tax	30.4	26.5
Income tax	(3.4)	(3.0)
Profit after tax	27.0	23.5
Other comprehensive income	0.1	–
Total comprehensive income	27.1	23.5

	2025	2024
AD Pivara Skopje	€ million	€ million
Dividends received	11.7	11.2
Reconciliation of net assets to carrying amount:
Closing net assets	60.3	57.1
Interest in joint venture at 50%	30.2	28.6
Goodwill	16.9	16.9
Non-controlling interest	(1.6)	(1.6)
Carrying amount	45.5	43.9

Summarised financial information of the Group’s investment in other joint ventures is as follows:

	2025	2024
	€ million	€ million
Carrying amount	49.7	47.5
Share of profit	1.9	1.9
Share of other comprehensive income	–	–
Share of total comprehensive income	1.9	1.9

b) Investment in associates

The Group has one significant associate, being Casa Del Caffè Vergnano S.p.A. (Caffè Vergnano),

a premium Italian coffee company in which the Group holds a 30% equity shareholding. The

corresponding investment is classified as an associate, as the Group has significant influence over

the investee. The Group has also entered into an exclusive distribution agreement for Caffè Vergnano’s

products in all its territories outside of Italy. The investment is accounted for using the equity method

and is further classified as a non-integral equity method investment in the consolidated financial

statements of the Group, considering that the distribution agreement is separate to the shareholding.

Notes to the consolidated financial statements continued

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15. Interests in other entities continued

The information below reflects the amounts presented in the financial statements of Caffè Vergnano

under Italian law, amended to reflect adjustments made by the associate when using the equity

method, including fair value adjustments, and not the Group’s share in those amounts.

	2025	2024
Caffè Vergnano	€ million	€ million
Summarised balance sheet:
Non-current assets	123.8	123.0
Cash and cash equivalents	1.1	0.8
Other current assets	85.5	75.8
Total current assets	86.6	76.6
Borrowings	(40.0)	(33.3)
Other current liabilities (including trade payables)	(39.3)	(40.0)
Total current liabilities	(79.3)	(73.3)
Borrowings	(6.6)	(2.1)
Other non-current liabilities	(25.7)	(25.4)
Total non-current liabilities	(32.3)	(27.5)
Net assets	98.8	98.8
Summarised statement of comprehensive income:
Revenue	161.1	123.5
Depreciation	(9.7)	(8.8)
Profit before tax	1.6	0.4
Income tax	(0.4)	(0.1)
Profit after tax	1.2	0.3
Total comprehensive income	1.2	0.3
Reconciliation of net assets to carrying amount:
Closing net assets	98.8	98.8
Interest in associate at 30%	29.6	29.6
Acquisition costs	0.9	0.9
Goodwill	56.5	56.5
Carrying amount	87.0	87.0

Summarised financial information of the Group’s investment in other associates is as follows:

	2025	2024
	€ million	€ million
Carrying amount	19.1	19.2
Share of profit	0.5	2.9
Share of other comprehensive loss	(0.5)	(4.6)
Share of total comprehensive loss	–	(1.7)

Frigoglass Industries (Nigeria) Limited, an associate in which the Group holds an effective interest of

23.9% (2024: 23.9%) through its subsidiary Nigerian Bottling Company Ltd, is a guarantor for the senior

secured notes issued in 2023 by Frigoglass Group. The Group has no direct exposure arising from this

guarantee arrangement; however, the Group’s investment in this associate, which stood at €13.7 million

as at 31 December 2025 (2024: €11.6 million), would be at potential risk if there was a default under the

terms of the senior secured notes and the restructured Frigoglass Group (including the guarantor) was

unable to meet its obligations thereunder.

c) Joint operations

Other joint operations of the Group with The Coca-Cola Company comprise mainly a 50% interest

in each of the water businesses listed below, which are engaged in the production and distribution of

water in the respective countries.

Country	Joint operation
Austria	Römerquelle
Italy	Fonti del Vulture
Romania	Dorna
Baltics	Neptūno vandenys
Poland	Multivita
Switzerland	Valser
Serbia	Vlasinka

In addition, the Group has entered into a joint operation arrangement with HEINEKEN Romania S.A.,

whereby it holds a 50% interest in Stockday S.R.L., an online business-to-business platform and

distributor in Romania.

Notes to the consolidated financial statements continued

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16. Leases

Accounting policy

Leases for which the Group is in a lessee position are recognised as a right-of-use asset and a

corresponding lease liability at the date at which the leased asset is available for use by the Group.

Assets and liabilities arising from a lease are initially measured on a net-present-value basis and

are recognised as part of ‘Property, plant and equipment’, ‘Current borrowings’ and ‘Non-current

borrowings’ in the consolidated balance sheet, respectively.

Lease contracts may contain both lease and non-lease components. The Group allocates the

consideration in the contract to the lease and non-lease component respectively. Consideration

relevant to the non-lease component is recognised as an expense in the consolidated income

statement over the period of the lease.

Lease liabilities include the net present value of the following lease payments:

a) fixed payments (including in-substance fixed payments) over the lease term, less any lease

incentives receivable;

b) variable lease payments that are based on an index or a rate;

c) amounts expected to be payable by the lessee under residual value guarantees;

d) the exercise price of a purchase option if the Group is reasonably certain it will exercise that

option; and

e) payments of penalties for terminating the lease, if the lease term reflects the Group exercising

that option.

When adjustments to lease payments based on an index or rate take effect, the lease liability

is reassessed and adjusted against the right-of-use asset.

Variable lease payments that do not depend on an index or a rate are recognised as an expense

in the period in which the event or condition that triggers the payment occurs.

The lease payments are discounted using the interest rate implicit in the lease (if that rate can

be determined) or the incremental borrowing rate of the lease, being the rate that the individual

lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar

economic environment with similar terms, security and conditions. In determining the incremental

borrowing rate to be used, the Group applies judgement to establish the suitable reference rate

and credit spread.

Each lease payment is allocated between the liability (principal) and finance cost. The interest

expense is charged to the consolidated income statement as part of ‘Finance costs’ over the lease

period so as to produce a constant periodic rate of interest on the remaining balance of the liability

for each period.

Right-of-use assets are measured at cost comprising the following:

a) the amount of the initial measurement of lease liability;

b) any lease payments made at or before the commencement date less any lease

incentives received;

c) any initial direct costs; and

d) any restoration costs.

The right-of-use assets are depreciated over the shorter of the asset’s useful life and the lease term

on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-

use asset is depreciated over the underlying asset’s useful life.

The Group utilises a number of practical expedients permitted by the standard, namely:

1) applying the recognition exemption to short-term leases (i.e. leases with a term of 12 months

or less) that do not contain a purchase option; and

2) applying the recognition exemption to leases of underlying assets with a low value, which mainly

comprise IT equipment.

Payments associated with short-term leases and leases of low-value assets are recognised on a

straight-line basis as an expense in the consolidated income statement.

In determining the lease term, management considers all facts and circumstances that create an

economic incentive to exercise an extension option or not exercise a termination option. Extension

options (or periods after termination options) are only included in the lease term if the lease is

reasonably certain to be extended (or not terminated). The assessment is revised if a significant

event or a significant change in circumstances occurs which affects this assessment and which is

within the control of the lessee.

Lease payments are presented as follows in the consolidated cash flow statement:

• short-term lease payments, payments for leases of low-value assets and variable lease payments

that are not included in the measurement of the lease liabilities are presented within cash flows

from operating activities;

• payments for the interest element of recognised lease liabilities are included in ‘Interest paid’

within cash flows from financing activities; and

• payments for the principal element of recognised lease liabilities are presented within cash flows

from financing activities.

Notes to the consolidated financial statements continued

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16. Leases continued

Leasing activities

The leases which are recorded on the consolidated balance sheet are principally in respect of buildings

and vehicles. Lease terms are negotiated on an individual basis and contain a wide range of different

terms and conditions.

Extension and termination options are included in a number of leases across the Group. These are used to

maximise operational flexibility in terms of managing the assets used in the Group’s operations. Extension

options considered reasonably certain to be exercised relate to land and buildings, and do not exceed six

years. Most termination options have not been considered reasonably certain to be exercised.

The Group’s carrying amount of lease liability is presented below as at 31 December:

	2025	2024
	€ million	€ million
Current lease liability	77.5	63.5
Non-current lease liability	216.2	190.5
Total lease liability (refer to Note 25)	293.7	254.0

For the carrying amount of right-of-use assets per class of underlying asset, refer to Note 14.

The Group’s additions to right-of-use assets for the years ended 31 December were as follows:

	2025	2024
	€ million	€ million
Land and buildings	44.6	86.6
Plant and equipment	74.2	59.3
Total additions	118.8	145.9

Right-of-use assets arising on business combinations in 2025 amounted to €0.1 million (2024:€nil) (refer

to Note 23).

The consolidated income statement includes the following amounts relating to depreciation and

impairment of right-of-use assets:

	2025	2024
	€ million	€ million
Land and buildings	26.1	23.1
Plant and equipment	44.8	38.4
Total depreciation and impairment charge	70.9	61.5

The following expenses have been included in cost of goods sold and operating expenses:

	2025	2024
	€ million	€ million
Expense relating to short-term leases	29.9	27.6
Expense relating to leases of low-value assets	10.1	7.2
Expense relating to variable lease payments	9.7	11.5

Interest expense on leases in 2025 was €20.0 million (2024: €15.7 million) and is recorded within ‘Finance

costs, net’ in the consolidated income statement (refer to Note 9).

The total cash outflow for leases in 2025 was €135.7 million (2024: €118.4 million).

Expenses relating to short-term leases in 2025 and 2024 comprise consideration for leases with a term

of 12 months or less used to cover seasonal business needs.

17. Inventories

Accounting policy

Inventories are stated at the lower of cost and net realisable value.

Cost for raw materials and consumables is determined on a weighted average basis. Cost for work

in progress and finished goods comprises the cost of direct materials and labour plus attributable

overhead costs. Cost of inventories includes all costs incurred to bring the product to its present

location and condition.

Net realisable value is the estimated selling price in the ordinary course of business, less the

estimated costs necessary to complete and sell the inventories.

Inventories consisted of the following as at 31 December:

	2025	2024
	€ million	€ million
Finished goods	411.1	420.6
Raw materials and work in progress	316.0	338.8
Consumables	113.2	104.5
Total inventories	840.3	863.9

The amount of inventories recognised as an expense during 2025, including inventories used in

water contract packing arrangements, was €5,434.5 million (2024: €5,130.6 million). Write-downs of

inventories to net realisable value recognised as an expense amounted to €36.1 million in 2025 (2024:

€35.9 million), whereas provision reversed in the year amounted to €8.6 million (2024: €8.6 million).

Notes to the consolidated financial statements continued

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18. Trade, other receivables and assets

Accounting policy

Trade receivables are amounts due from customers for goods sold or services performed in the

ordinary course of business. They are initially recognised at fair value and subsequently measured

at amortised cost using the effective interest rate method. The normal credit terms are between

7 and 90 days upon delivery.

The Group applies the IFRS 9 simplified approach for trade and other receivables, and follows an

Expected Credit Losses (ECLs) approach for measuring the allowance of its trade receivables.

The expected loss rate is assessed on the basis of historical credit losses of 24 months before the

year end and is adjusted to reflect current and forward-looking information. ECLs are based on the

difference between the contractual cash flows due in accordance with the contract and all the cash

flows that the Group expects to receive. The carrying amount of the receivable is reduced by the

loss allowance, which is recognised as part of operating expenses. If a trade receivable ultimately

becomes uncollectible, it is written off initially against any loss allowance made in respect of that

receivable with any excess recognised as part of operating expenses. Subsequent recoveries

of amounts previously written off or loss allowance no longer required are credited against

operating expenses.

The Group has entered into a contract that provides insurance coverage against defaulted

trade receivables. This contract meets the definition of a financial guarantee contract, which

is in substance part of the contract terms (that is, integral to the trade receivables) and is not

recognised separately. Therefore, the expected cash flows from the credit insurance are included

in the measurement of the ECLs of trade receivables. The Group has also entered into a factoring

arrangement for certain of its trade receivables, whereby part of the relevant receivables is

transferred to a factor in exchange for cash. The terms of the factoring arrangement are such

that substantially all risks and rewards of the relevant receivables are transferred to the factor

and therefore the factored trade receivables part is derecognised in its entirety.

Loans are initially recognised at the fair value net of transaction costs incurred. After initial

recognition, all interest-bearing loans are subsequently measured at amortised cost. Amortised

cost is calculated using the effective interest rate method whereby any discount, premium

or transaction costs associated with a loan are amortised to the income statement over the

lending period.

Trade, other receivables and assets consisted of the following as at 31 December:

	Current assets		Non-current assets
	2025	2024	2025	2024
	€ million	€ million	€ million	€ million
Trade receivables	909.3	827.0	0.3	0.1
Receivables from related parties
(refer to Note 27)	40.6	38.7	–	–
Receivables from brand partners	81.3	77.8	–	–
Loans and advances to employees	6.5	5.1	–	–
Loans receivable	14.0	3.8	5.2	6.5
Other receivables	68.3	95.4	1.6	–
Total trade and other receivables	1,120.0	1,047.8	7.1	6.6
Prepayments	185.0	145.8	35.3	22.2
Pension plan assets (refer to Note 21)	–	–	49.8	50.9
Non-current income tax receivable	–	–	29.0	9.1
VAT and other taxes receivable	45.6	44.6	–	–
Total other assets	230.6	190.4	114.1	82.2
Total trade, other receivables and assets	1,350.6	1,238.2	121.2	88.8

Receivables from brand partners relate to receivables arising in the sale and distribution of premium

spirits and energy drinks.

Current prepayments as at 31 December 2025 include an amount of €1.3 million (2024: €nil) regarding

prepayments to related parties (refer to Note 27).

Non-current trade receivables relate to renegotiated receivables, which are expected to be settled

within the new contractual due date.

For the offsetting impact on trade receivables, refer to Note 22.

Notes to the consolidated financial statements continued

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18. Trade, other receivables and assets continued

Trade receivables

Trade receivables classified as current assets consisted of the following as at 31 December:

	2025	2024
	€ million	€ million
Trade receivables	986.0	904.5
Less: Loss allowance	(76.7)	(77.5)
Total trade receivables	909.3	827.0

The ageing analysis of trade receivables classified as current assets is as follows:

		2025			2024
		€ million			€ million
	Gross			Gross
	carrying	Loss	Trade	carrying	Loss	Trade
	amount	allowance	receivables	amount	allowance	receivables
Within due date	803.3	(2.9)	800.4	738.5	(3.4)	735.1
Past due – Up to three months	77.0	(1.6)	75.4	67.3	(3.0)	64.3
Past due – Three to six months	11.3	(1.8)	9.5	12.6	(1.9)	10.7
Past due – Six to nine months	9.6	(1.2)	8.4	6.2	(1.6)	4.6
Past due – More than nine months	84.8	(69.2)	15.6	79.9	(67.6)	12.3
Total trade receivables	986.0	(76.7)	909.3	904.5	(77.5)	827.0

The movement in the loss allowance during the year is as follows:

	2025	2024
	€ million	€ million
As at 1 January	(77.5)	(79.2)
Amounts written off during the year	3.3	2.1
Amounts recovered during the year	3.0	7.3
Increase in allowance recognised in income statement	(5.2)	(8.6)
Foreign currency translation	(0.3)	0.9
As at 31 December	(76.7)	(77.5)

Receivables from related parties

The related party receivables, net of the loss allowance, are as follows:

	2025	2024
	€ million	€ million
Within due date	36.4	36.8
Past due	4.2	1.9
Less: Loss allowance	–	–
Total related party receivables	40.6	38.7

The ageing analysis of these receivables is as follows:

	2025	2024
	€ million	€ million
Within due date	36.4	36.8
Past due – Up to three months	1.7	0.9
Past due – Three to six months	1.2	0.5
Past due – Six to nine months	0.2	0.2
Past due – More than nine months	1.1	0.3
Total	40.6	38.7

Net impairment

Net impairment loss on trade and other receivables recognised in the income statement is analysed as follows:

	2025	2024
	€ million	€ million
Trade receivables	1.7	3.5
Related party receivables	–	(0.1)
Other receivables and assets	1.7	4.4
Net impairment loss	3.4	7.8

Notes to the consolidated financial statements continued

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19. Assets classified as held for sale

Accounting policy

Non-current assets and disposal groups are classified as held for sale if it is considered highly

probable that their carrying amount will be principally recovered through a sale transaction rather

than through continuing use. This condition is regarded as met only when the sale is highly probable

and the asset (or disposal group) is available for immediate sale in its present condition. In order for

a sale to be considered highly probable, management must be committed to a plan to sell the asset,

an active programme to locate a buyer and complete the plan must have been initiated, and the sale

should be expected to be completed within one year from the date of classification.

In the event that the criteria for continued classification as held for sale are no longer met, the assets

are reclassified to property, plant and equipment, and the depreciation charge is adjusted for the

depreciation that would have been recognised had the assets not been classified as held for sale.

Non-current assets and disposal groups classified as held for sale are measured at the lower of the

individual assets’ previous carrying amount and their fair value less costs to sell.

As at 31 December 2025, the Group’s assets classified as held for sale amounted to €0.1 million, relating to

plant and equipment in the Group’s Established segment. During the year, €0.2 million (refer to Note 14),

which had been written down to fair value less costs to sell, was reclassified to assets held for sale. Of this,

€0.1 million was disposed of during the year. As at 31 December 2024, the Group’s assets classified as held

for sale amounted to €0.3 million (refer to Note 14), relating to land and buildings in the Group’s Emerging

segment, which were disposed of in 2025. The fair value of assets classified as held for sale was determined

through the use of a sales comparison approach and represents a non-recurring fair value measurement

within Level 3 of the fair value hierarchy.

20. Trade and other payables

Accounting policy

Trade payables are recognised initially at fair value and subsequently measured at amortised cost

using the effective interest rate method.

The Group facilitates a supply chain financing programme under which the supplier can elect on

an invoice-by-invoice basis to either receive a discounted early payment from the partner bank or

continue to be paid in line with the agreed payment terms; in either case, the value and due date of

the liability payable by the Group remain unchanged and, as such, the liability remains classified as

trade and other payables.

The normal payment terms are between 30 and 120 days, including those trade payables that are

subject to the Group’s supply chain finance programme.

Trade and other payables consisted of the following as at 31 December:

	2025	2024
	€ million	€ million
Trade payables	1,192.5	1,136.1
Accrued liabilities	879.3	811.6
Payables to related parties (refer to Note 27)	308.3	293.9
Deposit liabilities	146.5	130.8
Other tax and social security liabilities	231.6	191.9
Salaries and employee-related payables	77.1	76.0
Contract liabilities (refer to Note 7)	11.1	12.0
Other payables	95.1	18.1
Total trade and other payables	2,941.5	2,670.4

The carrying amounts of trade payables included in the supply chain finance programme are as follows

as at 31 December:

	2025	2024
	€ million	€ million
Trade payables subject to the supply chain finance programme for which suppliers have received payment	121.9	133.9
Trade payables subject to the supply chain finance programme for which suppliers have not received payment	28.4	28.3
Trade payables subject to supply chain finance programme	150.3	162.2

Notes to the consolidated financial statements continued

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20. Trade and other payables continued

The carrying amounts of liabilities under the supply chain finance programme are considered to be

reasonable approximations of their fair values, due to their short-term nature.

Accrued liabilities regarding volume, marketing and promotional incentives as well as listing fees and

other incentives provided to customers as at 31 December 2025 amounted to €440.7 million

(2024: €419.7 million).

Other payables as at 31 December 2025 include an amount of €59.8 million (2024: €nil) related to the

option premium for the deal-contingent foreign currency options concluded to hedge the foreign

currency risk arising from the agreed acquisition of Coca-Cola Beverages Africa (CCBA). This amount

is only required to be paid if the acquisition of CCBA is completed (refer to Notes 23 and 24).

21. Provisions and employee benefits

Provisions and employee benefits consisted of the following as at 31 December:

	2025	2024
	€ million	€ million
Current:
Employee benefits	150.8	145.9
Restructuring provisions	2.2	1.7
Other provisions	69.8	43.5
Total current provisions and employee benefits	222.8	191.1
Non-current:
Employee benefits	102.7	103.7
Restructuring provisions	0.6	0.9
Other provisions	2.7	2.5
Total non-current provisions and employee benefits	106.0	107.1
Total provisions and employee benefits	328.8	298.2

a) Provisions

Accounting policy

Provisions are recognised when: the Group has a present obligation (legal or constructive) as a

result of a past event; it is probable that an outflow of resources embodying economic benefits

will be required to settle the obligation; and a reliable estimate can be made of the amount

of the obligation.

Where the Group expects a provision to be reimbursed, for example, under an insurance

contract, the reimbursement is recognised as a separate asset only when such reimbursement

is virtually certain.

If the effect of the time value of money is material, provisions are determined by discounting the

expected future cash flows at a pre-tax rate that reflects current market assessments of the time

value of money and the risks specific to the liability.

Termination benefits are payable whenever an employee’s employment is terminated before the

normal retirement date or whenever an employee accepts voluntary redundancy in exchange for

these benefits. The Group recognises termination benefits at the earlier of the following dates:

a) when the Group can no longer withdraw the offer of those benefits; and b) when the Group

recognises costs for a restructuring that is within the scope of IAS 37 ‘Provisions, contingent

liabilities and contingent assets’ and involves the payment of termination benefits (refer to Note 8).

In the case of an offer made to encourage voluntary redundancy, the termination benefits are

measured based on the number of employees expected to accept the offer.

The movements in restructuring and other provisions comprise:

	2025		2024
	€ million		€ million
	Restructuring	Other	Restructuring	Other
	provision	provisions	provision	provisions
As at 1 January	2.6	46.0	5.1	51.5
Arising during the year	13.5	48.1	4.0	32.9
Utilised during the year	(11.7)	(14.2)	(6.2)	(22.5)
Unused amount reversed	(1.5)	(12.7)	(0.3)	(10.7)
Arising from business combinations	–	5.9	–	–
Foreign currency translation	(0.1)	(0.6)	–	(5.2)
As at 31 December	2.8	72.5	2.6	46.0

Other provisions primarily comprise provisions in relation to other tax and legal provisions, employee

litigation and donations.

Notes to the consolidated financial statements continued

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21. Provisions and employee benefits continued

b) Employee benefits

Accounting policy

The Group operates a number of defined benefit and defined contribution pension plans

in its territories.

The defined benefit plans are made up of both funded and unfunded pension plans and employee

leaving indemnities. The assets of funded plans are generally held in separate trustee-administered

funds and are financed by payments from employees and/or the relevant Group companies.

The liability recognised in the balance sheet in respect of defined benefit plans is the present value

of the defined benefit obligation at the balance sheet date less the fair value of the plan assets.

For defined benefit pension plans, pension costs are assessed using the projected unit credit

method. Actuarial gains and losses arising from experience adjustments and changes in actuarial

assumptions are charged or credited to equity in other comprehensive income in the period in

which they arise. Such actuarial gains and losses are not reclassified to the income statement in

subsequent periods. The defined benefit obligations are measured at the present value of the

estimated future cash outflows using interest rates of high-quality corporate bonds that are

denominated in the currency in which the benefits will be paid and that have terms approximating

to the terms of the related obligation. In countries where there is no deep market in such bonds,

the market rates on government bonds are used. Past service cost is recognised immediately in

the income statement. A number of the Group’s operations have other long-service benefits in the

form of jubilee plans. These plans are measured at the present value of the estimated future cash

outflows, with immediate recognition of actuarial gains and losses in the income statement.

The Group’s contributions to the defined contribution pension plans are charged to the income

statement in the period to which the contributions relate.

Critical accounting estimates

The Group provides defined benefit pension plans as an employee benefit in certain territories.

Determining the value of these plans requires several actuarial assumptions and estimates

that may differ from actual developments in the future. These include the determination of the

discount rates, rate of compensation increases, rate of pension increases and life expectancy of

pensioners at the age of 65. Due to the long-term nature of these plans, such estimates are subject

to significant uncertainty. Details on the key assumptions used and a sensitivity analysis regarding

the impact of reasonably possible changes in key assumptions on the defined benefit obligation are

further presented below.

Employee benefits consisted of the following as at 31 December:

	2025	2024
	€ million	€ million
Defined benefit plans:
Employee leaving indemnities	62.5	62.8
Pension plans	4.4	5.5
Long-service benefits (jubilee plans) and other benefits	11.7	12.1
Total defined benefit plans	78.6	80.4
Other employee benefits:
Annual leave	11.8	11.1
Other employee benefits	163.1	158.1
Total other employee benefits	174.9	169.2
Total employee benefits obligations	253.5	249.6

Other employee benefits primarily comprise employee bonuses, which are linked to business and

individual performance metrics.

Employees of Coca-Cola HBC’s subsidiaries in Austria, Bulgaria, Croatia, Greece, Italy, Montenegro,

Nigeria, Poland, Romania, Serbia and Slovenia are entitled to employee leaving indemnities, generally

based on each employee’s length of service, employment category and remuneration. These are

unfunded plans where the Company meets the payment obligation as it falls due.

Coca-Cola HBC’s subsidiaries in Austria, Northern Ireland, the Republic of Ireland and Switzerland sponsor

defined benefit pension plans. Of the three plans in the Republic of Ireland, two have plan assets, as do

the two plans in Northern Ireland and one out of the three plans in Switzerland. The Austrian plans do

not have plan assets and the Company meets the payment obligation as it falls due. The defined benefit

plans in Austria, the Republic of Ireland and Northern Ireland are closed to new members.

Coca-Cola HBC provides long-service benefits in the form of jubilee plans to its employees in Austria,

Croatia, Nigeria, Poland, Serbia, Slovenia and Switzerland.

Notes to the consolidated financial statements continued

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21. Provisions and employee benefits continued

Defined benefit obligation by segment is as follows for the years ended 31 December:

2025

2024

€64.7m

Total €78.6 million

€2.8m

€11.1m

Established Developing Emerging

Total €80.4 million

€68.5m

€2.5m

€9.4m

The average duration of the defined benefit obligations is 14 years and the total employer contributions

expected to be paid in 2026 are €11.8 million.

The reconciliation of plan assets and plan liabilities for the years ended 31 December is as follows:

			Net surplus/
	Plan assets	Plan liabilities	(deficit)
	€ million	€ million	€ million
As at 1 January 2024	462.1	(436.5)	25.6
Current service cost	–	(10.6)	(10.6)
Administrative expenses	(0.3)	–	(0.3)
Curtailment/settlement	–	0.5	0.5
Interest income/(expense)	11.1	(11.5)	(0.4)
Actuarial gains	–	0.8	0.8
Total expense recognised in income statement	10.8	(20.8)	(10.0)
Losses from change in demographic assumptions	–	(0.1)	(0.1)
Gains from change in financial assumptions	–	7.2	7.2
Experience adjustments	–	(1.8)	(1.8)
Return on plan assets excluding interest income	(7.4)	–	(7.4)
Total remeasurements recognised
in other comprehensive income	(7.4)	5.3	(2.1)
Benefits paid	(21.8)	21.8	–
Employer’s contributions	13.1	–	13.1
Participants’ contributions	5.2	(5.2)	–
Foreign currency translation	3.0	1.1	4.1
As at 31 December 2024	465.0	(434.3)	30.7

			Net surplus/
	Plan assets	Plan liabilities	(deficit)
	€ million	€ million	€ million
As at 1 January 2025	465.0	(434.3)	30.7
Current service cost	–	(11.5)	(11.5)
Administrative expenses	(0.3)	–	(0.3)
Curtailment/settlement	–	(1.2)	(1.2)
Interest income/(expense)	10.4	(10.6)	(0.2)
Actuarial gains	–	1.3	1.3
Total expense recognised in income statement	10.1	(22.0)	(11.9)
Losses from change in demographic assumptions	–	(0.2)	(0.2)
Gains from change in financial assumptions	–	22.3	22.3
Experience adjustments	–	(4.9)	(4.9)
Return on plan assets excluding interest income	(1.0)	–	(1.0)
Total remeasurements recognised
in other comprehensive income	(1.0)	17.2	16.2
Benefits paid	(18.0)	18.0	–
Employer’s contributions	15.3	–	15.3
Participants’ contributions	5.8	(5.8)	–
Foreign currency translation	(0.5)	(0.1)	(0.6)
As at 31 December 2025	476.7	(427.0)	49.7

The effect of the asset ceiling on plan assets and net deficit for the years ended 31 December

is as follows:

	2025	2024
	€ million	€ million
Fair value of plan assets as at 31 December excluding asset ceiling	476.7	465.0
Opening unrecognised asset due to the asset ceiling	(60.2)	(62.1)
Change in asset ceiling recognised in other comprehensive income	(17.0)	3.1
Exchange rate gain	(0.4)	(0.1)
Interest on unrecognised asset recognised in income statement	(0.9)	(1.1)
Fair value of plan assets as at 31 December including asset ceiling	398.2	404.8

Notes to the consolidated financial statements continued

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21. Provisions and employee benefits continued

	2025	2024
	€ million	€ million
Present value of funded obligations	352.1	358.6
Fair value of plan assets	(476.7)	(465.0)
Defined benefit obligations of funded plans	(124.6)	(106.4)
Present value of unfunded obligations	74.9	75.7
Unrecognised asset due to asset ceiling	78.5	60.2
Defined benefit obligations	28.8	29.5
Plus: Amounts recognised within non-current assets (refer to Note 18)	49.8	50.9
Total defined benefit obligations	78.6	80.4

Funding levels are monitored in conjunction with the agreed contribution rate. The funding level of the

funded plans as at 31 December 2025 was 113% (2024: 113%).

Five of the plans have a funded status surplus totalling €49.8 million as at 31 December 2025 (2024:

five plans, totalling €50.9 million), which is recognised as an asset on the basis that the Group has an

unconditional right to future economic benefits either via a refund or a reduction in future contributions.

Defined benefit plan expense is included in employee costs and presented in cost of goods sold and

operating expenses.

The assumptions (weighted average for the Group) used in computing the defined benefit obligation

comprised the following for the years ended 31 December:

	2025	2024
	%	%
Discount rate	2.9	2.5
Rate of compensation increase	2.1	2.2
Rate of pension increase	2.0	2.1
Life expectancy for pensioners at the age of 65 in years:
Male	22	22
Female	24	24

Asset liability matching: Plan assets allocated to growth assets are monitored regularly to ensure they

remain appropriate and in line with the Group’s long-term strategy to manage the plans. As the plans

mature, the level of investment risk will be reduced by investing more in assets such as bonds that

better match the liabilities.

Pension plan assets are invested in different asset classes in order to maintain a balance between

risk and return. Investments are well diversified to limit the financial effect of the failure of any

individual investment. Through its defined benefit plans, the Group is exposed to a number of risks,

as outlined below:

Asset volatility: The liabilities are calculated using a discount rate set with reference to corporate bond

yields; if assets underperform this yield, a deficit will be created. The Northern Ireland, Republic of

Ireland and Swiss plans hold a significant proportion of growth assets (equities), which are expected to

outperform corporate bonds in the long term, while being subject to volatility and risk in the short term.

Changes in bond yields: A decrease in corporate bond yields will increase the plan liabilities, although

this will be partially offset by an increase in the value of the plans’ bond holdings. Conversely, an increase

in corporate bond yields will decrease the plan liabilities, although this will be partially offset by a

decrease in the value of the plans’ bond holdings.

Inflation: The Northern Ireland, Republic of Ireland and Swiss plans’ benefit obligations are linked to

inflation, which is used as a basis to determine the rate of compensation increases. As a result, higher

inflation will lead to higher liabilities, although, in most cases, caps on the level of inflationary increases

are in place to protect against extreme inflation. The majority of the assets are either unaffected by or

only loosely correlated with inflation, meaning that an increase in inflation will also increase the deficit.

Life expectancy: The majority of the pension plans’ obligations are to provide benefits for the life of the

member, so increases in life expectancy will result in an increase in the liabilities.

The sensitivity analysis presented below is based on a change in assumption, while all other

assumptions remain constant.

				Impact on defined benefit obligation (%) as at
			31 December 2025	31 December 2024
	Change in	Increase in	Decrease in	Change in	Increase in	Decrease in
	assumption	assumption	assumption	assumption	assumption	assumption
Discount rate	1.00%	(12.5%)	15.1%	1.00%	(12.6%)	15.6%
Rate of compensation increase	1.00%	2.9%	(2.5%)	1.00%	3.0%	(2.7%)
Rate of pension increase	1.00%	4.3%	(4.5%)	1.00%	4.7%	(4.8%)
Life expectancy	1 year	2.1%	(2.1%)	1 year	2.4%	(2.4%)

Notes to the consolidated financial statements continued

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21. Provisions and employee benefits continued

Plan assets are invested as follows:

Equity securities – Eurozone	4%
Equity securities – Non-Eurozone	24%
Government bonds – Eurozone	17%
Government bonds – Non-Eurozone	16%
Corporate bonds – Non-Eurozone	14%
Real estate	17%
Cash	4%
Other	4%

Assets category 2025

(%)

Equity securities – Eurozone	4%
Equity securities – Non-Eurozone	21%
Government bonds – Eurozone	18%
Government bonds – Non-Eurozone	17%
Corporate bonds – Non-Eurozone	22%
Real estate	12%
Cash	2%
Other	4%

Assets category 2024 (%)

The assets of funded plans are generally held in separately administered trusts, either as specific assets

or as a proportion of a general fund, or are insurance contracts. Plan assets held in trust are governed

by local regulations and practice in each country. The category ‘Other’ mainly includes investments in

funds holding a portfolio of assets. Plan assets relate predominantly to quoted financial instruments.

Equity securities were not invested in ordinary shares of the Company as at 31 December 2025

or 31 December 2024.

Defined contribution plans

The expense recognised in the income statement in 2025 for the defined contribution plans is

€49.1 million (2024: €42.5 million). This is included in employee costs and recorded in cost of goods

sold and operating expenses.

22. Offsetting financial assets and financial liabilities

Accounting policy

The Group offsets financial assets and financial liabilities to the net amount reported in the balance sheet

when it currently has a legally enforceable right to offset the recognised amounts and it intends to settle

on a net basis or to realise the asset and settle the liability simultaneously. The legally enforceable

right must not be contingent on future events and must be enforceable in the normal course of

business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.

