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Suja Life, Inc.Future ready innovating, growing, refreshing. Coca-Cola HBC Integrated Annual Report 2024 Reporting on a purposeful year Please click here to view our Integrated annual report online: www.coca-colahellenic.com/en/ investor-relations/2024-integrated- annual-report Welcome to our 2024 Integrated Annual Report. Here, we share progress on a year in which we embedded our purpose, Open up moments that refresh us all, and delivered another year of strong financial results while continuing to be leaders in sustainability. We are focused on innovating, growing, refreshing and developing, ready to embrace the opportunities and challenges that lie ahead. We have restructured this year’s annual report, to provide a more concise communication of key performance and strategic highlights. We have also added a new Sustainability Statement on pages 41 to 172 to align with the Corporate Sustainability Reporting Directive (CSRD) requirements. This ensures greater transparency and compliance regarding our sustainability initiatives and performance. Volume 2,914.5 million unit cases 2023: 2,835.5 million unit cases Comparable EBIT1 €1,192.1m 2023: €1,083.8m Profit before tax €1,128.0m 2023: €910.3m Comparable EPS1 €2.275 2023: €2.078 Free cash flow €712.6m 2023: €711.8m Net sales revenue €10,754.4m 2023: €10,184.0m Comparable EBIT1 margin 11.1% 2023: 10.6% Net profit2 €820.6m 2023: €636.5m Primary packaging collected for recycling (equivalent)3 58% 2023: 56% Energy-efficient coolers3 60% 2023: 55% 1. For details of APMs, refer to ‘Definitions and reconciliations of alternative performance measures (APMs)’ on pages 345 to 351 2. Refers to net profit after tax attributable to owners of the parent 3. Excluding Egypt Strategic Report 2024 highlights IC Chair’s letter 1 Business overview 2 Market trends 4 Business model 6 Chief Executive Officer’s letter 8 Stakeholder engagement 10 Chief Operating Officer’s letter 12 Segment operational highlights 13 Growth pillar 1: Leverage our unique 24/7 portfolio 14 Growth pillar 2: Win in the marketplace 16 Growth pillar 3: Fuel growth through competitiveness and investment 18 Growth pillar 4: Cultivate the potential of our people 20 Growth pillar 5: Earn our licence to operate 24 Tracking our progress 30 Chief Financial Officer’s letter 35 Double materiality assessment (DMA) 37 Sustainability Statement 41 EU Taxonomy 75 Task Force on Climate-related Financial Disclosures (TCFD) 173 Non-Financial Reporting under Swiss statutory law 174 SASB index 175 Business Resilience 178 Principal risks and opportunities 181 Viability statement 190 Corporate Governance Corporate Governance Report 191 Letter from the Chair of the Board 192 Directors’ remuneration report 222 Statement of Directors’ responsibilities 248 Financial Statements Independent auditor’s limited assurance report on Coca-Cola HBC AG’s Sustainability Statement 249 Independent auditor’s report to the General Meeting of Coca-Cola HBC AG 251 Consolidated financial statements 259 Notes to the consolidated financial statements 263 Swiss Statutory Reporting Report on the audit of the consolidated financial statements 318 Report on the audit of the financial statements 322 Swiss statutory reporting 324 Report of the statutory auditor to the General Meeting on the statutory remuneration report 2024 334 Statutory Remuneration Report 335 Supplementary Information Alternative performance measures 345 Independent Auditor’s Limited Assurance Report 352 Shareholder information 357 Glossary of terms 358 Forward-looking statements 361 2024 highlights Coca-Cola HBC Integrated Annual Report 2024 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Chair’s letter Leadership for long‑term success Another successful year I’m pleased that 2024 was another successful year, with Zoran and the Executive Leadership Team (ELT) delivering continued strong financial performance as well as making ongoing strategic progress and maintaining our leadership in sustainability. Despite a mixed macro-economic environment across our markets, we remain on track to meet the medium-term targets we set out at our Investor Day in 2023. Our Growth Story continues to drive revenue growth, margin improvements and sustained strong cash generation. I would like to thank our people for their commitment and dedication in delivering these results despite sometimes challenging circumstances. This year was marked by some increased consumer sensitivity to pricing as well as continued inflation in some markets. We also faced flooding in parts of Eastern Europe and Nigeria. I would like to take this opportunity to thank the Board for its counsel and guidance in 2024, and especially for supporting the ELT and me. Leading with purpose and responsibility Our unique culture, heritage and values are a fundamental part of delivering sustainable value to all stakeholders. Monitoring and assessing the Company’s culture, and its ongoing evolution, continues to be a Board priority. It was wonderful to see our culture in action at the company’s most recent Leadership Conference in Prague, with several inspiring breakout sessions presented by colleagues. Our refreshed purpose, which was formally launched in 2023, continues to be successfully embedded throughout the organisation. It has been a privilege to see colleagues thrive and grow as they have embraced this purpose. Our considered, sustainable growth strategy 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, our shareholders and our wider stakeholders.” The Board continues to be proactive in representing the interests of stakeholders on a diverse range of issues. In 2024, it focused on overseeing overall strategic execution, the progress of the sustainability agenda, the Finlandia Vodka integration and reviewing key insights on employee engagement. Protecting our people and communities We are cognisant of the ongoing situation in Ukraine. First and foremost, we have focused on protecting our employees and ensuring, as far as possible, their health and safety. The Coca-Cola HBC Foundation is dedicated to supporting the communities where we operate. This year, the Foundation approved grants for flood relief efforts in Nigeria, Greece, Romania, Poland, Hungary and Bosnia & Herzegovina. Corporate Governance Report on p.198 Dividend growth and capital returns For 2024, the Board is proposing a dividend of €1.03 per share, an 11% increase on the dividend per share versus the prior year and is continuing its commitment to a progressive dividend. The dividend represents a 45% payout ratio, within our targeted range of 40% to 50% of comparable earnings per share. Our progressive dividend is testament to our confidence in the strong fundamentals of the Company, as well as our commitment to shareholders. The Group’s capital allocation framework follows clear priorities: organic investment in the business to drive delivery of our medium-term financial targets; payment of a progressive dividend; strategic M&A; and additional capital returns. In 2023, the Board approved a share buyback programme and by the end of 2024, €226 million had been returned to shareholders. The share buyback programme has been a compelling opportunity to enhance shareholder value, while continuing to invest in the business. Looking ahead We continue to face uncertain markets, but as I look ahead to 2025 and beyond, I have great optimism, knowing we have built strong foundations through thoughtful investment, an adaptable culture and continued sustainability leadership. I am confident we are future ready. We will continue to make courageous choices and live our purpose: Open up moments that refresh us all – our people, customers, partners and wider stakeholders. Anastassis G. David Chair of the Board 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 the 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 the 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 2018. How we ensure business resilience and manage double materiality Read more on p.37 and 178 How we engage with key stakeholders Read more on p.200 Coca-Cola HBC Integrated Annual Report 2024 1 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report We are a growth-focused consumer packaged goods business and 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, with 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. Share of Coca-Cola HBC Group FY2024 revenue 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) – and encompasses more customers than any competitor. Customer centricity is critical for our business, 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. 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 750 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 through supporting community projects. Our progress is recognised by the most important ESG benchmarks. Business overview The leading 24/7 beverage partner 29 countries 750m consumers 33,000 employees Established markets Developing markets Emerging markets 33% of Group revenue 22% of Group revenue 45% of Group revenue 11.1% Comparable EBIT margin 9.5% Comparable EBIT margin 11.8% Comparable EBIT margin Snacks c. 1% Premium Spirits c. 4% Tea c. 2% Juice c. 8% Coffee c. 1% Sparkling c. 70% Energy c. 8% Hydration c. 7% Coca-Cola HBC Integrated Annual Report 2024 2 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Read more on p.14 to 34 Business overview continued 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 CAGR of NARTD value between 2024 and 2028 is expected to be 4% to 6%1. We are number one in the sparkling category in 20 out of our 21 measured markets. We also have opportunities in other high-potential categories, to continue to drive our growth. 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 growth 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, energy-efficient coolers, ongoing automation in our supply chain as well as digital and data solutions. 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. The strongest, broadest 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 growing range of tastes and preferences, with a wider choice of both affordable and premium products, and a wide range of healthier options. Our portfolio has evolved with the proliferation of low- and no-sugar variants, single-serve packs and broader innovation in flavours. +4-6% NARTD value CAGR 2024-2028 +16 markets Monster Energy Green Zero Sugar launched in 2024 +13.8% FY2024 organic NSR growth 18.3% ROIC FY2024 +12.2% FY2024 organic EBIT growth A clear strategy frames our actions, with five growth pillars underpinning our decision making and focus. 1. Source: internal system projections excluding Russia and Ukraine Leverage our unique 24/7 portfolio 1 Win in the marketplace 2 Fuel growth through competitiveness and investment 3 Cultivate the potential of our people 4 Earn our licence to operate 5 Coca-Cola HBC Integrated Annual Report 2024 3 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Market trends Trends In 2024, our categories grew, driven by both volume and revenue per unit case. In Europe, category volume improved compared to 2023, with different dynamics in each market, while revenue per unit case growth was lower compared to 2023, reflecting a de-escalation of inflation. The sparkling category grew overall, and Sports drinks saw good growth as the best performing category within NARTD. In Africa, category volume continued to be volatile, coupled with high revenue per unit case growth following inflationary pressure. The impact of private label in our categories remained modest. How we are responding We sustained our focus on improving our single-serve mix and continued driving the shift from multi-serve packs to single- serve packs across all markets, and in both the At-home and Out-of-home channels. We continued to invest in our bespoke capabilities, particularly on embedding digital tools and our data insights & analytics capability to ensure we provided retail customers with relevant insights to maximise their value-added. This contributed to an improved Net Promoter Score, further improvements to pack mix, and value and volume share gains in key channels and most major markets. Growth pillars 1 Leverage our unique 24/7 portfolio 2 Win in the marketplace +100bps We improved single-serve mix by 100bps across the Group in 2024 Trends Consumer confidence remains low as high living costs pressure disposable incomes. Consumers have shown sensitivity to price increases, adopting price-driven shopping, downtrading and budgeting behaviours. NARTD and the sparkling category have continued to gain traction, being perceived as affordable treats. Despite ongoing budget constraints, opportunities continue to exist for premiumisation, as shoppers prioritise quality and indulge in small treats, considering healthy and sustainable options as worth paying for. How we are responding We continued adapting our portfolio to deliver both affordable offerings as well as premium products presented in appropriate pack sizes and combinations, as well as promotions, to capitalise on the summer with music and sport, offering consumers attractive choice. To support category growth, we have focused on a wider range of single-serve offerings and multipacks of single serves, as well as affordable multi-serve options. This allows us to compete effectively at attractive price points for the consumer and to penetrate smaller baskets in a more effective way. Growth pillars 1 Leverage our unique 24/7 portfolio 2 Win in the marketplace +150bps We gained or maintained share in the majority of our markets in NARTD, gaining 150bps of value share in NARTD Retail Consumer While there are significant geopolitical and economic trends that can influence overall market growth, we focus on the following five areas: retail, consumer, digital, sustainability and regulatory. These areas are where we react dynamically and create long-term value for our customers, consumers and shareholders. Coca-Cola HBC Integrated Annual Report 2024 4 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Market trends continued Trends The sustainability landscape was impacted by significant political shifts and regulatory changes in 2024 and we saw companies retreating on ESG goals. The rise of mandatory sustainability reporting required considerable resources and time from companies. 2024 saw extreme weather events and was the warmest1 year on record, which presents a critical need for companies, governments and individuals alike to take steps on climate, environmental and societal actions as never before. How we are responding We are on track to deliver our 2025 sustainability targets and making good progress towards our long-term goal of achieving NetZeroby40. We cannot solve the global challenges alone, but through collaboration and collective actions, innovation and investment, we can lead the implementation of much-needed new business solutions. These new solutions create value for us, our customers, our suppliers and our communities, opening up a more sustainable future. We will continue to report our progress transparently and in line with the best practices and mandatory regulations. Growth pillars 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 -18% We have reduced absolute carbon emissions in all three scopes by 18% in 2024 compared with 2017 1. Copernicus Climate Change Service/ European Centre for Medium-Range Weather Forecasts Trends Policymakers keep considering measures to protect public health, address budget deficits and counter inflation. These include discriminatory taxes, price caps, and marketing restrictions in specific product categories. The European Union has adopted the Packaging and Packaging Waste Regulation (PPWR), followed by discussion on the Green Claims Directive. Several European countries have already implemented deposit return schemes (DRS) and others are preparing to start them. Leading health authorities maintained their focus on nutrition, with no current proposed changes in safety approvals for non-sugar sweeteners from food safety authorities. How we are responding We remain committed to working with regulators, governments and industry partners to address emerging trends. We are supporting the launch of DRS across more European countries, with experience of this in several of our markets already. In addition we continue to make progress towards more sustainable packaging. We are expanding our low- and no-sugar variants to meet consumer demands, and we remain dedicated to providing transparent nutrition information for our products, in line with local regulations, to help consumers make informed decisions. Our Mission 2025 goals guide us as we actively support new EU Commission priorities through industry associations. Growth pillars 1 Leverage our unique 24/7 portfolio 2 Win in the marketplace 3 Fuel growth through competitiveness and investment 5 Earn our licence to operate 9 markets DRS are now active in 9 of our markets, with two more expected to launch in 2025 Trends Consumers have become much more comfortable and familiar with e-commerce. Convenience and ease-of-use of online shopping have improved. Companies continue to invest in digital tools to improve efficiency of operations, customer service and the effectiveness of their marketing spend. Artificial Intelligence (AI) has exploded in 2024, with companies embracing AI tools within their day-to-day operations. How we are responding We continue to invest in building and upskilling our talented in-house teams, as well as working with leading technology partners. We remain focused on developing our leading data, insights and analytics (DIA) capabilities which leverages statistics, machine learning and AI to turn data into actionable insights and a customised product and service offering to each outlet. Growth pillars 1 Leverage our unique 24/7 portfolio 2 Win in the marketplace 3 Fuel growth through competitiveness and investment 11.5% Customer orders made through our e-business-to- business platform, Customer Portal, up from 10% in 2023 Sustainability Regulatory Digital Coca-Cola HBC Integrated Annual Report 2024 5 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Business model Delivering value for our stakeholders 1 3 4 2 How we do it What we do 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. 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. 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. 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. 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 know-how, new products, and 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. 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 excellent, efficient execution. We also share marketing costs and responsibilities: TCCC markets to consumers, while we take responsibility for trade marketing to our customers. Our capital resources Coca-Cola HBC Integrated Annual Report 2024 6 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Business model continued • In 2024 we employed 33,018 FTEs, as we operate in 29 countries • Median basic salary ratio women/men: 1.37 • We increased the frequency of our customer engagement, providing customers with better support • In the marketplace, we achieved a total number of 60%1 energy-efficient coolers • In 2024, we trained 174,902 young people1 through our #YouthEmpowered programme to boost employability • We invested €8.4 million in local community initiatives • We delivered strong financial performance in 2024, with organic revenue up 13.8% and reported revenue up 5.6%. In recognition of our business strength and future opportunities, the Board proposed a dividend of €1.03 per share, an 11% increase compared with last year • Our business activities generate revenue for our suppliers and contractors and their extended value chain • We provide high-quality beverages and healthy options, reducing calories per 100ml of sparkling soft drinks by 18% in 2024 compared to our 2015 baseline • We spent €7.14 billion2 with suppliers and contractors • We are working with our suppliers to support their sustainable practices and emissions reduction plans 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 and suppliers. Measuring and managing these contributions through the sustainable growth of our business is an important part of our purpose. Since 2010 we have conducted socioeconomic impact studies in our markets to better understand the range and extent of the value we create in our ecosystem. 659,000 training hours for our people €1,297.4m total employee costs 43.5% women in managerial positions 1.8m customers served 1 job -> 13 jobs 1 job in our system supports 13 in the community 501,982 indirect jobs across the value chain 1,119,850 cumulative 2017-2024 number of young people trained in our communities €679.3m Capex spend Comparable EPS grew by 9.5% to €2.28, supported by strong EBIT delivery €5.3b paid in taxes across our value chain €14.4b supported in added value across our value chain 750m potential consumers refreshed over 14,000 suppliers operating across our value chain €7.14b spent with suppliers, of which 97.7% were local2 Value created Our impact Socio-economic contribution To read the methodology behind our socio-economic impact numbers Read more on p.360 Our investors Our consumers Our suppliers Our customers Our people Our wider stakeholders Our communities 1. Excluding Egypt 2. EU countries supplies are considered local for CCHBC EU based BUs. Coca-Cola HBC Integrated Annual Report 2024 7 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Chief Executive Officer’s letter Opening up moments together Seizing the opportunities ahead 2024 has been another extraordinary year. The external environment continued to be challenging across our markets. Along with others in our industry, we navigated normalised inflation in Europe and high inflation in Nigeria and Egypt, as well as geopolitical tensions, a dynamic macroeconomic backdrop and some uncertainty in the consumer environment. In true Hellenic spirit, we reflect and learn from these challenges so we are prepared and can take bolder decisions to drive growth and win in the market… in every challenge we search for the opportunity. The consistent strategic choices we have made, along with our bespoke capabilities, put us in a strong position to go after many opportunities. We have solid foundations, ambitious plans and hardworking, cohesive, resilient teams who are equipped and ready to adapt as needed. All of this is underpinned by our vision of being the leading 24/7 beverage partner and by our commitment to be the first-choice partner for our customers. The importance of our teams It has been over a year since we launched our renewed purpose: to open up moments that refresh us all, which has been very well embraced with positivity by our teams across our business units. Along with our vision and values, our purpose serves as the anchor for each of us every day, to continuously grow and succeed. Our strong employee engagement results this year are a testament to the strong culture we are embedding and maintaining across our business. I would like to thank all our colleagues for their extraordinary efforts over the past year, as well as The Coca-Cola Company (TCCC), our customers and our partners for their valued partnership and trust, which continues to push us to go the extra mile. Together, we are creating value for all that we serve. Strong partnerships, a 24/7 portfolio and unrivalled market execution With our valued partners, including TCCC, Monster, other brand partners, and our customers and suppliers, we are developing impactful promotional activation plans and best-in-class market execution, with a clear focus on building the future together. We continue building and strengthening our 24/7 portfolio, which is suited to offer consumers a variety of brands and products for all drinking moments throughout the whole 24 hours. Sparkling, Energy and Coffee continue to be our strategic priority categories within our 24/7 portfolio. Sparkling is the most important driver of our growth. Working closely with TCCC, we have developed targeted marketing campaigns and activations for world-leading events including Euro 2024 and the Olympic Games. Coca-Cola has continued to drive our volume growth over the last several years. Adult Sparkling has been a positive contributor to volume and revenue-per- case expansion, and we have benefitted from innovations in Schweppes and Kinley, as well as the launch of Three Cents into more markets. Our energy category continued to grow in 2024, with increases in share and volume. This year was the ninth consecutive year of strong double-digit volume growth. During the year, we introduced Monster Energy Green Zero Sugar to open up new opportunities for incremental expansion within the category through a no-sugar option. Our multi-brand portfolio in Energy provides a targeted offering to different markets, demographics and affordability needs. Our coffee portfolio also delivered strong results. Caffè Vergnano has expanded across our markets in premium Hotel, Restaurant and Café (HoReCa) outlets, while Costa has seen impressive growth in our focus area of the Out-of-home channel. Among several other consumer relevant categories like Tea, Water and Juices I would single out the very inspiring and growing opportunity with the sports drink category where we have been achieving excellent results with Powerade. Following our acquisition of Finlandia Vodka in 2023, I’m pleased with its smooth integration into our business and the expansion of distribution into our markets. I look forward to seeing exciting plans come to life that will elevate Finlandia in 2025 and beyond. We continue our strong partnership with Premium Spirits brand owners, including Brown- Forman, Edrington and Bacardi. Investing for growth In 2024, we made further significant progress in our digital transformation journey. We continue to invest in data, insights, analytics and advanced digital tools so we can better support our customers in driving joint growth and identifying new opportunities. We have also started establishing a new Digital Hub in Cairo to complement our Digital Hubs in Sofia and Athens, empowering our teams across the whole company with more in-house resources and digital tools to fuel innovation. The new Digital Hub will create roles in critical areas such as data engineering, AI engineering and data visualisation by the end of 2026. Our industry-leading, comprehensive learning curriculum supports and upskills our teams to be best-in-class, and to be able to adapt and thrive in fast-changing environments. Our prioritised capabilities differentiate us in the eyes of our customers across all channels. Our bespoke programmes, such as the Sales Academy, Data, Insights & Analytics Academy and Supply Chain Academy are equipping our teams to be the best in the industry. We continue to prioritise a Make It Simple mindset, with each of us playing a conscious role in simplifying all that we do. Since 2023, our efforts have released more than one million hours of employee time, boosting employee engagement, proactive collaboration and customer satisfaction. In 2024, we achieved another strong year of growth in a range of market conditions, while continuing to evolve our culture across our markets. Our passionate teams executed with excellence, further strengthening relationships with our partners and creating joint value with our customers. We look forward to opening up more opportunities for growth for all we serve in 2025.” Coca-Cola HBC Integrated Annual Report 2024 8 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Chief Executive Officer’s letter continued Sustainability remains a core focus This year, we were ranked – for the eighth time – as the world’s most sustainable beverage company in the Dow Jones Best-in-Class Indices. Retaining our leadership position is a real achievement and comes from our clear and ambitious sustainability strategy and our consistent approach to investment, innovation and partnerships. We feel proud to be leaders in sustainability and are on target to meet our objective of achieving net zero by 2040. 2025 will be the final year of our Mission 2025 goals and we have already reached 9 out of our 18 targets, ahead of the target year. For the fourth consecutive year, we are reducing our absolute greenhouse gas emissions (scope 1, 2 and 3) and performing in line with our NetZeroby40 roadmap, while growing our business. Packaging circularity remains a critical priority. Our first Coca-Cola System-owned and operated packaging collection hub in Nigeria which we Linking our vision, purpose, growth pillars and targets We have five strategic growth pillars 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 Read more about our growth pillars on p.14 to 29 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 20-40bps of organic comparable EBIT margin expansion per year on average. Sustainability Our sustainability targets include Mission 2025 and NetZeroby40. Please see Tracking our progress for details. Tracking our progress p.30 to 34 Our strategy and targets link directly to executive remuneration. Please see our Directors’ remuneration report for details. Read more on p.222 launched at the beginning of 2025 is a great example: we see empty bottles as a valuable resource that can be given another life, help to decrease our costs, and achieve our collection targets. Nine of our markets have Deposit Return Schemes (DRS) with the most recent schemes launched in Romania, Hungary, Ireland and Austria. Early results are encouraging – for example, in Romania, the average return rate reached 77% of containers sold in the market in the last three months of 2024. The communities where we operate have always been important to us. We exceeded our #YouthEmpowered target of training one million young people in 2024 – a year early. The Coca-Cola HBC Foundation made donations to flood-relief initiatives: rebuilding houses and community centres; providing food and emergency supplies; and replacing damaged medical equipment in hospitals in Greece, Nigeria, Poland, Romania, Hungary and Bosnia & Herzegovina. Strong financial performance I am proud that we have delivered yet another year of double-digit growth, with a 13.8% increase in organic revenues. Growth was high quality, with volume expansion in each of our segments and across our three strategic priority categories, and with continued share gains. This growth is driving real benefits for our customers. In 2024, we were once again the number one contributor to retail customers’ absolute revenue growth within fast-moving consumer goods (FMCG) in Europe, according to Nielsen. The resilience of our business is supported by the diversity and growth potential of the market we operate in. In 2024, we navigated a range of macroeconomic conditions to achieve an expansion in organic EBIT of 12.2% and a 9.5% improvement in Comparable EPS. Throughout the year, we continued to invest in developing our 24/7 portfolio, our markets and our capabilities, all in service of our vision to be the leading 24/7 beverage partner. These investments are also generating strong returns and, in 2024, our ROIC expanded by 190bps to 18.3%, testament to the value we are creating for investors. Looking ahead We have a culture where the growth mindset of our people is the driving force of our development and progress. We have built our resilience and agility to make sure we are able to overcome challenges and grow. Our sustainability strategy is central to those efforts, as we believe that achieving strong results goes hand in hand with doing that in a good way. Our valued partnerships, our unrivalled 24/7 portfolio, our bespoke capabilities and, of course, our passionate and committed team, are key components in our success. At the same time, we continue to listen to our customers and consumers, to understand and respond to their needs and market trends. I am excited by the abundance of opportunities that we have in our industry. Together, as One Team, I look forward to continuing to shape the future and create shared value; acting on our purpose to open up moments that refresh us all. Zoran Bogdanovic Chief Executive Officer Nigeria’s first-ever Coca-Cola System-owned and operated packaging collection hub 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 Coca-Cola HBC Integrated Annual Report 2024 9 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Stakeholder engagement Material issues and topics of interest • E1 – Climate change mitigation • E3 – Water consumption • S3 – Water and sanitation • E5 – Resource outflows related to products and services • S3 – Training and skills development • S3 – #YouthEmpowered Growth pillars 3 5 Key challenges • Climate change • Waste from our packaging • Water conservation • Empowering young people and women How we engage • We engage with customers and partners to understand what skills and training young adults need in specific markets • Via our #YouthEmpowered sessions, we increase the employability of young people • We participate actively to support the set- up and implementation of new packaging collection schemes • Addressing water challenges in water priority locations Outcomes of engagement • Our support of new collection schemes is translating into increased collection rates for packaging waste in many markets • We have committed to NetZeroby40 across the entire value chain • Water stewardship community projects in water priority locations 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 • The impact of climate change on the cost and availability of water • Suppliers and sustainable sourcing Material issues and topics of interest • E5 – Resource outflows related to products and services • 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 How we engage • Together with TCCC, we understand consumers’ needs and preferences through our access to consumer insights • Consumers also provide feedback on social media and via consumer hotlines Outcomes of engagement • We continued to evolve our portfolio to address changing consumer occasions and invested further in digital and e-commerce to meet new shopper needs Relevant KPIs • Percentage reduction of calories per 100ml Sparkling Soft Drinks (SSD) vs 2015 • Number of consumer complaints Principal risks • Product quality and food safety • Omni-channel evolution • Product category acceptability • Business interruption Material issues and topics of interest • E1 – Climate change mitigation • E5 – Resource outflows related to products and services • S3 – Training and skills development Growth pillars 1 2 Key challenges • 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 How we engage • Key account managers engage with our customers at a strategic level • Our Business Developers visit outlets with digital tools and insights to add value • Partnering to reduce food loss and waste • Introducing new packaging types and supporting packaging collection Outcomes of engagement • We increased direct engagement via our customer teams and via customer surveys • Programmes to reduce food loss and waste 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 Material issues and topics of interest • S1 – Health and safety • S1 – Secure employment • S1 – Training and skills development • S1 – Adequate wages • S1 – Gender equality and equal pay for work of equal value • S1 – Diversity Growth pillars 4 5 Key challenges • Building the best teams in the industry • Engagement as hybrid working continues • Mental wellbeing • Protecting our people in a more volatile security environment How we engage • Focused and continuous conversations, plus regular employee surveys to understand and act on needs and wellbeing • Employee Assistance Programme • Offering personalised experiences and opportunities for personal and professional growth • Ongoing dialogue with employee representative bodies Outcomes of engagement • Maintaining high engagement levels • Higher levels of engagement were reported as we focused on simplification, collaboration and retention Relevant KPIs • Employee engagement score • Percentage of managers who are women • Lost Time Accident Rate per 100 FTE Principal risks • Health and safety • People attraction and retention • Geopolitical and security environment Our people Our customers Our consumers Our communities 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 This year we are reporting under the CSRD for the first time, using the European Sustainability Reporting Standard (ESRS) framework and methodology. Our material issues and topic of interest are now categorised under the ESRS, for example, ESRS E1, ESRS S1 and ESRS S2 etc. Please see Annex 1 of the Commission Delegated Regulation (EU) 2023/2772 for the full set of reporting standards. Coca-Cola HBC Integrated Annual Report 2024 10 Strategic Report Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Stakeholder engagement continued Material issues and topics of interest • E1 – Climate change mitigation • E3 – Water consumption • E5 – Resource inflows, including resources • E5 – Resource outflows related to products and services • S3 – Water and sanitation • S4 – Consumers’ health and safety Growth pillars 3 5 Key challenges • Industry and/or product specific policies, such as taxes, restrictions or regulations • Environmental policies How we engage • Much of our engagement with governments is conducted at an industry level through trade associations • We partner with local governments to tackle waste collection challenges and water availability Outcomes of engagement • In response to regulations and levies on certain types of plastic packaging, we have lightweighted packages and used more sustainable materials • To address health and nutrition concerns, we continue to add low- or no-sugar drink options in every market and provide transparent nutritional information Relevant KPIs • Percentage of absolute emissions reduction • Percentage reduction of calories per 100ml SSD 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 Material issues and topics of interest • E1 – Climate change mitigation • E3 – Water consumption • E4 – Land-ecosystem use change • E5 – Resource outflows related to products and services • S3 – Water and sanitation • S3 – Training and skills development • S3 – #YouthEmpowered Growth pillars 5 Key challenges • Climate change mitigation and adaptation, move towards net zero emissions and water and energy use • Packaging waste • Sustainable sourcing • Partnerships with communities and grassroots organisations • Diversity and human rights How we engage • We include NGOs and community partners in our leadership development programmes, offering online training for managing virtual teams and leading in times of crisis • We partner with specific NGOs for targeted environmental and social projects • We engage through our annual Group Stakeholder Forum and our annual materiality assessment, as well as through adhoc meetings Outcomes of engagement • Percentage of participants from NGOs in our first-time manager programmes • Increased number of community projects for waste reduction, water stewardship and carbon removal Relevant KPIs • Number of, and investments in, community projects Principal risks • Cost and availability of sustainable packaging • Managing our carbon footprint • Suppliers and sustainable sourcing • The impact of climate change on the cost and availability of water • Ethics and compliance Governments NGOs Material issues and topics of interest • E1 – Climate change mitigation • E5 – Resource outflows related to products and services • S4 – Consumers’ health and safety Growth pillars 1 2 3 5 Key challenges • Increasing focus on ESG reporting, such as CSRD • Maintaining focus on long-term potential of the Group while navigating short-term volatility How we engage • Ongoing dialogue with analysts and investors, including communication of our financial results, as well as during our AGMs and investor roadshows. • In 2024 we launched our first bitesize investor event Outcomes of engagement • Consistent two-way dialogue between the Company and investors, ensuring both good understanding of long-term Company strategy in the markets and that investor concerns, are considered in decision making 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 • The impact of climate change on the cost and availability of water • Product-related taxes and regulatory changes • Foreign exchange fluctuations • Managing our carbon footprint • Geopolitical and security environment • Suppliers and sustainable sourcing Material issues and topics of interest • S4 – Consumers’ health and safety • S4 – Responsible marketing practices • S3 – Training and skills development • S3 – Water and sanitation • E5 – Resource inflows, including resources Growth pillars 1 2 4 5 Key challenges • Support for consumers, customers and communities • Profitable growth opportunities • Value share in our markets • Sustainable sourcing How we engage • Day-to-day interaction as business partners, joint projects, joint business planning, functional groups on strategic issues and ‘top-to-top’ senior management forums Outcomes of engagement • Our partnership added to the strength and depth of our 24/7 portfolio • Ongoing partnership within sustainability, with a particular example being the launch of the first Coca-Cola System-owned and operated packaging collection hub in Nigeria Relevant KPIs • Revenue • Value share Principal risks • Cost and availability of sustainable packaging • Suppliers and sustainable sourcing • Product-related regulatory changes and taxes Material issues and topics of interest • E1 – Climate change mitigation • E2 – Pollution of soil • E3 – Water withdrawals • E4 – Land-ecosystem use change • E5 – Resource inflows, including resources • S2 – Training and skills development • S2 – Secure employment • S2 – Gender equality and equal pay for work of equal value 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 How we engage • Feedback received through our annual Group Stakeholder Forum • Regular meetings with suppliers • Regular, ongoing interaction with the Coca-Cola System’s central procurement group and our technology and commodity suppliers Outcomes of engagement • Our long-term work with partners to reduce our water and energy use has also brought efficiencies. This is particularly important given our NetZeroby40 commitment • Activities related to sustainable sourcing and certifications 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 • The impact of climate change on the cost and availability of water • Ethics and compliance • Managing our carbon footprint • Suppliers and sustainable sourcing The Coca-Cola Company Our investors Our suppliers 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 Coca-Cola HBC Integrated Annual Report 2024 11 Strategic Report Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Chief Operating Officer’s letter Growing across our markets through operational excellence and our bespoke capabilities Playing to win 2024 has been a year marked by strong growth in a competitive environment. We have focused on both the ‘what’ and the ‘how’ to win in the market. Our intentional choices and strategic initiatives have positioned us well for continued success, helping us create our own opportunities. 24/7 portfolio driving growth Our 24/7 portfolio has continuously delivered in a range of market conditions, and 2024 was no exception. Growth was led by our three priority categories – Sparkling, Energy and Coffee. Sparkling remains the most important engine of growth for our company, and we continued to gain share and strengthen our leadership this year by focusing on key occasions. Energy performed well, with strong performances from Monster, Predator, Fury and our premium brand, Burn. We also saw growth in Coffee volumes for Costa Coffee and Caffè Vergnano. Bespoke capabilities as a key enabler Our bespoke capabilities remain a differentiating factor that sets us apart in the eyes of our customers across all channels. These capabilities are critical for us to better understand the real and changing needs of our customers and consumers, drive profitable revenue growth, and anticipate or react to new challenges faster and smarter. By accelerating our bespoke capabilities, we drive our growth algorithm. It is one of the reasons that we have delivered strong results, even in challenging markets. In 2024, we made significant progress in revenue growth management (RGM), route to market (RTM), digital commerce, customer management, data, insights & analytics (DIA) and talent development. RGM continues to drive profitable growth through smart affordability and premiumisation solutions. We deployed various RGM initiatives throughout the year to maximise opportunities, for example focusing on premium glass bottles in HoReCa. When it comes to focusing on affordability, we were agile with promotions and launched relevant affordable pack propositions across all our markets. In Nigeria and Egypt, we saw strong results from our returnable glass bottles (RGBs), our key affordable pack in these markets. Our omni-channel RTM further fuels our growth journey, adapting to customer needs, with physical and digital touchpoints. In October, I had the privilege of participating in our first bitesize investor event, showcasing our DIA capabilities. This event highlighted how we turn data into actionable insights, acting as a connector and accelerator of our key capabilities. Putting customers first We are committed to putting our customers first and our capabilities have allowed us to serve them even more effectively through a tailor-made approach. We are pleased that our efforts have led to positive Net Promoter Score results, which is our customer value creation metric. We are committed to closing the loop, with 24/7 support available through our sales portal and a promise to respond to customer queries within 48 hours. In June, we were proud to hold our largest-ever Market Impact Team (MIT) activation across the organisation, where more than 7,000 colleagues and our brand partners came together to support more than 50,000 customers before the start of the busy summer period. The dedication displayed by teams across our markets was genuinely remarkable and I am proud of the huge effort made to create value for our customers. Looking ahead With our strong 24/7 portfolio, bespoke capabilities and opportunities across our diverse markets, we are positive about our ability to drive growth with our partners. As we look ahead to 2025, I would like to thank our passionate, dedicated and resilient team. As an organisation, we put our people at the heart of our success, and our growth is a testament to their commitment and can-do attitude. I am confident that 2025 will be another great year in which we will continue to play to win together. Naya Kalogeraki Chief Operating Officer At Coca-Cola HBC, we play to win. This mindset is part of who we are, and we channel it every single day — not only in what we do, but in how we do it, with our customers at the heart of everything.” Coca-Cola HBC Integrated Annual Report 2024 12 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Segment operational highlights Our three business segments create a unique and diverse balance of markets which allows us to capture growth opportunities. 2024 2023 % change reported Population (million)1 91 913 – GDP per capita (thousands US$)2 43.8 43.5 0.7% Bottling plants (number) 15 15 – Employees (number) 7,135 6,809 4.8% 2024 2023 % change reported Population (million)1 77 77 – GDP per capita (thousands US$)2 19.5 19.0 2.4% Bottling plants (number) 9 9 – Employees (number) 4,338 4,227 2.6% 2024 2023 % change reported Population (million)1 582 576 1.0% GDP per capita (thousands US$)2 5.9 5.8 2.3% Bottling plants (number) 38 38 – Employees (number) 21,545 21,712 -0.8% Italy 39% Greece Austria 20% 13% Others 28% Volume breakdown per country (%) Poland 45% Hungary Czech Republic 21% 12% Others 22% Volume breakdown per country (%) Nigeria 24% Russia Egypt 22% 17% Others 37% Volume breakdown per country (%) 1. Data source: UN. Population excludes North Macedonia. 2. Data source: IHS Dec 2024 release. GDP refers to ‘GDP, real, harmonised’ in US Dollars. 3. Restated number as per data source. Established markets We were pleased to see organic volume and revenue expansion in 2024 despite a more sensitive consumer environment in some markets. Growth was fuelled by strong execution supported by our bespoke capabilities. We saw growth from low- and no-sugar offerings, particularly Coke Zero, as well as Adult Sparkling and an ongoing strong performance from Energy. Developing markets The segment showed ongoing good momentum with broad- based volume growth across most categories and markets. Sparkling grew well, supported by growth from Coke Zero and Sprite, while Energy also expanded. Revenue per case expansion benefitted from continued revenue growth management actions, and also the rollout of Finlandia distribution. Emerging markets Volume growth was driven by most categories, with strong double- digit growth of Energy and Coffee. Our DIA and RGM capabilities allowed us to swiftly react to macroeconomic challenges and take pricing actions through the year. Our affordable offers continue to unlock further per-capita consumption, while other premiumisation initiatives remain. Net sales revenue (NSR) €3,501.3 m NSR growth (organic) +3.3% NSR per case growth (organic) +3.0% Volume (million unit cases) 631.3 Volume growth (organic) +0.3% Net sales revenue (NSR) €2,385.2 m NSR growth (organic) +12.7% NSR per case growth (organic) +10.0% Volume (million unit cases) 482.6 Volume growth (organic) +2.5% Net sales revenue (NSR) €4,867.9 m NSR growth (organic) +23.3% NSR per case growth (organic) +18.9% Volume (million unit cases) 1,800.6 Volume growth (organic) +3.7% Coca-Cola HBC Integrated Annual Report 2024 13 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Leverage our unique 24/7 portfolio Growth pillars 2024 highlights • Focused delivery of our strategic priority categories of Sparkling, Energy and Coffee • Continued close partnership with The Coca- Cola Company to drive growth across our unique 24/7 portfolio • Expanded our low- and no-sugar ranges, including launching Monster Energy Green Zero Sugar in 16 markets • Drove Coffee growth with an increasing focus on the Out-of-home channel, in line with our plans • Integrated Finlandia Vodka into our business and expanded distribution to a further 19 markets • Continued to focus on driving mixability opportunities through Adult Sparkling and Premium Spirits KPIs • Organic revenue growth • Organic revenue per case growth • Volume growth Principal risks and opportunities • Marketplace economic conditions • Product-related regulatory changes and taxes • Product quality and food safety Read more on p.181 to 189 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 p.83 to 172 Stakeholders Read more p.10 to 11 1 Innovating in a mixed consumer environment Our 24/7 portfolio meets consumer needs for every occasion throughout the day. Our advantaged categories, locally relevant brands, and constant innovation in collaboration with our partners keeps us at the forefront of consumer choice and customer preferences. With our 24/7 portfolio, we operate in a targeted, locally relevant way, increasing value for us and our customers. Organic volume grew by 2.8% in 2024 (2023: 1.7%), with all of our strategic priority categories of Sparkling, Energy and Coffee, delivering growth, Key to our growth is understanding our consumers, and our partnership with TCCC focuses on consumer loyalty, innovation and marketing. We also work closely with our other brand partners, innovating and expanding our offerings. Sparkling is our growth driver Sparkling is one of our key growth drivers, comprising c. 70% of our business. In 2024, organic volume grew 1.5% (2023: 2.5%), Trademark Coke grew by low-single digits, while Coke Zero grew by mid-single digits. Within the flavoured sparkling portfolio, both Fanta and Sprite declined by low-single digits. Our partnership with TCCC enables us to build relevant consumption moments for consumers. In 2024, we capitalised on the summer with music and sport, activated across our At-home and Out-of-home channels, and successfully executed our Christmas campaign. Innovation remains critical to attract new consumers. We have introduced new, improved formulas of Fanta and Sprite, as well as zero-sugar versions. We have launched Coke Creations flavours and Fanta Beetlejuice, and are benefitting from on-pack Coca-Cola Marvel activations in targeted markets. Our low- and no-sugar propositions in Coca-Cola, Fanta and Sprite are growing in our Established, Developing and Emerging segments, driven by consumer demand, innovation and execution. In 2025 we will continue to create demand for our sparkling portfolio through consumer marketing programmes, product innovation and best-in class shopper activations. Adult Sparkling continues to grow, ahead of Sparkling Adult Sparkling delivered high single-digit organic volume growth in 2024 and above average revenue per case. We focused on driving mixability and premiumisation, innovating with Schweppes and Kinley, as we leverage our 24/7 portfolio and expand into premium non-alcoholic sparkling drinks and alcohol-free cocktails. Our super-premium categories continue to grow and we launched Three Cents in 11 new markets, bringing the total to 19 markets. The brand has great potential from mixability trends in social occasions. Our enhanced capabilities in data, insights & analytics are helping us to target high-end Hotel, Restaurant and Café (HoReCa) outlets, and we continue to expect good growth in this category. Energy continues its growth momentum Energy is one of our fastest-growing segments within NARTD, growing 30.2% and contributing c. 8% of Group revenue in 2024 (2023: c. 7%). Ongoing innovations include the launch of Monster Energy Green Zero Sugar, which have been successful in our Established and Developing markets. In Emerging, continued strong growth of our affordable brands, Predator in Nigeria and Fury in Egypt, was driven by football campaigns and local influencers. We have navigated new regulatory measures in Poland and Romania, which restrict sales of energy drinks to minors. We are positive about the mid-term potential of Energy and are attracting new consumers through disruptive marketing and a wide range of flavours. Coffee growth driven by Out-of-home channel We saw 23.9% organic volume growth in Coffee in 2024 (2023: 31.5%) and we expanded distribution across our markets, adding another 4.300 new outlets in the year. We are focused on driving growth in the Out-of- home channel with both Costa Coffee and Caffè Vergnano, while premium HoReCa customers remain our priority for Caffè Vergnano. Our Coffee Academy trained an additional 2,000 colleagues in 2024, enhancing our future growth capabilities. Coca-Cola HBC Integrated Annual Report 2024 14 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Quality and consumer feedback We are committed to ensuring the safety and quality of all the products we manufacture and distribute. Food loss and waste, and product quality are both material topics for our business. In 2024, consumer complaints were broadly similar to previous years. There was one product quality incident in 2024, resulting in a product recall in Austria. We marked World Food Safety Day and World Quality Week with targeted campaigns on our journey from compliance to performance. Read more about our approach to food loss and waste and how we are mitigating agriculture’s social and economic impacts on our website Policies | Coca-Cola HBC. Premium Spirits expand with roll-out of Finlandia Premium Spirits delivered organic volume growth of 31.8% in 2024. A large driver of this was the expansion of Finlandia Vodka, which we acquired from Brown-Forman in November 2023. In 2024, we expanded into 19 new markets where we didn’t have distribution rights prior to the acquisition. Finlandia Vodka enhances our premium spirits credentials and opens up mixability opportunities with our NARTD portfolio. Partnerships are key to growth in Premium Spirits. In 2024, we grew our partnership with Bacardi, rolling out distribution into an additional nine markets after starting with the Czech Republic and Hungary in 2022. Along with Bacardi, we continued our successful partnership with Brown-Forman, expanding our portfolio with super-premium Gin Mare, and with Edrington, celebrating the 200th anniversary of The Macallan. We launched the ready-to-drink Jack Daniel’s & Coca-Cola can in a further 15 markets, following Poland, Hungary and the Island of Ireland launches in 2023. Still brands powered by summer of sport Sport drinks remain one of the fastest-growing categories in NARTD and our leading brand, Powerade, was launched in three new markets in 2024 and delivered strong mid-teens volume growth. Powerade played a prominent role in major local running events and marathons, such as the Vienna City Marathon and the Athens Classic Marathon, as well as other local sporting events, including tennis and padel tournaments. Additionally, Powerade was the official sports drink of the Paris 2024 Olympic Games, creating opportunities for consumer engagement activations across our territories. By aligning with high-profile athletic events, Powerade reinforced its brand presence and deepened its connection with active consumers. Ready-to-drink tea delivered mid-single digit volume growth in 2024 (2023: low-single digit growth) despite challenging conditions. We prioritised profitable revenue growth in Water, with a focus on profitable packs and brands. Juice volume declined low-single digits (2023: low-single digit decline), impacted by market dynamics. Sustainable packaging Sustainable packaging is one of our material topics, and you can read more about this in Earn our licence to operate. Priorities in 2025 • Continue to deliver growth across our unique 24/7 portfolio, led by our strategic priorities of Sparkling, Energy and Coffee • Continued strong Sparkling growth, supported by our partnership with TCCC • Drive growth and premiumisation with Adult Sparkling • Continue to grow in Energy, supported by the roll-out of Monster Green Energy Zero Sugar and affordable offers in Africa • Increased prioritisation of the Out-of-home channel in Coffee • Accelerate Stills, particularly focused on Powerade and FUZETEA • Drive profitable growth and value share in close partnership with TCCC through key occasions • Increase marketing of low- and no-sugar drinks • Ensure product quality, safety and integrity remain key 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. Giving consumers choices for their diet and lifestyle We are committed to satisfying great taste and promoting healthy and balanced diets, supporting recommendations by leading health authorities and prioritising responsible marketing, which is one of our material topics. In line with our business strategy, we are focused on giving consumers broader choices to meet current and future preferences. We produce new innovative low- and no-sugar drinks, offer small packs for portion control, and promote low- and no-sugar beverages. Read more on our approach to nutrition on our website, Nutrition | Coca-Cola HBC, in our GRI Content Index and in the Sustainability Statement, including our commitments, nutritional labelling and responsible marketing practices. See our World Food Safety Day video: Watch our Finlandia Vodka showcase video at the Athens Bar Show Growth pillars continued Leverage our unique 24/7 portfolio continued 1 Read more on p.24 to 29 Coca-Cola HBC Integrated Annual Report 2024 15 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Revenue growth management RGM enables us to drive premiumisation and smart affordability solutions Data, insights & analytics Data driven insights, allow micro-segmentation of our customers Route to market Cost optimised, value creating outlet coverage, that is both physical and digital. Talent development Investing in our people and their development remains our ‘lighthouse’ capability Customer management Joint value creation is at the heart of customer partnership. Digital commerce Route-to-customer through eB2B Route-to-consumer through e-retail and delivery apps Our bespoke capabilities enable us to target execution excellence for every outlet Execution Excellence for every outlet Win in the marketplace 2024 highlights • Strong revenue expansion and continued profit growth • The leading contributor to revenue growth in FMCG across our retail customers • Rolled out our next-generation CRM system to a further five markets, bringing the total to 23 markets • Used our data, insights & analytics (DIA) tools to develop leads and opportunities for the HoReCa channel KPIs • Organic revenue growth • Organic revenue-per-case growth • Volume growth Principal risks and opportunities • Foreign exchange fluctuations • Marketplace economic conditions • Business interruption • Product quality and food safety • Geopolitical and security environment • Cost and availability of sustainable packaging • Suppliers and sustainable sourcing • Cyber incidents Read more on p.181 to 189 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 p.83 to 172 Stakeholders Read more on p.10 to 11 2 Bespoke capabilities with exceptional people To win in the marketplace, we develop and deploy our bespoke capabilities, which are critical for understanding the changing needs of both our customers and consumers. We also rely on our talented salespeople, or Business Developers, who develop long-lasting, winning partnerships with customers. Our customers range from global supermarket brands and independent convenience stores to restaurants and e-retailers. Understanding their needs and consumer relationships is critical to our continued success. In 2024, our winning customer partnerships resulted in strong revenue-per-case expansion and profit growth, driving 150bps1 of value share expansion in NARTD2 in 2024, and a 20bps improvement in value share expansion in Sparkling2. Targeting personalised execution for every outlet – using our bespoke capabilities Our goal is personalised execution for every outlet. This requires continuous development of our bespoke capabilities, including DIA, revenue growth management (RGM) and route to market (RTM). Customer management In 2024, we were once again the leading contributor to revenue growth in FMCG across our retail customers2. Our approach to joint value creation lies at the heart of our successful customer partnerships. In 2024, we rolled out our next-generation CRM system to five more markets, bringing the total to 23 markets, and we strengthened our customer management capabilities. 1. Basis points 2. According to market researcher Nielsen 3. Excluding Russia CustomerGauge ‘voice of customer’ software, which enables instant feedback from customers, is now rolled out in all markets and our Net Promoter Score has increased from 59 to 65, in part a reflection of increasing the number of resolved customer cases within 48 hours to 93% (2023: 83%). Digital commerce In 2024, we continued investing in digitalising our route to market, both route to customer and route to consumer. We have continued to collaborate with Food Service Aggregators (FSAs), plus e-retailers and food delivery platforms, for omnichannel consumption. Our focus on digital shelf execution and data-driven shopper activation led to strong double-digit revenue growth online, together with online market share expansion. On food delivery platforms, we aim to sell a drink with a meal, and this ‘beverage attachment’ rate grew to 27% from 26%3 in 2023. Our Customer Portal e-business-to-business (eB2B) platform has continued to grow and is our main order-taking channel, representing 11% of orders made in 2024. Growth pillars continued Coca-Cola HBC Integrated Annual Report 2024 16 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Watch our highlights video from INNOvember Watch our DIA capability webinar Refreshing more consumers and customers than ever before through our physical and digital routes to market 2024 in numbers4 12,200 Business Developers 1.8 million Customers 70% of stores visited directly 1.3 million Cooler doors >90% Cold drink equipment (CDE) coverage in high-potential outlets Meanwhile, we have scaled our business-to- business digital marketing capabilities, launching automated customer engagement journeys, and piloting generative AI marketing campaigns, with promising first results on customer engagement. Sirvis, our 24/7 multi-category, eB2B aggregator ordering platform, was rolled out in three new countries in 2024. The platform connects Out-of-home outlets to wholesale suppliers of goods and services providers, and provides an additional growing revenue stream for us. Data, insights & analytics – translating data into actionable insights DIA is vital in understanding our customers and consumers so we can serve them better and achieve personalised execution in every outlet. In October we hosted our first bitesize investor event: a deep dive into our DIA capability, sharing how we turn data into actionable insights, leveraging statistics, machine learning and AI. We discussed how we use AI algorithms to scan external sources and prioritise outlets, pinpointing leads and opportunities, to expand our 24/7 portfolio. We also shared powerful case studies. For example, in Egypt we have used data to prioritise investment in Cairo and Giza, to drive higher visibility of our brands, improving execution and driving sales. We identified 11,000 kiosks and grocery stores to activate and place our coolers in, resulting in a 33% increase in sales compared with benchmark outlets that were not activated in this way. We are looking to scale this approach to more outlets in 2025. We have focused on using more data, for example, image recognition, cooler door openings and DIA insights, to continue to improve our in-store execution. We have upgraded our physical RTM to adapt to our digital transformation and we now have around 200,000 active digital customers through all our B2B platforms. Talent development is our lighthouse capability We are building capabilities by offering world-class training for colleagues in our Sales Academy, and our recently launched DIA and Digital Commerce Academies. We are on track to upskill more than 6,000 Business Developers by the end of 2025. Our learning culture is embedded throughout our Company as we make learning accessible through technology-enabled solutions. One example of this in practice was in November, when we held a month-long celebration of learning and innovation, INNOvember, inspiring colleagues to embrace technology in their everyday work, in particular AI. You can read more about talent development in Cultivate the potential of our people on p.20 to 23. 4 Data excluding Russia Priorities in 2025 • Strive towards personalised execution for every outlet, leveraging our bespoke capabilities • Accelerate digital commerce with Customer Portal and Sirvis, our eB2B aggregator ordering platform • Build analytics for Customer Portal, with intelligent and personalised digital marketing, and improve our current algorithms with generative AI solutions • Continue to enhance our competitive advantage from segmented execution insights, particularly in our HoReCa channel, and leverage insights from promotion analytics • Upskill more than 6,000 Business Developers in DIA and digital commerce by the end of 2025 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. In 2025, we will also focus on building analytics for our Customer Portal with intelligent and personalised digital marketing, and using generative AI to improve our current algorithms. We will increase the variety of external data sets we use in the model, such as using outlet images, customer reviews, comments and feedback to further increase the intelligence of the model and improve our targeting ability. The bitesize DIA investor event was hosted by our COO, Naya Kalogeraki, and led by our Head of DIA, Ruchika Sachdeva. Follow the link from the QR code to watch it. Revenue growth management We are using our RGM framework to meet consumer demand for affordability and premiumisation. We benefit from the breadth of our 24/7 portfolio, with different price points, as well as our ability to adapt package formats for different occasions and affordability needs. Using our RGM capabilities, we implemented price increases where required in 2024, as well as drove mix increases, balancing premiumisation and affordability to meet local needs. Our affordably priced, returnable glass bottles (RGB) in Nigeria and Egypt continued to deliver a strong performance, and we increased sales of premium small glass bottles in HoReCa in our Established segment through the summer. Route to market Each day, our Business Developers serve almost two million customers across our markets. In 2024, we deployed our dynamic routing tool in 18 countries with an estimated 15% reduction in travel time for our Business Developers, freeing up more time for them to meet face to face with customers. We also added 57,000 more cooler doors, which helps to drive single-serve mix and revenue growth. We now have over 90% coverage of coolers in high-potential outlets. Growth pillars continued Win in the marketplace continued 2 Coca-Cola HBC Integrated Annual Report 2024 17 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Growth pillars continued Sustainability investment – a consistent focus across all our investments Our approach to sustainability is doing what is right, while creating value for the business and strengthening resilience. Sustainability investment cuts across all our investment categories and underpins every investment decision we make. In 2024, we achieved the following: Energy-efficiency • Increased the number of new energy- efficient coolers in customers’ premises, bringing the total to 60%1 (2023: 55%), supporting our revenue growth management strategy and sustainability goals. • Installed a further 1MW of solar generation in Nigeria, increasing the total of on-site renewable capacity to 13MW, improving the security of supply and reducing carbon emissions. • Increased on-site photovoltaic (PV) capacity in Europe by 1MW, completing installation in the Czech Republic and Greece, bringing total installed PV capacity across all our countries to 24MW. Fuel growth through competitiveness and investment 2024 highlights • Added a new Monster canning line in Italy • Ramped up our €11 million rPET unit in Romania to full production • Reached 60%1 energy-efficient, connected coolers across our markets • Rolled out ‘Digital Twin’ in three additional plants • Integrated Finlandia Vodka into our supply chain, driving growth in Premium Spirits KPIs • Organic EBIT growth • Comparable EBIT • Comparable EBIT margin • Capex as % of NSR • ROIC Principal risks and opportunities • Marketplace economic conditions • Product quality and food safety • Suppliers and sustainable sourcing • Cyber incidents • Cost and availability of sustainable packaging • The impact of climate change on the cost and availability of water • Managing our carbon footprint Read more p.181 to 189 Material issues and topics of interest • E1 – Climate change mitigation • E3 – Water consumption • E5 – Resource inflows, including resources • E5 – Resource outflows related to products and services • S3 – Water and sanitation Read more p.83 to 172 Stakeholders Read more p.10 to 11 3 Investing to refresh and grow, sustainably We continue to invest to support our growth ambitions and have a broad footprint of 62 production plants, including five mega-plants, across 29 countries. Our investment falls into four broad categories, all of which integrates sustainability investment. Investing in renewal and refreshment of European capacity We are investing in renewing capacity in Europe, replacing older lines and implementing new technologies. Every new line: • enables innovation of the product and package for consumer attractiveness; • improves our environmental footprint (water and energy); and • improves productivity and reduces our cost-per-unit case of production. Investing in growth We invest to enable our growth ambitions and targets. In our Emerging segment, we are seizing the growth opportunities from both a young and fast-growing population, and the opportunity to increase per-capita consumption of NARTD beverages. For example, in Egypt, we installed an additional PET line in 2024 to meet increasing demand. This line has also allowed us to expand our production of Energy drinks, a category that we launched in the market in 2023 and which has seen rapid growth. We are also investing in growth in our Established segment. For example, in January 2024, we commissioned a Monster canning line in Italy. This is now fully operational, bringing our total number of Monster producing canning lines to seven across six countries. We continue to invest in our partnership with Monster Energy, with Energy being one of the fastest-growing categories in NARTD beverages. Investing in digital, data and technology Fuelling our growth requires investment behind digital technology and new business models, blended with our continuous focus on productivity and efficiency improvement. In 2024, we continued to focus on embedding digital ways of working throughout the Group to deliver prioritised business outcomes. We consider three critical categories when investing in digital, data and technology: consumer and customer centricity (read more in ‘Win in the marketplace’ on pages 16 to 17); employee experience (read more in ‘Cultivate the potential of our people’ on pages 20 to 23); and operational productivity. We were able to achieve an improvement in production overheads as a percentage of NSR in 2024, supported by the ongoing end-to-end understanding of our manufacturing and logistics network, enabled by technology and digital solutions. One example is the roll-out of ‘Digital Twin’ in three markets in 2024. Digital Twin creates a digital replica of a plant enabling optimised resource use and efficiency savings, We plan to expand this into two additional plants in 2025, In 2024 we also finished the technical roll out of our advanced demand and supply planning system Blue Yonder, finalising the replacement of our old systems. Investing in logistics, including automated warehouses Our logistics strategy targets unparalleled service and being a reliable, trusted and preferred partner for our customers. In 2024 we started further improvements and digital investments into our end-to-end order process and real time tracking of our delivery services. We also continue expanding our automated warehouse capacity which allows us to support our growth ambitions while continuously improving productivity. 