1. Like a Foxconn for Coca-Cola's bottling and distribution across a vast region of Europe, Africa, and Asia.

2. A major regional beverage company in Europe and Africa, similar to Keurig Dr Pepper in North America, but primarily focused on bottling and distributing Coca-Cola brands.

3. The industrial-scale 'master franchisee' for The Coca-Cola Company's brands across 29 countries, much like a large hotel group operates many Hilton or Marriott properties.

• Sparkling Soft Drinks: Iconic carbonated beverages, including Coca-Cola, Fanta, and Sprite.
• Still Beverages: Non-carbonated options such as juices, iced teas, and sports drinks.
• Water: A variety of packaged natural mineral and spring waters.
• Energy Drinks: High-caffeine functional beverages like Monster Energy and Burn.
• Coffee: Ready-to-drink coffee products and hot beverage solutions under the Costa Coffee brand.
• Alcoholic Ready-to-Drink (RTD): Pre-mixed alcoholic beverages, often combining spirits with mixers.

Coca-Cola HBC (symbol: CCHGY) primarily sells its products to other businesses rather than directly to individual consumers. Its major customers are the various retail and on-premise channels that then sell Coca-Cola products to the end consumers. These customers include large supermarket chains, hypermarkets, convenience stores, wholesalers, hotels, restaurants, and cafes.

Due to the extensive geographic footprint of Coca-Cola HBC (operating in 29 countries across Europe and Africa), its customer base is highly diversified. While it doesn't typically disclose specific sales figures to individual corporate customers, its major customers would include large multinational retail groups that operate within its territories. Examples of such public customer companies include:

• Carrefour SA (symbol: CRRFY) - A major multinational retailer with a significant presence in several European countries where Coca-Cola HBC operates (e.g., France, Italy, Poland, Greece, Romania).
• Ahold Delhaize NV (symbol: ADRNY) - An international food retailer operating numerous supermarket brands across Europe, including in countries served by Coca-Cola HBC (e.g., Greece, Czech Republic, Serbia).
• Tesco PLC (symbol: TSCDY) - A prominent retail group with supermarkets in several Central European countries within Coca-Cola HBC's market (e.g., Czech Republic, Hungary, Poland, Slovakia).
• METRO AG (symbol: MEOFY) - A leading international wholesale and food specialist company serving businesses, including smaller retailers and HoReCa clients, in many of Coca-Cola HBC's operating markets.

It is important to note that Coca-Cola HBC has tens of thousands of customer accounts across its 29 countries, and no single customer or small group of customers accounts for a dominant share of its revenue. Its sales strategy relies on broad distribution across all relevant channels.

The Coca-Cola Company (NYSE: KO)

Zoran Bogdanovic, CEO, Executive Director

Zoran Bogdanovic was appointed CEO of Coca-Cola HBC in December 2017. He joined the company in 1996 and has held various senior leadership positions, including Region Director for 12 countries and General Manager for operations in Croatia, Switzerland, and Greece. Before joining Coca-Cola HBC, he worked as an auditor with Arthur Andersen. He holds a Bachelor's degree in Economics from the University of Zagreb and completed the Advanced Management Programme at Harvard Business School.

Anastasis Stamoulis, Chief Financial Officer

Anastasis Stamoulis was appointed Group Chief Financial Officer with effect from May 1, 2024. He has 16 years of experience within Coca-Cola HBC, where he has held several senior financial positions, including CFO in various operations, Group Financial Controller, Group Financial Operations, and Head of Strategic Finance and Financial Planning & Analysis. Prior to his time at Coca-Cola HBC, he spent seven years in senior financial roles within the automotive industry. He holds a Bachelor's Degree in Marketing and an MBA in Finance from Golden Gate University.

Naya Kalogeraki, Chief Operating Officer

Naya Kalogeraki was appointed Chief Operating Officer in September 2020. She joined Coca-Cola HBC in 1998, coming from The Coca-Cola Company where she held several marketing positions. Her previous roles include General Manager for Greece and Cyprus. She is also a board member of Casa del Caffè Vergnano S.p.A.

Marcel Martin, Chief Corporate Affairs and Sustainability Officer

Marcel Martin was appointed Chief Corporate Affairs and Sustainability Officer in 2022.

Mourad Ajarti, Chief Digital and Technology Officer

Mourad Ajarti was appointed Chief Digital and Technology Officer in 2019.

1. Geopolitical and Macroeconomic Environment: Coca-Cola HBC operates across numerous countries, exposing it to significant risks from foreign exchange fluctuations, marketplace economic conditions, and geopolitical instability. Currency volatility can materially impact revenue projections and reported earnings. Economic downturns in key markets can lead to reduced consumer spending, affecting sales and profitability. The company also faces risks related to complying with international sanctions and ensuring the safety and security of its people and operations in volatile security environments.
2. Product-Related Regulatory Changes and Taxes: A notable long-term risk stems from evolving health trends and increasing government regulations targeting sugary beverages. The global shift toward healthier options, coupled with the introduction of sugar taxes in many countries, can raise prices, reduce affordability, and ultimately depress sales volumes for Coca-Cola HBC's products. Further regulations, such as front-of-pack warning labels and restrictions on advertising or portion sizes, are also anticipated and pose a significant challenge to the business model.
3. Environmental and Sustainability Challenges: The business faces risks associated with the cost and availability of sustainable packaging, the imperative to manage its carbon footprint, and the potential impact of climate change on the cost and availability of essential resources like water. Being a relatively energy-, packaging-, water-, and transport-heavy business, environmental risks, including those related to agricultural inputs, are crucial to monitor for maintaining competitiveness and social license to operate.