The Group enters into derivative transactions under International Swaps and Derivatives Association

(ISDA) master netting agreements or other similar agreements. In general, under such agreements,

the counterparties can elect to settle as one single net amount the aggregated amounts owed by each

counterparty on a single day with respect to all outstanding transactions of the same currency and

the same type of derivative. In the event of default or early termination, all outstanding transactions

under the agreement are terminated and subject to any set-off. These agreements do not meet

all of the IAS 32 criteria for offsetting in the balance sheet as the Group does not have any current

legally enforceable right to offset amounts since the right can only be applied if elected by both

counterparties.

The financial assets and financial liabilities presented below are subject to offsetting, enforceable

master netting or similar agreements. The column ‘Net amount’ shows the impact on the Group’s

balance sheet if all set-off rights were exercised.

Financial liabilities offset against trade receivables mainly relate to accrued customer rebates,

as the offsetting criteria for these are met.

Notes to the consolidated financial statements continued

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22. Offsetting financial assets and financial liabilities continued

a) Financial assets

As at 31 December 2025

				Related amounts
				not set off in the
				balance sheet
		Gross amounts of	Net amounts of
	Gross amounts	recognised financial	financial assets
	of recognised	liabilities set off in	presented in the	Financial
	financial assets	the balance sheet	balance sheet	instruments	Net amount
	€ million	€ million	€ million	€ million	€ million
Derivative financial assets	101.5	–	101.5	(19.9)	81.6
Trade receivables	1,014.9	(105.3)	909.6	–	909.6
Total	1,116.4	(105.3)	1,011.1	(19.9)	991.2

As at 31 December 2024

				Related amounts
				not set off in the
				balance sheet
		Gross amounts of	Net amounts of
	Gross amounts	recognised financial	financial assets
	of recognised	liabilities set off in	presented in the	Financial
	financial assets	the balance sheet	balance sheet	instruments	Net amount
	€ million	€ million	€ million	€ million	€ million
Derivative financial assets	41.6	–	41.6	(4.6)	37.0
Trade receivables	903.2	(76.1)	827.1	–	827.1
Total	944.8	(76.1)	868.7	(4.6)	864.1

b) Financial liabilities

As at 31 December 2025

				Related amounts
				not set off in the
				balance sheet
		Gross amounts of	Net amounts of
	Gross amounts	recognised financial	financial liabilities
	of recognised	assets set off in the	presented in the	Financial
	financial liabilities	balance sheet	balance sheet	instruments	Net amount
	€ million	€ million	€ million	€ million	€ million
Derivative financial liabilities	43.8	–	43.8	(19.9)	23.9
Trade payables	1,297.8	(105.3)	1,192.5	–	1,192.5
Total	1,341.6	(105.3)	1,236.3	(19.9)	1,216.4

As at 31 December 2024

				Related amounts
				not set off in the
				balance sheet
		Gross amounts of	Net amounts of
	Gross amounts	recognised financial	financial liabilities
	of recognised	assets set off in	presented in the	Financial
	financial liabilities	the balance sheet	balance sheet	instruments	Net amount
	€ million	€ million	€ million	€ million	€ million
Derivative financial liabilities	29.2	–	29.2	(4.6)	24.6
Trade payables	1,212.2	(76.1)	1,136.1	–	1,136.1
Total	1,241.4	(76.1)	1,165.3	(4.6)	1,160.7

23. Business combinations

Accounting policy

The acquisition method of accounting is used to account for business combinations. The

consideration transferred is the fair value of any asset transferred, shares issued and liabilities

assumed. The consideration transferred includes the fair value of any asset or liability resulting from

a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent

liabilities assumed are measured initially at their fair values at the acquisition date. The excess of the

consideration transferred and the fair value of non-controlling interest over the net assets acquired

and liabilities assumed is recorded as goodwill. In a business combination achieved without the transfer

of consideration, the acquisition-date fair value of the previously held interest in the acquiree is used

in place of the acquisition-date fair value of the consideration transferred to measure goodwill or a gain

on a bargain purchase. Acquisition costs comprise costs incurred to effect a business combination

such as finder’s, advisory, legal, accounting, valuation and other professional or consulting fees.

Integration costs comprise direct incremental costs necessary for the acquiree to operate within

the Group. All acquisition and integration-related costs are expensed as incurred.

For each business combination, the Group elects to measure the non-controlling interest in the

acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets.

If the business combination is achieved in stages, the acquisition date carrying value of the previously

held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or

losses arising from such remeasurement are recognised in profit or loss, within operating expenses in

line ‘Acquisition and integration costs’. Any accumulated amounts regarding the Group’s share of other

comprehensive income of the previously held equity interest are reclassified to the income statement,

within operating expenses in line ‘Acquisition and integration costs’. The Group has also elected to

present gains on bargain purchase within operating expenses in line ‘Acquisition and integration costs’.

Refer also to Note 2 for the accounting policy regarding the basis of consolidation, including

transactions with non-controlling interests.

Acquisition of BDS Vending Solutions Ltd

On 28 February 2025 (the ‘completion date’), the Group acquired 100% of the issued and outstanding shares of

BDS Vending Solutions Ltd (‘BDS’), a well-established food and drink vending services business in Ireland. The

acquisition is part of the Group’s strategy to enhance its route-to-market and direct-to-consumer capabilities,

and is expected to provide new opportunities across its well-rounded snacks and cold/hot beverage portfolio.

The total fair value of the consideration for the acquisition of BDS amounted to €30.1 million. Of this amount,

€26.4 million was paid on the completion date, while €2.2 million was paid on 3 July 2025 as a consideration

adjustment, reflecting changes in BDS‘s net financial position and working capital as of the completion date,

in accordance with the terms of the share purchase agreement. The remaining €1.5 million (the ‘Holdback

amount’) is expected to be settled within 30 months following the completion date. In addition, the Group

made a non-discretionary repayment of BDS’s liabilities totalling €3.1 million, in accordance with the terms

of the share purchase agreement. This amount was classified within the line ‘Payments for business

combination, net of cash acquired’ of the consolidated cash flow statement.

Notes to the consolidated financial statements continued

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23. Business combinations continued

Details of the acquisition with regards to the finally determined fair values of the net assets acquired and

goodwill are presented in the table below.

	Fair value
	€ million
Other intangible assets	5.0
Property, plant and equipment 1	4.1
Inventories	0.7
Trade, other receivables and assets	5.5
Cash and cash equivalents	0.7
Borrowings	(0.2)
Trade and other payables	(11.7)
Net deferred tax liability	(0.2)
Net identifiable assets acquired	3.9
Add: Goodwill arising on acquisition	26.2
Net assets acquired	30.1

1. Property, plant and equipment, and borrowings include right-of-use assets (refer to Note 16) and lease liability of €0.1 million, respectively.

The goodwill arising on acquisition primarily reflects BDS’s established market position across the

Island of Ireland and is not deductible for tax purposes.

Acquisition costs incurred and paid during 2025 in connection with the acquisition of BDS amounted

to €0.5 million (2024: €1.9 million, of which €1.6 million was paid in 2025) and were included in line

‘Operating expenses‘ of the consolidated income statement.

The fair value of trade, other receivables and assets acquired includes trade receivables with a fair

value of €1.3 million, while there was no significant amount of trade receivables acquired that were

considered to be uncollectible. Net sales revenue and profit after tax contributed by BDS to the

Group for the period from 1 March 2025 to 31 December 2025 amounted to €12.8 million and €0.4

million respectively. If the business combination had occurred on 1 January 2025, the impact on the

consolidated net sales revenue and profit after tax for the year ended 31 December 2025 would have

been insignificant.

Agreed acquisition of Coca-Cola Beverages Africa

On 21 October 2025, the Group entered into a definitive sale and purchase agreement to acquire a 75%

shareholding in Coca-Cola Beverages Africa Pty Ltd (CCBA) from The Coca-Cola Company (TCCC) and

Gutsche Family Investments Pty Ltd (‘GFI’) for a combined purchase price of US Dollar 2.6 billion (together,

the ‘Acquisition’). Under the terms of the sale and purchase agreement, the Acquisition consists of the

acquisition of (i) a 41.52% equity interest in CCBA from European Refreshments Unlimited Company

(‘TCCC-1’) and Coca-Cola Holdings Africa Ltd (‘CCHA’, together with TCCC-1, the ‘TCCC Sellers’), each a

wholly-owned subsidiary of TCCC, for approximately US Dollar 1.3 billion in cash (the ‘TCCC Acquisition’)

and (ii) a 33.48% equity interest in CCBA from GFI (representing GFI’s entire interest in CCBA) for

approximately US Dollar 308 million in cash and 21,027,676 Coca-Cola HBC shares equal to a combined

equity purchase price of approximately US Dollar 1.3 billion at the time of signing (the ‘GFI Acquisition’).

The Acquisition materially expands the Group’s existing African presence, drives further diversification

of CCHBC’s geographical footprint with increased exposure to high growth markets, is consistent with the

pillars of the Group’s growth strategy and vision of being the leading 24/7 beverage partner, and represents

a clear opportunity to leverage the Group’s expertise in emerging markets to unlock further growth.

In connection with the Acquisition, the Group entered into a new committed €2.5 billion bridge

facilities agreement (refer to Note 25) to cover the cash portion of the consideration and, if required,

to fund the refinancing of certain of the CCBA Group’s existing debt. The Group also agreed to issue

and/or transfer 21,027,676 Coca-Cola HBC shares to GFI at completion of the Acquisition (the

‘Completion’), representing 5.47% of Coca-Cola HBC’s enlarged issued and outstanding share capital,

immediately following Completion (assuming no other Coca-Cola HBC shares are issued prior to or

at Completion), which are expected to be new Coca-Cola HBC shares from a capital band but which

Coca-Cola HBC may in part satisfy by the transfer from treasury of existing Coca-Cola HBC shares.

In addition to the TCCC Acquisition, the Group, TCCC-1 and TCCC (as guarantor) have agreed to enter

into an option agreement (the ‘CCBA Option Agreement’) at Completion with (i) a call option with a

five-year call period, exercisable between three and five years following Completion enabling the Group

to purchase the remaining 25% equity interest in CCBA still owned by TCCC-1 following Completion (the

‘Call Option’) and (ii) a put option enabling TCCC-1 to sell its remaining equity interest in CCBA to the

Group exercisable between three and a half and six years following Completion (the ‘Put Option’, together

with the Call Option, the ‘CCBA Option’). The consideration payable for ordinary shares of CCBA acquired

on exercise of the CCBA Option is the purchase price per ordinary share of CCBA paid to the TCCC Sellers

under the sale and purchase agreement for the Acquisition and an applicable coupon, in cash or, at the

election of the Group, partially through the issue and transfer of new Coca-Cola HBC shares from a capital

band and/or the transfer from treasury of existing Coca-Cola HBC shares

Coca-Cola Sabco Pty Ltd (‘Sabco’), a wholly owned subsidiary of CCBA, and CCHA have agreed to enter

into an option agreement at Completion with (i) a call option exercisable for five years enabling Sabco to

purchase the 2.87% equity interest in Coca-Cola Fortune Pty Ltd (‘Fortune’) owned by CCHA following

Completion and (ii) a put option enabling CCHA to sell its remaining equity interest in Fortune to Sabco

exercisable between three and five years following Completion. The consideration payable on completion

of the option is US Dollar 70 million plus an applicable coupon.

Completion is targeted to take place by the end of 2026, subject to satisfaction of customary regulatory and

antitrust approvals. The shareholders of Coca-Cola HBC approved, with the requisite majorities, certain

amendments to the Coca-Cola HBC Articles of Association that are required to give effect to the terms of

the sale and purchase agreement for the Acquisition and the CCBA Option Agreement at an Extraordinary

General Meeting held on 19 January 2026.

Acquisition costs incurred during 2025 in connection with the agreed acquisition of CCBA amounted

to €41.8 million and were included in the line ‘Operating expenses‘ of the consolidated income statement.

Of this amount, €12.0 million was paid during the year.

Notes to the consolidated financial statements continued

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24. Financial risk management and financial instruments

Accounting policy

Financial assets

On initial recognition, financial assets are recorded at fair value plus, in the case of financial

assets not at fair value through profit or loss (FVTPL), any directly attributable transaction costs.

Transaction costs of financial assets at FVTPL are expensed.

Financial assets are classified into three categories:

a) Financial assets at amortised cost (debt instruments)

The classification of debt instruments at amortised cost depends on two criteria: i) the Group’s

business model for managing assets; and ii) whether the instruments’ contractual cash flows

represent solely payments for principal and interest on the principal amount outstanding (the ‘SPPI

criterion’). If both criteria are met, the financial assets of the Group are subsequently measured at

amortised cost whereby any interest income is recognised using the effective interest method.

This category includes trade receivables, treasury bills and time deposits. The accounting policy

for trade receivables is described in Note 18.

b) Financial assets through other comprehensive income (FVOCI)

The Group also has investments in financial assets at FVOCI. These include equity investments that are

not of a trading nature. The Group intends to hold these equity instruments for the foreseeable future

and has irrevocably elected to classify them as FVOCI upon initial recognition. Upon derecognition of

these financial assets, there is no recycling of gains or losses to the income statement.

c) Financial assets through profit or loss (FVTPL)

The Group also has investments in financial assets at FVTPL, which are subsequently measured at

fair value and where changes in fair value are recognised in the income statement. Financial assets

at FVTPL mainly comprise money market funds.

For those financial assets that are not subsequently measured at fair value, the Group assesses

whether there is evidence of impairment at each balance sheet date.

Derivative financial instruments

The Group uses derivative financial instruments, including currency, commodity and interest

rate derivatives, to manage currency, commodity price and interest rate risk associated with

its business activities. The Group does not enter into derivative financial instruments for

trading activity purposes.

All derivative financial instruments are initially recognised on the balance sheet at fair value and

are subsequently remeasured at their fair value. Changes in the fair value of derivative financial

instruments are recognised at each reporting date either in the income statement or in equity,

depending on whether the derivative financial instrument qualifies for hedge accounting as a fair

value hedge or cash flow hedge.

Embedded derivatives in financial host contracts are recorded at fair value through profit or loss

together with the host contracts.

All derivative financial instruments that are not part of an effective hedging relationship

(undesignated hedges) are classified as assets or liabilities at fair value through profit or loss.

At the inception of a hedge transaction, the Group documents the relationship between the

hedging instrument and the hedged item, as well as its risk management objective and strategy

for undertaking the hedge transaction. This process includes linking the derivative financial

instrument designated as a hedging instrument to the specific asset, liability, firm commitment or

forecast transaction. The Group has established a hedge ratio of 1:1 for the hedging relationships

as the underlying risk of the hedging instruments is identical to the hedged risks component.

The economic relationship between the hedged item and the hedging instrument is assessed

on an ongoing basis. Ineffectiveness may arise if the timing or the notional of the forecast

transaction changes or if the credit risk changes, impacting the fair value movements of the

hedging instruments. Currency spreads and time value of options also represent sources of

ineffectiveness as they affect the valuation of the hedging instrument but not the underlying

hedged item.

Changes in the fair value of derivative financial instruments (both the intrinsic value and the

aligned time value) that are designated and effective as hedges of future cash flows are recognised

directly in other comprehensive income, while the ineffective portion is recognised immediately

in the income statement. Amounts accumulated in equity are recycled to the income statement

as the related hedged asset acquired or liability assumed affects the income statement. For

deal-contingent cash flow hedges of the consideration to be paid in connection with anticipated

business combinations, the accumulated amount in equity is transferred and adjusts the foreign

currency consideration, when the business combination occurs. This accordingly adjusts the

amount of goodwill recognised on acquisition.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated,

exercised or no longer qualifies for hedge accounting. At that time, any accumulated gain or loss

on the hedging instrument recognised in equity is retained in equity until the forecast transaction

occurs. If a hedged transaction is no longer expected to occur, the net accumulated gain or loss

recognised in equity is transferred to the income statement.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2025304

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Strategic Report

24. Financial risk management and financial instruments continued

Derivatives embedded in non-financial host contracts are accounted for as separate derivatives

and recorded at fair value through profit or loss if:

• their economic characteristics and risks are not closely related to those of the host contracts;

• the host contracts are not designated as at fair value through profit or loss; and

• a separate instrument with the same terms as the embedded derivative meets the definition

of a derivative.

These embedded derivatives are measured at fair value with changes in fair value recognised in the

income statement. Reassessment only occurs if there is either a change in the terms of the contract

that significantly modifies the cash flows that would otherwise be required or a reclassification of a

financial asset out of the fair value through profit or loss category takes place.

Regular purchases and sales of investments are recognised on the trade date, which is the day

the Group commits to purchase or sell. The investments are recognised initially at fair value plus

transaction costs, except in the case of FVTPL. For investments traded in active markets, fair value

is determined by reference to stock exchange quoted bid prices. For other investments, fair value

is estimated by reference to the current market value of similar instruments or by reference to the

discounted cash flows of the underlying net assets or other valuation techniques.

Financial risk factors, objectives and policies

The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency risk,

commodity price risk and interest rate risk), credit risk, liquidity risk and capital risk. The Group’s overall

risk management programme focuses on the volatility of financial markets and seeks to minimise

potential adverse effects on the Group’s cash flows. The Group uses derivative financial instruments

to hedge certain risk exposures. Risk management is carried out by Group Treasury in a controlled

manner, consistent with the Board of Directors’ approved policies. Group Treasury identifies, evaluates

and hedges financial risks in close cooperation with the Group’s subsidiaries. The Board of Directors

has approved the treasury policy, which provides the control framework for all treasury and

treasury-related transactions.

Market risk

a) Foreign currency risk

The Group is exposed to the effect of foreign currency risk on future transactions, recognised monetary

assets and liabilities that are denominated in currencies other than the local entity’s functional currency,

as well as net investments in foreign operations. Foreign currency forward, option and futures contracts

are used to hedge a portion of the Group’s foreign currency risk. The majority of the foreign currency

forward, option and futures contracts have maturities of less than one year after the balance sheet date.

Management has set up a policy that requires Group companies to manage their foreign exchange

risk against their functional currency. To manage their foreign exchange risk arising from future

transactions and recognised monetary assets and liabilities, entities in the Group use foreign

currency forward, option and futures contracts transacted by Group Treasury. Group Treasury’s risk

management policy is to hedge on an average coverage ratio basis of 25% to 80% of anticipated cash

flows for the next 12 months by using a layer strategy and 100% of balance sheet remeasurement risk in

each major foreign currency for which hedging is applicable. Each subsidiary designates contracts with

Group Treasury as fair value hedges or cash flow hedges, as appropriate. External foreign exchange

contracts are designated at Group level as hedges of foreign exchange risk on specific monetary

assets, monetary liabilities or future transactions on a gross basis.

On 21 October 2025, the Group entered into deal-contingent foreign currency option contracts with a

notional amount of €1.3 billion (US Dollar 1.6 billion) to mitigate the foreign currency risk arising from the

agreed acquisition of CCBA. These instruments have been designated and accounted for as cash flow

hedges. As of 31 December 2025, a loss of €25.4 million has been recognised in other comprehensive

income related to changes in the fair value of these instruments. Other payables include a premium

of €59.8 million, payable only upon completion of the CCBA acquisition (refer to Note 20). A 10%

appreciation of the Euro against the US Dollar as at 31 December 2025 would have resulted in a €31.0

million loss recognised in equity, while a 10% weakening of the Euro would have resulted in a €106.9

million gain recognised in equity. There would be no impact on the Group’s income statement as these

instruments are designated as cash flow hedges.

The following tables present details of the Group’s sensitivity to reasonably possible increases

and decreases in the Euro and the US Dollar against the relevant foreign currencies. In determining

reasonably possible changes, the historical volatility over a 12-month period of the respective foreign

currencies in relation to the Euro and the US Dollar has been considered. The sensitivity analysis

determines the potential gains and losses in the income statement or equity arising from the Group’s

foreign exchange positions as a result of the corresponding percentage increases and decreases in the

Group’s main foreign currencies relative to the Euro and the US Dollar. The sensitivity analysis includes

outstanding foreign-currency denominated monetary items, external loans and loans between

operations within the Group where the denomination of the loan is in a currency other than the

functional currency of the local entity.

2025 exchange risk sensitivity to reasonably possible changes in the Euro against relevant

other currencies

			Euro strengthens		Euro weakens
		against local currency		against local currency
	% historical	Loss/(gain)		(Gain)/loss
	volatility over a	in income	Loss/(gain)	in income	(Gain)/loss
	12-month	statement	in equity	statement	in equity
	period	€ million	€ million	€ million	€ million
Egyptian Pound	8.4%	3.0	–	(3.5)	–
Nigerian Naira	10.9%	8.4	–	(10.4)	–
Russian Rouble	17.2%	(4.9)	–	6.9	–
UK Sterling	4.9%	(0.6)	0.3	0.7	(0.3)
Ukrainian Hryvnia	8.5%	1.2	–	(1.4)	–
Other	–	2.5	(10.3)	(2.7)	11.2
Total		9.6	(10.0)	(10.4)	10.9

Notes to the consolidated financial statements continued

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2025 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant

other currencies

			US Dollar strengthens		US Dollar weakens
			against local currency	against local currency
	% historical	Loss/(gain)		(Gain)/loss
	volatility over a	in income	Loss/(gain)	in income	(Gain)/loss
	12-month	statement	in equity	statement	in equity
	period	€ million	€ million	€ million	€ million
Egyptian Pound	4.1%	0.5	–	(0.7)	–
Nigerian Naira	8.2%	(2.1)	–	2.2	–
Russian Rouble	19.7%	(16.3)	–	24.3	–
Ukrainian Hryvnia	3.2%	0.2	–	(0.2)	–
Other	–	0.1	–	(0.1)	–
Total		(17.6)	–	25.5	–

2024 exchange risk sensitivity to reasonably possible changes in the Euro against relevant

other currencies

			Euro strengthens		Euro weakens
		against local currency			against local currency
	% historical	Loss/(gain)		(Gain)/loss
	volatility over a	in income	Loss/(gain)	in income	(Gain)/loss
	12-month	statement	in equity	statement	in equity
	period	€ million	€ million	€ million	€ million
Egyptian Pound	48.4%	15.3	–	(44.0)	–
Nigerian Naira	53.9%	1.8	–	(7.3)	–
Russian Rouble	20.5%	(5.7)	–	8.7	–
UK Sterling	4.1%	0.3	0.1	(0.3)	(0.1)
Ukrainian Hryvnia	7.8%	0.9	–	(1.1)	–
Other	–	2.7	(7.7)	(2.9)	8.5
Total		15.3	(7.6)	(46.9)	8.4

2024 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant

other currencies

			US Dollar strengthens		US Dollar weakens
			against local currency	against local currency
	% historical	Loss/(gain)		(Gain)/loss
	volatility over a	in income	Loss/(gain)	in income	(Gain)/loss
	12-month	statement	in equity	statement	in equity
	period	€ million	€ million	€ million	€ million
Egyptian Pound	48.7%	16.7	–	(48.6)	–
Nigerian Naira	53.8%	13.1	–	(43.5)	–
Russian Rouble	20.7%	(12.5)	–	19.1	–
Ukrainian Hryvnia	4.9%	0.7	–	(0.7)	–
Other	–	0.1	–	(0.3)	–
Total		18.1	–	(74.0)	–

b) Commodity price risk

The Group is affected by the volatility of certain commodity prices (being mainly sugar, aluminium,

aluminium premium, plastic, corn and gas oil) in relation to certain raw materials necessary for the

production of the Group’s products.

Due to the significantly increased volatility of commodity prices, the Group’s Board of Directors has

developed and enacted a risk management strategy regarding commodity price risk and its mitigation.

Although the Group continues to contract prices with suppliers in advance, to reduce its exposure to

the effect of short-term changes in the price of sugar, aluminium, aluminium premium, corn, gas oil and

plastic, the Group hedges the market price of these commodities using commodity swap contracts

based on a rolling forecast for a period up to 36 months. Group Treasury’s risk management policy is

to hedge a minimum of 25% and a maximum of 80% of commodity exposure for the next 12 months,

with the exception of certain types of plastic for which lower compliance ratios apply.

The following table presents details of the Group’s income statement and equity sensitivity to

increases and decreases in sugar, aluminium, aluminium premium, plastic, corn and gas oil prices. The

table does not show the sensitivity to the Group’s total underlying commodity exposure or the impact

of changes in volumes that may arise from an increase or decrease in the respective commodity

prices. The sensitivity analysis determines the potential effect on profit or loss and equity arising from

the Group’s commodity swap contract positions as a result of the reasonably possible increases or

decreases of the respective commodity price. In determining reasonably possible changes of the

respective commodity price, the historical volatility over a 12-month period per contract maturity

has been considered.

Notes to the consolidated financial statements continued

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2025 commodity price risk sensitivity to reasonably possible changes in the commodity price

of relevant commodities

			Commodity price increases with	Commodity price decreases with
			all other variables held constant	all other variables held constant
	% historical
	volatility over a	(Gain)/loss		Loss/(gain)
	12-month period	in income	(Gain)/loss	in income	Loss/(gain)
	per contract	statement	in equity	statement	in equity
	maturity	€ million	€ million	€ million	€ million
Sugar	14.0%	(0.2)	(18.1)	0.2	18.1
Aluminium	15.8%	–	(2.1)	–	2.1
Aluminium premium	36.5%	–	(0.1)	–	0.1
Gas oil	22.9%	–	(1.8)	–	1.8
Plastic	10.8%	(0.2)	–	0.2	–
Corn	29.8%	(0.3)	–	0.3	–
Total		(0.7)	(22.1)	0.7	22.1

2024 commodity price risk sensitivity to reasonably possible changes in the commodity price

of relevant commodities

		Commodity price increases with		Commodity price decreases with
		all other variables held constant		all other variables held constant
	% historical volatility	(Gain)/loss		Loss/(gain)
	over a 12-month	in income	(Gain)/loss	in income	Loss/(gain)
	period per contract	statement	in equity	statement	in equity
	maturity	€ million	€ million	€ million	€ million
Sugar	16.3%	–	(37.8)	–	37.8
Aluminium	22.1%	(1.0)	(24.9)	1.0	24.9
Aluminium premium	34.5%	–	(4.3)	–	4.3
Gas oil	27.8%	–	(5.0)	–	5.0
Plastic	12.2%	(3.4)	–	3.4	–
Total		(4.4)	(72.0)	4.4	72.0

c) Interest rate risk

The Group is subject to interest rate risk for its outstanding borrowings and interest rate swap

contracts. The sensitivity analysis in the following table has been determined based on exposure

to interest rates of both derivative and non-derivative instruments existing at the balance sheet date

and assuming constant foreign exchange rates. For floating rate liabilities, the analysis is prepared

assuming the amount of liability outstanding at the balance sheet date was outstanding for the whole

year. A 100 basis point increase or decrease for 2025 (2024: 100 basis point) represents management’s

assessment of a reasonably possible change in interest rates.

Interest rate risk sensitivity to reasonably possible changes in interest rates

	2025		2024
	Loss/(gain)		Loss/(gain) in
	in income	(Gain)/loss	income	(Gain)/loss
	statement	in equity	statement	in equity
	€ million	€ million	€ million	€ million
Increase by 100 bps	7.1	(60.9)	3.9	–
Decrease by 100 bps	(7.1)	14.5	(3.9)	–

The impact in the Group’s income statement is attributable to the changes in the fair value of the

fixed-to-floating interest rate swaps entered into in 2024 for a notional amount of €600 million and

designated as hedging instruments in a fair value hedge. The impact in the Group’s equity is mainly

attributable to the changes in the fair value of the interest rate swaption contracts entered into in

2025 for a notional amount of €1,050 million, in connection with the agreed acquisition of CCBA, and

designated as cash flow hedges.

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument

fails to meet its obligations under the contract or arrangement. The Group has limited concentration

of credit risk across trade and financial counterparties. Credit policies are in place and the exposure to

credit risk is monitored on an ongoing basis.

The Group’s maximum exposure to credit risk in the event that counterparties fail to meet their

obligations as at 31 December 2025 in relation to each class of recognised financial asset is the carrying

amount of those assets as indicated on the balance sheet.

Under the credit policies, before accepting any new credit customers, the Group investigates the

potential customer’s credit quality, using either external agencies and, in some cases, bank references

and/or historic experience, and defines credit limits for each customer. Customers that fail to meet

the Group’s benchmark credit quality may transact with the Group only on a prepayment or cash basis.

Customers are reviewed on an ongoing basis and credit limits are adjusted accordingly. The Group

also carries credit insurance on a portion of the accounts receivable balance. There is no significant

concentration of credit risk with regard to loans, trade and other receivables as the Group has a large

number of customers which are geographically dispersed.

The Group has policies that limit the amount of credit exposure to any single financial institution.

The Group only undertakes investment and derivative transactions with banks and financial institutions

that have a minimum credit rating of ‘BBB-’ from Standard & Poor’s and ‘Baa3’ from Moody’s, unless

the investment is in countries where the Sovereign Credit Rating is below ‘BBB-/Baa3’. The Group

also uses Credit Default Swaps of a counterparty to measure in a timelier way the creditworthiness of

a counterparty and set up its counterparties in tiers in order to assign maximum exposure and tenor

per tier. If the Credit Default Swaps of a certain counterparty exceed 400 basis points, the Group will

stop trading derivatives with that counterparty and will try to cancel any deposits on a best-effort

basis. In addition, the Group regularly makes use of time deposits and money market funds to invest

excess cash balances and to diversify its counterparty risk. As at 31 December 2025, an amount of

€115.2 million (2024: €619.0 million) is invested in time deposits with a tenor of more than three months

and €nil (2024: €265.0 million) is invested in money market funds.

Notes to the consolidated financial statements continued

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Liquidity risk

The Group actively manages liquidity risk to ensure there are sufficient funds available for any short-term

and long-term commitments. Bank overdrafts and bank facilities, both committed and uncommitted,

are used to manage this risk.

The Group manages liquidity risk by maintaining adequate cash reserves and committed banking

facilities, access to the debt and equity capital markets, and by continuously monitoring forecast and

actual cash flows. In Note 25, the undrawn facilities that the Group has at its disposal to manage liquidity

risk are discussed under the headings ‘Commercial paper programme’ , ‘Committed credit facilities’

and ‘Uncommitted loan agreement’.

The Group enters into supply chain financing programmes with certain counterparties. The Group’s

payment terms for the trade payables covered by the programmes are identical to the payment terms

for other trade payables. The Group has no significant concentration of liquidity risk with these

counterparties, and the programmes have been established to manage the Group’s working capital

needs (refer to Note 20).

As at 31 December 2025, the Group has a net debt of €1.2 billion (refer to Note 25). In addition,

the Group has an undrawn revolving credit facility of €1.2 billion available, €0.4 billion available out

of the €1.0 billion commercial paper facility, as well as an undrawn uncommitted loan agreement

of €200 million. Additionally, in 2025 the Group entered into a €2.5 billion committed bridge financing

facilities agreement in connection with the agreed acquisition of CCBA (refer to Note 25).

The following tables detail the Group’s remaining contractual maturities for its financial liabilities.

The tables include both interest and principal undiscounted cash flows, assuming that interest rates

remain constant from 31 December 2025.

	Up to	One to	Two to	Over
	one year	two years	five years	five years	Total
	€ million	€ million	€ million	€ million	€ million
Borrowings	757.3	772.0	1,212.5	1,117.2	3,859.0
Derivative liabilities	36.4	7.3	0.1	–	43.8
Trade and other payables
(excluding other tax & social
security, contract liabilities
and deferred income)	2,698.8	0.5	1.2	2.9	2,703.4
Leases	91.0	74.5	130.7	45.8	342.0
As at 31 December 2025	3,583.5	854.3	1,344.5	1,165.9	6,948.2

	Up to	One to	Two to	Over
	one year	two years	five years	five years	Total
	€ million	€ million	€ million	€ million	€ million
Borrowings	863.0	73.4	1,957.2	1,142.2	4,035.8
Derivative liabilities	19.3	9.4	0.5	–	29.2
Trade and other payables
(excluding other tax & social
security, contract liabilities
and deferred income)	2,466.5	0.5	1.2	3.2	2,471.4
Leases	75.4	62.3	105.5	56.1	299.3
As at 31 December 2024	3,424.2	145.6	2,064.4	1,201.5	6,835.7

Capital risk

Accounting policy

The Group monitors its financial capacity and credit ratings by reference to a number of key financial

ratios, including net debt to comparable adjusted EBITDA, which provides a framework within which

the Group’s capital base is managed. This ratio is calculated as net debt divided by comparable

adjusted EBITDA.

Adjusted EBITDA is calculated by adding back to operating profit the depreciation and net

impairment of property, plant and equipment, the amortisation and net impairment of intangible

assets, the employee performance share costs, the net impairment of equity method investments

and items, if any, reported in line ‘Other non-cash items’ of the consolidated cash flow statement.

Comparable adjusted EBITDA refers to adjusted EBITDA excluding restructuring costs, exceptional

items related to the Russia-Ukraine conflict, acquisition, integration and divestment-related costs or

gains, and the unrealised gains or losses resulting from the mark-to-market valuation of derivatives

and embedded derivatives related to commodity hedging.

Refer to Note 25 for definition of net debt.

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a

going concern and to maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Group may increase or decrease debt, issue or

buy back shares, adjust the amount of dividends paid to shareholders or return capital to shareholders.

Notes to the consolidated financial statements continued

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The Group’s goal is to maintain a conservative financial profile. This is evidenced by the credit ratings

maintained with Standard & Poor’s and Moody’s, which were affirmed in 2025.

Rating agency	Publication date	Long-term debt	Outlook	Short-term debt
Standard & Poor’s	October 2025	BBB+	Stable	A2
Moody’s	October 2025	Baa1	Stable	P2

The Group’s medium- to long-term target is to maintain the net debt to comparable adjusted EBITDA

ratio within a 1.5 to 2.0 range.

