Earnings Release Q3 2021

Coca-Cola Reports Continued Momentum and Strong Results in Third Quarter;

Raises Full-Year Guidance

Global Unit Case Volume Grew 6%

Net Revenues Grew 16%;

Organic Revenues (Non-GAAP) Grew 14%

Operating Income Grew 26%;

Comparable Currency Neutral Operating Income (Non-GAAP) Grew 11%

Operating Margin Was 28.9% Versus 26.6% in the Prior Year;

Comparable Operating Margin (Non-GAAP) Was 30.0% Versus 30.4% in the Prior Year

EPS Grew 41% to $0.57; Comparable EPS (Non-GAAP) Grew 18% to $0.65

ATLANTA, Oct. 27, 2021 - The Coca-Cola Company today reported strong third quarter 2021 results and year-to- date performance. "Our strategic transformation is enabling us to effectively navigate a dynamic environment and emerge stronger from the pandemic," said James Quincey, Chairman and CEO of The Coca-Cola Company. "We are updating our full-year guidance to reflect another quarter of momentum in the business. While the recovery continues to be asynchronous around the world, we are investing for growth to drive long-term value for the system. Our strong system alignment and networked organization are helping us unlock enormous potential in our brands and across our markets."

Highlights

Quarterly Performance

• Revenues: Net revenues grew 16% to $10.0 billion, resulting in net revenues ahead of 2019, and organic revenues (non-GAAP) grew 14%. Revenue performance included 8% growth in concentrate sales and 6% growth in price/mix. Revenue growth was broad-based with particular strength in markets where coronavirus-related uncertainty is abating.
• Margin: Operating margin, which included items impacting comparability, was 28.9% versus 26.6% in the prior year, while comparable operating margin (non-GAAP) was 30.0% versus 30.4% in the prior year. Comparable operating margin (non-GAAP) compression was primarily driven by a significant increase in marketing investments versus the prior year, partially offset by strong revenue growth.
• Earnings per share: EPS grew 41% to $0.57, and comparable EPS (non-GAAP) grew 18% to $0.65. Comparable EPS (non-GAAP) growth included the impact of a 3-point currency tailwind.

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• Market share: The company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages, which included share gains in both at-home and away-from-home channels. The company's value share in total NARTD beverages remains ahead of the 2019 level.
• Cash flow: Year-to-date cash flow from operations was $9.2 billion, up $3.0 billion versus the prior year, driven by strong business performance, five additional days in the first quarter and working capital initiatives. Year-to-date free cash flow (non-GAAP) was $8.5 billion, up $3.0 billion versus the prior year, driven by strong cash flow from operations.

Company Updates

• Business environment: Global unit case volume continued to benefit from ongoing recovery in many markets. Third quarter volume was ahead of 2019, and there was sequential improvement in volume versus the second quarter on a two-year basis driven by improved performance in away-from-home channels along with continued strength in at-home channels. While recovery continues to look different across markets and the supply chain environment remains dynamic, the company is progressing on its strategic transformation and is leveraging the networked organization to drive growth for the system.
• Engaging and attracting consumers through a new platform for Trademark Coca-Cola: The company has launched a new brand platform for Trademark Coca-Cola called "Real Magic," the first in five years. The "Real Magic" brand philosophy is rooted in the insight that magic lives in unexpected moments of connection that elevate the everyday into the extraordinary. The platform includes a new design identity for the trademark, including a fresh expression called the Coca-Cola "Hug" logo. The company will engage consumers with experiences anchored in consumption occasions, such as meals and breaks, and aligned with consumer passion points like music, gaming and sports. The company launched the "Real Magic" platform with the "One Coke Away From Each Other" campaign, which runs through October and includes social, digital and out-of-home executions.
• Commitment to a World Without Waste: In 2018, the company launched the World Without Waste strategy, renewing a focus on creating a circular economy for plastic packaging and eliminating waste in the environment. In line with this strategy, the company made important changes to its policies, goals and partnerships. The company remains committed to being part of the solution to the plastics pollution problem and has made progress, but there is still much more to do. In a recently released report on plastic pollution from As You Sow, the company scored the highest (out of 50 companies) for its efforts in reducing plastic pollution, including its strong commitment to recycling, transparency for its packaging use and support for producer responsibility initiatives. Earlier this month, the company revealed a breakthrough prototype bottle - its first to be made from 100% plant-based plastic (bPET), excluding cap and label, produced using technologies that are intended to be commercially scaled and that have a lower carbon footprint than virgin oil-based plastics. Additionally, the system continues to make key investments to ensure access to recycled-content packaging material. The company's bottling partner in Indonesia and Dynapack Asia announced the construction of a PET recycling facility in West Java that will create a closed-loop plastic packaging supply chain.
• Leveraging a streamlined portfolio to fuel the innovation pipeline: The company is building a strong innovation pipeline that leverages big bets as well as intelligent experimentation. The networked organization is lifting and shifting several local and regional brands to additional markets around the world, including Costa® ready-to-drink, in the key markets of Japan and China, and the dairy brand fairlife™ in China. The scaled launch of new and improved Coca-Cola® Zero Sugar has resulted in an increase in key consumer metrics and contributed approximately 25% of Trademark Coca-Cola's growth in the third quarter. The company also continues to be

