Coca Cola : Investor Overview – Updated for Second Quarter 2022

INVESTOR OVERVIEW || THE COCA-COLA COMPANY

UPDATED FOR

SECOND QUARTER 2022

FORWARD-LOOKING STATEMENTS

This presentation may contain statements, estimates or projections that constitute "forward-looking statements" as defined under U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward- looking statements are subject to certain risks and uncertainties that could cause The Coca-Cola Company's actual results to differ materially from its historical experience and our present expectations or projections. These risks include, but are not limited to, the negative impacts of, and continuing uncertainties associated with the scope, severity and duration of the global COVID-19 pandemic and any resurgences of the pandemic, including the number of people contracting the virus, the impact of shelter-in-place and social distancing requirements, the impact of governmental actions across the globe to contain the virus, vaccine availability, rates of vaccination, the effectiveness of vaccines against existing and new variants of the virus, governmental or other vaccine mandates and potential associated business and supply chain disruptions, and the substance and pace of the post-pandemic economic recovery; an inability to realize the economic benefits from our productivity initiatives, including our reorganization and related strategic realignment initiatives; an inability to attract or retain a highly skilled and diverse workforce; increased competition; an inability to renew collective bargaining agreements on satisfactory terms, or we or our bottling partners experience strikes, work stoppages, labor shortages or labor unrest; an inability to be successful in our innovation activities; changes in the retail landscape or the loss of key retail or foodservice customers; an inability to expand operations in emerging and developing markets; increased cost, disruption of supply or shortage of energy or fuel; inflationary pressures; increased cost, disruption of supply or shortage of ingredients, other raw materials, packaging materials, aluminum cans and other containers; an inability to successfully manage new product launches; obesity and other health-related concerns; evolving consumer product and shopping preferences; product safety and quality concerns; perceived negative health consequences of certain ingredients, such as non-nutritive sweeteners and biotechnology-derived substances, and of other substances present in our beverage products or packaging materials; damage to our brand image, corporate reputation and social license to operate from negative publicity, whether or not warranted, concerning product safety or quality, workplace and human rights, obesity or other issues; an inability to maintain good relationships with our bottling partners; deterioration in our bottling partners' financial condition; an inability to successfully integrate and manage consolidated bottling operations or other acquired businesses or brands; an inability to successfully manage our refranchising activities; increases in income tax rates, changes in income tax laws or the unfavorable resolution of tax matters, including the outcome of our ongoing tax dispute or any related disputes with the U.S. Internal Revenue Service ("IRS"); the possibility that the assumptions used to calculate our estimated aggregate incremental tax and interest liability related to the potential unfavorable outcome of the ongoing tax dispute with the IRS could significantly change; increased or new indirect taxes in the United States and throughout the world; changes in laws and regulations relating to beverage containers and packaging; significant additional labeling or warning requirements or limitations on the marketing or sale of our products; litigation or legal proceedings; conducting business in markets with high-risk legal compliance environments; failure to adequately protect, or disputes relating to, trademarks, formulae and other intellectual property rights; changes in, or failure to comply with, the laws and regulations applicable to our products or our business operations; fluctuations in foreign currency exchange rates; interest rate increases; unfavorable general economic conditions in the United States and international markets; an inability to achieve our overall long-term growth objectives; the amount and timing of future share repurchase (if any); default by or failure of one or more of our counterparty financial institutions; impairment charges; failure to realize a significant portion of the anticipated benefits of our strategic relationship with Monster Beverage Corporation; an inability to protect our information systems against service interruption, misappropriation of data or breaches of security; failure to comply with personal data protection and privacy laws; failure to digitize the Coca-Cola system; failure by our third-party service providers and business partners to satisfactorily fulfill their commitments and responsibilities; failure to achieve ESG goals and accurately report our progress due to operational, financial, legal, and other risks, many of which are outside our control, and are dependent on the actions of our bottling partners and other third parties; increasing concerns about the environmental impact of plastic bottles and other packaging materials; water scarcity and poor quality; increased demand for food products and decreased agricultural productivity; climate change and legal or regulatory responses thereto; adverse weather conditions; and other risks discussed in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2021, which filings are available from the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements.