The ratios as at 31 December were as follows:

	2025	2024
	€ million	€ million
Net debt (refer to Note 25)	1,232.9	1,524.5
Operating profit	1,305.6	1,185.4
Depreciation and impairment of property, plant and equipment, including right-of-use assets	430.7	395.7
Amortisation and impairment of intangible assets	1.5	1.1
Employee performance shares	22.1	15.6
Adjusted EBITDA	1,759.9	1,597.8
Other restructuring costs (primarily termination benefits)	9.9	3.3
Unrealised (gain)/loss on commodity derivatives	(4.7)	1.1
Acquisition costs	42.3	1.9
Russia-Ukraine conflict impact	0.1	–
Comparable adjusted EBITDA	1,807.5	1,604.1
Net debt/comparable adjusted EBITDA ratio	0.68	0.95

The reconciliation of other restructuring costs to total restructuring costs for the years ended

31 December was as follows:

	2025	2024
	€ million	€ million
Total restructuring costs included in operating expenses (refer to Note 8)	10.0	3.3
Less: Impairment of property, plant and equipment presented
as part of restructuring costs	(0.1)	–
Other restructuring costs (primarily termination benefits)	9.9	3.3

Hedging activity

The carrying amount of the derivative financial instruments is included in lines ‘Other financial assets’

and ‘Other financial liabilities’ of the consolidated balance sheet.

a) Cash flow hedges

The impact of the hedging instruments on the consolidated balance sheet was:

	Notional amount	Carrying amount	Period of
As at 31 December 2025	€ million	€ million	maturity date
Contracts with positive fair values	2,639.8	66.3
Non-current	80.8	5.2
Commodity swap contracts	80.8	5.2	Feb27 – Sep28
Current	2,559.0	61.1
Foreign currency forward contracts	67.3	0.4	Jan26 – Jun26
Interest rate swaption contracts	1,050.0	14.6	Jan26 – Sep26
Deal-contingent foreign currency option
contracts	1,346.3	34.4	Completion *
Commodity swap contracts	95.4	11.7	Jan26 – Dec26
Contracts with negative fair values	412.0	(36.4)
Non-current	78.2	(7.4)
Commodity swap contracts	78.2	(7.4)	Jan27 – Jun28
Current	333.8	(29.0)
Foreign currency forward contracts	199.2	(1.7)	Jan26 – Nov26
Commodity swap contracts	134.6	(27.3)	Jan26 – Dec26

Maturing on completion of the agreed acquisition of CCBA (refer to Note 23).

Notes to the consolidated financial statements continued

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	Notional amount	Carrying amount	Period of
As at 31 December 2024	€ million	€ million	maturity date
Contracts with positive fair values	239.4	16.0
Non-current	21.1	0.8
Commodity swap contracts	21.1	0.8	Jan26 – Nov 27
Current	218.3	15.2
Foreign currency forward contracts	101.0	0.8	Jan25 – Dec25
Commodity swap contracts	117.3	14.4	Jan25 – Dec25
Contracts with negative fair values	356.0	(19.1)
Non-current	118.6	(9.9)
Commodity swap contracts	118.6	(9.9)	Jan26 – Sep27
Current	237.4	(9.2)
Foreign currency forward contracts	118.3	(0.7)	Jan25 – Jun25
Commodity swap contracts	119.1	(8.5)	Jan25 – Dec25

The impact on the hedging reserve as a result of applying cash flow hedge accounting was:

	Spot	Cost of	Deal-
	component	hedging reserve	contingent
	of foreign	of foreign	foreign	Commodity	Interest
	currency	currency	currency	swap	rate swap
	contracts	contracts	options	contracts	contracts	Total
	€ million	€ million	€ million	€ million	€ million	€ million
Opening balance as at 1 January 2024	(3.7)	0.6	–	(8.6)	(10.9)	(22.6)
Net gain from cash flow
hedges	2.3	–	–	3.0	5.5	10.8
Change in fair value of hedging instruments
recognised in OCI	2.3	–	–	3.6	(0.8)	5.1
Reclassified to income
statement	–	–	–	(0.6)	6.3	5.7
Cost of hedging recognised
in OCI	–	(2.1)	–	–	(0.2)	(2.3)
Reclassified to inventories	(0.6)	2.6	–	2.0	–	4.0
Closing balance as at 31 December 2024	(2.0)	1.1	–	(3.6)	(5.6)	(10.1)
Net loss from cash flow
hedges	(2.0)	–	(25.4)	(31.8)	(0.2)	(59.4)
Change in fair value of hedging instruments
recognised in OCI	(2.0)	–	(25.4)	(30.7)	(1.5)	(59.6)
Reclassified to income
statement	–	–	–	(1.1)	1.3	0.2
Cost of hedging recognised
in OCI	–	(3.5)	–	–	0.2	(3.3)
Reclassified to inventories	1.5	2.9	–	8.9	–	13.3
Closing balance as at 31 December 2025	(2.5)	0.5	(25.4)	(26.5)	(5.6)	(59.5)

Notes to the consolidated financial statements continued

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The effect of the cash flow hedges in the consolidated income statement was:

	2025	2024
	(Gain)/loss	(Gain)/loss
	€ million	€ million
Net amount reclassified from other comprehensive income
to cost of goods sold	(1.1)	(0.6)
Net amount reclassified from other comprehensive income
to finance costs	1.3	6.3
Total	0.2	5.7

The ineffectiveness on the cash flow hedges for the year ended 31 December 2025 was €0.7 million

loss (2024: €1.4 million loss) recorded within cost of goods sold. No hedge ineffectiveness was

recognised in 2025 in relation to the deal-contingent foreign currency options.

b) Fair value hedges

The impact of the hedging instruments on the consolidated balance sheet was:

	Notional amount	Carrying amount	Period of
As at 31 December 2025	€ million	€ million	maturity date
Contracts with positive fair values	600.0	23.2
Non-current	600.0	23.2
Interest rate swap contracts	600.0	23.2	Feb28

	Notional amount	Carrying amount	Period of
As at 31 December 2024	€ million	€ million	maturity date
Contracts with positive fair values	600.0	24.0
Non-current	600.0	24.0
Interest rate swap contracts	600.0	24.0	Feb28

The ineffectiveness on the fair value hedges for the year ended 31 December 2025 was €1.5 million loss

(2024: €0.5 million loss) recorded within interest expense.

c) Undesignated hedges

The fair values of derivative financial instruments as at 31 December, which economically hedge the

Group’s risks and for which hedge accounting has not been applied, were:

	Notional amount	Carrying amount	Period of
As at 31 December 2025	€ million	€ million	maturity date
Contracts with positive fair values	95.9	12.0
Non-current	0.1	0.4
Commodity swap contracts	0.1	0.4	Sep27
Current	95.8	11.6
Foreign currency forward contracts	93.5	9.4	Jan26 – Dec 26
Commodity swap contracts	2.3	2.2	Jan26 – Oct26
Contracts with negative fair values	391.6	(7.4)
Current	391.6	(7.4)
Embedded derivatives	28.1	(1.1)	Jan26 – Dec 26
Foreign currency forward contracts	336.4	(3.1)	Jan26 – Dec 26
Commodity swap contracts	27.1	(3.2)	Jan26 – Dec 26

	Notional amount	Carrying amount	Period of
As at 31 December 2024	€ million	€ million	maturity date
Contracts with positive fair values	178.1	1.6
Current	178.1	1.6
Foreign currency forward contracts	172.2	1.2	Jan25 – Nov25
Commodity swap contracts	5.9	0.4	Jan25 – Nov25
Contracts with negative fair values	326.7	(10.1)
Current	326.7	(10.1)
Embedded derivatives	18.9	(2.3)	Jan25 – Dec25
Foreign currency forward contracts	275.9	(2.3)	Jan25 – Nov25
Commodity swap contracts	31.9	(5.5)	Jan25 – Dec25

The effect of the undesignated hedges in the consolidated income statement was:

	2025	2024
	(Gain)/loss	(Gain)/loss
	€ million	€ million
Net amount recognised in cost of goods sold	(0.6)	(0.3)
Net amount recognised in operating expenses	(17.1)	(10.3)
Net amount recognised in finance cost	4.1	25.2
Total	(13.6)	14.6

Notes to the consolidated financial statements continued

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Financial instruments’ categories

Categories of financial instruments as at 31 December were as follows (in € million):

2025

						Analysis of total assets
			Derivatives	Equity
	Debt financial		designated	financial	Total
	assets at	Assets at	as hedging	assets at	current and
Assets	amortised cost	FVTPL	instruments	FVOCI	non-current	Current		Non-current
Investments including loans
to related parties	118.0	18.3	–	23.6	159.9	44.2	115.7
Derivative financial
instruments	–	12.0	89.5	–	101.5	28.8	72.7
Trade and other receivables	1,127.1	–	–	–	1,127.1	7.1	1,120.0
Cash and cash equivalents	2,541.7	–	–	–	2,541.7	–	2,541.7
Total	3,786.8	30.3	89.5	23.6	3,930.2	80.1	3,850.1

					Analysis of total assets
	Liabilities		Derivatives
	held at		designated	Total
	amortised	Liabilities at	as hedging	current and
Liabilities	cost	FVTPL	instruments	non-current	Current		Non-current
Trade and other payables
(excluding other tax & social security, contract liabilities and deferred income)	2,703.4	–	–	2,703.4	4.6	2,698.8
Borrowings	3,913.0	–	–	3,913.0	3,107.4	805.6
Derivative financial instruments	–	7.4	36.4	43.8	7.4	36.4
Total	6,616.4	7.4	36.4	6,660.2	3,119.4	3,540.8

2024

							Analysis of total assets
			Derivatives	Equity
	Debt financial		designated	financial	Total
	assets at	Assets at	as hedging	assets at	current and
Assets	amortised cost	FVTPL	instruments	FVOCI	non-current	Current	Non-current
Investments including loans
to related parties	623.5	277.6	–	18.7	919.8	884.9	34.9
Derivative financial
instruments	–	1.6	40.0	–	41.6	16.8	24.8
Trade and other receivables	1,054.4	–	–	–	1,054.4	1,047.8	6.6
Cash and cash equivalents	1,548.1	–	–	–	1,548.1	1,548.1	–
Total	3,226.0	279.2	40.0	18.7	3,563.9	3,497.6	66.3

						Analysis of total assets
	Liabilities		Derivatives
	held at		designated	Total
	amortised	Liabilities at	as hedging	current and
Liabilities	cost	FVTPL	instruments	non-current	Current	Non-current
Trade and other payables
(excluding other tax & social security, contract liabilities and deferred income)	2,471.4	–	–	2,471.4	2,466.5	4.9
Borrowings	3,980.6	–	–	3,980.6	888.7	3,091.9
Derivative financial instruments	–	10.1	19.1	29.2	19.3	9.9
Total	6,452.0	10.1	19.1	6,481.2	3,374.5	3,106.7

Notes to the consolidated financial statements continued

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Strategic Report

24. Financial risk management and financial instruments continued

Interest rate swap contracts

The Group entered into swaption contracts of €350.0 million in 2018 and €1,050.0 million in 2019 to

hedge the interest rate risk related to its Euro-denominated forecast issuance of fixed rate debt in 2019

and formally designated them as cash flow hedges. In May and November 2019, the swaption contracts

were settled and, at the same time, the notes were issued. The accumulated loss of €9.6 million

recorded in equity through other comprehensive income is being amortised to the income statement

over the term of the relevant notes.

The Group entered into swaption contracts of €180.0 million in 2022 to hedge the interest rate risk

related to its Euro-denominated forecast issuance of fixed rate debt in 2022 and formally designated

them as cash flow hedges. In September 2022, the swaption contracts were settled and, at the same

time, the note was issued. The accumulated gain of €3.4 million recorded in equity through other

comprehensive income is being amortised to the income statement over the term of the note.

The Group entered into swaption contracts of €525.0 million in 2023 to hedge the interest rate risk

related to its Euro-denominated forecast issuance of fixed rate debt in 2024 and formally designated

them as cash flow hedges. In February 2024, the swaption contracts were unwound and, at the same

time, the note was issued. The unwound swaption contracts were settled in June and July 2024. The

accumulated loss of €2.9 million recorded in equity through other comprehensive income is being

amortised to the income statement over the term of the note.

In 2024, in anticipation of interest rates’ decrease, the Group entered into fixed-to-floating interest rate

swaps with a notional amount of €600.0 million in connection with the €600.0 million bond maturing

in February 2028 and included in line ‘Borrowings’ of total non-current liabilities in the consolidated

balance sheet (refer to Note 25), which were formally designated as fair value hedges. The valuation of

the outstanding interest rate swaps for the year ended 31 December 2025 was a financial asset of €23.2

million (2024: €24.0 million).

The Group entered into swaption contracts of €375.0 million in 2024 to hedge the interest rate risk

related to its Euro-denominated forecast issuance of fixed rate debt in 2024 and formally designated

them as cash flow hedges. In November 2024, the swaption contracts were unwound and, at the same

time, the note was issued. The unwound swaption contracts were settled in December 2024. The

accumulated loss of €1.6 million recorded in equity through other comprehensive income is being

amortised to the income statement over the term of the note.

In 2025, the Group entered into swaption contracts of €1,050.0 million in connection with the bonds to

be issued for the agreed acquisition of CCBA, which were formally designated as cash flow hedges.

Embedded derivatives

During 2025 and 2024, the Group recognised embedded derivatives whose risks and economic

characteristics are not considered to be closely related to the commodity contract in which they were

embedded. The fair value of the embedded derivatives as at 31 December 2025 amounted to a financial

liability of €1.1 million (2024: €2.3 million).

Deal-contingent foreign currency options

During 2025, the Group entered into deal-contingent foreign currency option contracts with a total

notional amount of €1.3 billion (US Dollar 1.6 billion) to mitigate the foreign currency risk associated with

the foreign currency-denominated consideration for the agreed acquisition of CCBA (refer to Note

23) and formally designated them as cash flow hedges. The option premium is only required to be paid

if the acquisition of CCBA is completed. The fair value of the deal-contingent foreign currency option

contracts as at 31 December 2025 amounted to a financial asset of €34.4 million. Upon completion of the

acquisition of CCBA, the effective portion of the hedge will be taken into account when determining the

goodwill arising from the transaction.

Fair values of financial assets and liabilities

For financial instruments such as cash, deposits, debtors and creditors, investments, loans payable

to related parties, short-term borrowings (excluding the current portion of bonds and notes payable)

and other financial liabilities (other than bonds and notes payable), carrying values are a reasonable

approximation of their fair values. According to the fair value hierarchy, the financial instruments

measured at fair value are classified as follows:

Level 1

The fair value of FVOCI listed equity securities as well as FVTPL securities is based on quoted market

prices at the reported date. The fair value of bonds is based on quoted market prices at the reported date.

Level 2

The fair value of foreign currency forward, option and futures contracts, commodity swap contracts,

bonds and notes payable, interest rate option and swap contracts, forward starting swap contracts and

embedded foreign currency derivatives is determined by using valuation techniques that maximise the

use of observable market data and include discounting. The fair value of the foreign currency forward,

option and futures contracts, commodity swap contracts, embedded foreign currency derivatives and

cross-currency swap contracts is calculated by reference to quoted forward exchange and deposit

rates, interest rates and forward rate curves of the underlying commodity at the reported date for

contracts with similar maturity dates. The fair value of interest rate option contracts is calculated by

reference to the Black-Scholes valuation model and implied volatilities. The fair value of interest rate

swap contracts is determined as the difference in the present value of the future interest cash inflows

and outflows based on observable yield curves.

Level 3

The fair value of FVOCI unlisted equity securities as well as convertible note agreements, certain

undesignated derivatives, and foreign currency futures and forward contracts is determined through

the use of estimated discounted cash flows or other valuation techniques that use unobservable

inputs. These valuation techniques estimate the fair value of undesignated derivatives by using

settlement and forward prices received from counterparty banks and subscription-based publications,

and the fair value of foreign currency futures and forward contracts by using adjusted quoted prices.

Up to 2024, the Group used foreign currency futures (FMDQ) to mitigate the currency risk related

to the Nigerian Naira, the valuation of which was based on the spot rates indicated by the Nigerian

Autonomous Foreign Exchange (NAFEX) index adjusted with the counterparty credit risk. The fair

value of the deal-contingent foreign currency options was determined using market-observable inputs

such as forward prices, interest rate curves and volatility, together with the estimated timing and

probability of the proposed acquisition occurring, which are unobservable inputs. In 2025, the Group

entered into an energy price risk mitigation arrangement in Italy, whereby certain Group entities receive

compensation from a third party equal to the difference between the market price of electricity and a

fixed rate, for their electricity consumption. The arrangement is accounted for as a derivative financial

instrument. The fair value of the derivative as at 31 December 2025 amounted to a financial asset of

€2.3 million and is classified within Level 3.

Transfers between levels of the fair value hierarchy are deemed to have occurred at the date of the

event or change in circumstances that caused the transfer.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2025313

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Strategic Report

24. Financial risk management and financial instruments continued

The following table provides the fair value hierarchy levels into which fair value measurements are

categorised for assets and liabilities measured at fair value as at 31 December 2025:

	Level 1	Level 2	Level 3	Total
	€ million	€ million	€ million	€ million
Financial assets at FVTPL
Foreign currency forward contracts	–	9.4	–	9.4
Commodity swap contracts	–	0.3	2.3	2.6
Money market funds	–	–	–	–
Convertible note agreements	–	–	18.3	18.3
Derivative financial assets used
for hedging
Cash flow hedges
Foreign currency forward contracts	–	0.4	–	0.4
Deal-contingent foreign currency
option contracts	–	–	34.4	34.4
Interest rate swaption contracts	–	14.6	–	14.6
Commodity swap contracts	–	16.9	–	16.9
Fair value hedges
Interest rate swap contracts	–	23.2	–	23.2
Assets at FVOCI
Equity securities	2.4	–	21.2	23.6
Total financial assets	2.4	64.8	76.2	143.4
Financial liabilities at FVTPL
Foreign currency forward contracts	–	(3.1)	–	(3.1)
Embedded derivatives	–	(1.1)	–	(1.1)
Commodity swap contracts	–	(0.4)	(2.8)	(3.2)
Derivative financial liabilities used
for hedging
Cash flow hedges
Foreign currency forward contracts	–	(1.7)	–	(1.7)
Commodity swap contracts	–	(34.7)	–	(34.7)
Total financial liabilities	–	(41.0)	(2.8)	(43.8)

There were no transfers between Level 1, Level 2 and Level 3 in 2025.

The following table provides the fair value hierarchy levels into which fair value measurements are

categorised for assets and liabilities measured at fair value as at 31 December 2024:

	Level 1	Level 2	Level 3	Total
	€ million	€ million	€ million	€ million
Financial assets at FVTPL
Foreign currency forward contracts	–	1.2	–	1.2
Commodity swap contracts	–	0.4	–	0.4
Money market funds	265.0	–	–	265.0
Convertible note agreements	–	–	12.6	12.6
Derivative financial assets used
for hedging
Cash flow hedges
Foreign currency forward contracts	–	0.8	–	0.8
Commodity swap contracts	–	15.2	–	15.2
Fair value hedges
Interest rate swap contracts	–	24.0	–	24.0
Assets at FVOCI
Equity securities	2.1	–	16.6	18.7
Total financial assets	267.1	41.6	29.2	337.9
Financial liabilities at FVTPL
Foreign currency forward contracts	–	(2.3)	–	(2.3)
Embedded derivatives	–	(2.3)	–	(2.3)
Commodity swap contracts	–	(0.1)	(5.4)	(5.5)
Derivative financial liabilities used
for hedging
Cash flow hedges
Foreign currency forward contracts	–	(0.7)	–	(0.7)
Commodity swap contracts	–	(18.4)	–	(18.4)
Total financial liabilities	–	(23.8)	(5.4)	(29.2)

There were no transfers between Level 1, Level 2 and Level 3 in 2024.

Notes to the consolidated financial statements continued

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Strategic Report

24. Financial risk management and financial instruments continued

The following table presents the changes in Level 3 items for the years ended 31 December 2024

and 2025:

			Deal-
			contingent
	Commodity	Foreign	foreign		Convertible
	swap	currency	currency	Equity	note
	contracts	contracts	options	securities	agreements	Total
	€ million	€ million	€ million	€ million	€ million	€ million
Balance as at 1 January 2024	(1.2)	47.9	–	8.8	5.9	61.4
(Losses)/gains recognised in the income statement	(3.6)	1.0	–	–	0.4	(2.2)
Proceeds from settlement of derivatives	(0.5)	(38.0)	–	–	–	(38.5)
Additions of financial assets at FVOCI	–	–	–	5.8	–	5.8
Capitalised interest	–	–	–	–	0.3	0.3
Additions of financial assets at FVTPL	–	–	–	–	8.0	8.0
Conversion of notes held as financial
assets at FVTPL	–	–	–	2.0	(2.0)	–
Foreign currency translation	(0.1)	(10.9)	–	–	–	(11.0)
Balance as at 31 December 2024	(5.4)	–	–	16.6	12.6	23.8
Losses recognised in the income statement	(0.6)	–	–	–	–	(0.6)
Additions of hedging instruments	–	–	59.8	–	–	59.8
Change in fair value of hedging
instruments recognised in OCI	–	–	(25.4)	–	–	(25.4)
Payments for settlement of derivatives	5.6	–	–	–	–	5.6
Additions of financial assets at FVOCI	–	–	–	4.4	–	4.4
Capitalised interest	–	–	–	–	0.6	0.6
Additions of financial assets at FVTPL	–	–	–	–	5.1	5.1
Foreign currency translation	(0.1)	–	–	0.2	–	0.1
Balance as at 31 December 2025	(0.5)	–	34.4	21.2	18.3	73.4

25. Net debt

Accounting policy

Borrowings are initially recognised at the fair value net of transaction costs incurred.

After initial recognition, all interest-bearing borrowings are subsequently measured at amortised

cost. Amortised cost is calculated using the effective interest rate method whereby any discount,

premium or transaction costs associated with a borrowing are amortised to the income statement

over the borrowing period.

Refer also to Note 16 for accounting policy on leases.

Cash and cash equivalents comprise cash balances and short-term, highly liquid investments

that are readily convertible to known amounts of cash and which are subject to insignificant risk of

change in value. Bank overdrafts are classified as short-term borrowings in the balance sheet and

for the purpose of the cash flow statement. Time deposits and treasury bills that do not meet the

definition of cash and cash equivalents are classified as short-term investments at amortised cost.

Money market funds are classified as short-term investments at fair value through profit or loss.

The Group has elected to report cash receipts and payments regarding investments at amortised

cost and fair value through profit or loss respectively, on a net basis in the consolidated cash flow

statement, considering that the relevant amounts are large, turnover is quick and maturities (where

applicable) are short. These investments are expected to be continually renewed, taking into

account market returns and cash generation of the Group.

Net debt is defined as current and non-current borrowings net of the fair value of fixed-to-floating

interest rate swaps, less cash and cash equivalents and other financial assets (time deposits,

treasury bills and money market funds).

Net debt for the year ended 31 December comprised:

		2025	2024
		€ million	€ million
Current borrowings		805.6	888.7
Non-current borrowings		3,107.4	3,091.9
Interest rate swaps (fixed-to-floating)		(23.2)	(24.0)
Less: Cash and cash equivalents		(2,541.7)	(1,548.1)
•	Financial assets at amortised cost	(115.2)	(619.0)
•	Financial assets at fair value through profit or loss	–	(265.0)
Less: Other financial assets		(115.2)	(884.0)
Net debt		1,232.9	1,524.5

The financial assets at amortised cost relate to time deposits, while the financial assets at fair

value through profit or loss relate to money market funds. Line ‘Other financial assets’ within

‘Total current assets’ of the consolidated balance sheet includes derivative financial instruments

of €72.7 million (31 December 2024: €16.8 million) and loans receivable from related parties of

€0.5 million (31 December 2024: €0.9 million).

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2025315

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25. Net debt continued

a) Borrowings

The Group held the following borrowings as at 31 December:

	2025	2024
	€ million	€ million
Bonds, bills and unsecured notes	–	498.8
Commercial paper	558.0	215.0
Loans payable to related parties (refer to Note 27)	–	2.7
Other borrowings	170.1	108.7
	728.1	825.2
Obligations under leases falling due within one year	77.5	63.5
Total borrowings falling due within one year	805.6	888.7
Borrowings falling due within one to two years
Bonds, bills and unsecured notes	699.1	–
Loans payable to related parties (refer to Note 27)	2.7	–
Borrowings falling due within two to five years
Bonds, bills and unsecured notes	1,106.5	1,806.8
Borrowings falling due in more than five years
Bonds, bills and unsecured notes	1,068.1	1,066.7
Other borrowings	14.8	27.9
	2,891.2	2,901.4
Obligations under leases falling due in more than one year	216.2	190.5
Total borrowings falling due after one year	3,107.4	3,091.9
Total borrowings	3,913.0	3,980.6

Reconciliation of liabilities to cash flows arising from financing activities:

		Borrowings		Leases
		Due in more		Due in more	Derivative
	Due within	than one	Due within	than one	(assets)/
	one year	year	one year	year	liabilities	Total
	€ million	€ million	€ million	€ million	€ million	€ million
Balance as at 1 January 2024	892.8	2,321.6	55.3	154.8	(14.9)	3,409.6
Cash flows
Proceeds from borrowings	160.3	1,104.9	–	–	–	1,265.2
Repayments of borrowings	(727.3)	(21.2)	–	–	–	(748.5)
Principal repayments of lease obligations	–	–	(60.8)	–	–	(60.8)
Interest paid	(85.5)	(0.5)	(14.4)	–	–	(100.4)
Payments for settlement of derivatives
and funded forward contracts regarding
financing activities	–	–	–	–	(42.0)	(42.0)
Total cash flows	(652.5)	1,083.2	(75.2)	–	(42.0)	313.5
Leases increase	–	–	2.5	143.4	–	145.9
Effect of changes in exchange rates	(24.9)	(9.7)	(3.3)	(8.8)	–	(46.7)
Other non-cash movements	609.8	(493.7)	84.2	(98.9)	32.9	134.3
Balance as at 31 December 2024	825.2	2,901.4	63.5	190.5	(24.0)	3,956.6
Cash flows
Proceeds from borrowings	499.5	–	–	–	–	499.5
Repayments of borrowings	(621.9)	–	–	–	–	(621.9)
Principal repayments of lease obligations	–	–	(69.6)	–	–	(69.6)
Interest paid	(122.8)	–	(16.7)	–	–	(139.5)
Payments for settlement of derivatives
regarding financing activities	–	–	–	–	(5.9)	(5.9)
Total cash flows	(245.2)	–	(86.3)	–	(5.9)	(337.4)
Leases increase	–	–	2.6	116.2	–	118.8
Effect of changes in exchange rates	6.5	(1.5)	0.1	(0.6)	–	4.5
Other non-cash movements	141.6	(8.7)	97.6	(89.9)	4.2	144.8
Balance as at 31 December 2025	728.1	2,891.2	77.5	216.2	(25.7)	3,887.3

The ‘Other non-cash movements’ primarily include the transfer from long-term to short-term liabilities

and interest incurred.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2025316

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Strategic Report

25. Net debt continued

Commercial paper programme

In October 2013, the Group established a €1.0 billion Euro-commercial paper programme (the ‘CP

programme’) which was last updated in May 2023, to further diversify its short-term funding sources.

The Euro-commercial paper notes may be issued either as non-interest-bearing notes sold at a discount

or as interest-bearing notes at a fixed or floating rate. All commercial paper issued under the CP programme

must be repaid within 7 to 364 days. The CP programme has been granted the Short Term Euro Paper label

(STEP) and commercial paper is issued through Coca-Cola HBC’s fully owned subsidiary Coca-Cola HBC

Finance B.V. and is fully, unconditionally and irrevocably guaranteed by Coca-Cola HBC AG. The outstanding

amount under the CP programme as at 31 December 2025 was €558.0 million (2024: €215.0 million).

Committed credit facilities

In April 2019, the Group updated its then-existing €500.0 million syndicated revolving credit facility, which

was set to expire in June 2021. The updated syndicated revolving credit facility has been increased to

€800.0 million and was extended to April 2024, with the option to be extended for up to two more years

until April 2026. In March 2020, the Company exercised its extension option and the facility was extended

to April 2025. In April 2021, the Company exercised its second option to further extend the maturity of the

syndicated loan facility to April 2026. In August 2025, the Group replaced the existing syndicated revolving

credit facility, which was set to expire in April 2026. The new syndicated revolving credit facility (‘new RCF’)

was increased from €0.8 billion to €1.2 billion and is set to expire in August 2030, with the option to be

further extended for two more years, until August 2032. This facility can be used for general corporate

purposes and carries a floating interest rate over EURIBOR. No amounts have been drawn under the

syndicated revolving credit facility since inception. The borrower in the syndicated revolving credit facility

is Coca-Cola HBC’s fully owned subsidiary Coca-Cola HBC Finance B.V. and any amounts drawn under the

facility are fully, unconditionally and irrevocably guaranteed by Coca-Cola HBC AG.

In December 2019, the Group established a loan facility of US Dollar 85.0 million to finance the purchase

of production equipment by the Group’s subsidiary in Nigeria. The facility was drawn down by Nigerian

Bottling Company Ltd (NBC) over the course of 2020 and 2021, maturing in 2027. The obligations under

this facility are guaranteed by Coca-Cola HBC AG. As at 31 December 2025, the outstanding liability

amounted to €20.9 million (2024: €36.1 million).

In July 2024, the Group established a loan facility of US Dollar 130.0 million with the European Bank for

Reconstruction and Development (EBRD) to finance the capital expenditure and working capital requirements

of the Group’s subsidiary in Egypt. The loan facility is guaranteed by Coca-Cola HBC AG and ultimately matures

in 2031. As at 31 December 2025, the outstanding liability amounted to €4.2 million (2024: €4.8 million).

On 21 October 2025, the Group’s subsidiary, Coca-Cola HBC Finance B.V., entered into a €2.5 billion

committed bridge financing facilities agreement (the ‘Bridge Facilities Agreement’) in connection with

the agreed acquisition of CCBA (refer to Note 23), which was subsequently syndicated within a banking

consortium. Coca-Cola HBC AG is a guarantor under the Bridge Facilities Agreement. The Bridge Facilities

Agreement provides for two credit facilities: (i) the Bridge Acquisition Facility of €1.4 billion for funding

the payment of the cash consideration, and (ii) the Bridge Backstop Facility of €1.1 billion for refinancing

certain of CCBA group’s existing debt, if required, in each case, including the payment of related fees.

Since the date of the Bridge Facilities Agreement, the Bridge Backstop Facility has been partially

mandatorily cancelled in line with the terms of the Bridge Facilities Agreement and the total Bridge

Backstop Facility commitment was €0.9 billion as at 31 December 2025. The original maturity date of the

Bridge Facilities Agreement is 12 months after the earlier of (i) the date falling 12 months after the date of

the Bridge Facilities Agreement and (ii) the date of Completion of the Acquisition. The Group may, at its

discretion, provided certain limited conditions are met, exercise its right to extend the original maturity

date by six months up to two times so that the latest maturity date shall fall on the date which is 24 months

after the earlier of (i) the date falling 12 months after the date of the Bridge Facilities Agreement and (ii) the

date of Completion of the Acquisition. The Group can voluntarily cancel the whole or part of the available

commitments under the two credit facilities on notice to the facility agent. No amounts have been

drawn under the Bridge Facilities Agreement since inception. The Group intends to refinance the bridge

financing facilities through a combination of one or more medium-term and long-term debt instruments.

Uncommitted loan agreement

In August 2022, the Group established an uncommitted money market loan agreement of

€250.0 million, which was subsequently reduced to €200.0 million in October 2022. The loan agreement

can be used for general corporate purposes. No amounts have been drawn under the money market

loan agreement since its inception. The borrower in the money market loan agreement is Coca-Cola

HBC’s fully owned subsidiary Coca-Cola HBC Finance B.V.

Euro medium-term note programme

In June 2013, the Group established a new €3.0 billion Euro medium-term note programme (the ‘EMTN

programme’). The EMTN programme was increased to €5.0 billion in April 2019 and was last updated in December

2023. Notes are issued under the EMTN programme through Coca-Cola HBC’s fully owned subsidiary Coca-Cola

HBC Finance B.V. and are fully, unconditionally and irrevocably guaranteed by Coca-Cola HBC AG.

In March 2016, Coca-Cola HBC Finance B.V. completed the issue of a €600 million Euro-denominated

fixed rate bond, with a coupon rate of 1.875%, which matured in November 2024. The net proceeds of this

issue were used to partially repay €214.6 million of the 4.25%, €600 million seven-year fixed rate notes due

in November 2016, while the remaining €385.4 million was repaid in November 2016 upon their maturity.

In May 2019, Coca-Cola HBC Finance B.V. completed the issue of a €700 million Euro-denominated

fixed rate bond maturing in May 2027 with a coupon rate of 1.000% and the issue of a €600 million Euro-

denominated fixed rate bond maturing in May 2031 with a coupon rate of 1.625%. The net proceeds

of this issue were used to partially repay €236.6 million of the 2.375%, €800 million seven-year fixed rate

bond due in June 2020, while the remaining €563.4 million was repaid in June 2020 upon its maturity.

In November 2019, Coca-Cola HBC Finance B.V. completed the issue of a €500 million

Euro-denominated fixed rate bond maturing in November 2029 with a coupon rate of 0.625%.

In September 2022, Coca-Cola HBC Finance B.V. completed the issue of a €500 million

Euro-denominated fixed rate Green bond maturing in September 2025 with a coupon rate of 2.75%.

In February 2024, Coca-Cola HBC Finance B.V. completed the issue of a €600 million

Euro-denominated fixed rate bond maturing in February 2028 with a coupon rate of 3.375%. The

net proceeds of the new issue were used to fully repay the €600 million eight-year fixed rate bond,

which matured in November 2024.

In September 2024, Coca-Cola HBC Finance B.V. completed a partial buyback of the 1.625%, €600

million 12-year fixed rate bond due in May 2031, amounting to €23.4 million. The buyback principal

amount was cancelled in November 2024.

In November 2024, Coca-Cola HBC Finance B.V. completed the issue of a €500 million Euro-denominated

fixed rate bond maturing in November 2032 with a coupon rate of 3.125%. The net proceeds of the new issue

were used to fully repay the €500 million three-year fixed rate bond which matured in September 2025.

As at 31 December 2025, a total of €2.9 billion in notes issued under the EMTN programme were

outstanding (2024: €3.4 billion).