1. Excluding Egypt Coca-Cola HBC Integrated Annual Report 2024 18 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Growth pillars continued Sustainable packaging • Ramped up our €11 million rPET unit in Romania to full production, enabling the production of 100% rPET bottles and capitalising on the new nationwide DRS. This investment brings all three elements of packaging circularity, (meaning beverage container collection, rPET production and 100%rPET bottles), to fruition in the business unit. • Reached full production capacity on our new reusable glass bottle (RGB) line in Austria. The line is also filling our new ‘universal’ reusable glass bottle. Premium RGB beverage production continues to increase, reaching 16% of total Austrian volume in 2024, up c.2% on the prior year, while volumes packaged in glass increased by 9% overall. Our recovery rate of RGBs in Austria is >85% and is an important element of our circular packaging strategy. • Following the successful transition to tethered closures across all our EU markets, we continue to focus on further optimisation opportunities. We will roll out a new PET bottle neck finish across all our geographies starting with Nigeria in 2025. This initiative further reduces the weight of the PET bottle and closure. Full roll-out savings are estimated at 12,000 tonnes of plastic material and 13,900 tonnes of CO2 annually. • In Italy, we introduced a lightweighted carton for our 150ml can multipack. This is a further evolution of our initial step of substituting plastic shrink film with a more circular-friendly carton packaging solution. This successful pilot will be rolled out in other geographies where applicable. Our new RGB line in Austria • In 2024, we have continued to reduce the amount of material used in our labels across most of our markets. We expect to complete this project in all our markets by the end of 2025, delivering approximately 550 tonnes of plastic and 1,000 tonnes of CO2 reduction respectively. 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 15,000 parent level supplier organisations into direct and indirect spend suppliers, and segment according to their importance. Click here to read more Monitoring supply chain effectiveness Our robust, collaborative approach to monitoring our supply chain is crucial for reducing our scope 3 emissions and ensuring compliance with our Supplier Guiding Principles. We monitor the performance of our key suppliers through annual internal assessments and third-party compliance audits, the EcoVadis IQ Plus Tool and EcoVadis Risk Assessment platform. EcoVadis helps us monitor, assess and benchmark risks using 21 criteria and is our common ESG assessment platform across the Coca-Cola System, where we exchange information on supplier ESG performance. We recognise supplier certifications (including ISO 9001, ISO 14001, ISO 50001, FSSC 22000 and ISO 45001). For agricultural commodities, we recognise international certifications such as the Rainforest Alliance, Fairtrade, Bonsucro, the Sustainable Agriculture Initiative (SAI), Platform Farm Sustainability Assessment (FSA), VIVE1 and Global GAP+GRASP2. All long-term contractors and contracted services on site are assessed on human rights through workplace audits every three years. We are investigating how to extend risk assessment in our supply base, leveraging AI and customised alerts, giving our strategic procurement team faster access to critical events, and information, affecting our supply chain. We are also supporting our suppliers in improving their ESG performance. In 2024, we initiated ESG performance debrief sessions with specialists from sustainability intelligence platform EcoVadis and our vendor teams. We are committed to our annual capability-building programmes. These range from training by in-house teams and partners like EcoVadis, VIVE and Bonsucro, to running higher-level academy sessions targeting critical topics such as reducing GHG emissions in support of our scope 3 targets. You can read more on this in Earn our licence to operate on pages 24 to 29. Fuel growth through competitiveness and investment continued 3 Priorities in 2025 • Enable profitable business growth through securing product availability, innovation and cost management • Continue to improve the environmental impact of our operations and packaging • Install additional lines to meet demand and execute automated warehouse projects • Achieve unparalleled customer experience with continued logistics and planning focus as well as expansion of digital tools • Roll out Digital Twin to two further plants 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. VIVE is a sustainable supply programme 2. Certification and benchmarking for responsible farming practices Coca-Cola HBC Integrated Annual Report 2024 19 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Transforming the digital employee experience In 2024, we continued our digital transformation journey, helping to shape a future-ready, engaging and innovative workplace. Our new Helo and Refresh platforms digitalise processes and foster an inclusive and productive employee experience. • Helo, on the Workday platform, streamlines workforce administration by empowering employees with self-service tools and equipping managers with resources to better support their teams. This frees up time for employees and simplifies ways of working across the organisation. • Refresh, on Microsoft Viva and SharePoint, is our enhanced employee experience and intranet platform, replacing fragmented intranet pages across our markets. It centralises tools and resources, enhancing productivity, enabling smarter working, strengthening connections and cultivating a truly global workplace culture. We have also introduced a digitalised end-to-end onboarding journey for external candidates and internally promoted employees, which covers pre-onboarding orientation, hiring administration and a comprehensive learning journey. Our new approach provides newcomers with 360-degree support from managers, colleagues and buddies. Our rewards process is also being digitalised to improve transparency and provide a better experience for line managers, employees and People & Culture teams. In 2024, we started to roll out the digital merit increase and annual bonus processes for managers, and have received positive feedback on the new digitalised experience. Cultivate the potential of our people 2024 highlights • Continued to build high-performing sales teams and strengthened our commercial talent pipeline with internal successors • Improved our engagement score to 88%, staying resilient and connected with our teams through continuous listening • Embedded our growth mindset-driven culture through leadership role-modelling behaviours, focusing on driving simplicity and proactive collaboration • Strengthened workforce diversity by increasing share of female leaders, while building an inclusive workplace KPIs • Employee engagement • Percentage of managers who are women • Lost Time Accident Rate Principal risks and opportunities • Geopolitical and security environment • Health and safety • Business interruption • People attraction and retention Read more on p.181 to 189 Material issues and topics of interest • S1 – Health & Safety • S1 – Secure employment • S1 – Training and skills development • S1 – Diversity • S1 – Gender equality and equal pay Read more on p.83 to 172 Stakeholders Read more on p.10 4 Strengthening our culture We believe that it is only with the strength, competence and engagement of our people that we will achieve our vision and ambitious growth plans. Our colleagues across all our markets have truly embraced our purpose, Open up moments that refresh us all. This purpose is our North Star as we aim to drive impact, operating with a growth mindset and a belief in creating a better shared future. Over the past two years, we’ve embedded our culture manifesto across Coca-Cola HBC, including our purpose, vision, leadership model, values and behaviours. In 2024, we focused on building understanding, integration and helping leaders to bring our values to life. To ensure that we live our behaviours day by day, they are integrated into employee performance reviews. Three key behaviours (collaboration with a customer-centric mindset, growing ourselves and others, and make it simple) encapsulate our Growth pillars continued People & Culture – Purpose and Vision Building on global trends and reflecting on the insights from our employees, line managers and our Executive Leadership Team, we involved our People & Culture community to co-create our People & Culture Purpose and Vision. Our People & Culture purpose unites us: Together, we open up the potential of all our people. At the core of our vision is a dedication to growing the best teams to deliver our growth strategy, through nurturing our unique culture, cultivating the talent of our people, enhancing our employee experience and driving continuous growth. core expectations and we have developed measures to evaluate them, ensuring maximum impact on both personal growth and our business. To bring our culture to life and support teams across our markets, we have introduced our Line Managers & Employee Handbook. Our purpose and values awareness campaign in 2024 showcased what it means for us to live our values and behaviours. Sharing stories from our diverse and talented people across our markets continues to be a platform for recognising our culture ambassadors and promoting the behaviours we would like everyone to live at Coca-Cola HBC. It ensures colleagues feel seen, heard, valued and connected to each other and to our culture. Together, we open up the potential of all our People. Grow the best Teams to deliver our Growth strategy People Focused Business Relevant Simple & Sustainable Manifesting our values Redtalks – the power of storytelling Coca-Cola HBC Integrated Annual Report 2024 20 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Engagement and collaboration We believe employee engagement drives motivation, productivity and organisational success. We measure engagement through six key metrics: teamwork, energy, resources, strategy belief, pride and advocacy. To track focus areas and overall engagement, we conducted two employee surveys in 2024, achieving a 90% participation rate (88% in 2023). Our focus in 2024 included simplification (+2 percentage points (pp) from 2023), collaboration (+2pp from 2023), retention (+1pp from 2023) and overall engagement. These efforts led to an all-time high sustainable engagement index score of 88% (+2pp from 2023). Our Business Developer and newcomer engagement scores were also up 3pp compared with last year. Our engagement score exceeded the Perceptyx Global Top Decile Norm by 2 pp, reaffirming our performance against top-tier companies. 88% sustainable engagement index score 89% belief in our strategic priorities 93% feel proud to be part of Coca-Cola HBC 89% would recommend working at Coca-Cola HBC Our cross-functional collaboration has also significantly improved, as measured through our internal Collaborating for Impact survey. Our Net Promoter Score from our country teams landed at 28 (+3pp from 2023). Through systematic cross-functional action plans, we aim to elevate both customer and employee experience, leading to a more collaborative and customer-centric organisation. We have updated our feedback loops, including colleague feedback and upward feedback, to occur twice a year, aligned with our performance reviews. We are aiming to increase the number of employees covered by our feedback cycles and are gaining more valuable insights, with 70% coverage rate in colleague feedback (67% in 2023) and 80% in upward feedback (82% in 2023). We have streamlined performance reviews, reducing the number of formal steps and allowing for more meaningful dialogues. Employee turnover has continued to fall, landing at 10.5% compared with 11.4% in 2023. Retention remains a key priority, through attractive remuneration and benefits, as well as our focus on employee wellbeing and engagement. Wellbeing and rewards We strive to ensure everyone feels valued, recognised and supported in their pursuit of professional development and wellbeing through our policies, comprehensive benefits and innovative wellbeing initiatives. Our Wellbeing Framework focuses on physical, mental, financial and social health. In 2024, we reinforced our commitment to employee wellbeing through dedicated sessions across our regions, highlighting our Employee Assistance Programme (EAP), which is available to more than 26,600 employees. As a result of these sessions, we have increased EAP utilisation and improved the engagement with the EAP app. Our Wellbeing Hub features a wealth of resources, including stress management booklets and other wellbeing-focused materials. Our commitment to employee wellbeing earned us high commendation in the European Wellbeing Excellence category of the TELUS Health 2024 Wellbeing Awards. Health and safety We are committed to driving an occupational health and safety culture to provide a safe place of work for all our employees, contractors, visitors and individuals under our supervision, targeting zero accidents across all our operations and sites. We are continually improving our systems and initiatives, and expanding our behaviour-based safety (BBS) programme to broaden the reach of our safety culture. In 2024, we launched the BBS programme in the route-to-market (RTM) area in several countries, including some external distribution centres. We have continued quarterly compliance assessments, adhering to TCCC’s Life Saving Rules in all our facilities1, with an implementation rate of 86.8%. Each assessment is followed by dedicated corrective actions to address any critical gaps. We are proud to report zero on-site fatalities this year. However, we regret to report two fatalities among contractors and employees due to road accidents (five in 2023). Whilst our Lost Time Accidents (LTAs) among employees since 2017 have reduced by 2.4 times, unfortunately they increased last year (100 in 2024; 89 in 2023). Thankfully no severe injuries were recorded across the organisation. On a positive note, we report a reduction in contractors’ LTAs compared with the previous year, underscoring our relentless efforts to ensure a safer working environment for everyone involved. We launched a new interactive health & safety e-learning course, which is mandatory for all employees. Our Sales Academy was also enhanced with new health & safety-related e-learning courses, which have already been completed by more than 3,200 learners, ensuring that safety is a priority across all functions. In 2024, we introduced monthly Safety Awareness Days and strengthened our health & safety culture and engagement through increased communication from our senior leaders. For the first time, a dedicated health & safety update was included in our Leadership Conference as a key topic, highlighting our commitment to integrating safety into all aspects of our operations. Supporting our people in Ukraine During the third year of the war in Ukraine, our people, with the support of the whole Coca-Cola System, continued to demonstrate resilience, mutual support and collaboration. Their safety remains our number one priority, while adaptation and winning in the new reality became our motto for 2024. This year, we continued with stress management and resilience webinars, and town halls with our General Manager and the local leadership team. Based on these discussions, we implemented several initiatives, including the upgrade of the basement of our premises into a fully operating shelter with comfortable working conditions. We also launched an internship programme, covering all functions and enriching our organisation with 15 young talents. We continue supporting our Diversity, equity & inclusion (DEI) agenda, having started a cooperation with the ‘Zhyttelyub’ foundation, which helps the more senior population of Ukraine in reskilling and employment. We are developing our ‘Women in Sales’ community to support female employees in their career development. We continue living our corporate values, driving internal volunteering and helping the wider community of Ukraine. Growth pillars continued Cultivate the potential of our people continued 4 1. Excluding Russia Coca-Cola HBC Integrated Annual Report 2024 21 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report We received nine diversity-related awards in 2024 in recognition of our efforts to increase gender diversity. In Greece, we received the Gold award for Accelerating Female Professionals. In Austria, our four awards include the Seal of Quality of In-house advancement of Women. The Women of CCHBC International Women’s Day Women in Leadership Growth pillars continued Cultivate the potential of our people continued 4 Diversity and inclusion Diversity, equity & inclusion (DEI) is key for diversity of thinking and fostering psychological safety throughout our organisation, so everyone feels they are respected and belong. During 2024, we continued to uphold our DEI commitments by increasing the number of our female leaders. We are closely monitoring our progress across recruitment, talent development and retention, and embedding inclusive leadership in our leadership development programmes. 43.5% female leaders 56% external female managerial hirings 45% internal female managerial appointments As we strive to build a gender-balanced organisation, our focus is on increasing the representation of women throughout Coca-Cola HBC. We have improved our gender balance at all levels, with 43.5% of management positions now held by women, a 1.7pp increase since last year. We held Women Network sessions in Austria, Ireland, Egypt and Nigeria, and virtual talks with our women in the DTPS and Finance functions to increase visibility and knowledge sharing. Over the past year, 69 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 challenge cultural factors that may hold them back. Since the start of the programme in 2022, 56% of participants who completed the first programme, and 50% of participants who completed the second programme, have been promoted. We also held female community talks, featuring our COO, Naya Kalogeraki, and our CPCO, Ebru Ozgen, who joined our female leaders in a panel discussion. In Nigeria, we have developed a female development programme, helping women to build self-belief and self-confidence. Further highlights include the following: • Our CEO continuing to be a judge at the WeQual awards for female leaders • Participating in the LEAD conference in Hungary, as a TCCC partner and beverage sponsor – the largest diversity and inclusion event for the European FMCG and retail industry • Supporting The Boardroom in Greece and Switzerland to develop women for board roles To ensure we adhere to all applicable laws and regulations and demonstrate best practice around DEI, we regularly review our Human Rights Policy, our Code of Business Conduct and other internal standards. Read more on pages 131 to 132 and on our website. Talent development: Our lighthouse capability Our commitment to people development is supported by our evolving Talent Review Framework, which enables us to identify successors for senior leadership roles. In 2024, we identified 64 successors to country function head roles and 18 have taken over. We have a broader, gender-balanced pool with more than 300 future successors and early talents, and we will tailor their development and accelerate their growth. To enhance talent visibility across business units and functional areas, we worked with 17 cross-country talent pools, enabling more internal moves across our countries and functions. This contributed to 84 appointments transitioning into senior leadership roles, with 77% of the managerial roles filled internally. We are focused on bespoke capabilities to identify where we need to invest in external hires or internal capability development. More than 300 employees took part in our acceleration programmes in 2024, which continue to drive our internal succession plans. We have evolved our definition of potential, to help our employees learn and develop in a way that is fair and transparent. Our starting point is that everyone has potential, and our talent strategy aims to release it. We have introduced three levels of potential that will enable us to have more holistic conversations, and create more long-term, strategic talent and development plans to support our people so they can thrive. Helping our people realise their potential 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 659,000 hours of learning in 2024. Over 29,000 of our employees participated in some form of training, of which 25% was in personal skills, 25% was compliance related and 50% was in functional skills. Most of our employees learned online, with 69% of the learning activity self-paced and self-initiated. In its fifth consecutive year, our virtual LearnFest drew in more than 8,000 attendees across 10 sessions running throughout the month of November. 659,000 hours of learning 69% of learning done online 8,000 participants in LearnFest We provide access to coaching and mentoring through technology-enabled solutions. After a successful campaign to inspire and encourage internal coaching, in 2024, we incorporated it into other learning and talent initiatives, and have continued to grow our pool of internal coaches. Developing critical sales and supply chain capabilities To help our customers and our people adapt to the changing external environment, we are building high- performing sales teams with a focus on upskilling and building critical capabilities. Under the flagship of the Sales Academy, our suite of academies supports professional development for new joiners and existing colleagues, including Sales, Premium Spirits, Coffee and Digital Commerce. Coca-Cola HBC Integrated Annual Report 2024 22 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Growth pillars continued We’ve had another year of strong uptake in professional development in 2024, with more than 1,300 new Business Developers becoming certified in Licence to Start and Licence to Sell and 89% of existing Business Developers achieving certification. In addition, more than 500 commercial employees embraced learning paths from the Data, Insights & Analytics Academy. 1,300 new Business Developers certified 89% of existing Business Developers achieved certification Our Supply Chain (SC) Academy covers 115 different groups of roles in manufacturing, logistics, quality, planning and procurement across Coca- Cola HBC, and is now also available in Egypt. Our SC Academy incorporates the latest innovative technology tools in logistics and planning. In 2024, 83% of our SC workforce has participated in the SC Academy and, out of those, 42% have already been fully certified. Under SC Academy alone, our employees completed over 175,000 hours of learning, indicating our commitment to growing capabilities and achieving operational excellence. 83% of our SC workforce has participated in the SC Academy 175,000 hours of learning under the SC Academy Finding and developing our future leaders We develop leaders at all levels, with our leadership programmes for first-time leaders, middle managers and senior leaders available to everyone who is promoted to next-level leadership. We believe all our leaders should develop their people, building the most capable and most engaged teams. Our International Leadership Trainee flagship programme continues to challenge and develop Gen Z graduates to become our next generation of leaders. Our first group in 2024 experienced international assignments, a leadership development programme with HULT business school in London, mentoring and reverse mentoring with our senior leaders. They also participated in global events around sustainability and other topics. Our employer branding campaign to attract future talent, called ‘Bring your own magic’, achieved more than 16 million views and 14,000 applications. Through an intense recruitment process, we’ve since welcomed 15 new trainees across 12 countries, including – for the first time – four trainees in Africa. Recognised as an employer of choice Our attractiveness as an employer in the Universum 2024 rankings increased to 7th place overall and 5th place for Business Developers, from 12th place in both categories last year. In Greece, Cyprus, Ukraine, Armenia, Moldova, Poland & Baltics, and in our Adria business unit, we are now a 1st FMCG employer. This has been a result of targeted campaigns, presence on social media and engagements at local universities. Additionally, we won 51 external awards including three Gold awards for Best Marketing Strategy, as well as the Top Employer certification for Greece, Bulgaria and Italy by the Top Employers Institute. Priorities in 2025 • Elevate our bespoke capabilities and evolve our learning experiences to accelerate performance and development • Stay resilient and connected with our teams through continuous listening, while rebooting our rewards strategy to boost our attractiveness and maximise retention • Cultivate our growth mindset- driven culture through simplicity and proactive collaboration • Enable our people and teams to drive higher impact, through gender-balanced teams and more productive ways of working 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 toward 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. Coca-Cola HBC Sales Academy Coca-Cola HBC Key Accounts Sales Academy Our International Leadership Trainee programme Inside the Coca-Cola HBC International Leadership Trainee experience Cultivate the potential of our people continued 4 Coca-Cola HBC Integrated Annual Report 2024 23 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Earn our licence to operate 2024 highlights • Continued our decarbonisation in line with our NetZeroby40 roadmap • Updated NetZeroby40 roadmap, incorporating FLAG emissions and Egypt • Focused on packaging decarbonisation using a higher percentage of recycled materials • Supported roll-out of DRS in EU markets • Promoted EPR policies and launched new packaging collection systems • Expanded our partnerships in water and waste reduction • Continued our focus on #YouthEmpowered • Ongoing support to communities in need. • Activated the Coca-Cola HBC Foundation KPIs • Absolute greenhouse gas emissions in scope 1,2 and 3 • Water usage in water risk areas • Young people trained through #YouthEmpowered • % primary packaging collected Principal risks and opportunities • Cost and availability of sustainable packaging • The impact of climate change on the cost and availability of water • People attraction and retention • Health and safety • Suppliers and sustainable sourcing • Managing our carbon footprint • Product quality and food safety • Complying with international sanctions Read more on p.181 to 189 Material issues and topics of interest • E1 – Climate change mitigation, E1 – Energy • E3 – Water consumption, E3 – Water withdrawal • E4 – Land-ecosystem use change • E5 – Resource inflows, including resources, E5 – Resource outflows related to products and services • S2, S3 – Training and skills development • S3 – Water and sanitation, S3 – #YouthEmpowered (company-specific) • S4 – Consumer’s health and safety, S4 – Responsible marketing practices Read more on p.83 to 172 Stakeholders Read more on p. 10 to 11 5 Growth pillars continued Consistent progress across our markets • Making progress on circular packaging: Empty bottles are a valuable resource, and recycling them can help to decrease our costs and achieve our collection targets. Nine of our markets now have Deposit Return Schemes (DRS). Four successful DRS have been launched between December 2023 and January 2025 in Romania, Hungary, the Republic of Ireland and Austria. DRS help to consistently deliver high packaging collection rates. For example, in Romania (launched December 2023) results are encouraging, with an average return rate of 77% of containers sold in the market in the last three months of 2024. In 2025, we expect to achieve, on average, above 60% recycled material in our PET packaging in all our EU countries and Switzerland. • Driving progress through innovative business models: In Nigeria, our innovative approach to collection and recycling is creating value for us and local communities. In 2024, we built the country’s first-ever Coca-Cola System-owned and operated packaging collection hub, allowing us to collect plastic bottles for recycling. • Expanding reusable packaging: We continue to grow our transactions sold in Returnable Glass Bottles (RGB) with a 1pp increase compared with last year, including Africa. We are testing new business models such as a circular packaging campus with a leading university in Italy and we expect to expand this model across our territories. • Partnering with local stakeholders: We started to collaborate on a project in Nogara, Italy, that will add up to 1.5 million m3 of water every year to the local aquifer near our production plant. We will help to create a network of canals, trees and shrubs to revitalise fresh water for agriculture and community use. • Investing for sustainable growth: We received a $130 million loan from the EBRD to finance capex and working capital requirements in Egypt. This loan recognises our long-term commitment to Egypt and allows us to invest in energy-efficient coolers and sustainable packaging innovation and continue to fund our #YouthEmpowered and ‘She Leads’ programmes. Introduction We are proud to remain global industry leaders in sustainability this year, with leading scores and rankings in ten of the most-recognised ESG ratings. We were ranked as the world’s most sustainable beverage company in the 2024 Dow Jones Best-in-Class Indices for the eighth time. We believe our success comes from continuously evolving our business model to deliver growth and taking a strategic approach to sustainability. This approach allows us to both grow and make our business more resilient. In 2024, we made good progress towards our ambitious and measurable 2025 sustainability objectives by focusing on areas where we can have the greatest impact: climate, packaging and water. We have reduced emissions for the past four years, in line with our NetZeroby40 roadmap. In early 2025, the Science Based Targets initiative (SBTi) approved our NetZeroby40 target which, for the first time, includes Egypt. We also published our first Sustainability Statement as part of the Corporate Sustainability Reporting Directive (CSRD) requirements. Read more on p.41 to 172 Packaging collection hub in Nigeria • Supporting communities: We awarded grants totalling €1.55 million from the Coca-Cola HBC Foundation to help rebuild communities in Europe and Nigeria impacted by severe floods. We have also collaborated with governments and NGOs to assist impacted communities, delivering almost 400,000 litres of beverages through local charities and municipalities. • Adding value for our customers: Sustainability initiatives are increasingly important for our customers and consumers. Our customers tell us they value our sustainability expertise and that joint sustainability initiatives help grow their business, which, in turn helps make our own business stronger. This year, we continued to build our capabilities, collaborate and learn from our experience to build a strong and resilient business that is opening up a more sustainable future. Coca-Cola HBC Integrated Annual Report 2024 24 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report 4,400 4,991 3,684 3,485 1,637 930 563 391 255 19 2017 2010 2024 2030 2040 2024 Actual: -31% vs 2010 2024 Actual: -18% vs 2017 (SBTi base year) From 2024 to 2039: Beyond value chain mitigation2 Neutralisation of residual emissions as of 2040 #NetZeroby40 goal 2019 5,920¹ 4,0751 4,9631 Scope 1+21 Scope 31 Carbon Removal Projects Scope 1+2+3 emissions #NetZeroby40 roadmap for scope 1, 2 and 3 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 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 exclude Egypt. 2. As defined based on Science Based Targets initiative. Updated SBTi roadmap applicable since 2025 Growth pillars continued Climate On the pathway to net zero emissions We were among the first companies to adopt science-based reduction targets by the Science Based Targets initiative (SBTi). Our aim is to achieve net zero emissions across our entire value chain by 2040. Each year we make steady progress towards this target. We have decreased our absolute direct emissions by 58% and reduced our absolute total value chain emissions in scope 1, 2 and 3 by a third from 2010 to the end of 2024, despite a global increase in emissions. In 2024, we made important changes to our net zero roadmap after the SBTi validated and approved: • Renewed climate targets for 2030 and NetZeroby40, including Egyptian operations for the first time. • Targets for Forest, Land and Agriculture (FLAG) that apply to commodities from forestry, land and agricultural sectors. These are covered in our scope 3 emissions, for example, in packaging, wood and paper pulp, and ingredients such as sugar and fruit juices. These changes are now reflected in our climate transition plan with a clear set of actions on how to achieve these targets. We will report on these from 2025: • In scope 1 and 2 we will follow the 1.5°C pathway for 2030 and 2040. • In scope 3, we will split our targets into two categories: energy and FLAG. Our energy- related targets will follow the Well-Below-2- Degrees (WB2D) scenario until 2030 and then the 1.5°C pathway until 2040, our net zero year. Scope 1 and 2 In 2024, our core initiatives to reduce carbon emissions included: • Manufacturing: we spent €26 million in 2024 on our Top 20 energy savers programme, which covers technical solutions to reduce energy consumption and improve energy efficiency. We have initiatives across our markets, for example, in Belgrade we have installed a new heat pump that captures heat from external sources and heats it up using electricity from renewable sources. • Removing CO2 from our manufacturing processes by using sterile air or nitrogen instead of CO2 for all processes except carbonating our drinks. Scope 3: Reducing indirect emissions from our value chain Packaging, ingredients and coolers were our main focus in scope 3, where over 90% of our carbon emissions come from. So the work we do with suppliers is vital to our success. • Evolving our pack mix towards lower carbon intensive packaging by increasing recycled content, expanding reuse with sustained growth in refillable packaging in our portfolio (+1pp in transactions compared with last year), leveraging packageless in relevant sub-channels and eliminating unnecessary packaging. For more detail, see packaging on page 27. • Exceeded our Mission 2025 target of 50% energy- efficient coolers in shops and outlets – now at 60%. This means we reduced CO2 e emissions by 100,829 tonnes compared with our 2017 baseline. To continue on our emissions reduction journey, the decarbonisation efforts of our suppliers are critical. By the end of 2024, it was clear that our engagement with suppliers had accelerated: • 187 of our significant suppliers disclose their emissions through CDP. • 119 have already set, or have committed to set, science-based targets. • These 187 suppliers buy – on average – 19% of their energy from renewable sources and generate over 3% from their own renewables. Earn our licence to operate continued 5 Coca-Cola HBC Integrated Annual Report 2024 25 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Going greener: We’re powering our work in sales and distribution in Switzerland using electricity. With over 177 branded electric cars, our sales fleet is fully electric, and we expect 700 tonnes of CO2 emissions reduction annually. We are also investing in our infrastructure for charging stations for cars during the day and trucks overnight across our facilities. We’ve launched partnerships with transport suppliers and the first e-trucks are on the road using locally produced electricity in Austria and Switzerland. We expect to save about 95 tonnes of CO2 emissions per e-truck in 2025. We have introduced alternative fuels, HVO and BioLNG in Italy, with the goal to expand the usage of this solution in other BUs. Absolute scope 1 and 2 CO2e emissions2 (’000 tonnes) 0 100 200 300 400 500 600 2. Excluding Egypt. 563 538 481 432 426 443 -55% 2030 vs 2017 357 391 255 -4% -14% -23% -24% -21% -36% -55% 2017 2018 2019 2020 2021 2022 2023 2024 2030 goal -31% 0 1000 2000 3000 4000 5000 Absolute scope 3 CO2e emissions3 (’000 tonnes) 0 1,000 2,000 3,000 4,000 5,000 2017* 2018 2019 4,400 4,359 4,195 2020 3,902 2021 4,046 2022 3,775 2023 2024 -21% 2030 vs 2017 3. Emissions are recalculated due to conversion factors change and exclude Egypt. 3,684 3,791 2030 goal 3,485 -1% -5% -11% -8% -14% -14% -16% -21% Renewable and clean4 electricity in the European Union and Switzerland (%) 0 20 40 60 80 100 2017 2018 2019 78 87 89 2020 97 2021 99 2022 99 2023 2024 100% in 2025 100 2025 goal 100 4. Clean source means CHP using natural gas. 100 Growth pillars continued Decarbonising our value chain Our 2025 objective is for 50% of our manufacturing plants to use renewable or clean energy. In 2024, we achieved 53%1. This is the second year we have exceeded this Mission 2025 goal, and all our EU and Swiss manufacturing facilities continued to use 100% renewable and clean electricity sources. Significant step forward on our green fleet In 2024, we reduced our own fleet’s carbon footprint by 42%, a reduction of about 42,465 tonnes of CO2 compared with our baseline of 2017. Our green fleet now comprises 47 % of our own light fleet. Emissions from our third party logistics providers have increased by 4,6% (equivalent to 8,002 tonnes) compared with our baseline, while our volume growth was 24,2 % over the same period. Earn our licence to operate continued 5 Watch here: Green fleet in Switzerland 1. Excludes Egypt Coca-Cola HBC Integrated Annual Report 2024 26 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Growth pillars continued Packaging Towards a circular economy Our objective is to create packaging for our drinks that can be recycled or reused, so that it can be collected and transformed into new recycled packaging, such as an rPET bottle. This circular packaging approach reduces our carbon emissions and helps to lower packaging waste in the environment. We are making progress towards this by: • increasing recycled content with a focus on our primary packaging • building our in-house rPET production infrastructure • expanding reusable formats such as reusable glass bottles • supporting effective collection models in our markets, including Deposit Return Schemes in Europe and other types of locally relevant Extended Producer Responsibility schemes. Collecting and recycling In 2024, we continued to focus our efforts on increasing packaging collection rates across our territories. • From December 2023 to January 2025, new DRS went live in Romania, the Republic of Ireland, Hungary and Austria. DRS help to consistently deliver high packaging collection rates. For example, in Romania (launched December 2023), results are encouraging with an average return rate of 77% of containers sold in the market in the last three months of 2024. • In Nigeria, we built our first Coca-Cola System- owned and operated packaging collection hub in 2024. It opened in January 2025, and we expect the hub to collect and process up to 13,000 metric tonnes of PET bottles once it is fully operational. We continued to support the work of the Food and Beverage Recycling Alliance (FBRA) and other packaging collection projects in the country. • Our overall packaging collection rate in 2024 was 58%1. We expect this figure to increase significantly in 2025 when the full benefit from recent system launches in several countries is realised. rPET We make our packaging more sustainable by investing in recycled content and producing our own recycled PET (rPET). This gives us a high- quality, steady supply of foodgrade rPET in selected markets, and reduces supplier and transport costs. Our Mission 2025 objective is for 35% of the PET that we use across markets to be rPET. In 2024, we made significant progress, increasing to 24% rPET compared with 16% in 2023. We have committed to achieving 50% rPET in plastic bottles across our portfolio in EU markets and Switzerland by 2025. In these markets, the rPET we use increased to 46% by December 2024. In 2025, we expect to achieve over 60%, which exceeds our target. Expanding reusable packaging We keep our focus on delivering programmes that will increase reusable packaging – both refillable glass bottles and drinks dispensers, such as fountains or freestyle machines that use reusable vessels. • In 2024, across all our territories, 13% of the drinks sold were in returnable containers and 4% were through dispensers2. This implies an increase of 1pp in transactions in returnable containers compared with the previous year, with Africa leading the growth supporting both waste reduction and affordability. Dispensers, which are mostly used in sub-channels such as quick service restaurants, cinemas and leisure, are flat overall. This increase is in line with our Pack Mix of the Future vision where reusable packaging is expected to play a bigger role. • We continued to help our customers and consumers adopt new reuse models. In 2024, we worked with a leading university in Italy to deploy the first circular packaging campus. This allows students to enjoy our products while minimising the amount of packaging. We have installed new dispensers to offer great-tasting ‘packageless’ drinks to be consumed with reusable vessels. We also implemented a full bottle-to-bottle process by offering a wide range of drinks in 100% rPET bottles that can be collected through a reverse vending machine. The empties are then sent for recycling, and the flakes are used in our rPET production facility. We plan to offer similar schemes in 2025 across our territories once the business model is validated. Eliminating unnecessary packaging • In 2024, we trialled a water-based adhesive that secures the layers of pallets together and eliminates layer pads in Poland, Serbia, Croatia, Romania and Nigeria. This has saved almost 2,000 tonnes of corrugated cardboard packaging. • We’ve completed testing a new, high- performing stretch film in Ireland and Austria that uses 30% less material and we will include it in our sparkling range in 2025. Increasing recycled material in secondary packaging • We rolled out 100% post-consumer recycled shrink film for secondary packaging in Italy, Poland and Switzerland after a successful pilot. Water We use water in every part of our business: it is the main component of our drinks, is needed to grow core ingredients such as sugar and fruit, and helps us to clean, wash and sanitise our production equipment. We recognise the need to protect this valuable resource, especially in areas of our operations where water is scarce or at risk. In 2024, we invested €5.2 million in water saving and water efficiency programmes. Customer collaboration We partnered with Carrefour Italy and developed a three-year sustainability-driven strategic roadmap with the objective to increase the share of beverages sold in rPET bottles by putting various initiatives in place. ‘Let’s recycle together’ was the first initiative that was deployed in co-operation 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. This joint initiative generated incremental sales and showed better results than previous activations, creating value for both us and Carrefour. Supporting DRS in Europe DRS are fast becoming the system of choice in Europe. They consistently deliver high rates of collection, typically over 90%, with an exceptional quality of foodgrade feedstock for recycling. This in turn supports higher recycling yields for bottle-to-bottle and can-to-can recycling compared with a co-mingled collection approach. Nine of our Coca-Cola HBC markets now have DRS in place, with two more expected in 2025 and up to 10 more anticipated in 2026-2028. Earn our licence to operate continued 5 1. Excludes Egypt. 2. Numbers refer to transactions and include Egypt. Coca-Cola HBC Integrated Annual Report 2024 27 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Growth pillars continued watershed in Bulgaria, and improve land and water use in the context of supply chain, agricultural practices and natural water retention in Bulgaria, Romania and Hungary. People and communities We focus on making a positive impact in different ways in the local communities where we operate, such as through financial support, volunteering and training for young people. Flood support for communities impacted by devastating flooding In 2024, the Coca-Cola HBC Foundation donated €1.55 million to communities impacted by devastating floods in Europe and Nigeria. These grants will support projects that target local needs, for example, rebuilding houses and community centres, providing food and emergency supplies, and replacing damaged medical equipment. Founded in 2023, the Coca-Cola HBC Foundation continues our tradition of giving back to our communities. Support for Ukraine Since the beginning of the conflict in Ukraine, the Coca-Cola System and The Coca-Cola Foundation have committed to donating US$40 million. In 2024, we helped in the following ways: • Donated €5 million for 60 mobile boilers to provide heating and support to communities, in collaboration with the Ukrainian Red Cross Society. This brought the total number of boilers donated to 105. In partnership with governmental bodies, the Ukrainian Red Cross ensures the boilers are distributed to the most vulnerable communities. • In 2024, we started rebuilding a kindergarten that was completely destroyed in Bohdanivka, in the Kyiv region. This initiative was supported by the Coca-Cola System. In 2023, The Coca- Cola Company contributed US$1.2 million, and Coca-Cola HBC donated US$1.8 million. We expect construction to be completed in 2025. • At the end of 2024, we continued the tradition of spreading joy and supporting Ukrainians during the winter holidays season, starting with the donation of 1.5 million specially produced Coca- Cola bottles to the most vulnerable Ukrainians. Watch here: The Living Danube Partnership Training young bartenders In Greece, we collaborated with top HoReCa customers and our recognised Brand Ambassadors to offer free masterclasses to 570 bartenders and baristas, levelling up their capabilities on modern mixology, spirits, and coffee trends and techniques. This initiative equipped participants with advanced skills and industry connections, and offered globally recognised scholarships in coffee and spirits. In Romania, we have launched the Barmasters Academy to offer specialised bartending and barista training for aspiring HoReCa professionals. Partnering with HoReCa customers, this programme offers practical, high-quality learning experiences for young people. Watch here: Red Cross support Water reduction in our operations Our Mission 2025 objective is to reduce the water we use in our production plants located in water-risk areas by 20%, compared with our 2017 baseline1. In 2024, we took an important step forward and started to certify our 60 beverage production plants in all markets with a new water efficiency management standard ISO 46001. This focuses on water efficiency and sets targets to improve water consumption and means all our plants will be audited and meet the same standard. So far, 42% of our plants have been certified and we will complete the rest by the end of 2025. We used new and innovative approaches to optimise water use in our production processes. For example, zero-liquid discharge equipment in Poland recycles water instead of discharging it into the nearby river. We then use this water in processes that do not come into contact with products or packaging. Working with our suppliers We measure the water consumption of our critical suppliers to assess their basin and operational water risks using the Water Risk Filter methodology. We then work with suppliers operating in high-risk areas to develop plans so they can reduce their water use. Water stewardship community projects In 2024, we started new projects in four more water priority locations and we now report at least one water stewardship project in 16 out of our 19 water priority locations. In Italy, we are partnering with the municipality to restore and maintain Rionero city fountains. In Bulgaria, we have started a long-term project to increase the water supply capacity in two municipalities, which will help add more than 1.0 million m3 of water each year. Forest Infiltration Area, Italy In Nogara, Italy, we launched a joint project that will add up to 1.5 million m3 of water every year to the local aquifer near our production plant. The Forest Infiltration Area – a joint project between Coca-Cola HBC Italy and the Consorzio di Bonifica Veronese – will be a new network of canals, trees and shrubs that will revitalise fresh water. Water extracted from the River Adige will continuously flow into the network of canals to refresh the groundwater acquifer. From this aquifer, hundreds of local wells will be used to extract water for agriculture and community use. Living Danube Partnership This year, we joined the Living Danube Partnership 2.0 (LDP), the continuation of LDP 1.0, which started 10 years ago between WWF-CEE and The International Commission for the Protection of the Danube River (ICPDR). Funded by The Coca-Cola Foundation it helps to restore the vital wetlands and floodplains along the Danube river. In addition to the support of The Coca-Cola Foundation and Coca-Cola Europe, we are supporting LDP 2.0 to demonstrate and promote good water stewardship and explore additional opportunities for collective action on the Iskar Earn our licence to operate continued 5 #YouthEmpowered By the end of 2024, we had trained 1,119,850 young people since the programme started in 2017, exceeding our Mission 2025 target one year early. #YouthEmpowered focuses on young people who are not in employment, education or training (NEET) or at risk of becoming NEET. We offer skills, guidance and support to young adults between 18 and 30, along with a network connecting young people to future employment and development opportunities. Volunteering 3,793 employees have volunteered across all our markets 1. We have 19 water priority locations, including Armenia, Bulgaria, Cyprus, Greece, Italy and Nigeria and excluding Egypt. Coca-Cola HBC Integrated Annual Report 2024 28 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Growth pillars continued Sustainable sourcing, nutrition and biodiversity Sustainable sourcing This year, we sourced 96% of our key ingredients from sustainable sources, in line with The Coca-Cola Company’s Principles for Sustainable Agriculture. We aim to protect forests, natural habitats, biodiversity and ecosystems, and manage soil and agrochemicals in a sustainable way. Upholding human and workplace rights, ensuring animal health and welfare, and helping build thriving communities are key parts of our principles. Nutrition We want to continue delivering great-tasting soft drinks that support balanced diets. We do this through: • Less sugar, more choices: we are committed to reducing calories per 100ml of sparkling soft drinks by 25% between 2015 and 2025 across all our markets and have achieved a reduction of 18% so far. Zero formulations, such as Fanta Zero, were introduced in Czech Republic, Slovakia, Switzerland, Serbia and Bulgaria. • New and different drinks: we are responding to changing consumer preferences by innovating our recipes and pack sizes, offering more choice. In 2024, we launched Powerade Zero in Italy, Austria and Greece, Cappy Lemonade Pineapple Zero in Bulgaria and Serbia, as well as Coca-Cola K-Wave and Coca-Cola Oreo limited editions in select markets. • Informed decisions: we are providing clear and transparent nutrition information about what’s inside our drinks, such as the Guideline Daily Amount and traffic-light labels on our core sparkling drinks. • Responsible marketing: we are committed to not marketing any of our drinks directly to children under 13, and do not offer any soft drinks in primary schools. • Promoting low- and no-sugar choices: we are encouraging more people to choose low- and zero-sugar drinks through marketing campaigns that promote low/no sugar alternatives and often showcase different variants. Read more on p.15 A good day on Romania’s Via Transilvanica In 2024, the largest clean-up on Via Transilvanica in Romania mobilised more than 3,400 volunteers from 84 schools. They joined educational workshops and a large-scale clean-up with more than 7,800 kilograms of waste being collected from nature, covering over 1,000 km. The initiative also included developing five drinking water sources along the route. Good Day on Via Transilvanica is one of the largest projects of the Tășuleasa Social Association in partnership with Coca-Cola HBC Romania, through our local sustainability platform After Us. Priorities in 2025 • Continue delivering on our Net Zero Transition Plan • Support the roll-out of new DRS and other packaging collection schemes • 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 • Develop a new set of our sustainability targets beyond 2025 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, CO2 emissions reduction and waste reduction aid global progress towards the SDGs for clean water and sanitation, and climate action. Earn our licence to operate continued 5 Biodiversity We aim to achieve a net positive impact on biodiversity in critical areas in our supply chain by 2040 and eliminate deforestation in our supply chain by 2025. This is a critical priority as we develop our sustainability strategy and business model. Our main focus is avoiding deforestation from agricultural commodities, by focusing on how we source wood for our paper packaging materials. The Principles for Sustainable Agriculture (PSA) target eliminating deforestation for our main ingredients by 2025 and are aligned with recommendations by the Science Based Target initiative for companies with Forest, Land and Agricultural (FLAG) activities. We are also working cross-functionally to meet the EU Deforestation Regulation by the end of 2025. We voluntarily report on sites next to legally protected areas. It has been externally confirmed that these sites have no negative impact on all the water sources we use in direct operations. Coca-Cola HBC Integrated Annual Report 2024 29 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report -2 -1 0 1 2 3 14 2021 2022 2023 14.0 -1.5 1.7 2024 2.8 0 5 10 15 20 2021 2022 2023 5.8 15.9 2024 10.7 15.0 0 5 10 15 25 20 2021 2022 2023 20.6 14.2 2024 13.8 16.9 Tracking our progress Key performance indicators 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. 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 basis1. What happened in the year Volumes increased by 2.8% on an organic basis, with all our strategic priority categories driving growth, Sparkling +1.5%, Energy +30.2% and Coffee +23.9%. 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. Full description of the MIP p.228 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 10.7%, driven by targeted revenue growth management (RGM) initiatives. Organic revenue grew by 13.8%, 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 p.228 1. For details of APMs, refer to ‘Definitions and reconciliations of alternative performance measures (APMs)’ on pages 345 to 351. Growth pillars 1 Leverage our unique 24/7 portfolio 2 Win in the marketplace Organic1 volume growth (%) Organic1 revenue per case growth (%) Organic1 revenue growth (%) Coca-Cola HBC Integrated Annual Report 2024 30 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report 0 2 6 4 8 12 10 2021 2022 2023 11.6 10.1 2024 11.1 10.6 0 200 600 400 800 1,200 1,000 2021 2022 2023 831.0 929.7 2024 1,192.1 1,083.8 0 1 2 3 5 4 6 8 7 2021 2022 2023 7.5 6.4 2024 6.3 6.6 0 5 10 15 20 2021 2022 2023 14.8 14.1 2024 18.3 16.4 Comparable EBIT1 margin (%) ROIC1 (%) Comparable EBIT1 (£m) Capex1 as a percentage of NSR (%) Tracking our progress continued Key performance indicators continued Growth pillars 3 Fuel growth through competitiveness and investment 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 10.0% on a reported basis and by 12.2% on an organic basis. Comparable EBIT margin improved 40 basis points on a reported basis to 11.1%, down 20 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. Full description of the MIP p228 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 6.3%, slightly below our target range of 6.5% to 7.5%, impacted by low levels of investment in Russia. ROIC expanded by 190 basis points to 18.3%, driven by higher profit and lower capital employed. 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 PSP p.228 1. For details of APMs, refer to ‘Definitions and reconciliations of alternative performance measures (APMs)’ on pages 345 to 351. Coca-Cola HBC Integrated Annual Report 2024 31 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Tracking our progress continued Key performance indicators continued 0% 20% 60% 40% 80% 100% Global top decile norm1 2023 86% 2024 88% 86% 0% 10% 30% 20% 40% 50% 2025 target 2023 50% 2024 43.5% 41.8% Employee engagement score Percentage of managers who are women Growth pillars 4 Cultivate the potential of our people 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 employee engagement score increased, outperforming the global top-decile norm by two percentage points. 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 p.228 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 2024 women held 43.5% of management roles, compared with 41.8% in 2023. Our efforts to create a more diverse work environment were recognised externally in 2024 with nine diversity-related awards. Read more in Cultivate the potential of our people p.20 1. Perceptyx Global Top Decile Norm. Coca-Cola HBC Integrated Annual Report 2024 32 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Tracking our progress continued Key performance indicators continued Growth pillars 5 Earn our licence to operate How we measure our progress Progress on Mission 2025 as well as progress towards our NetZeroby40 ambition. What happened in the year We made progress against most areas of our commitments; however, we need to accelerate our improvement in water reduction and health and safety. 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 p.240 to 241 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 is 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 progress of each of the six sustainability pillars. Key to performance status Each of the Mission 2025 commitments is broken down into a series of annual targets that need to be met in order to be fully on track with our 2025 goal. The colour coding below reflects the current status in relation to the desired position at this point in time on the trajectory towards 2025 and our agreed action plans, i.e.: on track progress made but acceleration required no significant progress Sustainability areas and material issues and topic of interest UN’s Sustainable Development Goals (SDGs) and their targets 2025 commitments1 2024 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 42% 12.2 13.1 50% increase in energy-efficient coolers to half of our coolers in the market 60% 50% of our total energy from renewable and clean2 sources 53% 100% total electricity used in the EU and Switzerland from renewable and clean2 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) 7% Impact from Russian operations. Further implementation of successful practices and innovations for those locations is planned. 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) 84% Coca-Cola HBC Integrated Annual Report 2024 33 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Tracking our progress continued Key performance indicators continued Sustainability areas and material issues and topic of interest UN’s Sustainable Development Goals (SDGs) and their targets 2025 commitments1 2024 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 58% 12.1 12.2 12.5 14.1 17.17 35% of total PET used from recycled PET and/or PET from renewable material 24% Significant progress from 16% last year. 100% of consumer packaging to be recyclable3 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 96% 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)4 18% Our people and communities • S1 – Health & 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 10% 8.5 8.6 8.8 10.2 10.4 11.6 1M train one million young people through #YouthEmpowered 1,119,850 Cumulative number 2017-2024; 2024-only number is 174,902. 12.2 12.4 16.7 17.16 17.17 20 engage in 20 zero-waste partnerships (city and/ or coast) 205 10% of employees take part in volunteering initiatives 13% ZERO target zero fatalities among our workforce ZERO Egypt is excluded from Mission 2025 however we report one employee fatality there. 50% reduced lost time accident rate per 100 FTE 20% The main causes: falls / slips / trips, road accidents and contact with machinery and tools. 50% of managers are women 43.5% Female retention, capability building, balanced external hiring, country specific targets and plans, see page 22. 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, 8.5. 1. Baseline 2017. Egypt is excluded as it was not foreseen in the baseline year nor in the target year. 2. Clean source means CHP using natural gas. 3. Technical recyclability by design. 4. Baseline 2015. 5. Supported by The Coca-Cola Foundation Coca-Cola HBC Integrated Annual Report 2024 34 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Chief Financial Officer’s letter Disciplined execution powers another year of strong growth I am very proud of our achievements, not only in delivering another year of strong financial performance and disciplined capital allocation, but also in developing our talent and capabilities to be truly future ready.” Strong execution drives continued profitable growth As I reflect on my first year as CFO, I am very proud of the strong financial performance of the business in 2024, while we continued to navigate through geopolitical and macro-economic challenges. In 2024, organic revenue growth was 13.8% (up 5.6% on a reported basis), and we saw good organic volume growth of 2.8%. This volume growth was broad-based, with growth in each segment, and driven by our strategic priority categories of Sparkling, Energy and Coffee. Organic revenue per case increased by 10.7%, driven by targeted revenue growth management actions. Pricing remained the most important driver of revenue per case as we took action to mitigate ongoing inflation, currency devaluation, regulation and taxation in specific markets. Comparable gross profit grew by 8.9%, and gross profit margin expanded by 110 basis points to 36.1%. We benefitted from strong top line growth, combined with the easing rate of inflation in our key commodities, with Comparable COGS per unit case up 1.0%. Comparable operating expenses as a percentage of revenue increased by 70 basis points to 25.1% in 2024, impacted by the non-cash foreign currency remeasurement of an intercompany loan in Egypt in the first half of 2024, as well as continued investment in the business. Comparable EBIT increased by 10.0% on a reported basis to €1,192.1 million, driven by growth across our markets, only partially offset by negative foreign currency movements. Our comparable EBIT margin was 11.1%, up 40 basis points on a reported basis, benefitting from operational leverage. On an organic basis, comparable EBIT increased by 12.2%, and margins contracted 20 basis points, mainly due to negative foreign currency movements. Comparable basic EPS grew 9.5% in 2024 to €2.275, supported by strong profit delivery and effective management of financial costs. ROIC remains an important KPI and in 2024 ROIC expanded by 190 basis points to 18.3%, driven by higher profit and lower capital employed. 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. We continue to invest in the business organically. Capital expenditure was €679.3 million in 2024, or 6.3% of revenue, as we invested in growth initiatives such as production capacity, ongoing automation in supply chain, digital and data solutions, and energy-efficient coolers. The Group has a progressive dividend policy, with a target payout ratio of 40% to 50%. The Board of Directors has proposed an ordinary dividend of €1.03 per share for 2024, an increase of 11% from €0.93 per share paid in 2023. The dividend payment will be subject to shareholders’ approval at our Annual General Meeting. We also look to make value accretive acquisitions that further enhance our portfolio or our capabilities. In 2024 we focused on integrating our most recent acquisition, Finlandia Vodka, into our business. Our capital discipline has also allowed us to drive higher returns to shareholders, while maintaining a strong balance sheet. We have progressed well with our share buyback programme, having returned €226 million to shareholders, since its launch in November 2023. At the close of the year net debt to comparable EBITDA was 1.0x. Overall, I’m really pleased that we’re successfully achieving a combination of investment in the business, strong improvements in ROIC and increased shareholder returns. Please click here to view our 2024 full year results: https://www.coca-colahellenic.com/en/investor-relations/results-reports- presentations Accelerating digitalisation and enhancing our strong talent pipeline We are accelerating the digitalisation of the finance function with the development of new tools and capabilities. For example, we are enhancing our End-to-End planning capabilities by implementing new systems and tools while connecting different parts of the organisation in an integrated streamlined process. We are also leveraging our digital platforms and technologies for automation, reporting, insights, and analytics, that will allow our people to focus on value creation and growth generative business partnering. Finally, through our dedicated processes and programs on talent development we are building a strong talent pipeline of future ready leaders. Looking ahead Overall, we have delivered a strong performance in 2024, in a challenging business environment. In 2025, we expect the macroeconomic and geopolitical backdrop to remain challenging, but we have high confidence in our 24/7 portfolio, bespoke capabilities, our people and the opportunities for growth in our diverse markets. At our FY 2024 results on 13 February 2025, we shared that we expect to achieve organic revenue growth in the range of 6% to 8% and to deliver organic EBIT growth in the range of 7% to 11% in 2025. We expect to also make continued progress towards our medium-term growth targets in 2025 and beyond. Anastasis Stamoulis Chief Financial Officer Coca-Cola HBC Integrated Annual Report 2024 35 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Segment financial highlights Established Developing Emerging Volume breakdown 22% 16% 62% Net sales revenue breakdown Established 33% Developing Emerging 22% 45% Comparable EBIT breakdown Established 33% Developing Emerging 19% 48% Total Tax by category Corporate Income Tax 56.8% Withholding Tax Payroll Taxes 3.6% 31.2% VAT (cost) 3.1% Other taxes 5.3% 2024 borrowing structure Bonds €3,372.3m Commercial paper Leases €215.0m €254.0m Other €139.3m Chief Financial Officer’s letter continued Established markets Net sales revenue (NSR) grew by 3.3% and 4.3% on an organic and reported basis respectively. Volume increased by 0.3% on an organic basis. Organic growth in net sales revenue per case was 3.0%, benefitting from pricing actions and package mix, with a 110bps improvement in single-serve mix. Comparable EBIT increased by 1.8%, broadly unchanged on an organic basis. Comparable EBIT margin was 11.1%, down 40bps on an organic basis, due to a step up in investment to drive growth. 