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consumer centric by using intelligent experimentation at the local market level, including the launch of Aquarius® with functional benefits and the extension of the Ayataka® tea brand with Ayataka Cafè in Japan.

Operating Review - Three Months Ended October 1, 2021

Revenues and Volume

				Acquisitions,
	Concentrate		Currency	Divestitures	Reported Net			Organic			Unit Case
Percent Change	Price/Mix	and Structural
Sales1	Impact	Changes, Net		Revenues			Revenues2			Volume
Consolidated	8	6	2	0	16			14			6
Europe, Middle East & Africa	8	5	0	0	13			13			8
Latin America	11	23	7	0	41			33			8
North America	7	5	0	0	13			13			4
Asia Pacific	5	(3)	2	0	3			2			3
Global Ventures3	20	19	8	0	47			39			15
Bottling Investments	3	6	4	0	13			9			3
		Operating Income and EPS
					Reported		Items	Currency			Comparable
Percent Change					Operating		Impacting			Currency
				Income		Comparability	Impact			Neutral2
Consolidated					26		12			3		11
Europe, Middle East & Africa					14		4			0		10
Latin America					48		8			10		30
North America					19		6			0		13
Asia Pacific					5		5			2		(2)
Global Ventures					-4		-	-			-
Bottling Investments					48		(33)			41		41
					Reported		Items	Currency			Comparable
Percent Change						Impacting			Currency
				EPS		Comparability	Impact			Neutral2
Consolidated EPS					41		24			3		14

Note: Certain rows may not add due to rounding.

• For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any.

• Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.

• Due to the combination of multiple business models in the Global Ventures operating segment, the composition of concentrate sales and price/ mix may fluctuate materially on a periodic basis. Therefore, the company places greater focus on revenue growth as the best indicator of underlying performance of the Global Ventures operating segment.

• Reported operating income for Global Ventures for the three months ended October 1, 2021 was $114 million. Reported operating loss for Global Ventures for the three months ended September 25, 2020 was $31 million. Therefore, the percent change is not meaningful.

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In addition to the data in the preceding tables, operating results included the following:

Consolidated

• Unit case volume grew 6% in the quarter, resulting in volume ahead of 2019, primarily led by developing and emerging markets. This was driven by ongoing recovery in markets where coronavirus-related uncertainty is abating, along with the benefit from cycling the impact of the pandemic last year. Growth in developing and emerging markets was led by India, Russia and Brazil, while growth in developed markets was led by the United States, Great Britain and Mexico.

Category performance was as follows:

• • Sparkling soft drinks grew 6%, resulting in volume ahead of 2019, driven by strong performance across all geographic operating segments. Trademark Coca-Cola grew 5%, resulting in volume ahead of 2019, led by Europe, Middle East & Africa and Latin America. Sparkling flavors grew 7%, resulting in even performance on a two-year basis, led by solid growth in both Trademark Sprite and Trademark Fanta.
  • Nutrition, juice, dairy and plant-based beverages grew 12%, a low single-digit acceleration versus 2019, due to solid performance by Minute Maid® Pulpy in China, Maaza® in India and Del Valle® in Mexico.
  • Hydration, sports, coffee and tea grew 6%. Hydration grew 5%, with growth across all geographic operating segments. Sports drinks grew 5%, resulting in volume ahead of 2019, primarily driven by the United States and Mexico. Tea grew 4%, led by growth in Hajime™ in Japan and Gold Peak® in the United States. Coffee grew 19%, primarily driven by the ongoing reopening of Costa® retail stores in the United Kingdom as coronavirus-related uncertainty continued to abate.
• Price/mix grew 6% for the quarter, primarily driven by pricing actions in the marketplace along with favorable channel and package mix due to cycling the impact of the pandemic last year. Concentrate sales were 2 points ahead of unit case volume in the quarter, primarily attributable to bottler inventory build to manage through near-term supply disruption. Year-to-date concentrate sales were 5 points ahead of unit case volume, primarily due to five additional days in the first quarter, along with cycling the timing of shipments in the prior year.
• Operating income grew 26%, which included items impacting comparability and a 4-point currency tailwind. Comparable currency neutral operating income (non-GAAP) grew 11%, driven by strong organic revenue (non- GAAP) growth across all operating segments, partially offset by a significant increase in marketing investments versus the prior year.