Notes to the consolidated financial statements continued

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25. Net debt continued

Summary of notes outstanding as at 31 December

				Book value		Fair value
Notes			Fixed	2025	2024	2025	2024
€ million	Start date	Maturity date	coupon	€ million	€ million	€ million	€ million
€700	14 May 2019	14 May 2027	1.000%	699.1	698.5	686.2	673.1
€577	14 May 2019	14 May 2031	1.625%	574.4	574.0	533.8	531.2
€500	21 November 2019	21 November 2029	0.625%	497.4	496.7	459.2	449.7
€500	23 September 2022	23 September 2025	2.750%	–	498.8	–	500.1
€600	27 February 2024	27 February 2028	3.375%	609.1	611.6	608.9	610.5
€500	20 November 2024	20 November 2032	3.125%	493.7	492.7	491.3	496.6
Total				2,873.7	3,372.3	2,779.4	3,261.2

The weighted average effective interest rate of the Euro-denominated fixed rate bonds is 2.1% and the

weighted average maturity is 3.8 years. The fair values are within Level 1 of the value hierarchy.

As at 31 December 2025, the fair value adjustment to the carrying amount of the €600 million bond

maturing in February 2028 attributable to fixed-to-floating interest rate swaps amounted to €11.0

million gain (2024: €14.4 million gain).

None of our debt facilities are subject to any financial covenants that would impact the Group’s liquidity

or access to capital.

Total borrowings as at 31 December were held in the following currencies:

	Current		Non-current
	2025	2024	2025	2024
	€ million	€ million	€ million	€ million
Euro	664.3	787.7	3,001.3	2,989.5
Egyptian Pound	88.1	63.5	21.9	13.2
US Dollar	18.9	15.9	26.0	39.5
Nigerian Naira	11.2	2.8	9.8	6.1
Swiss Franc	5.7	5.8	18.7	18.6
Russian Rouble	4.4	3.2	8.7	6.4
Bulgarian Lev	3.7	3.2	6.5	8.0
Polish Zloty	2.9	2.4	2.4	2.7
Hungarian Forint	2.1	1.0	2.8	1.2
UK Sterling	1.2	1.5	1.7	2.0
Romanian Leu	1.0	0.9	1.8	1.6
Bosnian Mark	0.7	0.1	1.7	0.1
Czech Koruna	0.6	0.2	0.7	0.2
Belarusian Rouble	0.4	0.3	1.5	1.2
Ukrainian Hryvnia	–	–	0.9	0.6
Other	0.4	0.2	1.0	1.0
Total borrowings	805.6	888.7	3,107.4	3,091.9

The carrying amounts of interest-bearing borrowings held at fixed and floating interest rate as at

31 December 2025 were as follows:

	Fixed	Floating
	interest rate	interest rate	Total
	€ million	€ million	€ million
Euro	3,617.4	48.2	3,665.6
Egyptian Pound	28.7	81.3	110.0
US Dollar	37.0	7.9	44.9
Swiss Franc	24.4	–	24.4
Nigerian Naira	21.0	–	21.0
Russian Rouble	13.1	–	13.1
Bulgarian Lev	10.2	–	10.2
Polish Zloty	5.3	–	5.3
Hungarian Forint	4.9	–	4.9
UK Sterling	2.8	0.1	2.9
Romanian Leu	2.8	–	2.8
Bosnian Mark	2.4	–	2.4
Belarusian Rouble	1.9	–	1.9
Czech Koruna	1.3	–	1.3
Ukrainian Hryvnia	0.9	–	0.9
Other	1.4	–	1.4
Total interest-bearing borrowings	3,775.5	137.5	3,913.0

Notes to the consolidated financial statements continued

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25. Net debt continued

b) Cash and cash equivalents

Cash and cash equivalents as at 31 December comprised the following:

	2025	2024
	€ million	€ million
Cash at bank, in transit and in hand	433.6	689.5
Short-term deposits	2,108.1	858.6
Total cash and cash equivalents	2,541.7	1,548.1

Cash and cash equivalents were held in the following currencies:

	2025	2024
	€ million	€ million
Euro	1,366.8	655.0
Russian Rouble	686.4	340.4
US Dollar	154.4	248.7
Nigerian Naira	76.7	54.5
Ukrainian Hryvnia	72.5	23.0
Polish Zloty	43.5	42.7
Belarusian Rouble	35.7	14.8
Swiss Franc	17.4	6.3
Serbian Dinar	17.2	16.4
Armenian Dram	15.1	13.8
Czech Koruna	14.2	9.9
Hungarian Forint	11.8	18.0
UK Sterling	11.6	38.8
Moldovan Leu	4.6	7.3
Egyptian Pound	4.6	37.4
Bosnian Mark	4.1	7.3
Romanian Leu	3.7	12.5
Other	1.4	1.3
Total cash and cash equivalents	2,541.7	1,548.1

As at 31 December 2025, time deposits of €115.2 million (2024: €619.0 million), which did not meet the

definition of cash and cash equivalents, were recorded as other financial assets.

The amount of dividends payable to the Company by its operating subsidiaries is subject to, among

other restrictions, general limitations imposed by the corporate laws and exchange control restrictions

of the respective jurisdictions where those subsidiaries are organised and operate. Currently, as a result

of sanctions and other regulations, there are certain restrictions in Russia and Ukraine that affect the

Group’s ability to repatriate profits. However, these restrictions are not expected to have a material

impact on the Group’s liquidity. Also, the currency in certain countries in which we operate (in particular

Belarus, Egypt, Nigeria, Serbia and Ukraine) can only be converted or transferred in limited amounts or

for specific purposes established by their governments, without necessarily affecting the repatriation

of profits in all cases. These restrictions do not have a material impact on the Group’s liquidity, as

the amounts of cash and cash equivalents held in such countries are generally retained for capital

expenditure, working capital and dividend distribution purposes. Intra-group dividends paid by certain

of our subsidiaries are also subject to withholding taxes.

Cash and cash equivalents held by the Group’s operations in Russia amounted to €850.2 million equivalent

in Russian Rouble, US Dollar and Euro as at 31 December 2025 (2024: €490.7 million).

26. Equity

Accounting policy

Share capital

Coca-Cola HBC has only one class of shares, ordinary shares. When new shares are issued, they are

recorded in share capital at their par value. The excess of the issue price over the par value is recorded

in the share premium reserve. Incremental external costs directly attributable to the issue of new

shares or to the process of returning capital to shareholders are recorded in equity as a deduction,

net of tax, in the share premium reserve.

Where the Group purchases the Company’s equity instruments, for example as the result of a share

buyback programme, the consideration paid, including any directly attributable incremental costs

(net of income taxes), is deducted from equity attributable to the owners of the parent as treasury

shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently

reissued, any consideration received, net of any directly attributable incremental transaction costs

and the related income tax effects, is included in equity attributable to the owners of the parent.

Dividends

Dividends are recorded in the Group’s consolidated financial statements, against the relevant equity

component, in the period in which they are approved by the Group’s shareholders.

Notes to the consolidated financial statements continued

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26. Equity continued

a) Share capital, share premium and Group reorganisation reserve

	Number of			Group
	shares	Share	Share	reorganisation
	(authorised	capital	premium	reserve
	and issued)	€ million	€ million	€ million
Balance as at 1 January 2024	372,977,222	2,030.3	2,555.7	(6,472.1)
Shares issued to employees exercising
stock options	262,340	1.8	2.0	–
Dividends	–	–	(342.9)	–
Balance as at 31 December 2024	373,239,562	2,032.1	2,214.8	(6,472.1)
Dividends	–	–	(377.9)	–
Balance as at 31 December 2025	373,239,562	2,032.1	1,836.9	(6,472.1)

The Group reorganisation reserve relates to the impact from adjusting share capital, share premium

and treasury shares to reflect the respective statutory amounts of Coca-Cola HBC on 25 April 2013,

together with the transaction costs incurred by the latter, relating primarily to the redomiciliation of

the Group and its admission to listing in the London Stock Exchange, following successful completion

of the voluntary share exchange offer (refer to Note 1). These transactions were treated as a

reorganisation of an existing entity, which has not changed the substance of the reporting entity.

In 2024, the share capital of Coca-Cola HBC increased by the issue of 262,340 new ordinary shares

following the exercise of stock options pursuant to Coca-Cola HBC AG’s employees’ Stock Option Plan

(SOP). Total proceeds from the issuance of the shares under the SOP amounted to €3.8 million. In 2025,

proceeds related to exercised stock options settled via treasury shares under the SOP, as described

below, amounted to €7.0 million (2024: €2.8 million) and were reflected under ‘Other reserves’, more

specifically the ‘Stock option, performance share and deferred management incentive share reserve’ in

the consolidated statement of changes in equity.

As at 31 December 2025, the share capital of the Group amounted to €2,032.1 million and comprised

373,239,562 shares with a nominal value of CHF 6.70 each.

b) Dividends

On 21 May 2024, the shareholders of Coca-Cola HBC AG at the Annual General Meeting approved

a dividend distribution of 0.93 euro per share. The total dividend amounted to €342.9 million and was

paid on 24 June 2024. Of this, an amount of €3.2 million related to shares held by the Group.

The shareholders of Coca-Cola HBC AG approved a dividend distribution of 1.03 euro per share at the

Annual General Meeting held on 23 May 2025. The total dividend amounted to €377.9 million and was

paid on 24 June 2025. Of this, an amount of €3.5 million related to shares held by the Group.

The Board of Directors of Coca-Cola HBC AG has proposed a €1.20 dividend per share in respect

of 2025. If approved by the shareholders of Coca-Cola HBC AG, this dividend will be paid in 2026.

c) Treasury shares and reserves

The reserves of the Group as at 31 December were as follows:

	2025	2024
	€ million	€ million
Treasury shares	(263.1)	(298.5)
Exchange equalisation reserve	(1,832.2)	(1,922.1)
Other reserves
Hedging reserve, net	(53.7)	(7.9)
Tax-free reserve	0.5	0.5
Statutory reserves	34.8	30.8
Stock option, performance share and deferred management
incentive share reserve	61.7	68.0
Financial assets at fair value through other comprehensive income reserve, net	(0.1)	0.6
Other	23.3	23.1
Total other reserves	66.5	115.1
Total reserves	(2,028.8)	(2,105.5)

Treasury shares

Treasury shares held by the Group represent shares acquired following approval of share buyback

programmes, forfeited shares under the equity compensation plan operated by the Group, as well

as shares representing the initial ordinary shares of Coca-Cola HBC acquired from Kar-Tess Holding.

On 20 November 2023, the Group announced the launch of a share buyback programme of up to a maximum

of 18,000,000 ordinary shares to be purchased in a manner consistent with the Company’s general authority

to repurchase shares granted at its Annual General Meeting on 17 May 2023 and any such authority granted at

its following annual general meetings. The programme commenced on 21 November 2023 and at its Annual

General Meeting on 23 May 2025, the Company’s general authority to repurchase shares was renewed. During

2025, the Group purchased shares under the programme for a total consideration of €nil (2024: €183.0 million),

which was reflected in line ‘Acquisition of treasury shares’ of the consolidated cash flow statement and the

consolidated statement of changes in equity. The share buyback programme was cancelled on 21 October

2025 as a result of the agreed acquisition of CCBA (refer to Note 23), having purchased shares for a total

consideration of €225.6 million.

During 2025, treasury shares of €25.4 million (2024: €23.4 million) were provided to employees in

connection with vested performance share awards and deferred management incentive share awards

under the Group’s employee performance share award plan, which was reflected as an appropriation

of reserves from ‘Treasury shares’ to ‘Other reserves’, more specifically, the ‘Stock option, performance

share and deferred management incentive share reserve’ in the consolidated statement of changes

in equity.

Notes to the consolidated financial statements continued

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26. Equity continued

Additionally, during 2025, treasury shares of €10.0 million (2024: €5.2 million) were granted to employees

exercising stock options under the SOP, which was reflected as a reclassification from ‘Treasury shares’

to ‘Other reserves’, more specifically, the ‘Stock option, performance share and deferred management

incentive share reserve’ in the consolidated statement of changes in equity.

As at 31 December 2025, 9,731,668 (2024: 11,077,797) treasury shares were held by the Group.

Exchange equalisation reserve

The exchange equalisation reserve comprises all foreign exchange differences arising from the translation

of the financial statements of Group entities with functional currencies other than the Euro.

Other reserves

Hedging reserve

The hedging reserve reflects changes in the fair values of derivatives accounted for as cash flow

hedges, net of the deferred tax related to such balances.

Tax-free and statutory reserves

The tax-free reserve includes investment amounts exempt from tax according to incentive legislation,

other tax-free income or income taxed at source. Statutory reserves are particular to the various

countries in which the Group operates. The amount of statutory reserves of the parent, Coca-Cola

HBC AG, is €nil.

During 2024, an amount of €163.3 million was reclassified from ‘Other reserves’, more specifically, the

‘Tax-free reserve’ to ‘Retained earnings’ in the consolidated statement of changes in equity, reflecting

capitalisation of tax-free reserves. During 2025, a net amount of €4.0 million was reclassified from

retained earnings to statutory reserves relating to the formation of additional reserves by the Group’s

subsidiaries (2024: net amount of €3.5 million).

Stock option, performance share and deferred management incentive share reserve

The stock option, performance share and deferred management incentive share reserve represents

the cumulative charge to the income statement for employee stock option, performance share

and deferred management incentive share awards less the vested performance share and deferred

management incentive share awards, as well as any proceeds from employees exercising stock options

which were settled using treasury shares.

Other

Other reserves are particular to the various countries in which the Group operates and include reserve

for shares held for the Group’s Employee Share Purchase Plan (ESPP), which is an equity compensation

plan in which eligible employees may participate, as well as the Group’s share of changes in other

reserves of equity method investments.

27. Related party transactions

a) The Coca-Cola Company (TCCC)

As at 31 December 2025, TCCC indirectly owned approximately 21% (2024: 21%) of the issued share

capital of Coca-Cola HBC. Coca-Cola HBC’s business relationship with TCCC is mainly governed by

the bottlers’ agreements with TCCC, which are an important element of Coca-Cola HBC’s business.

TCCC considers Coca-Cola HBC to be a ‘key bottler’ and has entered into bottlers’ agreements with

Coca-Cola HBC in respect of the CCH territories where the CCH Group produces, sells and distributes

TCCC’s trademarked beverages. All the bottlers’ agreements entered into by TCCC and Coca-Cola

HBC are Standard International Bottlers’ (SIB) agreements. The terms of the bottlers’ agreements

grant Coca-Cola HBC the right to produce and the exclusive right to sell and distribute the beverages

of TCCC. Consequently, Coca-Cola HBC is obliged to purchase all concentrate for TCCC’s beverages

from TCCC, or its designee, in the ordinary course of business. All bottlers’ agreements were renewed

with effect as from 1 January 2024, for an initial term of 10 years, with the option for the CCH Group to

request an extension (at the discretion of TCCC) for another 10 years upon expiry of the initial term.

TCCC owns or has applied for the trademarks that identify its beverages in each of the countries in

which the Group operates. TCCC has authorised Coca-Cola HBC and certain of its subsidiaries to use

the trademark ‘Coca-Cola’ in their corporate names.

Accounting policy

Contributions from TCCC

TCCC participates at its discretion in shared marketing programmes with the Group to promote the

sale of TCCC products. Where such cooperative arrangements are entered into, the Group receives

contributions from TCCC to offset the cost it has incurred for price support and marketing and

promotional campaigns in respect of specific customers, as well as general marketing programmes.

These contributions from TCCC are classified as other income and are accrued and matched to

the expenditure to which they relate, in line with the substance of the arrangement with TCCC as

described above. These contributions are presented as follows:

• to the extent that they relate to compensation for costs incurred by the Group for price support

and marketing and promotional campaigns in respect of specific customers, which have been

treated as a deduction from revenue from contracts with customers, they are presented as an

offset against such deductions from revenue and, accordingly, included within net sales revenue

in the consolidated income statement; and

• to the extent that they relate to compensation for expenditure incurred by the Group in connection

with general marketing programmes, they are presented as an offset against this expenditure and,

accordingly, included within operating expenses in the consolidated income statement.

Notes to the consolidated financial statements continued

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27. Related party transactions continued

The below table summarises transactions with TCCC and its subsidiaries:

	2025	2024
	€ million	€ million
Purchases of concentrate, finished goods and other items	1,931.2	1,912.5
Net contributions received for marketing and promotional incentives	113.2	155.8
Sales of finished goods and raw materials	5.6	5.2
Other income	7.5	6.7
Other expenses	1.4	3.4

Contributions received from TCCC for marketing and promotional incentives during the year amounted

to €113.2 million (2024: €155.8 million), which can be analysed as follows: contributions made by

TCCC to Coca-Cola HBC for price support and marketing and promotional campaigns in respect of

specific customers in 2025 totalled €64.3 million (2024: €85.9 million) and were recognised as an offset

against the relevant incentives provided to those customers within net sales revenue (refer to Note

7), while contributions made by TCCC to Coca-Cola HBC for general marketing programmes in 2025

totalled €48.9 million (2024: €69.9 million) and were recognised against the relevant cost incurred

within operating expenses (refer to Note 8). TCCC has also customarily made additional payments for

marketing and advertising directly to suppliers as part of the shared marketing arrangements. The

proportion of direct and indirect payments, made at TCCC’s discretion, will not necessarily be the same

from year to year.

As at 31 December 2025, the Group had a total amount due from TCCC of €34.9 million, including

prepayments of €1.3 million (2024: €30.5 million, including prepayments of €nil) and a total amount due

to TCCC of €281.7 million (2024: €274.3 million).

Refer to Note 23 for details on the agreement with TCCC to acquire a 41.52% equity interest in CCBA

and the related CCBA Option Agreement.

b) Frigoglass S.A. (‘Frigoglass’), Kar-Tess Holding and AG Leventis (Nigeria) Ltd

As at 31 December 2025, Truad Verwaltungs AG indirectly owned approximately 100% (2024: 99%)

of AG Leventis (Nigeria) Ltd and indirectly controlled Kar-Tess Holding, which held approximately 23%

(2024: 23%) of Coca-Cola HBC’s total issued capital.

During 2025, the Group incurred other expenses of €6.4 million (2024: €6.0 million) from AG Leventis

(Nigeria) Ltd. As at 31 December 2025, the Group owed €0.9 million (2024: €1.3 million) and had

a lease liability of €0.2 million (2024: €0.6 million) to AG Leventis (Nigeria) Ltd.

c) Other related parties

The below table summarises transactions with other related parties:

	2025	2024
	€ million	€ million
Purchases	48.4	45.2
Other expenses	20.5	19.8

During 2025, the Group incurred subsequent expenditure for fixed assets of €1.3 million (2024:

€1.9 million) and purchased coolers and other equipment as well as inventories of €47.1 million

(2024: €43.3 million) from other related parties. Furthermore, during 2025, the Group incurred

other expenses of €20.5 million (2024: €19.8 million) mainly related to maintenance services for

cold drink equipment and installations of coolers, fountains, vending and merchandising equipment

from other related parties.

During 2025, the Group received dividends of €0.6 million from non-integral associates (2024:

€2.2 million), which were included in line ‘Receipts from non-integral equity method investments’

of the consolidated cash flow statement.

As at 31 December 2025, the Group had a total amount due to other related parties of €15.8 million

(2024: €7.2 million) and was owed €18.2 million including convertible loan receivable of €17.4 million

(2024: €15.5 million including convertible loan receivable of €12.3 million) from other related parties.

Capital commitments to other related parties amounted to €3.0 million as at 31 December 2025

(2024: €2.5 million).

d) Joint ventures

The below table summarises transactions with joint ventures:

	2025	2024
	€ million	€ million
Purchases of finished goods and other inventories	31.3	32.6
Sales of finished goods and raw materials	11.0	8.9
Other income	12.4	10.1
Other expenses	9.4	8.4

During 2025, the Group received dividends of €11.7 million from integral joint ventures (2024:

€11.7 million), which were included in line ‘Receipts from integral equity method investments’

of the consolidated cash flow statement.

As at 31 December 2025, the Group owed €12.6 million including loans payable of €2.7 million

(2024: €13.8 million including loans payable of €2.7 million) to and was owed €8.0 million including loans

receivable of €1.8 million (2024: €8.5 million including loans receivable of €3.5 million) by joint ventures.

e) Directors and senior management

There have been no transactions between Coca-Cola HBC and the Directors and senior management

except for remuneration (refer to Note 8).

Notes to the consolidated financial statements continued

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28. Share-based payments

Accounting policy

Stock option, performance share award and deferred management incentive share plan

Coca-Cola HBC provides equity-settled share-based payments to its senior managers in the form

of an employee stock option and performance share award plan (the ‘Plan’).

Stock options under the Plan are measured at fair value at the date of grant. Fair value reflects

the parameters of the compensation plan, the risk-free interest rate, the expected volatility, the

dividend yield and the early exercise experience under the Plan. Expected volatility is determined by

calculating the historical volatility of Coca-Cola HBC’s share price over previous years. The fair value

determined at the grant date is expensed on a straight-line basis over the vesting period.

The Plan offers a specified number of performance share awards and, until 2024, deferred

management incentive plan shares (the ‘deferred MIP shares’), which vest three years after

the grant. The fair value is determined at the grant date and reflects the parameters of the

compensation plan, the dividend yield and the closing share price on the date of grant. The fair value

determined at the grant date is expensed on a straight-line basis over the vesting period. At the end

of each reporting period, the Group revises its estimates of the number of shares that are expected

to vest based on non-market conditions and recognises the impact of the revision to original

estimates, if any, in the income statement with a corresponding adjustment to equity.

When the terms of an equity-settled award are modified, the minimum expense recognised is

the grant date fair value of the unmodified award, provided the original vesting terms of the award

are met. An additional expense, measured as at the date of modification, is recognised for any

modification that increases the total fair value of the share-based payment transaction or is

otherwise beneficial to the employee.

Employee Share Purchase Plan (ESPP)

The Group operates an Employee Share Purchase Plan (ESPP), an equity compensation plan in which

eligible employees can participate. The Group makes contributions to the plan for participating

employees and recognises expenses over the vesting period of the contributions.

The charge included in employee costs regarding share-based payments for the years ended

31 December is analysed as follows:

	2025	2024
	€ million	€ million
Performance share awards and deferred MIP shares	23.8	16.0
Employee Share Purchase Plan (ESPP)	8.0	7.7
Total share-based payments charge	31.8	23.7

Terms and conditions

Stock option and performance share award

The Group has not issued any new stock options since 2014. Under the Plan rules, senior managers

were historically granted awards of stock options, based on performance, potentiality and level of

responsibility. Options were granted at an exercise price equal to the closing price of the Company’s

shares trading on the London Stock Exchange on the day of the grant and vested in one-third

increments each year for three years. Options can be exercised for up to 10 years from the date of

grant. When the options are exercised, the proceeds received by the Group, net of any transaction

costs, are credited to share capital (at the nominal value) and share premium, except where settlement

takes place using treasury shares, in which case the proceeds received are credited to ‘Other reserves’.

Since 2015, performance shares have been the Group’s primary long-term incentive award. Senior

managers are granted performance share awards, which have a three-year vesting period and are linked

to Group-specific key performance indicators. The closing price of the Company’s shares trading on

the London Stock Exchange on the day of the grant is used to determine the number of performance

share awards granted. In 2018, the Performance Share Plan (PSP) was modified to allow eligible

employees to receive upon vesting, additionally to the specific number of shares, the value of dividends

corresponding to the years from grant till vest date, subject to the approval of the Remuneration

Committee. Furthermore, until 2024 (i.e. relevant up to and including the 2023 performance year), 50%

of the Chief Executive Officer’s annual bonus awarded under the terms of the Management Incentive

Plan (MIP) was deferred into shares (the ‘deferred MIP shares’), which vest over a three-year period,

subject to service conditions. No dividend-equivalent shares corresponding to the years from grant

until vest date are provided, in connection with the deferred MIP shares granted.

Notes to the consolidated financial statements continued

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28. Share-based payments continued

Employee Share Purchase Plan (ESPP)

The Employee Share Purchase Plan (ESPP) is administered by a Plan Administrator. Under the terms

of this plan, employees have the opportunity to invest 1% to 15% of their salary in ordinary Coca-Cola

HBC shares by contributing to the plan through a payroll deduction. Employee deductions are used

monthly to purchase ordinary Coca-Cola HBC shares in the open market (London Stock Exchange).

Coca-Cola HBC will match employee contributions up to a maximum of 3% of the employee’s salary.

Employer matching cash contributions vest one year after the grant, at which time, they are used to

purchase matching shares on the open market that are immediately vested. Dividends received in

respect of shares held under this plan are used to purchase additional shares at the time of dividend

distribution. Shares are held under the Plan Administrator. For employees resident in Greece,

Coca-Cola HBC matches the employees’ contributions with an annual employer contribution of up to

5% of the employees’ salaries, which vests annually in December of each year.

Stock option activity

The outstanding stock options were fully vested in 2025.

A summary of stock option activity in 2025 under all grants is as follows:

	Number	Weighted 1	Weighted
	of stock	average	average
	options	exercise price	exercise price
	2025	2025 (EUR)	2025 (GBP)
Outstanding as at 1 January	377,885	18.70	15.50
Exercised	(377,885)	17.79	15.50
Outstanding as at 31 December	–	–	–
Exercisable as at 31 December	–	–	–

A summary of stock option activity in 2024 under all grants is as follows:

	Number	Weighted 1	Weighted
	of stock	average	average
	options	exercise price	exercise price
	2024	2024 (EUR)	2024 (GBP)
Outstanding as at 1 January	806,603	16.49	14.31
Exercised	(428,718)	15.99	13.26
Outstanding as at 31 December	377,885	18.70	15.50
Exercisable as at 31 December	377,885	18.70	15.50

1. For convenience purposes, the prices are translated at the closing exchange rate.

Total proceeds from the exercise of options under the SOP in 2025 amounted to €7.0 million

(2024: €6.6 million).

The weighted average remaining contractual life of stock options outstanding as at 31 December 2025

was nil years (2024: 0.9 years).

Performance shares and deferred MIP shares activity

A summary of performance shares and deferred MIP shares activity is as follows:

	Number of	Number of
	shares	shares
	2025	2024
Outstanding as at 1 January	2,940,493	2,956,548
Granted 2	743,301	931,353
Vested	(960,064)	(773,603)
Forfeited/cancelled	(341,351)	(173,805)
Outstanding as at 31 December	2,382,379	2,940,493

2. Includes dividend equivalent shares.

The weighted average remaining contractual life of performance shares and deferred MIP shares

outstanding as at 31 December 2025 was 1.1 years (2024: 1.1 years).

The weighted average fair value of the 2025 performance share award was £34.77 per share, with no

deferred MIP shares granted in 2025 (2024 weighted average fair value: £24.71

per share). Relevant

inputs used in the valuation of awards granted were as follows:

	2025	2024
Weighted average share price	£34.77	£24.75
Dividend yield 4	nil	nil
Weighted average vesting period	3.0 years	3.0 years

3. The weighted average fair value of the 2024 award reflects both performance shares and deferred MIP shares granted during 2024.

4. The dividend yield applied in the valuation of deferred MIP shares granted in 2024 was 3.3%.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2025324

Corporate Governance

Supplementary InformationSwiss Statutory Reporting

Financial Statements

Strategic Report

29. Contingencies

In relation to the Greek Competition Authority’s decision of 25 January 2002, one of Coca-Cola

Hellenic Bottling Company S.A.’s competitors (Agni S.A. or the ‘plaintiff’) had filed a lawsuit against

Coca-Cola Hellenic Bottling Company S.A. claiming damages in an amount of €7.7 million. The court of

first instance heard the case on 21 January 2009 and subsequently rejected the lawsuit. The plaintiff

appealed the judgement and on 9 December 2013 the Athens Court of Appeals rejected the plaintiff’s

appeal. On 19 April 2014, the same plaintiff filed a new lawsuit against Coca-Cola Hellenic Bottling

Company S.A. (following the spin-off, Coca-Cola HBC Greece S.A.I.C.) claiming payment of €7.5 million

as compensation for losses and moral damages for alleged anti-competitive commercial practices

of Coca-Cola Hellenic Bottling Company S.A. between 1994 and 2013. On 21 December 2018, the

plaintiff served their withdrawal from the lawsuit. However, on 20 June 2019, the same plaintiff filed a

new lawsuit against Coca-Cola HBC Greece S.A.I.C. claiming payment of €10.1 million as compensation

for losses and moral damages again for alleged anti-competitive commercial practices of Coca-Cola

Hellenic Bottling Company S.A. for the same period between 1994 and 2013.

On 16 July 2021, the Athens Multimember Court of First Instance issued its judgement number

1929/2021 (hereinafter the ‘Judgement’), which adjudicated that Coca-Cola HBC Greece S.A.I.C. is

obliged to pay to the plaintiff an amount of circa €0.9 million plus interest as of 31 December 2003. Both

Coca-Cola HBC Greece S.A.I.C. and the plaintiff appealed against this decision to the Court of Appeal.

Both appeals were heard on 19 January 2023. Decision no. 2312/2024 was issued by the Court of

Appeal which (a) rejected the appeal of the plaintiff, (b) accepted the appeal of Coca-Cola HBC Greece

S.A.I.C., (c) annulled the Judgement and (d) rejected the plaintiff’s lawsuit, dated 20 June 2019. On 30

September 2024, the plaintiff filed an appeal against decision no. 2312/2024 before the Supreme Court.

Hearing date of the appeal has been set on 7 December 2026. Management believes that any liability to

the Group that may arise as a result of these pending legal proceedings will not have a material adverse

effect on the results of operations, cash flows, or the financial position of the Group taken as a whole.

With respect to the investigation of the Hellenic Competition Commission initiated on 6 September

2016, regarding Coca-Cola HBC Greece S.A.I.C.’s operations in certain commercial practices in the

non-alcoholic beverages market, the Rapporteur of the Hellenic Competition Commission appointed

for this case issued her Statement of Objections on 5 July 2021, alleging that Coca-Cola HBC Greece

S.A.I.C. undertook a series of anti-competitive practices in the market of instant consumption for

cola and non-cola carbonated soft drinks, thereby allegedly excluding competitors and limiting their

growth potential. Coca-Cola HBC Greece S.A.I.C. has vigorously defended its commercial practices, in

rebuttal of the allegations set out in the Statement of Objections. The hearing of the case, before the

plenary session of the Hellenic Competition Commission, was concluded on 29 November 2021 and

the supplementary briefs of the parties were submitted on 16 December 2021. On 3 November 2022,

the Hellenic Competition Commission notified Coca-Cola HBC Greece S.A.I.C. of its decision on the

case, according to which Coca-Cola HBC Greece S.A.I.C. allegedly abused its dominant position in the

Greek immediate consumption market segment for cola and non-cola carbonated soft drinks. The

Hellenic Competition Commission decision imposed on Coca-Cola HBC Greece S.A.I.C. a fine of €10.3

million, as well as a behavioural remedy in relation to beverage coolers valid until end of 2024. Coca-Cola

HBC Greece S.A.I.C. paid the fine in May 2023 and has complied with the behavioural remedy imposed.

Coca-Cola HBC Greece S.A.I.C. strongly disagrees with this decision and has challenged it before the

competent Court of Appeal. The hearing of the appeal before the Administrative Court of Appeal,

was originally set for 26 September 2024, and following postponement, the case was heard on

12 December 2024.

On 28 November 2025, the Administrative Court of Appeal issued its judgement no. 3713/2025.

The text of the decision was served to Coca-Cola HBC Greece S.A.I.C. on 27 January 2026. According

to the Court of Appeal judgement, the Court accepted the appeal of Coca-Cola HBC Greece S.A.I.C.,

annulled decision no. 762/2021 of the Hellenic Competition Commission and referred the case back to

the Hellenic Competition Commission. There is a period of 60 days (following service of the judgement

on the parties) for either party to further challenge the judgement of the Administrative Court of

Appeal before the Supreme Administrative Court.

In 1992, our subsidiary Nigerian Bottling Company Ltd (NBC) acquired a manufacturing facility

in Nigeria from Vacunak, a Nigerian company. In 1994, Vacunak filed a lawsuit against NBC, alleging

that a representative of NBC had orally agreed to rescind the sale agreement and instead enter into

a lease agreement with Vacunak. As part of its lawsuit, Vacunak sought compensation for rent and loss

of business opportunities. NBC discontinued all use of the facility in 1995. On 19 August 2013, NBC

received the written judgement of the Nigerian court of first instance issued on 28 June 2012 providing

for damages of approximately €4.8 million. The Appeal Court dismissed NBC’s appeal and Vacunak’s

cross-appeal and affirmed the judgement of the first instance court in 2023. Both NBC and Vacunak

have filed an appeal against the judgement before the Supreme Court. Based on advice from NBC’s

outside legal counsel, we believe that it is unlikely that NBC will suffer material financial losses from

this case. We have consequently not provided for any losses in relation to this case.

The tax filings of the Group and its subsidiaries are routinely subjected to audit by tax authorities

in most of the jurisdictions in which the Group conducts business. These audits may result in

assessments of additional taxes. The Group provides for additional tax in relation to the outcome

of such tax assessments, to the extent that a liability is probable and estimable.

The Group is also involved in various other legal proceedings. Management believes that any liability to

the Group that may arise as a result of these pending legal proceedings will not have a material adverse

effect on the results of operations, cash flows or the financial position of the Group taken as a whole.

Considering the above, there have been no significant adverse changes in contingencies since 31

December 2024 (as described in the 2024 Integrated Annual Report available on the Coca-Cola HBC’s

website: www.coca-colahellenic.com).

30. Commitments

Capital commitments

As at 31 December 2025, the Group had capital commitments for property, plant and equipment

amounting to €336.8 million (2024: €294.2 million). Of this, €1.7 million is related to the Group’s share

of the commitments arising from joint ventures (2024: €0.7 million).

Capital commitments for 2025 include total future minimum lease payments under leases not yet commenced

to which the Group was committed as at 31 December 2025 of €30.1 million (2024: €21.6 million).

31. Post balance sheet events

During the period from 1 January 2026 up to and including 18 March 2026, the Remuneration

Committee granted performance share awards of €37.1 million equivalent, under the Performance

Share Plan (PSP), which are subject to vesting periods of up to three years. The number of shares

granted is calculated by dividing the value of the grant with the closing share price as of the date of the

approval of the grant or, in the case of new employees, on the effective date of employment.