• Accelerating erosion of carbonated soft drink (CSD) market share due to health and wellness trends and intensifying regulatory pressure (e.g., sugar taxes, marketing restrictions) across CCHGY's operating markets. This threatens the foundational volumes and margins of their traditional CSD portfolio, forcing rapid diversification and product reformulation.
• Escalating environmental regulation and consumer demand for sustainable packaging, particularly concerning single-use plastics. Emerging and strengthening regulations (e.g., extended producer responsibility, mandatory recycled content targets, deposit return schemes) combined with consumer backlash against plastic pollution significantly increase operational costs, necessitate substantial capital investment in new systems (e.g., refillables), and can impact social license to operate.

Coca-Cola HBC AG (CCHGY) operates as a strategic bottling partner of The Coca-Cola Company, distributing a wide array of beverages across 29 countries, primarily in Europe, as well as in Nigeria and Egypt. Their main product categories include sparkling soft drinks, water, juices, energy drinks, ready-to-drink teas, coffee, and premium spirits.

The addressable markets for Coca-Cola HBC's main products and services in Europe are sized as follows:

• Non-Alcoholic Beverages: The overall non-alcoholic beverage market in Europe is projected to reach approximately USD 299.2 billion in 2024 and is expected to grow to USD 519.2 billion by 2034.
• Carbonated Soft Drinks: The European Carbonated Beverages Market was valued at approximately USD 123.95 billion in 2024 and is anticipated to reach USD 159.34 billion by 2033.
• Bottled Water: The Europe bottled water market reached an estimated size of USD 72.9 billion in 2024 and is projected to grow to USD 103.2 billion by 2033.
• Coffee: The Europe coffee market was valued at approximately USD 47.88 billion in 2024 and is expected to reach USD 66.98 billion by 2033.
• Juices: While specific market sizing for juices in Europe for 2024 is not readily available in the provided search results, juices are a component of the broader non-alcoholic beverage market.
• Energy Drinks: Specific market sizing for energy drinks in Europe for 2024 is not readily available in the provided search results. Energy drinks are also part of the wider non-alcoholic beverage market.
• Ready-to-Drink Tea: Specific market sizing for ready-to-drink tea in Europe for 2024 is not readily available in the provided search results. Ready-to-drink tea is included in the larger non-alcoholic beverage market.
• Premium Spirits: While Coca-Cola HBC distributes premium spirits, the addressable market for their distribution services of these diverse brands across their operating regions is not explicitly sized in the provided information.

Coca-Cola HBC (CCHGY) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Revenue Growth Management (RGM) and Pricing Initiatives: The company plans to continue leveraging its advanced revenue growth management framework, which includes strategic pricing adjustments, optimizing category and package mix, and focusing on portfolio premiumisation. This approach aims to maximize value from every transaction by utilizing big data and advanced analytics to inform strategic decisions across various channels and customer segments.
2. Strategic Expansion and Acquisitions, particularly in Africa: A significant driver for future growth is the acquisition of a majority stake in Coca-Cola Beverages Africa (CCBA). This strategic move is anticipated to materially enhance Coca-Cola HBC's presence in Africa, a market with exciting growth potential, and allow the company to leverage its experience in emerging markets.
3. Volume Growth in Emerging Markets: Continued strong volume growth in emerging markets, such as Nigeria and Egypt, is expected to be a key contributor. These markets offer substantial potential due to rising economic development and increasing per capita consumption, which is currently lower compared to established segments.
4. Growth of Strategic Priority Categories: Coca-Cola HBC is focused on expanding its strategic priority categories, including energy drinks, coffee, and sparkling beverages. The company has seen strong performance in these areas, with particular emphasis on products like Monster drinks and Coke Zero Sugar, and plans for continued investment.
5. New Product Launches and Portfolio Innovation: The introduction of new products and the expansion of its "24/7 portfolio" are expected to fuel revenue growth. Recent examples include the launch of Monster Rio Punch and local marketing activations aligned with sports partnerships, as well as the introduction of Bambi snacks in Nigeria.

Share Repurchases

• A two-year share buyback program for up to €400 million was launched in November 2023.
• By the end of 2024, €226 million had been returned to shareholders through this program.
• The buyback program was cancelled with immediate effect in October 2025 due to the acquisition of Coca-Cola Beverages Africa.

Share Issuance

• In October 2025, shares representing approximately 5.47% of Coca-Cola HBC's enlarged issued share capital were issued to Gutsche Family Investments as part of the funding for the Coca-Cola Beverages Africa acquisition.

Outbound Investments

• In October 2025, Coca-Cola HBC agreed to acquire a 75% shareholding in Coca-Cola Beverages Africa (CCBA) for $2.6 billion, implying a 100% equity value of $3.4 billion.
• This acquisition is set to make Coca-Cola HBC the world's second-largest Coca-Cola bottling partner by volume, expanding its operations into 14 new African markets.
• Other recent acquisitions include Finlandia vodka in 2023 and the Coca-Cola Bottling Company of Egypt S.A.E. in 2022.

Capital Expenditures

• Capital expenditures were €679.3 million in 2024, representing 6.3% of revenue, and €711.8 million in 2023.
• The primary focus of capital expenditures in 2024 included capacity expansion, supply chain automation, energy-efficient coolers, and digitalisation.