Coca Cola HBC : 2021 Half year results Press Release

Half-yearly financial report for the six months ended 2 July 2021 12 August 2021

Page 1 of 52

Strong momentum across all segments

Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods business and strategic bottling partner of The Coca-Cola Company, reports its financial results for the six months ended 2 July 2021.

Half-year highlights

• Ongoing recovery and effective execution drove additional momentum and share gains in Q2, with H1 FX-neutral revenue growth +23.1% like-for-like1. Reported revenues +14.7%
  o FX-neutral net sales revenue closed 4% above 2019 levels (like-for-like) o Value share gains increased, + 50bps in NARTD
• Volume growth of 15.9% like-for-like; sustained performance in the at-home channel complemented by recovery in out-of-home during Q2
• Improvements in FX-neutral revenue per case, benefited from pricing taken in over 90% of our markets and positive category, package and channel mix
• Prioritisation of opportunities and innovation within our 24/7 portfolio is building momentum

• • Sparkling volume +16.2%, with Adult sparkling +37.0% and Low/no sugar +40.3%
  • Energy volume + 66.1%, driven by the performance of Monster, Burn and Predator
• Costa Coffee roll-out continues to progress well; Coffee strategy strengthened with premium Italian brand, Caffè Vergnano, to start distribution by 2022
• Operating leverage and cost savings resulted in comparable EBIT margin up 340 bps to 10.8%
• • €120 million of COVID-related opex savings were achieved in 2020. We continue to expect to retain c. €20 million of this in 2021 and therefore €100 million of these costs to return in H2 2021.

Segment highlights

Rebound in Established and Developing segments adding to continued strong results in Emerging

• Established: FX-neutral revenue increased by 17.1% as markets reopened, driving comparable EBIT margins up 440bps
• Developing:FX-neutralrevenue up 17.6%,with stable volume performance despite impact from Polish sugar tax; comparable EBIT margins up 180bps
• Emerging: FX-neutral revenue up 30.3% like-for-like; continued strong performance from Russia and Nigeria and recovery through the rest of the segment led to comparable EBIT margins increasing by 340bps

Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented:

"We are very pleased with the first half in which we increased value share gains, revenues and profitability as well as making continued progress on our strategic priorities.

I believe these results demonstrate the power of our 24/7 portfolio, our revenue growth management actions, the strength of our execution capabilities and the talent of our people whose resilience and adaptability will underpin our future opportunities.

The business gained momentum as the out-of-home channel recovered and growth in at-home continued. In addition, we have delivered growth in the Established and Developing segments alongside the consistent strong performance in the Emerging segment.

We are seeing excellent performance from our areas of strategic focus - in particular Low- and no-sugar sparkling, Adult sparkling and Energy.We have strengthened our Coffee strategy with Caffè Vergnano, which will add a premium offering alongside the broad appeal of Costa Coffee. We have made progress on our World Without Waste agenda with new launches of 100% recycled PET packaged beverages.

We are encouraged by the strength of the performance, and while conscious of the risks as the COVID-19 pandemic continues to impact our markets, we continue to expect a strong recovery in FX-neutral revenues and now believe that we can achieve a 20-30bps EBIT margin expansion this year."

1Performance, unless stated otherwise, is negatively impacted by the change in classification of our Russian Juice business, Multon, from a joint operation to a joint venture, following its re-organisation in May 2020. For the Group's growth including the respective performance of Multon as a joint operation in the current period, refer to the relevant table in the 'Supporting information' section.

2For details on APMs refer to 'Alternative Performance Measures' and 'Definitions and reconciliations of APMs' sections.

• Refer to the condensed consolidated interim income statement.

4Net Profit and comparable net profit refer to net profit and comparable net profit respectively after tax attributable to owners of the parent.

Armenia · Austria · Belarus · Bosnia & Herzegovina · Bulgaria · Croatia · Cyprus · Czech Republic · Estonia · Greece · Hungary · Ireland · Italy· Latvia· Lithuania· Moldova· Montenegro· Nigeria· North Macedonia · Northern Ireland · Poland· Romania ·Russia · Serbia ·Slovakia ·Slovenia ·Switzerland ·Ukraine

Half-yearly financial report for the six months ended 2 July 2021 12 August 2021

Page 2 of 52

	Half-Year	Change
	2021	2020
Volume1 (m unit cases)	1,126.7	990.5	13.8%
Net sales revenue1 (€ m)	3,247.9	2,831.2	14.7%
Net sales revenue per unit case1 (€)	2.88	2.86	0.9%
FX-neutral net sales revenue1,2 (€m)	3,247.9	2,687.7	20.8%
FX-neutral net sales revenue per unit case1,2 (€)	2.88	2.71	6.2%
Operating expenses/ Net sales revenue (%)	26.6	30.1	-350bps
Comparable operating expenses / Net sales revenue (%)	26.2	30.0	-380bps
Operating profit (EBIT)1,3 (€ m)	350.1	202.9	72.5%
Comparable EBIT1,2 (€ m)	350.3	208.8	67.8%
EBIT margin (%)	10.8	7.2	360bps
Comparable EBIT margin2 (%)	10.8	7.4	340bps
Net profit4 (€ m)	233.1	124.0	88.0%
Comparable net profit2,4 (€ m)	235.6	129.0	82.6%
Basic earnings per share (EPS) (€)	0.639	0.341	87.4%
Comparable EPS2 (€)	0.646	0.355	82.0%
Free cash flow2 (€ m)	277.5	(38.5)	NM

Footnotes are presented at the end of page 1.