RECONCILIATION TO U.S. GAAP FINANCIAL INFORMATION

The following presentation includes certain "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange Act of 1934. A schedule which reconciles our results as reported under Generally Accepted Accounting Principles and the non-GAAP financial measures included in the following presentation is attached as an appendix hereto. The 2022 outlook information provided in this presentation includes forward-lookingnon-GAAP financial measures, which management uses in measuring performance. The company is not able to reconcile full year 2022 projected organic revenues (non-GAAP) to full year 2022 projected reported net revenues, full year 2022 projected comparable cost of goods sold (non-GAAP) to full year 2022 projected reported cost of goods sold, full year 2022 projected underlying effective tax rate (non-GAAP) to full year 2022 projected reported effective tax rate, full year 2022 projected comparable currency neutral EPS (non-GAAP) to full year 2022 projected reported EPS or full year 2022 projected comparable EPS (non-GAAP) to full year 2022 projected reported EPS without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact of changes in foreign currency exchange rates throughout 2022; the exact timing and amount of acquisitions, divestitures and/or structural changes throughout 2022; the exact timing and amount of comparability 2 items throughout 2022; and the actual impact of changes in commodity costs throughout 2022.

KEY THEMES

CAPTURING THE TOTAL BEVERAGE OPPORTUNITY

PURSUING ENHANCED TOPLINE GROWTH

INVESTING WITH PURPOSE AND AGILITY TO CREATE VALUE

OPERATING OVERVIEW

WE HAVE EMERGED STRONGER

Our Strategy	Delivering on	Ahead of Pre-
Is Intact	Objectives	Pandemic Levels

	Brand
	Building	Innovation /
TOPLINE		M&A
	Execution	Revenue
		Growth
		Management
	Cash Flow
	Generation	Resource
RETURNS		Allocation
$	$
	Asset	Margin
	Optimization	Expansion

Win More

Consumers

Gain Market

Share

Strong System

Economics

Strengthen

Stakeholder Impact

Equip the

Organization to Win

Basket incidence +3.5%(a) vs 2019

Gained vs 2019 in both AH and AFH channels(b)

Improved bottler EBITDA margin vs 2019(c)

Reached score of A from CDP on water security

Restructured organization to unlock capabilities

Comparable Net Revenues ($B)(d)

	38.7
37.3
2019	2021

Comparable EPS ($)(d)

	2.32
2.11
2019	2021

Free Cash Flow ($B)(e)

	11.3
8.4
2019	2021

(a) Includes 30 of top 40 markets (excludes Dairy & Plant)	(d) Non-GAAP	4
(b) AH represents at-home channels, AFH represents away-from-home channels	(e) Non-GAAP; Free Cash Flow = Cash flow from operations minus capital expenditures
(c) Includes top 20 independent bottlers by volume; 2020 vs 2019

A VAST OPPORTUNITY FOR GROWTH

Across Markets and Categories	On a Global Scale

% of Volume Mix

Developed Non-Commercial32%

Markets Alcohol 11%

~20% of Hot Beverages 11%

Population

Cold Beverages 46%

	% of Volume Mix
Developing &
Emerging	Non-Commercial69%
Markets
~80% of
Population	Alcohol	3%
	Hot Beverages	12%

Cold Beverages 16%

KO:

All Commercial

Beverages

14% Volume

Share

		TCCC Consumer
KO:
All Commercial	Non-TCCC Consumer	2030 Population Increase
Beverages
6% Volume
Share

Note: Data on slide represents Top 40 countries

Source: GlobalData and internal estimates5 Each person represents ~10 million people. TCCC Consumer metrics based on Weekly+ Drinkers