2024 2023 % change reported % organic change Volume (m unit cases) 631.3 628.7 0.4% 0.3% Net sales revenue (€ million) 3,501.3 3,358.5 4.3% 3.3% Operating profit (EBIT) (€ million) 385.8 379.2 1.7% Comparable EBIT (€ million) 388.0 381.1 1.8% -0.1% Comparable EBIT margin (%) 11.1 11.3 -30bps -40bps Total taxes (€ million)1 194.1 163.8 18.5% 2024 2023 % change reported % organic change Volume (million unit cases) 482.6 471.0 2.5% 2.5% Net sales revenue (€ million) 2,385.2 2,088.6 14.2% 12.7% Operating profit (EBIT) (€ million) 223.6 152.6 46.5% Comparable EBIT (€ million) 227.4 153.8 47.9% 39.6% Comparable EBIT margin (%) 9.5 7.4 220bps 180bps Total taxes (€ million)1 101.6 73.4 38.3% 2024 2023 % change reported % organic change Volume (million unit cases) 1,800.6 1,735.8 3.7% 3.7% Net sales revenue (€ million) 4,867.9 4,736.9 2.8% 23.3% Operating profit (EBIT) (€ million) 576.0 421.8 36.6% Comparable EBIT (€ million) 576.7 548.9 5.1% 13.0% Comparable EBIT margin (%) 11.8 11.6 30bps -110bps Total taxes (€ million)1 220.0 243.0 -9.5% Developing markets NSR grew by 12.7% on an organic basis, or by 14.2% on a reported basis. Volume grew by 2.5% organically. Net sales revenue per case grew 10.0% organically, benefitting from pricing actions, as well as favourable category mix and the rollout of Finlandia distribution. Comparable EBIT increased by 39.6% and 47.9% on an organic and reported basis respectively. Comparable EBIT margin was 9.5%, up 180bps on an organic basis, as operational leverage and cost control more than offset COGS inflation. Emerging markets NSR grew by 23.3% on an organic basis, or by 2.8% on a reported basis, impacted by currency headwinds from the Nigerian Naira, Egyptian Pound and Russian Rouble. Volume grew by 3.7% organically. NSR per case grew 18.9% organically, primarily due to pricing actions taken to manage the impact of currency devaluation, regulation and cost inflation. Comparable EBIT grew by 13.0% on an organic basis and 5.1% on a reported basis. Comparable EBIT margin was 11.8%, down 110bps on an organic basis, impacted by foreign currency remeasurement of balance sheet items in H1. 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 accounts. 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 commit to being open and transparent with tax authorities about the Group’s tax affairs and to disclose relevant information to enable tax authorities to carry out their reviews effectively, efficiently and without unwarranted delays. Coca-Cola HBC Integrated Annual Report 2024 36 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report DMA process followed in 2024 Coca-Cola HBC has performed rigorous materiality assessments for many years. 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. This approach allows us to actively identify and manage our evolving impacts, risks and opportunities (IROs) as the business develops. Our robust risk management process integrates risks and opportunities (ROs) deriving from sustainability issues. We conduct our formal materiality analysis annually. For 2024, we undertook a double materiality analysis (DMA) as per the European Sustainability Reporting Standards (ESRS) requirements, and this is our first year of reporting on this basis. We included all main business activities (core and secondary); main business model inputs (raw and packaging materials and other supplies); main business model outputs (main products and services from all business segments); and main externalities (i.e. greenhouse gas emissions and waste). We followed a top-down approach, at Group level, for IRO identification, assessment and prioritisation involving our internal Group experts. In the final assessment of the impact, we took all our subsidiaries into consideration, using specific local data for our manufacturing plants and Tier 1 suppliers. 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 • Recognise 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 Focusing on the impact As ESRS topics include both impacts (i.e. pollution and climate change) and causes of impacts (i.e. waste and energy), our approach was to keep the impact analysis on the ‘impact’ level, and then to link the prioritised impacts to the respective ESRS topics/sub-topics for reporting purposes. Environmental impacts We leveraged the impact drivers of nature change under the Taskforce on Nature-related Financial Disclosures (TNFD), to identify a suitable impact level universe under a commonly established impact taxonomy. We developed specific quantitative criteria, based on scientific tools and reports (such as the WWF Biodiversity Risk Filter, the WWF Water Risk Filter and the SBTN Unified Water Availability Dataset), relevant legislative frameworks, standards and guidelines, compliance management systems and various ISO audit reports. People impacts For a commonly established impact taxonomy for social and socio-economic impacts, we leveraged the United Nations Environment Programme (UNEP) Impact Radar 1. We use generic qualitative criteria, including assessment reports of impacts on people, information from legal reviews, compliance management systems, the GRI Content Index, the UN Global Compact Communication on Progress and various internal reports. 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 1 . Impacts to the environment under the UNEPFI were not used, as we used the TNFD categorisation of impact drivers instead. Double materiality assessment (DMA) Resulted in topics being material from either an impact perspective or financial perspective or both Coca-Cola HBC Integrated Annual Report 2024 37 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Methodology We assessed the positive and negative impacts on nature and people, considering 2024 actual and potential impacts in three different time horizons (short – 2025, medium term – 2030 and long term – 2030+). Each part of our value chain (upstream, direct (own) operations and downstream) was also assessed separately. We assessed the severity (negative impact) and significance (positive impact) of each impact, and likelihood of occurrence of potential impact. • Negative impact: scale (how grave the impact is), scope (how widespread the impact is) and irremediability (how easy the impact can be resolved). • Positive impact: scale (how beneficial the impact is) and scope (how widespread the impact is). Quantitative thresholds range from 1 to 5, where 1 is low severity/significance/likelihood, while 5 is high severity/significance/likelihood. After applying a specific formula, this creates a five-step scale for each impact: critical, major, moderate, minor and insignificant. The ‘major’ and ‘critical’ impacts are material. Experts’ view and stakeholder involvement In the initial assessment, we considered the internal experts’ views from different departments. We then engaged with external subject matter experts and impacted stakeholders in 26 dedicated interviews (including investors, shareholders, customers, suppliers, industry associations, NGOs and IGOs, community participants and international institutions), which were performed by an independent organisation. This created a solid evidence base to inform the DMA, including: a) the perspective of affected stakeholders to understand the level of impact materiality and manage the total level of disclosure required; and b) better understanding the nature of the impacts, to guide any disclosure, in line with the needs of users of sustainability statements. The secondary objective was to understand the strategic implications to guide ongoing development and execution of our sustainability strategy, programmes and stakeholder engagement. The output of the interviews confirmed that the topics of greatest interest to our external stakeholders are packaging (in-flow and out-flow), climate change mitigation, water and consumers’ health concerns. Financial materiality For the identification of ROs, linked to either principal or emerging risk categories, we leveraged our risk universe and our Business Resilience Framework, which is described in detail in the ‘Business resilience’ section of this Integrated Annual Report (IAR). We also identified ROs arising from negative and positive impacts, as well as from dependencies across the value chain, using external tools such as Encore. We then mapped each RO to the relevant stage of our value chain – upstream, own operations or downstream – as well as to the time horizons set in the impact assessment, indicating when it is most likely to occur. As a last step of this process, we ensured a clear link between ROs and the corresponding ESRS topics and sub-topics. To assess the ROs, we evaluated both the likelihood of their occurrence and the magnitude of their financial effect on CCHBC. The financial effect was determined either quantitatively or qualitatively, depending on data availability, considering effects on the financial position, financial performance, cash flows, cost of capital and access to finance. Where possible, we used the percentage of comparable EBIT as a quantitative metric to measure magnitude. Finally, we prioritised ROs based on their inherent risk level, derived from the combination of financial magnitude and likelihood. The inherent risk heatmap used follows a 1 to 5 scale, similar to the one used for impact materiality. Setting the threshold to above average, all ‘high’ and ‘critical’ ROs were deemed material. Double materiality approval Having assessed both impact materiality and financial materiality, we created our materiality table disclosing each material topic from either perspective (impact or financial) or both perspectives. Our DMA was then approved by CCHBC management (including the ELT-level members), endorsed by the Social Responsibility Committee and the Audit and Risk Committee of the Board of Directors. Our DMA was assured by a third-party organisation. Please see 2024 Materiality table on pages 39 to 40. More information is available in the Sustainability Statement on pages 41 to 172. Stakeholder Forum – hearing from our stakeholders on what matters most Stakeholder engagement is essential to grow our business and fulfil our purpose. Engaging and collaborating with various stakeholders facilitates better business decisions and alignment with commitments. Our key internal and external stakeholders include investors, employees, customers, consumers, suppliers, governments and regulators, The Coca-Cola Company and local communities. We also engage with other businesses through trade associations and universities. Every year, we hold a Stakeholder Forum, to discuss our material topics with a group of experts. In 2024, our theme was ‘Harnessing the Circular Economy for Packaging – driving change through innovation and collaboration’, a topic of significant importance both to us and to many of our key stakeholders. During the event, we welcomed 160 participants, including customers, suppliers, NGO partners, academics, policymakers, investors and other interested parties, from more than 30 countries. Discussions covered four key topics: • Empowering consumers to adopt circular packaging solutions • The future of recycling and the role of innovation and technology • Reusable packaging systems and how to successfully scale these models • Creating value through strategic partnerships. The Forum’s central message was the importance of aligning business growth with sustainability to ensure long-term resilience and success. Our stakeholders shared valuable insights and recommendations, including: • Sustainability has evolved beyond an environmental imperative; it is now a social asset that shapes consumer identity and brand engagement • Progress depends on collaboration – partnering with our suppliers and stakeholders will accelerate innovation in sustainable packaging, from new materials to advanced recycling technologies • Sustainable choices must be made more attractive, accessible, and convenient for everyone • Achieving sustainability goals requires building networks, sharing ideas and collaborating on common solutions • Profit and purpose can,and must, co-exist effectively. These insights have been reviewed by the Social Responsibility Committee and we will work to implement the Forum’s recommendations. We will also engage with our stakeholders, sharing the actions we are taking, throughout the year. Double materiality assessment (DMA) continued Coca-Cola HBC Integrated Annual Report 2024 38 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report MATERIAL impacts, risks and opportunities (IROs) and the respective value chain segments Material ESRS topics IMPACT Actual Impact Potential impact RISK Current financial effect Anticipated financial effect Topic Sub–Topic Sub–Sub– topic 2025 2030 >2030 2025 2030 >2030 E1 – Climate Change Climate Change Mitigation Energy – Negative impact to the state of nature through contribution to Climate Change Upstream Downstream Across Value Chain Across Value Chain – Managing our carbon footprint – – Own Operations Downstream Own Operations Downstream E2 – Pollution and E5 – Circular Economy Pollution Resource Outflows Pollution of Soil Negative impact to the state of nature through Soil Pollution Downstream Upstream Downstream Upstream – The cost and availability of sustainable packaging (outflows – E5) – – Downstream Downstream E2 – Pollution Pollution Pollution of Water Negative impact to the state of nature through Water Pollution Downstream Downstream – – – – – – – Pollution of Water Positive impact to the state of nature through Water Pollution Removal – – Downstream Downstream – – – – – E3 – Water and marine resources Water and Marine Resources Water consumption Water withdrawals Negative impact to the state of nature through Water Use Upstream Own Operations Upstream Own Operations Upstream Upstream – – – – – Positive impact to the state of nature through Water Replenishment Own Operations Downstream Own Operations Downstream Own Operations Downstream Own Operations Downstream – – – – – E4 – Biodiversity and Ecosystems Biodiversity and Ecosystems Land ecosystem use change Negative impact to the state of nature through Land Ecosystem Use Change – – Upstream – – – – – – E5 – Circular Economy Resource Inflows – – – – – – The cost and availability of sustainable packaging (inflows) – – Upstream Upstream Key: Negative Impact Positive Impact Risk Double materiality assessment (DMA) continued Coca-Cola HBC Integrated Annual Report 2024 39 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report MATERIAL impacts, risks and opportunities (IROs) and the respective value chain segments Material ESRS topics IMPACT Actual Impact Potential impact RISK Current financial effect Anticipated financial effect Topic Sub–Topic Sub–Sub– topic 2025 2030 >2030 2025 2030 >2030 S1 – Own Workforce and S2 – Workers in the value chain Equal treatment and opportunities for all Diversity Contribution to Diversity and Gender Equality of own workforce Own Operations Own Operations – – – – – – – Gender equality and equal pay for work of equal value Training & Skills development Improved Access to Education for own workforce Own Operations Own Operations Own Operations Own Operations – – – – – Working Conditions Health & safety Contribution to the Health & Safety of own workforce and workers of suppliers Own Operations – – – – – – – – Negative Impact to Health & Safety through loss of life, injuries and occupational diseases Upstream Own Operations Upstream Own Operations – – – – – – – Secure Employment Contribution to Employment across the value chain Across Value Chain Across Value Chain Across Value Chain Across Value Chain – – – – – Provision of Social Protection and Social Security for own workforce and workers of suppliers – Upstream Own Operations Upstream Upstream – – – – – Adequate wages Accessibility to a Living Wage for own workforce and workers of suppliers Own Operations Upstream Own Operations Upstream Own Operations Upstream Own Operations – – – – – S3 – Affected Stakeholders Communities’ economic, social and cultural rights Water & Sanitation Availability, Accessibility, Affordability and Quality of Water for local communities Across Value Chain Across Value Chain Across Value Chain Across Value Chain – – – – – Company-specific IRO #YouthEmpowered: Access to Education Downstream Downstream Downstream Downstream – – – – – Topic of interest of specific stakeholders’ 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 Double materiality assessment (DMA) continued Key: Negative Impact Positive Impact Risk Coca-Cola HBC Integrated Annual Report 2024 40 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement Sustainability Statement General Disclosures Basis for preparation BP-1 General basis for preparation of sustainability statement BP-1_01,02 The Sustainability Statement has 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. BP-1_03 All subsidiaries are included in the consolidated report. BP-1_04 The statement covers all our value chain segments, as it includes information identified as material in the double materiality assessment of impacts, risks and opportunities (IROs). The mapping of our value chain was initially categorised in three segments (upstream – own operations – downstream). For own operations, we mapped out our core and secondary activities, including a mapping of Group entities that are linked to each business activity and each respective product category. For upstream activities, the analysis of business relationships was limited to Tier 1 suppliers, and for downstream, to main business partners and main customers, including product-use phase and end of life, and the local communities where we operate. Coca-Cola HBC Integrated Annual Report 2024 41 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Value chain Consumers & Community Value shared Packaging materials Ingredients Resources Sales Distribution Consumers Bottling operations Customers PET, glass, aluminium, carton Water, CO2, sweeteners, juice, concentrate Water, energy, fuel Bottles, cans, cartons Coca-Cola HBC countries Sales people Warehouses and distribution centres Sales cars and vans Customers Consumers Consumer marketing with The Coca-Cola Company Recycling and recovery Packaging compliance schemes Community programmes Water stewardship, #YouthEmpowered, packaging and waste management programmes, disaster relief Outlets Drink equipment Owned and leased trucks Trade marketing and activation tools Product manufacture Sparkling beverages, juice, water and other still beverages Product portfolio Coca-Cola HBC Bottling and Distribution Value created Sales & Customer relationships Value added Cash distribution to shareholders Direct and indirect employment Taxes and fees Payments to suppliers Skills and knowledge transfer Community investment programmes Financial capital Human capital Manufacturing capital Plants, warehouses, distribution centres Natural capital Water, biodiversity, eco-system health Intellectual capital Brands, standards, processes, manufacturing, reputation Shared and relationship capital Suppliers, customers, government agencies, communities Capital Community Coca-Cola HBC Integrated Annual Report 2024 42 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued BP-1_05 We have not used the option to omit any specific piece of information corresponding to intellectual property, know-how, or the results of innovation as per ESRS 1 section 7.7 ‘Classified and sensitive information and information on intellectual property, know-how, or results of innovation’. BP-1_06 For the year 2024, 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. BP-2 Disclosures in relation to specific circumstances Value chain estimation BP-2_03 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 CO2e factor used (Datapoints: E1-6_04-05 & 26_27_29). • E5: Data related to percentage recycled aluminium and percentage recycled glass materials is coming from our suppliers where sometimes industry-average figures are used (Datapoints E5-4_02, E5-4_03, E5-4_04, E5- 4_05). BP-2_04 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 CO2e factor for paper, PET, aluminium, PE materials; average factors for ingredients, electricity grid factors as per the IEA), distance-based method and spend-based method. In terms of emission factors used, these were either market- based or taken from existing datasets, such as the GHG Protocol, Ecoinvent Database or calculated for the Coca-Cola System by a specialised company and provided to bottling companies. The quantity for each scope 3 category (e.g. quantity of purchased materials, electricity consumption of drink equipment) was available as actual primary data, and no estimation was performed. More details on the calculation methodology for each scope 3 category can be found in Table 15 of ESRS E1 Climate Change. • E5: Percentage of recycled aluminium and percentage of recycled glass materials are coming from our suppliers where sometimes industry-average figures are used, however the quantities of those purchased materials are primary data with no estimation. BP-2_05,06 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. We are planning to start using supplier-specific emissions 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 primary and actual data for environmental and social KPIs in all value chain steps (upstream, own operations, downstream), our disclosure of actual performance has no data where high level of measurement uncertainty exists. The monetary amounts disclosed across the sustainability statement are subject to low/ moderate levels of uncertainty. All current financial data presented in the statement stems from our financial statements. Regarding the monetary amounts that correspond to our anticipated financial effects, they are subject to moderate uncertainty because they depend on the outcomes of future events and regulatory changes. When quantifying these amounts, it is assumed that the uncertainty increases across longer time horizons. Changes in preparation or presentation of sustainability information BP-2_10 Using the clause of paragraph 10.3 of ESRS 1, we will not disclose any comparative information required by section. Therefore, no comparative figure will be presented in the sustainability statement. Data from any prior year is available in our GRI Content Index; specifically, 2022 and 2023 data are in the 2024 GRI Content Index, published on our website. BP-2_11,12 As for the comparative information and figures for prior years, no recalculation done in 2024. Similarly, no differences neither in baseline nor in 2023 have been made. Disclosures stemming from other legislation or generally accepted sustainability reporting pronouncements BP-2_16 We disclose as per the Task Force on Climate- related Financial Disclosure (TCFD) requirements. No other framework or reporting standard was applied for the sustainability statement. However, due to stakeholders’ interest, we have included in the sustainability statement a chapter related to ‘S4 Consumers and end-users’, even if it was not deemed as material during the double materiality analysis. Further information is available in ESRS S4 – Consumers and end-users. 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 us robustness to mitigate any cyber incident. In 2024, 100% of our manufacturing plants were certified with ISO 9001, ISO 14001, FSSC 22001 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: Coca-Cola HBC Integrated Annual Report 2024 43 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued 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_01,02,05,06,07 ‘Governance at a glance’, Corporate Governance Section ‘The Executive Leadership Team’, Corporate Governance Section GOV-1_08 Corporate Governance Section GOV-1_04 Corporate Governance Section GOV-1_16 Corporate Governance Section GOV-2 Information provided to, and sustainability matters addressed by CCHBC’s administrative, management and supervisory bodies GOV-2_03 ‘Double materiality Assessment’, Strategic Report SBM-1 Strategy, business model and value chain SBM-1_01 ‘Growth pillars’, Strategic Report SBM-1_02 ‘Growth pillars’, Strategic Report SBM-1_03,04 ‘Cultivate the potential of our people’, Strategic Report SBM-1_21 ‘Earn our Licence to operate’, Strategic Report ‘Tracking our progress’, Strategic Report SBM-1_23 ‘Earn our License to operate’, Strategic Report ‘Cultivate the potential of our people section’, Strategic Report SBM-1_25 ‘Value Chain’, Strategic Report SBM-1_26 ‘Value Chain’, Strategic Report SBM-1_27 ‘Socio-economic contribution’, Strategic Report Incorporation by Reference Disclosure Requirements Datapoints Respective Reference SBM-2 Interests and views of stakeholders SBM-2_02 Strategy Section SBM-2_03,04 Strategy Section SBM-2_08,09 ‘Market trends’, Strategic Report ‘Chief Executive Officer’s letter’, Strategic Report SBM-2_10 ‘Chair’s letter’, Strategic Report ‘Chief Executive Officer’s letter’, Strategic Report SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model SBM-3_01,06,07 ‘Double materiality Assessment’, Strategic Report SBM-3_03,10 ‘Business Resilience’, Strategic Report SMB-3_08,09,10 ‘Principal risks & opportunities’, Strategic Report SBM-3_12 ‘Double materiality Assessment’, Strategic Report IRO-1 Description of the process to identify and assess material impacts, risks and opportunities IRO-1_01 ‘Double materiality Assessment’, Strategic Report IRO-1_11 ‘Business Resilience’, Strategic Report 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’, Strategic Report Topical Standards E1.MDR-T_08 ‘Licence to operate’, Strategic Report E5.MDR-A_06,07,09,10 Financial Statements E5.MDR-A_11,12 Financial Statements S1-2_01,02,04 ‘Engaging with our stakeholders’, Governance section S1-6_17 ‘Note 8’, Financial Statements S4-2_04 ‘Market trends’ , Strategic Report ‘Leverage our unique 24/7 portfolio’, Strategic Report ‘ Coca-Cola HBC Integrated Annual Report 2024 44 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Governance GOV-1 The role of the administrative, management and supervisory bodies GOV-1_01,02,05,06,07 Board structure and diversity: please refer to ‘Corporate Governance Report’, part ‘Governance at a glance’ on page 191. ELT information: please refer to ‘Corporate Governance Report’, part ‘The Executive Leadership Team’ on pages 207-209. GOV-1_03 Our administrative, management and supervisory bodies are in accordance with 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 Responsible 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 the performance management to achieve our sustainability goals (social and environmental). It establishes and operates a council responsible for developing and implementing policies and strategies to achieve the Company’s social responsibility and environmental goals (in all environmental, social and governance pillars, such as climate change, water stewardship, packaging and waste, sustainable sourcing, health and nutrition, our people and communities, and biodiversity). It ensures Group-wide capabilities to execute these policies and strategies, and approves our sustainability strategy, commitments, targets and policies. The function of the Audit and Risk Committee is to serve as an independent and objective body with oversight of the Group’s accounting policies, financial reporting, and disclosure controls and procedures; the Group’s approach to internal control and risk management; the quality, adequacy, and scope of internal and external audit functions; and the Group’s compliance with legal, regulatory and financial reporting requirements. In addition, the external auditor reports directly to the Committee. Further information regarding the responsibilities of the Committees is available in the Governance section of the report, ‘Social Responsibility Committee’ and ‘Audit and Risk Committee’ parts. GOV-1_09 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: • setting corporate sustainability targets; • measuring progress towards environmental and social corporate targets; • conducting environmental scenario analysis; • 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. GOV-1_10 ,11 The Sustainability SteerCo receives regular information and updates on sustainability issues from various departments, who own the respective agenda, such as the: • 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 ESG 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 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. GOV-1_12 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. GOV-1_13,14 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; • 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. Coca-Cola HBC Integrated Annual Report 2024 45 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued We also develop short- and long-term sustainability targets (e.g., targets set for 2025 in 2018, as well as targets for 2030 and 2040) 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 and others. We also apply 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, warehouse 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. GOV-1_04 Our Board and ELT comprises of experienced individuals from diverse backgrounds, countries and industries. Their biographies, found on pages 195 to 197 and 207 to 209 of the ’Corporate Governance’ section highlight their extensive experience. GOV-1_15 We are proud of the diverse skills and experiences of our Board. 10 out of 13 Board members possess the appropriate skills and experience in sustainability matters. For example, in relation to ESG matters, we have members who are familiar with environmental matters, such as climate, water stewardship, biodiversity and packaging, and with social and governance, such as Anastasios Leventis, Evguenia Stoitchkova, Charlotte Boyle and Zoran Bogdanovic. GOV-1_16 We ensure that the Board members and each Committee receives a satisfactory ongoing training and education programme as necessary to deliver on the Group’s strategy, including the sustainability-related trainings. That is a responsibility of our Nomination Committee. Further details can be found on page 211 in the ‘Corporate Governance’ section of the report. 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 (co- founder, 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 ‘2024 actions based on 2023 Board evaluation findings and previous experience’, page 214. GOV-2 Information provided to, and sustainability matters addressed by, CCHBC’s administrative, management and supervisory bodies GOV-2_04 The Board reviews and approves strategy, monitors performance towards strategic objectives, oversees implementation by the ELT and approves matters reserved for Board decision by the Articles of Association. The governance process of the Board is outlined in our Articles of Association and the Organisational Regulations. For further details, please consult our website. GOV-2_02 In 2024, we developed our Business Resilience (BR) Framework, which replaces 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 in applied throughout the business. In 2024, the Board reviewed the Risk Appetite Statement and that 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 program. Insights from our assessment of principal and emerging risks and opportunities are taken into account by the Board as part of their 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. GOV-2_01 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 215 to 216 of the report, while for details on our policies, please visit our website. During 2024, 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 emerged during the reporting year. Coca-Cola HBC Integrated Annual Report 2024 46 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued GOV-2_03 The results of our materiality assessment were reviewed and approved by CCHBC management and endorsed by the Social Responsibility and Audit and Risk Committees of the Board of Directors. The lists of the reviewed material topics are presented in our Table on pages 39-40 in the ‘Double Materiality Assessment’ of the Strategic Report. GOV-3 Integration of sustainability-related performance in incentive schemes GOV-3_01 In Coca-Cola HBC, 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 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. 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). GOV-3_04 The CEO’s individual performance is measured in key strategic areas and taken into account for MIP. Please refer to the Corporate Governance section, ‘Directors’ remuneration report’, the content and table under the paragraph ‘2024 MIP performance outcome’ on pages 223 to 224. E1.GOV-3_01 Coca-Cola HBC 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 ESG 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 and incentivise delivery of the Company’s ESG 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, 3) in all territories where we operate1, and our approved by the Science Based Targets initiative (SBTi) targets (2030 target year). The CO2 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). E1.GOV-3_03 Since its inclusion in the LTIP in 2021 until 2024, we have achieved our annual roadmap for absolute emissions reduction, and we are progressing as per the net zero 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 energy-efficient coolers are up to 60% in 2024 versus 55% in 2023, 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 EU and Switzerland (2025 target is 100%) and we overachieved our 2025 target on total renewable and clean energy in direct operations reaching 53% (2025 target is 50%). GOV-3_02 Aligned with science and 1.5-degree Celsius scenarios and approved by the SBTi, our PSP has some specific characteristics, as presented in the ‘Directors’ remuneration report’ section of the report. GOV-3_03 The vesting schedule for PSP performance conditions is a straight line between the threshold and maximum performance levels. For the first time the emissions reduction was 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, % women in management, % energy-efficient coolers, progress made towards packaging goals, and CO2 emissions ratio are included. E1.GOV-3_02 CO2 emissions are part of the LTIP (15% weight) and PSP of all people eligible, including all C-suite and senior management members. E1.GOV-3_01 LTIP awards are cascaded down to select members of middle and senior management. Specifically, for CEO- and Director-level remuneration arrangements, annual variable compensation includes sustainability objectives such as employee engagement and sustainability commitments from Mission 2025 as disclosed in the Corporate Governance section, ‘Directors’ remuneration report’ on page 222 to 247. GOV-3_04 Please refer to the Corporate Governance section, ‘Directors’ remuneration report’, the content and table under the paragraph ‘2024 MIP performance outcome’ on pages 240 to 241. GOV-3_03 The CEO’s individual performance metrics were measured versus the following priorities in 2024: • Business performance • Employee engagement • Sustainability commitments The Remuneration Committee took into account additional achievements during 2024, among them: the leading score in beverage industry at S&P Global Corporate Sustainability Assessment (DJSI), achieved top scores in S&P Global Sustainability Yearbook, double A from CDP, GOV-3_05 The proportion of variable remuneration dependent on sustainability-related targets and/or impacts is up to 15%. 1. In the last two years, due to the geopolitical situation and inability to influence some factors outside of our control, Russia and Ukraine are excluded from the GHG emissions data in the LTIP and PSP. Coca-Cola HBC Integrated Annual Report 2024 47 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued 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. Table 2: Elements of due diligence within the sustainability statement Core elements of due diligence Paragraphs in the sustainability statement Pages in the sustainability statement Embedding due diligence in governance, strategy and business model GOV-2 Information provided to and sustainability matters addressed CCHBC’s administrative, management and supervisory bodies Read more p.46 GOV-3 Integration of sustainability- related performance in incentive schemes Read more p.47 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Read more p.55, 85 Engaging with affected stakeholders in all key steps of the due diligence GOV-2 Information provided to and sustainability matters addressed by CCHBC’s administrative, management and supervisory bodies Read more p.46 SBM-2 Interests and views of stakeholders Read more p.52 to 54 IRO-1 Description of the process to identify and assess material impacts, risks and opportunities Read more p.59, 65 MDR Policies Read more p.85, 100, 103, 104, 114, 116, 118, 119, 127, 131, 148,156 Topical ESRS Read more p.116, 135, 157 Core elements of due diligence Paragraphs in the sustainability statement Pages in the sustainability statement Identifying and assessing adverse impacts IRO Description of the process to identify and assess material impacts, risks and opportunities Read more p.59, 65 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Read more p.55, 85, 130, 146, 155 MDR Policies Read more p.85, 100, 104, 116, 119, 131, 148, 156 Topical ESRS Read more p.101, 104, 114, 116 Taking actions to address those adverse impacts MDR Actions Read more p.87, 102, 106, 117, 120, 131, 151 Topical ESRS Read more p.102, 106, 137, 149 Tracking the effectiveness of these efforts and communicating MDR Targets Read more p.91, 103, 112, 118, 125, 141, 158, 160 Topical ESRS Read more p.114, 118, 125, 126, 142 Coca-Cola HBC Integrated Annual Report 2024 48 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued GOV-5 Risk management and internal controls over sustainability reporting GOV-5_02 Sustainability is embedded as a core element of our management practices and a key element of our Business Resilience Framework. We take the same approach to identifying risks and opportunities, developing management plans to reduce negative impact or leverage opportunity, and reporting of sustainability-related risks as we do with all risks and opportunities. Our Risk Management programme is a five-step process that is linked to our strategies 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. 4. Preparing appropriate action plans to manage the risk and achieve our risk objective. 5. Monitoring, reviewing and auditing and reporting. GOV-5_01 Governance of all risks, including sustainability-related risks, is the responsibility of the Board. During the year, the Board reviews our principal and emerging risks and opportunities, including those associated with climate change, water management and health & 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, are integrated into our Risk Management programme. Prior to external disclosure, all risk assessments and management plans, including sustainability- related risks and opportunities are subject to rigorous review by the Group Business Resilience Team, the Group Risk and Compliance Committee, the ELT, the Audit and Risk Committee of the Board and the full Board; and are subject to internal audit. Our approach to ESG data management supported by the Finance function continues to evolve by applying financial reporting principles to our non-financial data and through the development of a robust control environment, alongside policies, to progress our ESG objectives. We have internal sustainability process guidelines, which establish the minimum requirements for environmental management and provide frameworks, templates and tools to ensure a unified approach across all CCH markets. All CCH entities are required to adhere to these guidelines. This year, we have reviewed the data governance interaction model we follow. This was undertaken to clarify roles and responsibilities and to provide updated documentation and training for Data Stewards at the business unit level. We continue to update the process in the business units for data gathering of formal evidence (e.g., photos of water meters, email communication, reports) for all water usage for the year to ensure traceability and accuracy. 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. Our health and safety rules are communicated to our employees. In addition, we have established processes and procedures to ensure that regular training is provided to employees in accordance with their roles and responsibilities and any relevant regulatory requirements. Finally, local health and safety regulations are properly monitored to ensure continuous compliance. We have set a process in place to ensure that any health and safety issues are followed up in a timely way and remediated through reporting channels. We comply with the local QSE requirements, and we monitor closely any legislation changes. GOV-5_04 Sustainability-related risks are integrated into our Risk Management Programme, as detailed in the IAR section ‘Business Resilience: Proactive management of risks and opportunities’. As part of our Risk Management programme, sustainability- related risks and opportunities are discussed, monitored and prioritised, relative to other risks, during the principal risk assessment process. The outcomes of engagement with business units and cross-functional teams are integrated into a principal risk report, which is reviewed by the Group Risk and Compliance Committee (GRCC). The Committee ensures that principal risks, as detailed in the IAR section Principal Risks and Opportunities, are reviewed with a broader, cross-functional perspective, integrating findings into the principal risk report submitted to the ELT and quarterly to the Audit and Risk Committee of the Board. Once a risk is identified and assessed, risk owners, accountable managers and risk mitigation plan owners are assigned for monitoring, developing and implementing mitigating actions and to ensure clear accountabilities at all stages of the process. The outcomes of these assessments and the monitoring of the effectiveness of the management plans and internal controls associated with them are reviewed by the Group Business Resilience Team in collaboration with Group risk owners, the Regional Management Teams, the Group Risk and Compliance Committee, and are subject to internal audit. GOV-5_05 Our internal audit department conducts independent cross-regional sustainability audits, assessing the processes that support sustainability reporting and data-collection standardisation across a sample of business units and Group functions, aiming to identify opportunities to enhance the overall effectiveness and efficiency of processes and controls. The audits are conducted in conformance with the International Standards for the Professional Practice of Internal Auditing. 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. Our 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. On a quarterly basis, the results of such reviews and inspections are presented to the Board’s Audit and Risk Committee. GOV-5_03 Variations in data collection practices present challenges to a company’s sustainability reporting process. Some metrics presented across the statement, especially for upstream and downstream value chain segments, are estimated using indirect sources. For example, the calculation of scope 3 greenhouse gas (GHG) emissions and data related to the percentage of recycled materials. The timing and availability of data across the value chain are crucial for effective decision-making and operational efficiency. Ensuring data synchronization across different stages of the value chain is essential for providing appropriate accuracy. While these factors introduce some risks, they are manageable with careful planning and attention. 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. Coca-Cola HBC Integrated Annual Report 2024 49 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued 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. Our ‘Emerging’ markets contribute to the 45% of our revenues, followed by the ‘Established’ markets with 33% and the ‘Developing’ markets with 22%. Further details are available on pages 2-3. Our route to market includes a wide range of consumer channels – from supermarkets, convenience stores and vending machines, to ‘Hotels, Restaurants and Cafés’ (HoReCa). 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 Armenia to Austria, Egypt to Estonia and Serbia to Switzerland. We serve 750 million potential consumers across 29 countries and have proven routes to market and leading market positions in a unique geographic footprint across Western, Central and Eastern Europe, and Africa. SBM-1_03,04 We are approximately 33,000 passionate, diverse and committed professionals. The geographical distribution of our employees (FTEs) is as follows: Table 3: Geographical distribution of employees 2024 Geographical area Permanent Temporary Region 1 5,914 98 Region 2 7,829 679 Region 3 12,368 2,595 Italy 1,991 20 Corporate Centre 1,508 18 Subtotal 29,609 3,409 Total 33,018 • 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. 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 presented in the Financial Statements, our annual revenue reached €10,754 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 reach 100% recycled waste and have zero waste to landfill from manufacturing. 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 ESG 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. Our updated 2030 emissions target, and in our long-term commitments, such as NetZeroby40 and a positive impact on biodiversity by 2040, Egypt is included. Coca-Cola HBC Integrated Annual Report 2024 50 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued 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 ‘Licence to operate’ and ‘Cultivate the potential of our people’ sections of this report. SBM-1_25 Our business model describes the essence of what we do: how we create value for all our stakeholders from the resources and relationships we need to operate the business. Analytical description of our business model is available in the Value Chain graphic on page 42. SBM-1_26 For further details regarding the inputs and our approaches to gather, develop and secure those inputs, please see the Value Chain graphic on page 42 and ‘Business model’ section on pages 6-7. 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 7. 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 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 regarding the metrics of our socio-economic impact are available in the Strategic Report, ‘Socio- economic contribution’ paragraph on page 7. SBM-1_28 Our upstream value chain segment incorporates all the activities that supply us with the key sustainably produced 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). 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 Coca-Cola HBC Integrated Annual Report 2024 51 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued N G O s G o v e r n m e n t s O u r p e o p l e T h e C o c a - C o l a C o m p a n y S h a r e h o l d e r s P a r t n e r s i n e ffi c i e n c y O u r c o n s u m e r s O u r c o m m u n i t i e s O u r c u s t o m e r s Our stakeholders SBM-2 Interests and views of stakeholders SBM-2_01,03 We partner and we engage with stakeholders that share our commitment to a sustainable future and have a stake in our business. Engaging with our stakeholders strengthens our relationships and helps us make better business decisions and deliver on our commitments. SBM-2_02 Except for our people (employees), our key stakeholders include a) investors (shareholders and analysts), b) customers, c) consumers, d) suppliers, e) governments and regulatory authorities, f) NGOs and IGOs, g) communities and h) TCCC. Further information is available in the ‘Stakeholder engagement’ section on pages 10-11. SBM-2_03,04 We strive for long-term partnerships with non-governmental organisations, customers, suppliers, academia and other stakeholders to maximise the impact of community programmes. We have organised various types of engagement tailored to each stakeholder’s nature, their relationship with our value chain, and their specific needs. Our people • Focused and continuous conversations • Employee Assistance Programme • Regular employee surveys to understand and act on needs and wellbeing • Offering personalised experiences and opportunities for personal and professional growth • Ongoing dialogue with employee representative bodies Our customers • Key account managers engage with our customers at a strategic level • Our business developers visit outlets with digital tools and insights to add value • Partnering to reduce food loss and waste • Introduce new packaging types and support packaging collection • We regularly search for feedback, measure and analyse customer engagement Our consumers • Together with TCCC, we understand consumers’ needs and preferences through our access to consumer insights • Consumers also provide feedback on social media and via consumer hotlines Our communities • We engage with customers and partners to understand what skills and training young adults need in specific markets • Via our #YouthEmpowered sessions, we increase the employability of young people • We participate actively to support the set-up and implementation of new packaging collection schemes • Addressing water challenges in water priority locations • We participate in different volunteering initiatives • We launched the Coca-Cola HBC Foundation to support communities where we operate • We provide disaster relief in every business unit where we operate Governments • Much of our engagement with governments is conducted at an industry level through trade associations • We partner with local governments to tackle waste-collection challenges and water availability NGOs • We include NGOs and community partners in our leadership development programmes, offering online training for managing virtual teams and leading in times of crisis • We partner with specific NGOs for targeted environmental and social projects, and for disaster relief • We engage through our Group Annual Stakeholder Forum and our annual materiality assessment, as well as through ad hoc meetings Coca-Cola HBC Integrated Annual Report 2024 52 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Our suppliers • Feedback received through our Group Annual Stakeholder Forum • Regular, ongoing interaction with the Coca-Cola System’s central procurement group and our technology and commodity suppliers • Sustainability workshops organised with main suppliers • Specific meetings for sustainability discussions with critical suppliers • Training opportunities provided via SLoCT, EcoVadis IQ, etc. The Coca-Cola Company (TCCC) • Day-to-day interaction as business partners, joint projects, joint business planning, functional groups on strategic issues and ‘top-to-top’ senior management forums Our investors • Communication during our Annual General Meetings, investor roadshows, press releases and results briefings, and ongoing dialogue with analysts and investors • Monitoring and implementing the emerging trends and investors’ expectations via participation in the ESG benchmarks and ESG raters Further information related to our stakeholder engagement is available in the ‘Stakeholder engagement’ section of the report, and details about our types of engagement can be found on our website. SBM-2_05 Our Annual Stakeholder Forum brings together stakeholders from each stakeholder group to address their concerns, discuss impacts and risks and propose improvement opportunities. List of the last six Stakeholder Forums: 1. 2019 Stakeholder Forum: Water efficiency and use, water stewardship in communities, water education. 2. 2020 Stakeholder Forum: Climate action in the new normal. 3. 2021 Stakeholder Forum: Winning ESG partnerships: When one plus one exceeds two. 4. 2022 Stakeholder Forum: Bridging the social and the economic: How can companies invest to deliver value both for business and society? 5. 2023 Stakeholder Forum: Water regeneration – partnering to strengthen communities’ resilience and drive economic growth. 6. 2024 Stakeholder Forum: Harnessing the circular economy for packaging. SBM-2_07 Besides the annual stakeholder forum, we actively seek out our stakeholders’ opinions and insights by: • interviewing key internal decision makers and external partners; • conducting 26 in-depth interviews for our impact materiality with global stakeholders representing the main stakeholder groups: investors, shareholders, customers, industry associations, NGOs, local communities, suppliers and international institutions such as the UN Global Compact and the International Organisation of Employers; • engaging with external stakeholders on an ongoing basis; • surveying the local external stakeholders during the materiality surveys for the local business unit sustainability reports; • considering the material issues list of TCCC and other bottlers as well as other food and beverage companies; • regular Employee Engagement surveys for our own employees; • reviewing the feedback received via our ‘SpeakUp!’ line, consumer link, social media, company’s contacts/emails and customers’ surveys; • joint sustainability events with peer companies and customers at local business unit level; • interviews for specific topics done by external auditors during the ISO audits, workplace accountability and suppliers audits; and • listening to feedback from our Group Risk and Compliance committee and all risk registers of our markets. Hearing from our stakeholders on what matters most is essential for us. Every year, we bring together (in virtual format) a group of diverse stakeholders to formally review our sustainability performance and to understand their expectations for the future. SBM-2_05,06 We aim to strengthen our relationships with our stakeholders that would help us make better business decisions and deliver on our commitments. When introducing new packages or products, developing strategies or setting targets to manage the social and environmental impacts of our operations, we consider what is meaningful and valuable to our stakeholders. This requires understanding our stakeholders’ priorities and expectations. For instance, to build trust by operating responsibly and sustainably, and addressing issues that are material for our communities, we engage directly with people in the markets in which we operate, particularly those living in the areas around our bottling operations, and through third-party partnerships. We identify and select all types of stakeholders that can have an impact on or are affected by our business now and in the future. This process is done both at the Group and country levels, and the overall input is consolidated and used for our materiality surveys. Specifically, for our thematic Annual Stakeholder Forum, we aim for at least 50% of our invited stakeholders to be directly relevant to the issues discussed each year, with the other 50% being from all other categories. Stakeholders’ maps are updated regularly by the countries and Group. Coca-Cola HBC Integrated Annual Report 2024 53 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued SBM-2_12 We seek our stakeholders’ feedback and recommendations because they are of paramount importance. We take their insights seriously. We also conduct regular customer satisfaction surveys and consider any feedback from our customers. Employee engagement surveys are also performed regularly, ensuring the voice of our employees is heard and resulting in clear actions to improve. The Social Responsibility Committee formally reviews this feedback, looking forward to accelerating our sustainability-related impacts. Results of our annual materiality surveys have been presented to our ELT and Social Responsibility Committee of the Board every year. SBM-2_08,09 Please see the Strategic Report, ‘Market trends’ section and specifically paragraphs ‘How we are responding’ and in the ‘Chief Executive Officer’s letter’ section on page 9. In Q4 2024, we opened a new Digital Hub in Egypt to complement our existing Digital Hubs in Sofia, Bulgaria, and Athens, Greece. This initiative is part of the Digital Technology Platforms’ (DTPs’) new sourcing strategy, which aims to ensure we remain competitive, agile and future-ready. By bringing 450 more technology roles in-house and investing in software and customised development, we are positioning ourselves to better meet the evolving needs of our stakeholders. We have continued to leverage our revenue growth management (RGM) framework to enhance our customer offerings. This includes initiatives focused on affordability and premiumisation, ensuring that we cater to a broad spectrum of consumer needs. Our leading data, insights and analytics (DIA) capabilities are integral to this process, enabling us to perform micro-segmentation of customers. This allows us to address specific consumer needs more effectively and personalise our execution. By investing in digital capabilities and refining our customer offerings, we are not only enhancing our competitive edge but also ensuring that we remain responsive to the demands and expectations of our diverse stakeholder base. SBM-2_10 We are committed to continuing the development of our 24/7 portfolio, ensuring a consistent range of choices and strengthening our organisational capabilities. Our goal is to be recognised as the best partner by our customers through distinctiveness and excellence. Sustainability remains at the top of our agenda. Building on our strong track record, we will craft the journey to net zero and continue raising the bar with packaging, collection and recycling, water usage, our #YouthEmpowered programme, gender diversity and other key sustainability commitments. Please see the Strategic Report, ‘Chair’s letter’ and ‘Chief Executive Officer’s letter’, paragraphs ‘Looking ahead’. SBM-2_11 Engaging with stakeholders is a fundamental aspect of our business operations. We prioritise the interests of the Group’s employees and other stakeholders in our decision-making process, recognising the importance and value of their perspectives. This includes considering the impact of the Company’s activities on the community, the environment and the Group’s reputation. Overall, these strategic steps are expected to foster stronger relationships with our stakeholders, as they align with their interests and demonstrate our commitment to continuous improvement and innovation. S1.SBM-2_01 We have organised various types of engagement for our employees, which enable us to comprehend their interests and views, as presented previously. Respect for human rights remains a cornerstone of our operations. Our updated Human Right Policy aligns with current global trends in human rights, positioning us at the forefront in this vital area across all aspects of our business. To ensure everyone fully understands our human rights commitments, we introduced a Humans Rights Manager Guide and mandatory training for all employees, which must be completed every three years. S2.SBM-2_01 Regarding the value chain workers, we engage with them through regular audits, and we understand their concerns via the ‘SpeakUp!’ line which are then considered in our decision-making processes. We are dedicated to upholding the human rights of all value chain workers. Our Supplier Guiding Principles apply to our suppliers and are aligned with the expectations and commitments of our Human Rights Policy. All long-term contractors and contracted services on site are assessed on human rights through workplace audits, which have a three-year cycle. S3.SBM-2_01 We follow international human rights standards and ensure our operations respect the rights of affected communities, considering them in our decision-making processes. This includes honouring the rights of indigenous peoples, where applicable, and recognising their unique cultural, social and economic contributions. S4.SBM-2_01 At Coca-Cola HBC, we prioritise the interests, views and rights of our consumers and end-users as essential to our strategy and business model. We continuously assess these impacts and engage with our consumers through various mechanisms, including regularly collecting and analysing feedback from them, to understand their needs, preferences and concerns. We are committed to ensuring that our operations respect the human rights of consumers and end-users. Our stringent quality control measures ensure the safety and reliability of our products, reflecting our dedication to consumer protection. To effectively address the evolving needs and expectations of our consumers and end-users, Coca-Cola HBC adapts its business model and strategy by developing new products and services, such as low- and zero-sugar products, products with natural ingredients, etc. Furthermore, we maintain open and transparent communication with consumers about our practices, products and any potential risks. Coca-Cola HBC Integrated Annual Report 2024 54 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model SBM-3_03,10 Our Business Resilience (BR) programme is designed to embed the capability, processes and mindset that enable us to proactively manage risks – and embrace opportunities – so that we grow sustainably and meet our 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 continue to embed the key principles of Business Resilience and Risk Management throughout our business, providing 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. We measure the extent to which the BR principles and processes are embedded in our business through key performance indicators, including the outcomes of our annual resilience maturity survey involving over 350 senior managers across all areas, designed to measure our risk and resilience culture. For more information, please see the Business resilience section of the IAR, page 178. 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 our Board. Our process recognises that, the earlier we identify, assess and manage risk, the higher the likelihood is of preventing or reducing negative impacts and taking advantage of opportunities. For those events that we cannot prevent or that are unforeseeable, we have well-established processes to reduce impact on the business. These include tested contingency plans, a business continuity programme, our Incident Management and Crisis Resolution (IMCR) programme and an insurance programme. In 2024, we focused on further embedding our integrated approach across our business units. This included piloting a new risk management tool to improve visibility of key risks and enhance best-practice sharing and analysis. It also involved optimising assessment of business interruption risks and embedding the outcomes in our insurance and business continuity programmes. Within the double materiality assessment process, we have reassessed risks and opportunities facing our business, the environment and society. 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. Climate risk is fully integrated into our risk management programme, and our CRO facilitates more frequent discussions with a cross-functional team that includes representatives from Business Resilience, Finance, QSE, and Corporate Affairs and Sustainability functions. SBM-3_02 Following the DMA process, we identified two material risks across our value chain. The first, ‘Managing our carbon footprint’, refers to our own operations and to the downstream value chain and is directly tied to our progress towards achieving our NetZeroby40 commitment. The second material risk, ‘Cost and availability of sustainable packaging’, emerged as material in both the upstream and downstream segments of our value chain. In the upstream value chain, this risk relates to sourcing of sustainable packaging materials for our products. In the downstream segment, it relates to reducing packaging waste and supporting the availability of sustainable solutions in the post-consumption phase. SBM-3_08,09,10 The financial effect for 2024 of the material risk ‘Managing our carbon footprint’ is primarily driven by the €131.1 million of Capex invested on projects aimed at reducing emissions, mainly related to energy efficiency, the expansion of our green fleet programme and energy-efficient coolers. For the risk related to ‘Cost and availability of sustainable packaging’, the current financial effect amounts to €68.6 million Capex, reflecting investments made during the year, particularly in returnable containers and packaging-related projects, and €30 million, reflecting the increased cost of recycled PET used to bottle our beverages. For the next reporting period, we do not foresee significant risk of material adjustment 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 mentioned above are reflected in our financial statements, as part of the overall amounts reported in the cash flow and income statement 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, however, we apply an internal process to identify expenditures associated with growth initiatives with sustainability benefits and we are thus able to identify the above-mentioned amounts. For details on Capital expenditure, please refer to p.350. As we move forward with our transition plan, we anticipate that Capex investments that support it, will gradually increase to 37% of total Capex in 2030. After that, we expect to continue the 2025-2030 trajectory of investments, for both Capex and Opex/Cogs, to help us meet 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 sustainable finance approach underpins the Group’s ability to align funding strategies with sustainability commitments while supporting the UN Sustainable Development Goals and EU Environmental Objectives. Financing mechanisms include a diverse range of instruments, ensuring flexibility in meeting both current and future financial requirements for action plans. In 2024, we updated our quantitative assessment of these two material risks. While their inherent financial effect is material, we have undertaken considerable planning to ensure that they will not have an impact on our business strategy, therefore reducing their residual effect to our business. We confirmed the resilience of our strategy through the assessment of these risks over the short (2025), medium (2030) and long term (>2030) and under different climate scenarios. For the ‘Managing our carbon footprint’ risk, we updated our comprehensive quantitative assessment in line with our continuing refinement of our NetZeroby40 transition plan and carbon reduction glidepath. We estimated the future cost of carbon under multiple climate scenarios, including RCP1.9 (Paris Ambition) and RCP4.5 Coca-Cola HBC Integrated Annual Report 2024 55 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued (stated policy) as well as several transition scenarios, including the NGFS and IEA transition scenarios. We have identified several initiatives to reduce our scope 1 and 2 emissions, including a decrease in our overall use of energy and the increase in the use of renewable energy. In addition, 90% of our emissions are scope 3 thus, we are dependent on our suppliers and customers to reduce those emissions. As a result, our climate transition plan ensures that we are able to maintain and grow our business, through effective management of the carbon risks. 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. We used these projections to estimate the impact of climate change on future annual operating costs for generating carbon and applied that to our projected carbon emissions to 2040 as set out in our NetZeroby40 roadmap. Based on the Paris Ambition (RCP1.9) scenario, we have estimated that the additional direct annual carbon cost, associated with scope 1 and 2, will peak at €25.5 million by 2030, reducing to €9.3 million by 2040. Under a Stated Policy (RCP4.5) scenario, we have estimated that the additional direct annual carbon cost for scope 1 and 2, will reach €10.8 million by 2030, reducing to €2.8 million by 2040. We also performed a preliminary assessment of the carbon cost associated with scope 3 emissions (excluding packaging and ingredients that are covered under separate risks). Due to the indirect nature of these potential costs and the uncertainty around the extent of their residual financial effect to our business, we will continue to refine our methodology and update our assessment next year. The second material risk, ‘Cost and availability of sustainable packaging’ is closely linked to the ‘Managing our carbon footprint’ risk, as packaging represents more than 30% of our emissions. Our Package Mix of the Future strategy, established in 2023, prepares us well to maintain and grow our business over the longer term through effective management of the ‘Cost and availability of sustainable packaging’ risk. Initiatives such as increasing the use of recycled and refillable packaging along with advancing decarbonisation in the packaging industry contribute significantly to our journey towards NetZeroby40. Based on the updated quantification assessment that we performed in 2024, which was based on the future cost of carbon related to packaging, we estimate that the annual cost of packaging under a Paris Ambition (RCP1.9) scenario will increase by 13.2% by 2030 and by 2.2% by 2040. Under a Stated Policy (RCP 4.5) scenario, we estimate that the annual cost of packaging will increase by 4.2% by 2030 and by 0.4% by 2040. 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 linked to climate change please see IRO-1_09. For more details on the material risks, please see section ‘Principal risks and opportunities’ of this IAR. SBM-3_01,06,07 In addition to these material risks, 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, ‘Materiality assessment’ 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 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 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’ on pages 39 to 40. 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. Coca-Cola HBC Integrated Annual Report 2024 56 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Table 4: List of impacts Impact Impact nature Impact time Effect • Climate change Negative Actual/ Potential 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 composition of energy sources. For scope 3, we work with our suppliers and partners to decarbonise. • Soil pollution Negative Potential Upstream: We recognise that the excessive use of nitrogen and phosphorus fertilisers in agriculture can pollute the soil (our Tier 2 and Tier 3 suppliers). • Soil pollution • Water pollution Negative Actual/ Potential Downstream: Indirect impact from post-consumer waste, in countries where effective collection programmes and schemes are lacking, can lead to pollution in soil and water. • Water pollution removal Positive Potential Downstream: We have also identified indirect positive impact through our packaging initiatives, the execution of SBTN actions and water/nature replenishing programmes. • Water use Negative Actual/ Potential 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 priority locations, as part of our production operations. Upstream: Water is used by our agricultural suppliers (Tier 2 and Tier 3) for growing the 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. • Water replenishment Positive Actual/ Potential 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, 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. • Land-ecosystem use change Negative Potential Upstream: We have recognised land-use change as a negative impact due to potential deforestation coming mainly from Tier 2 and 3 suppliers. Agricultural suppliers cannot quickly and sustainably reduce their impact regardless of our efforts. • Health and Safety Negative Actual/ Potential Health and safety of our employees are of paramount importance. Employees can be affected by any types of accidents in any activity (manufacturing, warehousing, administration, marketplace activities by commercial team, etc.) at own operations. We keep metrics to track our progress, and we have set specific goals. Similarly, ‘Health and safety’ remains critical for our contractors and workers in the value chain performing work at our premises and in 3PL distribution, as any accidents can cause serious injuries or even death. • Health and Safety Positive Actual Furthermore, as part of our internal health and safety management system, all employees (100%) receive mandatory safety training. Health and safety trainings are developed also as Group e-learning programmes. Coca-Cola HBC Integrated Annual Report 2024 57 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Impact Impact nature Impact time Effect • Contribution to employment Positive Actual/ Potential Additionally, we provide an Employee Assistance Programme (EAP), health insurance to employees and training on financial wellbeing. 