Armenia · Austria · Belarus · Bosnia & Herzegovina · Bulgaria · Croatia · Cyprus · Czech Republic · Estonia · Greece · Hungary · Ireland · Italy· Latvia· Lithuania· Moldova· Montenegro· Nigeria· North Macedonia · Northern Ireland · Poland· Romania ·Russia · Serbia ·Slovakia ·Slovenia ·Switzerland ·Ukraine

Half-yearly financial report for the six months ended 2 July 2021 12 August 2021

Page 3 of 52

Coca-Cola HBC Group

Coca-Cola HBC is a growth-focused Consumer Packaged Goods business and strategic bottler of The Coca-Cola Company. The company creates value for all its stakeholders by supporting the socio-economic development of the societies in which it operates and believes that building a more positive environmental impact is integral to its future growth. Together, the company and its customers serve more than 600 million consumers across a broad geographic footprint of 28 countries on 3 continents. Its portfolio is one of the strongest, broadest and most flexible in the beverage industry, offering consumer-leading partner brands in the sparkling, juice, water, sport, energy, plant-based,ready-to-drink tea, coffee, adult sparkling and premium spirits categories. These brands include Coca-Cola,Coca-Cola Zero, Schweppes, Kinley, Costa Coffee, Valser, Römerquelle, Fanta, Sprite, Powerade, Fuze Tea, Dobry, Cappy, Monster and Adez. Coca-Cola HBC fosters an open and inclusive work environment amongst its more than 26,000 employees and in November 2020 was rated Europe's most sustainable beverage company by the S&P DJSI for the 7th time in 8 years. The company currently holds the highest possible ratings in leading ESG benchmarks such as, CDP (Climate and Water), MSCI ESG and FTSE4Good.

Coca-Cola HBC has a premium listing on the London Stock Exchange (LSE:CCH) and is listed on the Athens Exchange (ATHEX:EEE). For more information, please visit http://www.coca-colahellenic.com.

Financial information in this announcement is presented on the basis of

International Financial Reporting Standards ('IFRS').

Conference call

Coca-Cola HBC will host a conference call for financial analysts and investors to discuss the 2021 half year results on Thursday, 12 August 2021 at 9:00 am BST. Interested parties can access the live, audio webcast of the call through Coca-Cola HBC's website https://www.coca-colahellenic.com/en/investor- relations/results-reports-presentations.

Next event
3 November 2021	2021 third quarter trading update
Enquiries
Coca-Cola HBC Group
Investors and Analysts:
Joanna Kennedy	Tel: [phone]
Investor Relations Director	[e-mail]
Carla Fabiano	Tel: [phone]
Investor Relations Manager	[e-mail]
Vasso Aliferi	Tel: [phone]
Investor Relations Manager	[e-mail]
Media:
David Hart	Tel: + 41 41 726 0143
Group Communication Director	[e-mail]
Greek media contact:
V+O Communications	Tel: [phone]
Chara Yioti	[e-mail]

Armenia · Austria · Belarus · Bosnia & Herzegovina · Bulgaria · Croatia · Cyprus · Czech Republic · Estonia · Greece · Hungary · Ireland · Italy· Latvia· Lithuania· Moldova· Montenegro· Nigeria· North Macedonia · Northern Ireland · Poland· Romania ·Russia · Serbia ·Slovakia ·Slovenia ·Switzerland ·Ukraine

Half-yearly financial report for the six months ended 2 July 2021 12 August 2021

Page 4 of 52

Special Note Regarding the Information set out herein

Unless otherwise indicated, the condensed consolidated interim financial statements and the financial and operating data or other information included herein relate to Coca-Cola HBC AG and its subsidiaries ("Coca-Cola HBC" or the "Company" or "we" or the "Group").

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" and similar expressions to identify forward-looking statements. All statements other than statements of historical facts, including, among others, statements regarding our future financial position and results, our outlook for 2021 and future years, business strategy and the effects of the global economic slowdown, the impact of the sovereign debt crisis, currency volatility, our recent acquisitions, and restructuring initiatives on our business and financial condition, our 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. By their nature, forward-looking statements involve risk and uncertainty because they reflect our current expectations and assumptions as to future events and circumstances that may not prove accurate. Our actual results and events could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described in the 2020 Integrated Annual Report for Coca-Cola HBC AG and its subsidiaries.