Notes to the consolidated financial statements continued

Coca-Cola HBC Integrated Annual Report 2025325

Corporate Governance

Supplementary InformationSwiss Statutory Reporting

Financial Statements

Strategic Report

Report on the audit of the consolidated financial statements

Report of the statutory auditor

to the General Meeting of

Coca-Cola HBC AG

Steinhausen (Zug)

Report on the audit of the consolidated financial statements

Opinion

We have audited the consolidated financial statements of Coca-Cola HBC AG and its subsidiaries

(the Group), which comprise the consolidated income statement and the consolidated statement of

comprehensive income for the year ended 31 December 2025, the consolidated balance sheet as at

31 December 2025, the consolidated statement of changes in equity and the consolidated cash flow

statement for the year then ended, and notes to the consolidated financial statements, including

material accounting policy information.

In our opinion, the consolidated financial statements (pages 269 to 325) give a true and fair view of

the consolidated financial position of the Group as at 31 December 2025 and of its consolidated

financial performance and its consolidated cash flows for the year then ended in accordance with IFRS

Accounting Standards as adopted by the European Union (EU) and comply with Swiss law.

Basis for opinion

We conducted our audit in accordance with Swiss law, International Standards on Auditing (ISA) and

Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are

further described in the ‘Auditor’s responsibilities for the audit of the consolidated financial statements’

section of our report. We are independent of the Group in accordance with the provisions of Swiss

law and the requirements of the Swiss audit profession that are relevant to audits of the financial

statements of public interest entities, as well as the International Code of Ethics for Professional

Accountants (including International Independence Standards) issued by the International Ethics

Standards Board for Accountants (IESBA Code), as applicable to audits of financial statements of

public interest entities. We have also fulfilled our other ethical responsibilities in accordance with

theserequirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

our opinion.

Our audit approach

Overview

Materiality Overall group materiality: €65.2 million

Audit scope The entities addressed by our full scope audit work as well as specific scope audit

contribute to 81% of the Group’s revenue.

Key audit matters As key audit matters the following areas of focus have been identified:

• Goodwill and indefinite-lived intangible assets impairment assessment

• Uncertain tax positions

Materiality

The scope of our audit was influenced by our application of materiality. Our audit opinion aims to provide

reasonable assurance that the consolidated financial statements are free from material misstatement.

Misstatements may arise due to fraud or error. They are considered material if, individually or in aggregate,

they could reasonably be expected to influence the economic decisions of users taken on the basis of the

consolidated financial statements.

Based on our professional judgement, we determined certain quantitative thresholds for materiality,

including the overall Group materiality for the consolidated financial statements as a whole as set out

in the table below. These, together with qualitative considerations, helped us to determine the scope

of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of

misstatements, both individually and in aggregate, on the consolidated financial statements as a whole.

Overall group materiality €65.2 million

Benchmark applied Profit before tax

Rationale for

the materiality

benchmarkapplied

We consider that the income statement remains the principal measure

used by the shareholders in assessing the underlying performance

ofthe Group. Therefore, an approach to materiality based on the

profitbefore tax has been applied, which is a generally accepted

auditing benchmark.

We agreed with the Audit and Risk Committee that we would report to them misstatements above €3.2

million identified during our audit as well as any misstatements below that amount which, in our view,

warranted reporting for qualitative reasons.

Financial Statements

Corporate Governance

Supplementary Information

Coca-Cola HBC Integrated Annual Report 2025

326

Swiss Statutory Reporting

Strategic Report

Audit scope

We designed our audit by determining materiality and assessing the risks of material misstatement in

the consolidated financial statements. In particular, we considered where subjective judgements were

made; for example, in respect of significant accounting estimates that involved making assumptions

and considering future events that are inherently uncertain. As in all of our audits, we also addressed

the risk of management override of internal controls, including among other matters consideration of

whether there was evidence of bias that represented a risk of material misstatement due to fraud.

We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion

on the consolidated financial statements as a whole, taking into account the structure of the Group, the

accounting processes and controls, and the industry in which the Group operates.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in

our audit of the consolidated financial statements of the current period. These matters were addressed

in the context of our audit of the consolidated financial statements as a whole, and in forming our

opinion thereon, and we do not provide a separate opinion on these matters.

Report on the audit of the consolidated financial statements continued

Goodwill and indefinite-lived intangible assets impairment assessment

Key audit matter How our audit addressed the key audit matter

Refer to Note 13 ‘Intangible assets’ of the

consolidated financial statements.

Goodwill and indefinite-lived intangible assets as at

31 December 2025 amount to €1,849.7 million and

€661.7 million, respectively.

The above amounts have been allocated to

individual cash-generating units (‘CGUs’), which in

accordance with International Accounting Standard

36 ‘Impairment of Assets’ (‘IAS 36’) require the

performance of an impairment assessment at

least annually or whenever there is an indication of

impairment. The impairment assessment involves

the determination of the recoverable amount of the

CGU, being the higher of its value-in-use and the

fair value less costs of disposal. No impairment loss

was recorded in 2025.

We consider this area as a key audit matter due

to the magnitude of goodwill and indefinite-lived

intangible assets balances and because the

determination of whether elements of goodwill

andof indefinite-lived intangible assets are impaired

involves a significant amount of judgement by

management when developing the estimates of the

future results of the CGUs. These estimates include

assumptions surrounding revenue growth rates,

costs and discount rates.

We evaluated the appropriateness of

management’s identification of the Group’s CGUs,

the process by which management prepared the

CGUs’ value-in-use calculations and the design and

operating effectiveness of related control activities.

We tested the accuracy of the CGUs’ carrying

values and value-in-use calculations and compared

the future cash flow projections included therein

to the financial budgets, approved by the directors,

covering a one-year period, and management’s

projections for the subsequent four years. In

addition, we assessed management’s past

forecasting accuracy by comparing key elements

ofthe prior-year budgets and projections with

actual results.

Taking into account the ongoing challenging

macroeconomic environment in several countries,

we challenged the basis for certain assumptions

used in management’s cash flow projections.

With the support of our valuation experts, we

assessed the appropriateness of the methodology

and valuation techniques used, as well as certain

assumptions including discount, annual revenue

growth and perpetuity revenue growth rates.

We performed independent sensitivity analyses on

the key drivers of the value-in-use calculations for

the CGUs with significant balances of goodwill and

indefinite-lived intangible assets.

We evaluated the related disclosures provided in the

financial statements in Note 13 ‘Intangible assets’.

Financial Statements

Corporate Governance

Supplementary Information

Coca-Cola HBC Integrated Annual Report 2025

327

Swiss Statutory Reporting

Strategic Report

Uncertain tax positions

Key audit matter How our audit addressed the key audit matter

Refer to Note 10 ‘Taxation’ and Note

29 ‘Contingencies’ of the consolidated

financialstatements.

The Group operates in numerous tax jurisdictions

and is subject to periodic challenges, in the normal

course of business, by local tax authorities on a

range of matters including corporate tax, transfer

pricing arrangements and indirect taxes. As at

31 December 2025, the Group has provisions

for uncertain tax positions of €89.1 million that

are classified in current tax liabilities and deferred

taxliabilities.

The impact of changes in local tax regulations and

ongoing inspections by local tax authorities, could

materially impact the amounts recorded in the

financial statements.

Where the amount of tax payable is uncertain,

the Group establishes provisions based on

management’s estimates with respect to the

likelihood of potential material tax exposures

crystallising and the probable amount of the

resultant liability.

We consider this area as a key audit matter given

the level of judgement and subjectivity involved in

estimating tax provisions, including a high degree

of estimation uncertainty relative to the numerous

and complex tax laws in the various jurisdictions

in which the Group operates, the frequency of

tax audits, and the considerable time to conclude

investigations and negotiations with local tax

authorities as a result of such audits that could

materially impact the amounts recorded in the

financial statements.

In order to understand and evaluate management’s

judgement, we considered the status of current tax

authority inspections and inquiries, the outcome of

previous tax authority inspections, the judgemental

positions taken in tax returns and current year

estimates as well as recent developments in the tax

jurisdictions in which the Group operates.

We evaluated the Group’s monitoring process for

current tax authority inspections and challenged

management’s estimates, particularly in respect

of cases where there had been significant

developments with tax authorities.

Our component audit teams, through the use of

tax specialists with local knowledge and relevant

expertise, assessed the tax positions taken by the

subsidiary undertakings in scope, in the context of

applying local tax laws and evaluating the local tax

assessments.

We read recent rulings and correspondence with tax

authorities, as well as any external advice provided

by the Group’s tax experts and legal advisors.

Additionally, with our group engagement team tax

specialists we further evaluated management’s

estimation of tax exposures and contingencies

in order to assess the adequacy of the Group’s

tax provisions and satisfy ourselves that the tax

provisions have been appropriately recorded or

adjusted to reflect the latest developments.

We held meetings with Group and local

management to discuss the individual tax positions

of the in-scope subsidiary undertakings and

assessed with the support of our group engagement

team tax specialists the Group’s overall tax

exposure.

We also evaluated the related disclosures provided

in the financial statements in Note 10 ‘Taxation’ and

Note 29 ‘Contingencies’.

Other information

The Board of Directors is responsible for the other information. The other information comprises the

information included in the annual report, but does not include the financial statements, the consolidated

financial statements, the statutory remuneration report and our auditor’s reports thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do

not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the

other information and, in doing so, consider whether the other information is materially inconsistent

with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears

to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this

other information, we are required to report that fact. We have nothing to report in this regard.

Board of Directors’ responsibilities for the consolidated financial statements

The Board of Directors is responsible for the preparation of consolidated financial statements, that give

a true and fair view in accordance with IFRS Accounting Standards as adopted by the European Union

(EU) and the provisions of Swiss law, and for such internal control as the Board of Directors determines

is necessary to enable the preparation of consolidated financial statements that are free from material

misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the Board of Directors is responsible for assessing

the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going

concern and using the going concern basis of accounting unless the Board of Directors either intends

to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Report on the audit of the consolidated financial statements continued

Financial Statements

Corporate Governance

Supplementary Information

Coca-Cola HBC Integrated Annual Report 2025

328

Swiss Statutory Reporting

Strategic Report

Auditor’s responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial

statements as a whole are free from material misstatement, whether due to fraud or error, and to

issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,

but is not a guarantee that an audit conducted in accordance with Swiss law, ISA and SA-CH will always

detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they could reasonably be expected to influence

the economic decisions of users taken on the basis of these consolidated financial statements.

A further description of our responsibilities for the audit of the consolidated financial statements is

located on EXPERTsuisse’s website: http://www.expertsuisse.ch/en/audit-report. This description

forms an integral part of our report.

Report on other legal and regulatory requirements

In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an

internal control system that has been designed, pursuant to the instructions of the Board of Directors,

for the preparation of the consolidated financial statements.

We recommend that the consolidated financial statements submitted to you be approved.

PricewaterhouseCoopers AG

Patrick Balkanyi

Licensed audit expert

Auditor in charge

Zurich, 20 March 2026

Apostolos Dimopoulos

Licensed audit expert

Report on the audit of the consolidated financial statements continued

Financial Statements

Corporate Governance

Supplementary Information

Coca-Cola HBC Integrated Annual Report 2025

329

Swiss Statutory Reporting

Strategic Report

Report on the audit of the financial statements

Report of the statutory auditor

to the General Meeting of

Coca-Cola HBC AG,

Steinhausen (Zug)

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Coca-Cola HBC AG (the Company), which comprise

thebalance sheet as at 31 December 2025, and the income statement and the cash flow statement

for the year then ended, and notes to the financial statements, including a summary of significant

accounting policies.

In our opinion, the financial statements (pages 332 to 340) comply with Swiss law and the Company’s

articles of incorporation.

Basis for opinion

We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH).

Our responsibilities under those provisions and standards are further described in the ‘Auditor’s

responsibilities for the audit of the financial statements’ section of our report. We are independent

ofthe Company in accordance with the provisions of Swiss law and the requirements of the Swiss audit

profession that are relevant to audits of the financial statements of public interest entities. We have also

fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

ouropinion.

Our audit approach

Materiality

The scope of our audit was influenced by our application of materiality. Our audit opinion aims to

provide reasonable assurance that the financial statements are free from material misstatement.

Misstatements may arise due to fraud or error. They are considered material if, individually or in

aggregate, they could reasonably be expected to influence the economic decisions of users taken on

the basis of the financial statements.

Based on our professional judgement, we determined certain quantitative thresholds for materiality,

including the overall materiality for the financial statements as a whole as set out in the table below.

These, together with qualitative considerations, helped us to determine the scope of our audit and the

nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both

individually and in aggregate, on the financial statements as a whole.

Overall materiality CHF 32’510’000

Benchmark applied Net assets

Rationale for

the materiality

benchmarkapplied

We chose net assets as the benchmark because, in our view, it is the

benchmark which reflects the actual substance of the entity. This is a

generally accepted benchmark for ultimate holding companies.

We agreed with the Audit and Risk Committee that we would report to them misstatements above

CHF 2’972’000 identified during our audit as well as any misstatements below that amount which, in our

view, warranted reporting for qualitative reasons.

Audit scope

We designed our audit by determining materiality and assessing the risks of material misstatement

in the financial statements. In particular, we considered where subjective judgements were made;

for example, in respect of significant accounting estimates that involved making assumptions and

considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk

of management override of internal controls, including among other matters consideration of whether

there was evidence of bias that represented a risk of material misstatement due to fraud.

We tailored the scope of our audit in order to perform sufficient work to enable us to provide an

opinion on the financial statements as a whole, taking into account the structure of the Company,

theaccounting processes and controls, and the industry in which the Company operates.

Key audit matters

We have determined that there are no key audit matters to communicate in our report.

Other information

The Board of Directors is responsible for the other information. The other information comprises

the information included in the annual report, but does not include the financial statements,

theconsolidated financial statements, the statutory remuneration report and our auditor’s

reportsthereon.

Our opinion on the financial statements does not cover the other information and we do not express

any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other

information and, in doing so, consider whether the other information is materially inconsistent

withthefinancial statements or our knowledge obtained in the audit or otherwise appears to be

materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this

other information, we are required to report that fact. We have nothing to report in this regard.

Financial Statements

Corporate Governance

Supplementary Information

Coca-Cola HBC Integrated Annual Report 2025

330

Swiss Statutory Reporting

Strategic Report

Board of Directors’ responsibilities for the financial statements

The Board of Directors is responsible for the preparation of financial statements in accordance with the

provisions of Swiss law and the Company’s articles of incorporation, and for such internal control as the

Board of Directors determines is necessary to enable the preparation of financial statements that are

free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors is responsible for assessing the

Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going

concern and using the going concern basis of accounting unless the Board of Directors either intends

to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole

are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that

includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an

audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement

when it exists. Misstatements can arise from fraud or error and are considered material if, individually

or in the aggregate, they could reasonably be expected to influence the economic decisions of users

taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on

EXPERTsuisse’s website: http://www.expertsuisse.ch/en/audit-report. This description forms an

integral part of our report.

Report on the audit of the financial statements continued

Report on other legal and regulatory requirements

In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an

internal control system that has been designed, pursuant to the instructions of the Board of Directors,

for the preparation of the financial statements.

Based on our audit according to article 728a para. 1 item 2 CO, we confirm that the Board of Directors’

proposal complies with Swiss law and the Company’s articles of incorporation. We recommend that the

financial statements submitted to you be approved.

PricewaterhouseCoopers AG

Patrick Balkanyi

Licensed audit expert

Auditor in charge

Zurich, 20 March 2026

Apostolos Dimopoulos

Licensed audit expert

Financial Statements

Corporate Governance

Supplementary Information

Coca-Cola HBC Integrated Annual Report 2025

331

Swiss Statutory Reporting

Strategic Report

Swiss statutory reporting

Coca-Cola HBC AG, Steinhausen (Zug)

Balance sheet

Coca-Cola HBC AG, Steinhausen (Zug)

Income statement

As at 31 December

CHF thousands

Note 2025 2024

Assets

Cash and cash equivalents 2,694 28,927

Short-term receivables from direct and indirect participations 2.1 20,514 13,200

Receivables from related parties 2.2 2,163 1,487

Short-term receivables from third parties 2,395 2,015

Total current assets 27,766 45,629

Investments in subsidiaries 2.3 5,469,010 5,828,361

Property, plant and equipment (incl. right-of-use assets) 8,303 8,921

Other non-current assets – acquisition costs 2.4 5,297 –

Total non-current assets 5,482,610 5,837,282

Total assets 5,510,376 5,882,911

Liabilities and shareholders’ equity

Other payables 4,040 1,589

Short-term liabilities to direct and indirect participations 2.5 4,932 2,863

Short-term lease liabilities 991 876

Accrued expenses 2.5 99,170 79,308

Total short-term liabilities 109,133 84,636

Long-term interest-bearing liabilities to indirect participations 2.6 289,323 310,799

Long-term lease liabilities 2,241 2,554

Provisions 2.7 17,719 16,635

Total long-term liabilities 309,283 329,988

Share capital 2.8 2,500,705 2,500,705

Legal capital reserves

Reserves from capital contributions 2,746,206 3,103,985

Reserves for treasury shares 2.9 85,298 85,298

Retained earnings

Results carried forward 461 39,440

Loss for the year (52,796) (38,979)

Treasury shares 2.9 (187,914) (222,162)

Total shareholders’ equity 2.10 5,091,960 5,468,287

Total liabilities and shareholders’ equity 5,510,376 5,882,911

Year ended 31 December

CHF thousands

Note 2025 2024

Dividend income 359,351 330,731

Other operating income 2.11 55,791 55,829

Total operating income 415,142 386,560

Employee costs 2.12 (63,727) (59,971)

Other operating expenses 2.13 (38,185) (26,979)

Write down of investments 2.3 (359,351) (330,731)

Depreciation of property, plant and equipment

(incl. right-of-use assets) (1,329) (1,247)

Total operating expenses (462,592) (418,928)

Operating loss (47,450) (32,368)

Finance costs (8,193) (6,448)

Foreign exchange gains 2.14 3,003 –

Loss before tax (52,640) (38,816)

Direct taxes (156) (163)

Loss for the year (52,796) (38,979)

Financial Statements

Corporate Governance

Supplementary Information

Coca-Cola HBC Integrated Annual Report 2025

332

Swiss Statutory Reporting

Strategic Report

Swiss statutory reporting continued

Year ended 31 December

CHF thousands

Note 2025 2024

Loss for the year (52,796) (38,979)

Depreciation of property, plant and equipment, including

right-of-use assets 1,329 1,247

Finance costs 8,193 6,448

Foreign exchange gains (3,003) –

Write down of investments 2.3 359,351 330,731

Net change related to employee Performance Share Plan (PSP) 39,703 40,098

352,777 339,545

(Increase)/decrease in receivables (8,370) 10,324

Decrease in investments in subsidiaries 2.3 (359,351) (330,731)

Increase/(decrease) in short-term liabilities (excl. financial

liabilities) 3,335 (2,157)

Increase/(decrease) in accrued expenses 5,613 (1,036)

(Decrease)/increase in provisions (39) 80

Proceeds from dividends received from subsidiaries 2.3 359,351 330,731

Tax paid (164) (185)

Net cash inflow from operating activities 353,152 346,571

Payments for purchases of property, plant and equipment (309) (1,250)

Capitalised acquisition costs (1,753) –

Cash outflow from investing activities (2,062) (1,250)

Year ended 31 December

CHF thousands

Note 2025 2024

Principal repayments of lease obligations (600) (623)

Proceeds from short-term and long-term financial liabilities 11,331 196,960

Repayments of short-term and long-term financial liabilities (29,803) (9,503)

Acquisition of treasury shares 2.9 – (177,052)

Dividends paid to owners of the Company (357,779) (342,792)

Proceeds from shares granted/issued to employees exercising

stockoptions 6,491 3,675

Interest paid (7,006) (4,328)

Net cash outflow from financing activities (377,366) (333,663)

Net (decrease)/increase in cash and cash equivalents (26,276) 11,658

Movement in cash and cash equivalents

Cash and cash equivalents as at 1 January 28,927 16,252

Net (decrease)/increase in cash and cash equivalents (26,276) 11,658

Effect of changes in exchange rates 43 1,017

Cash and cash equivalents as at 31 December 2,694 28,927

Coca-Cola HBC AG, Steinhausen (Zug)

Cash flow statement

Financial Statements

Corporate Governance

Supplementary Information

Coca-Cola HBC Integrated Annual Report 2025

333

Swiss Statutory Reporting

Strategic Report

Swiss statutory reporting continued

General information

Coca-Cola HBC AG (the ‘Company’) was incorporated on 19 September 2012 by Kar-Tess Holding. On

11 October 2012, the Company announced a voluntary share exchange offer to acquire all outstanding

ordinary registered shares and all American depositary shares of Coca-Cola Hellenic Bottling Company

S.A., Maroussi (GR) (CCHBC SA). As a result of the successful completion of this offer, on 25 April 2013, the

Company acquired 96.85% of the issued CCHBC SA shares, including shares represented by American

depositary shares, and became the new parent company of the Group (the Company and its direct and

indirect subsidiaries). On 17 June 2013, the Company completed its statutory buyout of the remaining

shares of CCHBC SA that it did not acquire upon completion of its voluntary share exchange offer.

1. Accounting principles

Accounting principles applied in the preparation of the financial statements

These financial statements have been prepared in accordance with the provisions of commercial

accounting as set out in the Swiss Code of Obligations (Art. 957 to 963b CO). The Company is preparing

its consolidated financial statements in accordance with International Financial Reporting Standards

(IFRS) as adopted by the European Union (EU) in accordance with Art. 963b CO due to a requirement

from the Athens Stock Exchange, its primary listing in the EU. In accordance with Art. 961 cipher 2 CO,

the Company is presenting a cash flow statement. Significant accounting and valuation principles are

described below:

Dividend income

Dividend income is recognised when the right to receive payment is established.

Other operating income

The Company provides management services to its principal subsidiaries and acts as guarantor to its

principal subsidiary, Coca-Cola HBC Finance B.V. The income from these services is recognised in the

accounting period in which the service is provided.

Exchange rate differences

The accounting records of the Company are retained in Euro and translated to Swiss Francs (CHF) for

presentation purposes. Except for investments in subsidiaries, property, plant and equipment,

long-term liabilities and equity, which are translated at historical rates, all assets and liabilities

denominated in foreign currencies are translated into CHF using the closing exchange rate as at

31 December 2025. Income and expenses are translated into CHF at the average exchange rate of the

reporting year except for dividend income and related write down of investments (see Note 2.3), which

are valued at the transaction date exchange rate. Net unrealised exchange losses are recorded in the

income statement, while net unrealised gains are deferred within accrued expenses.

Balance sheet as at Income statement for the year ended

Exchange rates 31 December 2025 31 December 2024 31 December 2025 31 December 2024

EUR 0.93 0.94 0.94 0.95

USD 0.79 0.90

GBP 1.07 1.13

Leasing disclosure

Management has applied an economic-view approach to the disclosure of lease contracts considering

the underlying usage rights. Right-of-use assets are presented within property, plant and equipment

depreciated over their useful life. The short- and long-term lease liabilities are adjusted for interest and

lease payments.

Investments in subsidiaries

Investments in subsidiaries are valued at historical cost and evaluated for impairment if identified

triggering events occur.

Property, plant and equipment

Right-of-use assets are included within property, plant and equipment.

Depreciation is calculated on the basis of the following useful lives and in accordance with the

followingmethods:

Property, plant and equipment Useful life Method

Leasehold improvements (buildings) 20 years 5% linear

Leasehold improvements (office infrastructure) 10 years 10% linear

Building infrastructure 12 years 8.33% linear

Right-of-use buildings and company cars

Shorter of useful

life and lease term linear

Furniture and fixtures, office equipment and other

tangiblefixedassets 8 years 12.5% linear

Telephony infrastructure 7 years 14.29% linear

Communication equipment, computers and PCs 4 years 25% linear

Tablets 3 years 33.33% linear

Treasury shares

Treasury shares are recognised at acquisition cost and deducted from shareholders’ equity at the time

of acquisition. If treasury shares are sold, the gain or loss arising is recognised in the income statement

as finance income or finance cost, as appropriate.

Notes to the financial statements of Coca-Cola HBC AG, Steinhausen (Zug) for the year ended 31 December 2025

Financial Statements

Corporate Governance

Supplementary Information

Coca-Cola HBC Integrated Annual Report 2025

334

Swiss Statutory Reporting

Strategic Report

Swiss statutory reporting continued

2. Information relating to the balance sheet and income statement

2.1 Short-term receivables from direct and indirect participations

The short-term receivables from direct and indirect participations do not bear interest.

As at 31 December

CHF thousands

Name of participation 2025 2024

CCB Management Services GmbH, Vienna 19,490 12,214

Coca-Cola HBC Finance B.V., Amsterdam 758 744

Coca-Cola HBC Holdings B.V., Amsterdam 97 99

Coca-Cola Hellenic Business Service Organisation, Sofia 64 59

Coca-Cola HBC Egypt, Cairo 64 –

Nigerian Bottling Company Ltd, Lagos 41 –

Coca-Cola HBC Hrvatska d.o.o., Zagreb – 28

Coca-Cola HBC Česko a Slovensko, s.r.o., Prague – 28

Coca-Cola HBC Polska sp. z o.o., Warsaw – 28

Short-term receivables from direct and indirect participations 20,514 13,200

2.2 Receivables from related parties

Receivables from related parties consist of receivables from international assignees mainly coming

from advances paid to tax authorities.

2.3 Investments in subsidiaries

As at 31 December

CHF thousands

Direct subsidiary Share of capital Share of votes 2025 2024

Coca-Cola HBC Holdings B.V., Amsterdam

100% 100% 5,828,361 6,159,092

Write down of investment (359,351) (330,731)

Investments in subsidiaries 100% 100% 5,469,010 5,828,361

1. Coca-Cola HBC Holdings B.V., Amsterdam was incorporated on 26 June 2013.

In 2015, the Company adopted a practice of reducing the value of its investment in Coca-Cola HBC

Holdings B.V. by an amount equal to the dividend received from that subsidiary. The amount of the write

down in 2025 is equal to the dividend received in June 2025 from Coca-Cola HBC Holdings B.V. of CHF

359,351 thousand (June 2024: CHF 330,731 thousand).

The principal direct and indirect participations of the Company are disclosed in Note 15 to the

consolidated financial statements.

2.4 Other non-current assets – acquisition costs

Incurred legal, consultant and travel costs regarding the agreed acquisition of Coca-Cola Beverages

Africa (CCBA) in 2025 of CHF 5,297 thousand have been capitalised. Upon completion of the agreed

acquisition of CCBA, these costs will be reclassified to ‘Investments insubsidiaries ’.

2.5 Short-term liabilities to direct and indirect participations and accrued expenses

The short-term liabilities to the direct and indirect participations do not bear interest except for the

liability to Coca-Cola HBC Finance B.V., which is interest bearing.

As at 31 December

CHF thousands

Name of participation 2025 2024

CCB Management Services GmbH, Vienna 2,853 821

Coca-Cola Hellenic Business Service Organisation, Sofia 328 103

Coca-Cola HBC Switzerland Ltd, Opfikon 15 26

Coca-Cola HBC Finance B.V., Amsterdam 1,498 1,871

Coca-Cola HBC Services MEPE, Athens 7 13

Coca-Cola HBC Polska sp. z o.o., Warsaw 231 –

Finlandia Vodka Oy, Helsinki – 29

Short-term liabilities to direct and indirect participations 4,932 2,863

As at 31 December

CHF thousands

2025 2024

Direct taxes 175 182

Management Incentive Plan (MIP) and Performance Share Plan (PSP)

forown employees 32,032 25,559

Employee-related costs (social security and insurance, payroll taxes) 7,954 5,516

Provision for acquiring treasury shares to satisfy subsidiaries’

Performance Share Plan (PSP) rights 14,517 11,818

Other accrued expenses 19,486 10,346

Net unrealised gains from foreign currency translation 25,006 25,887

Accrued expenses 99,170 79,308

Following the publication of circular letter 37a by the Swiss Federal Tax Administration in May 2018, the

Company recognised a provision of CHF 28,495 thousand (2024: CHF 21,232 thousand), which relates

to the Company’s employee PSP, of which CHF 20,026 thousand (2024: CHF 13,050 thousand) is short

term and is disclosed in line ‘Management Incentive Plan (MIP) and Performance Share Plan (PSP) for

own employees’; while CHF 8,469 thousand (2024: CHF 8,182 thousand) is long term and disclosed

in Note 2.7 ‘Provisions’. The provision for acquiring treasury shares to satisfy subsidiaries’ PSP rights

amounts to CHF 22,357 thousand (2024: CHF 18,843 thousand), ofwhich CHF 14,517 thousand (2024:

CHF 11,818 thousand) is short term and disclosed inaccrued expenses, while CHF 7,840 thousand (2024:

CHF 7,025 thousand) is long term and disclosed inNote2.7 ‘Provisions’.

Financial Statements

Corporate Governance

Supplementary Information

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Swiss Statutory Reporting

Strategic Report

2. Information relating to the balance sheet and income statement continued

2.6 Long-term interest-bearing liabilities

As at 31 December

CHF thousands

2025 2024

Coca-Cola HBC Finance B.V., Amsterdam 289,323 310,799

Long-term interest-bearing liabilities 289,323 310,799

Long-term interest-bearing liabilities comprise loans from Coca-Cola HBC Finance B.V. received in

2023, 2024 and 2025 for CHF 289,323 thousand (2024: CHF 310,799 thousand) of which CHF 278,932

thousand matures on 21 November 2029 and CHF 10,391 thousand matures on 14 May 2031.

2.7 Provisions

As at 31 December

CHF thousands

2025 2024

Long-term incentive plan (LTIP) 775 814

Provision for acquiring treasury shares to satisfy subsidiaries’

Performance Share Plan (PSP) rights (refer to Note 2.5) 7,840 7,025

Performance and management incentive share plan – Coca-Cola HBC

AGemployees (refer to Note 2.5) 8,469 8,182

Provision for social security costs of Performance Share Plan (PSP) 635 614

Provisions 17,719 16,635

2.8 Share capital

Number of shares Nominal value Total

CHF CHF thousands

Share capital as at 1 January 2024 372,977,222 6.70 2,498,947

Shares issued to employees exercising stock options 262,340 6.70 1,758

Share capital as at 31 December 2024 373,239,562 6.70 2,500,705

Number of shares Nominal value Total

CHF CHF thousands

Share capital as at 1 January 2025 373,239,562 6.70 2,500,705

Shares issued to employees exercising stock options – 6.70 –

Share capital as at 31 December 2025 373,239,562 6.70 2,500,705

2.9 Treasury shares

The number of treasury shares held by Coca-Cola HBC AG and its subsidiaries qualifying under article

659b of the Swiss Code of Obligations and their movements were as follows:

Treasury shares held by subsidiaries

Number

ofshares

Acquisition cost

per share Total

CHF CHF thousands

Treasury shares held by subsidiaries as at 31 December 2024 3,430,135 24.8673 (85,298)

Treasury shares held by subsidiaries as at 31 December 2025 3,430,135 24.8673 (85,298)

Treasury shares held by the Company

Number

ofshares

Acquisition cost

per share Total

CHF CHF thousands

Treasury shares held by the Company as at 1 January 2024 2,638,402 29.3235 (77,367)

Vested PSP and MIP shares

(753,836) 35.0543 26,425

Transferred for executed stock options

(166,378) 35.0543 5,832

Acquisition of shares

5,929,474 29.8596 (177,052)

Treasury shares held by the Company as at 31 December 2024 7,647,662 29.0496 (222,162)

Whereof

For cancellation – – –

For other purposes (booked against capital contribution reserves) 7,567,772 28.7977 (217,934)

Treasury shares held by the Company as at 1 January 2025 7,647,662 29.0496 (222,162)

Vested PSP and MIP shares

(968,244) 25.2370 24,436

Transferred for executed stock options

(377,885) 25.9656 9,812

Acquisition of shares

– – –

Treasury shares held by the Company as at 31 December 2025 6,301,533 29.8204 (187,914)

Whereof

For cancellation – – –

For other purposes (booked against capital contribution reserves) 6,286,608 29.5810 (185,964)

1. In January 2024, following the vesting of the 2021 MIP, 7,354 treasury shares were transferred to relevant participants. In March 2024,

following the vesting of the 2021 PSP, 746,482 treasury shares were transferred to relevant participants.

In January 2025, following the vesting of the 2022 MIP, 27,121 treasury shares were transferred to relevant participants. In March 2025,

following the vesting of the 2022 PSP, 941,123 treasury shares were transferred to relevant participants.

2. Up to the end of June 2024, Stock Option Plan (SOP) participants were granted with new shares issued out of the conditional capital of the

Company. Starting from July 2024, the Company changed practice and granted shares for exercised stock options from treasury shares,

similar to the practice for PSP participants. In this regard, 377,885 (2024: 166,378) treasury shares with a total purchase value of CHF 9,812

thousand (2024: CHF 5,832 thousand) have been transferred to SOP participants.

3. On 20 November 2023, the Group announced the launch of a share buyback programme of up to a maximum of 18,000,000 ordinary shares

tobepurchased in a manner consistent with the Company’s general authority to repurchase shares granted at its Annual General Meeting

on 17May 2023 and any such authority granted at its subsequent annual general meetings. The programme commenced on 21November

2023 andatits Annual General Meeting on 21 May 2024, the Company’s general authority to repurchase shares was renewed. In 2025, the

Company did not purchase shares as the share price was above the threshold of GBP 28 per share. In 2024, the Company purchased 5,929,474 of

its ordinary shares ofCHF 6.70 each for a consideration of CHF 177,052 thousand, reflecting a weighted average price of GBP 2,620.53 pence per

share (minimum price of GBP 2,453.73 pence and maximum price of GBP 2,800.00 pence). All 5,929,474 shares have been acquired for other

purposes, none for cancellation. Capital contribution reserves of CHF 185,964 thousand as at 31 December 2025 (2024: CHF 217,934 thousand)

are blocked for distribution until the treasury shares are sold or transferred to PSP/MIP members. The share buyback programme was cancelled on 21

October 2025.