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 contracts. 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. • Provision of social protection and social security Positive Potential • Gender equality Positive Actual/ Potential Related to gender equality in our operations, we have established special programmes for women, ‘Women Leaders Network’, to enhance female equality. • Accessibility of living wage Positive Actual/ Potential 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 deserve. • Access to education Positive Actual/ Potential Besides training related to health and safety to our employees, we offer numerous training materials and education to all our employees, enhancing their background to key issues. 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. Additionally, 10% 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 Positive Actual/ Potential 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. Furthermore, we have provided 7.2 million litres of beverage to Red Cross and other NGOs for disaster relief and for other community supporting activities. Overall, we have created 501,982 indirect jobs across the value chain, and 1 job in our system corresponds to 13 in the community. • 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 During the previous reporting period, ‘Coca-Cola HBC AG 2023 Integrated Annual Report’ had been prepared in accordance with the Global Reporting Initiative Standards (GRI Universal Standards 2021), where we have considered impact but also the interest and concerns of our stakeholders, as well as the importance of the topic to the business. Following the ESRS requirements, we updated our materiality analysis in 2024 to consider impact materiality, risks and opportunities. While no new material areas were identified that had not been previously considered in our materiality analysis and strategy, we now align our topics with the ESRS standards. SBM-3_12 All of our impacts and risks are linked to ESRS topics, sub-topics and sub-sub-topics, as presented in our ‘Materiality Table’. We identified positive impact to communities, referred as ‘Access to Education (#YouthEmpowered)’, which has been covered within ESRS S3 by providing entity-specific metric. The rest of our impacts and risks are covered by the topical ESRS Disclosure Standards. For further details please refer to Materiality table in ‘Double Materiality Assessment’ on pages 39-40. Coca-Cola HBC Integrated Annual Report 2024 58 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued IRO-1 Description of the process to identify and assess material impacts, risks and opportunities IRO-1_01 In 2024, we conducted a double materiality analysis based on 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’ 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_04 Impacts’ identification and assessment were conducted across the value chain (upstream, own operations, downstream). Specifically, for those identified in our own operation, we assessed them based on the specific quantitative criteria set. Quantitative criteria were used for some of the impacts on nature in upstream activities, specifically for Tier 1 suppliers. IRO-1_06 Actual negative impacts on people and the environment were assessed based on the severity of the impacts in terms of scale, scope and irremediability, following the guidelines of ESRS 1. Actual positive impacts to environment and to people were assessed based on the significance of the impacts in terms of scale and scope. Regarding the potential negative and positive impacts to environment, we also considered the likelihood of the impacts. Regarding the assessment of potential impacts to people, their severity takes precedence over the likelihood, as determined by ESRS 11&2. IRO-1_02 The process encompassed all the segments of our value chain, including upstream, own operations and downstream. To enable impact identification and assessment, both internal and external sources were utilised to understand the causes generating various impacts. The impacts were assessed on a scale of 1 to 5 based on quantitative and qualitative criteria and categorised according to the impact topic they affect. IRO-1_14 Internal sources (e.g., 2023 IAR, CDP assessments, GRI Index file, etc.), and external sources (e.g., Encore database, TCFD, TNFD, WWF Water Risk Filter, WWF Biodiversity Risk Filter, external literature review) were used to identify impacts3. 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 policies, ISO audit reports, enterprise risk management systems and performance KPIs already monitored were also considered. IRO-1_15 During the previous reporting period, ‘Coca-Cola HBC AG 2023 IAR’ was prepared in accordance with the Global Reporting Initiative Standards (GRI Universal Standards 2021). Currently, both ESRS Standards and the GRI Universal Standards are used. 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 (inhouse 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.). 1. ESRS 1, chapter 3.4, paragraph 45. 2. ESRS 1, Application Requirement AR. 11. 3. ESRS 1, Application Requirement AR. 9(b). Coca-Cola HBC Integrated Annual Report 2024 59 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued IRO-1_01 Identifying risks and opportunities is crucial for comprehensive sustainability reporting. The process of identifying the risks and opportunities is aligned with the requirements of the ESRS and ensures a comprehensive assessment of financial effects. More specifically, Coca-Cola HBC’s risk universe includes 20 risk categories aligned with the growth pillars. Table 5: Risk universe – Categories Leverage 24/7 Beverage Portfolio Win in the Marketplace Fuel Growth Through Competitiveness & 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 Regulator Fraud Macroeconomic Environment Business Transformation Business Interruption In addition to the already identified sustainability-related risks and opportunities, the following sources are also examined in order to ensure the completeness of the list: • risks and opportunities arising from negative and positive impacts identified during the impact materiality; and • dependencies in the value chain (ENCORE tool). Each risk category is assessed considering all value chain segments (upstream, own operations and downstream). The identified risks are categorised as either environmental, social or governance risks based on their nature. 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 crisis simulation based on a relevant business risk. IRO-1_08,12 We carry out an analysis of the main current and emerging ESG 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 trends 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. IRO-1_08 Our materiality assessment is integrated into our risk management programme, and we evaluate the risks and opportunities associated with priority topics. IRO-1_12 Over the years (including in January 2024), we have performed annual materiality surveys where we consulted 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. IRO-1_13 Opportunities are identified by using the same process as risks. Both risks and opportunities are evaluated by measuring likelihood and consequence. Potential risks and opportunities are identified and documented in the Risk Universe, which is reviewed and updated annually. IRO-1_10 Within the ESG 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, QSE, and Corporate Affairs and Sustainability. Another critical sustainability-related risk is linked to the cost and availability of sustainable packaging, which aligns with our commitments to circular economy. This issue represents a key focus within our broader sustainability strategy. Coca-Cola HBC Integrated Annual Report 2024 60 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued 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. IRO-1_11 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. Our internal audit department conducts an annual independent audit of the Business Resilience programme and its implementation, assessing the Company’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- related controls. E1.IRO-1_05 The time horizons that are considered for the assessment of the risks and opportunities are aligned with the ESRS requirements and can be linked to our strategic and financial planning. These time horizons for the 2024 reporting year are: • Current: 2024 • Short-term: 2025 (equal to the horizon of the business planning process and targets) • Medium-term: 2030 (equal to the horizon of our long-range plan process) • Long-term horizon: >2030 IRO-1_09 The magnitude of the financial effect is calculated either quantitatively or qualitatively for all the risks and opportunities identified, taking into account whether and to what extent they affect one or more of the following financial metrics for Coca-Cola HBC; financial position, financial performance, cash flow, cost of capital and access to finance. Where possible, the quantitative metric of percentage of comparable EBIT (cEBIT) is used to assess the financial effect of each risk and opportunity, considering a five-step scale. For those risks and opportunities where the quantitative metric could not be calculated, a qualitative magnitude is provided using the same five-step scale. For the current (2024) financial effect, their magnitude is solely used along with a suitable threshold to address materiality. Specifically, the materiality threshold is set such that all risks and opportunities that have a potential impact on the business assessed as ‘Critical’ or ‘Major’ are considered material, while those that have a potential impact assessed as ‘Moderate’, ‘Minor’ or ‘Insignificant’ are deemed non-material. Regarding the anticipated risks and opportunities, the likelihood of occurrence needs also to be clarified for each corresponding time horizon. To evaluate the likelihood of occurrence for each risk or opportunity, the scoring considered is: ‘Almost certain’, ‘Likely’, ‘Possible’, ‘Unlikely’ and ‘Rare’. Considering the combination of the financial effect magnitude and the likelihood scoring as defined above, a scale for the inherent risk emerges: ‘Critical’, ‘High’, ‘Moderate’, ‘Low’ and ‘Very low’. For the anticipated (short-, medium- and long-term) risks and opportunities, the above scale is used along with a suitable threshold to address their materiality. Specifically, the materiality threshold is set such that all risks and opportunities labelled as ‘Critical’ or ‘High’ are considered material while those categorised as ‘Moderate’, ‘Low’ or ‘Very low’ are deemed non-material. 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, totaling 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 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. Coca-Cola HBC Integrated Annual Report 2024 61 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued 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, we used different climate scenarios, including RCP8.5, to assess the sensitivity of 62 locations to flood risk, likelihood of wildfires, precipitation and drought. 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 €28 million by 2030, of which €6.9 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 €2.0 million per annum by 2040. During 2024, we 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’ 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 cost rises of 9.2% by 2030 and 1.3% by 2040 under an RCP1.9 scenario and 4.4% by 2030 and 0.5% 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’ 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, we recognize 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 (see ‘Emerging Risk: The impact of consumer perceptions of our environmental performance’ in the ‘Risk’ section of the IAR), an increase in perceptions of our environmental performance has a direct link to an increase in consumers’ intent to purchase and therefore sales. E1.IRO-1_10 Given climate-related risks impact Coca-Cola bottlers globally in similar ways, we have taken a Coca-Cola System approach to the identification of risks. We have identified and assessed four transition risks: managing our carbon footprint, the cost and availability of sustainable packaging, the impact of consumer perceptions of our environmental performance on our reputation and the effect of increasing government regulation on the cost and availability of water. Of these risks, we have assessed managing our carbon footprint and the cost and availability of sustainable packaging as material and the outcome of the assessment of those risks is detailed in section SBM-3_08,09,10 of the Sustainability Statement, and the ‘Principal risks and opportunities’ section of the 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 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. Coca-Cola HBC Integrated Annual Report 2024 62 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued • 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 all of 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 2024, 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, Coca- Cola HBC 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 2024, 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: Ιn 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. For further information related to the water risk assessment that is carried out on our plants, please visit Water Stewardship and Water Risk Management Programmes. • Methodologies, assumptions and tools utilised: Coca-Cola HBC 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. Moreover, location-based assessments are carried out in each plant in order to evaluate the vulnerability of the associated water resources. In Alliance for Water Stewardship (AWS) certifications or ISO 46001 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 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 Coca-Cola HBC Integrated Annual Report 2024 63 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued 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 use on the naturally 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 2024, 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 to 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 2022 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 Negative impacts on ecosystem services are avoided by implementing replenishment projects in our plants in countries we operate. Our negative impact assessed in direct operations is related only to water use, however, we address water 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 Alliance for Water Stewardship or ISO 46001 Water efficiency management systems certification at all our manufacturing sites. Coca-Cola HBC Integrated Annual Report 2024 64 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued E4.IRO-1_14 As of 2024, 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. 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 certified our sites in ISO 14001 and Water stewardship certifications (AWS or ISO 46001). As no negative impact has been identified, our measures are rather for addressing the positive impact, such as replenish water. E5.IRO-1_01 Resource inflows, outflows and mostly waste were used as drivers of impacts which 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’, that 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 due to climate change-related regulation and Capex costs associated with changing packaging mix. We have also identified a few opportunities, such as the opportunity associated with the launch of innovative packaging solutions, which were not deemed financially material. For the risks’ identification and assessment, please refer to section ‘IRO-1_09’. 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, we focused on ‘Water Regeneration – partnering to strengthen communities’ resilience and drive economic growth’. Over 130 representatives, from customers, industry associations and academia, to NGOs, policymakers and peer companies – and 25 countries – came together to our Annual Forum. The theme was covered in the context of climate resilience, economic growth and the wellbeing of people. Further information regarding our Annual Stakeholder Forum is available in our website. In 2024, we welcomed over 160 (167) stakeholders to our Annual Stakeholder Forum, themed ‘Harnessing the Circular Economy for Packaging’. Further insights regarding our 2024 Annual Stakeholder Forum are available on page 38 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 ESG 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. Coca-Cola HBC Integrated Annual Report 2024 65 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued IRO-2 Disclosure Requirements in ESRS covered by CCHBC’s sustainability statement IRO-2_01 Table 6: Datapoints from list of the Disclosure Requirements Disclosure Requirement Location in the sustainability statement (page/paragraph) BP-1 General basis for preparation of sustainability statements p.41 BP-2 Disclosures in relation to specific circumstances p.43 GOV-1 The role of the administrative, management and supervisory bodies p.45 GOV-2 Information provided to and sustainability matters addressed by CCHBC’s administrative, management and supervisory bodies p.46 GOV-3 Integration of sustainability-related performance in incentive schemes p.47 GOV-4 Statement on due diligence p.48 GOV-5 Risk management and internal controls over sustainability reporting p.49 SBM-1 Strategy, business model and value chain p.50 SBM-2 Interests and views of stakeholders p.52 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model p.55 IRO-1 Description of the process to identify and assess material impacts, risks and opportunities p.59 IRO-2 Disclosure Requirements in ESRS covered by CCHBC’s sustainability statement p.66 E1-1 Transition plan for climate change mitigation p.83 E1.SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model p.84 E1-2 Policies related to climate change mitigation and adaptation p.85 E1-3 Actions and resources in relation to climate change policies p.87 E1-4 Targets related to climate change mitigation and adaptation p.90 E1-5 Energy consumption and mix p.92 E1-6 Gross scopes 1, 2, 3 and Total GHG emissions p.93 E1-7 GHG removals and GHG mitigation projects financed through carbon credits p.98 Disclosure Requirement Location in the sustainability statement (page/paragraph) E1-8 Internal carbon pricing p.99 E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities ----- Ε2-1 Policies related to pollution p.100 Ε2-2 Actions and resources related to pollution p.102 Ε2-3 Targets related to pollution p.103 Ε2-4 Pollution of air, water and soil ------ Ε2-5 Substances of concern and substances of very high concern ------ Ε2-6 Anticipated financial effects from material pollution-related risks and opportunities ------ E3-1 Policies related to water and marine resources p.104 E3-2 Actions and resources related to water and marine resources p.106 E3-3 Targets related to water and marine resources p.112 E3-4 Water consumption p.114 E4.SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model p.115 E4-1 Transition plan and consideration of biodiversity and ecosystems in strategy and business model p.115 E4-2 Policies related to biodiversity and ecosystems p.116 E4-3 Actions and resources related to biodiversity and ecosystems p.117 E4-4 Targets related to biodiversity and ecosystems p.118 E4-5 Impact metrics related to biodiversity and ecosystems change p.118 E4-6 Anticipated financial effects from material biodiversity and ecosystem-related risks and opportunities ------ E5-1 Policies related to resource use and circular economy p.119 E5-2 Actions and resources related to resource use and circular economy p.120 E5-3 Targets related to resource use and circular economy p.125 Coca-Cola HBC Integrated Annual Report 2024 66 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Disclosure Requirement Location in the sustainability statement (page/paragraph) E5-4 Resource inflows p.127 E5-5 Resource outflows p.128 E5-6 Anticipated financial effects from material resource use and circular economy-related risks and opportunities p.129 S1. SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model p.130 S1-1 Policies related to own workforce p.131 S1-2 Processes for engaging with own workers and workers’ representatives about impacts p.135 S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns p.136 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.137 S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities p.141 S1-6 Characteristics of CCHBC’s employees p.142 S1-7 Characteristics of non-employee workers in CCHBC’s own workforce p.143 S1-8 Collective bargaining coverage and social dialogue ------ S1-9 Diversity metrics p.144 S1-10 Adequate wages p.144 S1-11 Social protection p.144 S1-12 Persons with disabilities ------ S1-13 Training and skills development metrics p.144 S1-14 Health and safety metrics p.144 S1-15 Work-life balance metrics ------ S1-16 Compensation metrics (pay gap and total compensation) p.145 S1-17 Incidents, complaints, and severe human rights impacts p.145 Disclosure Requirement Location in the sustainability statement (page/paragraph) ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model p.146 S2-1 Policies related to value chain workers p.148 S2-2 Processes for engaging with value chain workers about impacts p.150 S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns p.151 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.151 S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities p.153 ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model p.155 S3-1 Policies related to affected communities p.156 S3-2 Processes for engaging with affected communities about impacts p.157 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.158 S3-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities p.159 ESRS 2 SBM-3 Impacts, risks and opportunities and their interaction with strategy and business model p.161 S4-1 Policies related to consumers and end-users p.162 S4-2 Processes for engaging with consumers and end-users about impacts p.165 S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns p.166 S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions p.167 S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities p.172 Coca-Cola HBC Integrated Annual Report 2024 67 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued IRO-2_02 Table 7: Datapoints from other EU legislation Disclosure Requirement and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference Benchmark Regulation ( 25 ) reference EU Climate Law ( 26 ) reference Location in the sustainability statement 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.45 Material for Group Level ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e) Delegated Regulation (EU) 2020/1816, Annex II p.45 Material for Group Level ESRS 2 GOV-4 Statement on due diligence paragraph 30 Indicator number 10 Table #3 of Annex 1 p.48 Material for Group Level 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 – Not Material 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 – Not Material 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 – Not Material 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 – Not Material ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14 Regulation (EU) 2021/1119, Article 2(1) p.83 Material for Group Level Coca-Cola HBC Integrated Annual Report 2024 68 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Disclosure Requirement and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference Benchmark Regulation ( 25 ) reference EU Climate Law ( 26 ) reference Location in the sustainability statement Materiality of information (Group level) ESRS E1-1 Exclusion 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.83 Material for Group Level 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.91 Material for Group Level 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 n. 5 Table #2 of Annex 1 p.92 Material for Group Level ESRS E1-5 Energy consumption and mix paragraph 37 Indicator number 5 Table #1 of Annex 1 p.92 Material for Group Level 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.92 Material for Group Level 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.93 Material for Group Level 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 Coca-Cola HBC Integrated Annual Report 2024 69 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Disclosure Requirement and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference Benchmark Regulation ( 25 ) reference EU Climate Law ( 26 ) reference Location in the sustainability statement Materiality of information (Group level) ESRS E1-7 GHG removals and carbon credits paragraph 56 Regulation (EU) 2021/1119, Article 2(1) p.98 Material for Group Level 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 – Material for the Group (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. – Material for the Group (use of phased-in option) ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c) – Material for the Group (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 – Material for the Group (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 – Material for the Group (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 – Not Material ESRS E3-1 Water and marine resources paragraph 9 Indicator number 7 Table #2 of Annex 1 p.104 Material for Group Level Coca-Cola HBC Integrated Annual Report 2024 70 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Disclosure Requirement and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference Benchmark Regulation ( 25 ) reference EU Climate Law ( 26 ) reference Location in the sustainability statement Materiality of information (Group level) ESRS E3-1 Dedicated policy paragraph 13 Indicator number 8 Table 2 of Annex 1 – Not Material ESRS E3-1 Sustainable oceans and seas paragraph 14 Indicator number 12 Table #2 of Annex 1 – Not Material ESRS E3-4 Total water recycled and reused paragraph 28 (c) Indicator number 6.2 Table #2 of Annex 1 p.114 Material for Group Level 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.114 Material for Group Level ESRS 2- SBM 3 – E4 paragraph 16 (a) i Indicator number 7 Table #1 of Annex 1 – Not Material ESRS 2- SBM 3 – E4 paragraph 16 (b) Indicator number 10 Table #2 of Annex 1 – Not Material ESRS 2- SBM 3 – E4 paragraph 16 (c) Indicator number 14 Table #2 of Annex 1 – Not Material ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b) Indicator number 11 Table #2 of Annex 1 p.116 Material for Group Level ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c) Indicator number 12 Table #2 of Annex 1 – Not Material ESRS E4-2 Policies to address deforestation paragraph 24 (d) Indicator number 15 Table #2 of Annex 1 p.116 Material for Group Level ESRS E5-5 Non-recycled waste paragraph 37 (d) Indicator number 13 Table #2 of Annex 1 – Not Material ESRS E5-5 Hazardous waste and radioactive waste paragraph 39 Indicator number 9 Table #1 of Annex 1 – Not Material ESRS 2- SBM3 – S1 Risk of incidents of forced labour paragraph 14 (f) Indicator number 13 Table #3 of Annex I – Not Material Coca-Cola HBC Integrated Annual Report 2024 71 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Disclosure Requirement and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference Benchmark Regulation ( 25 ) reference EU Climate Law ( 26 ) reference Location in the sustainability statement 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 – Not Material ESRS S1-1 Human rights policy commitments paragraph 20 Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I p.134 Material for Group Level ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labour Organization Conventions 1 to 8, paragraph 21 Delegated Regulation (EU) 2020/1816, Annex II p.134 Material for Group Level ESRS S1-1 processes and measures for preventing trafficking in human beings paragraph 22 Indicator number 11 Table #3 of Annex I – Not Material ESRS S1-1 workplace accident prevention policy or management system paragraph 23 Indicator number 1 Table #3 of Annex I p.131 Material for Group Level ESRS S1-3 grievance/complaints handling mechanisms paragraph 32 (c) Indicator number 5 Table #3 of Annex I p.136 Material for Group Level 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.145 Material for Group Level ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e) Indicator number 3 Table #3 of Annex I p.145 Material for Group Level 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.145 Material for Group Level ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) Indicator number 8 Table #3 of Annex I p.145 Material for Group Level Coca-Cola HBC Integrated Annual Report 2024 72 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Disclosure Requirement and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference Benchmark Regulation ( 25 ) reference EU Climate Law ( 26 ) reference Location in the sustainability statement Materiality of information (Group level) ESRS S1-17 Incidents of discrimination paragraph 103 (a) Indicator number 7 Table #3 of Annex I p.145 Material for Group Level 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 n. 14 Table #3 of Annex I Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1) p.145 Material for Group Level ESRS 2- SBM3 – S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b) Indicators number 12 and n. 13 Table #3 of Annex I – Not Material ESRS S2-1 Human rights policy commitments paragraph 17 Indicator number 9 Table #3 and Indicator n. 11 Table #1 of Annex 1 p.149 Material for Group Level ESRS S2-1 Policies related to value chain workers paragraph 18 Indicator number 11 and n. 4 Table #3 of Annex 1 p.148 Material for Group Level 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.149 Material for Group Level 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.149 Material for Group Level 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.149 Material for Group Level 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.157 Material for Group Level Coca-Cola HBC Integrated Annual Report 2024 73 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Disclosure Requirement and related datapoint SFDR ( 23 ) reference Pillar 3 ( 24 ) reference Benchmark Regulation ( 25 ) reference EU Climate Law ( 26 ) reference Location in the sustainability statement 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.157 Material for Group Level ESRS S3-4 Human rights issues and incidents paragraph 36 Indicator number 14 Table #3 of Annex 1 p.157 Material for Group Level 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.162 Not Material* (*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.165 Not Material* (*disclosed due to stakeholders’ interests) ESRS S4-4 Human rights issues and incidents paragraph 35 Indicator number 14 Table #3 of Annex 1 p.165 Not Material* (*disclosed due to stakeholders’ interests) ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b) Indicator number 15 Table #3 of Annex 1 – Not Material ESRS G1-1 Protection of whistle-blowers paragraph 10 (d) Indicator number 6 Table #3 of Annex 1 – Not Material 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) – Not Material ESRS G1-4 Standards of anti- corruption and anti- bribery paragraph 24 (b) Indicator number 16 Table #3 of Annex 1 – Not Material IRO-2_13 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 process across all ESRS topics. Consequently, each general and topical ESRS provides further elaboration on the utilised materiality assessment criteria. Coca-Cola HBC Integrated Annual Report 2024 74 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report As part of the EU’s plan to direct investments towards a more sustainable economy aligned with the European Green Deal, the European Commission defined a classification system of sustainable activities under the Taxonomy Regulation in 2020. The EU Taxonomy Regulation establishes a common definition of environmentally sustainable economic activities for investors, corporates, policymakers and other stakeholders. The Climate Delegated Act1 introduced two environmental objectives – climate change mitigation and climate change adaptation – which have applied since 2022. In June 2023, the Environmental Delegated Act2 brought into effect the remaining four 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. We believe the 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 still evolving and is open to interpretation, potentially leading to adjustments in the future. Taxonomy eligibility and alignment assessment An economic activity is considered Taxonomy-eligible if it is described in the relevant Delegated Acts for one of the six environmental objectives, irrespective of whether it meets the technical screening criteria (TSC). For an eligible economic activity to be considered aligned with the EU Taxonomy, it must: a) substantially contribute to at least one environmental objective; b) meet the TSC defined for each activity; c) do no significant harm (DNSH) to any of the remaining objectives; and d) comply with minimum social safeguards. Substantial contribution Economic activity makes substantial contribution to at least one of the environmental objectives Economic activity complies with the applicable TSC Economic activity does not cause significant harm to the other environmental objectives Company establishes minimum safeguarding procedures for human rights, bribery and corruption, taxation and fair competition Do no significant harm (DNSH) Technical screening criteria (TSC) Minimum safeguards Economic activity is taxonomy- aligned + + = + 1. Commission Delegated Regulation (EU) 2021/2139, Commission Delegated Regulation (EU) 2023/2485 2. Commission Delegated Regulation (EU) 2023/2486 Sustainability Statement continued EU Taxonomy Coca-Cola HBC Integrated Annual Report 2024 75 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Taxonomy Eligibility Assessment Since our core economic activity of ‘Food and beverage manufacturing’ does not qualify, 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. Such 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 100% rPET preforms Energy-related activities Production of heat/ cool using waste heat 4.25 Climate change mitigation (CCM) Heat sourced from existing processes within our plant in Serbia, reducing reliance on natural gas 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 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, improving water-use ratio Renewal of water collection, treatment and supply systems 5.2 Climate change mitigation (CCM) Upgrade projects related to water supply and treatment Urban waste water treatment 2.2 Sustainable use and protection of water and marine resources (WTR) Projects related to wastewater treatment Sustainability Statement continued Coca-Cola HBC Integrated Annual Report 2024 76 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Taxonomy non-eligible activities We regularly monitor relevant updates in the EU Taxonomy regulation across all areas of interest for the Group. As part of our eligibility assessment this year, we reviewed several investments with sustainability benefits that are currently not considered eligible. For example, our investment in energy-efficient coolers, which play a crucial role in reducing our scope 3 emissions. By the end of 2024, 60% of our coolers in markets outside Egypt were energy efficient, versus 55% in 2023. We continue to monitor such investments, to be better prepared to assess alignment should relevant activities become eligible in the future. Taxonomy alignment assessment – Substantial contribution To ensure an accurate interpretation of the EU Taxonomy regulation and its TSC, we have formed working groups of internal and external industry and environmental experts and have adopted a prudent approach for assessing Taxonomy alignment. 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% rPET1, 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 CO2 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 meets this specific requirement and fully satisfies the remaining TSC. Energy-related activities At our Belgrade facility in Serbia and in line with economic activity CCM4.25 we have installed a heat pump that recovers waste heat from existing processes and repurposes it in subsequent production processes, fully meeting the TSC. By reducing our reliance on natural gas, this initiative lowers our direct scope 1 emissions and supports our goal of achieving net zero emissions by 2040. Transportation-related activities Our continuous investment in our fleet is considered eligible under the economic activity CCM6.5. This includes investments in both conventional and alternative fuel vehicles used by management and business development teams. In 2024, we have reduced our own fleet’s carbon footprint by 42%, a reduction of about 42,465 tonnes of CO2 compared to our 2017 baseline2. 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. Original Equipment Manufacturers (OEMs) provide most of the required information, leading to a significant part of our fleet meeting the TSC. However, due to challenges with the DNSH criteria, as described in the ‘Pollution prevention and control’ section below, we will claim zero alignment to CCM6.5 in 2024. We will review alignment again in 2025, as regulatory developments and suppliers’ progress may allow for a reassessment of compliance with Taxonomy criteria. To support the expansion of our electric and hybrid fleet, we are investing in charging infrastructure in line with economic activity CCM7.4. By engaging qualified contractors, we are installing charging points at our offices and facilities, ensuring convenient access and encouraging further 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 and challenges related to DNSH criteria, we will not claim alignment in 2024. 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. Our Mission 2025 sets specific targets for water, including reducing water used per litre of beverage by 20% compared with our 2017 baseline, in plants located in water risk areas. 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 are replacing and expanding the water treatment infrastructure in line with activity CCM5.1, meeting the relevant TSC. At our Sadat plant, we are introducing a new wastewater treatment facility under activity WTR2.2. Due to the complexity of data collection relevant to this project, we cannot conclude with the Taxonomy assessment. For more details on initiatives concerning Egypt, including the loan awarded by the European Bank for Reconstruction and Development and the Global Environment Facility grant, see ‘E3 Water and Marine Resources’ section of the Sustainability Statement. In addition, we are undertaking water loss prevention projects in countries such as Italy and Nigeria, linked to activity CCM5.2. The TSC 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. 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 activity CCM6.5, 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. Climate change adaptation For economic activities CE1.1, CCM4.25, CCM5.1, CCM5.2 and CCM7.4, 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 A3 of the Regulation. 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 2. Excluding Egypt 3. Delegated Act (EU) 2021/2178. Sustainability Statement continued Coca-Cola HBC Integrated Annual Report 2024 77 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report 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 CCM4.25, 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 meet these criteria. Pollution prevention and control For pollution prevention and control, the Taxonomy Regulation emphasises avoiding the manufacture, placement in the market or use of restricted and reportable substances as defined by European legislation on chemicals. In the case of activity CE1.1, where we produce preforms for beverage bottles, we follow all applicable regulations and no harmful substances are used. For activity CCM4.25, it has been confirmed by our supplier that the heat pump meets Ecodesign and Energy Labelling requirements1, aligns with the top energy class standards2 and represents the best available technology. For activity CCM6.5, certain DNSH requirements remain an industry-wide challenge, such as the one requiring vehicle tyres to comply with strict noise and rolling resistance standards. Given the current limitations in verifying full alignment across all required criteria, we are following a prudent approach and will not claim alignment for activity CCM6.5 in 2024. 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 CCM4.25, environmental impact assessments are mandatory for facilities with a capacity of ≥ 50MW. However given our 0.8MW heat pump falls below this threshold, no studies are required as confirmed by the relevant environmental authority. In addition, environmental impact assessments are available for the key sites relevant to activities CCM5.1 and CCM5.2. Taxonomy alignment assessment – Minimum safeguards For an economic activity to be considered aligned with the Taxonomy, Coca-Cola HBC must comply with the minimum social safeguards defined in Article 18 of the Regulation3. Unlike the TSC and DNSH criteria, which apply at the activity level, compliance with the minimum safeguards is assessed4 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 We are committed to upholding internationally recognised human rights and labour standards as outlined in the United Nations Universal Declaration of Human Rights, the International Labour Organization’s fundamental conventions, the United Nations Global Compact and the United Nations Guiding Principles on Business and Human Rights and OECD Guidelines. This commitment is embedded in our Human Rights Policy and enforced through our Code of Business Conduct (‘Code’) and Supplier Guiding Principles. All our employees, managers and Directors, as well as business partners such as suppliers, distributors and contractors, are expected to follow these principles. To prevent potential issues, we identify and assess adverse impacts and conduct independent third-party audits of both our plants and key suppliers of ingredients and packaging materials. If breaches occur, employees and third parties can report them through the Ethics and Compliance helpline – our whistleblower ‘SpeakUp!’ hotline – that allows anonymous submissions. We also provide regular mandatory training on the Code to ensure ongoing compliance and understanding. As of 2024, Coca-Cola HBC has not been found liable for any human rights or labour violations, nor has it been involved in related litigation. Anti-bribery and anti-corruption We maintain a zero-tolerance approach to bribery and corruption. As part of our Group risk assessment, we regularly review the risk of inadvertent non-compliance with anti-bribery and anti-corruption laws to maintain the highest standards of ethical business conduct. Our Anti-bribery Policy applies to all employees, subsidiaries and joint ventures under our control worldwide. For joint ventures where we do not have control, we actively encourage our partners to adopt similar standards. The Policy also extends to third parties acting on our behalf, such as suppliers, distributors, agents, consultants and contractors, and includes any subcontractors they engage. These expectations are reinforced through our Supplier Guiding Principles, which include a specific section on Anti-bribery and relevant procedures and align with our commitment to ethical and transparent business practices. Our Suppliers Guiding Principles are regularly communicated to all our suppliers as part of their selection process, as well as during physical audits where applicable. We have also established an anti-bribery due diligence process on third parties representing us with government authorities. To support compliance, we conduct mandatory training for all employees on our Code and our Anti-bribery Policy every three years. In addition, for employees in higher-risk roles, including senior management, the legal department provides targeted annual training to address specific regional and functional risks. We have established grievance mechanisms, including an independently operated whistleblower ‘SpeakUp!’ line, available in all Coca-Cola HBC countries in local languages. 1. Directive 2009/125/EC 2. Regulation (EU) 2017/1369 3. Regulation EU (ΕΕ) 2020/852 4. 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 Sustainability Statement continued Coca-Cola HBC Integrated Annual Report 2024 78 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report In 2024, we identified four confirmed cases of corruption involving employees. All were thoroughly investigated in accordance with internal guidelines, resulting in appropriate actions, including the dismissal of four individuals – one of whom had already left the company before the violation was discovered. Of the four incidents, three resulted in employee dismissal or disciplinary action, while one involved a supplier, leading to the non-renewal of their business contract. 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 2024, 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. 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) Taxonomy-relevant Capex is determined as follows: • 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 2024, the Capex additions amounted to €795.2 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 TSC and DNSH criteria. As a result, we identified €5.3 million in EU Taxonomy- aligned investments linked to activities CE1.1, CCM4.25, CCM5.1, CCM5.2 and CCM7.4. 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. The cost of goods sold is excluded from the definition, meaning the installation of solar panels through Power Purchase Agreements and the cost of sustainable packaging materials, such as rPET, are considered out of scope. 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 2024, 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. Our operations do not include activities related to natural gas or nuclear energy, as per the following table: Nuclear energy related activities 1. CCHBC carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. No 2. CCHBC carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. No 3. CCHBC carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. No Fossil gas related activities 4. CCHBC carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. No 5. CCHBC carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. No 6. CCHBC carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/ cool using fossil gaseous fuels1. No 1. With most CHP facilities operated by third parties, the most relevant expenditures fall under Opex, specifically utilities, which represent insignificant amounts. Moreover, utilities are not recognized as part of the EU Taxonomy denominator. Sustainability Statement continued Coca-Cola HBC Integrated Annual Report 2024 79 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Tables of EU Taxonomy KPIs Turnover Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’) Economic Activities Code1 Absolute Revenue Proportion of Revenue Climate Change Mitigation Climate Change Adaptation Water Pollution Circular Economy Biodiversity and ecosystems Climate Change Mitigation Climate Change Adaptation Water Pollution Circular Economy Biodiversity Minimum Safeguards Taxonomy aligned (A.1.) or eligible (A.2) proportion of Revenue (2023) Enabling3 activities category Transitional4 activities category € million % Y, N, EL, N/EL2 Y, N, EL, N/EL Y, N, EL, N/EL Y, N, EL, N/EL Y, N, EL, N/EL Y, N, EL, N/EL Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N % E T A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Turnover from environmentally sustainable activities (Taxonomy-aligned) Turnover from environmentally sustainable activities (Taxonomy-aligned) (A.1) 0.0 0.00% Of which enabling (E) 0.0 0.00% Of which transitional (T) 0.0 0.00% A.2 Taxonomy-Eligible Turnover (not Taxonomy-aligned) Turnover from Taxonomy- eligible but not environmentally sustainable activities (activities that are not Taxonomy-aligned) (A.2) 0.0 0.00% A. Turnover from Taxonomy-eligible activities (A.1+A.2) 0.0 0.00% B. TAXONOMY-NON-ELIGIBLE ACTIVITIES Turnover from activities that are not Taxonomy-eligible 10,754.4 100.00% Total (A+B) 10,754.4 100.00% 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. Meaning of abbreviations: Y = Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective; N = No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective; EL = Eligible, Taxonomy-eligible activity for the relevant objective; N/EL = Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective; n/a = Not applicable, the criterion does not apply when assessing the DNSH of the specific activity. 3. 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 life-cycle considerations. 4. 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 1.5 degrees Celsius above pre-industrial levels. Sustainability Statement continued Coca-Cola HBC Integrated Annual Report 2024 80 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Tables of EU Taxonomy KPIs continued Capex Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’) Economic Activities Code1 Absolute Capex Proportion of Capex Climate Change Mitigation Climate Change Adaptation Water Pollution Circular Economy Biodiversity and ecosystems Climate Change Mitigation Climate Change Adaptation Water Pollution Circular Economy Biodiversity Minimum Safeguards Taxonomy aligned (A.1.) or eligible (A.2) proportion of Capex (2023) Enabling3 activities category Transitional4 activities category € million % Y, N, EL, N/EL2 Y, N, EL, N/EL Y, N, EL, N/EL Y, N, EL, N/EL Y, N, EL, N/EL Y, N, EL, N/EL Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N % E T A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Capex from environmentally sustainable activities (Taxonomy-aligned) Manufacture of plastic packaging goods CE 1.1 0.5 0.06% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y n/a Y Y Production of heat/cool using waste heat CCM 4.25 0.8 0.10% Y N N/EL N/EL N/EL N/EL n/a Y n/a Y Y Y Y Construction, extension and operation of water collection, treatment and supply systems CCM 5.1 1.0 0.12% Y N N/EL N/EL N/EL N/EL n/a Y Y n/a n/a Y Y Renewal of water collection, treatment and supply systems CCM 5.2 2.7 0.34% Y N N/EL N/EL N/EL N/EL n/a Y Y n/a n/a Y Y Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) CCM 7.4 0.4 0.05% Y N N/EL N/EL N/EL N/EL n/a Y n/a n/a n/a n/a Y E Capex from environmentally sustainable activities (Taxonomy-aligned) (A.1) 5.3 0.67% 0.61% 0.00% 0.00% 0.00% 0.06% 0.00% Y Y Y Y Y Y Y Of which enabling (E) 0.4 0.05% 0.05% 0.00% 0.00% 0.00% 0.00% 0.00% E Of which transitional (T) 0.0 0.00% 0.00% T A.2 Taxonomy-Eligible CapEx (not Taxonomy-aligned) Urban waste water treatment WTR 2.2 1.2 0.15% N/EL N/EL EL N/EL N/EL N/EL Construction, extension and operation of water collection, treatment and supply systems CCM 5.1 0.4 0.06% EL N N/EL N/EL N/EL N/EL Renewal of water collection, treatment and supply systems CCM 5.2 1.7 0.21% EL N N/EL N/EL N/EL N/EL Transport by motorbikes, passenger cars and light commercial vehicles CCM 6.5 48.7 6.12% EL N N/EL N/EL N/EL N/EL Installation, maintenance and repair of charging stations for electric vehicles in buildings CCM 7.4 0.4 0.05% EL N N/EL N/EL N/EL N/EL Acquisition and ownership of buildings CCM 7.7 33.9 4.26% EL N N/EL N/EL N/EL N/EL Capex from Taxonomy-eligible but not environmentally sustainable activities (activities that are not Taxonomy-aligned) (A.2) 86.3 10.85% 10.70% 0.00% 0.15% 0.00% 0.00% 0.00% A. Capex from Taxonomy-eligible activities (A.1+A.2) 91.6 11.52% 11.30% 0.00% 0.15% 0.00% 0.06% 0.00% B. TAXONOMY-NON-ELIGIBLE ACTIVITIES Capex from activities that are not Taxonomy-eligible 703.6 88.48% Total (A+B) 795.2 100.00% 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. Meaning of abbreviations: Y = Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective; N = No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective; EL = Eligible, Taxonomy-eligible activity for the relevant objective; N/EL = Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective; n/a = Not applicable, the criterion does not apply when assessing the DNSH of the specific activity. 3. 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 life-cycle considerations. 4. 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 1.5 degrees Celsius above pre-industrial levels. Sustainability Statement continued Coca-Cola HBC Integrated Annual Report 2024 81 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Tables of EU Taxonomy KPIs continued Opex Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’) Economic Activities Code1 Absolute Opex Proportion of Opex Climate Change Mitigation Climate Change Adaptation Water Pollution Circular Economy Biodiversity and ecosystems Climate Change Mitigation Climate Change Adaptation Water Pollution Circular Economy Biodiversity Minimum Safeguards Taxonomy aligned (A.1.) or eligible (A.2) proportion of Opex (2023) Enabling3 activities category Transitional4 activities category € million % Y, N, EL, N/EL2 Y, N, EL, N/EL Y, N, EL, N/EL Y, N, EL, N/EL Y, N, EL, N/EL Y, N, EL, N/EL Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N/n/a Y/N % E T A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Opex from environmentally sustainable activities (Taxonomy-aligned) Manufacture of plastic packaging goods CE 1.1 1.0 0.26% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y n/a Y Y Opex from environmentally sustainable activities (Taxonomy-aligned) (A.1) 1.0 0.26% 0.00% 0.00% 0.00% 0.00% 0.26% 0.00% Y Y Y Y n/a Y Y Of which enabling (E) 0.0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% E Of which transitional (T) 0.0 0.00% 0.00% T A.2 Taxonomy-Eligible Opex (not Taxonomy-aligned) Transport by motorbikes, passenger cars and light commercial vehicles CCM 6.5 32.8 8.45% EL N N/EL N/EL N/EL N/EL Acquisition and ownership of buildings CCM 7.7 31.0 7.99% EL N N/EL N/EL N/EL N/EL Opex from Taxonomy-eligible but not environmentally sustainable activities (activities that are not Taxonomy-aligned) (A.2) 63.8 16.45% 16.45% 0.00% 0.00% 0.00% 0.00% 0.00% A. Opex from Taxonomy-eligible activities (A.1+A.2) 64.8 16.71% 16.45% 0.00% 0.00% 0.00% 0.26% 0.00% B. TAXONOMY-NON-ELIGIBLE ACTIVITIES Opex from activities that are not Taxonomy-eligible 323.0 83.29% Total (A+B) 387.8 100.00% 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. Meaning of abbreviations: Y = Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective; N = No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective; EL = Eligible, Taxonomy-eligible activity for the relevant objective; N/EL = Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective; n/a = Not applicable, the criterion does not apply when assessing the DNSH of the specific activity. 3. 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 life-cycle considerations. 4. 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 1.5 degrees Celsius above pre-industrial levels. Sustainability Statement continued Coca-Cola HBC Integrated Annual Report 2024 82 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued ESRS E1 – Climate change Strategy E1-1 Transition plan for climate change mitigation E1-1_01,02,03,05,06,12,13,14,15, E1.MDR-A_06,07,09,10,11,12 & 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. Coca-Cola HBC considers five main levers and those are the main actions for each lever: 1. Manufacturing (includes scope 1 fuels used, scope 1 losses of CO2 used for beverage carbonation, scope 2 electricity/heat/steam/ hot water purchased) • Continue implementing and accelerating the energy-efficient projects in our plants (deployment of energy saving projects, old equipment modernization, and installation of heat pumps & 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. 2. Transportation (includes scope 1 fuels used for own transport, both light and heavy, and scope 3 fuels used for outsourced logistics and transportation) • Optimising the routes of light and heavy fleet, increasing logistics efficiency and increasing heavy trucks utilization. • 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). 3. Packaging (includes scope 3 from all primary, secondary and tertiary packaging used for our products) • Implementing our Packaging 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.). 4. Ingredients (includes scope 3 from all ingredients used for manufacturing of our beverages) • 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. Drink Equipment (includes scope 3 of electricity used by our customers for the drink equipment we provide, scope 1 for refrigerant 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. Coca-Cola HBC Integrated Annual Report 2024 83 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued For more details on emissions reduction per lever, please see Table 9: Mitigation actions per decarbonisation lever. Coca-Cola HBC is not excluded from the EU Paris-aligned benchmarks. NetZeroby40 roadmap is presented in the Strategic Report, section ‘Earn our Licence to operate’ on page 25. In 2024, we invested €200 million of capital expenditure (Capex) on projects supporting the implementation of our climate transition plan, representing 29.4% of total Capex. We also invested €30 million driven by the higher cost of recycled PET compared to virgin PET, as we pursue our 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 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 2025, we plan to follow a similar approach, investing 30% of total Capex on projects supporting the implementation of our climate transition plan. We also expect that the higher spend for recycled PET compared to virgin PET will increase further in 2025 to approximately €60 million, as we accelerate our performance against our Mission 2025 target but also due to the EU requirement for a 25% minimum recycled content on PET beverage bottles. In the medium term, for the period 2026-2030, Capex investments that support our transition plan will gradually increase to reach 37% of Capex in 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 on the 2025-2030 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 transition plan. Our sustainable finance approach underpins the Group’s ability to align funding strategies with sustainability commitments, while supporting the UN Sustainable Development Goals and EU Environmental Objectives. Financing mechanisms include a diverse range of instruments, ensuring flexibility in meeting both current and future financial requirements for action plans. The Group’s €500 million green bond, issued in September 2022 under the Green Finance Framework, was fully allocated to eligible projects by September 2023, as detailed in our Green Finance Report. Our sustainability-linked revolving credit facility of €800 million remains available until April 2026, although not specifically earmarked for funding the transition plan. These initiatives complement the Group’s broader access to diversified financial resources. Further details on financial instruments and resource allocation are available in Note 25, p.306. 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 innovation 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 CO2e or 6.9% 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. ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model E1.SBM-3_01,05 Climate change – caused by greenhouse gas (GHG) emissions, emitted from every business and activity – is 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 mid and long term, as emerged from the 2024 Double Materiality Assessment. The time horizons applied in the analysis and their business scenarios alignment are: • Short-term horizon: 2025 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 ‘Materiality’ section of the IAR on pages 37 to 40 and on page 59 of this document. Coca-Cola HBC Integrated Annual Report 2024 84 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued 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 In our resilience analysis conducted in 2024, we used a variety of climate scenarios in our assessment of the potential impact of climate change on our business, including: RCP1.9, in order to be consistent with our Science Based Targets initiative (SBTi) commitment and as representation of a best-case scenario from a climate action point of view; RCP4.5, as it represents the stated policy position and provides a midpoint scenario, and; RCP8.5, as the ‘worst- case’ or ‘extreme’ scenario, particularly for physical risks. This enabled 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 assumed that government intervention would not be consistent across all our markets given our diverse operating territories, and therefore countries were grouped into leaders, followers and laggards in evaluating potential increases in taxes and levies. As around 90% of our carbon emissions are scope 3, we are dependent on suppliers and customers reducing their carbon emissions. In estimating the reduction in overall carbon emissions and our ability to meet our NetZeroby40 targets, we used NGFS data to estimate industry decarbonisation rates which are assumptions built into our internal plans for meeting our NetZeroby40 target. Included in our assessment of the impact of climate change on our production and distribution, we used external data used by the insurance industry which we consider to be robust. However, we note that climate-related data can project general changes under different climate scenarios, but cannot predict the timing and severity of extreme events, which our facilities are most at risk from. We used assumptions on projected increases in insurance premiums from statements made by the insurance industry on the impact of climate change, however, we note that the impact that those projections are based on may not apply to us as they do not take into account the actions we are taking to adapt to and mitigate the impact of environmental changes. We used a number of internal assumptions about production volume increases to 2040 in order to estimate carbon emissions and resource usage, but we recognise that a considerable number of variables, such as domestic growth rates in each of our operating countries, changes in consumer demand and preferences, weather, industry actions and competition and government regulations, may affect those estimates. E1.SBM-3_06 As a result of our resilience analysis, we continued 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 net zero 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 2024, the Group had €1.6 billion available under €5.0 billion Euro medium term note programme, €0.8 billion available under €1.0 billion Euro-commercial paper programme, undrawn revolving credit facility of €0.8 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, p.306. 