Although we believe that, as of the date of this document, the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that our future results, level of activity, performance or achievements will meet these expectations. Moreover, neither we, nor our directors, employees, advisors nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. After the date of the condensed consolidated interim financial statements included in this document, unless we are required by law or the rules of the UK Financial Conduct Authority to update these forward-looking statements, we will not necessarily update any of these forward-looking statements to conform them either to actual results or to changes in our expectations.

Alternative Performance Measures

The Group uses certain Alternative Performance Measures ("APMs") in making financial, operating and planning decisions as well as in evaluating and reporting its performance. These APMs provide additional insights and understanding to the Group's underlying operating and financial performance, financial condition and cash flow. The APMs should be read in conjunction with and do not replace by any means the directly reconcilable IFRS line items. For more details on APMs please refer to 'Definitions and reconciliations of APMs' section.

Armenia · Austria · Belarus · Bosnia & Herzegovina · Bulgaria · Croatia · Cyprus · Czech Republic · Estonia · Greece · Hungary · Ireland · Italy· Latvia· Lithuania· Moldova· Montenegro· Nigeria· North Macedonia · Northern Ireland · Poland· Romania ·Russia · Serbia ·Slovakia ·Slovenia ·Switzerland ·Ukraine

Half-yearly financial report for the six months ended 2 July 2021 12 August 2021

Page 5 of 52

Group Operational Review

Winning in the marketplace

H1 volume grew by 15.9% on a like-for-like basis while Reported volume was up 13.8% - impacted by the reorganisation in the structure of our Russian Juice business (Multon). Established and Developing segments returned to growth in Q2 as markets gradually reopened. At the same time, the Emerging segment maintained strong momentum benefiting from underlying category growth as well as our investments in both capacity and capability to ensure best-in-class execution.

We continue to seize the growth of new 'at-home' occasions and premiumisation opportunities, while we remain well-positioned for the ongoing recovery of the out-of-home channel. We have maintained a strong connection to our out-of-home customers throughout the pandemic and we are now supporting reopening with targeted plans.

The agile operating model that we have spent years building and investing behind has enabled us to react quickly to the changing environment. Improvements made to our route-to-market, particularly through increased use of digital and data capabilities, are allowing a more granular segmentation of our customer base, more targeted services and stronger execution.

Leveraging our unique 24/7 portfolio

The strength of our 24/7 portfolio and careful prioritising of growth opportunities continues to drive our performance. We have accelerated market share gains in non-alcoholicready-to-drink beverages (NARTD) in 2021, gaining 50bps in value share YTD, while also gaining or maintaining share in the majority of markets in Sparkling.

Sparkling volumes grew by 16.2% propelled by strategic focus areas, with low and no-sugar variants up 40.3% and adult sparkling brands up 37%. We are benefiting from broad-based growth across the brands with Trademark Coca-Cola volumes up 14.5%, Fanta volumes up 16.7% and Sprite volumes up 21.7%.

Energy has retained the very strong momentum seen in Q1, with volumes growing 66.1% in H1. The category benefits from a healthy stream of innovation in our portfolio of brands addressing a range of consumer profiles.

We continue to make progress in rolling out Costa Coffee, consistently building depth and breadth of distribution in the 16 markets we have entered. The out-of-home channel will be a key focus for the remainder of 2021. We are increasing our penetration of out-of-home customers and are seeing good feedback from our differentiated and tech-enabled offering. During the period we signed an agreement for the acquisition of a 30% stake in Caffè Vergnano, a 140-year-old Italian roaster, which strengthens our offering to consumers with a premium coffee.

Water volumes grew by 10.7%, representing a sharp turnaround in performance in Q2 after volume declines in Q1. We sell proportionally more Water in the out-of-home channel compared to Sparkling drinks, which has been a clear driver of weaker performance during the COVID-19 pandemic.

Juice volumes grew by 9.9% on a like-for-like basis with continued good performance in the Emerging segment and a recovery in Q2 in the Established and Developing.

Ready-to-drink tea ("RTD tea") volume grew by 14.6% with a strong improvement in Q2 aided by category recovery.

Our Premium Spirits business volumes increased by 49.2%, benefiting from a strong acceleration in Q2 as the out-of-home channel reopened.

Armenia · Austria · Belarus · Bosnia & Herzegovina · Bulgaria · Croatia · Cyprus · Czech Republic · Estonia · Greece · Hungary · Ireland · Italy· Latvia· Lithuania· Moldova· Montenegro· Nigeria· North Macedonia · Northern Ireland · Poland· Romania ·Russia · Serbia ·Slovakia ·Slovenia ·Switzerland ·Ukraine