Swiss statutory reporting continued

Financial Statements

Corporate Governance

Supplementary Information

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336

Swiss Statutory Reporting

Strategic Report

2. Information relating to the balance sheet and income statement continued

2.10 Shareholders’ equity

The balance of shareholders’ equity and relevant movements for the years ended 31 December 2024

and 2025 (in CHF thousands) were as follows:

Legal capital reserves

Share capital

Reserves

from capital

contributions

Reserves for

treasury

Retained

earnings/

(Accumulated

losses)

Treasury

shares Total

Balance as at 1 January 2024 2,498,947 3,444,860 85,298 39,440 (77,367) 5,991,178

Shares issued to employees

exercising stock options 1,758 1,917 – – – 3,675

Dividends

– (342,792) – – – (342,792)

Vested PSP and MIP shares – – – – 26,425 26,425

Transferred SOP shares – – – – 5,832 5,832

Acquisition of treasury shares

– – – – (177,052) (177,052)

Loss for the year – – – (38,979) – (38,979)

Balance as at 31 December 2024 2,500,705 3,103,985 85,298 461 (222,162) 5,468,287

Dividends

– (357,779) – – – (357,779)

Vested PSP and MIP shares – – – – 24,436 24,436

Transferred SOP shares – – – – 9,812 9,812

Acquisition of treasury shares

– – – – – –

Loss for the year – – – (52,796) – (52,796)

Balance as at 31 December 2025 2,500,705 2,746,206 85,298 (52,335) (187,914) 5,091.960

1. Represents the book value of treasury shares held by subsidiaries.

2. On 23 May 2025, the shareholders of the Company at the Annual General Meeting approved the distribution of a gross dividend of

€1.03 (2024: €0.93) on each ordinary registered share. The dividend was paid on 24 June 2025 and amounted to CHF 357,779 thousand

(2024:CHF342,792thousand, paid on 24 June 2024).

3. Due to share prices being above GBP 28 per share during the year, no treasury shares were acquired in 2025 (2024: 5,929,474 shares at a

weighted average price of GBP 2,620.53 pence were acquired for other purposes).

2.11 Other operating income

2025 2024

CHF thousands

Management fees 52,411 51,293

Guarantee fee 3,380 4,536

Total other operating income 55,791 55,829

Management fees relate to service income earned from services provided to the Company’s direct and

indirect participations, whereof CHF 3,381 thousand (2024: CHF 7,516 thousand) is true-up from the

prior year. Guarantee fee is the income the Company receives for the services provided as guarantor

toCoca-Cola HBC Finance B.V., Nigerian Bottling Company Ltd and Coca-Cola HBC Egypt.

2.12 Employee costs

2025 2024

CHF thousands

Wages and salaries 20,984 22,618

Social security costs 5,509 4,084

Pensions and employee benefits 37,234 33,269

Total employee costs 63,727 59,971

Pension and employee benefits include Performance Share Plan expenses for CCHBC AG employees

inthe amount of CHF 20,350 thousand for 2025 (2024: CHF 17,151 thousand). Refer to Note 2.5 for

more information.

2.13 Other operating expenses

Other operating expenses amounting to CHF 38,185 thousand for 2025 (2024: CHF 26,979 thousand)

mainly include CHF 19,893 thousand (2024: CHF 16,258 thousand) for management fees to CCB

Management Services GmbH, whereof CHF 348 thousand (2024: CHF 937 thousand) is true-up

fromthe prior year.

2.14 Foreign exchange differences

Foreign exchange gains of CHF 3,003 thousand (2024: CHF nil) relate to loans to indirect participations

fully repaid during the year.

Swiss statutory reporting continued

Financial Statements

Corporate Governance

Supplementary Information

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337

Swiss Statutory Reporting

Strategic Report

3. Other Information

3.1 Net release of hidden reserves

No hidden reserves were released for the years ended 31 December 2025 or 31 December 2024.

3.2 Number of employees

In 2025 and 2024, on an annual average basis, the number of full-time equivalent employees did

notexceed 50.

3.3 Contingent liabilities

Euro medium-term note programmes

In June 2013, the Group established a new €3.0 billion Euro medium-term note programme (the ‘EMTN

programme’). The EMTN programme was increased to €5.0 billion in April 2019 and was last updated

in November 2024. Notes are issued under the EMTN programme through the Company’s indirect

subsidiary Coca-Cola HBC Finance B.V., a private limited liability company established under the laws

ofthe Netherlands, and are fully, unconditionally and irrevocably guaranteed by the Company.

In May 2019, Coca-Cola HBC Finance B.V. issued €700 million, 1%, Euro-denominated notes due in

May 2027 and also issued €600 million, 1.625%, Euro-denominated notes due in May 2031, which are

guaranteed by the Company. The €600 million notes’ size has been reduced to €576.6 million as a result

of an open market purchase announced on 8 November 2024 by the Company.

In November 2019, Coca-Cola HBC Finance B.V. completed the issue of a €500 million, Euro-

denominated fixed rate bond maturing in November 2029, with a coupon rate of 0.625%, which is

guaranteed by the Company.

In September 2022, Coca-Cola HBC Finance B.V. issued €500 million, 2.75%, Green Euro-denominated

notes, which were guaranteed by the Company and which matured in September 2025.

In February 2024, Coca-Cola HBC Finance B.V. issued €600 million, 3.375%, Euro-denominated notes

due in February 2028 and, in November 2024, also issued €500 million, 3.125%, Euro-denominated

notes due in November 2032, which are guaranteed by the Company.

As at 31 December 2025, a total of approximately €2.9 billion (2024: €3.4 billion) in notes issued under

the EMTN programme were outstanding.

Committed credit facilities

In August 2025, the Group replaced its existing syndicated revolving credit facility, which was set to expire

in April 2026. The new syndicated revolving credit facility (‘new RCF’) was increased from €0.8 billion to

€1.2 billion and is set to expire in August 2030, with the option to be further extended for up to two more

years until August 2032.

The new RCF can be used for general corporate purposes and carries a floating interest rate over

EURIBOR. No amounts have been drawn under the new RCF since its inception. The borrower under the

new RCF is the Company’s indirect subsidiary Coca-Cola HBC Finance B.V. and any amounts drawn under

the new RCF are fully, unconditionally and irrevocably guaranteed by the Company.

Swiss statutory reporting continued

Bridge facilities agreement

On 21 October 2025, the Group entered into a new committed €2.5 billion bridge financing facilities

agreement (the ‘Bridge Facilities Agreement’) in connection with the agreed acquisition of Coca-Cola

Beverages Africa (CCBA), to cover the cash portion of the consideration and, if required, to fund the

refinancing of certain of CCBA’s existing debt, in each case including the payment of related fees. No

amounts have been drawn under the Bridge Facilities Agreement since inception. The borrower under

the Bridge Facilities Agreement is the Company’s indirect subsidiary Coca-Cola HBC Finance B.V. and

any amounts drawn under the Bridge Facilities Agreement are fully, unconditionally and irrevocably

guaranteed by the Company. By 31 December 2025, the total commitment under the Bridge Facilities

Agreement had been reduced from €2.5 billion to €2.3 billion approximately, in line with the terms of

the Bridge Facilities Agreement, as certain waivers related to CCBA’s existing debt were successfully

obtained.

Commercial paper programme

In October 2013, the Group established a new €1.0 billion Euro-denominated commercial paper

programme (the ‘CP Programme’). The CP Programme was last updated in May 2023. Notes are

issuedunder the CP Programme by Coca-Cola HBC Finance B.V. and guaranteed by the Company.

Theoutstanding amount under the CP Programme was €558 million as at 31 December 2025

(2024:€215 million).

Nigerian Bottling Company Ltd

In December 2019, the Group established an amortising loan facility of US Dollar 85 million with

maturity in December 2027. The purpose of the facility is to finance the purchase of production

equipment by Nigerian Bottling Company Ltd., the Company’s indirect subsidiary in Nigeria. Over

thecourse of 2020 and 2021, the facility was drawn down for approximately US Dollar 78 million. The

obligations under this facility are guaranteed by the Company. The outstanding amount under theloan

facility was €21 million as at 31 December 2025 (2024: €36 million).

Loan from the European Bank of Reconstruction and Development (EBRD)

In July 2024, the Group established a US Dollar 130 million loan with the EBRD to finance its capital

expenditure and working capital requirements in Egypt. The loan is guaranteed by the Company and

ultimately matures in 2031. As at 31 December 2025, the outstanding liability in connection with the

EBRD loan amounted to €4 million (2024: €5 million).

Credit support provider

On 18 July 2013, the Company signed as credit support provider to ING Bank N.V., Société Générale and

The Royal Bank of Scotland plc in favour of Coca-Cola HBC Finance B.V. for the obligations as defined

inthe ISDA Master Agreements

On 8 August 2013, the Company signed as credit support provider to Citibank N.A. in favour

ofCCHBCBulgaria AD for the obligations as defined in the ISDA Master Agreement

On 8 August 2013, the Company signed as credit support provider to Citibank N.A. in favour

of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement

On 24 June 2014, the Company signed as credit support provider to Intesa Sanpaolo S.p.A. in favour

ofCoca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement

On 5 October 2015, the Company signed as credit support provider to Macquarie Bank

InternationalLimited in favour of Coca-Cola HBC Finance B.V. for the obligations as defined

intheISDAMaster Agreement

Financial Statements

Corporate Governance

Supplementary Information

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Strategic Report

3. Other Information continued

On 22 June 2016, the Company signed as credit support provider to UniCredit Bank AG in favour

ofCoca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement

On 31 August 2016, the Company signed as credit support provider to BNP Paribas in favour

of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement

On 1 November 2017, the Company signed as credit support provider to Goldman Sachs Global

International in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA

MasterAgreement

On 22 December 2017, the Company signed as credit support provider to Citigroup Global

MarketsLimited in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the

ISDAMaster Agreement

On 14 February 2018, the Company signed as credit support provider to Morgan Stanley & Co.

International PLC in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA

Master Agreement

On 25 March 2019, the Company signed as credit support provider to Citigroup Global Markets

Europe AG in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA

MasterAgreement

On 10 July 2019, the Company signed as credit support provider to Macquarie Bank Limited

(LondonBranch) in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the

ISDAMaster Agreement

On 12 November 2019, the Company signed as credit support provider to UBS AG in favour

of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement

On 2 November 2020, the Company signed as credit support provider to J.P. Morgan AG in favour

ofCoca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement

On 13 November 2020, the Company signed as credit support provider to Goldman Sachs Bank

Europe SE in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA

MasterAgreement

On 5 May 2022 and then on 26 September 2022, the Company signed as credit support provider

toCitibank Nigeria Limited in favour of Nigerian Bottling Company Ltd for the obligations as defined

inthe Treasury Master Agreement

On 14 February 2024, the Company signed as credit support provider to Standard Chartered

Bank infavour of Nigerian Bottling Company Ltd for the obligations as defined in the ISDA

MasterAgreement

On 8 August 2025, the Company signed as credit support provider to Bank of America Europe

Designated Activity Company in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in

the ISDA Master Agreement

1. The ISDA (International Swap Dealers Association) Master Agreement is a standardised form issued by the International Swap Dealers

Association Inc. to be used for credit support transactions.

2. The Treasury Master Agreement is an agreement between Nigerian Bottling Company and Citibank Nigeria describing general terms and

conditions regulating their relationship in regard to foreign currency transactions.

Swiss statutory reporting continued

3.4 Significant shareholders

As at 31 December 2025 and 2024, there were two shareholders exceeding the threshold of 5% voting

rights in the Company’s share capital.

Shareholders Date

Number of

Percentage of

issued share

capital

Percentage of

issued share

capital

Total Kar-Tess Holding 31.12.2024 85,355,019 22.9% 23.6%

Total Kar-Tess Holding 31.12.2025 85,355,019 22.9% 23.5%

Total shareholdings related to

The Coca-Cola Company 31.12.2024 78,252,731 21.0% 21.6%

Total shareholdings related to

The Coca-Cola Company 31.12.2025 78,252,731 21.0% 21.5%

1. Basis: total issued share capital including treasury shares. Share basis 373,239,562 as at 31 December 2025 (2024: 373,239,562).

2. Basis: total issued share capital excluding treasury shares. Share basis 363,507,894 as at 31 December 2025 (2024: 362,161,765).

3.5 Allocated amount of shares

Management Incentive Plan (MIP) and Performance Share Plan (PSP)

Granted in 2024

Unvested and for PSP subject to

performance conditions Vested

Shares CHF thousand Shares CHF thousands Shares CHF thousands

Board of Directors and

Executive Leadership Team 419,544 13,000 1,342,019 41,585 347,752 10,776

Other MIP and PSP

participants 44,273 1,372 123,309 3,821 19,760 612

Total 463,817 14,372 1,465,328 45,406 367,512 11,388

Management Incentive Plan (MIP) and Performance Share Plan (PSP)

Granted in 2025

Unvested and for PSP subject

toperformance conditions Vested

Shares CHF thousand Shares CHF thousands Shares CHF thousands

Board of Directors and

Executive Leadership Team 320,556 13,129 1,180,226 48,340 468,558 19,191

Other MIP and PSP

participants 34,394 1,409 111,069 4,549 36,604 1,499

Total 354,950 14,538 1,291,295 52,889 505,162 20,690

3.6 Fees paid to the auditor

The audit and other fees paid to the auditor are disclosed in Note 8 to the consolidated

financialstatements.

Financial Statements

Corporate Governance

Supplementary Information

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339

Swiss Statutory Reporting

Strategic Report

3. Other Information continued

3.7 Conditional capital

On 25 April 2013, the shareholders’ meeting agreed to the creation of conditional capital in the

maximum amount of CHF 245,601 thousand, through issuance of a maximum of 36,657 thousand fully

paid-in registered shares with a par value of CHF 6.70 each upon exercise of options issued to members

of the Board of Directors, members of the management, employees or advisers of the Company, its

subsidiaries and other affiliated companies. Starting July 2024, the Company changed its practice and

started granting shares for exercised stock options from treasury shares held, similarly to the practice

for Performance Share Plan (PSP) participants. Therefore, there was no capital increase coming from

conditional capital transactions in 2025. The Stock Option Plan (SOP) has been concluded with the last

options having vested in May 2025.

Conditional capital

Number of

Book value

per share

CHF

Total

CHF thousands

Agreed conditional capital as per shareholders’ meeting on

25April 2013 36,656,843 6.70 245,601

Shares issued to employees exercising stock options until

31December 2016 (3,149,493) 6.70 (21,102)

Shares issued to employees exercising stock options in 2017 (4,122,401) 6.70 (27,620)

Shares issued to employees exercising stock options in 2018 (1,064,190) 6.70 (7,130)

Shares issued to employees exercising stock options in 2019 (1,352,731) 6.70 (9,063)

Shares issued to employees exercising stock options in 2020 (582,440) 6.70 (3,902)

Shares issued to employees exercising stock options in 2021 (1,282,821) 6.70 (8,595)

Shares issued to employees exercising stock options in 2022 (290,677) 6.70 (1,948)

Shares issued to employees exercising stock options in 2023 (891,127) 6.70 (5,970)

Shares issued to employees exercising stock options in 2024 (262,340) 6.70 (1,758)

Remaining conditional capital as at 31 December 2024 23,658,623 6.70 158,513

Shares issued to employees exercising stock options in 2025 – – –

Remaining conditional capital as at 31 December 2025 23,658,623 6.70 158,513

4. Subsequent events

The subsequent events in relation to the financial year ended 31 December 2025 are disclosed in Note

31 to the consolidated financial statements.

Swiss statutory reporting continued

Proposed appropriation of available earnings and reserves/declaration

ofdividend

1. Total available reserves

Available earnings and reserves CHF thousands

Balance brought forward from previous years 461

Net loss for the year (52,796)

Total accumulated loss to be carried forward (52,335)

Reserves from capital contributions before distribution 2,746,206

Total available reserves 2,693,871

2. Proposed declaration of dividend from reserves

The Board of Directors proposes to declare a gross dividend of €1.20 on each ordinary registered share

with a par value of CHF 6.70 from the general capital contribution reserve. Own shares held directly by

the Company are not entitled to dividends. Payment of the dividend shall be made at such time and with

such record date as shall be determined by the Annual General Meeting and the Board of Directors.

3. Proposed appropriation of reserves/declaration of dividend

Dividend of €1.20 at current exchange rate

As of 31 December 2025 CHF thousands

Reserves from capital contributions before distribution 2,746,206

Proposed dividend of €1.20

(405,100)

Reserves from capital contributions after distribution 2,341,106

1. Illustrative at an exchange rate of CHF 0.92 per Euro. Assumes that the shares entitled to a dividend amount to 366,938,029.

Financial Statements

Corporate Governance

Supplementary Information

Coca-Cola HBC Integrated Annual Report 2025

340

Swiss Statutory Reporting

Strategic Report

Report of the statutory auditor to the General Meeting on the

statutory remuneration report 2025

Report of the statutory auditor

to the General Meeting of

Coca-Cola HBC AG,

Steinhausen (Zug)

Report of the statutory auditor to the General Meeting of Coca-Cola HBC AG,

Steinhausen (Zug)

Opinion

We have audited the statutory remuneration report of Coca-Cola HBC AG (the Company) for the year

ended 31 December 2025. The audit was limited to the information pursuant to article 734a-734f of

the Swiss Code of Obligations (CO) in the tables marked ‘audited’ on pages 342 to 351 of the statutory

remuneration report.

In our opinion, the information pursuant to article 734a-734f CO in the statutory remuneration report

(pages 342 to 351) complies with Swiss law and the Company’s articles of incorporation.

Basis for opinion

We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH).

Our responsibilities under those provisions and standards are further described in the ‘Auditor’s

responsibilities for the audit of the statutory remuneration report’ section of our report. We are

independent of the Company in accordance with the provisions of Swiss law and the requirements of

the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with

these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

our opinion.

Other information

The Board of Directors is responsible for the other information. The other information comprises

the information included in the annual report, but does not include the tables marked ‘audited’ in the

statutory remuneration report, the consolidated financial statements, the financial statements and our

auditor’s reports thereon.

Our opinion on the statutory remuneration report does not cover the other information and we do not

express any form of assurance conclusion thereon.

In connection with our audit of the statutory remuneration report, our responsibility is to read the other

information and, in doing so, consider whether the other information is materially inconsistent with the

audited financial information in the statutory remuneration report or our knowledge obtained in the

audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this

other information, we are required to report that fact. We have nothing to report in this regard.

Board of Directors’ responsibilities for the statutory remuneration report

The Board of Directors is responsible for the preparation of a statutory remuneration report in

accordance with the provisions of Swiss law and the Company’s articles of incorporation, and for

such internal control as the Board of Directors determines is necessary to enable the preparation

of astatutory remuneration report that is free from material misstatement, whether due to fraud

or error. It is also charged with structuring the remuneration principles and specifying the individual

remuneration components.

Auditor’s responsibilities for the audit of the statutory remuneration report

Our objectives are to obtain reasonable assurance about whether the information pursuant to article

734a-734f CO is free from material misstatement, whether due to fraud or error, and to issue an

auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a

guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material

misstatement when it exists. Misstatements can arise from fraud or error and are considered material

if, individually or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of this statutory remuneration report.

As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement and

maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement in the statutory remuneration report, whether

due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting

amaterial misstatement resulting from fraud is higher than for one resulting from error, as fraud may

involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures

that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made.

We communicate with the Board of Directors or its relevant committee regarding, among other

matters, the planned scope and timing of the audit and significant audit findings, including any

significant deficiencies in internal control that we identify during our audit.

We also provide the Board of Directors or its relevant committee with a statement that we have

complied with relevant ethical requirements regarding independence, and communicate with them

all relationships and other matters that may reasonably be thought to bear on our independence, and

where applicable, actions taken to eliminate threats or safeguards applied.

Patrick Balkanyi

Licensed audit expert

Auditor in charge

Zurich, 20 March 2026

Apostolos Dimopoulos

Licensed audit expert

Financial Statements

Corporate Governance

Supplementary Information

Coca-Cola HBC Integrated Annual Report 2025

341

Swiss Statutory Reporting

Strategic Report

Statutory remuneration report

Additional disclosures regarding the Statutory Remuneration Report

The section below is in line with the Swiss Code of Obligations, which requires disclosure of the

elements of compensation paid to the Company’s Board of Directors and the Executive Leadership

Team. The amounts relate to the calendar years of 2025 and 2024. In the information presented below,

the exchange rate used for conversion of 2025 remuneration data from Euro to CHF is 1/0.9368 and the

exchange rate used for conversion of 2024 remuneration data from Euro to CHF is 1/0.9530.

As the Company is headquartered in Switzerland, it is required for statutory purposes to present

compensation data for two consecutive years, 2025 and 2024. The applicable methodology used

to calculate the value of stock option and performance shares follows Swiss Standards. In 2025 and

2024, the fair value of performance shares from the 2025 and 2024 grants is calculated based on

the performance share awards that are expected to vest. Below is the relevant information for Swiss

statutory purposes.

The Statutory Remuneration Report should be read in conjunction with the Directors’ remuneration

report presented in the Integrated Annual Report as the qualitative aspects of remuneration policy

aredescribed therein.

Remuneration for acting members of governing bodies

The Company’s Directors believe that the level of remuneration offered to Directors and the members

of the Executive Leadership Team should reflect their experience and responsibility as determined by,

among other factors, a comparison with similar multinational companies and should be sufficient to

attract and retain high-calibre Directors who will lead the Group successfully. In line with the Group’s

commitment to maximise shareholder value, its policy is to link a significant proportion of remuneration

for its Executive Leadership Team to the performance of the business through short- and long-term

incentives. Therefore, the Executive Leadership Team members’ financial interests are closely aligned

with those of the Company’s shareholders through the equity-related long-term compensation plan.

The total remuneration of the Directors and members of the Executive Leadership Team of the Company,

including performance share grants, during 2025 amounted to CHF 28.3 million (2024: CHF 30.2 million).

Outof this, the amount relating to the expected value of performance share awards granted in relation

to 2025 was CHF 7.1 million (2024: CHF 6.6 million). Pension and post-employment benefits for Directors

and the Executive Leadership Team of the Company during 2025 amounted toCHF1.3 million

(2024: CHF 1.1 million).

Financial Statements

Corporate Governance

Supplementary Information

Coca-Cola HBC Integrated Annual Report 2025

342

Swiss Statutory Reporting

Strategic Report

Remuneration of the Board of Directors

2025 CHF

Fees

Cash and

non-cash

benefits

Cash

performance

incentives

Pension and

post-employment

benefits

Total fair value

of stock options at

the date granted

Total

compensation

Anastassis G. David, non-Executive Chairman 140,520 – – – – 140,520

Zoran Bogdanovic, Chief Executive Officer, Executive Director2 – – – – – –

Charlotte J. Boyle, Senior independent non-Executive Director, Chair of the Remuneration Committee and

Nomination Committee, and member of the Social Responsibility Committee 115,123 – – – – 115,123

William W. (Bill) Douglas III, independent non-Executive Director, Chair of the Audit and Risk Committee3 42,187 – – – – 42,187

Reto Francioni, Senior independent non-Executive Director, Chair of the Nomination Committee, and member of the

Remuneration Committee4 44,222 – – – – 44,222

Anastasios I. Leventis, non-Executive Director, Chair of the Social Responsibility Committee 88,996 – – – – 88,996

Christo Leventis, non-Executive Director 76,818 – – – – 76,818

Henrique Braun, non-Executive Director5 76,818 – – – – 76,818

George Pavlos Leventis, non-Executive Director 76,818 – – – – 76,818

Evguenia Stoichkova, non-Executive Director, member of the Social Responsibility Committee 82,907 – – – – 82,907

Zulikat Wuraola Abiola, independent non-Executive Director, member of the Audit and Risk Committee6 91,806 – – – – 91,806

Glykeria Tsernou, independent non-Executive Director, member of the Audit and Risk Committee 91,806 – – – – 91,806

Elizabeth Bastoni, independent non-Executive Director, member of the Nomination Committee and Remuneration

Committee7 88,996 – – – – 88,996

Stavros Pantzaris, independent non-Executive Director, Chair of the Audit and Risk Committee8 64,903 – – – – 64,903

Pantelis (Linos) D. Lekkas, independent non-Executive Director, member of the Nomination Committee and

Remuneration Committee9 54,086 – – – – 54,086

Total Board of Directors 1,136,006 – – – – 1,136,006

1. Cash and non-cash benefits consist of cost-of-living allowance, housing support, Employee Stock Purchase Plan, private medical insurance relocation expenses, home trip allowance, lump sum expenses and similar allowances.

2. Zoran Bogdanovic’s compensation was based on his role as CEO and member of the Executive Leadership Team, and his employment agreement. Zoran Bogdanovic was not entitled and did not receive additional compensation as a Director.

3. William W. (Bill) Douglas III retired from the Board of Directors on 23 May 2025. The Group has applied a pro-rated period fee of CHF 42,187.

4. Reto Francioni retired from the Board of Directors on 23 May 2025. The Group has applied a pro-rated period fee of CHF 44,222, and on top of his fees, the Group paid CHF 2,478 in social security contributions as required by Swiss legislation.

5. For Henrique Braun, on top of his fees, the Group paid CHF 5,962 in social security contributions as required by Swiss legislation.

6. For Zulikat Wuraola Abiola, on top of her fees, the Group paid CHF 7,125 in social security contributions as required by Swiss legislation.

7. For Elizabeth Bastoni, on top of her fees, the Group paid CHF 6,907 in social security contributions as required by Swiss legislation.

8. Stavros Pantzaris was appointed to the Board of Directors on 23 May 2025. The Group has applied a pro-rated fee of CHF 64,903, and on top of his fees, the Group paid CHF 5,037 in social security contributions as required by Swiss Legislation.

9. Pantelis (Linos) D.Lekkas was appointed to the Board of Directors on 23 May 2025. The Group applied a pro-rated period fee to CHF 54,086, and on top of his fees, the Group paid CHF 4,197 in social security contributions as required by Swiss legislation.

Non-Executive Directors do not participate in any of the Group’s incentive plans, nor do they receive any retirement benefits.

Statutory remuneration report continued

Financial Statements

Corporate Governance

Supplementary Information

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Swiss Statutory Reporting

Strategic Report

2024 CHF

Fees

Cash and

non-cash

benefits

Cash

performance

incentives

Pension and

post-employment

benefits

Total fair value

of stock options at

the date granted

Total

compensation

Anastassis G. David, non-Executive Chairman 142,950 – – – – 142,950

Zoran Bogdanovic, Chief Executive Officer, Executive Director

– – – – – –

Anna Diamantopoulou, independent non-Executive Director, member of the Nomination Committee,

SocialResponsibility Committee and Remuneration Committee

68,867 – – – – 68,867

Charlotte J. Boyle, independent non-Executive Director, Chair of the Remuneration Committee

and member of the Nomination Committee 99,827 – – – – 99,827

Olusola (Sola) David-Borha, independent non-Executive Director, member of the Audit and Risk Committee

36,434 – – – – 36,434

William W. (Bill) Douglas III, independent non-Executive Director, Chair of the Audit and Risk Committee 108,642 – – – – 108,642

Reto Francioni, Senior independent non-Executive Director, Chair of the Nomination Committee

and member of the Remuneration Committee

113,884 – – – – 113,884

Anastasios I. Leventis, non-Executive Director, Chair of the Social Responsibility Committee 90,535 – – – – 90,535

Christo Leventis, non-Executive Director 78,146 – – – – 78,146

Alexandra Papalexopoulou, independent non-Executive Director, member of the Audit and Risk Committee6 36,434 – – – – 36,434

Henrique Braun, non-Executive Director

78,146 – – – – 78,146

George Pavlos Leventis, non-Executive Director 78,146 – – – – 78,146

Evguenia Stoitchkova, non-Executive Director, member of the Social Responsibility Committee 84,341 – – – – 84,341

Zulikat Wuraola Abiola, independent non-Executive Director, member of the Audit and Risk Committee8 57,217 – – – – 57,217

Glykeria Tsernou, independent non-Executive Director, member of the Audit and Risk Committee9 57,217 – – – – 57,217

Elizabeth Bastoni, independent non-Executive Director, member of the Nomination Committee

andRemunerationCommittee10 26,078 – – – – 26,078

Total Board of Directors 1,156,864 – – – – 1,156,864

1. Cash and non-cash benefits consist of cost-of-living allowance, housing support, Employee Stock Purchase Plan, private medical insurance, relocation expenses, home trip allowance, lump sum expenses and similar allowances.

3. Anna Diamantopoulou retired from the Board of Directors on 16 September 2024. The Group has applied a pro-rated period fee of CHF 68,867, and on top of her fees, the Group paid CHF 3,904 in social security contributions as required by Swiss legislation.

4. Olusola (Sola) David-Borha retired from the Board of Directors on 21 May 2024. The Group has applied a pro-rated period fee of CHF 36,434, and on top of her fees, the Group paid CHF 2,919 in social security contributions as required by Swiss legislation.

5. For Reto Francioni, on top of his fees, the Group paid CHF 6,718 in social security contributions as required by Swiss legislation.

6. Alexandra Papalexopoulou retired from the Board of Directors on 21 May 2024. The Group has applied a pro-rated period fee of CHF 36,434.

7. For Henrique Braun, on top of his fees, the Group paid CHF 6,260 in social security contributions as required by Swiss legislation.

8. Zulikat Wuraola Abiola was appointed to the Board of Directors on 21 May 2024. The Group has applied a pro-rated period fee of CHF 57,217, and on top of her fees, the Group paid CHF 4,583 in social security contributions as required by Swiss legislation.

9. Glykeria Tsernou was appointed to the Board of Directors on 21 May 2024. The Group has applied a pro-rated period fee of CHF 57,217.

10. Elizabeth Bastoni was appointed to the Board of Directors on 16 September 2024. The Group has applied a pro-rated period fee of CHF 26,078, and on top of her fees, the Group paid CHF 2,089 in social security contributions as required by Swiss legislation.

Non-Executive Directors do not participate in any of the Group’s incentive plans, nor do they receive any retirement benefits.

Statutory remuneration report continued

Financial Statements

Corporate Governance

Supplementary Information

Coca-Cola HBC Integrated Annual Report 2025

344

Swiss Statutory Reporting

Strategic Report

Remuneration of the Executive Leadership Team

The total remuneration paid to or accrued for the Executive Leadership Team for 2025 amounted

toCHF 27.1 million.

2025 CHF

Base salary

Cash and

non-cash

benefits

Annual bonus

accrual

Pension

and post-

employment

benefits

Total fair value

of performance

shares at the

date granted

Total

remuneration

Zoran Bogdanovic,

Chief Executive Officer,

Executive Director 970,712 872,913 957,954 160,298 1,747,282 4,709,159

Other current members

6,204,450 5,767,279 2,905,975 1,068,366 5,003,494 20,949,564

Former members

550,682 472,350 0 116,009 323,421 1,462,462

Total Executive

Leadership Team 7,725,844 7,112,542 3,863,929 1,344,673 7,074,197 27,121,185

1. Base salary includes 326,084 CHF non-compete payments in 2025 to former members of the Executive Leadership Team.

2. Cash and non-cash benefits consist of cost-of-living allowance, housing support, schooling, Employee SharePurchase Plan, private medical

insurance, relocation expenses, home trip allowance, employer social security contributions, lump sum expenses, all paid and unpaid sign-

on bonus, equalisation amounts and similar allowances.

3. The annual bonus accrual for 2025 includes the accrued Management Incentive Plan (MIP) payout, receivable early in 2026 for the 2025

business performance, including employer social security contribution and gross-up for the tax benefit, of CHF 3,863,929. The monetary

value that was paid in 2025 under the MIP reflecting the 2024 business performance is approximately CHF 5,476,841.

4. Members of the Executive Leadership Team participate in the pension plan of their employing entity, as appropriate.

5. Values under long-term incentives represent the fair value of performance shares that are expected to vest for the 2025 grant in order to

comply with Swiss reporting guidelines.

6. Karyn Harrington was appointed to the role of Chief Corporate Affairs & Sustainability Officer on 15 August 2025.

7. Aleksandar Ruzevic’s employment ceased on 30 July 2025. Marcel Martin’s employment ceased on 31 December 2025.

The total remuneration paid to or accrued for the Executive Leadership Team for 2024 amounted

toCHF 29.0 million.

2024 CHF

Base salary

Cash and

non-cash

benefits

Annual bonus

accrual

Pension

and post-

employment

benefits

Total fair value

of performance

shares at the

date granted

Total

remuneration

Zoran Bogdanovic,

Chief Executive Officer,

Executive Director 882,129 757,641 935,163 142,740 1,684,849 4,402,521

Other current members

5,910,776 5,772,093 5,270,943 902,288 4,954,893 22,810,994

Former members

1,153,570 632,834 0 31,899 0 1,818,303

Total Executive

Leadership Team 7,946,475 7,162,568 6,206,106 1,076,927 6,639,742 29,031,818

1. Base salary includes 639,463 CHF non-compete payments in 2024 to former members of the Executive Leadership Team.

2. Cash and non-cash benefits consist of cost-of-living allowance, housing support, schooling, Employee Share Purchase Plan, private

medical insurance, relocation expenses, home trip allowance, employer social security contributions, lump sum expenses, all paid and

unpaid sign-on bonus, equalisation amounts and similar allowances.

3. The annual bonus accrual for 2024 includes the accrued Management Incentive Plan (MIP) payout, receivable early in 2025 for the 2024

business performance, including an amount that will be paid in May 2025 post approval by the AGM of the Remuneration Committee’s

proposal for adjustment of the MIP deferral (refer to Directors’ remuneration report), employer social security contribution and gross-up

for the tax benefit, of CHF 6,206,106. The monetary value that was paid in 2024 under the MIP reflecting the 2023 business performance is

approximately CHF 5,995,351.

4. Members of the Executive Leadership Team participate in the pension plan of their employing entity, as appropriate.

5. Values under long-term incentives represent the fair value of performance shares that are expected to vest for the 2024 grant in order

tocomply with Swiss reporting guidelines.

6. Anastasis Stamoulis was appointed to the role of Chief Financial Officer on 1 May 2024. Vladimir Kosijer was appointed to the role of Acting

Regional Director on 1 June 2024.

7. Ben Almanzar’ employment ceased on 17 May 2024.

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Shareholdings, conversion and option rights

The table below sets out a comparison of the interests in the Company’s total issued share capital that the members of the Board of Directors (‘Directors’) and Executive Leadership Team hold (all of which,

unless otherwise stated, are beneficial interests or are interests of a person connected with a Director or a member of the Executive Leadership Team) and the interests in the Company’s share capital.