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 effectively to the net zero transition plan as necessary. Impact, risk and opportunity management E1-2 Policies related to climate change mitigation and adaptation E1.MDR-P_01, E1-2_01 Our NetZeroby40 commitment is fully aligned with our philosophy to support the socio- economic development of our communities and to make a more positive environmental impact. In accordance with the Climate Change Policy and our overall Environmental Policy, we will: • 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; • expanding our use of renewable energy technologies; • deploying more energy-efficient coolers in the marketplace; • accelerating our sustainable packaging agenda and our green fleet; • engaging with relevant stakeholders to combat climate change; • working with suppliers to reduce their carbon footprint and to minimise their climate impacts; and • setting roadmaps for emissions reduction for all our operations and the main steps in the value chain. • keep CO2 emission reduction targets as one of the elements of our long-term management incentive plans; • work with other partners (industries, academia, non-governmental organisations (NGOs), governments, etc.) on climate change mitigation and climate change adaptation; • consider all climate risks and opportunities and integrate them in our business strategy; • investigate the opportunities for finding solutions for our residual emissions, such as biological and/or technological removals; • monitor, report and audit our GHG emissions, targets, results and activities, and publish transparently our progress in our public files. Coca-Cola HBC Integrated Annual Report 2024 85 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued E1.MDR-P_01,02 More specifically, our climate change commitments and our climate change policy cover our entire Company, all scopes 1, 2 and 3, and all three value chain segments (i.e., upstream, own operations, downstream). We aim to reach net zero emissions across the entire value chain by 2040 as per the 1.5 degree scenario, and our intermediate emission reduction target by 2030 is approved by the SBTi. There is no greater threat to our collective future than climate change, and we believe that industry has a key role to play in finding sustainable solutions to today’s climate challenges. We were one of the first companies to commit to and deliver science-based carbon reduction targets (SBTs) back in 2016, immediately after the UN COP21 in Paris and, after reaching those first SBTs, we published our NetZeroby40 commitment across the entire value chain. Moreover, in our Environmental Policy, we also cover: 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.). The monitoring process for our policies’ objectives – including the assessment of associated impacts, risks and opportunities – is dynamic and rigorously conducted through our Sustainability Committees and the DMA procedure. E1.MDR-P_02,05 Our engagement strategy also focuses on gaining insights from the different types of relevant stakeholders that influence our policies, which are indicatively the following: • We engage with different stakeholders, such as NGOs, suppliers, peer companies, regulators, investors, academia, communities, etc., through our Group Annual Stakeholder Forums and our annual materiality assessment, as well as through ad hoc meetings. • We participate actively to support the set- up and implementation of new packaging collection schemes at local business unit- level by engaging with peer companies, municipalities, regulators, customers, etc. • We partner with specific NGOs for targeted environmental and social projects. • We have regular calls with investors and financial institutions. • We proactively monitor different environmental, social and governance (ESG) raters/frameworks in order to understand and adapt to the external emerging trends and expectations. • We are part of UNESDA, the Brussels-based trade association representing the non- alcoholic beverages sector. • We engage with academia, suppliers and start-ups for innovative solutions to tackle the ESG challenges. • We engage with our customers through different value creation activities in sustainability. • We engage with our employees through regular meetings, surveys, ‘Tone of the Top’ messages, awareness campaigns, townhall meetings, etc. • Our local business units actively engage with the local stakeholders. E1.MDR-P_04 Through our Environmental Policy, we are committed to implement environmental management systems, such as ISO 14001. Moreover, through our Climate Change Policy, we are committed to be aligned with SBTi for our targets. E1.MDR-P_03,06 All policies are publicly available at our website (Policies | Coca-Cola HBC) where affected stakeholders can easily have access to them. Moreover, the net zero transition plan is publicly available on our website. The CEO is overall responsible for the implementation of our sustainability policies. Coca-Cola HBC Integrated Annual Report 2024 86 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued E1-3 Actions and resources in relation to climate change policies E1.MDR-A_01,02,03 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 8: Key actions (existing and planned) in relation to climate change policies Time horizon Scope of Action List of actions Current Planned Expected outcome Relation to policy objectives/ targets (where relevant) Activities Value chain segment Geographical boundaries Affected stakeholders Top 20 energy savers programme Yes Continuous Scope 1 carbon emissions reduction 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. Reduction of energy consumption by improving efficiency of main energy consumers such as high- pressure compressors, boilers, bottle blowing processes and introducing heat pumps Own operations All markets Employees, Suppliers Increase of renewable energy consumption through the installation of solar PV Yes Continuous Scope 1 & 2 (market-based) emissions savings and climate resilience Expanding our use of renewable energy technologies Current installations of roof-top PVs owned by Coca-Cola HBC and also owned by third-party providers Own operations Egypt, Nigeria, Switzerland, Italy, Austria, Czech Republic, Greece, Romania, Croatia Employees, Suppliers CO2 Yield improvement Yes Continuous Scope 1 carbon emissions reduction Advancing the reduction of the energy used in our operations CO2 yield improvement by replacing sterile air and nitrogen Own operations All markets Employees, Suppliers Heat pumps and electrification of energy Yes Continuous Scope 1 & 2 carbon emissions reduction Advancing the reduction of the energy used in our operations; Expanding our use of renewable energy technologies Energy recovery from existing manufacturing processes and thermal energy electrification Own operations EU countries Employees, Suppliers Alternative and low-carbon fuels introduction Continuous Scope 1 carbon emissions reduction Advancing the reduction of the energy used in our operations; Expanding our use of renewable energy technologies Introduction of biomass, biogas and other developing solutions Own operations N. Ireland, Austria, Italy, Greece Employees Modernisation of manufacturing equipment Continuous Scope 1 & 2 carbon emissions reduction Advancing the reduction of the energy used in our operations; Expanding the use of renewable energy technologies Replacement of depreciated own production lines and installation of new ones with high energy efficiency Own operations Selective markets as per transition plan Employees, Suppliers Green Fleet Programme Yes Continuous Scope 1 carbon emissions reduction Accelerating our green fleet Increase the number of electric and hybrid fleet (own and leased fleet) Own operations EU countries Employees, Suppliers Low carbon alternative fleet introduction of transportation solutions Yes Continuous Scope 3 carbon emissions reduction Working with suppliers to reduce their carbon footprint and to minimise their climate impacts; Expanding our use of renewable energy technologies. Distribution fleet electrification in Austria, Switzerland and low carbon fuel (HVO) in Italy Upstream Austria, Switzerland, Italy Third party logistics providers, Customers Coca-Cola HBC Integrated Annual Report 2024 87 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Time horizon Scope of Action List of actions Current Planned Expected outcome Relation to policy objectives/ targets (where relevant) Activities Value chain segment Geographical boundaries Affected stakeholders Increase the number of energy-efficient coolers in the marketplace Yes Continuous Scope 3 carbon emissions reduction Deploying more energy-efficient coolers at the marketplace; Engaging with relevant stakeholders to combat climate change Continue purchasing energy efficient new coolers from our suppliers and replacing old coolers with energy-efficient ones Downstream All markets Customers, Suppliers For packaging initiatives contributing to scope 3, please refer to ESRS E5 on pages 121 to 124 Yes Continuous Scope 3 carbon emissions reduction Accelerating our packaging and packaging waste agenda; Engaging with relevant stakeholders to combat climate change Using more recycled content and reusable/refillable packaging solutions, decarbonisation at supplier level; all initiatives for packaging collection that increase % collected and recovered packaging Downstream All markets Customers, Consumers, Suppliers Use of ISO standard for commodities and supplier specific LCA development for key direct supplies of raw and packaging materials Yes Continuous Scope 3 carbon emissions reduction Working with suppliers to reduce their carbon footprint and to minimise their climate impacts Using supplier-specific emission factors,providing guiding suppliers to work on decarbonisation plans and renewable energy, providing supplier Carbon emission development programme (Supplier Leadership on Climate – SLoC). Upstream Global Suppliers E1.MDR-A_04 As per 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 2024, we made progress on our climate-related actions and plans and for the fourth consecutive year we reached our annual roadmap: • continued our decarbonisation journey in all five levers in alignment with our NetZeroby40 roadmap; • focused on packaging decarbonisation using a higher percentage of recycled materials and improving percentage packaging collection; • supported further roll-out of Deposit Return Schemes in our EU markets; • promoted Extended Producer Responsibility (EPR) policies and the launch of new packaging collection systems in priority markets; • cooperated with eight other industry players and three organisations to publish CSR Europe Biodiversity Alliance White Paper “How Companies in Europe Address Biodiversity’; • 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. In our existing net zero roadmap, our starting point is 2017, the baseline for our science-based targets. We have reduced our absolute total value chain emissions in scopes 1, 2 and 3 by 31% (excluding Egypt) from 2010 to the end of 2024, our absolute value chain reduction in 2024 versus 2017 is 18% (excluding 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. Coca-Cola HBC Integrated Annual Report 2024 88 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued In 2024, we updated our net zero roadmap with three important changes. We integrated our Egyptian operations into our 2030 and NetZeroby40 climate targets, we added new Forest, Land and Agriculture (FLAG) targets, and we updated our mid-term emissions goal to follow the Well-Below-2-Degrees (WB2D) pathway until 2030 and then the 1.5 degrees pathway until 2040. Due to the FLAG targets requirements, we are moving our baseline year for the mid-term 2030 emissions reduction targets from 2017 to 2019. With all those changes, our NetZeroby40 target was formally validated by the SBTi. As the validation came in December 2024, in 2025 we will work to update the roadmap with all those changes and communicate transparently on our website. E1-3_01,03,04 Table 9: Mitigation actions per decarbonisation lever (action, GHG reductions) The actions per lever consider our updated net zero roadmap as approved by the SBTi in late December 2024. It includes Egypt acquisition, scope 3 accelerated climate scenario (well below 2 degree Celsius), and a new baseline year of 2019 (instead of 2017) as per the SBTi Net Zero guideline and the SBTi requirements for FLAG emissions, where 2017 cannot be used as a baseline year. We are going to perform carbon boundary review and recalculation of our emissions to include FLAG factors in 2025 and will update the roadmap accordingly. GHG emissions reduction Achieved (2024 vs. 2019) tCO2e Expected (2030 vs. 2019) tCO2e Time horizon for completing the action Year Relevant target (link to E1-4) Manufacturing (includes scope 1 fuels used, scope 1 losses of CO2 used for beverage carbonation, scope 2 electricity/heat/steam/hot water purchased, scope 3 CO2 in product (carbonation) and scope 3 CO2 produced in CHPs): • 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. +1kt +0.2% -198kt -46% 2030 Scope 1 and 2 decrease by 2030 vs. 2019 as per the 1.5 degree climate scenario (SBT) Transportation (includes scope 1 fuels used for own transport, both light and heavy, and scope 3 fuels used for outsourced logistics and transportation): • optimising the routes of light and heavy fleet, increasing logistics efficiency and increasing heavy trucks utilization; • 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). +6kt +2% -8kt -3% 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 from all primary, secondary and tertiary packaging used for our 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.). +271kt +21% -309kt -21% 2030 Scope 3 decrease by 2030 vs. 2019 as per the well below 2 degree climate scenario Ingredients (includes scope 3 from all ingredients used for manufacturing of our beverages): • 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. +135kt +10% -243kt -17% 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. -500kt -38% -929kt -63% 2030 Scope 3 decrease by 2030 vs. 2019 as per the well below 2 degree climate scenario Coca-Cola HBC Integrated Annual Report 2024 89 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued E1-3_07,08, E1-1_04,06,08 As detailed in the EU Taxonomy section of this sustainability statement, 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 2024, 0.67% of total Capex was Taxonomy-aligned, also driven by activities connected to our climate transition plan. Specifically, CCM4.25 ‘Production of heat/cool using waste heat’ , 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’, which relates to the electrification of our fleet. Although a significant part of our fleet meets the TSC, due to challenges with the DNSH criteria, we will claim zero alignment to EU Taxonomy in 2024. 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_01,02,03,05,06,07, E1-4_01,24 NetZeroby40 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 (link to the SBTi website). NetZeroby40 is a carbon emissions roadmap including our base-year results, year-on-year emissions targets, 2030 near-term and our 2040 net zero targets. The plan’s main targets are: Overall net-zero target: • Coca-Cola HBC AG commits to reach net zero greenhouse gas emissions across the value chain by 2040. Near-term targets: • Energy & Industry: Coca-Cola HBC AG commits to reduce absolute scope 1 and 2 GHG emissions by 46.2% by 2030 from a 2019 base year. Coca- Cola HBC AG also commits to reduce absolute scope 3 GHG emissions by 27.5% within the same timeframe. • FLAG: Coca-Cola HBC AG commits to reduce absolute scope 3 FLAG GHG emissions by 33.3% by 2030 from a 2019 base year.* Coca- Cola HBC AG commits to no deforestation across its primary deforestation-linked commodities, with a target date of December 31, 2025. * The target includes FLAG emissions and removals. Long-term targets: • Energy & Industry: Coca-Cola HBC AG commits to reduce absolute scope 1 and 2 GHG emissions by 90% by 2040 from a 2019 base year. Coca- Cola HBC AG also commits to reduce absolute scope 3 GHG emissions by 90% within the same timeframe. • FLAG: Coca-Cola HBC AG 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. Science-based targets: please see above. Mission 2025 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. E1.MDR-T_04 Our recently approved by the SBTi targets for reducing scope 1 and 2 and scope 3 emissions have organisation-wide coverage. We are covering 100% of our operational activities.E1.MDR-T_10 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 25. Mission 2025 targets related to climate and energy are disclosed in the Strategic Report, ‘Key performance indicators’ section on pages 33 to 34. Those targets don’t have interim targets, but only annual roadmaps at Group level disaggregated further down per BU. E1.MDR-T_09, 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): Reduction of absolute scope 1, 2 emissions by 55% by 2030 vs 2017 baseline following the 1.5 degree global warming scenario and reduction of scope 3 emissions by 21% by 2030 vs. 2017. So far, we have achieved 31% reduction of our operational emissions vs 2017 (excluding Egypt). Those approved by the SBTi targets are without the integrated new acquisition, Coca-Cola HBC Egypt operations, as its integration happened in 2022, after targets submission and approval in 2021.For the newest targets, approved by the SBTi in December 2024, please refer to previous page (Net Zero targets and FLAG targets). We report as per the GHG Protocol Corporate Accounting and Reporting Standard. We are covering 100% of our operational activities. We account and report all seven GHG emissions and report those as equivalent to CO2. 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 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 The Group sets measurable, outcome-oriented and time-bound targets on material sustainability matters through a structured and inclusive process. Stakeholder engagement plays a pivotal role in this process, particularly through our Annual Stakeholder Forums, where key discussions are taken, and the insights gathered are integrated into the formulation of our targets. Additionally, the Group takes into account the requirements of ESG raters, including those of our investors, ensuring that our targets are aligned with their evolving expectations. The UN SDGs also form a crucial foundation for the Group’s target- setting process, guiding our efforts in addressing global sustainability challenges. Through this comprehensive approach, the Group ensures that its targets are relevant, ambitious and responsive to both stakeholder input and global standards. Coca-Cola HBC Integrated Annual Report 2024 90 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued 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 changeinemissionsconversion factors (LCAs), 3) investment, divestment, mergers and acquisitions with significant impact to business financials and emissions (>3% of the volume), 4) significant change in the business growth rate or activity, and 5) mistake or calculation gap found which is bigger than 3%. In 2024, we have not recalculated our emissions. Emission factors are provided to us by the Institute of Energy and Environment (IFEU) assigned by The Coca-Cola Company (TCCC) and used as the emissions factors data source to TCCC and their bottling system for regular updates (update as of January 2024). E1.MDR-T_13 In 2024, we reached 18% reduction of our absolute value chain emissions versus 2017 which is the fourth year of meeting our annual roadmap (please see the Mission 2025 performance table in the strategic part of the IAR: we overachieved our target on percentage energy-efficient coolers, we continued with 100% renewable and clean electricity in our EU and Swiss plants, and we overachieved our percentage renewable and clean energy across Coca-Cola HBC 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 follow up. E1-4_01-17 Table 10: GHG emission reduction targets Scope Baseline year Baseline GHG emissions Current Reporting Year Value Target year Target reduction: % of baseline GHG emissions Target % of scope 1, 2 and 3 Scope 2 location / market-based Coverage of GHG (Year) (tCO2e) (tCO2e) (Year) (%) Old SBT target (by 2024): reduce GHG emissions from direct operations 55% by 2030 vs 2017 (CCH excl. Egypt) 100% scope 1 and 2 Scope 2 market-based Scope 1 and 2 combined 2017 562,608 390,622 2030 55% Old SBT target (by 2024): reduce scope 3 GHG emissions 21% by 2030 vs 2017 (CCH excl. Egypt) 100% scope 3 n/a Scope 3 only 2017 4,399,075 3,684,002 2030 21% Revised target (from 2025) Energy and Industry: 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 Scope 1 and 2 combined (scope 2 market-based) 2019 545,386 (to be adjusted in 2025 after full carbon inventory completion) Will be reported in 2025 2030 46.2% Revised target (from 2025): reduce absolute scope 3 GHG emissions 27.5% by 2030 from a 2019 base year 100% scope 3 n/a Scope 3 only 2019 4,622,844 (to be adjusted in 2025 after full carbon inventory completion) Will be reported in 2025 2030 27.5% Revised target (from 2025) FLAG: reduce absolute scope 3 FLAG GHG emissions 33.3% by 2030 from a 2019 base year 100% FLAG part of scope 3 n/a FLAG scope 3 only 2019 536,389 (to be adjusted in 2025) Will be reported in 2025 2030 33.3% Our targets refer to all GHG types according to the SBTi methodology (e.g., CO2, CH4, N2O, etc.) and they correspond to gross emissions. Our old roadmap and targets are based on the approved SBT in 2021 when FLAG targets and Net Zero Guidelines were not available. Coca-Cola HBC Integrated Annual Report 2024 91 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Our revised roadmap and targets are based on the formally approved by the SBTi in December 2024 net zero target by 2040 and SBT including FLAG by 2030. E1-4_18 Within our recently approved NetZeroby40 targets, we have included all relevant emissions from all our entities from our financial reporting, following the materiality threshold as per the GHG Protocol Standard. 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. In 2024 we report as per the old science- based target by 2030, also approved by the SBTi where Egyptian operations are excluded as they were acquired in 2022, after setting the target. E1-4_19 We have decreased our absolute direct emissions by 58% and reduced our absolute total value chain emissions in scopes 1, 2 and 3 by 31% from 2010 to the end of 2024. 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 GHGP, and we have a recalculation policy to recalculate baseline year as required by the GHG Protocol. E1-4_21 The only occasion where we have slightly modified our baseline year was regarding the development of our FLAG targets. To meet the new SBTi recommendation for FLAG targets, that baseline year should not be older than 2018, we had to change our original 2017 baseline to 2019 for compliance purposes. Furthermore, there were no credible emissions data for our Egyptian operations related to the years prior to 2019. E1-5 Energy consumption and mix E1-5_01-15 Table 11: Energy Consumption and mix Energy consumption and mix 2024 (1) Fuel consumption from coal and coal products (million \MWh) 0 (2) Fuel consumption from crude oil and petroleum products (million MWh) 0.47 (3) Fuel consumption from natural gas (million MWh) 1.11 (4) Fuel consumption from other fossil sources (million MWh) 0 (5) Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources (million MWh) 0.36 (6) Total fossil energy consumption (million MWh) (calculated as the sum of lines 1 to 5) 1.94 Share of fossil sources in total energy consumption (%) 76% (7) Consumption from nuclear sources (million MWh) 0 Share of consumption from nuclear sources in total energy consumption (%) 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 (9) Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources (million MWh) 0.62 (10) The consumption of self-generated non-fuel renewable energy (million MWh) 0 (11) Total renewable energy consumption (million MWh) (calculated as the sum of lines 8 to 10) 0.62 Share of renewable sources in total energy consumption (%) 24% Total energy consumption (million MWh) (calculated as the sum of lines 6, 7 and 11) 2.56 Energy intensity per revenue: 0.2379 kWh/€ revenue. Coca-Cola HBC Integrated Annual Report 2024 92 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued E1-6 Gross scopes 1, 2, 3 and Total GHG emissions E1-6_01-07,08,09,10,11,12,13,17,18,19,20,21,22,24,25,28 Table 12: Gross scopes 1, 2, 3 and Total GHG emissions Gross emissions 2024 Scope 1 Gross scope 1 GHG emissions (in metric tonnes of CO2e) 342,742 % of scope 1 GHG emissions from regulated emission trading schemes 0 Biogenic emissions of CO2 from the combustion or bio-degradation of biomass (include emissions of other types of GHG (in particular CH4 and N2O)) 0 Scope 2 Gross scope 2 GHG location-based emissions (in metric tonnes of CO2e) 342,047 % of gross scope 2 GHG location-based emissions 7.1% Gross scope 2 GHG market-based emissions (in metric tonnes of CO2e) 111,670 % of gross scope 2 GHG market-based emissions 2.4% % of contractual instruments used for sale and purchase of energy bundled with attributes about energy generation in relation to scope 2 GHG emissions 42.8% % of contractual instruments used for sale and purchase of unbundled energy attribute claims in relation to scope 2 GHG emissions 57.2% Biogenic emissions of CO2 carbon from the combustion or biodegradation of biomass (include emissions of other types of GHG (in particular CH4 and N2O)) 0 Scope 3 Gross scope 3 GHG emissions for each significant category (in metric tonnes of CO2eq) 4,135,467 % of emissions calculated using primary data obtained from suppliers or other value chain partners 100% Biogenic emissions of CO2 carbon from the combustion or biodegradation of biomass that occur in upstream value chain (include emissions of other types of GHG (in particular CH4 and N2O)) 0 Gross emissions 2024 Biogenic emissions of CO2 carbon from the combustion or biodegradation of biomass that occur in downstream value chain (include emissions of other types of GHG (in particular CH4 and N2O)) 0 Emissions of CO2 that occur in the lifecycle of biomass other than from combustion or biodegradation (such as GHG emissions from processing or transporting biomass) 0 Totals Total GHG emissions with location-based scope 2 4,820,256 Total GHG emissions with market-based scope 2 4,589,879 E1-6_02 Table 13: Gross emissions percentages Gross emissions percentages 2024 Gross scope 1 emissions from the consolidated accounting group (parent and subsidiaries) 100% Gross scope 2 emissions from the consolidated accounting group (parent and subsidiaries) 100% Gross scope 1 emissions from investees* 0% Gross scope 2 emissions from investees* 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. Coca-Cola HBC Integrated Annual Report 2024 93 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued E1-6_03 Table 14: Gross emissions absolutes Emissions category Gross emissions (tCO2e) 2024 Greenhouse gas emissions from operations (Total scope 1) 342,742 CO2e from energy used in plants (scope 1) 196,244 CO2e from fuel used in Company vehicles 84,800 Coolant emissions from Cold Drink Equipment (CO2e ) 4,352 CO2e for product carbonation (CO2 losses) 50,582 CO2e from remote properties’ fuel consumption 6,764 Energy indirect GHG emissions (scope 2 market-based) 111,670 CO2e from electricity used in plants (scope 2 market-based) 73,258 CO2e from electricity used in plants (scope 2 location-based) 301,897 CO2e from supplied heating and cooling (scope 2) 34,142 CO2e from electricity consumption in remote properties, market-based 4,270 CO2e from electricity consumption in remote properties, location-based 6,007 Total emissions scope 2 market-based 111,670 Total emissions scope 2 location-based 342,047 Total emissions (scope 1 and 2 market-based) 454,413 Total emissions (scope 1 and 2 location-based) 684,789 Emissions category Gross emissions (tCO2e) 2024 Other indirect GHG emissions (scope 3) 4,135,467 CO2e from electricity use of cold drink equipment 806,639 CO2e embedded in packaging (Cradle-to-Gate) 1,549,287 CO2e from sugar and Juice concentrates 1,457,043 CO2e from third-party transports 193,241 CO2e from flights 2,595 CO2e from product carbonation 102,799 CO2e from Remote Properties fuel consumption 5,922 CO2e from electricity consumption in rented and outsourced Remote Properties market-based 6,315 CO2e from CO2 production in CHPs 11,626 GHG emissions absolute and intensity (scope 1, 2 and 3 – scope 2 market-based) 4,589,879 GHG emissions absolute and intensity (scope 1, 2 and 3 – scope 2 location-based) 4,820,256 Coca-Cola HBC Integrated Annual Report 2024 94 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued E1-6_04,05,26,27,29 Table 15: Scope 3 categories (numbers don’t include any FLAG emissions, as we are planning to introduce their reporting from 2025 onwards). Significant categories of scope 3 emissions Criterion for significance (Magnitude, financial spend, influence, related transition risks, stakeholder views, other Scope 3 emissions magnitude (tCO2e) Relevance as per materiality threshold (Y/N) (E1-6_26, 27) Reporting boundaries considered, calculation methods for estimating GHG emissions, calculation tools applied (E1-6_29) 1. Purchased goods and services Magnitude/ Materiality to Corporate Carbon emissions inventory 3,017,955 Y Average data method. For emission quantification, we multiply the quantities of purchased materials by the respective ingredients/packaging GHG emissions factors. We use Ecoinvent, World Food Database and IFEU LCA assigned by TCCC among others as the source of emission factors. 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, 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, aluminum for cans, glass for returnable and one-way bottles, we are including in the calculation recycling content of materials used (recycled content comes from our suppliers). In 2024 we enhanced our reporting capability by automating the report of the raw and packaging materials used in production. During this automation process we improved data accuracy. We are looking in the future to split category 3.1. Ingredients and packaging emissions based on respective LCA to three main parts: materials upstream activity, materials transport to Coca-Cola HBC facility and materials End-of-Life. 2. Capital goods Magnitude/ Materiality to Corporate Carbon emissions inventory 0 N Not reported in Scope 3 as this category is below materiality threshold, based on The Coca-Cola Company Materiality Analysis done in 2023 based on biggest bottlers’ input data (including CCHBC) 3. Fuel-and-energy-related activities (not included in scope 1 or 2) Magnitude/ Materiality to Corporate Carbon emissions inventory 0 N Referring to latest Materiality Assessment done by TCCC 4. Upstream transportation and distribution Magnitude/ Materiality to Corporate Carbon emissions inventory 193,241 Y Distance-based method. 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 emission factors include Tank-To-Wheel emissions. Coca-Cola HBC Integrated Annual Report 2024 95 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Significant categories of scope 3 emissions Criterion for significance (Magnitude, financial spend, influence, related transition risks, stakeholder views, other Scope 3 emissions magnitude (tCO2e) Relevance as per materiality threshold (Y/N) (E1-6_26, 27) Reporting boundaries considered, calculation methods for estimating GHG emissions, calculation tools applied (E1-6_29) 5. Waste generated in operations Magnitude/ Materiality to Corporate Carbon emissions inventory 0 N Not reported in Scope 3 as this category is below materiality threshold, based on The Coca-Cola Company Materiality Analysis done in 2023 based on biggest bottlers’ input data (including CCHBC). 6. Business travel Magnitude/ Materiality to Corporate Carbon emissions inventory 2,595 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. 7. Employee commuting Magnitude/ Materiality to Corporate Carbon emissions inventory 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 is reported as part of Scope 1 (mobile combustion) and that’s why not included here (to avoid double reporting). Rest of the employee commuting is below materiality threshold, based on The Coca-Cola Company Materiality Analysis done in 2023. 8. Upstream leased assets Magnitude/ Materiality to Corporate Carbon emissions inventory 12,237 Y Average data method. The emissions captured under this category are emissions from electricity and fuel 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 N These emissions are moved to category 3.4 as 3rd party transportation and distribution services (as they are contracted and paid by the company). 10. Processing of sold products Magnitude/ Materiality to Corporate Carbon emissions inventory 0 N We sell Ready-to-Drink products, no processing required by consumers. Coca-Cola HBC Integrated Annual Report 2024 96 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Significant categories of scope 3 emissions Criterion for significance (Magnitude, financial spend, influence, related transition risks, stakeholder views, other Scope 3 emissions magnitude (tCO2e) Relevance as per materiality threshold (Y/N) (E1-6_26, 27) Reporting boundaries considered, calculation methods for estimating GHG emissions, calculation tools applied (E1-6_29) 11. Use of sold products Magnitude/ Materiality to Corporate Carbon emissions inventory 102,799 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 0 N End of life treatment is included in the CO2 emission factor of packaging materials and therefore reported in category 3.1. 13. Downstream leased assets Magnitude/ Materiality to Corporate Carbon emissions inventory 806,639 Y Average data method. 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 receive the information on electricity consumption by type of equipment from producers. We know number and type of the units in each market and multiply electricity consumption by the number of units for each type. Subsequently, the total electricity consumption is multiplied by the country (location-based) grid factor taken from the IEA database. In essence, electricity consumption is with primary data and the grid factor is country average location-based. 14. Franchises Magnitude/ Materiality to Corporate Carbon emissions inventory 0 N We do not operate any franchises. 15. Investments Magnitude/ Materiality to Corporate Carbon emissions inventory 0 N We do not operate with investments Other upstream Magnitude/ Materiality to Corporate Carbon emissions inventory 0 N No other upstream activities are operated by the company. Other downstream Magnitude/ Materiality to Corporate Carbon emissions inventory 0 N No other downstream activities are operated by the company. In the above table all CCH subsidiaries and parent companies are considered. Coca-Cola HBC Integrated Annual Report 2024 97 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued E1-6_06 Scope 1 (Direct emissions in direct operations): 7.5% Scope 2 (Indirect emissions in direct operations (purchased)): 2.4% Scope 3 (Indirect emissions up/downstream): 90.1% 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: CO2, CH4, N2O, HFCs, PFCs, SF6, NF3. We use Greenhouse Gas Protocol Corporate Accounting and Reporting Standard. CO2e 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 factor are included: CO2, CH4, N2O, HFCs, PFCs, SF6, NF3. Scope 3: in our GHG emissions factors are included: CO2, CH4, N2O, HFCs, PFCs, SF6, NF3. We use Greenhouse Gas Protocol Corporate Accounting and Reporting Standard. CO2e 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_23 Coca-Cola HBC 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 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 the 2024 CDP Corporate Questionnaire. E1-6_30,31 Table 16: GHG emissions intensity (total GHG emissions per net revenue) GHG emissions intensity (total GHG emissions per net revenue) Scope 1, 2 (Location-based) and Scope 3 Scope 1, 2 (Market-based) and Scope 3 2024 2024 448.2 g CO2e/EUR 426.8 g CO2e/EUR E1-6_32,35 Table 17: Net revenue amounts for GHG intensity Net revenue used to calculate GHG intensity €10,754.4 million Net revenue (other) €0.0 million Total net revenue (in financial statements) €10,754.4 million Emissions intensity is calculated in grammes CO2e per litre of produced beverage and in 2024 it is 287.32g/lpb (all 29 countries included). E1-7 GHG removals and GHG mitigation projects financed through carbon credits E1-7_01 Coca-Cola HBC 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 and 2024, 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). 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 2024. Coca-Cola HBC Integrated Annual Report 2024 98 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued E1-8 Internal carbon pricing E1-8_01,04,06,08 Table 18: Internal carbon pricing (ICP) schemes Types of internal carbon price scheme Volume at stake (tCO2e) % of gross scope emissions (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) Scope 1: 342,742 Scope 2: 111,670 Scope 3: 4,135,467 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 employ an internal price on carbon (ICP) mechanism, to incentivise consideration of climate-related issues in risk assessment. Specifically, since 2022, we work with an external provider to analyse various publications and assimilate the results in terms of Euros per tCO₂e extending to the year 2050. This process involves a top-down assessment of the required global average carbon price per tonne to encourage the level emissions reduction consistent with the emissions pathways we assessed. The data was collected from various 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 of Central Banks and Supervisors for Greening the Financial System (NGFS). Carbon prices were differentiated for scope 1, 2 and 3 emissions based on sector-specific data and were calculated as a weighted average based on each country’s contribution to total Group emissions. For scope 1 emissions, we used projected carbon pricing from the soft drinks industry. For scope 2, we applied projections from the utilities sector. For scope 3, we assigned different rates for ingredients, packaging and other key drivers. We assessed different climate scenarios, including Paris Ambition (RCP1.9) and Stated Policies (RCP4.5). The maximum projected prices used in our analysis were: • Scope 1: Carbon price is expected to reach €81.8/tCO₂e in 2030 and €155.1/tCO₂e in 2040 under the Paris Ambition scenario, and €38.4/tCO₂e in 2030 and €53.8/tCO₂e in 2040 under the RCP4.5 scenario. • Scope 2: Carbon price is expected to reach €93.1/tCO₂e in 2030 and €189.9/tCO₂e in 2040 under the Paris Ambition scenario, and €35.1/tCO₂e in 2030 and €48.6/tCO₂e in 2040 under the RCP4.5 scenario. • Scope 3: Carbon price is expected to reach €227.4/tCO₂e in 2030 and €466.3/tCO₂e in 2040 under the Paris Ambition scenario, and €72.5/tCO₂e in 2030 and €80.3/tCO₂e in 2040 under the RCP4.5 scenario. Using the ICP for climate risk quantification has allowed us to fully comply with TCFD guidance and has provided management with valuable information for assessing 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 plan reflects our current strategy over a rolling five-year period and includes the impact of climate change under multiple scenarios. The annual operating costs of scope 1 and 2 carbon emissions, calculated using the ICP methodology, are integrated into the financial forecasts used for the viability assessment. E1-8_09 For goodwill and indefinite-lived intangible assets, impairment testing is conducted annually using forward-looking projections which cover a five-year period, based on current operational and market conditions. The assumptions used in the impairment test are then reviewed at the Group level to determine whether an impairment loss should be recorded. This process also takes into consideration the potential adverse impact to future cash flows arising from climate change risk. Such potential impacts include the increased capital expenditure required to mitigate climate-related risks and focus on the impact from disruptions to production and distribution due to extreme weather and the increased cost of water, as well as managing the Group’s carbon footprint in line with our NetZeroby40 commitments. For more details, please refer to Note 13 of the consolidated financial statements. Coca-Cola HBC Integrated Annual Report 2024 99 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued ESRS E2 – Pollution Impact, risk and opportunity management E2-1 Policies related to pollution E2.MDR-P_01 We recognise pollution as a material topic in our upstream and downstream value chain segments. In this context we have in place the following policies that address the protection of environment from pollution from different business activities: • Principles for Sustainable Agriculture • Environment Policy • Supplier Guiding Principles Policy • Water Stewardship Policy. According to ‘Principles for Sustainable Agriculture’, our approach to agriculture and livestock production emphasises resilience, environmental sustainability and minimal environmental impact, striving to restore and enhance the surrounding ecosystems. This includes: • monitoring water quality in irrigated crops; and • minimising water quality impacts from wastewater discharges, erosion and nutrient/ agrochemical runoff. Moreover, according to our Environment Policy, in order to fulfill our long-term environmental commitments, we: • Adhere to all applicable legislative requirements. • Optimise resource efficiency, prevent pollution and reduce emissions. • Conserve watersheds through water savings, wastewater treatment and water stewardship initiatives. Furthermore, we have in place the Supplier Guiding Principles Policy, which mandates that our suppliers are expected to: • embrace pollution prevention and waste management practices; and • enhance resource efficiency throughout the product lifecycle. According to the Water Stewardship Policy, we actively invest in educational, volunteer and community-based initiatives to mitigate packaging pollution in seas, oceans and rivers. For the monitoring process, please refer to ESRS E1.MDR-P_01, as it constitutes a standard procedure for all policies apart from their topic. E2.MDR-P_02 The Principles of Sustainable Agriculture (PSA) Policy and the Supplier Guiding Principles Policy pertain specifically to the upstream value chain and possess global applicability, aligning seamlessly with Coca-Cola HBC’s operational framework. The PSA Policy predominantly influences suppliers operating within the agricultural supply chain, whereas the Supplier Guiding Principles Policy encompasses the entirety of suppliers engaging with Coca-Cola HBC. Finally, the Water Stewardship Policy is directed downstream as well, focusing on local communities, and is similarly characterised by its global applicability. E2.MDR-P_03 For more information regarding the highest in our corporate hierarchy responsible for implementing the relevant policy, please refer to ESRS E1. MDR-P_03. Coca-Cola HBC Integrated Annual Report 2024 100 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued E2.MDR-P_04 For more information regarding the third party standards and initiatives used in the context of the relevant policy, please refer to ESRS E1 Climate change section. E2.MDR-P_05 Coca-Cola HBC, as an integral part of the Coca-Cola System, has formally adopted specific policies aligned with the priorities of TCCC. As of April 2021, the Principles for Sustainable Agriculture (PSA) have been recognised as the prevailing supplier guidance framework. During 2021, the engagement of the supply base was successfully completed to incorporate the updated elements introduced in the PSA, which expand upon the Supplier Guiding Principles (SGPs) by providing targeted directives to suppliers of agricultural ingredients. These principles serve as a cornerstone for articulating our commitment to sustainable sourcing and are seamlessly integrated into internal governance frameworks and procurement processes. In addition, Annual Stakeholder Engagement Forums are conducted, providing a platform for feedback and recommendations that may influence policy updates. Coca-Cola HBC actively collaborates with suppliers to enhance overall performance and foster the development of a responsible and sustainable supply chain. This collaboration is further strengthened through joint value creation initiatives, sustainability events, participation in industry associations, workshops on sustainable supply practices, annual supply chain innovation workshops, materiality surveys, and the utilisation of a CSR platform for ethical and sustainable supply chain management. E2.MDR-P_06 For stakeholder access to the relevant policies, please refer to ESRS E1 Climate change section. E2-1_01 According to PSA Policy, Coca-Cola HBC’s suppliers are committed to adhere 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 Coca-Cola HBC, we have local emergency preparedness procedures available and 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 Coca-Cola HBC 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 ESG Risk Identification, all the way to full ESG assessments and physical audits. In this way Coca-Cola HBC 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. 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. Coca-Cola HBC Integrated Annual Report 2024 101 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued E2-2 Actions and resources related to pollution E2.MDR-A_01, 02, 03, 05 & E2-2_02 Table 19: List of actions in relation to pollution Time – reference Scope of action Progress of actions/ action plans disclosed in prior periods List of actions Current Planned Time horizon of action completion Expected outcomes Achievement of policy objectives & targets Activities Value chain segment Geographical boundaries Affected stakeholders Quantitative and qualitative information PSA certification of our key agricultural ingredients 2024 2025 2025 100% Sustainable Agriculture – PSA compliance 100% by 2025 PSA compliance Recruitment of Suppliers for Sugar & Juices under PSA Upstream Global Suppliers 96% (excluding Multon Partners Juices) More actions preventing pollution downstream are disclosed in section ESRS E5 Resource use and circular economy, pages 121 to 124. 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 plan 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. E2.MDR-A_04 Coca-Cola HBC 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 2024, we did not report any significant non-compliance with environmental laws and regulations. We recorded 18 environmental notices of violation, amounting to a total of €254. For details on operational and capital expenditures required to support our action plan related to pollution, please refer to E5.MDR-A_06. E2.MDR-A_ 06, 07, 09, 10, 11, 12 As part of our continuous engagement with suppliers, we actively promote responsible environmental practices. The development and implementation of pollution prevention initiatives require though investments from them. As a result, there is no significant Opex or Capex to disclose related to this standard’s action plan. Nevertheless, 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. Coca-Cola HBC Integrated Annual Report 2024 102 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Metrics and targets E2-3 Targets related to pollution E2.MDR-T_01-13 & E2-3_02, 03 Table 20: List of targets’ progress Targets Type of target Target duration Baseline/ Baseline number Target to be achieved Value chain and geographical boundaries 2024 status Alignment with international initiative Stakeholders Involvement Planning to achieve the target Sustainable sourcing of our key agricultural ingredients Relative in % 2018-2025 (8 years) 2017/ 33% 100% of our key agricultural ingredients sourced in line with sustainable agricultural principles Upstream/ Global In 2024, we achieved compliance rate of 96% (excluding Multon Partners Juices) Sustainable Development Goal Suppliers 2025 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, the UN SDGs, industry benchmarks, ISO standards and ESG rating agencies, ensuring alignment with globally recognised standards. 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. Coca-Cola HBC Integrated Annual Report 2024 103 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued ESRS E3 – Water and marine resources Impact, risk and opportunity management E3-1 Policies related to water and marine resources E3.MDR-P_01 & 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 reduce 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 exacerbate risks to water availability and quality for our operations and supply chains, making sustainable water management a business priority. Through comprehensive risk assessments, 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. To this end, 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. Our Water Stewardship Policy focuses on: • Reducing water consumption and improving efficiency. • Fully treating wastewater to sustain aquatic ecosystems. • Educating communities and reducing packaging pollution in water bodies. • Assessing water availability and mitigating related risks. • Ensuring continued access to fresh drinking water and improving community water systems. • Working with suppliers to optimise water use in agricultural and raw material sourcing. • Working with suppliers to understand the water footprint of our agricultural ingredients and other raw material, as well as promoting and helping them implement efficient water management solutions. • Continuously decreasing the amount of water use in own operations and assessing the future availability of water in relevant catchment areas, to ensure access to fresh drinking water for local communities. • Partnering with stakeholders to promote water conservation awareness. • Establishing collaborations with organisations such as the UN, different NGOs and peer companies. • Promoting water stewardship practices and transparency in reporting progress. Coca-Cola HBC Integrated Annual Report 2024 104 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued As part of our ISO 14001 certification, which mandates rigorous monitoring practices and in line with the strict requirements of TCCC KORE requirements which are in many cases stricter than the local requirements, we consistently conduct comprehensive assessments of all water parameters, such as raw water quality parameters, wastewater quality parameters, water withdrawal quantity, water discharge quantity, etc. For the monitoring process, please refer to ESRS E1, as it constitutes the standard procedure applicable to all relevant topics. E3.MDR-P_02-05 We engage with a broad range of stakeholder groups for water resources, including our communities, governments, NGOs, investors and suppliers, taking into account their recommendations in the process of setting water resources-related policy. We have linked our material issues to specific Sustainable Development Goals (SDGs), established by the UN to achieve long-term growth and development by 2030 (SDG 6, 14, 15). The stakeholder groups impacted by our water-related policies include: • Our Customers • Our People • Our Consumers • Our Communities • Governments • NGOs • Our Suppliers • The Coca-Cola Company • Our Investors For more information on how we engage with each group, please refer to E1 section. E3.MDR-P_03 For further details on the highest level of our corporate hierarchy responsible for the implementation and approval of the relevant policy, please refer to E1 section. E3.MDR-P_04 We actively participate in and align with various third-party standards and initiatives that reinforce our commitment to sustainable practices, such as the following: CEO Water Mandate We adhere to the objectives of this initiative, furthering our commitment to sustainable water management as part of our broader environmental strategy. Alliance for Water Stewardship (AWS) or Water Efficiency Management ISO 46001 certification In 2024, 25 out of our 60 beverage plants were certified, while the rest, 35, are under preparation process and will be certified in the next years confirming compliance with the global benchmark for responsible water stewardship. For more information on the initiatives where we participate, please refer to E1 section. E3.MDR-P_06 For the relevant policies’ access path to relevant stakeholders please refer to E1 section. 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 assure 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 modeling 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 aim to collect 75% of our primary packaging materials at marketplace by 2025, which reduces potential pollution events in soil and water. Coca-Cola HBC Integrated Annual Report 2024 105 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued E3-2 Actions and resources related to water and marine resources E3.MDR-A_01, 02, 03, 05 & E3-2_03 Table 21: List of actions in relation to water management Time – reference Scope of action Progress of actions/ action plans disclosed in prior periods List of actions Current Planned Duration until objective is expected to be reached Expected outcomes Achievement of policy objectives & targets Activities Value chain segment Geographical boundaries Affected stakeholders Quantitative and qualitative information Source Vulnerability Assessment (SVA) 2024 2024 (regularly) All plants have 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. Site audits by external consultant Own operations Europe, Asia, Africa Communities, other water users All plants (100% or 60 bottling plants) have undergone the assessment. The assessment is repeated every five years on average. Facility Water Vulnerability Assessment (FAWVA) 2024 2024 (regularly) All plants have performed the FAWVA renewal in 2024. 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 (TCCC+CCH) water risks assessment process, with 3-year frequency. The outcome will be used for the new external water goals (after the completion of Mission 2025). Prioritise plants by water risks categories, and subsequently define external commitments for each risk category. Internal rigorous water risk evaluation, through own developed methodology, including external sources such as WRI Aqueduct and internal assessment and data. Own operations Europe, Asia, Africa Communities, other water users All plants (100% or 60 bottling plants) have undergone the assessment. The assessment is repeated every 3 years on average. Water Risk Register 2024 2024 All plants have performed the yearly update of the Water Risk Register in 2024. 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 Register, all risks identified in SVA and/ FAWVA are re-evaluated for their current status, and the risk level is updated. Enable timely implementation of water mitigation plans. Internal risk evaluation process, targeting the current and strategic water risk, focused on business priorities. Own operations Europe, Asia, Africa Communities, other water users All plants (100% or 60 bottling plants) have undergone the assessment. The assessment is repeated on a yearly basis. Coca-Cola HBC Integrated Annual Report 2024 106 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Time – reference Scope of action Progress of actions/ action plans disclosed in prior periods List of actions Current Planned Duration until objective is expected to be reached Expected outcomes Achievement of policy objectives & targets Activities Value chain segment Geographical boundaries Affected stakeholders Quantitative and qualitative information Certification of plants according to the AWS (Alliance for Water Stewardship) or ISO 46001 standard 2024 2025 The external AWS certification was achieved for all plants (except newly acquisition Lurisia, Neresnica and Egyptian plants) by 2023. In 2024, we have started the shift from AWS to ISO 46001. External recognition of our water stewardship programme. Reduction of water consumption, stakeholders engagement and improved reputation. Site audits by an external independent body Own operations Europe, Asia, Africa Communities, other water users 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 ISO46001. 25 plants certified in 2024, 35 plants planned in 2025-2026. True Cost of Water (TCoW) 2024 2024 All plants are expected to calculate and update yearly the True Cost of Water. Convert the operational aspects of water use such as water fees, utilities and discharge costs and inherited water risks of the local watershed, for example the local economic value of water, into the True Cost of Water. Reduction of water consumption, by providing proper value of water use into the payback calculations Calculation of the TCoW, based on own methodology, updated on yearly basis Own operations Europe, Asia, Africa Communities, other water users Fully implemented. 100% of the plants (60 bottling plants) with implemented true cost of water and used for decision making Water Usage Ratio (WUR) Targeting Tool 2024 2024 All plants are expected to calculate the WUR target according to this tool, based on the specific manufacturing complexity of each plant. Forecast the expected WUR for each plant depending on the water-risk category of the location and the manufacturing complexity. Reduction of water consumption Calculation of the WUR Targeting Tool, based on own methodology, updated on yearly basis Own operations Europe, Asia, Africa Communities, other water users Fully implemented (100% or 60 plants). Coca-Cola HBC Integrated Annual Report 2024 107 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Time – reference Scope of action Progress of actions/ action plans disclosed in prior periods List of actions Current Planned Duration until objective is expected to be reached Expected outcomes Achievement of policy objectives & targets Activities Value chain segment Geographical boundaries Affected stakeholders Quantitative and qualitative information Water Maturity Self-Assessment Tool 2024 2025 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. The tool is used in conjunction with the TCoW and Targeting Tool, to provide a comprehensive system of water saving opportunities. Assess water stewardship capabilities at plant level and the implementation status of water efficiency practices. Reduction of water consumption Calculation of the Water Maturity Self-Assessment, based on own methodology, updated on yearly basis Own operations Europe, Asia, Africa Communities, other water users Updated in 38 plants in 2024. The rest of plants have initiated the update and the process will be finalised in 2025 Water use optimisation for cooling towers 2024 2025 Implemented in 2024 Reducing the water use for utilities. Reduction of water consumption In-line monitoring of flowrate and chemical parameters of water use for cooling towers. Predictive maintenance. Own operations Africa Communities, other water users Fully implemented in Ikeja plant (Nigeria). Planned for deployment in all five plants in Egypt in 2025 Commission of a new water treatment in the Sadat plant in Egypt to increase capacity and improve water efficiency 2024 2024 Implemented in 2024 Improved water treatment conditions, setting the basis for higher capacity and water reuse. Reduction of water consumption Replacement of the old water treatment plant with a new unit. Own operations Africa Communities, other water users Project completed Coca-Cola HBC Integrated Annual Report 2024 108 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Time – reference Scope of action Progress of actions/ action plans disclosed in prior periods List of actions Current Planned Duration until objective is expected to be reached Expected outcomes Achievement of policy objectives & targets Activities Value chain segment Geographical boundaries Affected stakeholders Quantitative and qualitative information Integrating new flowmeters and updating water maps for all plants in Egypt 2024 2024 Implemented in 2024 Improved and accurate flowrate monitoring. Reduction of water consumption Accurate mapping of the water infrastructure. Installation of new flowmeters. Setting up a monitoring system with improved database. Own operations Africa Communities, other water users Project completed in all five plants, 67 flowmeters installed Water treatment overhaul in Tanta plant (Egypt) 2024 2024 Implemented in 2024 Improved reliability of water treatment processes. Reduction of water consumption Replacement of sand and activated carbon filtration media. Replacement of reverse osmosis membranes. Own operations Africa Communities, other water users Project completed. Replacement of reverse osmosis membranes, decreasing the reverse osmosis reject flow and pressure, replacing the sand carbon filtration materials Water treatment upgrade in Oricola plant, Italy 2024 2024 Implemented in 2024 Increased capacity of water treatment. Secure water use for plant operations Extended the water treatment capacity with additional equipment Own operations Europe Communities, other water users Project completed. Water treatment capacity increase by 50 m3/h Raw water treatment upgrade in Asejire plant, Nigeria 2024 2024 Implemented in 2024 Improved water treatment conditions, setting the basis for higher capacity and water reuse. Reduction of water consumption Replacement of traditional sand filtration with ultrafiltration membrane system Own operations Africa Communities, other water users The chemical coagulation/ floculation plant replaced by submerged membrane filtration Wastewater treatment plant upgrade in Knockmore Hill 2024 2024 Implemented in 2024 Improved reliability of wastewater treatment operations. Maintain wastewater compliance Replacement of worn-out equipment Own operations Europe Communities, other water users Project completed. Installation of new aeration membranes, aspirating mixers and monitoring instrumentation Coca-Cola HBC Integrated Annual Report 2024 109 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Time – reference Scope of action Progress of actions/ action plans disclosed in prior periods List of actions Current Planned Duration until objective is expected to be reached Expected outcomes Achievement of policy objectives & targets Activities Value chain segment Geographical boundaries Affected stakeholders Quantitative and qualitative information Implementation of community water projects to help local communities 2024 2025 All 19 projects are expected to be completed by 2025 as part of Mission 2025 goals 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. Implemented water stewardship projects in Italy, Bulgaria, Multon Downstream Europe, Asia, Africa Local Communities, NGOs, municipalities Roadmap 2024 implemented and 16 water stewardship projects in communities executed. More projects planned in 2025 Engagement with WWF on Living Danube partnership 2024 2030 2024-2030 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. River, floodplain and wetland restoration; collective actions on watershed; improved land and water use at suppliers/farmers level; awareness raising and communications Upstream and downstream Europe NGOs, suppliers, peer companies, municipalities, communities Kick-off of three innovative interventions in Hungary, Romania and Bulgaria; agreed roadmap for each of them Perform an update of the Risk Assessment for Group Critical Tier 1 suppliers by using WWF Water Risk Filter 2024 2024 Implemented in 2024 Update of the suppliers with sites in water risk Engagement in the value chain Perform an update of the Risk Assessment for Group Critical Tier 1 suppliers by using WWF Water Risk Filter Upstream Global Suppliers Fully implemented. 100% of the Group critical suppliers are with updated information on WWF WRF Coca-Cola HBC Integrated Annual Report 2024 110 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement 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 2024, we reported four minor notices of violations related to wastewater or water (three in Egypt and one in Northern Ireland), all of those with zero fine (€0). E3.MDR-A_07 We allocate funds every year to implement our action plan related to water management, both Capex and Opex. In 2024, we invested €5.2 million of Capex for projects related to water optimization and wastewater treatment upgrades, with the largest projects in Egypt, Italy and Ireland. We also allocated around €0.5 million on Opex to cover the ISO 46001 certification of 20 production sites, to perform Source Vulnerability Assessments (SVAs) and to support water stewardship and water community projects. 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. To support our actions, financial resources must be secured through targeted allocation. Our sustainable finance approach underpins the Group’s ability to align funding strategies with sustainability commitments, while supporting the UN SDGs and the EU Environmental Objectives. Financing mechanisms include a diverse range of instruments, ensuring flexibility in meeting both current and future financial requirements for action plans. In particular, Coca-Cola HBC Egypt has been awarded, in July 2024, a $130 million loan by the European Bank for Reconstruction and Development (EBRD) to finance capital expenditures and working capital requirements. This loan will also support the Group’s investment in people development and sustainable business practices in Egypt. A $0.75 million complementary grant from the Global Environment Facility (GEF) has been secured to promote the implementation of advanced wastewater treatment technologies and water management systems in Egypt. These future investments are designed to meet EU and local discharge standards and further the Group’s long-term environmental goals. Further details on financial instruments are available in Note 25, p.306. E3. MDR-A_09, 12 Target 1: Achieve a 20% reduction in water usage in plants located in water-risk areas by 2025 vs 2017. Actions: In 2024, water usage reduction plans were implemented across operations, water stewardship programmes were deployed in water-priority locations to mitigate shared water risks, and source vulnerability assessments were updated for all plants. Plans were refined, including the identification of additional capital investments required for infrastructure enhancement. Environmental KPIs monitoring and reporting mechanisms are integrated across all facilities. In 2025, further innovations will be implemented to reduce water usage, particularly in water-priority locations, including additional improvements in Egyptian plants. • Capital Expenditure: In 2024, €5.2 million were invested in water sustainability initiatives. Target 2: Ensure water availability for all communities in water-risk areas, with a target completion year of 2025. • Action: By 2024, we executed 16 water community projects in our water priority locations. In 2025, we plan to perform new projects in Nigeria and Greece, and continue having community benefits from the current projects. Target 3 (rolling target): Constantly assure that our wastewater meets either the local regulatory standard or TCCC KORE standards, whatever is more stringent. • Action: Constant monitoring of the parameters, upgrade and expansion of the wastewater facilities, building a new facility in Sadat plant in Egypt. Target 4 (rolling target): Assure water stewardship/water management certification in each plant (either Alliance for Water Stewardship (AWS) or ISO 46001). • Action: Recertification every three years. Target 5 (annual target): Decrease water usage ratio per litre of produced beverage by at least 1% in 2024 vs 2023. • Action: Deploying water successful 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. The 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. Examples of recommended water-saving practices are: reuse of package rinsing water, reuse of sand filters and carbon filters backwash, water recovery from in-line instruments, dry lubrication of conveyor belts, cooling towers blow-down frequency, etc. Coca-Cola HBC Integrated Annual Report 2024 111 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Metrics and targets E3-3 Targets related to water and marine resources E3.MDR-T_01-07, 09, 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 2024, 100% of production volume is certified against ISO 14001. Further targets related to water can be found in the table below. Table 22: List of targets’ progress Targets Type of target Target duration Baseline Target to be achieved 2024 status Alignment with international initiative Description of target Planning to achieve the target Reduction in water usage (withdrawals) per unit of production in water priority areas Relative 2017-2025 (9 years) 1.97 20% reduction (1.57) 1.84 Water Resilience Coalition 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. In order to achieve the objective for the target year, we have implemented a solid investment and optimisation plan, with progressive improvement for 2024 and final efficiency improvement in 2025. This is mainly covering the big production sites, such as the bottling facilities in Greece, Bulgaria and Nigeria. For each critical location, we have introduced site-specific end-to-end water assessments, which resulted in identification of water-saving opportunities and subsequent Capex/Opex allocation plan. Number of implemented water stewardship projects in water risk communities (help secure water availability) Absolute 2017-2025 (9 years) 2 19 water risk locations 16 Water Resilience Coalition 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 detailed risk assessment by using the WRI Aqueduct Water Risk Atlas and WWF Water Risk Filter data. We have executed projects in 16 of water priority locations so far out of 19. 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 NGO. In 2024 we started a project for water supply capacity increase in Bulgaria. Coca-Cola HBC Integrated Annual Report 2024 112 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Targets Type of target Target duration Baseline Target to be achieved 2024 status Alignment with international initiative Description of target Planning to achieve the target Constantly assure that our wastewater meets the local regulatory standard or TCCC KORE standards, whatever is the stringent Absolute Yearly 2009 Continuous 100% Water Resilience Coalition Assure that every manufacturing plant meets the criteria for wastewater treatment and treat the wastewater to the levels supporting aquatic life either via investment in own wastewater treatment facility or by joining municipality (or private) treatment facility. Constant monitoring of the parameters, upgrade and expansion of the wastewater facilities, building a new facility in Egypt. Assure water stewardship/water management certification in each plant (either Alliance for Water Stewardship (AWS) or ISO 46001) Absolute Yearly 2015 Achieve 100% of plants to be certified and maintain continuously 25 plants out of 60 beverage plants; the remaining 35 are in a preparation process Water Resilience Coalition Assure water stewardship/water management certification in each plant (either Alliance for Water Stewardship (AWS) or ISO 46001) 2026 and recertification every 3 years Decrease water usage ratio per litre of produced beverage Relative Yearly 2023 (prior year as it is rolling target) At least 1% reduction vs 2023 1.78 Water Resilience Coalition Decrease water usage ratio per litre of produced beverage by at least 1% in 2024 vs 2023 Deploying water successful 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. Coca-Cola HBC Integrated Annual Report 2024 113 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued E3.MDR-T_10, 11 & 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. Stakeholder engagement is pivotal to this process, particularly through Annual Stakeholder Forums and frequent meetings with local communities, farmers, municipalities, NGOs and primary sugar and sweetener suppliers to address critical environmental topics, including water footprint, water usage, emissions reduction and deforestation. The insights gathered from these engagements, along with the expectations of ESG raters and investors, inform the formulation of ambitious, data-driven targets, such as reducing water usage and replenishing water resources in high-risk locations. Additionally, the Group prioritises initiatives such as water-replenishment activities, nature-based solutions, wetland restorations, and improvements to water quality in these regions. Collaborating closely with stakeholders and local communities, we strive to ensure access to safe, clean water, while addressing water-related challenges through sustainable water management across our operations. E3-4 Water consumption E3-4_01-07, 11 Table 23: Water consumption performance Parameters Unit Performance (2024) Water withdrawal m3 30,894,756 Total water consumption m3 18,239,702 Total water consumption in areas at water risk, including all areas of high-water stress m3 9,415,396 Total water consumption only in areas of high-water stress m3 6,470,879 Total water recycled and reused m3 1,680,670 Total water stored and changes in storage m3 0 Changes in storage m3 0 Water withdrawal is measured using flowmeters installed in any of the water source we use, while water consumption is calculated as the difference between 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 24: Water intensity index Intensities Total water consumption (m3) Net revenue (million EUR) Production (million litres) Performance (2024) Water intensity per net revenue 18,239,702 10,754.4 – 1.696 l/EUR Water intensity per units of production 18,239,702 – 15,974.9 1.142 l/lpb Coca-Cola HBC Integrated Annual Report 2024 114 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued ESRS E4 – Biodiversity and ecosystem SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model E4.SBM-3_05 Through our double materiality assessment, 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). We are committed to eliminate deforestation of our main ingredients by 2025, and it is aligned with the recommendations by the Science Based Targets initiative (SBTi) for companies with Forest, Land and Agricultural Activities (FLAG). Due to FLAG recommendations we have updated our net zero plan as stated in ESRS E1. Also, 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 which are adjacent to legally protected areas, and for all of them we have a confirmed ‘no negative impact’ by an external expert which performs so-called Source Vulnerability Assessment for all the water sources we use in 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 (2024), medium-term (2025-2030), and long-term (2031-2050). 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 principles for agricultural ingredients, Water Risk Assessment, as well as other equally important aspects that impact our business, such as supply risk and financial stability. Overall, it is important to point out that 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. In more detail, 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. This means 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 ESG monitoring through PSA certification process of the Coca-Cola System across our main 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, WWF Water Risk Filter Assessment, Resilience Event Watch, Exiger and Moody’s Analytics. Additionally, annual Supply Base Assessments are carried out by specialist consultants for Group Critical suppliers. These assessments evaluate Tier 1 and Tier 2 suppliers 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 asked to provide an action plan which is monitored regularly. For deforestation, we have a specific project in place where we perform readiness assessment for all our supplier under the requirements of EUDR and we are currently organising our internal process to ensure we are able to assess risks and take necessary actions on an on-going basis from the moment that EUDR is formally introduced as of 1st of January 2026. While EUDR is covering specific Coca-Cola HBC Integrated Annual Report 2024 115 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued commodities, we are proactively collecting deforestation information from all agricultural ingredients suppliers across all our countries in order to have a holistic view of the exposure and potential risk. By the end of 2025, we will have a programme in place to cover any identified gaps. Last but not least, we are in process of implementing a deforestation tracking platform on top of any other activities already in motion, which will also be ready before the end of 2025. E4-1_03, 04, 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. 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., EUDR), 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. E4-1_06 Relevance to stakeholder engagement is described in E4.MDR-T_11. E4-2 Policies related to biodiversity and ecosystems E4.MDR-P_01 & 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 and eliminate deforestation in our supply chain by 2025. 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. For the monitoring process, please refer to ESRS E1 section, as it constitutes the standard procedure applicable to all relevant topics. 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. Thus, our policies address ecosystem protection, sustainable forest management, and mitigation of environmental impacts. 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 The Coca-Cola Company’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. E4.MDR-P_02 The policies are applicable across all geographies where Coca-Cola HBC operates. Among the affected stakeholder groups, farmers, other suppliers and local communities associated with the Group’s upstream value chain, are most significantly impacted. E4.MDR-P_03 Policies/statements related to environment (including biodiversity) are approved and endorsed by the Social Responsibility Committee of the Board of Directors, and they apply to all Coca-Cola HBC employees, regardless of level and function. E4.MDR-P_04 & E4-2_02 In June 2022, we joined the SBTN Corporate Engagement Program. 