Europe, Middle East & Africa

• Unit case volume grew 8% in the quarter, a low single-digit acceleration versus 2019, driven by ongoing recovery in markets where coronavirus-related uncertainty is abating, along with the benefit from cycling the impact of the pandemic last year. Growth was led by Russia and Great Britain in Europe, Nigeria in Africa, and Turkey in Eurasia and Middle East.
• Price/mix grew 5% for the quarter, driven by favorable channel and package mix due to cycling the impact of the pandemic last year, along with the timing of deductions. Year-to-date concentrate sales were 6 points ahead of unit case volume, primarily due to five additional days in the first quarter, along with cycling the timing of shipments in the prior year.
• Operating income grew 14%, which included items impacting comparability. Comparable currency neutral operating income (non-GAAP) grew 10%, primarily driven by strong organic revenue (non-GAAP) growth across all operating units, partially offset by a significant increase in marketing investments versus the prior year.
• The company gained value share in total NARTD beverages, which included share gains across most categories.

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Latin America

• Unit case volume grew 8% in the quarter, resulting in volume ahead of 2019. On a two-year basis, away-from- home volume improved sequentially versus the second quarter, while at-home volume remained strong. Growth was led by Mexico, Brazil and Argentina, driven by solid performance of Trademark Coca-Cola and the hydration category.
• Price/mix grew 23%, driven by pricing actions in the marketplace along with favorable channel and package mix. For the quarter, concentrate sales were 3 points ahead of unit case volume, primarily attributable to bottler inventory build to manage through near-term supply disruption. Year-to-date concentrate sales were 6 points ahead of unit case volume, primarily due to five additional days in the first quarter and the timing of shipments in the current year.
• Operating income grew 48%, which included items impacting comparability and a 12-point currency tailwind. Comparable currency neutral operating income (non-GAAP) grew 30%, driven by strong organic revenue (non- GAAP) growth, partially offset by nearly doubling marketing investments versus the prior year.
• The company lost value share in total NARTD beverages as share gains in Brazil and Argentina were more than offset by share losses in Mexico and Bolivia.

North America

• Unit case volume grew 4% in the quarter. Growth was driven by recovery in the fountain business as coronavirus-related uncertainty continued to abate. Sparkling flavors and juice led the growth during the quarter.
• Price/mix grew 5% for the quarter, primarily driven by pricing actions in the marketplace, recovery in the fountain business and away-from-home channels, and solid growth in juice and dairy finished-goods brands. For the quarter, concentrate sales were 3 points ahead of unit case volume, primarily due to the timing of shipments in the current year. Year-to-date concentrate sales were 3 points ahead of unit case volume, primarily due to five additional days in the first quarter.
• Operating income grew 19%, which included items impacting comparability. Comparable currency neutral operating income (non-GAAP) grew 13%, driven by strong organic revenue (non-GAAP) growth, partially offset by a significant increase in marketing investments versus the prior year.
• The company gained value share in total NARTD beverages led by recovery in away-from-home channels along with strong performance in at-home channels for sparkling flavors, sports drinks and dairy.

Asia Pacific

• Unit case volume grew 3% in the quarter, resulting in even performance on a two-year basis. Growth was driven by India and China, partially offset by pressure in Southeast Asia due to the impact of the pandemic. Growth was led by Trademark Coca-Cola and sparkling flavors.
• Price/mix declined 3%, negatively impacted by 3 points of geographic mix due to growth in emerging and developing markets outpacing developed markets. For the quarter, concentrate sales were 2 points ahead of unit case volume, primarily attributable to bottler inventory build to manage through near-term supply disruption. Year-to-date concentrate sales were 4 points ahead of unit case volume, primarily due to five additional days in the first quarter and the timing of shipments in the current year.
• Operating income grew 5%, which included a 2-point currency tailwind. Comparable currency neutral operating income (non-GAAP) declined 2%, driven by a significant increase in marketing investments versus the prior year, partially offset by solid organic revenue (non-GAAP) growth.
• The company gained value share in total NARTD beverages driven by share gains in Japan and the Philippines.

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