31.12.2025 31.12.2024

Number of shares

Percentage

ofissued

share capital

Percentage of

outstanding

share capital

Number of

Percentage

of issued

share capital

Percentage of

outstanding

share capital

Directors

Anastassis G. David, non-Executive Chairman3 – – – – – –

Zoran Bogdanovic, Chief Executive Officer, Executive Director 496,870 0.13% 0.14% 386,658 0.10% 0.11%

Charlotte J. Boyle, Senior independent non-Executive Director, Chair of the Remuneration Committee and

Nomination Committee, and member of the Social Responsibility Committee 1,395 0.00% 0.00% 1,395 0.00% 0.00%

Henrique Braun, non-Executive Director – – – – – –

William W. (Bill) Douglas III, independent non-Executive Director, Chair of the Audit and Risk Committee 10,000 0.00% 0.00% 10,000 0.00% 0.00%

Reto Francioni, Senior independent non-Executive Director, Chair of the Nomination Committee and member of the

Remuneration Committee 7,000 0.00% 0.00% 7,000 0.00% 0.00%

Anastasios I. Leventis, non-Executive Director, Chair of the Social Responsibility Committee4 – – – – – –

Christo Leventis, non-Executive Director5 – – – – – –

George Pavlos Leventis, non-Executive Director6 – – – – – –

Evguenia Stoichkova, non-Executive Director, member of the Social Responsibility Committee – – – – – –

Zulikat Wuraola Abiola, independent non-Executive Director, member of Audit and Risk Committee – – – – – –

Glykeria Tsernou, independent non-Executive Director, member of Audit and Risk Committee – – – – – –

Elizabeth Bastoni, independent non-Executive Director, member of the Nomination Committee

andRemunerationCommittee – – – – – –

Stavros Pantzaris, independent non-Executive Director, Chair of the Audit and Risk Committee 3,000 0.00% 0.00% – – –

Pantelis (Linos) D. Lekkas, independent non-Executive Director, member of the Nomination Committee and

Remuneration Committee 10,000 0.00% 0.00% – – –

Footnotes are presented at the end of the table.

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31.12.2025 31.12.2024

Number of shares

Percentage

ofissued

share capital

Percentage of

outstanding

share capital

Number of

Percentage

of issued

share capital

Percentage of

outstanding

share capital

Executive Leadership Team

Minas Agelidis, Region Director 89,927 0.02% 0.02% 101,311 0.03% 0.03%

Mourad Ajarti, Chief Digital and Technology Officer 35,237 0.01% 0.01% 49,479 0.01% 0.01%

Ivo Bjelis, Chief Supply Chain Officer 50,638 0.01% 0.01% 28,254 0.01% 0.01%

Jan Gustavsson, General Counsel, Company Secretary and Chief Corporate Development Officer 227,143 0.06% 0.06% 191,033 0.05% 0.05%

Naya Kalogeraki, Chief Operating Officer 175,988 0.05% 0.05% 123,889 0.03% 0.03%

Martin Marcel, Chief Corporate Affairs and Sustainability Officer7 155,319 0.04% 0.04% 138,639 0.04% 0.04%

Spyros Mello, Strategy and Transformation Director 101,021 0.03% 0.03% 81,560 0.02% 0.02%

Vitaliy Novikov, Digital Commerce Business Development Director 19,320 0.01% 0.01% 17,117 0.00% 0.00%

Barbara Tönz, Chief Customer and Commercial Officer 27,651 0.01% 0.01% 7,195 0.00% 0.00%

Jaak Mikkel, New Businesses Director 64,815 0.02% 0.02% 49,959 0.01% 0.01%

Frank O’Donnell, Region Director 40,814 0.01% 0.01% 50,133 0.01% 0.01%

Aleksandar Ruzevic, Region Director7 31,965 0.01% 0.01% 30,491 0.01% 0.01%

Ebru Ozgen, Chief People and Culture Officer 21,016 0.01% 0.01% 8,017 0.00% 0.00%

Anastasis Stamoulis, Chief Financial Officer 10,860 0.00% 0.00% 3,245 0.00% 0.00%

Vladimir Kosijer, Region Director 25,023 0.01% 0.01% 37,644 0.01% 0.01%

Karyn Harrington, Chief Corporate Affairs and Sustainability Officer8 – 0.00% 0.00% – – –

Footnotes are presented at the end of the table.

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The following table sets out information regarding the stock options and performance shares held by members of the Executive Leadership Team or any related person as at 31 December 2025:

Stock options (ESOP) Performance Share Plan (PSP)

Number of

stock options Already vested

Vesting at the

end of 2025

Granted

in 2025

Unvested and

subject to

performance

conditions Vested

Zoran Bogdanovic, Chief Executive Officer, Executive Director9 – – – 83,828 333,092 117,958

Minas Agelidis, Region Director – – – 16,550 57,461 23,465

Mourad Ajarti, Chief Digital and Technology Officer – – – 13,938 48,673 18,458

Ivo Bjelis, Chief Supply Chain Officer – – – 15,073 51,241 20,873

Jan Gustavsson, General Counsel, Company Secretary and Chief Corporate Development Officer – – – 20,692 73,292 30,391

Naya Kalogeraki, Chief Operating Officer – – – 40,600 132,555 47,247

Martin Marcel, Chief Corporate Affairs and Sustainability Officer – – – 18,038 63,712 26,524

Spyros Mello, Strategy and Transformation Director – – – 11,533 40,006 16,893

Vitaliy Novikov, Digital Commerce Business Development Director – – – 15,751 55,662 23,084

Barbara Tönz, Chief Customer and Commercial Officer – – – 14,159 49,414 19,954

Jaak Mikkel, New Businesses Director – – – 11,248 40,623 15,434

Frank O’Donnell, Region Director – – – 14,460 46,830 15,481

Aleksandar Ruzevic, Region Director – – – 15,125 49,421 17,146

Ebru Ozgen, Chief People and Culture Officer – – – 15,181 57,698 11,872

Anastasis Stamoulis, Chief Financial Officer – – – 14,516 44,915 12,201

Vladimir Kosijer, Region Director – – – 13,948 36,128 11,383

Karyn Harrington, Chief Corporate Affairs and Sustainability Officer – – – – – –

1. Basis: total issued share capital including treasury shares. Share basis 373,239,562 as at 31 December 2025 (2024: 373,239,562)

2. Basis: total issued share capital excluding treasury shares. Share basis 363,507,894 as at 31 December 2025 (2024: 362,188,886)

3. Anastassis G. David is a beneficiary of:

4. Anastasios I. Leventis is a beneficiary of:

(b) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 286,880 shares held by its trustee, Selene Treuhand AG; and

5. Christo Leventis is a beneficiary of:

(b) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 482,228 shares held by its trustee, Selene Treuhand AG; and

(c) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Avgie Leventis, that has an indirect interest with respect to 623,665 shares held by its trustee, Trustena GMBH (successor of Mervail Company (PTC) Ltd).

6 George Pavlos Leventis is a beneficiary of:

7. Aleksandar Ruzevic’s employment ceased on 30 July 2025. Marcel Martin’s employment ceased on 31 December 2025.

8. Karyn Harrington joined the Executive Leadership Team on 15 August 2025.

9. The Remuneration Committee determined at its meeting on 18 March 2026 that, in line with the terms of the PSP, PSP awards granted to Zoran Bogdanovic in 2023 vested over in aggregate 157,840 shares (including the dividend equivalent shares paid on PSP shares that vested in 2026).

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The following table sets out information regarding the stock options and performance shares held by members of the Executive Leadership Team or any related person as at 31 December 2024:

Stock options (ESOP) Performance Share Plan (PSP)

Number of

stock options Already vested

Vesting at the

end of 2024

Granted

in 2024

Unvested and

subject to

performance

conditions Vested

Zoran Bogdanovic, Chief Executive Officer, Executive Director

– – – 109,165 399,538 95,843

Minas Agelidis, Region Director – – – 21,422 70,806 19,041

Mourad Ajarti, Chief Digital and Technology Officer – – – 18,212 58,251 14,160

Ivo Bjelis, Chief Supply Chain Officer – – – 18,890 62,761 10,333

Jan Gustavsson, General Counsel, Company Secretary and Chief Corporate Development Officer – – – 27,311 91,318 24,806

Naya Kalogeraki, Chief Operating Officer – – – 45,434 146,249 37,716

Martin Marcel, Chief Corporate Affairs and Sustainability Officer – – – 23,824 79,465 21,408

Spyros Mello, Strategy and Transformation Director – – – 14,676 49,995 10,850

Vitaliy Novikov, Digital Commerce Business Development Director – – – 20,719 69,320 18,783

Barbara Tönz, Chief Customer and Commercial Officer – – – 17,123 60,676 –

Jaak Mikkel, New Businesses Director – – – 14,866 49,039 12,532

Frank O’Donnell, Region Director – – – 19,358 52,093 12,680

Aleksandar Ruzevic, Region Director – – – 20,180 56,140 13,948

Ebru Ozgen, Chief People and Culture Officer – – – 20,581 57,834 7,038

Anastasis Stamoulis, Chief Financial Officer – – – 20,280 45,944 8,875

Vladimir Kosijer, Acting Region Director – – – 12,954 36,683 8,295

1. Basis: total issued share capital including treasury shares. Share basis 373,239,562 as at 31 December 2024 (2023: 372,977,222)

2. Basis: total issued share capital excluding treasury shares. Share basis 362,188,886 as at 31 December 2024 (2023: 366,908,685)

3. Anastassis G. David is a beneficiary of:

4. Anastasios I. Leventis is a beneficiary of:

(b) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 286,880 shares held by its trustee, Selene Treuhand AG; and

5. Christo Leventis is a beneficiary of:

(b) a further private discretionary trust, for the primary benefit of present and future members of the family of the late Anastasios George Leventis, that has an indirect interest with respect to 482,228 shares held by its trustee, Selene Treuhand AG; and

6 George Pavlos Leventis is a beneficiary of:

7. Ben Almanzar’s employment ceased on 17 May 2024.

8. Anastasis Stamoulis joined the Executive Leadership Team on 1 May 2024.

9. Vladimir Kosijer joined the Executive Leadership Team on 1 June 2024.

10. The Remuneration Committee determined at its meeting on 12 March 2025 that in line with the terms of the PSP, PSP awards granted to Zoran Bogdanovic in 2022 vested over in aggregate 117,958 shares (including the dividend equivalent shares paid on PSP shares that vested in 2025).

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Information on functions in other undertakings

The following table lists all functions of the individual members of the Board of Directors

inotherundertakings.

Companies and associations Function

Anastassis G. David,

non-Executive Chairman

Aegean Airlines S.A. Vice Chair of the Board of Directors

Cyprus Union of Shipowners Vice Chair of the Executive Committee

Sea Trade Holdings Inc Chair of the Board of Directors

Adcom Advisory Ltd Member of the Board of Directors

Kar-Tess Holding Member of the Board of Directors

College Year in Athens Member of the Board of Trustees

George and Kaity David

Foundation

Director

Zoran Bogdanovic,

ChiefExecutive Officer,

Executive Director

– –

Charlotte J. Boyle, Senior

independent non-Executive

Director,

Chair of the Remuneration

Committee, and member of

the Nomination Committee and

Social Responsibility Committee

UN High Commissioner for

Refugees (UNHCR)

UK Chair

Thatchers Cider

Company Ltd

Chair

Worcester College, Oxford

University

Advisory Board Member

Henrique Braun,

non-Executive Director,

The Coca-Cola Company Executive Vice President

and Chief Operating Officer

(Effective 31 March 2026 will be

appointed CEO of TCCC)

Zulikat Wuraola Abiola,

independent non-Executive

Director, member of the

Auditand Risk Committee

Management

Transformation Ltd.

Managing Director

Frigoglass S.A.I.C. Non-Executive Senior Independent

Director

Appzone Mauritius Ltd. Chair of the Board of Directors

Lekoil Nigeria Limited Board Director

Summit Oil International Ltd.

(Nigeria)

Board Director

Companies and associations Function

Elizabeth Bastoni,

independent non-Executive

Director, member of the

Nomination Committee and

Remuneration Committee

Qorium B.V. Independent Director and Chair of the

Board of Directors

Jerónimo Martins Independent Director and Audit

Committee Chair

Euroapi Audit Committee Independent Director

and Chair of the Nomination and

Compensation Committee

CNH Industrial Independent Director and

ChairoftheHuman Capital

& Compensation Committee

Anastasios I. Leventis,

non-Executive Director,

Chair of the Social Responsibility

Committee

A.G. Leventis (Nigeria) Ltd. Member of the Board of Directors

Leventis Foundation Nigeria Director

A.G. Leventis Foundation Member of the Board of Trustees

Kar-Tess Holding Member of the Board of Directors

Maxenta Invest Corp. Member of the Board of Directors

Middle East Finance Sarl Member of the Board of Directors

Tabor House Limited Member of the Board of Directors

Adcom Advisory Ltd Member of the Board of Directors

European Council of the

Nature Conservancy

Member

WWF Hellas (Greek branch) Member of the Board of Directors

Gennadius Library in Athens Member of the Board of Overseers

University of Exeter Member of the Global Advancement Board

Cyclades Preservation Fund Co-Founder

Christo Leventis, non-Executive

Director

Alpheus Capital Ltd. Chair and Member of the

BoardofDirectors

Kar-Tess Holding Member of the Board of Directors

Torval Investment Corp. Member of the Board of Directors

Adcom Advisory Ltd Member of the Board of Directors

Middle East Finance Sarl Member of the Board of Directors

Anastasios .G.

LeventisFoundation (Cyprus)

Member of the Board of Trustees

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Companies and associations Function

Glykeria Tsernou,

independent non-Executive

Director, member of the Audit

and Risk Committee

Attica Department Stores S. A. Non-Executive Director

Goldair Handling S.A. Non-Executive Director

Phaea S.A Non-Executive Director

Resolute Cepal Greece S. A. Independent Non–Executive Director

Reinvest Greece S. A. Independent Non–Executive Director

Elecion Energy S.A. Chair of the Board of Directors

Anatolia College Member of the Board of Trustees

Evguenia Stoitchkova,

non-Executive Director, member

of the Social Responsibility

Committee

AmCham in Türkiye and

Bulgaria

Member of the Board of Directors

George Pavlos Leventis,

non-Executive Director

8 Kensington Park Road Ltd Member of the Board of Directors

Chalet Alpette Sarl Member of the Board of Directors

Adcom Advisory Ltd Member of the Board of Directors

Torval Investment Corp. Member of the Board of Directors

Terra Cypris Foundation Director

Stavros Pantzaris, independent

non-Executive Director, Chair of

the Audit and Risk Committee

The Propeller Club of the

United States, Port of Limassol

Founding Member and Treasurer

Cyprus Employers and

Industrialists Federation

Member of the Board of Directors

Cyprus Seeds Member of the Board of Directors

Phaethon Research and

Innovation Centre of

Excellence

Member of the Board of Directors

Nicosia Chamber of

Commerce and Industry

Member of the Board of Directors,

serving as Vice-Chair of the

professional services sector

Pantelis (Linos) D.

Lekkas,independent non-

Executive Director, member of

the Nomination Committee and

Remuneration Committee

First Abu Dhabi Bank (FAB) Group Head of Investment Banking &

Markets

The following table lists all functions of the individual members of the Executive Leadership Team in

other undertakings.

Companies and associations Function

Naya Kalogeraki,

Chief Operating Officer

Casa del Caffè Vergnano S.p.A Board Member

Jan Gustavsson,

General Counsel, Company

Secretary and Chief Corporate

Development Officer

Casa del Caffè Vergnano S.p.A Board Member

Credits and loans granted to governing bodies

In 2025, similar to 2024, there were no credits or loans granted to active or former members of the

Company’s Board of Directors, members of the Executive Leadership Team or to any related persons.

There are no outstanding credits or loans.

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1. ComparableAPMsrefertocomparablecostofgoodssold,comparablegrossprofit,comparableoperatingexpenses,comparableEBIT,comparableEBITmargin,comparableadjustedEBITDA,comparableprofitbeforetax,comparabletax,comparablenetprofitandcomparableEPS.

1. Comparable APMs

IndiscussingtheperformanceoftheGroup,‘comparable’measuresareused.Comparablemeasures

arecalculatedbydeductingfromthedirectlyreconcilableIFRSmeasurestheimpactoftheGroup’s

restructuringcosts,themark-to-marketvaluationofthecommodityhedgingactivity,theacquisition,

integrationanddivestment-relatedcosts,theimpairmentofgoodwillandindefinite-livedintangible

assets,theRussia-Ukraineconflictimpactandcertainothertaxitems,whicharecollectively

consideredasitemsimpactingcomparability,duetotheirnature.Morespecifically,thefollowing

itemsareconsideredasitemsthatimpactcomparability:

1. Restructuring costs

RestructuringcostscomprisecostsarisingfromsignificantchangesinthewaytheGroupconducts

business,suchassignificantsupplychaininfrastructurechanges,outsourcingofactivitiesand

centralisationofprocesses.Thesecostsareincludedwithintheincomestatementline‘Operating

expenses’;however,theyareexcludedfromthecomparableresultssothattheuserscanobtainabetter

understandingoftheGroup’soperatingandfinancialperformanceachievedfromunderlyingactivity.

RestructuringcostsresultingfrominitiativesdrivenbytheRussia-Ukraineconflict,totheextentarisenin

theperiod,arepresentedunderthe‘Russia-Ukraineconflictimpact’item,toprovideuserswithcomplete

informationonthefinancialimplicationsoftheconflict.

2. Commodity hedging

TheGrouphasenteredintocertaincommodityderivativetransactionsinordertohedgeitsexposure

tocommoditypricerisk.Althoughthesetransactionsareeconomichedgingactivitiesthataim

tomanageourexposuretosugar,aluminium,aluminiumpremium,gasoil,cornandplasticsprice

volatility,hedgeaccountinghasnotbeenappliedinallcases.Inaddition,theGrouprecognisescertain

derivativesembeddedwithincommoditypurchasecontractsthathavebeenaccountedforas

standalonederivativesanddonotqualifyforhedgeaccounting.Thefairvaluegainsorlossesonthe

derivativesandembeddedderivativesareimmediatelyrecognisedintheincomestatementinthecost

ofgoodssoldandoperatingexpenseslineitems.TheGroup’scomparableresultsexcludethegains

orlossesresultingfromthemark-to-marketvaluationofthesederivativestowhichhedgeaccounting

hasnotbeenapplied(primarilyplastics)andembeddedderivatives.Thesegainsorlossesarereflected

inthecomparableresultsintheperiodwhentheunderlyingtransactionsoccur,tomatchtheprofitor

losstothatofthecorrespondingunderlyingtransactions.Webelievethisadjustmentprovidesuseful

informationrelatedtotheimpactofoureconomicriskmanagementactivities.

3. Acquisition, integration and divestment-related costs or gains

Acquisitioncostscomprisecostsincurredtoeffectabusinesscombinationsuchasfinder’sfees,

advisory,legal,accounting,valuationandotherprofessionalorconsultingfeesaswellaschangesin

thefairvalueofcontingentconsiderationrecognisedintheincomestatement.Theyalsoincludeany

gainfrombargainpurchasearisingfrombusinesscombinations,aswellasanygainorlossrecognised

intheincomestatementfromtheremeasurementtofairvalueofpreviouslyheldinterestsandthe

reclassificationtotheincomestatementofitemsofothercomprehensiveincomeresultingfrom

stepacquisitions.Integrationcostscomprisedirectincrementalcostsnecessaryfortheacquiree

tooperatewithintheGroup.Divestment-relatedcostscomprisetransactionexpenses,including

advisory,consultingandotherprofessionalfeestoeffectthedisposalofasubsidiaryorequitymethod

investment,anyimpairmentlossesorwritedownstofairvaluelesscoststosellrecognisedinthe

incomestatementuponclassificationasheldforsaleandanyrelevantdisposalgainsorlossesor

reversalsofimpairmentrecognisedintheincomestatementupondisposal.Thesecostsorgainsare

includedwithintheincomestatementline‘Operatingexpenses’;however,totheextentthattheyrelate

tobusinesscombinationsordivestmentsthathavebeencompletedorareexpectedtobecompleted,

theyareexcludedfromthecomparableresultssothattheuserscanobtainabetterunderstandingof

theGroup’soperatingandfinancialperformanceachievedfromunderlyingactivity.

4. Impairment of goodwill and indefinite-lived intangible assets

Impairmentlossesrecognisedforgoodwillandindefinite-livedintangibleassetsaswellasreversals

ofimpairmentlossesrecognisedforindefinite-livedintangibleassets,areincludedwithintheincome

statementline‘Operatingexpenses’;however,theyareexcludedfromcomparableresultssothatthe

userscanobtainabetterunderstandingoftheGroup’songoingoperatingandfinancialperformance.

5. Russia-Ukraine conflict impact

IncrementallossesdirectlyattributabletotheRussia-Ukraineconflictareexcludedfromcomparable

resultssothattheuserscanobtainabetterunderstandingoftheGroup’soperatingandfinancial

performancefromunderlyingactivity.Suchlossesinclude,totheextentarisenintheperiod,net

impairmentrecognisedonproperty,plantandequipment,intangibleassetsandequitymethod

investments,aswellasadditionalexpectedcreditlossallowanceandwrite-offsofinventoryand

property,plantandequipment.

Alternative performance measures

Definitions and reconciliations of alternative performance measures (APMs)

Financial Statements

Corporate Governance

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Supplementary Information

Strategic Report

Alternative performance measures continued

1. Comparable APMs

continued

6. Other tax items

Othertaxitemsrepresentthetaximpactof(a)changesinincometaxratesarisingduringtheyear,

affectingtheopeningbalanceofdeferredtaxand(b)certaintax-relatedmattersselectedbasedon

theirnature.Both(a)and(b)areexcludedfromcomparableafter-taxresultssothattheuserscan

obtainabetterunderstandingoftheGroup’sunderlyingfinancialperformance.

TheGroupdisclosescomparableperformancemeasurestoenableuserstofocusontheunderlying

performanceofthebusinessonabasiswhichiscommontobothperiodsforwhichthesemeasures

arepresented.

Thereconciliationofcomparablemeasurestothedirectlyrelatedmeasurescalculatedinaccordance

withIFRSisasfollows:

Reconciliation of comparable financial indicators (numbers in € million except per share data)

Full year 2025

Cost of

goods sold

Gross

profit

Operating

expenses EBIT

Adjusted

EBITDA

Profit

before tax Ta x

Net

profit

EPS (€)

As reported (7,337) 4,268 (2,978) 1,306 1,760 1,305 (365) 940 2.589

Restructuringcosts – – 10 10 10 10 (3) 7 0.020

Commodityhedging (5) (5) – (5) (5) (5) 1 (4) (0.010)

Acquisitioncosts – – 42 42 42 42 – 42 0.116

Russia-Ukraineconflict

impact 3 3 – 3 – 3 (1) 2 0.007

Othertaxitems – – – – – – 1 1 0.002

Comparable (7,338) 4,266 (2,925) 1,356 1,807 1,356 (367) 989 2.724

Fullyear2024

Cost of

goodssold

Gross

profit

Operating

expenses EBIT

Adjusted

EBITDA

Profit

beforetax Tax

Net

profit

EPS(€)

As reported (6,877) 3,877 (2,706) 1,185 1,598 1,128 (308) 821 2.253

Restructuringcosts – – 3 3 3 3 (1) 3 0.007

Commodityhedging 1 1 – 1 1 1 – 1 0.003

Acquisitioncosts – – 2 2 2 2 – 2 0.005

Impairmentofindefinite-

livedintangibleassets – – – – – – – – 0.001

Othertaxitems – – – – – – 2 2 0.006

Comparable (6,876) 3,879 (2,700) 1,192 1,604 1,135 (307) 829 2.275

Figuresarerounded.

1. Netprofitandcomparablenetprofitrefertonetprofitandcomparablenetprofitrespectivelyaftertaxattributabletoownersoftheparent.

Reconciliation of comparable EBIT per reportable segment (numbers in € million)

Full year 2025

Established Developing Emerging Consolidated

EBIT 371 239 696 1,306

Restructuringcosts – (1) 11 10

Commodityhedging (1) (3) (1) (5)

Acquisitioncosts 9 7 26 42

Russia-Ukraineconflictimpact – – 3 3

Comparable EBIT 379 242 735 1,356

Fullyear2024

Established Developing Emerging Consolidated

EBIT 386 224 576 1,185

Restructuringcosts – – 3 3

Commodityhedging – 4 (3) 1

Acquisitioncosts 2 – – 2

Impairmentofindefinite-lived

intangibleassets – – – –

ComparableEBIT 388 227 577 1,192

Figuresarerounded.

Financial Statements

Corporate Governance

Swiss Statutory Reporting

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Supplementary Information

Strategic Report

2. Organic APMs

Organic growth

Organicgrowthenablesuserstofocusontheoperatingperformanceofthebusinessonabasisthatis

notaffectedbychangesinforeigncurrencyexchangeratesfromyeartoyearorchangesintheGroup’s

scopeofconsolidation(‘consolidationperimeter’),i.e.acquisitions,divestmentsandreorganisations

resultinginequitymethodaccounting.Thus,organicgrowthisdesignedtoassistusersinbetter

understandingtheGroup’sunderlyingperformance.

Morespecifically,thefollowingitemsareadjustedfromtheGroup‘svolume,netsalesrevenueand

comparableEBITinordertoderiveorganicgrowthmetrics:

(a) Foreign currency impact

Foreigncurrencyimpactintheorganicgrowthcalculationreflectstheadjustmentofprior-yearnet

salesrevenueandcomparableEBITmetricsfortheimpactofchangesinexchangeratesapplicable

tothecurrentyear.

(b) Consolidation perimeter impact

Current-yearvolume,netsalesrevenueandcomparableEBITmetricsareeachadjustedfortheimpact

ofchangesintheconsolidationperimeter.Morespecifically,adjustmentsareperformedasfollows:

i. Acquisitions:

Forcurrent-yearacquisitions,theresultsgeneratedinthecurrentyearbytheacquiredentitiesare

notincludedintheorganicgrowthcalculation.Forprior-yearacquisitions,theresultsgeneratedinthe

currentyearovertheperiodduringwhichtheacquiredentitieswerenotconsolidatedintheprioryear

arenotincludedintheorganicgrowthcalculation.

Forcurrent-yearstepacquisitionswheretheGroupobtainscontrolofa)entitiesoverwhichitpreviously

heldeitherjointcontrolorsignificantinfluenceandwhichwereaccountedforundertheequitymethod,

orb)entitieswhichwerecarriedatfairvalueeitherthroughprofitorlossorothercomprehensive

income,theresultsgeneratedinthecurrentyearbytherelevantentitiesovertheperiodduring

whichtheseentitiesareconsolidatedarenotincludedintheorganicgrowthcalculation.Forsuchstep

acquisitionsofentitiespreviouslyaccountedforundertheequitymethod,theshareofresultsforthe

respectiveperioddescribedaboveisincludedintheorganicgrowthcalculationofthecurrentyear.

Forsuchstepacquisitionsofentitiespreviouslyaccountedforatfairvaluethroughprofitorloss,any

fairvaluegainsorlossesfortherespectiveperioddescribedaboveareincludedintheorganicgrowth

calculation.Forsuchstepacquisitionsintheprioryear,theresultsgeneratedinthecurrentyearbythe

relevantentitiesovertheperiodduringwhichtheseentitieswerenotconsolidatedintheprioryearare

notincludedintheorganicgrowthcalculation.However,theshareofresultsofgainsorlossesfrom

fairvaluechangesoftherespectiveentities,basedontheiraccountingtreatmentpriortothestep

acquisition,forthecurrent-yearperiodduringwhichtheseentitieswerenotconsolidatedintheprior

yearareincludedintheorganicgrowthcalculation.

ii. Divestments:

Forcurrent-yeardivestments,theresultsgeneratedintheprioryearbythedivestedentitiesoverthe

periodduringwhichthedivestedentitiesarenolongerconsolidatedinthecurrentyearareincludedin

thecurrentyear’sresultsforthepurposeoftheorganicgrowthcalculation.Forprior-yeardivestments,

theresultsgeneratedintheprioryearbythedivestedentitiesovertheperiodduringwhichthedivested

entitieswereconsolidatedareincludedinthecurrentyear’sresultsforthepurposeoftheorganic

growthcalculation.

iii. Reorganisations resulting in equity method accounting:

Forcurrent-yearreorganisationswheretheGroupmaintainseitherjointcontrolorsignificant

influenceovertherelevantentitiessothattheyarereclassifiedfromsubsidiariesorjointoperations

tojointventuresorassociatesandaccountedforundertheequitymethod,theresultsgenerated

inthecurrentyearbytherelevantentitiesovertheperiodduringwhichtheseentitiesarenolonger

consolidatedareincludedinthecurrentyear’sresultsforthepurposeoftheorganicgrowthcalculation.

Forsuchreorganisationsintheprioryear,theresultsgeneratedinthecurrentyearbytherelevant

entitiesovertheperiodduringwhichtheseentitieswereconsolidatedintheprioryearareincluded

inthecurrentyear’sresultsforthepurposeoftheorganicgrowthcalculation.Inaddition,theshare

ofresultsinthecurrentyearoftherelevantentities,fortherespectiveperiodasdescribedabove,is

excludedfromtheorganicgrowthcalculationforsuchreorganisations.

Thecalculationsoftheorganicgrowthandthereconciliationtothemostdirectlyrelatedmeasures

calculatedinaccordancewithIFRSarepresentedinthetablesonthenextpage.Organicgrowth(%)is

calculatedbydividingtheamountintherowtitled‘Organicmovement’bytheamountintheassociated

rowtitled‘2024reported’or,wherepresented,‘2024adjusted’.OrganicgrowthforcomparableEBIT

marginistheorganicmovementexpressedinbasispoints.

Alternative performance measures continued

Financial Statements

Corporate Governance

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Supplementary Information

Strategic Report

2. Organic APMs continued

Reconciliation of organic measures

Full year 2025

Volume (million unit cases) Established Developing Emerging Consolidated

2024 reported 631 483 1,801 2,914

Consolidationperimeterimpact – – – –

Organic movement – 4 79 83

2025reported 632 486 1,879 2,997

Organic growth (%) – 0.8% 4.4% 2.8%

Full year 2025

Net sales revenue (€ million) Established Developing Emerging Consolidated

2024reported 3,501 2,385 4,868 10,754

Foreigncurrencyimpact 5 19 (52) (27)

2024 adjusted 3,506 2,404 4,816 10,727

Consolidationperimeterimpact 13 – – 13

Organic movement 80 147 637 865

2025reported 3.600 2,552 5,453 11,604

Organic growth (%) 2.3% 6.1% 13.2% 8.1%

Full year 2025

Net sales revenue per unit case (€)

Established Developing Emerging Consolidated

2024reported 5.55 4.94 2.70 3.69

Foreigncurrencyimpact 0.01 0.04 (0.03) (0.01)

2024 adjusted 5.55 4.98 2.67 3.68

Consolidationperimeterimpact 0.02 – – –

Organic movement 0.13 0.26 0.23 0.19

2025reported 5.70 5.25 2.90 3.87

Organic growth (%) 2.3% 5.3% 8.5% 5.1%

Full year 2025

Comparable EBIT (€ million) Established Developing Emerging Consolidated

2024reported 388 227 577 1,192

Foreigncurrencyimpact 1 2 20 23

2024 adjusted 389 229 597 1,215

Consolidationperimeterimpact 1 – – 1

Organic movement (11) 13 138 140

2025reported 379 242 735 1,356

Organic growth (%) (2.8%) 5.6% 23.2% 11.5%

Full year 2025

Comparable EBIT margin (%)

Established Developing Emerging Consolidated

2024reported 11.1% 9.5% 11.8% 11.1%

Foreigncurrencyimpact – – 0.5% 0.2%

2024 adjusted 11.1% 9.5% 12.4% 11.3%

Consolidationperimeterimpact – – – –

Organic movement (0.6%) – 1.1% 0.4%

2025reported 10.5% 9.5% 13.5% 11.7%

Organic growth (%) -60bps – 110bps 40bps

Figuresarerounded.

1. Certaindifferencesincalculationsareduetorounding.

Alternative performance measures continued

Financial Statements

Corporate Governance

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Supplementary Information

Strategic Report

3. Other APMs

Adjusted EBITDA

AdjustedEBITDAiscalculatedbyaddingbacktooperatingprofitthedepreciationandnetimpairment

ofproperty,plantandequipment,theamortisationandnetimpairmentofintangibleassets,thenet

impairmentofequitymethodinvestments,theemployeeshareoptionandperformancesharecosts

anditems,ifany,reportedinline‘Othernon-cashitems’oftheconsolidatedcashflowstatement.Adjusted

EBITDAisintendedtoprovideusefulinformationtoanalysetheGroup’soperatingperformanceexcluding

theimpactofoperatingnon-cashitemsasdefinedabove.TheGroupalsousescomparableadjusted

EBITDA,whichiscalculatedbydeductingfromadjustedEBITDAtheimpactof:theGroup’srestructuring

costs,theacquisition,integrationanddivestment-relatedcostsorgains,themark-to-marketvaluation

ofthecommodityhedgingactivityandtheimpactfromtheRussia-Ukraineconflict.Comparableadjusted

EBITDAisintendedtomeasuretheleveloffinancialleverageoftheGroupbycomparingcomparable

adjustedEBITDAwithnetdebt.

AdjustedEBITDAandcomparableadjustedEBITDAarenotmeasuresofprofitabilityandliquidityunder

IFRSandhavelimitations,someofwhichareasfollows:adjustedEBITDAandcomparableadjusted

EBITDAdonotreflectourcashexpenditures,orfuturerequirements,forcapitalexpendituresor

contractualcommitments;adjustedEBITDAandcomparableadjustedEBITDAdonotreflectchanges

in,orcashrequirementsfor,ourworkingcapitalneeds;althoughdepreciationandamortisationare

non-cashcharges,theassetsbeingdepreciatedandamortisedwilloftenhavetobereplacedinthe

future,andadjustedEBITDAandcomparableadjustedEBITDAdonotreflectanycashrequirements

forsuchreplacements.Becauseoftheselimitations,adjustedEBITDAandcomparableadjusted

EBITDAshouldnotbeconsideredasmeasuresofdiscretionarycashavailabletousandshouldbe

usedonlyassupplementaryAPMs.