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. E4.MDR-P_05 We engage with a broad range of stakeholder groups for biodiversity, including our communities, governments, NGOs, investors and suppliers, taking into account their recommendations in the process of setting biodiversity-related policy. For more information, please refer to E1 section. E4.MDR-P_06 The Environmental Policy and the Biodiversity Statement are publicly available at our site (Policies | Coca-Cola HBC), which affected stakeholders can easily access. E4-2_03 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/ verification 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, verified by an independent auditor, and published on our website. E4-2_05, 06, 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. Coca-Cola HBC Integrated Annual Report 2024 116 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Metrics and targets E4-3 Actions and resources related to biodiversity and ecosystems E4.MDR-A_01, 02, 05 & E4-3_01 Table 25: List of key actions and resources in relation to biodiversity Time – reference Scope of action Progress of actions/ action plans disclosed in prior periods List of actions Current Planned Expected outcomes Achievement of policy objectives & targets Activities Value chain segment Geographical boundaries Affected stakeholders Application of mitigation hierarchy Quantitative and qualitative information Biodiversity impact and risk assessment Yes Yes, it 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 Use of the SBTN methodology. Assessment of the three steps of the value chain. Set targets for water replenishment. Entire value chain Global Suppliers, NGOs, communities, own employees, regulators Avoidance Completed step 1 and 2 of the SBTN methodology Collaborate with suppliers to develop plans to address land conversion risks and develop an appropriate monitoring system to measure deforestation at supplier level Yes Yes, it continues in 2025- 2026 The amount and % of our main commodities which are deforestation-free Eliminate deforestation in our supply chain by 2025 Continue collaboration with main agricultural suppliers; cross-functional work for assuring compliance with the EU DR Upstream Global Suppliers, NGOs, regulators Avoidance, Minimisation Meetings with main sugar suppliers performed in 2024; meetings with software provider for geo-satellite monitoring and deforestation monitoring done Biodiversity action near our Tylicz plant in Poland Yes Yes, it continues in the next three years Minimise negative impact and enhance river’s biodiversity Net positive impact on biodiversity in critical areas in our operations and supply chain by 2040 Fish stocking of the Muszynka River near our Tylicz plant in Poland; two clean-up activities near plant and on riverbanks Own operations, downstream Poland Nature, communities, local municipality Reducing, restoring 3,000 common trout released in three river locations; 400kg waste collected Issue Biodiversity Whitepaper Yes 2025 Publish CSR Europe Alliance Biodiversity Whitepaper Build awareness and collaborate with industries and other stakeholders Work with other industry players from CSR Europe, NGOs and other partners to publish ‘How companies in Europe address biodiversity: Learning from disclosure’ Whitepaper Downstream Europe Other industry players, NGOs, regulators 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 21: List of actions in relation to water management’ on page 106. 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 dynamic development phase. Our water replenishment activities will continue at least until 2030. 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. Coca-Cola HBC Integrated Annual Report 2024 117 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued E4.MDR-T_01-07, 09, 13 & E4-4_06, 07, 09 E4-4 Targets related to biodiversity and ecosystems While the action plan described above is essential to our sustainability strategy, there are no significant Capex or Opex to disclose for the related initiatives. Our Group’s treasury strategy ensures the availability of financial resources to support related initiatives. By leveraging a diversified range of financing mechanisms, we can effectively address both current and future priorities.E4.MDR-T_01, 02, 03, 04, 05, 06, 07, 09, 13 & E4-4_06, 07, 09 Table 26: List of targets’ progress Targets Type of target Target duration Baseline Target to be achieved 2024 status Alignment with international initiative Geographical scope Description of target Mitigation hierarchy Relation of target to identified material impacts Planning to achieve the target Eliminate deforestation in our supply chain Absolute 2025 2020 (cut-off year) 100% Sugar/juices are 96% (certified) Regulation on Deforestation-free Products (EU DR). Global Biodiversity Framework’s ‘30x30’ conservation target. Main commodities (sugar/juices), and critical for biodiversity ones, global scope Eliminate deforestation in our supply chain Avoidance, minimisation, restoration Land use ecosystem change 100% certification for sugar/juices in 2025; In the EU we focus on full EU DR compliance (coffee and paper/wood) in 2025 100% sustainable sourcing Absolute 2025 2017 100% 96% (excluding Multon Partners Juices) FAO Good Agricultural Practices; ILO Main commodities we use, global scope Achieve 100% adherence to the PSA in main agricultural commodities Avoidance, minimisation, restoration and rehabilitation, compensation or offsets Land use ecosystem change In 2024, we have 100% sustainable sourcing for our main agricultural ingredients in Europe. Plan to achieve 100% in Africa in 2025. No assumptions are used to define targets. We have considered the critical areas and commodities based on the risk assessment. We took into consideration the best global practices and guidelines such as the SBTN, FAO Good Agricultural Practices, ILO and EU regulations. Targets are monitored quarterly by obtaining information from suppliers for their sustainable certifications. The amount of procured quantity of raw materials certified is divided by the total procured volume for the raw materials in scope. Current status is as per the initial plans. Targets are set for the upstream part of the value chain due to the biggest impact there. E4.MDR-T_10 & E4-4_05 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 they are aligned with EU 2030 Biodiversity Strategy, where the goal for protecting 30% of land in the EU is stated as well as with the EU Regulation on Deforestation-free Products (EU DR). E4.MDR-T_11 Stakeholder engagement plays a pivotal role in this process, particularly through our Annual Stakeholder Forums, where key discussions take place, and the insights gathered are integrated into the formulation of our targets. Also, during the supplier sustainability events we organise regularly, we discuss different ESG aspects, including biodiversity and deforestation. Additionally, the Group takes into account the requirements of ESG raters, including those of our investors, ensuring that our targets are aligned with their evolving expectations. Moreover, we have conducted several meetings with our main sugar and sweeteners suppliers where we discussed environmental topics, among them the deforestation issue. E4-5 Impact metrics related to biodiversity and ecosystems change E4-5_04 Our operations are primarily based in cities, so 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 paper/ wooden materials. Coca-Cola HBC Integrated Annual Report 2024 118 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued 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 Packaging plays a vital role in keeping our products fresh and safe. Sustainable packaging and waste management are important to our business, given the amount of packaging we use, the variety of pack materials we use and the need to recover and recycle them after consumption. E5-1_03 & E5-1_04 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. Our commitments E5.MDR-P_01 & E5.MDR-P_04 We are committed to continually improving our environmental performance in the areas of packaging and packaging waste. Since packaging remains critical for us, as already stated through our DMA, and thus we have adopted the ‘Packaging Waste Management Policy’. This policy includes objectives relevant both to packaging materials and packaging waste, and as all our environmental policies, it considers the ISO 14001 Environmental Management System and the GRI Standards. E5-1_01 & E5.MDR-P_01 Our Packaging Waste Management Policy commits to collect the equivalent of 75% of our packaging for recycling or reuse by 2025, use 35% recycled PET (rPET) by 2025 in our PET bottles, and in the EU countries, our objective is to reach 50% rPET by 2025. We also are committed to have 100% recyclable by design primary packaging materials and to invest in recycling infrastructure and new technologies that enable increased usage of recycled content in our packaging, where technically and economically feasible. E5-1_03 & E5-1_04 Additionally, for our engagements regarding recyclability and recycled packaging, we have included targets relevant to: • Collection: Recover 75% of our primary packaging for recycling or reuse 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. • Expand Reusable Packaging: Deliver programmes to increase reusable packaging from 12% of transactions sold in ‘returnable’, and 4% in ‘dispensed,’ formats. • Reduce Virgin Plastic: Through the increased use of circular PET (rPET), light-weighting, removal of plastic film and expansion of reusable packaging formats. • 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. E5-1_02 & E5.MDR-P_02 Furthermore, under the umbrella of our Biodiversity Statement, as already mentioned in the ESRS E4 – Biodiversity and ecosystem, sustainable sourcing of packaging 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 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. Coca-Cola HBC Integrated Annual Report 2024 119 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Sustainable packaging E5.MDR-P_02 & E5.MDR-P_01 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. 34% of our value chain emissions come from packaging materials, and to achieve our NetZeroby40 emissions goal we invest in sustainable packaging solutions. When we light-weight our packaging, incorporate more recycled and bio-based material, invest in local recycling programmes and increase our use of reusable packaging, we reduce both waste and our GHG emissions. Transparency E5.MDR-P_06 All our policies and commitments are publicly available via our website. By having the policies publicly available, we inform all our stakeholders of our goals and, where needed, we ensure their involvement, as happens with the ‘Packaging Waste Management Policy’, which applies to all Coca-Cola HBC employees, regardless of level and function. All our policies are translated in the local language of our countries and available on their local websites as well. E5.MDR-P_05 Additionally, every year, we perform an annual materiality survey, and we ask more than 500 stakeholders from different stakeholder groups across all our 29 markets and beyond to help us gauge our sustainability agenda and priorities. During our Annual Stakeholder Forums, we discuss the most important ESG areas for our business, and we set actions to improve both our stakeholder engagement and our performance. With suppliers, we have sustainable supply events where we gain their views on how to collaborate in the area of sustainability. Throughout the year, we proactively monitor and take into consideration the requirements by different ESR raters and frameworks; also we perform regular calls with sustainability experts of investors, banks and other financial institutions. E5.MDR-P_03 The Corporate Social Responsibility Committee of the Board of Directors is responsible for establishing the principles governing the Group’s policies on social responsibility and the environment (including packaging waste) to guide management’s decisions and actions. All our policies, such as our Packaging Waste Management Policy, are owned and endorsed by the Corporate Social Responsibility Committee of the Board of Directors. Sustainability SteerCo at ELT level is responsible for developing and implementing policies and executing the strategies to achieve the Company’s social responsibility and environmental goals. Further details regarding our sustainability governance are available in GOV-1 ‘The role of the administrative, management and supervisory bodies’ and on our website. E5-2 Actions and resources related to resource use and circular economy E5.MDR-A_01, 02, 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 Schemes (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 • Expand reusable (returnable) packaging • Packaging collection Stakeholder engagement E5-2_07 & E5-2_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. In December 2024, we welcomed 167 stakeholders, including our suppliers, to our Annual Stakeholder Forum, themed ‘Harnessing a Circular Economy for Packaging’, to explore what actions are needed to help deliver this objective. Additionally, 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 have 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 cans multipacks, and process non-food grade ‘hot washed’ PET flakes to produce high-quality food-grade rPET. 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. A new approach to promotional displays has been piloted with our customer Żabka, a large chain of convenience stores in Poland. This new system only requires the customer to change the branding of our products in stores – not the display units themselves. This means that our customer retains a high-quality display, and we save money on transport and production costs. This collaborative initiative created commercial value for us and for our customers while reducing waste and cutting down on CO2 emissions. 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 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. Coca-Cola HBC Integrated Annual Report 2024 120 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued 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 which 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 27: List of key actions and resources in relation to circular economy Time – reference Scope of action Progress of actions/ action plans disclosed in prior periods List of actions Current Planned Time horizon of action completion Expected outcomes Achievement of policy objectives & targets Activities Value chain segment Geographical boundaries Affected stakeholders Quantitative and qualitative information 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 multi-packs together, in 23 countries, helping us to reduce our plastic packaging footprint 2024 – Ongoing 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 minimize 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 Production and packaging: Maintain solutions and continue innovate Own operations & Downstream Europe (23 countries) Consumers, Customers, Communities Progress as per the plan Maintained QFlex carton- based solution that removes plastic shrink film previously used to hold large multi- packs cans together in Ireland and Northern Ireland, helping us to reduce our plastic packaging footprint 2024 – Ongoing Ireland, Northern Ireland Lite Pac launch & expansion in other markets 2024 – Ongoing Removal of 135 tonnes of plastic from our supply chain annually Austria Coca-Cola HBC Integrated Annual Report 2024 121 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Time – reference Scope of action Progress of actions/ action plans disclosed in prior periods List of actions Current Planned Time horizon of action completion Expected outcomes Achievement of policy objectives & targets Activities Value chain segment Geographical boundaries Affected stakeholders Quantitative and qualitative information Recycled Packaging In-house rPET production and transitioning to 100% rPET locally produced portfolio 2024 - Ongoing To reduce virgin and increased 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 Target 2025 to 35% rPET usage Production & Packaging Own operations & Downstream Switzerland Italy Austria Romania Republic of Ireland Northern Ireland Consumers, Customers, Communities 23.8% compared to 16.1% (in 2023); 45.9% in EU countries and Switzerland Eliminate unnecessary packaging Light-weight our primary packaging (Aluminum Cans) 2024 - 2024 To reduce weight of materials used (decrease emissions) Reduction of waste, NetZeroby40 Design optimisation to reduce the weight of Cans bodies and ends Upstream, Downstream Ireland, Czech Republic, Egypt, Greece, Serbia Customers, Consumers, Suppliers Can body:-1.9% average reduction; Can end: – 9.8% average reduction in material Light-weight our primary packaging (Preforms) and Test in 5 new markets before introducing it to our 2025 portfolio 2024 - 2024 To reduce weight of materials used (decrease emissions) Reduction of waste, NetZeroby40 Design optimisation to reduce weight of preform Upstream, Downstream Bulgaria, Czech Republic, Poland and Baltics Customers, Consumers, Suppliers Average reduction in material is under calculation 2025 2025 Replacement of tethered closures with lighter option 2024 - 2024 To reduce weight of HDPE used by 300 tonnes and to decrease CO2 emissions by 600 tonnes Reduction of waste, NetZeroby40 Design optimisation to reduce weight Upstream, Downstream Ireland, Italy, Bulgaria, Austria, Hungary, Romania, Bosnia, Czech, Lithuania, Poland, Serbia, Cyprus Customers, Consumers, Suppliers 0.3% reduction in closure weight Coca-Cola HBC Integrated Annual Report 2024 122 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Time – reference Scope of action Progress of actions/ action plans disclosed in prior periods List of actions Current Planned Time horizon of action completion Expected outcomes Achievement of policy objectives & targets Activities Value chain segment Geographical boundaries Affected stakeholders Quantitative and qualitative information Label height reductions 2024 2025 2025 To reduce weight of plastic used by 200 tonnes Reduction of waste, NetZeroby40 Design optimisation to reduce weight Upstream, Downstream Greece, Cyprus, Poland & Italy Customers, Consumers, Suppliers Progress made as per the planned activities Expand Reusable (Returnable) Packaging Usage of returnable and refillable glass, and dispensers such as fountains or freestyle machines 2024 - Ongoing To reduce environmental impact (water and soil) and reduce waste; Decrease emissions in scope 3 and help 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. Continue the implementation of Pack Mix of the Future initiatives, focused on expanding RGB across markets setting our vision for profitable growth while reducing CO2 footprint Activated Packageless pilot in leading university in Italy. Replicable programme envisioning packageless campus Downstream Europe and Africa Consumers, Customers, Communities Refillables 12.7% in 2024 from 11.7% in 2023* Packageless stable at 4.3%* *Transactions in NARTD excluding N. Macedonia Increase packaging collection Continue to actively engage with governments and peer companies to establish and ensure that effective operation of Extended Producer Responsibility (EPR) Organizations, including Packaging Recovery Organizations (PRO) and Deposit Return Schemes (DRS). 2024 - Ongoing To reduce environmental impact (water and soil) and decrease plastic waste Supports the delivery of our packaging waste management policy objectives: • Work through cross- sector packaging associations to develop and support effective waste management and packaging collection solutions • Enhance the efficiency and effectiveness of established post- consumer packaging waste management organisations Participated in the supervisory board of EPR organizations in 16 of our countries, providing strategic direction and support Downstream Bosnia, Bulgaria, Czech, Estonia, Italy, Latvia, Lithuania, Moldova, North Macedonia, Poland, Ireland, Romania, Serbia, Slovakia, Slovenia, Switzerland Communities, Governments, Customers, Peer Companies Progress made in line with roadmap plans to achieve our 75% collection target by 2025. We ensured ongoing implementation of our policy objective to ensure effective packaging waste management activities are in place across our markets. Coca-Cola HBC Integrated Annual Report 2024 123 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Time – reference Scope of action Progress of actions/ action plans disclosed in prior periods List of actions Current Planned Time horizon of action completion Expected outcomes Achievement of policy objectives & targets Activities Value chain segment Geographical boundaries Affected stakeholders Quantitative and qualitative information We support well-designed deposit return schemes (DRS) in our European markets, wherever an effective alternative doesn’t already exist. As of 2024, eight of our markets now have DRS in place to assist in the design and implementation of new national DRS in each of these countries. 2024 2028 By 2028 To reduce environmental impact (water and soil) & Decrease plastic waste Fulfill our Mission 2025 target of 75% collection of primary packaging by 2025 Deliver EU collection targets of 90% separate collection for PET and beverage cans by 2029 Played a critical role in the successful launch of new DRS in Romania, Ireland and Hungary Established a new DRS operator in Poland (Kaucja.pl) with CCHBC as a shareholder to support the successful launch of DRS in Poland in 2025 Made preparations for the successful Jan 2025 launch of DRS in Austria Actively participated in a cross- industry coalition that offered advice and strategic input to the Greek government on DRS, while developing a business plan for the application for a DRS operator licence Downstream Croatia, Estonia, Hungary, Latvia, Lithuania, Republic of Ireland, Romania and Slovakia. We are engaging proactively in Austria, Bulgaria, Cyprus, Czech Republic, Greece, Moldova, Northern Ireland, Poland, Serbia and Slovenia Communities, Governments, Customers, Peer Companies 2024 roadmap and plans implemented (including launches in Ireland, Romania and Hungary) A clear action plan for 2025 aligned and approved by senior management (including DRS launches in Austria, Poland and Greece) Development of EPR schemes in countries where it is not mandatory in order to reduce the downstream pollution 2024 2028 2028 To reduce environmental impact (water and soil) and reduce waste, increase packaging collection Fulfill our Mission 2025 target of 75% collection of primary packaging by 2025 We continued to support the work of the Food and Beverage Recycling Alliance (FBRA) and other packaging collection projects Open the first-ever Coca-Cola System-owned and operated packaging collection hub Downstream Nigeria Consumers, Customers, Communities, Peer companies Progress made in Egypt and Nigeria as per the plan Continue working with BariQ in Egypt Egypt Coca-Cola HBC Integrated Annual Report 2024 124 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued E5.MDR-A_04 As seen, 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 independently on whether they are harmed or not. In 2024, no negative incident related to circular economy has been recorded. Financial Resources E5.MDR-A_06, 07, 09, 11 Specifically, 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 2024, this investment reached €59 million. We also invested €9.5 million in production infrastructure, mainly for new returnable glass production lines in Italy and Nigeria. 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 recycled PET. 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 €30 million in 2024 to support the higher cost of recycled PET compared with virgin PET. The Capex and cost of packaging materials mentioned above are reflected in our ‘Financial Statements’, in the cash flow statement and the income statement, respectively. Moving ahead, we will continue to support our circular economy action plan as required. Specifically for 2025, 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. We also expect that the higher spend for recycled PET compared with virgin PET will increase further to approximately €60 million, as we accelerate our performance against our Mission 2025 target, but also due to the EU requirement for a 25% minimum recycled content on PET beverage bottles. To support our actions, financial resources must be secured through targeted allocation. Our sustainable finance approach underpins the Group’s ability to align funding strategies with sustainability commitments, while supporting the UN SDGs and the EU Environmental Objectives. Financing mechanisms include a diverse range of instruments, ensuring flexibility in meeting both current and future financial requirements for action plans. 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 which is made of glass, aluminium/steel, PET and aseptic cartons. All of those are able to 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. E5-3_03 & E5-3_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. Furthermore, we aim to remove an additional 2,800 tonnes of our light-weight packaging by 2025 compared with 2023 data. E5-3_05 & E5-3_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. 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_02 – E5.MDR-T_08 Table 28 below provides further details on each target, including their characteristics (targets’ 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. Coca-Cola HBC Integrated Annual Report 2024 125 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Table 28: List of targets Targets Type of target Target duration Baseline and Baseline number Target to be achieved Value chain and geographical boundaries 2024 status Alignment with international initiative Stakeholders Involvement Planning to achieve the target Relation to waste hierarchy Recyclability by design Relative in % 2018-2025 (8 years) 2017 (99%) 100% of consumer packaging to be recyclable Upstream/Global Percentage of recyclable by design materials from main packaging used in 2024: 100% Sustainable Development Goal 8, 9, 11, 12, 14 & 17 Suppliers 2025 Recycling Light-weight Packaging Absolute in tonnes 2023-2025 2023 Remove 2,800 tonnes of packaging through light-weighting our packaging Own operations/ Global Continue implementing best in class packaging weight Suppliers, Customers Prevention (Reduce) PET used from recycled PET and/or PET from renewable material Relative in % 2018-2025 (8 years) 2017 (9%) 35% of PET used from recycled PET and/or PET from renewable material Upstream & Own Operations/Global 23.8% rPET (placed on the market in 2024) Suppliers, Customers 2025 Recycling 50% of PET used from recycled PET and/or PET from renewable material Upstream & Own Operations/EU countries and Switzerland 45.9% rPET (placed on the market in 2024) Suppliers, Customers 2025 Zero Waste partnerships (city and/or coast) Absolute 2018-2025 (8 years) 2017 (0) Engage in 20 zero waste partnerships (city and/or coast) Downstream/Global 20 out of 20 zero waste projects NGOs, Communities, Local municipalities 2025 – Collection rate of our primary packaging placed on the market Relative in % 2018-2025 (8 years) 2017 (41%) Help collect the equivalent of 75% of our primary packaging Downstream/Global 57% оf primary packaging placed on the market in 2024 (including Egypt); Excluding Egypt, the amount is 58% Government and Regulators, Peer companies, Customers, Suppliers, NGOs 2025 Recycling Coca-Cola System-owned & operated packaging collection facility Absolute in tonnes 2025 2024 Collect 1,000 metric tonnes of packaging materials Downstream/Nigeria In 2024, together with TCCC, the Coca-Cola system-owned packaging collection facility was completed NGOs, Communities, Local municipalities. Government and Regulators, Peer companies >2025 Recycling Paper Bricks Absolute in % Continue (rolling target) n/a Source all our paper-based primary packaging materials from sustainable forest sources Upstream/Global 100% of our paper bricks (aseptic carton) used are FSC-certified Suppliers >2030 – Coca-Cola HBC Integrated Annual Report 2024 126 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued 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. The Single Use Plastics Directive, which was introduced after our 2025 commitments, applies only to EU Member States. However, we have voluntarily extended these commitments to include our other markets, ensuring they reflect our entire value chain. E5-3_13 & E5.MDR-T_09 The Single Use Plastics Directive imposed in 2019 a 77% separate collection target of PET beverage bottles by 2025 and a recycled content target of 25% in PET beverage bottles. For our collection targets, these were set in 2018, following a previous commitment of 40% total packaging collected by 2020, which we had already overachieved in 2018. For 2025, we have set ambitious targets as an average for all our markets. Not all markets are in the EU, therefore the 75% on average was much more ambitious than the Single Use Plastic Directive or any other local targets. The Single Use Plastic Directive also only defines collection for PET bottles whereas we are going beyond this, including all our primary packaging (such as glass bottles and aluminium cans). For recycled content, this is also above Single Use Plastic Directive targets for 2025. E5.MDR-T_13 We have specialised software to monitor and review for each of our ESG 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. E5.MDR-T_10 & E5.MDR-T_11 We have also involved our stakeholders in the process of target-setting. We use the industry best practices for setting the targets and clearly describe the calculations and methods used in our internal guidebooks. Feedback by NGOs, industry associations such as UNESDA, and suppliers, but also strategic initiatives such as the UN SDGs, are considered. Stakeholder engagement is pivotal, particularly through Annual Stakeholder Forums and frequent meetings with all relevant stakeholders (NGOs, peer companies, customers, municipalities). 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/beverage categories, and expansion to emerging markets, and further reduce by 40% by 2030 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 reduced the percentage of manufacturing waste going to landfill significantly: in 2024, only 1.6% of our manufacturing waste went to landfill, while in 2015 it was 10.1%. This means in 2024 98.4% of total manufacturing waste was recycled or used for alternative usage.. 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 are used for aluminium cans and metal crowns; and • Paper, which is used for paper labels, composite aseptic carton, cardboard and wood pallets). All data relevant to our packaging inflows quantities that we used during the reporting period is disclosed in the following table. E5-4_02 – E5-4_05 Table 29: Material Inflows Indicators Parameters Unit 2024 The overall total weight of products (beverage+packaging) Tonnes 20,382,929 The overall total weight of technical materials used (ingredients + packaging materials) Tonnes 2,143,227 Total Plastic Tonnes 427,749 PET (bottles) Tonnes 346,143 Plant-Pet Tonnes 0 Plastic (closures + HDPE/LDPE bottles) Tonnes 30,268 PE (labels and stretch/shrink films) Tonnes 51,338 Total Glass Tonnes 193,285 Glass (Bottles) Tonnes 193,285 Total Metal Tonnes 80,508 Aluminium (cans) Tonnes 73,608 Metal (crowns) Tonnes 6,900 Total Paper Tonnes 153,133 Paper (labels) Tonnes 1,318 Composite carton (Tetra Pak, bricks) Tonnes 26,232 Cardboard Tonnes 72,788 Wood (pallets) Tonnes 52,795 Coca-Cola HBC Integrated Annual Report 2024 127 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued 1. Excluding water. Parameters Unit 2024 The weight of secondary reused or recycled components used to manufacture CCHBC’s products and services (including packaging) Tonnes 199,648 The weight of secondary reused or recycled components used to manufacture CCHBC’s products and services (including packaging) Percentage 23% out of total packaging materials The weight of secondary intermediary products used to manufacture CCHBC’s products and services (including packaging) Tonnes 0 The weight of secondary intermediary products used to manufacture CCHBC’s products and services (including packaging) Percentage 0 The weight of secondary materials used to manufacture CCHBC’s products and services (including packaging) Tonnes 0 The weight of secondary materials used to manufacture CCHBC’s products and services (including packaging) Percentage 0 Data Methodology 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 which 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 which 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. E5-5 Resource outflows Outflows Resource outflows are another material topic for us. E5-5_01 We are committed to incorporate more circular principles in our production processes, and for that purpose we have implemented key actions and innovations. Now, 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 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 Italy1 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 successfully combined a 100% rPET local bottle portfolio, an in-house rPET facility and a Deposit Return Scheme, helping us close the loop for plastic packaging circularity. We continue our use of recycled shrink film in Ireland, where our Deep RiverRock water multipacks are packaged in Reborn®, a fully recycled plastic film made from post-industrial and post-consumer waste. We are exploring opportunities to launch Reborn® in other markets. 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. Coca-Cola HBC Integrated Annual Report 2024 128 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued E5-5_04 As mentioned, we ensure that our packaging includes recyclable content. For 2024, the overall recyclable content rate of our 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 between four and 12 months. Extended Producer’s Responsibility 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. Well-designed DRS have a proven track record of delivering very high collection rates, typically over 90%, once the schemes reach maturity. We are encouraged by the results from year 1 in Romania, where the scheme was delivering an average return rate of 76% for all in-scope containers across the last three months of the year. Additionally, our teams in Austria, Poland and Greece have been making intensive preparations to support successful DRS launches in 2025. These extensive preparations include the development of DRS business plans, the establishment of a new DRS administrator company in Poland, as well as the extensive internal planning to ensure that DRS-compliant packaging is available to the consumer on shelf in time. Coca-Cola HBC is also heavily involved in EPR systems in 25 of our countries, and members of the supervisory board in 16 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’. Data methodology 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. We know the exact amount of every ingredient and packaging material used in any sold products. 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. This is done per material type, both for primary and for secondary/tertiary packaging. If packaging materials contain the amount of the same material coming from post-consumer waste, they are with 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 Anticipated financial effects from material resource use and circular economy- related risks and opportunities E5-6_02, 03, 04 Given the potential impact that significant changes to our packaging mix could have to longer-term capital investment in production and distribution, and the influence that packaging has on our ability to meet our NetZeroby40 commitments – packaging represents over 30% of our emissions – managing the risk and opportunity associated with sustainable packaging directly impacts and is impacted by our future business strategy. It is closely linked with the ‘Managing our carbon footprint’ risk, which is covered in detail under ESRS E1 ‘Climate change’. During 2024, we continued building on our Pack Mix of the Future vision. The development of a profitable packaging strategy aims to reduce our environmental impact, address escalating stakeholder concerns relating to packaging waste and takes into account new EU regulations such as the EU Directive on packaging and packaging waste. Initiatives such as increasing the use of recycled and refillable packaging and decarbonisation in the packaging industry contribute significantly to our journey towards NetZeroby40. Based on the 2024 quantification of this risk we expect higher cost of packaging materials, mainly rPET, aluminium and glass. The quantification was performed by applying the projected carbon price per packaging material under different climate scenarios to the corresponding packaging emissions as per our glidepath to 2040. These financial effects are anticipated to arise in the mid to long term. While the timing remains uncertain, we are aligning our strategy with the evolving market conditions. Failing to respond to consumers’ concerns about packaging could also impact our reputation and consumer base, potentially leading to revenue losses for products that do not meet sustainability standards. Other challenges associated with packaging relate to dependencies on sourcing sustainable materials from suppliers, and to the increasing regulatory focus on impacts to natural ecosystems caused by packaging waste. E5-6_05 & E5-6_06 Our assessment shows 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 were applied, as presented in the E1.IRO-1_05. Coca-Cola HBC Integrated Annual Report 2024 129 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Strategy SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model S1. SBM-3_01, 02, 03, 04, 06, 11 At Coca-Cola HBC, 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. Αctual impacts on our workforce, such as secure employment, adequate wages, health and safety, gender equality, training, and diversity 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 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). Number of non-employees is minor compared to all employees. Types of employees and non-employees We provide the following information regarding the types of employees and non-employees in our own workforce subject to material impacts by our operations: Types of employees Permanent employees are individuals who have an indefinite employment contract with Coca- Cola HBC. This means there is no end date specified in their contract. These employees are paid through the Company’s payroll and enjoy the stability and benefits associated with long-term 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 employment contract with Coca-Cola HBC. Their contracts specify an end date, indicating the temporary nature of their employment. 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 Coca-Cola HBC 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 Coca-Cola HBC. 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 Coca-Cola HBC’s processes, and they follow all our standards, which are also part of their contract. Non-employees are considered part of our own workforce 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. Our negative impact We strive to achieve zero occupational health and safety incidents, and potentially every accident affects individually the person injured. In 2024, we reported 1 fatality in Egypt and 0.30 Lost Time Accidents per 100 full-time employees (FTEs) in our workforce. All health and safety- related incidents are being investigated locally by cross-functional teams of experts from different departments. Steps taken for the investigations are based on 14 internal investigation principles which are published in our Incident Management Investigation document. The investigation teams use a Structured Problem-Solving methodology, including Fishbone analysis and five WHY principles. ESRS S1 – Own workforce Social information Coca-Cola HBC Integrated Annual Report 2024 130 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued After the incident 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 special internal platform for knowledge sharing, accessible for all. Brief description of the activities that result in the positive impacts Contribution to employment In 2024, we employed 33,018 FTEs in 29 countries. 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 501,982 indirect jobs throughout our value chain. This means that with every job in our system, we create an additional 13 jobs in the value chain, and we contribute approximately €14.41 billion in value added annually. Accessibility to a living wage In every country, all employees earn at least the minimum wage. 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 1.9 times in our Developing markets and approximately 2.2 times the local minimum wage in our Emerging markets. The range of ratios is similar for both male and female employees. Improved health, safety and wellbeing The health, safety and wellness of our employees is one of our top priorities. That is why we looked for new approaches to wellbeing and employee support which was easily accessible to our employees in our plants, offices or when working remotely. 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, 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. As part of our internal health and safety management system, all employees (100%) receive mandatory safety training. No employee is allowed to start working for CCHBC without completing this mandatory safety training. Access to education All our employees are part of the numerous training materials and education programmes. 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 2024, our learning programmes covered leadership, functional training and general business training, and we report 659,353 training hours across all management layers. Average training hours per FTE: 20.1. Gender equality One of our key efforts is the Women in Leadership programme, which supports the growth and development of women in leadership roles. In 2024, 69 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. 45% of internal appointments were made to women, and 39% of our external hires were female. Notably, among our external hires for management positions, women represented 53%, showcasing our dedication to promoting women into leadership roles. Among our sales-based external hires, women made up 42% of the total. To further support women in the fields traditionally employing males, we created a Women in Sales community specifically for our female Ukrainian sales teams. This initiative aims to amplify learning and development opportunities for women in sales and create a supportive environment, where female employees can thrive and grow. Moreover, the ratio of the basic salary between women and men is 1.37, 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, ESG reporting, internal audit for ESG data, etc. 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 manufacturing site level. The process is documented. Own workforce involved in occupational activities who have a high incidence or high risk of specific diseases, refers to 2,867 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 22 CCH employees who work at our wastewater treatment facilities, where both production wastewater and communal wastewater are treated. Those two groups of employees have been assessed based on our detailed Occupational Health and Safety (OHS) risk assessment and hazard prevention programmes. In general, during our detailed OHS risk assessment we evaluate the OHS 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. Impacts, risks and opportunities management S1-1 Policies related to own workforce. S1.MDR-P_01, 02, 03, 04, 05, 06 & S1-1_01, 02, 09, 10, 11, 12, 13, 14, 16, 17, 21 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 that was mentioned in the previous section. Code of Business Conduct Key contents of the Code The Code of Business Conduct (the ‘Code’) is Coca‑Cola HBC’s essential overarching policy. All our employees are responsible for upholding our commitment to the highest standards of business conduct. The Code is composed of several chapters whose contents include: • Our Commitment • How to Use This Code • Human Rights, Diversity and Inclusion • Reasonable Use of Coca-Cola HBC Assets • Protection of Information and Operational Assets • Dealing with Customers and Suppliers • Conflicts of Interest • Anti-Bribery • Environment, Health and Safety • Competing Honestly in the Marketplace and Complying with Competition Laws 1. Numbers presented are aggregated based on the local SEIS reports from CCHBC territories in the period 2018-2024. All KPIs represent annual impact. Coca-Cola HBC Integrated Annual Report 2024 131 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued • Privacy and Protection of Personal Data • Dealing in Company Securities • Training • Investigations. Training on the Code is conducted on a regular basis. It is the responsibility of every employee to undergo mandatory training and to do so in a responsible and engaged manner. Objective The Code provides what is expected of everyone working for Coca-Cola HBC worldwide regardless of location, role or level of seniority. This includes all employees, managers and members of the ELT. Our suppliers, distributors, agents, consultants and contractors are also subject to many of the principles of our Code through our Supplier Guiding Principles. Failure to comply with the Code by any employee is treated very seriously and may result in disciplinary action, up to and including dismissal. Process for monitoring We encourage our employees to speak up and look for guidance where needed, and to make sure that they have all necessary approvals for key decisions. This minimises the risk of deviation from, or violation of, the guidelines set out in the Code of Business Conduct. The Code sets accountable officers in each business unit, the Ethics and Compliance Officers, as well as implementation of remediation plans. It also clarifies how grievances should be reported and escalated. The Internal Control team runs periodic testing on key controls related to the Code. The corporate Audit team runs periodic risk-based compliance audits. 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 is also provided with updates on the remediation status of management actions of internal audit findings and on the internal audit quality assurance and improvement programme at each meeting. Scope The Code applies to all employees of Coca-Cola HBC worldwide regardless of location, role or level of seniority. This includes all employees, managers, members of the ELT and Directors of Coca-Cola HBC. Most senior level accountable for the implementation of the ‘Code’ Coca-Cola HBC’s Board of Directors and the Head of Corporate Audit approve the Code, and it has been adopted with the full support of our ELT. Commitment to respect third-party standards The Code refers to specific policies per area. These policies may define requirements as per the internationally recognised third-party standards such as the UNGC, ILO, etc. Consideration given to the interests of key stakeholders in setting the policy Whenever the Code is updated, inputs from Corporate Audit team, based on investigated cases and relevant management actions, and country teams are considered. Policy available to potentially affected stakeholders The Code of Business Conduct is publicly available on our website. We share the Code with all employees upon joining the Company. Additionally, we share the Code in our internal communication platforms, so employees can easily access it. The Code is also translated into our local languages to ensure that all employees can fully understand it. We regularly train our employees on the Code through mandatory e-learning and other training sessions that are part of our mandatory training programme. If an employee has a question about the rules of the Code and how they apply to real-life situations, there are colleagues, our Ethics and Compliance Officers, available to offer guidance. The Ethics and Compliance Officer that an employee should contact depends on his/her role: • Country Employees: Country Legal Manager • Group Functions Employees: Head of Legal Compliance • General Managers, ELT members, Board members: General Counsel • CEO: Chair of the Audit and Risk Committee The Ethics and Compliance Officers are available to receive requests of clarifications on the Code’s provisions from our Company’s employees. This may happen from time to time. Such requests for clarifications are aimed at making sure that the Code is complied with and no violation occurs by the requesting employees. Human Rights Policy Key contents of the policy The key contents of the policy include: • Respect for Human Rights • Community and Stakeholder Engagement • Valuing Diversity • Freedom of Association and Collective Bargaining • Safe and Healthy Workplace • Workplace Security • Slavery, Forced Labor and Human Trafficking • Child Labour • Work Hours, Wages and Benefits • Guidance and Reporting for Employees The process to monitor material sustainability matters, related to human rights, follows the steps below: When a conflict arises between the language of the policy and the laws, customs and practices of the place where an employee works, or questions arise about this policy or in case an employee would like to report a potential violation of this policy, those questions and concerns can be raised through existing processes, which make every effort to maintain confidentiality. For more information, please see the Human Rights Policy. The updated policy is communicated to our Top 300 senior managers by the ELT responsible (Chief People and Culture Officer), and then it is cascaded to all employees locally by the local People and Culture business unit directors. We have developed an e-learning course related to human rights, automatically communicated to all employees via email, and we follow the completion rate regularly. All policies are part of the onboarding programme for every new CCH manager/supervisor and every new employee. In the core leadership programmes, such as Passion to Lead and LEAP, we also cover the DEI and human rights areas. Objective Coca-Cola HBC respects human rights, and we are committed to identifying, preventing and mitigating any adverse human rights impacts in relation to our business activities through human rights due diligence and preventive compliance processes. We are committed to respecting human rights of all individuals regardless of race, sex, gender identity, colour, national or social origin, religion, age, disability, sexual orientation or political opinion, who may be at heightened risk of becoming vulnerable or marginalised, including but not limited to migrants, indigenous people, refugees and minorities. Process for monitoring Regular reviews ensure that we adhere to all applicable laws and regulations, our Code of Business Conduct and internal standards. Certification on a regular basis confirms that we are in legal compliance, processes are well implemented, targets are set and reached, and reporting is timely and accurate. In addition, we have a well-publicised whistleblower system in place, with all cases investigated. Our due diligence compliance model is driven through an external audit process. Workplace Accountability Audits are conducted with a minimum cycle of every three years in each of the Coca-Cola HBC’s plants by an independent external provider. Scope Our Human Rights Policy applies to Coca-Cola HBC, the entities that we own, the entities in which we hold a majority interest, and the facilities that we manage. Most senior level accountable for the implementation of the policy This policy has been approved by the Coca-Cola HBC ELT and signed by the CEO. Accountable for the implementation of the policy is Chief People and Culture Officer at Group level and at local business unit level is the business unit’s People and Culture Director. All employees are responsible for committing to the policy. Coca-Cola HBC Integrated Annual Report 2024 132 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Consideration given to the interests of key stakeholders in setting the policy Our Human Rights Policy is guided by international human rights principles, encompassed in the United Nations Universal Declaration of Human Rights, the International Labour Organisation’s Declaration on Fundamental Principles and Rights at Work, the United Nations Global Compact and the United Nations Guiding Principles on Business and Human Rights. Via our Employee Engagement surveys done regularly, we capture the view and feedback of our employees. The surveys are in the local language. With regular dialogue with the employees’ representatives in the Work Councils, we also take feedback from employees and act upon suggestions. Policy available to potentially affected stakeholders The Human Rights Policy covers all employees in own workforce and is publicly available on our website. We share this policy with all employees through regular training sessions and have included it in our mandatory e-learning courses. Additionally, we share the policy in our internal communication platforms, so employees can access it easily. The policy is also translated into local languages to ensure that all employees can fully understand it. E-learning courses also are available in local languages and accessible to every employee via our training portal. Inclusion and Diversity and Anti-Harassment Policy Key contents of the policy At Coca-Cola HBC, we benefit greatly from the skills, experience and commitment of the diverse range of people who work with us. We recognise that diversity is essential to serving our customers effectively, and 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: 1) age 2) disability 3) gender or gender reassignment 4) sex or sexual orientation 5) marital or civil partnership status 6) family status including pregnancy, maternity, paternity or other carer status 7) race including ethnic origin, nationality or colour 8) religious, political or other beliefs 9) full-time or part-time status 10) 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 ‘SpeakUp!’ line. Like every policy, Inclusion and Diversity and Anti-Harassment Policy is published on the website, and it is cascaded to all employees 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 done 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 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. Objective Coca-Cola HBC is committed to fostering an inclusive and diverse workplace through our Inclusion and Diversity and Anti-Harassment Policy, same as mentioned above for our Human Rights Policy. Process for monitoring To ensure compliance with our Inclusion and Diversity and Anti-Harassment Policy, we have established several key processes. All employees undergo regular training to understand and uphold these values. We provide clear channels for reporting any incidents of harassment or discrimination, ensuring anonymity and protection against retaliation. Our Ethics and Compliance Officers thoroughly investigate all reported cases. Regular internal and external audits are conducted to assess compliance, with results reviewed by the Audit and Risk Committee. Remediation plans are implemented as needed to address any issues. These measures help us maintain a respectful, inclusive and diverse workplace. Scope This policy applies to all people who work for us (including our employees, contractors, consultants, advisers and agency workers) and applies throughout the course of their dealings with us, including when they apply to work for us and after they cease working for us. It covers all aspects of employment with us, including recruitment, pay and conditions, training, appraisal, promotion, conduct at work, disciplinary and grievance procedures, and termination of employment. The policy creates both rights to be enjoyed by people who work for us and responsibilities for those same people to behave in a similar manner to ensure that others enjoy those same rights. Leaders and managers within our business should assume responsibility to give effect to inclusion and diversity and anti-harassment, and robustly and promptly address any conduct that breaches this policy of which they become aware. All employees are responsible for adhering to the policy. Coca-Cola HBC Integrated Annual Report 2024 133 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Most senior level accountable for the implementation of the policy Inclusion and Diversity and Anti-Harassment Policy has been approved by the CEO. Accountable at Group level is Chief People and Culture Officer. At country level, accountability is within the business unit People and Culture Director. We assign responsibility at senior management level for equal treatment and opportunities in employment. Clear Company-wide policies and procedures guide our equal employment practices, and we link advancement to desired performance in this area. Commitment to respect third-party standards When we developed the policy, we considered the best industry standards and practices in DEI, such as ISO 30415:2021 Human resource management — Diversity and inclusion. Consideration given to the interests of key stakeholders in setting the policy We have been collecting the feedback by our employees as part of the regular employee meetings handled in each of our business units and at Group level, Townhall meetings and Coke breaks. Via our Employee Engagement surveys done regularly, we capture the view and feedback of our employees. The surveys are in the local language. With regular dialogue with the employees’ representatives in the Work Councils, we also take feedback from employees and act upon their suggestions. Policy available to potentially affected stakeholders The Inclusion and Diversity and Anti-Harassment Policy is publicly available on our website. We share this policy with all employees through regular training sessions and have included it in our mandatory e-learning courses. Additionally, we share the policy in our internal communication platforms, so employees can access it easily. The policy is also translated into local languages to ensure that all employees can fully understand it. In the core leadership programmes such as Passion to Lead and LEAP, we also cover the DEI and human rights areas. The training sessions and e-learning courses are translated into local languages to ensure that all employees can fully understand it. Occupational Health and Safety Policy Key contents of the policy The Occupational Health and Safety Policy supports the implementation of the occupational health and safety management system ISO 45001, as well as the following health and safety principles: • Provide an environment where work-related health and safety risks are controlled to prevent injuries and occupational ill health. • Comply with all legal and other applicable OH&S requirements from, e.g., TCCC in all Coca-Cola HBC territories and conform with relevant international standards by implementing continuous improvement programmes. • Implement an effective OH&S management programme integral to ongoing business activities. Objective Through this policy, we aim 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, thus addressing health and safety material topic. Process for monitoring Compliance to the Group OH&S Policy is being monitored through ISO 45001 certification, Life Saving Rules (LSR) implementation and compliance, internal x-boarder audits, and TCCC Global Audit Organisation (GAO) audit results. We mandate every employee to go regularly through our health and safety annual training and we monitor participation rate. Scope This policy applies to Coca-Cola HBC’s: • production operations and business facilities • products and services • distribution and logistics • suppliers, service providers and contractors • other key business partners (including co-parkers, joint ventures, etc.) Most senior level accountable for the implementation of the policy The CEO is committed to our OH&S policy, which is owned and endorsed by the Risk and Audit Committee of the Board of Directors and the Health and Safety Committee of the ELT. The CEO is determined to provide the leadership and resources required to ensure this policy is fully implemented. That said, every Coca-Cola HBC employee at every level and at every function in the organisation is responsible for the successful implementation of this policy and the related programmes. Commitment to respect third-party standards We commit to respect occupational health and safety management system ISO 45001, which is implemented in the context of our OH&S policy and programme. Consideration given to the interests of key stakeholders in setting the policy When setting the policies, we took all regulatory requirements, the international standards such as ISO 45001 and best industry practices in OH&S, such as safety risk identification and management, also the requirements by investors and ESG raters, such as S&P Global, MSCI ESG, and also consultations with the employees Work Councils. Policy available to potentially affected stakeholders OH&S Policy is publicly available on our website. We share this policy with all employees – we have included it in our new OH&S e-learning course where it is translated in every local language, and it is mandatory for all CCH employees. The policy is also uploaded on the internal Group QSE SharePoints. In every manufacturing site, the OH&S Policy is printed and disclosed as well. Furthermore, we ensure that the OH&S Policy is communicated to all relevant individuals, groups or entities who are expected to implement it or have a direct interest in its implementation. S1-1_03, 04, 05, 06, 07 & S1.MDR-P_04 Human Rights Policy commitments Commitments and respect for the human rights, including labour rights, of people in own workforce and alignment with international instruments Please see S1.MDR-P_01, 02, 03, 04, 05, 06 & S1-1_01, 02, 09, 10, 11, 12, 13, 14, 16, 17, 21 We respect human rights, thus 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 and regulations, and our human rights policy. In addition, we have a well-publicised 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 with a minimum cycle of every three years in each of the Coca-Cola HBC’s plants by an independent external provider. At local business unit level, during the regular dialogue with the employees’ representatives of the Work Council, we consider and act upon any concern and feedback. We compensate employees competitively relative to the industry and local labour market. We operate in full compliance with applicable wage, work hours, overtime and benefits laws. Coca-Cola HBC Integrated Annual Report 2024 134 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued As a Group, we have a zero-tolerance approach 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 on the minimum age of employment, as provided in the ILO Convention 138. We prohibit the hiring of individuals that are under 18 years of age for positions in which hazardous work is required, as provided for in ILO Convention 182. Engagement with people in own workforce Where appropriate, we are committed to engaging in dialogue with stakeholders on human rights issues related to our business. We are committed to creating workplaces in which open and honest communications among all employees are valued and respected. Our policy is to follow all applicable labour and employment laws wherever we operate. Regular reviews ensure that we adhere to all applicable laws and regulations, and our policies. In addition, we have a well-publicised whistleblower system in place, with all cases investigated. Our due diligence compliance model is driven through an external audit process. Workplace Accountability Audits are conducted with a minimum cycle of every three years in each of the Coca-Cola HBC’s plants by an independent external provider. At local business unit level, during the regular dialogue with the employees’ representatives of the Work Council, we consider and act upon any concern and feedback. Via our Employee Engagement surveys done regularly, we capture the view and feedback of our employees. The surveys are in the local language. The results and actions to improve engagement are reported to the Board of Directors. Measures to provide and/or enable remedy for human rights impacts Our due diligence compliance model is driven through an external audit process. Workplace Accountability Audits (Supplier Guiding Principles audits in our manufacturing operations) are conducted with a minimum cycle of every three years in our plants. Workplace Accountability Audits are conducted through an internationally recognised and accredited audit organisation. The audits cover our own processes and employees, contractors and others 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 1. The concerns raised via the ‘SpeakUp!’ line are addressed and actions are implemented. Based on internal human rights due diligence process we have not identified any sites as high risk. A medium risk finding was raised in one manufacturing site in Russia and in one in Nigeria. In both cases, findings have been addressed through a corrective action plan. Every human rights case which comes from 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 is also reported to the Board of Directors with the respective actions taken. S1-2 Processes for engaging with own workers and workers’ representatives about impacts S1-2_01, 02, 04 At Coca-Cola HBC, we have established processes to ensure that the perspectives of our workforce are consistently considered in our decision-making processes. The Director, who is responsible for Workforce Engagement, attends the Work Councils’ meetings to gather insights from representatives across the Company. For example, during 2024, these meetings included discussion on workforce concerns about inflation and its impact. The Company’s decision to provide one-off bonuses provided at the end of 2023, to help alleviate the higher cost of living, was well received by the workforce. As in previous years, Charlotte Boyle, the Chair of the Remuneration Committee, interacts directly with the representatives to get their wider insights, which she takes back to the Committee for discussion and to share with the Board, and their perspectives are considered in our decision-making processes. Our local business units regularly capture feedback at local level and address any concerns. Please see the Governance section of the IAR, ‘Engaging with our stakeholders’ on pages 200 to 201. Besides, the Chief People and Culture Officer at Group level and business unit People and Culture Directors have operational responsibility for engagement with employees. The results of employee engagement surveys are sent to all countries and all functions, and the Function Heads are responsible for analysing the results and setting improvement actions. S1-2_03 The stage(s) at which engagement occurs, the type of engagement and frequency of the engagement are detailed in the table below: Type of engagement Stages Frequency Sustainable engagement and values index surveys Evaluating the effectiveness Annually CEO management calls Determining the approach Quarterly Leadership conferences Evaluating the effectiveness Annually Employee communication channels such as intranet and internal social media Evaluating the effectiveness Regularly Individual development plans Determining the approach Bi-annually Internal communication campaigns Evaluating the effectiveness Regularly Community and active lifestyle projects Evaluating the effectiveness Regularly Volunteerism Evaluating the effectiveness Regularly Employee Works Council Evaluating the effectiveness Regularly Whistleblower hotline (‘SpeakUp!’ line) Evaluating the effectiveness Regularly Focused and continuous conversations Evaluating the effectiveness Regularly Employee Assistance Programme Evaluating the effectiveness Regularly Regular employee surveys to understand and act on needs and wellbeing Evaluating the effectiveness Annually Ongoing dialogue with employee representative bodies Evaluating the effectiveness Regularly 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. Coca-Cola HBC Integrated Annual Report 2024 135 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued S1-2_05 Global Framework Agreement and engagement with workers’ representatives We regularly discuss with our local workers’ representatives and in European Work Council (EWC). These discussions are guided by our commitment to respect human rights as outlined in our Global Framework Agreement. This agreement ensures that we engage with workers’ representatives on matters related to human rights, allowing us to gain valuable insights into the perspectives of our workforce. The agreement facilitates open dialogue and collaboration, ensuring that the views and concerns of our employees are heard and addressed in our decision-making processes. Once per year, we hold our Culture and Engagement or Pulse survey to understand the perspectives of our employees on human rights and other topics and turn their insights into concrete action plans that are shared and discussed in our business units, our functions, and as well with our ELT. S1-2_06 Assessing the effectiveness of engagement We assess the effectiveness of our engagement with our own workforce through various methods, including employee engagement surveys. We have a continued high employee engagement score and in 2024 it was 88%, 2 percentage points higher than 2023. This high engagement score indicates that our employees feel heard and valued, and it reflects the effectiveness of our engagement processes. Additionally, we review the outcomes of our engagements, such as the implementation of one-off bonuses to alleviate the higher cost of living and monitor the feedback from our workforce to ensure that our actions are meeting their needs and expectations. S1-2_07 Steps it takes to gain insight into the perspectives of people in Coca-Cola HBC’s own workforce who may be particularly vulnerable to impacts and/or marginalised. For people in Coca-Cola HBC’s own workforce who may be particularly vulnerable to impacts and/or marginalised (for example, women, migrants, people with disabilities), the same steps are taken: e.g., grievance mechanism, surveys (please check S1-1_03 to 07 & S1.MDR-P_04 , S1-3_01, 02, 05, 06, 07, 08, 09 & S1-1_21). S1-3 – Processes to remediate negative impacts and channels for own workers to raise concerns S1-3_01, 02, 05, 06, 07, 08, 09 & S1-1_21 Channels to raise concerns and general approach and processes for providing or contributing to remedy Workplace Accountability Audits are conducted through an internationally recognised and accredited auditing organisation. The audits cover our own processes and employees, our non-employees and also contractors and others who are 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: • Laws and regulations • Human trafficking • Abuse of labour • Wages and benefits • Equal pay commitment • Working hours and overtime • Business integrity • Work environment • Health and safety • Demonstration of compliance We have established grievance mechanisms. Grievance mechanisms cover a wide range of social, economic and environmental issues including impacts on society and communities, human rights, child and forced labour, wages and hours, health, safety and wellbeing, preventing harassment and discrimination, environmental impact, as well as multiple others. We have the following Group policies in place to remediate negative impact on people in our own workforce: 1. Code of Business Conduct 2. Human Rights Policy 3. Inclusion and Diversity and Anti-Harassment Policy 4. Occupational Health and Safety Policy 5. Fleet Safety Policy 6. Whistleblowing Policy These policies set accountable officers as well as implementation of remediation plans. 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 ‘SpeakUp!’ line, which can be used by our internal and external stakeholders to report negative impacts and non-compliances (violations). The ‘SpeakUp!’ line is managed by a third party and is available to all employees. It can be accessed at any time via phone or internet, and it is available in 26 languages. Specifically, 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 is provided with updates on the remediation status of management actions of internal audit findings and on the internal audit quality assurance and improvement programme at each meeting. All communications received through the ‘SpeakUp!’ line are kept confidential and, where requested, anonymous. The Head of Corporate Audit liaises regularly with the General Counsel and communicates all significant allegations to the Chair of the Audit and Risk Committee. All matters received via the ‘SpeakUp!’ line or any other reporting mechanism 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 as appropriate. In addition to the ‘SpeakUp!’ 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, our designated non-Executive Director, 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 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 are routed to the appropriate department for appropriate handling. All allegations involving potential Code of Business Conduct violations are investigated in accordance with the Group Code of Business Conduct Handling Guidelines. Importantly, we make sure that the learnings from both the Code of Business Conduct violations and allegations reported through the whistleblower hotline are drawn and result in relevant decision-making and Coca-Cola HBC Integrated Annual Report 2024 136 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued procedural changes, for example, the re-evaluation of our procedures 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 ‘SpeakUp!’ line through feedback surveys conducted with our employees as well as regular testing of key controls conducted by our Internal Controls Department. During the communication campaign on the ‘SpeakUp!’ line, we also ran a survey in 2024. To ensure the effectiveness of the ‘SpeakUp!’ 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 ‘SpeakUp!’ 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 ‘SpeakUp!’ 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; and • confirm that 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 ‘SpeakUp!’ 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 ‘SpeakUp!’ 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, 02, 04, 05 & S1-4_01, 02, 03 A summarised description of the action plans and resources to manage our material impacts related to own workforce in relation to material sustainability matters we have identified, is presented below: Human rights, social protection and social security Key actions taken 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 (mandatory for all employees) to further strengthen awareness and knowledge about this vitally important area. Additionally, in 2024, we reinforced our commitment to employee wellbeing by hosting dedicated sessions in local languages across our regions, highlighting the support available through our EAP, which is available to more than 26,600 employees. Since these sessions, we increased EAP utilisation to 1.37% (1.01% in 2023) 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 earned us high commendation in the European Wellbeing Excellence category of the TELUS Health 2024 Wellbeing Awards. Please see also S1. SBM-3_01-04, 06, 11 according to ESRS S1 par. 14c (brief description of activities that result in positive impacts with regards to accessibility to a living wage, access to education, gender equality) Expected outcomes Expected outcomes include increased awareness and understanding of human rights among employees, improved compliance with human rights standards, and enhanced protection for vulnerable groups. How their implementation contributes to the achievement of policy objectives and targets 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 of zero incidents of discrimination. Scope of the key actions 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. Gender equality Key actions taken Championing women in leadership: During 2024, we continued to proudly uphold our commitment to Diversity and Inclusion by 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 have improved our gender balance at all levels, with 43.5% of management positions now held by women, a 1.7 percentage point increase since last year. 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, 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, 69 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, 56% of participants who completed ‘Women in Leadership 1’ and 50% 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. Coca-Cola HBC Integrated Annual Report 2024 137 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Expected outcomes We were proud to receive nine diversity-related awards. In Greece, we received the Gold award for Accelerating Female Professionals. In Austria, our four awards include the Seal of Quality of In-house Advancement of Women. Further highlights included the following: • 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 fast- moving 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. Further highlights included the following: • Ten 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. How their implementation contributes to the achievement of policy objectives and targets • 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. Scope of the key actions The actions described above apply to all our organisation activities. • 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. Progress of actions or action plans disclosed in prior periods Regarding Mission 2025 commitment ‘50% of manager positions to be held by women by 2025’, we monitor our progress using as a KPI the rate of manager positions held by women. By the end of 2024, 43.5% of management positions are now held by women, a 1.7 percentage point increase since last year. Please see S1.MDR-T_01, 02, 03, 04, 05, 06, 07, 08, 09, 11, 12, 13 Training and development Key actions taken 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 640,000 hours of learning in 2024, of which 25% was in personal skills, 25% was compliance related and 50% was in functional skills. Most of our employees learned ‘online’, with 67% of the learning activity self-paced and self-initiated. In its fifth consecutive year, our virtual LearnFest drew in over 8,000 attendees across 100 sessions running throughout the month of November. 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 2024 we incorporated it into other learning and talent initiatives and continued to grow our pool of internal coaches. Please see Access to education on p.131 Expected outcomes With 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. How their implementation contributes to the achievement of policy objectives and targets 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. Scope of the key actions Please see Access to education on p.131 Progress of actions or action plans disclosed in prior periods Building on the success of our previous learning initiatives, we have expanded our programmes in 2024 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. Occupational Health and Safety Key actions taken We are monitoring other relevant OH&S indicators, such as 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 2024, we also continued our Behaviour Based Safety (BBS) programme with the inclusion of HOP (Human and Operational Principles) philosophy implemented across manufacturing and non- manufacturing locations. We continued quarterly LSR (Life Saving Rules) assessments of all manufacturing and non- manufacturing facilities. Based on these assessments, each country has developed specific corrective actions to address critical gaps and achieve full compliance. Coca-Cola HBC Integrated Annual Report 2024 138 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Regular health and safety awareness training courses are completed by all our employees. In 2024, we have developed a new health and safety e-learning course, which is mandatory for all CCH employees. Moreover, we deployed monthly safety awareness days (awareness campaigns), where we engage with employees across the markets in 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 according to ESRS S1 par. 14c (brief description of activities that result in positive impacts with regards to improved health, safety and wellbeing). Key actions taken to provide remedy and support Unfortunately, in 2024 we had one employee’s fatality reported (in Egypt) and one contractor’s fatality reported, both coming from road accidents. The proper root cause analysis has been 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 so the actions we took are: update of Fleet Safety guidelines and communication to all relevant people; continue with the regular routines to reduce road incidents in the most critical business units such as fleet safety trainings, communication campaigns, lessons learned sessions. Expected outcomes 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 focus on updating the Fleet Safety guidelines and establishing regular safety routines is anticipated to decrease road incidents in critical business units. 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. Workplace-related accidents reduction 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. How their implementation contributes to the achievement of policy objectives and targets • Fleet safety guideline compliance to address reduction of road accidents (drivers’ trainings, increase of safety features in the vehicles). • 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. • LSR compliance and health and safety management systems implementation addressing workplace safety and elimination hazards coming from work environment. • Safety awareness training and regular campaigns to increase safety awareness, understanding of hazards and eliminate human errors. Scope of the key actions Ιn accordance with the Occupational Health and Safety Policy, the actions described above apply to Coca-Cola HBC’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.) Progress of actions or action plans disclosed in prior periods Regarding Mission 2025 commitments ‘0 fatalities’ and ‘Reduce (lost time) accident rate by 50% vs 2017’, we monitor our progress using as a KPI the number of fatalities with our employees and lost time accidents per 100 FTEs. Please see S1.MDR-T_01, 02, 03, 04, 05, 06, 07, 08, 09, 11, 12, 13 Emergency preparedness In Coca-Cola HBC, 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 people evacuation, and is conducted in collaboration with local medical and fire protection emergency services. Based on safety risk assessment for high complexity manufacturing sites, we have trained dedicated fire emergency response teams. The Group Business Resilience team is leading emergency preparedness assessment of all our operating business units. This assessment includes OH&S response in emergency situations. S1.MDR-A_03 Time horizons for key actions Please see E5.MDR-T_12 & E5-3_13 & E5.MDR-T_01 S1-4_04 Tracking and assessing the effectiveness of actions and initiatives 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 is also provided with updates on the remediation status of management actions of internal audit findings and on the internal audit quality assurance and improvement programme at each meeting. 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 those meetings, not only results and targets are discussed, but also actions and their status in order to improve performance. We use a special dashboard where the performance of each country and plant is monitored. S1-4_05 Processes to identify needed actions in response to negative impacts 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 methodology, 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 are regularly conducting risk and hazard identification with respective corrective actions defined. Risk 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. Coca-Cola HBC Integrated Annual Report 2024 139 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued S1-4_08 Ensuring practices do not cause or contribute to negative impacts Work-related health and safety risks 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). 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. • 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 ‘SpeakUp!’ line and ensures confidentiality and protection against retaliation. Types of actions taken Secure employment and adequate wages: • In every country, all employees earn at least the minimum wage. 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 1.9 times in our Developing markets and approximately 2.2 times the local minimum wage in our Emerging markets. The range of ratios is similar for both male and female employees. Health and safety: • The H&S Department implements an occupational health and safety management system based on ISO 45001 standards. • Regular safety training for all employees, including mandatory safety training before starting work. • Implementation of fleet safety training programs and collision avoidance technology in fleet vehicles. • Development and execution of all OH&S programmes such as Life Saving Rules, Behavioural Based Safety, etc. Training and skills development: • Provision of learning and development opportunities for all employees, including leadership, functional training and general business training. • Launch of various academies (e.g., Supply Chain Academy, Sales Academy, Corporate Affairs and Sustainability Academy) to support professional development. Diversity: • Promotion of a culture of respect and inclusion through regular training and awareness programmes. • Monitoring and reporting on progress in Diversity and Inclusion initiatives. Grievance mechanisms: • Operating the ‘SpeakUp!’ line for employees to report concerns confidentially and anonymously. • Providing regular reviews of the effectiveness of grievance mechanisms by the Internal Audit department. • Ensuring no retaliation against employees who report concerns in good faith. S1.MDR-A_06, 07, 09, 10, 11, 12 S1.MDR-A_06 The Group’s treasury strategy ensures the availability of financial resources to support 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 primarily relies on internal resources and existing digital tools. This allows us to effectively support continuous learning and the advancement of key HR initiatives while promoting efficiency and accessibility for our employees. Similarly, our commitment to Health and Safety is underpinned by significant investments to ensure the effective implementation of associated programmes and initiatives. In 2024, the Group has allocated approximately €16 million in capital expenditures and more than €3 million in operational expenditures to support compliance with health and safety standards, training and route-to- market programmes. These investments reflect our focus on safeguarding employees while meeting regulatory requirements, implementing preventative actions coming from lessons learned and improving the working areas for our employees across all operational sites. Looking ahead, similar levels of spending are projected to ensure continuity in our efforts to uphold health and safety standards. S1.MDR-A_07 The Capex and Opex mentioned above are reflected in our financial statements, specifically in the cash flow statement and the income statement, confirming our 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. For Capex, however, we apply an internal process to identify expenditures associated with health and safety initiatives. This allows us to track and monitor investments that support our commitment to workplace well-being. Coca-Cola HBC Integrated Annual Report 2024 140 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement 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, 02, 03, 04, 05, 06, 07, 08, 09, 11, 12, 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. Human Rights Policy (equal opportunities) We have set a target, in connection with our Human Rights Policy, which aims to advancing 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, with the baseline value being 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 30: Annual targets for employee engagement (2024 target = Top Decile Norm). Name of the target Description of the relationship between target and policy Performance Target Application period Scope of target Level Absolute/ Relative Unit Time – period Milestones/ Interim targets Activities Value chain segment Geographical boundaries MDR-T_01 MDR-T_13 MDR-T_02 MDR-T_03 MDR-T_03 MDR-T_07 MDR-T_08 MDR-T_04 Work-related fatalities with our employees Occupational Health and Safety Policy 1 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 50 Relative % 2025 n/a Own operations Own operations All Group Manager positions will be held by women Human Rights Policy 43.5 50 Absolute % 2025 n/a Own operations Own operations All Group S1.MDR-T_11 Stakeholders have been involved in target-setting Please see E1.MDR-T_11 S1.MDR-T_09 Contextual information We believe that related to OH&S targets, only zero is acceptable as a target which is in line with the best practices globally. In terms of employee engagement annual target, we compare ourselves with the global top decile norm. On gender diversity target, 50% is the desired global level. The 2025 sustainability commitments, comprising 17 goals established in 2018, are based on our stakeholder materiality matrix and 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 used for targets related to the own employees. Local business unit/country data are aggregated at Group level. S1.MDR-T_12 Contextual information We have not changed any of our commitments as for us any sustainability target means to deliver, to execute – an opposite of an aspirational target. For our targets, we use actual data to report progress. Our time horizons 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 the external trends. Please see E5.MDR-T_12 & E5-3_13 & E5. MDR-T_01. No changes in reporting in 2024 vs prior year. We have used as sources of data various local files, templates from our NGO partners, specialised software where monthly our business units report the progress and actual data. Coca-Cola HBC Integrated Annual Report 2024 141 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued S1.MDR-T_13 How targets are monitored and reviewed We have specialised software for each of our ESG 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 have the same process: setting annual targets for each year by the target year (so-called annual roadmaps), monthly reporting of actuals, monthly performance review and actions set by each owner, quarterly report to the Social Responsibility Committee, annual disclosure in the IAR and on the website. S1-5_01, 02, 03 S1-5_01 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% women in leadership positions 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. S1-5_02 Tracking CCHBC’s performance We conduct regular performance reviews for each of the KPIs used, including the ones for 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 being communicated to all CCH countries via regular Group meetings and routines established with the business units; country results are being communicated via country meetings across the organisation (shift review meetings, plant management and all employees’ 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 potential to become severe injury or fatality – 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 have been reported in these engagements in 2024. S1-6 – Characteristics of CCHBC’s employees S1-6_01-06 & S1-1_20 Records on recruitment, training and promotion: We use specialised software integrated with 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. Table 31: Total employee FTE by gender Gender 2024 Number of employees (FTE) Male 23,999 Female 9,019 Other 0 Not reported 0 Total employees 33,018 All data in the tables presents FTE (full-time equivalent) calculation, and it is based on International Financial Reporting Standards (IFRS). 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. Yearly reporting cycle is applied (1 Jan 2024 – 31 Dec 2024). Table 32: Total employee FTE in countries where CCHBC has at least 50 employees representing at least 10% of its total number of employees Country 2024 Number of employees (FTE) Armenia 344 Austria 868 Belarus 1,132 Bosnia and Herzegovina 286 Bulgaria 1,576 Croatia 498 Cyprus 256 Czech Republic 798 Egypt 5,466 Estonia 65 Country 2024 Number of employees (FTE) Finland 19 Greece 2,116 Hungary 960 Italy 2,074 Kosovo 112 North Macedonia (only corporate office employees) 3 Latvia 88 Lithuania 116 Moldova 136 Montenegro 23 The Netherlands 59 Nigeria 2,874 Northern Ireland 535 Poland 1,701 Republic of Ireland 289 Romania 1,504 Russia 5,522 Serbia 1,546 Slovakia 148 Slovenia 82 Switzerland 687 Ukraine 1,135 Τotal 33,018 (33,068 based on Headcount) Coca-Cola HBC Integrated Annual Report 2024 142 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued S1-6_07 Table 33: Information on employees by contract type, broken down by gender (head count or FTE) FTE Female Male Other Not disclosed Total Reporting year 2024 Total number of employees 9,019 23,999 0 0 33,018 Number of permanent employees 8,383 21,226 0 0 29,609 Number of temporary employees 636 2,773 0 0 3,409 Number of non-guaranteed hours employees N/A N/A N/A N/A N/A Number of full-time employees 8,920 23,974 0 0 32,894 Number of part-time employees 99 25 0 0 124 S1-6_11-12 Turnover is being calculated as the sum of voluntary and involuntary permanent leavers in the total reporting period, divided by the average number of permanent active employees over the total reporting period, multiplied by 100. Table 34: Number of employees who left the Group and turnover rate Reporting year 2024 Number of employees who left the Group 3,340 Employee turnover rate 10.53% Number of employees who left the Group voluntarily 2,374 Employee voluntary turnover rate 7.48% Number of employees who left the Group involuntarily 966 Employee involuntary turnover rate 3.05% S1-6_13-15 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 2024 – 31 Dec 2024). 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 the summer season). 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. S1-6_17 Employee-related costs are included in the Group’s consolidated income statement and are split between cost of goods sold and operating expenses. For more information, please refer to Note 8, page 268 of the ‘Financial Statements’. S1-7 – Characteristics of non-employee workers in CCHBC’s own workforce S1-7_01-03 According to ESRS S1-7 par. 55 (a) – PH (1) Table 35: Number of non-employees in CCHBC’s own workforce (FTEs) Number of non-employees in CCHBC’s own workforce 2024 Number of people with contracts with CCHBC’s to supply labour (self-employed people) 19 Number of people provided by CCHBC’s primarily engaged in ‘employment activities’ (NACE code N78) 5,822 S1-7_06-08 Here we apply the same method as to our regular employees and that is reporting FTEs for the full year as an average at the end of the reporting period. S1-7_09 There is no significant fluctuation (less than 1%) between 2023 reporting period and 2024 reporting period. Coca-Cola HBC Integrated Annual Report 2024 143 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued S1-10 – Adequate wages S1-10_01 Please see S1. SBM-3_01-04, 06, 11 (Access to a living wage part). S1-11 – Social protection S1-11_01-05 In all Established, Developing and Emerging markets, basic benefits may be provided to both full-time and temporary employees, in particular in relation to labour rights and safety. 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 currently due to confidentiality. 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 2024, our learning programmes covering leadership, functional training, general business training and compliance included 552,479 participations, across all management layers. S1-9 – Diversity metrics S1-9_01-02 Table 36: Gender distribution in number and percentage at senior management level (our top 300/top 40 business leaders, including country function heads, Group sub-function heads and the ELT, including the CEO) Gender distribution in number and percentage at top management level 2024 (Headcount) 2024 (%) Female 149 41% Male 210 59% S1-9_03-05 Table 37: Distribution of employees by age group Distribution of employees by age group 2024 (%) < 30 years old 16.4% 30 to 50 years old 67.0% > 50 years old 16.6% 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 STAY and career conversations, and individual development plan guides. 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. We offer a suite of academies that support professional development of key sales roles. Alongside new Premium Spirits and Coffee Academies, we launched a Digital Commerce Academy and relaunched our Sales Academy for Key Accounts. We also launched MYcroLearnings across all our markets as five-minute bitesize online sessions offered every two weeks to our entire sales force to reinforce foundational and critical elements of sales capabilities. When it comes to investing in our supply chain talent, we launched the Supply Chain Academy to approximately 95% of all supply chain personnel across manufacturing, logistics, quality, planning and procurement. In 2023, we launched our Corporate Affairs and Sustainability Academy, partnering with credible European academia. The programme is long term, continuing in 2024 and 2025. Table 38: Percentage of employees who participated in regular performance and career development review by gender and average number of training hours per employee by gender. Reporting year Females Males 2024 Percentage of employees that participated in regular performance and career development review 76.8% 50.5% Average number of training hours per FTE 19.9 20.2 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, the following policy is applicable to Coca-Cola HBC 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 adjusted for people with disabilities, such as ramps, lifts and 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). Coca-Cola HBC Integrated Annual Report 2024 144 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued S1-14_02-09 Table 39: Health and Safety KPIs Type of own workforce Employees Non- employees Reporting year 2024 Number of fatalities as a result of work-related injuries and work-related ill-health 1 0 Number of recordable work-related accidents 100 0 Rate of recordable work-related accidents 1.52 0 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 0 S1-14_10, 11 We implement an occupational health and safety management system. 100% of our manufacturing sites are certified in 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 or third-party contractors. S1-16 – Compensation metrics (pay gap and total compensation) S1-16_01 Table 40: Gender pay gap includes base salary, short- and long-term cash incentives; excludes benefit in kind Reporting year 2024 Gender pay gap (%) based on average -38.8% Gender pay gap (%) based on median -38.6% S1-16_02, 03 Table 41: Annual total remuneration ratio Reporting year 2024 Annual total remuneration ratio (%) 5700 Since CCHBC operates across diverse markets including emerging ones, the calculation is based on total remuneration compared against workforce based in Switzerland. More information is available in the ‘Corporate Governance’ section, ‘Directors’ remuneration report’, ‘CEO pay ratio’, on page 245. S1-17 – Incidents, complaints and severe human rights impacts S1-17_01-02 According to ESRS S1-17 par. 103 (a) Table 42: Total number of incidents of discrimination, including harassment reported in the reporting period Reporting year 2024 Total number of incidents of discrimination, including harassment reported in the reporting period 6 (20 reported, 6 confirmed and 14 unsubstantiated) S1-17_03-05, 07 Table 43: Number of complaints* filed through channels for employees to raise concerns (including grievance mechanisms) and number of complaints filed to National Contact Points for OECD Multinational Enterprises Reporting year 2024 Number of complaints filed through channels for employees to raise concerns (including grievance mechanisms) 580** Number of complaints filed to National Contact Points for OECD Multinational Enterprises 0 * Please note that in some countries in which CCH operates, there are different complaint processes and people may need to approach other authorities to file a complaint, so some complaints may not be included above. ** 580 is the total number of complaints (all issue types) excluding the 20 reported as harassment/discrimination. S1-17_08-12 & S1-17_14 In 2024, 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. S1-17_13- V We received 20 cases of alleged discrimination: six 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 14 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. Coca-Cola HBC Integrated Annual Report 2024 145 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Strategy SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model S2.SBM-3_01, 02, 03, 05, 06 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., who are 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; • Coca-Cola HBC 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 provide 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 aspire to cover for the Tier 2 or below suppliers through the Supplier’s commitment on SGPs or PSA in the case of agricultural ingredients. In Coca-Cola HBC, 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, the Strategic Group Suppliers, we actively ask them 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 works 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, Global GAP+FSA Add-On, UNILEVER SAC, etc. Our negative effect 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 by 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. One value chain worker’s fatality was reported in 2024. The contractor lost-time incidents frequency rate (LTIFR) in 2024 is decreasing to 1.31 compared to 1.72 in 2023. ESRS S2 – Workers in the value chain Coca-Cola HBC Integrated Annual Report 2024 146 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Brief description of the activities that result in the positive impacts In general 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 all 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 critical supply base. To ensure that suppliers demonstrate ESG requirements compliance, we rely in 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 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 Assessment, 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 audit 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 at the text 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 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 2024, we had 97.7% sourced locally representing around €5.3 billion (excluding concentrate supplies) of procurement addressable spend. Supply within 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 13 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 Coca-Cola HBC 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 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 sustainably mature suppliers that is now planned to be expanded within 2025 to a much broader supply base. 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 glidepaths to enhance supplier emissions performance, aiming to meet our scope 3 targets. For more information about Annual stakeholder forum please refer to SBM-2_05, 06. Read more Contribution to employment Please see S1. SBM-3_01-04, 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. Coca-Cola HBC Integrated Annual Report 2024 147 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued We aspire to secure correct practices towards supplier workers through the SGPs and PSA implementation. In Coca-Cola HBC, 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, SEDEX and SGP physical audits. On agricultural level, we leverage our third-party specialists to conduct audits against the PSA principles, that are covering in an extensive manner all rules and requirements to secure farmer workers. Provision of social protection and social security Contractors 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 Occupational Health and Safety Management System (ISO 45001), we take actions which 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 provided 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. Based on those analysis and based on the external occupational health and safety guidelines, 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 the incident to happen. Impact, risk and opportunity management S2-1 Policies related to value chain workers S2.MDR-P_01-06 & S2-1_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. Occupational Health and Safety Policy Please see S1.MDR-P_01-06 & S1-1_01, 02, 09, 10, 11, 12, 13, 14, 16, 17, 21 Supplier Guiding Principles Key contents of the policy The ‘Supplier Guiding Principles’ includes expectations regarding CCHBC’s suppliers to: • judge their employees and contractors based upon their ability to do their jobs and not upon their physical and/or personal characteristics or beliefs, affirming the principle of no discrimination based on race, colour, gender, age, religion, political opinion, national origin or sexual orientation; • provide a safe workplace with policies and practices in place to minimise the risk of accidents, injury and exposure to health risks; • compensate their employees fairly and competitively relative to their industry, in full compliance with applicable local and national wage and hour laws, and to offer opportunities for employees to develop their skills and capabilities, and to follow the principle of equal remuneration for men and women workers for work of equal value. Objective Through this policy, we seek to develop relationships with suppliers that share similar values and conduct business in an ethical manner. Process for monitoring Regarding the process for monitoring this policy, in Coca-Cola HBC 100% of our supplier 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. To this purpose we use various tools, ranging from EcoVadis IQ Plus all the way to full scale assessments such SGP physical audits, SEDEX and EcoVadis Assessment. We collaborate with TCCC, which routinely utilises independent third parties to assess suppliers’ compliance with the Supplier Guiding Principles. The assessments include confidential interviews with employees and on-site contract workers. Scope As part of ongoing efforts to develop and strengthen our relationships with suppliers, we have adopted these Supplier Guiding Principles for use with our direct suppliers. Most senior level accountable for the implementation of the policy Each sustainability policy is approved by the CEO and the ELT and endorsed by the Social Responsibility Committee of the Board. The Chief Supply Chain Officer and Chief Procurement Officer are accountable for the implementation of the policy. Commitment to respect third-party standards We commit through the implementation of Supplier Guiding Principles to respect applicable laws and standards with respect to their operations (e.g., ILO Standards, etc.) Consideration given to the interests of key stakeholders in setting the policy In developing the SGP, we have considered international standards such as ISO 14001, ISO 45000, the ILO and the UN Principles. We have also considered the requirements of investors and ESG raters such as S&P Global, MSCI ESG and CDP as well as the practices of peer companies who are part of UNESDA and BIER (Beverage Industry Environmental Roundtable). Additionally, we have incorporated good practices recommended by NGOs such as WWF, and input from our suppliers. Policy available to potentially affected stakeholders All policies are available on our website. At business unit level, they are translated and, additionally, suppliers are mandated to sign our SGP, which is included as part of our contracts. Coca-Cola HBC Integrated Annual Report 2024 148 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Principles for Sustainable Agriculture Key contents of the policy The Principles for Sustainable Agriculture (PSA) describe the Company’s principles for sustainable agriculture based on environmental, social and economic criteria. The Human and Workplace Rights principles apply to all workers on the farm, industrial processes associated or transport services. All direct suppliers, intermediary processors, producing farms and labour agencies are expected to respect human rights and the below principles in line with international human rights principles and TCCC Supplier Guiding Principles. This policy covers topics, such as ‘Work Hours and Livelihoods’, ‘Eliminate Discrimination’ and ‘Health and Safety’, among others. For more information, please visit the Principles for Sustainable Agriculture (PSA). Objective Through ‘Principles for Sustainable Agriculture (PSA)’ we aim 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. On an agricultural level we leverage our third-party specialists, such as SAI/FSA, VIVE, Bonsucro, etc., to conduct audits against the PSA principles, that are covering in an extensive manner all rules and requirements to secure farmer workers. The results are represented to us by means of certifications obtained, that otherwise would not be awarded to our suppliers when discrepancies occur. We collect these certifications on an annual basis. Process for monitoring We monitor compliance through EcoVadis assessment and action plans, TCCC audit process and sustainable certification schemes. Scope The PSA, as a set of global principles, applies to all agricultural ingredients and plant-based packaging used in TCCC products. For our significant suppliers with substantial potential environmental impact, we also prompt and request that they embrace CDP for Climate, Forest and Water for disclosure of more detailed information and that they also build their own SBTi/SBTN commitments. So far, we have recruited 187 significant suppliers under CDP of which 119 have approved or committed to the SBTi and continue to build on this further by actively engaging, discussing and tracking progress with the support of TCCC. Most senior level accountable for the implementation of the policy Each sustainability policy is approved by the CEO and endorsed by the Social Responsibility Committee of the Board. The Chief Supply Chain Officer and Chief Procurement Officer are accountable for the implementation of the policy. Commitment to respect third-party standards The Company has approved a limited set of global third-party Sustainable Agriculture Standards as aligned with the expectations outlined in the PSA, among them is the ILO recommendations. Consideration given to the interests of key stakeholders in setting the policy Having a secure, sustainable supply of agricultural ingredients is imperative to meeting the expectations of our consumers, customers and other stakeholders – and to enabling the continued growth of our Company. In this context, the PSA reflects the most recent science and external stakeholder perspectives, covers new product categories and simplifies language, where possible. Policy available to potentially affected stakeholders All policies are available on our website. At BU level, they are translated and available at the local website. S2-1_01-04, 08, 09 & S2-4_11 Human Rights Policy commitments Commitments Please see S1.MDR-P_01-06 & S1-1_01, 02, 09-14, 16, 17, 21 Our ‘Supplier Guiding Principles’ apply to our suppliers and are aligned with the expectations and commitments of the Human Rights Policy. The Supplier Guiding Principles are aligned with internationally recognised instruments. If the eight Core Conventions of the International Labour Organisation 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. With regards to ‘Principles for Sustainable Agriculture (PSA)’, human rights are based on the same guiding instruments too. We require compliance with those principles. Processes for monitoring compliance with international instruments Our Human Rights Policy is applicable to our suppliers, partners, contractors and 3PL logistics partners. 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 International Labour Organisation (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 audit within the year to secure 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 re-trained our entire Buyers’ community to 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 Supplier Guiding Principles. Suppliers are 100% obliged to acknowledge acceptance and adherence to the SGPs before commencing any collaboration with Coca-Cola HBC across all our business units. We track adherence to SGPs by leveraging third-party tools such as EcoVadis IQ Plus to full scale audit tools like EcoVadis Assessments, SEDEX and collaborate with TCCC, which routinely utilises independent third parties to assess suppliers’ compliance with the Supplier Guiding Principles by means of 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 maximum 12 months. Our Procurement teams across business units are trained on annual basis to assess risks, recruit suppliers under appropriate risk assessment mechanisms and ensure action plans are in place as needed. We track supplier performance and follow KBIs that indicate our progress on annual basis. Respect for the human rights, including labour rights of workers 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. Cases of non-respect to international instruments 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 that involve value chain workers have been reported in our upstream and downstream value chain as follows. Coca-Cola HBC Integrated Annual Report 2024 149 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued For details you may also refer to sections 407.1, 408-1, 409-1, 414-1 and 414-2 of the 2024 GRI report. Summary of findings for which we have also mobilised correction actions plans. Findings identified by third-party audit to Supplier Guiding Principles • Health and safety: a) Nigeria: lack of personal protective equipment (PPE) and safeguards on machines and vehicles; inadequate number of restrooms on premises; improper ventilation and lighting, b) Czech Republic: missing elements in risk assessments for welding operators; fire equipment access blocked; chemical storage eye washer not properly drained, c) France: lack of dust measurements in production area; lack of fire permit certificate and drills not duly conducted, d) Germany: lack of fire safety; unproperly marked emergency exits; inadequate number of first aid supplies; improper labeling; lack or handrails or protective guards; improper temperature, noise, ventilation, e) Poland: blocked emergency exits; improper storage and labeling; missing elements of occupational risk assessment for electricians, f) Serbia: fire alarm not fully operable; improper emergency lines; missing inspection records, g) Spain: missing inspection records; inadequate lighting levels for emergency evacuations; blocked evacuation exits; missing first aid kits; missing fire safety certification, h) Switzerland: emergency exits finding; lack of evacuation plans and machine safeguards; lack of fire certifications; improper storage and labeling, i) United Kingdom: missing fire certification; gaps in occupational risk assessments. • Wages and benefits: a) Nigeria: overtime compensation violation; mandated maternity leave not provided; missing pay slips, b) Germany: not providing or not paying changing time for workers; unintentional payroll calculation errors in some cases. • Discrimination: a) Spain: difference in wages between people performing same work; preferential religious accommodations. • Laws and regulations: a) Spain: policies regarding wages and benefits not properly communicated, b) Nigeria: workers age documents not available; labor contracts missing in some cases; some terms not available in local language, c) Czech Republic: working contracts only in local language, including foreign workers, d) France: missing GDPR clause in contracts; missing grievance policy, e) Switzerland: missing operating license for some buildings in the same campus. • Working hours and overtime: a) Switzerland: insufficient break time, b) United Kingdom: incorrect calculation of holiday pay by contractor; logistics contractors employment contracts do not respect overtime and working hours legal standards, c) Nigeria: insufficient break time for workers; rest-day violations, d) France: missing calculation method for compliance on obligatory breaks for on-call employees, e) Germany: violation of working hours for night-shifts, youth workers and women, f) Spain: some people don’t not have a record of start-end time. • Forced labor: a) Nigeria: a supplier’ s workers incurred a requirement to pay placement fee. Findings identified by EcoVadis Types of findings which include both freedom of association and other social elements such as: health & safety incidents, wages & benefits, working hours and overtime, labor contracts, missing actions regarding diversity, equity & inclusion, lack of supporting documentation against declared practices and polices etc. 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 2024. S2-2 Processes for engaging with value chain workers about impacts Through our ‘SpeakUp!’ line, available for both our employees and externally to everyone, we are able to see any comment or concern. The contacts of our company are easily available on the website and on the labels of our finished products. Through regular meetings with suppliers, through interviews by the external auditors they do with contractors during the ISO and Workplace accountability audits, and via the Work Councils we are also able to take into consideration the value chain workers’ view. The engagement as described above is done with the value chain workers directly during the ISO and Workplace Accountability audits’ interviews, and in case of any signal on ‘SpeakUp!’ line, or through credible proxies that have insight into their situation such as NGOs or Work Councils. We engage with our suppliers through the feedback received from our Group Annual Stakeholder Forum, as well as through the regular, ongoing interaction with the Coca-Cola System’s central procurement group and our technology and commodity suppliers. For contractor workers and health and safety, we have implemented standardised contractual clauses including health and safety requirements. All contractors working for CCH must have a health and safety induction training, specific for our premises. There are regular routines established with all contractors at the local business unit level, addressing not only OH&S topics. We do also an annual vendor evaluation where all contractors working at our premises are assessed based on different criteria including health and safety ones. After each external or internal audit, we address any improvement opportunity via an action discussed and agreed with contractors. Each severe OH&S incident or fatality is followed by a lesson learned session with the respective contractor/service provider. Most senior role that has operational responsibility for ensuring that engagement with value chain workers happens For suppliers, the Chief Procurement Officer has the most senior role with operational responsibility for ensuring that engagement with value chain workers happens. Under this role, at the operational level, this includes all Strategic Procurement Managers and the local Procurement Managers in every business unit. For contractors and 3PL Logistics contractors, the Chief Supply Chain Officer has operational responsibility for ensuring that this engagement happens. Under this role, the responsibility lies with the Head of Logistics, Head of QSE, Head of Health and Safety, and at local business unit level, with the country/business unit. S2-2_05 We respect workers’ rights (in the value chain) to form, join or not join a labour union without fear of reprisal, intimidation or harassment, where they are represented by a legally recognised union, establish a constructive dialogue with their freely chosen representatives and bargain in good faith with such representatives. We do not control this engagement, and we do not interview someone directly. In case suppliers do not follow this approach, CCHBC can cancel the contract. S2-2_06 We assess indirectly the effectiveness of our engagement with workers in the value chain, in three ways, through audit results, score on questions related to suppliers from ESG raters and the number of grievances from the ‘SpeakUp!’ line. Coca-Cola HBC Integrated Annual Report 2024 150 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued S2-2_07 For CCHBC’s workers in the value chain who may be particularly vulnerable to impacts and/or marginalised (for example, women workers, migrant workers, workers with disabilities), we use our grievance mechanism to gain insights and we review the results of the audits. OH&S risks and hazards are assessed for each worker as required by our standards and ISO 45001, and there the specifics of the vulnerable groups of people is considered. S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns S2-3_01-06 & S2-1_03 & S2-4_04 Please see S1-3_01, 02, 05-09 & S1-1_21 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 Protection of individuals against retaliation 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 you come across in our company and feel confident that your 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 ‘SpeakUp!’ line can be used at www.cocacolahellenic.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. Please see S1-3_01, 02, 05-09 & S1-1_21 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 ‘SpeakUp!’ 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_01-07, 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 Policy Key actions taken For our actions related to health and safety, Please see S2.SBM-3_01-03, 05, 06 Expected outcomes 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. How their implementation contributes to the achievement of policy objectives and targets 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- parkers, joint ventures, etc.) Time horizons under which CCHBC intends to complete each key action Time horizons for key actions that we presented in people in our own workforce are the same for workers in the value chain (please refer to S1). 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 requirements for safety rules for our contractors as for our own employees. We have implemented standardised contractual clauses including health and safety requirements to our contracting companies, so our health and safety requirements are incorporated in the specific types of contracts. We require in the contract all our contracts to meet our safety standards. Health and safety requirements are communicated to contractors during the RFP process (vendor selection). There is a specific TCCC KORE requirement document in place for all business units, and they need to comply with it (subject to GAO audit). Contractors are included in our key health and safety programmes and initiatives, including BBS and LSR assessment. Our Behavioral Based Safety programme is implemented for contractors working within our premises, plus in some high-priority business units we have established BBS programme in 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 (Life Saving Rules) 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 avoid causing or contributing to avoidance of workplace injuries and fatalities and when this is not possible to provide or enable remedy in the event of these injuries and fatalities. Table 44: Quantitative and qualitative information regarding the progress of key actions or action plans disclosed in prior periods Health and safety programme KPI 2023 2024* Behavioural Based Safety programme Elimination of barriers to safety 80.3% 86.1% Compliance with Life Saving Rules** Compliance with Life Saving Rules 84.7% 86.8% * The numbers disclosed for 2024 are for all employees and contractors together. ** LSR implementation score includes the total for all 14 areas in the questionnaire, not just contractors. KPI 2023 2024 Number of Contractors trained as BBS Observers 740 1,251 Total Contractors trained as BBS Observers cumulatively since 2019 1,969 3,220 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 is leading indicators highlights the programme’s impact on creating a safer working environment. Additional actions with the primary purpose of delivering positive impacts for value chain workers All actions we take are key actions aiming to avoid any OH&S incidents to happen, so there are no additional/secondary actions that are taken for value chain workers. Coca-Cola HBC Integrated Annual Report 2024 151 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Supplier Guiding Principles Key actions taken 100% of our suppliers are obliged to acknowledge and agree to comply with the SGPs before commencing any work with Coca-Cola HBC. 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. Our buyers are trained on annual basis how to assess supplier risks, recruit under EcoVadis platform and ensure action plans exists and are duly tackled as necessary. Expected outcomes We aim to achieve full compliance with these principles. How their implementation contributes to the achievement of policy objectives and targets The implementation of these principles contributes to our objective to have all our business operations and activities respecting human rights and to managing our business with a consistent set of values that represent the highest standards of quality, integrity, transparency and excellence. Scope of the key actions 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). Time horizons under which CCHBC intends to complete each key action Compliance with SGPs is a rolling target, so the actions that are taken to achieve it are ongoing. Quantitative and qualitative information regarding the progress of key actions or action plans disclosed in prior periods 100% of our suppliers acknowledge our SGPs and agree to comply with the SGPs before commencing any work with Coca-Cola HBC each year since 2017, where data was available. 2024 number is 100%. Principles for Sustainable Agriculture (PSA) Key actions taken We, working with our supply partners, may support sustainable agriculture initiatives, such as training and extension services to farmers to implement more sustainable practices to 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., SAI Platform), and engaging in pre-competitive collaborative initiatives to address broad-scale systemic changes (e.g., worker safety). Expected outcomes 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. Key actions planned for the future 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. Expected outcomes By working with other companies through organisations, such as SAI Platform or Bonsucro, we seek to align expectations, combine resources and bring greater efficiency to the interventions. As an example, Bonsucro reports: • Certified mills reduce water consumption by an average of 42% after five years of certification. • On average certified farms reduce land- management GHG emissions by 14% within five years. • 180,900 workers worldwide are covered by the human rights measures detailed in the Production Standard. • Certified producers reduce the rate of accidents by 17% in mills and 21% in farms over 5 years of certification. • Currently, on average, Bonsucro certified farms pay 13% above the national minimum wage. • 120,000 farm workers received essential personal protective equipment from their employers. • Bonsucro certified farms reduce their fertiliser use by an average of 11% over five years of certification. This framework for sustainable sourcing is integrated into internal governance and procurement processes. Our 2025 target for ingredient sourcing is to achieve 100% certification of our key agricultural ingredients against the Sustainable Agriculture Guiding Principles. In 2024, 96% of the key commodities we purchased for use as ingredients were certified, significantly higher from 79% in 2023. Specifically, in 2024 we achieved the following PSA certifications: • 95% in Sugar and 100% in HFCS (or 96% for Sugar and HFCS together) • 100% for Juices (Fruit crops) Our work to certify our key agricultural ingredients will continue to expand in 2025, with close cooperation with our Suppliers and the Coca-Cola System. How their implementation contributes to the achievement of policy objectives and targets 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. Scope of the key actions 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. Time horizons under which CCHBC intends to complete each key action Each key action related to PSA has a time horizon year 2025 in the context of ‘Mission 2025 Initiative’. Tracking and assessing the effectiveness of actions and initiatives in delivering intended outcomes for value chain workers The effectiveness of the actions is tracked via external ISO and Workplace Accountability audits and their results. Also, via the result we have on the top 10 most recognised ESR 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. In 2024, we have reduced the number of the LTA and fatalities at contractors. We have decreased the LTA by 10 (or 15.4%) versus 2023 and we report four less fatalities versus 2023. S2.MDR-A_06-12 As part of our commitment to sustainability, we work with supply chain partners to promote responsible practices. While we provide guidance and resources to support suppliers, the development and implementation of specific initiatives also require investments in their self-development. We focus on fostering partnerships that empower suppliers to take ownership of their progress, ensuring a sustainable and resilient value chain. With regard to health and safety, our approach aligns closely with the standards and measures we apply to our own workforce. We require contractors to adhere to the same safety protocols and frameworks that govern our operations. As a result, actions related to health and safety do not require additional capital or operational expenditures beyond those already accounted for under S1. MDR-A_06. This expenditure covers all workers, including those in our supply chain, as our policies and compliance structures are designed to ensure a consistent approach across our entire value chain. Coca-Cola HBC Integrated Annual Report 2024 152 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued 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, for each business unit and at Group level. For suppliers: the responsibility is with local Procurement teams and business unit Procurement Director and going to the Group level with Strategic Procurement Managers, Heads of Procurement and 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. Metrics and targets S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities S2.MDR-T_01-13 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 actuals are reported and monitored via a specialised reporting software. Also, we have target for 100% sustainable sourcing by 2025, part of our Mission 2025 goals. 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 12 month rolling period from December 2023 to November 2024, the actual data of the last three targets are for 12 month rolling period from December 2022 to November 2023. Table 45: List of targets Performance Target Scope of target Level Absolute/ Relative Unit Activities Value chain segment Geographical boundaries MDR-T_13 MDR-T_02 MDR-T_03 MDR-T_03 MDR-T_03 MDR-T_03 MDR-T_04 Key agricultural ingredients to be compliant with our sustainable agricultural guiding principles by 2025 96% 100 Absolute % Procurement Upstream Countries of sourcing/purchasing Proportion of spend on local suppliers at significant locations of operation 97.7% >95% Absolute % Procurement Upstream Countries of operation Suppliers to accept our Supplier Guiding Principles (SGP) 100% 100% Absolute % Procurement Upstream Countries of operation, countries of sourcing/purchasing 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% min 95% Absolute % Procurement Upstream Countries of sourcing 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 97.7% 80% Relative % Procurement Upstream Countries of sourcing 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 88.8% 80% Relative % Procurement Upstream Countries of sourcing * Tier 1 suppliers are directly assessed by Coca-Cola HBC, while Tier 2 suppliers are managed by the respective Tier 1 and the results are reported back to us. Coca-Cola HBC Integrated Annual Report 2024 153 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued S2.MDR-T_11 Contextual information Please see S1.MDR-T_11 according to ESRS2 par. 80. S2.MDR-T_09 Contextual information 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. Please also see S1.MDR-T_09 (2nd paragraph) methodologies that include independent S2.MDR-T_12 Contextual information Please see S1.MDR-T_12 S2.MDR-T_13 How targets are monitored and reviewed Please see S1.MDR-T_13 S2-5_01-03 S2-5_01 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 OHS 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. Coca-Cola HBC Integrated Annual Report 2024 154 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued 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 in greater risk of harm Our comprehensive Source Water Vulnerability Assessment done 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 Alliance for Water Stewardship and ISO 46001 certifications, we also assess the impact on our stakeholders and implement stakeholder engagement activities. No negative impact has been identified. Brief description of the activities that result in the 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 are partnering within the Coca-Cola System, with other companies operating in the relevant watershed area and international organisations. In 2024, we witnessed a number of severe weather events globally, including in our territories. Expected to be the hottest year on record, recent floods in Nigeria and Central and Eastern Europe highlighted the need for us to be ready to support our communities when they need us most. ESRS S3 – Affected communities Coca-Cola HBC Integrated Annual Report 2024 155 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued In 2024, through the Coca-Cola HBC Foundation, we donated €1.55 million to communities impacted by the recent devastating floods in Europe and Nigeria. These grants supported a variety of projects, targeting specific local needs in each country, including: • Rebuilding houses and community centres in the village of Thessaly, Greece • Providing food and emergency supplies in Maiduguri, Nigeria • Replacing damaged medical equipment in hospitals in Poland • Funding repair works for homes and other assistance projects in Romania, Hungary and Bosnia and Herzegovina Access to education (#YouthEmpowered)1 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 of 2024, we had trained 1,119,850 (excluding Egypt) young people since the programme’s inception in 2017, surpassing our Mission 2025 target of training one million young people. Here are just some of our 2024 #YouthEmpowered activities: In Greece, we collaborate with top HoReCa customers across the country and recognised Brand Ambassadors to offer free Masterclasses to 570 aspiring Bartenders and Barista, levelling up their capabilities, on modern mixology, spirits, and coffee trends and techniques. This initiative equipped participants with advanced skills, industry connections, and offered globally recognised scholarships in coffee and spirits. In Nigeria, we have trained 15,585 young people in 83 cities, providing them with essential skills for personal and professional growth. The program focuses on entrepreneurship, employability, financial literacy, and life skills to prepare participants for a dynamic world. In Romania, we launched the Barmasters Academy to offer specialised bartending and barista training for aspiring HoReCa professionals. Partnering with prestigious HoReCa customers, this program provided practical training for young people and access to employment opportunities. In Poland, Estonia, Latvia, and Lithuania, the Skills4Future Platform was created by Mentors4Starters Foundation with financial support from The Coca-Cola Foundation. This modern educational platform aimed at young people who are at the threshold of entering the labor market or have already gained some work experience offer young people the opportunity to benefit from engaging learning materials and webinars providing core knowledge in a number of practical areas, such as applications of AI in life and at work or creating an attractive CV. An important element of the platform is certification, confirming the completion of the course and the skills acquired. Skills4Future is a solution that can complement the #YouthEmpowered programme dedicated to teaching in schools, as well as a source of practical knowledge for young people. Impact, risk and opportunity management S3-1 Policies related to affected communities S3.MDR-P_01-06 The relevant policy adopted to manage material sustainability matters (water and sanitation) is the Water Stewardship Policy. This policy covers all types of value chain workers that were mentioned in the previous section. For more information on Water Stewardship Policy, please see E3-1 Policies related to water and marine resources Besides we have published Donations Policy. Donations Policy Key contents of the policy We are determined to create value for all stakeholders by supporting the socio-economic development of the societies in which the business operates. As a subset of our community engagement strategy, donations are an integral part of that value creation. Over the years, our donations and other community investments have evolved from standalone philanthropic initiatives to long-term, group-wide programmes closely linked to business priorities and material issues. We have prioritised the following programme areas that are of critical importance across our markets, i.e.: • Community resilience, including disaster relief and recovery. • Sustainable access to safe water for our communities. • Economic empowerment for young people and women. • Circular economy projects and initiatives. This policy has been established to reflect scope, processes and controls that are to be employed to ensure charitable actions are carried out with fairness and due diligence and are reflective of our core values and community approach. Objective We recognise the diversity of people, culture, and social needs. With donations, we aim at inspiring a better quality of life by means of long-term, sustainable support for chosen beneficiaries. Moreover, we support the involvement of our employees in donations and community engagement. Process for monitoring We ensure applicants (continue to) comply with the terms and objectives of our Donations Policy. We maintain a regular dialogue with the recipient organisations to evaluate the effectiveness and impact of our donations, to improve the management of existing projects and to identify future opportunities. We will review this policy at least once a year to integrate latest developments, stakeholder feedback or other lessons learned. This policy in reviewed by the SRC Committee and Legal team. Scope This policy establishes principles and requirements for making donations in the prioritised programme areas above and applies to all CCHBC business units and employees. The term ‘donations’, as used in this policy, refers to monetary or in kind (including our product) charitable contributions. Any charitable contribution must comply with the CCHBC Code of Business Conduct, Anti-Bribery Policy, TCCC’s Responsible Marketing Policy and with all other applicable rules and regulations. For more information, please See Donations Policy. Most senior level accountable for the implementation of the policy The Community Contributions Policy is signed by the Chief Corporate Affairs and Sustainability Officer. For more information, please see Donations Policy. Read more 1. As mentioned in ESRS 2, par. 48h, not all our impacts are linked to ESRS topics, sub-topics and sub-sub-topics. We identified a positive impact, referred as ‘Access to Education (#YouthEmpowered)’, which has been covered within this standard by providing entity-specific disclosures wherever relevant. Coca-Cola HBC Integrated Annual Report 2024 156 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Commitment to respect third-party standards Any donation must comply with the CCHBC Code of Business Conduct, Anti-Bribery Policy, TCCC’s Responsible Marketing Policy and with all other applicable rules and regulations. CCHBC will not make donations to organisations that do not fully respect humans as per the UN Guiding Principles on Business and Human Rights and the resolutions of ILO Conventions. Consideration given to the interests of key stakeholders in setting the policy When setting the policy, we have considered the interests of affected communities, the diversity of people, culture, and their social needs, to create value for all stakeholders by supporting their socio-economic development in societies we operate. Policy available to potentially affected stakeholders The Donations Policy is publicly available on our website. S3-1_02-07 & S3-4_11 Human Rights Policy commitments Commitments Please see S1.MDR-P_01-06 & S1-1_01, 02, 09-14, 16, 17, 21 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 opportunity and fostering goodwill in the communities in which we operate through locally relevant initiatives. For more information, please visit Human Rights Policy. We are committed to ensuring minimal impact on the environment, particularly avoiding impacts that may also result in increased risk to human rights, 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 buy sustainably certified crops, thus supporting and promoting the protection of the land rights of local farmers and communities. Processes for monitoring compliance with international instruments 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. Engagement with affected communities Where appropriate, we are committed to engaging in dialogue with stakeholders on human rights issues related to our business. We have a number of routines in place to capture the feedback, input, improvement suggestions from internal and external stakeholders. We have been performing annual materiality assessment for sustainability issues for more than a decade, where we do engage 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. Cases of non-respect to international instruments and measures to provide and/ or enable remedy for human rights impacts 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 take actions to minimise the impact, for example by providing those people affected with other employment opportunities within the organisation, relocation support, or voluntary exit packages and professional support to facilitate employment elsewhere. Besides, we have an internal due diligence procedure 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. S3-2 Processes for engaging with affected communities about impacts S3-2_01-04 We are committed to engaging with stakeholders in the communities we operate to ensure that we listen to, learn from and take into account their views as we conduct our business. We have a number of routines in place to capture the feedback, input, and improvement suggestions from them. The insights gained contribute to the Board’s decisions and activities aimed at managing actual and potential impacts on communities and ensuring the appropriate support and resources for them. Each of our local operations and Business Units has specific community engagement process and programmes. We don’t disclose separately per country. At local level engagement occurs both with affected communities or with their legitimate representatives. Local business units have an annual engagement plan and organise sustainability events to gather feedback from stakeholders regarding the approach and effectiveness of our approach as well. Business units also publish local sustainability reports, conduct open plant visits for community members, and offer numerous volunteering initiatives that involve various stakeholders. At local business unit level, the person responsible for stakeholders’ engagement is the BU Corporate Affairs and Sustainability Director, while at Group level, it is the Chief Corporate Affairs and Sustainability Officer. S3-2_05 We have established grievance mechanisms that allow community members to raise or report on any concerns and complaints they might have with regards to social, economic and environmental issues including impacts on society and communities. We also report and develop corrective actions to all Notices of Violations (NoVs) issued by local authorities during their visits at our premises. Those visits sometimes could be triggered by local community’s concerns. S3-2_06 Steps to gain insight into the perspectives of affected communities that may be particularly vulnerable to impacts and/or marginalised. We take steps to gain insight into the perspectives of affected communities that may be particularly vulnerable to impacts and/or marginalised through our local engagement with specific NGOs and their participation in our engagement process, as well as through our voluntary programmes. Coca-Cola HBC Integrated Annual Report 2024 157 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued S3-3 Processes to remediate negative impacts and channels for affected communities to raise concerns S3-3_11-15 Please see S1-3_01, 02, 05-09 & S1-1_21 Additionally, through our consumer lines and the contacts published on our website and on the local website of our business units, every community member can approach us. The consumer line is available on the labels of each of our products. 