Free cash flow

Effective2025,theGrouphasamendeditsdefinitionoffreecashflowtoexcludeacquisitioncosts

paidfromnetcashfromoperatingactivities.Thisamendmentbetterreflectsthepurposeofthis

APM,whichistomeasurethecashgenerationarisingfromtheGroup’sbusiness,asacquisitioncosts

areincurredtoeffectabusinesscombination,i.e.donotrelatetotheGroup’sunderlyingoperating

activitiesbutratheritsinvestingactivities.Toensurecomparability,theprior-yearfreecashflow

figureisrestatedtoreflecttheamendeddefinition.Morespecifically,freecashflowisdefinedascash

generatedbyoperatingactivitiesexcludingacquisitioncostspaid,afterpaymentsforpurchases

ofproperty,plantandequipmentnetofproceedsfromsalesofproperty,plantandequipmentand

includingprincipalrepaymentsofleaseobligations.Freecashflowisintendedtomeasurethecash

generationfromtheGroup’sbusiness,basedonoperatingactivities,includingtheefficientuse

ofworkingcapitalandtakingintoaccountitsnetpaymentsforpurchasesofproperty,plantand

equipment.TheGroupconsidersthepurchaseanddisposalofproperty,plantandequipmentas

ultimatelynon-discretionarysinceongoinginvestmentinplant,machinery,technologyandmarketing

equipment,includingcoolers,isrequiredtosupporttheday-to-dayoperationsandtheGroup’sgrowth

prospects.TheGrouppresentsfreecashflowbecauseitbelievesthemeasureassistsusersofthe

financialstatementsinunderstandingtheGroup’scashgeneratingperformanceaswellasavailability

forinterestpayment,dividenddistributionandownretention.Thefreecashflowmeasureisusedby

managementforitsownplanningandreportingpurposessinceitprovidesinformationonoperating

cashflows,workingcapitalchangesandnetcapitalexpenditurethatlocalmanagersaremostdirectly

abletoinfluence.

FreecashflowisnotameasureofcashgenerationunderIFRSandhaslimitations,someofwhichare

asfollows:freecashflowdoesnotrepresenttheGroup’sresidualcashflowavailablefordiscretionary

expendituressincetheGrouphasdebtpaymentobligationsthatarenotdeductedfromthemeasure;

freecashflowdoesnotdeductcashflowsusedbytheGroupinotherinvestingandfinancingactivities,

andfreecashflowdoesnotdeductcertainitemssettledincash.Othercompaniesintheindustry

inwhichtheGroupoperatesmaycalculatefreecashflowdifferently,limitingitsusefulnessasa

comparativemeasure.

Alternative performance measures continued

Financial Statements

Corporate Governance

Swiss Statutory Reporting

Coca-ColaHBCIntegratedAnnualReport2025

356

Supplementary Information

Strategic Report

3. Other APMs continued

Capital expenditure

Capitalexpenditureisdefinedaspaymentsforpurchasesofproperty,plantandequipmentplus

principalrepaymentsofleaseobligationslessproceedsfromsalesofproperty,plantandequipment.

TheGroupusescapitalexpenditureasanAPMtoensurethatcashspendingisinlinewithitsoverall

strategyfortheuseofcash.

ThefollowingtableillustrateshowadjustedEBITDA,FreecashflowandCapitalexpenditurearecalculated:

2025

€ million

2024

€million

Operating profit (EBIT) 1,306 1,185

Depreciationandimpairmentofproperty,plantandequipment,

includingright-of-useassets 431 396

Amortisationandimpairmentofintangibleassets 2 1

Employeeperformanceshares 22 16

Adjusted EBITDA 1,760 1,598

Shareofresultsofintegralequitymethodinvestments (15) (14)

Gainondisposalsofnon-currentassets (6) (5)

Cashgeneratedfromworkingcapitalmovements 83 101

Taxpaid (309) (289)

Net cash from operating activities 1,514 1,392

Acquisitioncostspaid 14 4

Net cash from operating activities, excluding acquisition costs paid 1,528 1,396

Paymentsforpurchasesofproperty,plantandequipment

(764) (627)

Principalrepaymentsofleaseobligations (70) (61)

Proceedsfromsalesofproperty,plantandequipment 6 9

Capital expenditure (828) (679)

Free cash flow 700 717

Figuresarerounded.

Net debt

NetdebtisanAPMusedbymanagementtoevaluatetheGroup’scapitalstructureandleverage.Net

debtisdefinedascurrentandnon-currentborrowings,netofthefairvalueoffixed-to-floatinginterest

rateswaps,lesscashandcashequivalentsandfinancialassets(timedepositsandmoneymarket

funds),asillustratedbelow:

As at 31 December

2025

€ million

2024

€million

Currentborrowings 806 889

Non-currentborrowings 3,107 3,092

Interestrateswaps(fixed-to-floating) (23) (24)

Otherfinancialassets (115) (884)

Cashandcashequivalents (2,542) (1,548)

Net debt 1,233 1,524

Figuresarerounded.

1. Paymentsforpurchasesofproperty,plantandequipmentfor2025include€12million(2024:€12million)relatingtorepaymentofborrowingsundertakentofinancethepurchaseofproductionequipmentbytheGroup’ssubsidiaryinNigeria,classifiedas‘Repaymentsofborrowings’inthe

consolidatedcashflowstatement.

Alternative performance measures continued

Financial Statements

Corporate Governance

Swiss Statutory Reporting

Coca-ColaHBCIntegratedAnnualReport2025

357

Supplementary Information

Strategic Report

3. Other APMs continued

Return on invested capital (ROIC)

ROICisanAPMusedbymanagementtoassessthereturnobtainedfromtheGroup’sassetbaseand

isdefinedasthepercentageofcomparablenetprofitexcludingnetfinancecostsdividedbythefive-

quarteraveragecapitalinvestedinthebusiness(‘capitalemployed’).Capitalemployedisdefinedasthe

averagenetdebtandshareholders’equityattributabletotheownersoftheparent,asillustratedbelow.

TheGrouppresentsROICbecauseitbelievesthemeasureassistsusersofthefinancialstatements

inunderstandingtheGroup’scapitalefficiency.

Year ended 31 December

2025

€ million

2024

€million

Comparable operating profit 1,356 1,192

Plus:Shareofresultsofnon-integralequitymethodinvestments 1 3

Less:Comparabletax (367) (307)

Taxshield

– (16)

Comparable net profit excl. finance costs, net (a) 990 872

Averagenetdebt

1,605 1,715

Plus:Averageequityattributabletoownersoftheparent3 3,511 3,042

Capital employed (b) 5,115 4,758

Return on invested capital (a/b) 19.4% 18.3%

Figuresarerounded.

1. Taxshieldiscalculatedascomparableeffectivetaxratetimesfinancecosts,net,asillustratedbelow:

Year ended 31 December

2025

€ million

2024

€million

Financecosts,net 1 61

Comparableeffectivetaxrate(%)

27% 27%

Tax shield – 16

Figuresarerounded.

2. Comparableeffectivetaxrateiscalculatedascomparabletaxdividedbycomparableprofitbeforetax,asillustratedbelow:

Year ended 31 December

2025

€ million

2024

€million

Comparabletax 367 307

Comparableprofitbeforetax 1,356 1,135

Comparable effective tax rate (%) 27% 27%

Figuresarerounded.

3. Five-quarteraveragenetdebtandequityattributabletoownersoftheparentarecalculatedaspresentedbelow:

2025

Q4 2024

€ million

Q1 2025

€ million

Q2 2025

€ million

Q3 2025

€ million

Q4 2025

€ million

Average

€ million*

Net debt 1,524 1,868 1,647 1,751 1,233 1,605

Equityattributabletoownersoftheparent 3,206 3,480 3,370 3,652 3,845 3,511

2024

Q42023

€million

Q12024

€million

Q22024

€million

Q32024

€million

Q42024

€million

Average

€ million*

Net debt 1,595 1,876 1,827 1,755 1,524 1,715

Equityattributabletoownersoftheparent 3,093 2,943 2,910 3,059 3,206 3,042

Figuresarerounded.

*Certaindifferencesincalculationsareduetorounding.

Alternative performance measures continued

Financial Statements

Corporate Governance

Swiss Statutory Reporting

Coca-ColaHBCIntegratedAnnualReport2025

358

Supplementary Information

Strategic Report

Shares held by geography

30%

28%

25%

17%

Europe

North America

Other

1. Percentage of free float excluding The Coca-Cola Company

and Kar-Tess Holding, as at 31 December 2025

Shareholder information

We take great pride in being regarded as

a transparent and accessible company in

all our communications with investment

communities around the world. We

engage with key financial audiences,

including institutional investors, sell-

side analysts and financial journalists,

aswell as our Company’s shareholders.

The Investor Relations department

manages the interaction with these

audiences by attending investor

roadshows, ad hoc meetings and

investor conferences throughout the

year, inaddition to the regular meetings

andpresentations held at the time

ofour results announcements.

Listings

Coca-Cola HBC AG (LSE: CCH) is listed in the Equity

Shares (Commercial Companies) category of the

Official List and trades on the main market of the

London Stock Exchange. At the time the

Company’s securities were listed on 29 April 2013 it

was known as the premium listing segment of the

Official List ofthe UK Listing Authority. With

effect from 29 April 2013, Coca-Cola HBC AG’s

shares are also admitted on the Athens Exchange

(ATHEX: EEE). Coca-Cola HBC AG has been

included as a constituent of theFTSE 100 and

FTSE All-Share Indices from 20 September 2013.

London Stock Exchange

Ticker symbol: CCH

ISIN: CH019 825 1305

SEDOL: B9895B7

Reuters: CCH.L

Bloomberg: CCH LN

Athens Exchange

Ticker symbol: EEE

ISIN: CH019 825 1305

Reuters: EEEr.AT

Bloomberg: EEE GA

Major shareholders

The principal shareholders of the Group are

Kar-Tess Holding (a Luxembourg company), which

holds approximately 23%, and The Coca-Cola

Company, which indirectly holds approximately

21% of the Group’s issued share capital.

Credit rating

Standard & Poor’s: BBB+ (long term), A2 (short

term), Stableoutlook

Moody’s: Baa1 (long term), P2 (short term),

Stableoutlook

Share price performance

LSE:CCH 2025 2024 2023

In £ per share

Close 38.42 27.32 23.04

High 40.32 28.76 25.65

Low 27.08 21.77 19.10

Market capitalisation

(£ million) 13,966 9,894 8,457

ATHEX: EEE 2025 2024 2023

In € per share

Close 44.52 33.32 26.42

High 47.92 34.44 29.45

Low 32.08 25.77 21.78

Market capitalisation

(€ million) 16,256 12,067 9,694

Source: Bloomberg

Share capital

As at 31 December 2025 the share capital

oftheGroup amounted to €2,032.1 million and

comprised 373,239,562 shares with a nominal

value of CHF 6.70 each.

On 20 November 2023, the Group announced

thelaunch of a share buyback programme of

uptoamaximum of 18,000,000 ordinary shares

tobepurchased in a manner consistent with

theCompany’s general authority to repurchase

shares granted at its Annual General Meeting

(AGM) on 17 May 2023 and any such authority

granted at its following AGMs. The programme

commenced on 21 November 2023 and at its AGM

on 23 May 2025, the Company’s general authority

torepurchase shares was renewed. Theshare

buyback programme was cancelled on21 October

2025 as a result of the agreed acquisition of CCBA,

having purchased shares for a total consideration

of€225.6 million.

Dividends

For 2025, the Board of Directors has proposed

a€1.20 per share dividend, up 17% year on year

(€1.03 per share in 2024), representing a 44%

payout ratio. We target a payout ratio of40-50%.

For more information on our dividend policy and

dividend history, please visit our website at www.

coca-colahellenic.com

Financial calendar

7 May 2026 First quarter trading update

8 May 2026 Annual General Meeting

6 August 2026 Half-year financial results

4 November 2026 Third quarter trading update

Corporate website

www.coca-colahellenic.com

Shareholder and analyst information

Shareholders and financial analysts can obtain

further information by contacting

Investor Relations

Email: investor.relations@cchellenic.com

IR website: www.coca-colahellenic.com

Financial Statements

Corporate Governance

Swiss Statutory Reporting

Coca-Cola HBC Integrated Annual Report 2025

359

Supplementary Information

Strategic Report

Glossary of terms

Adria

Croatia, Bosnia & Herzegovina and Slovenia.

At-work; At-home; Out-of-home

channels

Relates to channel segmentation according

toconsumption occasion and packaging size

B2B

Business-to-business.

Baltics

Estonia, Latvia and Lithuania.

Bottler; Bottling partner

Business entity that sells, manufactures and

distributes beverages of The Coca-Cola Company

under a franchise agreement.

Bottling plant

A beverage production facility, including

associated warehouses, workshops, and other

on-site buildings and installations.

Bps

Basis points: one hundredth of one percentage

point (used chiefly in expressing differences).

Business Developer

Sales person, sales force.

CAGR

Compound annual growth rate.

Capex

Gross Capex is defined as payments for purchases

of property, plant and equipment. Net Capex is

defined as payments for purchases of property,

plant and equipment less proceeds from sales

ofproperty, plant and equipment plus principal

repayments of lease obligations. Refer also to

the‘Alternative performance measures’ section.

CDE

Cold drink equipment – a generic term

encompassing point-of-sale equipment such

ascoolers (refrigerators), vending machines

andpost-mix machines.

CDP

Formerly Carbon Disclosure Project, CDP is

anot-for-profit charity that runs the global

disclosure system for investors, companies,

cities,states and regions to manage their

environmental impacts (climate, water, forests).

CHP

Combined heat and power units can produce power,

heat and cooling in a combined process that is up

to40% more efficient than separate processes.

Carbon dioxide, a greenhouse gas.

A carbon dioxide equivalent or CO

equivalent,

abbreviated as CO

e, is a metric measure used to

compare the emissions from various greenhouse

gases (GHG) on the basis of their global-warming

potential (GWP), by converting amounts of other

gases to the equivalent amount of carbon dioxide

with the same global warming.

Coca-Cola HBC; CCHBC; CCH

Coca-Cola HBC AG, and, as the context may

require, its subsidiaries and joint ventures; also,

the Group, the Company.

Coca-Cola System

The Coca-Cola Company and its bottling partners

are collectively known as the Coca-Cola System.

COGS

Cost of goods sold.

Comparable adjusted EBITDA

We define comparable adjusted EBITDA

asoperating profit before deductions for

depreciation and net impairment of property,

plant and equipment (included both in cost

ofgoods sold and in operating expenses),

amortisation and net impairment of intangible

assets, net impairment of equity method

investments, employee share option and

performance shares compensation and other

non-cash items, if any; further adjusted for

restructuring costs, acquisition, integration and

divestment-related costs or gains, the impact

from the Russia-Ukraine conflictand the

mark-to-market valuation of commodity hedging

activity. Refer also to the ‘Alternative performance

measures’ section.

Comparable EBIT

Comparable operating profit (EBIT) refers to profit

before tax excluding finance income/(costs) and

share of results of non-integral equity-method

investments, adjusted for restructuring costs,

acquisition, integration and divestment-related

costs or gains, net impairment of goodwill and

indefinite-lived intangible assets, the impact

fromRussia-Ukraine conflict and the mark-to-

market valuation of certain commodity hedging

activity. Refer also to‘Alternative performance

measures’ section.

Comparable net profit

Net profit after tax attributable to owners of the

parent adjusted for post-tax restructuring costs,

acquisition, integration and divestment-related

costs or gains, net impairment of goodwill and

indefinite-lived intangible assets, the impact

fromRussia-Ukraine conflict, the mark-to-

marketvaluation of commodity hedging activity

and certain other tax items. Refer also to

‘Alternative performance measures’ section.

Comparable operating expenditure

Comparable operating expenditure refers to

operating expenditure adjusted for restructuring

costs, acquisition, integration and divestment-

related costs or gains, impairment of goodwill

andindefinite-lived intangible assets, the

impactfrom Russia-Ukraine conflict and

themark-to-market valuation of certain

commodity hedging activity. Refer also to the

‘Alternative performance measures’ section.

Concentrate

Concentrated flavour purchased from our brand

partners to which water and other ingredients

areadded to produce beverages.

Consumer

Person who may drink Coca-Cola HBC products.

CSRD

Corporate Sustainability Reporting Directive

–anEU Directive that amends the scope and

thereporting requirements of the Non-Financial

Reporting Directive (NFRD) and introduces

mandatory sustainability reporting standards;

requires all large companies to publish regular

reports on their environmental and social

impactactivities.

Customer

Retail outlet, restaurant or other operation that

sells or serves Coca-Cola HBC products directly

to consumers.

DIA

Data, insights & AI.

Dividend policy

Our Board of Directors approved an updated

dividend policy, effective from 2022, aiming to

increase dividend payments progressively, with

amedium-term target payout ratio of 40% to 50%

on comparable netprofits.

Financial Statements

Corporate Governance

Swiss Statutory Reporting

Coca-Cola HBC Integrated Annual Report 2025

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Supplementary Information

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Glossary of terms continued

DJSI

Dow Jones Best-in-Class Indices (formerly Dow

Jones Sustainability Indices or DJSI).

ELT

Executive Leadership Team – CCHBC executive

team, including the CEO and his direct reports.

Energy Use Ratio

The KPI used by Coca-Cola HBC to measure

energy consumption in the bottling plants,

expressed in megajoules of energy consumed

perlitre of produced beverage (MJ/lpb).

ESRS

European Sustainability Reporting Standards

–provides a framework for companies subject

totheCSRD to report on environmental, social

andgovernance (ESG) topics.

FMCG

Fast-moving consumer goods.

FTE

Fulltime equivalent, referring to a unit

tomeasureemployed people in a way

thatmakesthem comparable, even though

theymay work different hours each week.

GHG (scope 1, 2 and 3)

Greenhouse gases. GHG inventory covers the seven

direct greenhouse gases under the Kyoto Protocol:

Carbon dioxide (CO

), Methane (CH4), Nitrous oxide

(N2O), Hydrofluorocarbons (HFCs), Perfluorocarbons

(PFCs), Sulphur hexafluoride (SF6), Nitrogen trifluoride

(NF3).Scopes refer tothe GHG Protocol

categorisations: scope 1: direct GHG emissions

occur from sources owned or controlled by the

company; scope 2: indirect GHGemissions

associated with the purchase of electricity, steam,

heat, or cooling; and scope 3: indirect emissions up

and down the value chain (raw materials, packaging

materials, product cooling, etc.).

GRI

Global Reporting Initiative, global standards

forsustainability reporting.

HoReCa

Hotels, Restaurants and Cafés – a key distribution

channel within the Out-of-home channel.

IASB

International Accounting Standards Board.

IFRS

International Financial Reporting Standards, issued

by the International Accounting Standards Board.

IIRC

The International Integrated Reporting Council,

aglobal coalition of regulators, investors,

companies, standard-setters, the accounting

profession and NGOs. The coalition is promoting

communication about value creation as the next

step in the evolution of corporate reporting.

IMCR

Incident Management and Crisis Resolution.

Ireland or Island of Ireland

The Republic of Ireland and Northern Ireland.

KeelClip™

Paper packaging for multi-pack cans with a central

‘keel’, that secures the pack.

KPI

Key Performance Indicator.

Litre of produced beverage (lpb)

Unit of reference to show environmental

performance relative to production volume.

LTAR

Lost Time Accident Rate

LTIFR

Lost Time Incident Frequency Rate

Market

When used in reference to geographic areas, a

country in which Coca-Cola HBC does business.

Mission 2025

2025 sustainability commitments with 18 goals.

Developed in late 2017 and endorsed in 2018, the

goals are based on our stakeholder materiality

matrix and aligned with the United Nations

Sustainable Development Goals (SDGs) and their

targets. The six key focus areas reflect our value

chain: reducing emissions; water reduction and

stewardship; packaging; ingredient sourcing;

nutrition; and our people and communities.

MSCI

MSCI ESG Ratings aim to measure a company’s

management of financially relevant ESG risks

andopportunities.

Multon Partners

Our operation inRussia since 5 August 2022.

NARTD

Non-alcoholic ready-to-drink

NED

Non-Executive Director

NetZeroby40

Our commitment to achieve net zero emissions

across our entire value chain (scope 1, 2 and 3) by

2040. The commitment was published in October

2021 and received a formal approval by the

Science Based Target initiative (SBTi) in late

December 2024.

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NGO

Non-governmental organisation.

NZTP; Net Zero Transition Plan:

Our plan to reduce our absolute GHG emissions

across the entire value chain (scope 1, 2 and 3)

inline with the 1.5 degree scenario.

Per capita consumption

Average number of servings consumed per person

per year in a specific market. Coca-Cola HBC’s per

capita consumption is calculated by multiplying our

unit case volume by 24 and dividing by the population.

PET

Polyethylene terephthalate, a form of polyester

used in the manufacturing of beverage bottles.

ROIC

Return on invested capital. ROIC is the percentage

return that a company makes over its invested

capital. We define ROIC as the percentage of

comparable net profit excluding net finance costs

divided by the five-quarter average capital employed.

Capital employed is calculated as the five-quarter

average net debt and shareholders’ equity

attributable to the owners of the parent. Refer also

tothe ‘Alternative performance measures’ section.

rPET

rPET refers to any PET material that comes

fromarecycled source rather than the original,

unprocessed petrochemical feedstock.

RTD; ARTD; NARTD

Ready-to-drink; alcoholic; non-alcoholic. Drinks that

are pre-mixed and packaged, ready to be consumed

immediately with no further preparation.

Glossary of terms continued

SAP

A powerful software platform that enables us to

standardise key business processes and systems.

SBTi

The Science Based Targets initiative is a corporate

climate action organization developing standards,

tools and guidance which allow companies to set

greenhouse gas (GHG) emissions reductions targets

in line with what is needed to keep global heating

below catastrophic levels and reach net-zero by 2050

at latest. Partner organizations who facilitated SBTi’s

growth and development are CDP, the United

Nations Global Compact, the We Mean Business

Coalition, the World Resources Institute (WRI)

andthe World Wide Fund for Nature (WWF).

SBTN

The Science Based Targets Network is a collaboration

of leading global non-profits and mission-driven

organisations working together toequip companies

as well as cities with the guidance to set science-

based targets for all ofEarth’s systems.

SDG

UN Sustainable Development Goals. On

25 September 2015, countries adopted a set

of17goals to end poverty, protect the planet

andensure prosperity for all as part of a new

sustainable development agenda. Each goal

hasspecific targets to be achieved by 2030.

Senior leaders; senior management

Our top 300 business leaders, which includes

country function heads, Group sub-function

heads and the Executive Leadership Team

(ELT),including the CEO.

Serving

237ml or 8oz of beverage, equivalent to 1/24

ofaunit case.

Socio-economic impact

In conducting socio-economic studies, we use

input-output modelling to generate estimates of

jobs supported and economic value added across

the value chain. Data we use in this process includes

our financial information (revenues, expenses,

taxes, sales volume and profits) as well as some

data from the Coca-Cola System. While rigorous,

the process involves statistical modelling, which

should be considered when interpreting and using

the results from the studies.

Modelling enables an assessment of three key

dimensions of impact:

• Direct: immediate effect in terms of

employment, wages and output

• Indirect: subsequent effect in the supply chain

• Induced: effect caused by staff spend on goods

or service

We do not conduct socio-economic studies for all

ofour markets every year; studies are conducted for

each market on a rolling basis. In 2025, we updated

the studies for 9 markets, adding this information

tothe aggregate results from all socio-economic

impact studies for the period 2018-2025.

Notes to the socio-economic contributions

presented on page 11 of this report:

• Numbers presented are aggregated based

onthe local socio-economic studies from

Coca-Cola HBC markets published between

2018 and 2025

• All KPIs represent annual impact

• Where applicable and relevant in local socio-

economic studies, the impact of other entities

of the Coca-Cola System, supported across

thevalue chain, is included

• Most socio-economic studies are focused

onin-country impacts, while a few include

inter-regional spending.

S&P Global Corporate Sustainability

Assessment (CSA)

An annual, industry-specific evaluation of company

sustainability practices containing three dimensions

(Environmental, Social, and Governance), covering

over 12,000 firms globally. It measures performance

on financially material criteria to produce scores

(0-100), forming the basis for the Dow Jones

Best-in-Class Indices (former Dow Jones

Sustainability Indices (DJSI)) and S&P ESG Indices.

Sparkling soft drinks (SSD)

Non-alcoholic carbonated beverages containing

flavourings and sweeteners, but excluding, among

others, waters and flavoured waters, juices and juice

drinks, sports drinks, ready-to-drink teas and coffee.

Includes Trademark Coca-Cola, Fanta, Sprite,

Schweppes and Kinley sparkling beverages,

among others.

Still and water beverages

Non-alcoholic beverages including, but notlimitedto,

waters and flavoured waters, juicesandjuice drinks,

sports drinks and ready-to-drink teas.

TCCC

The Coca-Cola Company and, as the context

mayrequire, its subsidiaries.

TCFD

Task Force on Climate-related Financial Disclosures.

Tier 1 suppliers

Suppliers that directly supply goods, materials

orservices to Coca-Cola HBC.

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Glossary of terms continued

Tier 2 and Tier 3 suppliers

Suppliers that provide their products and services

through Tier 1 suppliers. They are located beyond

Tier 1 suppliers, e.g. on Tier 2, 3, or n-level of a

company’s supply chain.

TNFD

Task Force on Nature-related Financial Disclosures:

amarket-led and science-based initiative supported

by national governments, businesses and financial

institutionsworldwidewhich developed a set

ofdisclosure recommendations and guidance

thatencourage and enable business and finance

toassess, report and act on their nature-related

dependencies, impacts, risks and opportunities.

u.c.; Unit case

One unit case corresponds to approximately

5.678litres or 24 servings, being a typically used

measure of volume. For Premium Spirits volume,

one unit case also corresponds to 5.678 litres.

Forsnacks volume, one unit case corresponds to

1kilogram. For coffee, one unit case corresponds

to 0.5 kilograms or 5.678 litres. Volume data is

derived from unaudited operational data.

UNESDA

Union of European Soft Drinks Associations.

UNGC, UK GC

The UN Global Compact: the world’s largest

corporate sustainability initiative which provides

aframework for businesses to align strategies

with its 10 principles promoting labour rights,

human rights, environmental protection and

anti-corruption.

#YouthEmpowered (#YE)

Flagship programme from our Mission 2025

sustainability commitments, which aims to

support young people and increase their

employability by providing modular education

ofsoft and/or business skills. It is delivered via

classroom sessions, virtual training, self e-learning

modules, mentoring sessions and other channels

handled locally by our markets.

Zeros

Portfolio of products which contains zero calories.

Volume

Amount of physical product produced and sold,

measured in unit cases.

Value share

Percentage of total consumer spend captured by

the brand or category in question, within a defined

category or industry.

Waste ratio

The KPI used by CCHBC to measure waste

generation in its bottling plants, expressed in

grammes of waste generated per litre of produced

beverage (g/lpb).

Waste recycling

The KPI used by CCHBC to measure the percentage

of production waste at bottling plants that is

recycled or recovered.

Water footprint

A measure of the impact of water use, in

operations and beyond (upstream), as defined

bythe Water Footprint Network methodology.

Includes blue, green and grey water footprint.

Water use ratio

The KPI used by Coca-Cola HBC to measure water

use in its bottling plants, expressed in litres of

water used per litre of produced beverage (l/lpb).

Working capital

Operating current assets minus operating

currentliabilities excluding financing and

investment activities.

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Forward-looking statements

Special note regarding forward-looking

statements

This document contains forward-looking

statements that involve risks and uncertainties.

These statements may generally, but not always,

be identified by the use of words such as ‘believe’,

‘outlook’, ‘guidance’, ‘intend’, ‘expect’, ‘anticipate’,

‘plan’, ‘target’, ‘seek’, ‘estimates’, ’potential‘ and

similar expressions to identify forward-looking

statements. All statements other than

statementsof historical facts, including, among

others, statements regarding the future financial

position and results; Coca-Cola HBC’s outlook for

2025 and future years; business strategy and the

effects of the global economic slowdown; the

impact of the sovereign debt crisis, currency

volatility, Coca-Cola HBC’s recent acquisitions,

and restructuring initiatives on Coca-Cola HBC’s

business and financial condition; Coca-Cola HBC’s

future dealings with The Coca-Cola Company;

budgets; projected levels of consumption and

production; projected raw material and other

costs; estimates of capital expenditure; free cash

flow; effective tax rates, and plans and objectives

ofmanagement for future operations, are

forward-looking statements.

You should not place undue reliance on such

forward-looking statements. By their nature,

forward-looking statements involve risk and

uncertainty because they reflect Coca-Cola

HBC’s current expectations and assumptions

about future events and circumstances that

maynot prove accurate.

Forward-looking statements speak only as

ofthedate they are made. Coca-Cola HBC’s actual

results and events could differ materially from those

anticipated in the forward-looking statements for

many reasons, including the risks described in the

Business resilience, and Principal risks and

opportunities sections. Although Coca-Cola HBC

believes that, as of the date of thisIntegrated

Annual Report, the expectations reflected in

theforward-looking statements are reasonable,

Coca-Cola HBC cannot assure that Coca-Cola

HBC’s future results, level of activity, performance

or achievements will meet these expectations.

Moreover, neither Coca-Cola HBC, nor its

Directors, employees, advisers nor any other

person assumes responsibility for the accuracy and

completeness of any forward-looking statements.

After the date of this Integrated Annual Report,

unless Coca-Cola HBC is required by law or

therules of the UK Financial Conduct Authority

toupdate these forward-looking statements,

Coca-Cola HBC makes no commitment to update

any of these forward-looking statements to

conform them either to actual results or to

changesin Coca-Cola HBC’s expectations.

About our report

The 2025 Integrated Annual Report (the

‘Integrated Annual Report’) consolidates

Coca-Cola HBC AG’s (also referred to as ‘Coca-

Cola HBC’ or the ‘Company’ or the ‘Group’) UK

andSwiss disclosure requirements, while meeting

the disclosure requirements for its secondary

listing on the Athens Exchange. In addition, the

Integrated Annual Report aims to deliver against

the expectations of the Company’s stakeholders

and sustainability reporting standards, providing a

transparent overview of the Group’s performance

and progress for 2025.

Our strategy is designed to deliver sustainable,

profitable growth. This strategy is grounded in our

purpose to open up moments that refresh us all.

Ourpurpose is directly linked to our strategy and

thefive growth pillars that guide us as we pursue

ourobjectives and targets. Those growth pillars are:

1. Leverage our unique 24/7 portfolio; 2. Wininthe

marketplace; 3. Fuel growth through competitiveness

and investment; 4. Cultivate thepotential of our

people; 5 Earn our licence tooperate. The initiatives

we implemented within each of these pillars form

thebasis of the narrative of the Integrated Annual

Report, which is structured around these five pillars.

The Integrated Annual Report is for the year ended

31 December 2025, and its focus is on the primary

core business of non-alcoholic ready-to-drink

beverages across the 29 countries in which we

operate. Our website and any other website

referred to in the Integrated Annual Report

arenotincorporated by reference and do

notformpartof the Integrated Annual Report.

The consolidated financial statements of the Group

have been prepared in accordance with International

Financial Reporting Standards (IFRS) as adopted by

the European Union (EU) and in compliance with

Swiss law. Coca-Cola HBC AG’s statutory financial

statements have been prepared in accordance with

the Swiss Code ofObligations. Unless otherwise

indicated or required by context, all financial

information contained in this document has

beenprepared inaccordance with IFRS. For

Swisslaw purposes, the annual management report

consists of the sections entitled ‘Strategic Report’,

‘Corporate Governance’ (without the sub-section

‘Directors’ remuneration report’), ‘Supplementary

Information’ and ‘Glossary’.

The Group uses certain Alternative performance

measures (APMs) which provide additional insights

and understanding to the Group’s underlying

operating and financial performance, financial

condition and cash flows. A full list of these APMs,

their definition and reconciliation to the respective

IFRS measures can be found on pages 352 to 358.

The sustainability aspects of this Integrated

AnnualReport comply with the requirements of the

Corporate Social Responsibility Directive (CSRD),

which mandates reporting in line with the European

Sustainability Reporting Standards (ESRS). It also

complies with the requirements for communication

on progress against the 10 Principles of the United

Nations Global Compact (UNGC), Art. 964b of

theSwiss Code of Obligations and it is prepared

with reference to the GRI Standards (2021).

Furthermore, the Integrated Annual Report is

aligned with the key indicators of the Sustainability

Accounting Standards Board (SASB). Coca-Cola

HBC supports the Task Force on Climate-related

Financial Disclosures (TCFD) and implements

theTCFD recommendations in the Integrated

Annual Report. Finally, Greenhouse gas emissions

are calculated using the GHG Protocol Corporate

Accounting and Reporting Standard

measurementmethodology.

Sustainability disclosures in the Integrated Annual

Report, the Sustainability Statement and the 2025

GRI Content Index, have been prepared on a

consolidated basis, with the scope of consolidation

being the same with that of the financial

statements, and in addition, including relevant

upstream and downstream elements of the value

chain where applicable. Joint Ventures, where we

have operational control are also reported as part

of our own operations. Mission 2025 sustainability

commitments exclude Egyptian operations, as they

were not foreseen in the baseline year nor in the

target year.

As with the rest of the information provided, the

sustainability aspects of this Integrated Annual

Report cover the full year ended 31 December

2025 and the related information presented is

based on an annual reporting cycle.

Limited assurance based on ISAE 3000 (Revised)

isprovided over the Sustainability Statement

prepared in accordance with the ESRS. Limited

assurance based on ISAE 3000 (Revised) is

provided over the GRI Content Index by an

independent audit firm as dictated by the

Company’s Executive Leadership Team (ELT).

We remain committed to strong corporate

governance and leadership as well as transparency

inour disclosures. We will continue to review our

reporting approach and routines, to ensure they

meet best practice reporting standards and the

expectations of our stakeholders, and provide

visibility on how we create sustainable value

forthe communities we serve.

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Consultancy, design and production

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Coca-Cola HBC AG

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