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. With regards to the consumer line, all signals and feedback provided to 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 that allow continuous improvement, while engaging with consumers and implementing changes based on their input demonstrates a commitment to customer satisfaction and fosters positive relationships. 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. 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 Key actions taken Please see S3.SBM-3_01, 02, 03, 05, 07. Expected outcomes 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. How their implementation contributes to the achievement of policy objectives and targets The implementation of actions described above, 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 minimum 10 years. Quantitative and qualitative information regarding the progress of key actions or action plans disclosed in prior periods Regarding out 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 Coca-Cola HBC Italy and the Consorzio di Bonifica Veronese will add up to 1.5 million m³ of water annually to the local aquifer. The Forest Infiltration Area, featuring canals, trees, and shrubs, will help refresh the groundwater aquifer with water from the River Adige. This aquifer will support local wells for agriculture and community use, becoming more resilient to weather fluctuations. This project is one of the ways in which we’re expanding our knowledge on how to manage water programmes that bring benefits to local communities. These include the Living Danube Partnership that runs in seven countries that we operate in. Tracking and assessing the effectiveness of actions and initiatives in delivering intended outcomes for affected communities Water stewardship projects’ benefits are lasting at least 10 years, and we measure the cubic meters 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 stakeholder’s engagement, we receive feedback on the effectiveness of the community project. Donations Policy Key actions taken Please see S3.SBM-3_01-03, 05, 07. Expected outcomes 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. How their implementation contributes to the achievement of policy objectives and targets The implementation of actions described above contributes to the achievement of policy objectives to foster healthier, more resilient and sustainable communities. Coca-Cola HBC Integrated Annual Report 2024 158 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued 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 which: • have long-term goals and objectives that are publicly communicated; • are committed to sustainable development; • are renowned experts in the area for which the charitable contribution 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, 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 as per the UN Guiding Principles on Business and Human Rights and the resolutions of 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 of environment or biodiversity; • entities without good standing and a clean record with authorities; • projects which create the appearance of a bribe, kickback, other corrupt practice or projects which 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. Quantitative and qualitative information regarding the progress of key actions or action plans disclosed in prior periods Regarding 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. 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 For #YouthEmpowered, we track the number of people trained. In 2024, we conducted a Social Return on Investment (SROI) study (based on 2022 data) to assess the impact of our initiatives across selected markets. Our Youth Empowerment Programme in the Adria Business Unit – comprising Bosnia and Herzegovina, Croatia and Slovenia – generated a Total Economic Value (TEV) of €0.99 million. The programme’s key benefits included enhanced future income potential and reduced skill development costs, reflecting our positive contribution to local communities. Croatia delivered the highest impact, with €0.41 million TEV, driven by the largest participant base of 1,043 individuals, 19% of whom secured employment. Slovenia achieved the highest SROI value, at €18.75 per Euro invested, demonstrating exceptional efficiency. In Bosnia and Herzegovina, despite a smaller participant group of 391, 26% employment placement highlighted the programme’s meaningful influence. S3.MDR-A_06-12 & S3-4_12 As part of our commitment to sustainability, we remain focused on making a positive impact on the local communities where we operate. Our markets allocate their community budgets for locally relevant initiatives that reflect our programme priorities and the needs of the community. Community investments reached €8.4 million in 2024 (excluding the Ukrainian Solidarity Fund and Coca-Cola HBC Foundation), More than €1.4 million of the above-mentioned amount was directly attributed to our #YouthEmpowered Programme. For the water and sanitation programme, investment is primarily driven through the Coca-Cola HBC Foundation, providing strategic support tailored to meet critical needs. The Group’s treasury strategy ensures the availability of financial resources to support 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 Youth Empowerment 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 have set the target of helping secure water availability for our communities in water risk areas we operate (19 water priority locations, including Armenia, Bulgaria, Cyprus, Greece, Italy and Nigeria) by 2025 to meet our policy objective. This objective is to ensure good quality safe water in sufficient quantities, as well as access to clean water and sanitation, as these are essential to the health of people and ecosystems and vital for sustaining communities and supporting economic growth. 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 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. Coca-Cola HBC Integrated Annual Report 2024 159 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Table 46: List of targets Description of the relationship between target and policy Performance Target Application period Scope of target Level Absolute/ Relative Unit Time – Period Milestones/ Interim Targets Activities Value Chain Segment Geographical boundaries MDR-T_01 MDR-T_13 MDR-T_02 MDR-T_03 MDR-T_03 MDR-T_07 MDR-T_08 MDR-T_04 Help secure water availability for all our communities in water risk locations Water Stewardship Policy 16 19 Absolute # 2025 n/a n/a All value chain All Group (except Egypt) 1#YouthEmpowered – train one million young people cumulatively Donations Policy 1,119,850 1 million Absolute # 2025 n/a n/a All value chain All Group (except Egypt) S3.MDR-T_11 Stakeholders have been involved in target-setting Please see S1.MDR-T_11. S3.MDR-T_09 Contextual information Please also see S2.MDR-T_09. S3.MDR-T_12 Contextual information Please see S1.MDR-T_12. S3.MDR-T_13 Performance against disclosed targets Specifically, to #YouthEmpowered, the number of young people through #YouthEmpowered is measured, monitored and reported monthly at a local/market (business unit) level. Water stewardship projects are reported quarterly. How targets are monitored and reviewed Please see S1.MDR-T_13 S3-5_01-03 S3-5_01 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 trainings 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 hotels’ owners to understand how best to contribute to their environmental goals. S3-5_02 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. S3-5_03 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. Coca-Cola HBC Integrated Annual Report 2024 160 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued 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 impacted 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 access to 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 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 consumers1 and/or end users include persons who drink Coca-Cola HBC 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. We have committed to reduce calories per 100ml of sparkling soft drinks by 25% between 2015 and 2025 across all our markets. 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). We also voluntarily add front-of-pack traffic-light labels on our core sparkling drinks in 22 markets, that 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) that 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, alcohol ready-to-drink beverages, and unsweetened, unflavoured waters. We are committed to not marketing any of our drinks directly to children under 13, with a 30% audience threshold, in any channel or communication, and to not offering any soft drinks in primary schools. In UNESDA markets, we sell only no- and low-calorie soft drinks, in non-branded vending machines. ESRS S4 – Consumers and end-users 1. Consumer: Person who drinks Coca-Cola HBC products. Customer: Retail outlet, restaurant or other operation that sells or serves Coca-Cola HBC products directly to consumers. Coca-Cola HBC Integrated Annual Report 2024 161 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued To help people better manage their sugar intake from our drinks, we are taking actions. These include reducing sugar in our beverages, launching new low- and no-sugar drinks, offering small packs for portion control and promoting our low- and no-sugar beverage choices. Our impact We have no widespread or systemic material negative impacts on consumers and/or end-users in contexts where we operate. There was one product quality incidents resulting in product recall in 2024 in Austria. We reported 14 minor notices of violations related to quality, with the total amount of €3.79k fines paid. In 2024, we recorded full compliance with our Responsible Marketing Policies across all our business units. Brief description of the activities that result in the positive impacts 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 programs such as HACCP and allergen management. This process applies to all our products and services. Additionally, 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 assure 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. We are committed to meeting evolving consumer needs and preferences by offering more of the products they want, including low- and no-sugar options, across various categories and in more packages. We focus on innovation, expanding our range of zero-calorie drinks, and reducing the calorie content of many of our products in our portfolio. Access to (quality) information: At Coca-Cola HBC, we are committed to providing clear and transparent information to help consumers make informed decisions about their diet. 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 2024, 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. This legal requirement complements our own voluntary initiatives to provide transparent and accessible nutritional information to our consumers. 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, alcohol-ready-to-drink beverages, FINLANDIA Vodka, and unsweetened, unflavoured waters. Access to products and services: At Coca-Cola HBC, 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 Coca-Cola HBC, we are committed to responsible marketing practices that promote healthier choices and protect vulnerable populations. We take proactive actions to help people better manage their sugar intake from our drinks by 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. For more information, please refer to pages 14 to 15 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. This commitment reinforces our dedication to responsible marketing practices and ensures that our marketing efforts are conducted in a manner that is ethical and respectful of all consumers. S4.SBM-3_07 Consumers and/or end-users in greater risk of harm 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. Our products cater to a growing range of tastes with a wider choice of options, premium products and increasingly sustainable packaging. As a company we are continuously evolving our portfolio to help create a healthier food environment. We are already reformulating many of our drinks to contain less sugar and fewer calories. To give consumers more options, we are also offering more diet, light and zero- calorie drinks in our portfolio. Impact, risk and opportunity management S4-1 Policies related to consumers and end-users S4.MDR-P_01-04, 06 & S4-1_01 The relevant policies adopted to manage sustainability matters are Health & Wellness Policy, Quality & Food Safety Policy and Responsible Marketing Policy. These policies cover all our consumers and/or end-users that were mentioned in the previous section. Health & Wellness Policy Key contents of the policy Coca-Cola HBC cares about the health of its consumers. The Company offers an increasingly wide range of drinks, from traditional sparkling beverages, including regular, low and no-calorie, to juices, waters and other still drinks. All of these can be enjoyed as part of a healthy diet. Coca-Cola HBC Integrated Annual Report 2024 162 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Coca‑Cola HBC 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. Coca‑Cola HBC 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. Our range of drinks is suitable for a wide variety of drinking occasions from morning until night. In addition, the Company supports activities promoting fitness and physical exercise. Coca-Cola HBC is committed to satisfying consumer demand for: • A Broad Choice of Beverages • Increased Consumer Information • Responsible Sales and Marketing • Comprehensive Lifestyle Programmes • Promoting Sports and Physical Activity Objective The Health & Wellness Policy aims to enhance consumer well-being by ensuring that a wide variety of beverage options are available, supporting informed decision-making through effective communication and labelling practices. Process for monitoring Monitoring is done via quarterly internal school sales compliance reporting and annual written confirmation of compliance from all General Managers in our markets. The results are used to confirm annual compliance to The Coca-Cola Company on behalf of Coca-Cola HBC Group (global annual bottler compliance confirmation process). UNESDA also performs third-party audits for its progress reports against its commitments to the EU Code of Conduct on Responsible Food Business and Marketing Practices. On top, all relevant employees participate in a dedicated annual responsible marketing training. Scope The policy applies to all markets and geographies where we operate, distribute and sell products. It applies to our entire value chain including both our own operations and downstream activities. The affected stakeholder groups include consumers, employees, communities, customers and investors, ensuring that we address the sustainability concerns of all relevant parties. Most senior level accountable for the implementation of the policy The Health & Wellness Policy of Coca-Cola HBC is owned and endorsed by the Corporate Social Responsibility Committee of the Board of Directors. Responsibility for the successful implementation of the programme is with the Chief Customer and Commercial Officer down to the business units. Commitment to respect third-party standards Coca-Cola HBC adheres to the Coca-Cola Company Global Responsible Marketing Policy and is a signatory to the European Soft Drinks Association’s (UNESDA) advertising and marketing practices. The Company is also a founding signatory of the UNESDA Commitments, which support the EU strategies to deliver sustainable food and drinks production and consumption. Policy available to potentially affected stakeholders The policy is made available to consumers through our website and covers all consumers who drink or would drink our beverages and use our products. To facilitate informed decision-making, we utilise back-of-pack labelling to provide detailed information about calories, sugar, fat, saturated fat and salt content per serving, and a proportion of a healthy diet. Additional information is provided in Company publications, our website, customer lines and consumer response services. The policy is also translated into local languages to ensure that all employees can fully understand it. We place a specific emphasis on protecting children under the age of 13, as we are committed to not marketing any of our products to this age group, regardless of nutritional profile. While Coca-Cola HBC is responsible for customer marketing and execution at the point of sale, TCCC is responsible for all consumer marketing. For more information, please refer to the full policy available here: Coca-Cola HBC Health & Wellness Policy. Quality & Food Safety Policy Key contents of the policy The following quality and food safety principles are the foundation of Coca-Cola HBC’s commitment to quality and food safety: • Manufacture and deliver products that meet the highest quality and food safety standards. • Meet all statutory, regulatory and mutually agreed customer requirements. • Ensure a sustainable quality and food safety culture through effective management systems compliant with ISO 9001, FSSC 22000 and Coca- Cola System requirements and standards (KORE). • Validate the effectiveness of our management systems through recognised internal and external audits. • Apply a risk assessment methodology to achieve and continually improve our objectives. • Build a quality and food safety capability, mindset and culture through structured programmes. • Continually review policies, standards and procedures to manage food safety risks. • Include quality and food safety strategies in the annual business planning process. • Set annual measurable objectives for continuous improvement and compliance with all standards. • Ensure suppliers and contractors embrace the same commitments and monitor their compliance. • Communicate requirements to all relevant parties and establish specifications for ingredients, packaging, storage, distribution and consumer guidelines. • Communicate quality and food safety aspects, strategies and performance to all stakeholders. Objective The Quality & Food Safety Policy aims to uphold the highest standards in product quality and safety, ensuring that all operations align with regulatory requirements and foster a culture of continuous improvement. Process for monitoring It is monitored though the results of the ISO 9001 and FSSC 22001 audits, via the number of notices of violations issued by different regulatory bodies, via the results of the internal cross-boarder quality audits and TCCC GAO audits, as well as by monitoring and reporting of consumer complaints. Scope The policy applies to all markets and geographies where we operate, distribute and sell products. It applies to our entire value chain including upstream, own operations and downstream activities. The affected stakeholder groups include consumers, employees, communities, suppliers, customers and investors, ensuring that we address the sustainability concerns of all relevant parties. Most senior level accountable for the implementation of the policy The Quality & Food Safety Policy of Coca-Cola HBC is owned and endorsed by the Board of Directors. The management responsibility is within the Head of Quality, Safety and Environment (QSE) who reports to the Chief Supply Chain Officer. Each CCH employee is responsible for meeting our quality and food safety standards within their level and specific work. Commitment to respect third-party standards Ensure a sustainable quality and food safety culture through the implementation, certification, and continuous improvement of effective quality and food safety management systems compliant with ISO 9001, FSSC 22000, together with Coca-Cola System requirements and standards (KORE) in all operations and where applicable. Coca-Cola HBC Integrated Annual Report 2024 163 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued Policy available to potentially affected stakeholders Communicate quality and food safety requirements to consumers, and other relevant interested parties by establishing specifications for ingredients and packaging materials, product storage and distribution, and consumer guidelines. Communicate quality and food safety aspects, strategies, and performance to consumers that have an impact on or are affected by Coca-Cola HBC’s food safety and quality management systems. The policy is also translated into local languages to ensure that all employees can fully understand it. For more information, please refer to the full policy available here: Quality & Food Safety Policy. Read more Responsible marketing policy for alcoholic beverages1 Key contents of the policy The Responsible Marketing Policy for Alcoholic Beverages of Coca-Cola HBC includes the following key objectives: • Promoting responsible consumption. • Preventing underage drinking and reducing harmful use of alcohol. • Providing clear guidance for responsible marketing and promotion. • Ensuring compliance with laws and industry guidelines. Objective The Responsible Marketing Policy for Alcoholic Beverages aims to promote responsible consumption and prevent underage drinking while ensuring that all marketing practices comply with relevant laws and industry guidelines. 1. Please note, we are not focusing on the policy from an alcoholic perspective, as it pertains to specific stakeholders. Process for monitoring Monitoring is done via annual written confirmation of compliance from all General Managers in our markets for both the Global Responsible Alcohol Policy of TCCC, and the Coca-Cola HBC Responsible Marketing Policy for Alcoholic Beverages. On top, all relevant employees participate in a dedicated annual responsible marketing training. Scope The policy applies to our downstream activities. The affected stakeholder groups include consumers, communities and customers, ensuring that we address the sustainability concerns of all relevant parties. The policy also applies to all marketing activities, including but not limited to: • selling activities • merchandising • sales and brand advertising • on-and off-premises promotional activities and related materials • brand innovation activities • experiential marketing • consumer planning and market research • relationship marketing • consumer public relations • the development and content of brand web sites, electronic communications and digital media, product placements and sponsorships, and • labelling and packaging Most senior level accountable for the implementation of the policy The policy is to be strictly adhered to in the same manner as the codes, policies and commitments on Coca-Cola HBC operations and activities in respect of the non-alcoholic beverages we produce and distribute, in order to reflect the company’s high standards, core values and social responsibility commitments. The implementation of this policy is under the responsibility of the Chief Operating Officer. Commitment to respect third-party standards In November 2023, Coca-Cola HBC joined the Global Standards Coalition. This initiative aims to prevent underage drinking and reduce harmful use of alcohol through stakeholder engagement, training tools and best practices. The Global Standards Coalition is driven by the International Alliance of Responsible Drinking (IARD). Policy available to potentially affected stakeholders The Responsible Marketing Policy for alcoholic beverages of Coca-Cola HBC is made available to consumers through Company publications, its website, and consumer response services. The policy is also translated into local languages to ensure that all employees can fully understand it. For more information, please refer to the full policy available here: Responsible marketing policy for alcoholic beverages. Read more All CCHBC policies are available on our website and are cascaded to our local business units. Quality and Food Safety Policy is also printed and disclosed in every manufacturing plant. Quality and Food Safety training are mandatory for each employee. Regularly we perform quality and food safety campaigns to raise awareness and understanding on the importance of quality and food safety. Health & Wellness Policy is communicated to all relevant groups of employees, such as marketing and commercial departments. S4.MDR-P_05 Consideration given to the interests of key stakeholders in setting the policies in previous section In setting these policies, we have considered the interests of key stakeholders, including consumers, nutrition experts, suppliers, and industry partners to ensure that our offerings and practices align with their expectations and promote overall wellbeing. We ensure compliance with statutory and regulatory requirements, promote a sustainable quality and food safety culture, and communicate our standards and performance to all relevant parties, to ensure our practices align with their expectations and promote responsible marketing. Coca-Cola HBC Integrated Annual Report 2024 164 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued S4-1_02 – S4-1_07 Alignment with Internationally Recognised Instruments and Human Rights Policy Commitments Relevant to Consumers and End-Users Coca-Cola HBC adheres to The Coca-Cola Company Global Responsible Marketing Policy and is a signatory to the European Soft Drinks Association’s (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. Currently, Coca-Cola HBC does not have specific human rights policy commitments that are directly relevant to consumers and/or end-users published on our website. Our focus has been on ensuring compliance with statutory and regulatory requirements, promoting a sustainable quality and food safety culture, and communicating our standards and performance to all relevant parties. Cases of non-respect to international instruments In 2024, we recorded full compliance with our Responsible Marketing policies across all our business units. S4-2 Processes for engaging with consumers and end-users about impacts S4-2_01 & S4-2_03 At Coca-Cola HBC, we prioritise several key topics that are important to our consumers, including: • Health and nutrition • Product quality • Responsible marketing How we engage: At Coca-Cola HBC, it is essential to clarify that every new product or packaging is developed by TCCC. TCCC owns, develops and markets its brands with the end consumers. Our role as Coca-Cola HBC is to produce, distribute, and sell these beverages, ensuring that we have the right portfolio for the Hellenic markets and to ensure executing our operations efficiently. While we are responsible for the production and distribution, consumer insights, research, and testing are primarily conducted by TCCC. This process is integral to our operations, but it is managed by TCCC, allowing us to focus on delivering quality products to our consumers. To understand consumer needs and preferences, we mostly cooperate with TCCC but also we leverage various channels, including: • feedback from social media and consumer hotlines • local websites • research initiatives • surveys • customers’ feedback via direct interactions or through customer surveys The stage(s) at which engagement occurs, the type of engagement and frequency of the engagement are detailed below: • Stage(s) of Engagement: Engagement occurs at various stages, regular business updates, and ongoing feedback mechanisms. • Type of Engagement: The types of engagement include consumer insights, social media feedback, consumer hotlines, local websites, research, surveys, global/ local trends, focus groups or shopper needs expressed indirectly via our customers, etc. The engagement of consumers and/or end-users from Coca-Cola HBC side is mainly through our in-store/online presence of our products and via customer media targeted to their shoppers. • Frequency of Engagement: Engagement occurs regularly or is always-on via in-store presence of our products and the options via hotline, social media or other channels. Customer insights are gathered through research and surveys. Special activations or promotional support is based on activities agreed between TCCC and Coca-Cola HBC based on the yearly business plan. Outcomes of engagement: Through our engagement efforts, we continuously adapt our portfolio to meet changing consumer preferences. Additionally, we have made significant investments in digital and e-commerce to meet new shopper needs. S4-2_02 Engagement with stakeholders with affected consumers and/or end-users or their representatives We work closely with customers – ranging from grocery stores, restaurants to street vendors, convenience stores, movie theatres and amusement parks, among many others – to execute localised strategies developed in partnership with TCCC. Customers then sell our products to consumers. While we collect direct feedback from consumers through hotlines and surveys, TCCC has a more extensive reach in obtaining direct consumer feedback, as they own the brands and have direct interactions with end-users. This multi-faceted engagement ensures that we are responsive to consumer needs and preferences, allowing us to adapt our offerings and marketing strategies effectively. S4-2_04 Most senior role that has operational responsibility for ensuring that engagement with consumers and/or end-users happens is Chief Operational Officer. For more information on consumer trends, please refer to Strategic Report, ‘Market trends’ section on pages 4 to 5 and ‘Leverage our unique 24/7 portfolio’ section on pages 14 to 15. Read more As part of the Coca-Cola System, we are committed to delivering both great taste, healthy and balanced diets, aligning with what our consumers desire. Our actions across the system fall within five pillars: 1. Less Sugar, More Choices. 2. New and Different Drinks. 3. Informed Decisions. 4. No Marketing Targeting Children. 5. Promoting Low- and No-Sugar Choices. S4-2_05 The effectiveness of our engagement with consumers and/or end-users, and relevant outcomes that result from such engagement We assess the effectiveness of our engagement with consumers and end-users through feedback mechanisms and surveys. We monitor consumer satisfaction and track feedback from various channels. We review the outcomes of our engagements to ensure our actions meet consumer needs. For example, based on feedback, we have added low and no-calorie options and improved our digital and e-commerce platforms. This process helps us ensure our engagement with consumers and end-users is effective and responsive to their needs. S4-2_06 The steps we take to gain insight into the perspectives of our consumers and/or end-users that may be particularly vulnerable to impacts and/or marginalised (for example, people with disabilities, children, etc.) For CCHBC’s consumers and/or end-users who may be particularly vulnerable to impacts and/or marginalised, such as people with disabilities, and children, we employ the same engagement steps including surveys and feedback collection, to ensure their perspectives are considered in our decision-making processes. Coca-Cola HBC Integrated Annual Report 2024 165 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns S4-3_01 Channels to raise concerns and general approach and processes for providing or contributing to remedy Coca-Cola HBC has established dedicated hotlines for consumer 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 the 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. 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. S4-3_02 Consumer perspectives and engagement in decision-making Please see also S4.SBM-3_01-05, S4-2_01 & S4-2_03, S4-2_02 and S4-3_01 While Coca-Cola HBC 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, e.g., product-related issues. Furthermore, we actively monitor feedback through our website and social media channels, ensuring that consumer needs are addressed promptly. S4-3_03 Support for feedback channels in business relationships Coca-Cola HBC 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. S4-3_04 Tracking and monitoring issues raised and ensuring effectiveness of channels At Coca-Cola HBC, 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. 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. Engaging with consumers and implementing changes based on their input, demonstrates a commitment to customer satisfaction and fosters positive relationships. S4-3_05 & S4-3_06 Assessing awareness and trust in structures or processes as way to raise concerns & Protection against retaliation for feedback External challenges of consumer sensitivity remained on high level, increasing our still low base of consumer complaints from 0.14 to 0.16 per million bottles sold in 2024 compared to 2023. This increase is partially due to changes in packaging from sustainability initiatives, as well as the fluctuating natural colour range of orange juice concentrate. In Austria, we had an incident connected to 0.5L PET carbonated soft drinks from one production line. We informed authorities and initiated a precautionary public recall, as it could not be ruled out that some products might have been effected by a technical incident in the production process. When a consumer complaint is received, we perform thorough root cause analysis, 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. Only 33% of reported complaints were justified after investigation. We continue to improve and modernise our manufacturing processes, focusing on product quality, safety and integrity, to maintain consumer trust. Coca-Cola HBC Integrated Annual Report 2024 166 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued S4-4 Taking action on impacts on consumers and end-users, and approaches to managing risks and pursuing opportunities related to consumers and end-users, and effectiveness of those actions S4.MDR-A_01-05 & S4-4_01, 06, 07 A summarised description of the action plans and resources to manage our impacts related to consumers and end-users in relation to sustainability matters we have identified, is presented below: 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 47: 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 (e.g., HACCP, allergen management); Manufacture and deliver products that meet the highest quality and food safety standards, assuring product and process integrity 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 Global Food Safety Initiative framework Own operations; Upstream (suppliers); Downstream (customers) (suppliers) Global Consumers; customers; suppliers; own employees Clear and transparent nutrition information Yes Continuous Increased consumer trust; help consumers make well- informed choices Coca‑Cola HBC 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 Downstream; 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 and indirectly via customers Customer Service Global Consumers; customers Coca-Cola HBC Integrated Annual Report 2024 167 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement 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 Evolve product portfolio Yes Continuous Address the emerging consumers; trends Provide a broad choice of beverages and help consumers to manage their calories intake; Address changing consumer moments Provide low and no- calorie beverages, reformulation of our existing beverages, expand portfolio to more natural and with functional benefits drinks; Reduce sugar in our beverages, innovate for new low- and no-sugar drinks, offer small packs for portion control and promote low-and no-sugar beverage choices Downstream – Product development Global 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 Global Consumers Responsible marketing policies, including school beverage policy and responsible marketing policy for alcoholic beverages Yes – 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. We also do not offer any soft drinks in primary schools Marketing and Sales Global 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 Coca‑Cola HBC 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 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 Downstream UNESDA markets Consumers, communities Coca-Cola HBC Integrated Annual Report 2024 168 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement 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 Implement statistical process control on the main quality parameters in manufacturing sites 2024 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 Own operations – Manufacturing All countries where we operate Own employees, customers, consumers Capability building; implement training programmes across different layers and functions in the organisation 2024 Continuous Make sure every person in the organisation understand and follow high quality standards so 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, internal x-boarder auditors for FSSC training Own operations 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: (x-boarder with internal experts; Global Audit Organisation by TCCC audits; Corporate Audit Organisation (CAD) department audits, Engineering audits for equipment and facilities for internal standards’ compliance). Own operations 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 strategies Manufacturing; suppliers Global Consumers, Employees, Suppliers Coca-Cola HBC Integrated Annual Report 2024 169 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement 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 Review quality and food safety policies Yes – 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 Own operation, Upstream (suppliers), Downstream Global Consumers, Employees, Suppliers Integrate quality and food safety in business planning Yes – 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 remains an integral part of operations. Own operations Global Consumers, Employees Set annual quality and food safety objectives Yes – 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 Own operations All countries of operation Consumers, Employees Perform annual quality and food safety awareness campaigns for employees Yes Continuous Increase employees understanding, knowledge and awareness and thus improve quality Build a quality and food safety capability, mindset and culture through structured programmes that develop employees’ competencies and technical skills, increase awareness, manage risk and drive increasing levels of excellence across the organisation Regularly perform quality and food safety awareness campaign focusing on different topics and by using different communication channels Own operations All countries of operation Employees Coca-Cola HBC Integrated Annual Report 2024 170 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued 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. Please see E5.MDR-T_12 S4.MDR-A_04 & S4-4_02 Key actions and results for supporting remedies 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. If needed, we provide remedies such as replacement products to ensure consumer satisfaction. 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. 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, such as the number of consumer complaints per million bottles sold. Table 48: Number of consumer complaints KPI 2023 2024 status 2025 target Number consumer complaints per million bottles sold 0.14 0.16 0.13 S4.MDR-A_06,07 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 are no significant Opex and/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_01 Please see S4.MDR-A_01-05 & S4-4_01, 06, 07 S4-4_02 Please see S4.MDR-A_04 S4-4_03 Additional actions with the primary purpose of delivering positive impacts for consumers and/or end-users No additional actions. S4-4_04 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 22001); by TCCC Global Audit; by the internal x-boarder. • 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 monitor our ESG score at the top 10 ESG raters such as S&P Global (DJSI), CDP, MSCI ESG, ISS etc. and our 2024 score is leading among the beverage industry peers. • We also have specific reputational metrics where we survey how different E, S and G topics are perceived by our consumers and we use customer satisfaction survey where questions on our sustainability approach are also asked. S4-4_05 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_06 Please see S4.MDR-A_01-05 & S4-4_01, 06, 07. S4-4_07 Please see S4.MDR-A_01-05 & S4-4_01, 06, 07. 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. S4-4_11 Severe human rights issues and incidents connected to its consumers and/or end-users No human rights incidents are reported in 2024 related to consumers and end-users. Coca-Cola HBC Integrated Annual Report 2024 171 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Sustainability Statement continued S4-4_12 Resources allocated to the management of our impacts 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 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 impacts on quality, food safety and responsible marketing. 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 impacts related to consumers and end-users is presented below. S4.MDR-T_01-08 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 49: 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 2024 value Baseline value Baseline year Time – period Milestones/ Interim targets Activities Value chain segment Geographical boundaries MDR-T_01 MDR-T_02 MDR-T_03 MDR-T_03 MDR-T_05 MDR-T_06 MDR-T_07 MDR-T_08 MDR-T_04 Reduce calories in sparkling soft drinks Health & Wellness Policy 25% reduction Relative 18% reduction 0% 2015 2025 n/a n/a Downstream All Group S4.MDR-T_09 Methodologies and assumptions for defining targets Please see S1.MDR-T_09. No assumptions are used for targets related to the consumers and end-users. S4.MDR-T_11 Stakeholders who are involved in target setting We are gathering insights from consumer groups, from investors through regular calls, analysing emerging trends from ESG benchmarks, and incorporating feedback and proposed actions from our Annual Stakeholder Forums and materiality surveys. Additionally, we consider input from local business unit engagements to ensure a comprehensive understanding of stakeholder perspectives. S4.MDR-T_12 Contextual information 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_01-03 S4-5_01 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. 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. S4-5_02 Tracking CCHBC’s performance We prioritise effective performance tracking to enhance our engagement with consumers and end-users. Our approach involves setting clear key performance indicators (KPIs) and regularly assessing our progress (e.g., consumer complaints). We gather insights from various teams within our organization and actively seek consumer feedback. This information helps us refine our strategies and communicate our nutrition and product quality initiatives effectively through channels like 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, we engage indirectly with consumers and end-users through their legitimate representatives and credible proxies who have insight into their situation. For example, 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. Coca-Cola HBC Integrated Annual Report 2024 172 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Task Force on Climate-related Financial Disclosures (TCFD) 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 41 to 172 and the Principal and emerging risk section on pages 188 to 189. 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 45 to 46 of the Sustainability Statement, and on pages 178 to 180 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 page 178 to 180 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 186 to 187 of the principal 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 186 to 187 of the principal 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 186 to 187 of the principal risks and opportunities section and pages 55 to 56 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’s process for identifying and assessing all risks and opportunities including those related to climate change can be found in the principal risks 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 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 186 to 187 of the principal risks and opportunities section, and pages 59 to 65 of the Sustainability Statement disclose the metrics we use to assess climate-related risks and opportunities. Further details can also be found on the Principal and emerging risk section our website. Fully consistent b) Disclose Scope 1, Scope 2 and, if appropriate Scope 3 greenhouse gas emissions, and the related risks Page 187 of the principal risks and opportunities section and pages 84 to 93 of the Sustainability Statement disclose our Scope 1, 2 and 3 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 187 of the principal risks and opportunities section relating to the Principal Risk: Managing our carbon footprint, and pages 90 to 92 of the Sustainability Statement describe the targets used to measure performance again our targets. Fully consistent Coca-Cola HBC Integrated Annual Report 2024 173 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report 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 due diligence and transparency requirements according to Art. 964j-I CO in relations to the minerals and metals from conflict- affected areas and child labour. 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 CO2 goals, social issues, employee-related issues, respect for human rights and combating corruption. The sustainability aspects of this Integrated Annual Report (IAR) comply with the requirements of the Corporate Social Responsibility Directive (CSRD), which mandates reporting in line with the European Sustainability Reporting Standards (ESRS). This IAR has been prepared in accordance with the GRI Standards (2021). The following sections give information on the topics as required under Art. 964b CO. The vote on the non-financial report under Swiss statutory law at the annual general meeting is limited to the content of these sections: General information required to understand our business • Section ‘Business overview’ on pages 2 to 3 of the 2024 IAR Description of the business model • Section ‘Our business model’ on pages 6 to 7 and ‘Stakeholder engagement’ on pages 10 to 11 of the 2024 IAR Environmental matters (incl. CO2 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 24 to 29, section ‘Non-financial reporting’ on page 174 of the 2024 IAR • Section ‘Task Force on Climate-related Financial Disclosures (TCFD) on page 173 of the 2024 IAR • Environmental table of the 2024 GRI Content Index (pages 51 to 55); 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 304 Biodiversity, GRI 305 Emissions, GRI 306 Waste, and GRI 308 Supplier environmental assessment of the 2024 GRI Content Index • Section ‘Principal risks and opportunities’ on pages 186 to 188 • Sections in Sustainability Statement of the 2024 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 81 to 129 • With our reporting on climate matters in section ‘Task Force on Climate-related Financial Disclosures (TCFD)’ on page 173 of the 2024 IAR and ‘ESRS E1 – Climate change’ section on page 83 of the 2024 IAR, we comply with the climate reporting obligations in accordance with Art. 964b para. 1 CO 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 24 to 29, section ‘Non-financial reporting’ on page 174, section ‘Cultivate the potential of our people’ on pages 20 to 23 of the 2024 IAR • Social table of the 2024 GRI Content Index (pages 56 to 57); 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 2024 GRI Content Index • ‘Section ‘Principal risks and opportunities’ on pages 181 to 189 of the 2024 IAR • Sections in Sustainability Statement of the 2024 IAR related to ESRS S1 Own workforce, S2 Employees in the value chain, S3 Affected communities, and S4 Consumers and end-Users, pages 130 to 172 Employee-related issues • Policies on our website • Occupational health and safety policy • Inclusion and diversity policy • Whistleblowing policy • Quality and food safety policy • Section ‘Non-financial reporting’ on page 174 of the 2024 IAR • Section ‘Cultivate the potential of our people’ on pages 20 to 23 of the 2024 IAR • Social table of the 2024 GRI Content Index (pages 56 to 57); 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 Divers4ty and equal opportunity, GRI 406 Non-discrimination, GRI 407 Freedom of association and collective bargaining of the 2023 GRI Content Index • Section ‘Principal risks and opportunities’ on pages 181 to 189 of the 2024 IAR • Sections in Sustainability Statement of the 2024 IAR related to S1 Own workforce, pages 130 to 145 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 • Section ‘Non-financial reporting’ on page 174 of the 2024 IAR • Social table of the 2024 GRI Content Index (pages 56); 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 2024 GRI Content Index • Section ‘Principal risks and opportunities’ on pages 181 to 189 of the 2024 IAR • Sections in Sustainability Statement of the 2024 IAR related to ESRS S1 Own workforce, S2 Employees in the value chain, S3 Affected communities, pages 130 to 160 Combating corruption • Policy on our website • Antibribery policy • Code of business conduct • Supplier guiding principles • Community contributions policy • Whistleblowing policy • Section ‘Non-financial reporting’ on page 174 of the 2024 IAR • Sections 2-27 Compliance with Laws and Regulations, 3-3 Management of material topics (Anti-corruption) on page 18, 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 2024 GRI Content Index Main performance indicators • Section ‘Mission 2025’ on page 33, ‘Earn our licence to operate’ on pages 24 to 29, ‘Cultivate the potential of our people’ on pages 20 to 23 of the 2024 IAR • Section ‘Tracking our progress’ on pages 30 to 34, ‘Business conduct, anti-bribery and anti-money laundering’ and ‘Whistleblowing’ on page 221 of the 2024 IAR • Tables in Sustainability Statement of the 2024 IAR, pages 93, 94, 114, 127, 128, 142 to 145 References to national, European or international regulations • Section ‘About our report’ on page 361, SASB Index on pages 175 to 177 of the 2024 IAR • Sustainability Statement of the 2024 IAR on pages 44 to 172 Reporting on compliance with due diligence and transparency requirements in relation to conflict minerals and child labour 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. 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 reporting in accordance with the Swiss law regulations in respect of child labour according to Art. 964j CO. Anastassis G. David Chair of the Board Coca-Cola HBC Integrated Annual Report 2024 174 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report SASB index The majority of the information required by the Sustainability Accounting Standards Board (SASB) framework is included in the 2024 IAR and the 2024 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 Topic Accounting metric Category Unit of measure Code Response Fleet fuel management Fleet fuel consumed Quantitative Gigajoules (GJ) FB-NB-110a.1 1,250,797 Percentage renewable Percentage (%) 0% Energy management Operational energy consumed Quantitative Gigajoules (GJ) FB-NB-130a.1 7,958,638 Percentage grid electricity Percentage (%) 30% Percentage renewable Percentage (%) 28% Water management Total water withdrawn Quantitative Thousand cubic metres (m³) FB-NB-140a.1 30,895 Total water consumed Thousand cubic metres (m³) 18,240 and percentage of each in regions with High or Extremely High Baseline Water Stress Percentage (%) 35% water withdrawal in regions with High and Extremely High Baseline Water Stress, 35% water consumed in regions with High and Extremely High Baseline Water Stress. 26% water withdrawal in regions with High and Extremely High Baseline Water Stress (without Egypt), 26% water consumed in regions with High and Extremely High Baseline Water Stress (without Egypt). Description of water management risks and discussion of strategies and practices to mitigate those risks Discussion and analysis n/a FB-NB-140a.2 2024 IAR, Water section, Business resilience, and TCFD sections. 2024 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 €1,686 million only from SSD portfolio, 23% 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 2024 we reduced the calories in our SSD by 18% 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 Coca-Cola HBC Integrated Annual Report 2024 175 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report SASB index continued Table 1. Sustainability disclosure topics and accounting metrics continued Topic 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://www.unesda.eu/advertising-marketing-practices/ • 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) 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: €10,754.4 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 One minor incident of non-compliance with regulatory labelling and zero incidents with industry marketing codes in 2024. Refer to the 2024 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: €0 in 2024. Refer to the 2024 GRI Content Index (417-2 and 417-3). Packaging lifecycle management Total weight of packaging Metric tonnes (t) 854,675 (2) Percentage made from recycled and/or renewable materials Quantitative Percentage (%) FB-NB-410a.1 23.8% rPET (placed on the market); 35.8% glass; 51.7% aluminium (3) Percentage that is recyclable, reusable, and/or compostable Percentage (%) 100% of primary packaging (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 – World without waste (https://www.coca-colahellenic.com/ en/a-more-sustainable-future/mission-2025/world-without- waste) Coca-Cola HBC Integrated Annual Report 2024 176 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Topic 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 2024 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) 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 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) 2024 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 Topic Accounting metric Category Unit of measure Code Response Volume of products sold Quantitative Millions of hectolitres (Mhl) FB-NB-000.A 16,710 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 409,504,573 SASB index continued Table 1. Sustainability disclosure topics and accounting metrics continued Coca-Cola HBC Integrated Annual Report 2024 177 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Our Business Resilience Framework All functions and business units Identification & assessment of current & emerging risks & opportunities Effective management programs 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 Gr ou p Bu si ne ss Re sil ie nc e Te am Ex te rn al m on it or in g Re po rt in g, A ss ur an ce G ov er na nc e Fa cil it at io n Tr ai ni ng & c ap ab ili ty d ev el op m en t Business Resilience Proactive management of risks and opportunities In a volatile operating environment, every business is presented with a similar set of challenges whether it be economic upheavals, pandemics, geopolitical crises or regulatory changes. What sets those companies that struggle apart from those companies that not only survive but thrive is the ability to identify challenges and develop plans to manage through them; or if they can’t be prevented or predicted, the agility and responsiveness to reduce the impact and even take advantage of the opportunity inherent in change. This is what we call Business Resilience. After endorsement by the Audit and Risk Committee and the Board, we conducted workshops with the senior leadership teams of every business unit (BU) in 2024 to get feedback and to prepare them for full implementation in 2025. We also conducted a series of pilots to refine our approach, including more robust business interruption risk assessments which integrated the work we are doing to better understand 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 integrated and holistic approach to business resilience has been particularly important in recent years of geopolitical, economic and environmental change. In 2024, we continued to experience volatility in the global geopolitical and macroeconomic environment and, ultimately, this did have an impact on our business. However, maintaining our resilience mindset enabled the business to adapt and respond to those uncertainties and achieve good results. Our Business Resilience programme • Our Business Resilience (BR) programme embeds the capabilities, processes and mindset to enable the business to anticipate and respond to change, support sustainable growth and ensure we continue to meet our short-, medium- and long-term objectives. • The foundation of our BR programme is the robust identification and assessment of current and emerging risks and opportunities, and the development of effective management plans to proactively manage those risks and leverage opportunities. We have a structured process, built on the principles of the International Standard for Risk Management which engages managers from all functions, ensuring we have broad perspectives, and we leverage the knowledge and experience of subject matter experts. • Our BR programme also integrates key management programmes – security, business continuity, insurance and crisis management to ensure key functions are aligned Our Business Resilience Framework In 2024, we developed our Business Resilience (BR) Framework, which replaces our Enterprise Risk Management Framework. 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 BR Framework provides more structure and simplifies our processes to enable us to focus on core BR principles: • Proactivity – a more structured approach to emerging risks and opportunities enables us to be more forward-looking and put more emphasis on leveraging opportunities • Cross-functional – we operate under the principle that 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 – we have placed strong emphasis on building capabilities – and encouraging the right mindset, to ensure the programme is embedded in core management practice Coca-Cola HBC Integrated Annual Report 2024 178 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Business Resilience continued Proactive management of risks and opportunities continued 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, including the outcomes of our annual resilience maturity survey involving over 350 senior managers across all areas, designed to measure our risk and resilience culture. At least every two years, every business unit goes through a BR validation. Led by the Group BR team and supported by senior managers from Group Corporate Affairs and Sustainability; Group Quality, Safety and Environment as well as other Group functions depending on the key risks assessed in the BU; validations are structured onsite reviews of the risk management, security, business continuity and crisis management programmes, and include training and simulation exercises. BU teams receive detailed feedback along with a report highlighting elements implemented well and areas for improvement. Outside these reviews, the Group BR team participates in BU senior leadership team risk reviews, as well as maintaining regular contact with key senior managers to support effective implementation and training to build BR capability. Our approach to risk As the foundation of our BR programme, we continue to improve our robust risk management process. We capture all current and emerging risks within the process including our sustainability- related risks. We have a top-down, bottom-up approach, facilitated by the Group BR team, but driven also by risk owners at all levels. Noted below is the role of the Board in setting our risk appetite which provides top-down guidance to Group functions and BUs on the type and level of risk the Company is prepared to accept in achieving our objectives. The Board, Audit and Risk Committee and the Executive Leadership Team (ELT) play an active role in reviewing the outcomes of the risk management process which starts with business units and Group functions. We follow a 3 lines model in risk management. 1. The first line centres on Business Units where functional managers acting as risk owners, in a process facilitated by the Business Unit Risk Coordinator, ensure risks are identified, assessed and effectively managed. Risk assessments and progress on managing current and emerging risks and opportunities are formally discussed at monthly BU senior leadership team risk reviews. The Risk Coordinators ensure the outcomes of those reviews are reflected in regular updates to the BU risk register. Likewise, Group functions heads, acting as risk owners, are responsible for identifying, assessing and managing risks and opportunities across the Group relating to their function. 2. The second line focuses on the facilitation and assurance role of the Group BR team. The team develops and updates the Risk Management Guidelines, which set out the process for how risks are identified, assessed and managed. The Group BR team reviews all BU risk registers and facilitates the monitoring and calibration of BU assessments through engagement with Group functions who act as subject matter experts on how risks are being managed consistently across the Group. The Group BR team also facilitates Regional and Group reviews and the assessment of principal and emerging risks and opportunities which are reported to and discussed with the Group Risk and Compliance Committee (GRCC), ELT, Audit and Risk Committee, and the Board. 3. The third line focuses on the activities of the internal and external auditors. The internal audit team is responsible for auditing the Business Resilience programme, including the risk management programme annually. It has full visibility of Principal and Emerging Risk register as well as the BU risk registers and conducts its audit of the process at Group and BU level. The external auditors participate in the Group Risk and Compliance Committee meetings quarterly when the outcomes of the BU and Group level risk assessments are reviewed. How we govern risk and resilience • The Board retains overall accountability and responsibility for the Group’s business resilience, risk management and internal control systems. • The Board provides direction to the business on 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 2024, the Board reviewed the Risk Appetite Statement and that was applied through the setting of risk tolerance levels for every risk that business units and Group functions assessed. • The Board reviews the principal and emerging risks and opportunities 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 programmes. • In 2024, our CRO conducted a risk management workshop with the Board to refresh their understanding of business resilience and risk management principles, and how they are applied within the business. This is part of our regular business resilience and risk management education programme at all levels throughout the business. • The ELT reviews the principal and emerging risks and opportunities and the effectiveness of mitigation and management plans. The CRO ensures that members of the ELT individually and collectively are continually updated on the implementation of business resilience programmes throughout the year. • The GRCC, co-chaired by the CRO, meets quarterly to update our Principal and Emerging Risk Register and review the effectiveness of business resilience across 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 Standard. • The Head of Corporate Audit submits their findings and recommendations to the Audit and Risk Committee. The Board and its committees conduct annual reviews of the effectiveness of our internal controls. Details of the 2024 review are in the Audit and Risk Committee report on pages 217 to 221. • Our external auditors participate in our quarterly GRCC meetings as well as one-on- one discussions with the CRO at least once per year to ensure the business resilience program has been implemented effectively and that the principal and emerging risks and opportunities disclosed publicly are an accurate reflection of the material risks to the business. Coca-Cola HBC Integrated Annual Report 2024 179 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Assessing, reporting and reviewing risks and opportunities 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 Produces biannual risk summaries for COO and Regional Director review Biannual reviews Risk information is aggregated, and the insights are elevated for strategic evaluation Feedback from all stages of evaluation and informed insights feedback to the business units and functions Risk Summary Region 1 Business Units Risk Summary Region 2 Business Units Risk Summary Region 3 Business Units 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 Risk Summary Italy County General Manager Group Function Heads Risk Summary Group Functions Regional Director Region 1 Regional Director Region 3 Sustainability risks Sustainability is embedded as a core element of our management practices and a key element of our business resilience 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 186 to 187 we have summarised a number of principal risks and opportunities associated with the long term sustainability of our business. On pages 188 to 189, we have also provided a summary of a number of 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, however, we can harness significant opportunities – as shown on pages 186 to 189, below. Climate-related risk is fully integrated into our risk management programme and our CRO facilitates frequent discussions with a cross- functional team that includes representatives from Business Resilience, 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 TCFD are summarised in the table on page 173; and are embedded in our Sustainability Statement on page 43 and also in our risk management section on pages 181 to 189. 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 a number of variables could change the nature of the risk over time. We have summarised our principal risks and opportunities within four key groups to emphasise the interrelated nature of many of our risks: • 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 pages 188 and 189, we have also summarised our emerging risks and opportunities as Group E. For further information on our Business Resilience programme and our principal and emerging risks and opportunities, see our website. Business Resilience continued Proactive management of risks and opportunities continued Coca-Cola HBC Integrated Annual Report 2024 180 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Principal risks and opportunities Group A. Responding to changes in the geopolitical and macroeconomic environment Description: The risk of FX volatility and rates fluctuations. Key Drivers: Consequences Key Mitigation Actions: • Geopolitical tensions • Macroeconomic conditions • Government responses to domestic and international conditions • Financial losses and increased costs • Asset impairment • Limits on cash repatriation • 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 Audit and Risk Committee of the Board Trend: Outlook Increasing • Global growth for 2025 is expected at similar levels to 2024 with increased geopolitical volatility. The new US administration is expected to introduce further import tariffs on Chinese and European products, which are expected to drive inflation higher, and to be less predictable in its engagement with other countries, which may increase market volatility. We expect continuing FX volatility in key emerging markets, particularly Nigeria and Egypt. A1. Foreign exchange fluctuations Included in viability statement? Y Risk owner: Head of Treasury Timeframe: Short-medium Strategic growth pillar: 1 2 3 4 5 Considered in double materiality assessment? N Risk tolerance: Group Treasury is required to continually monitor foreign exchange risk 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. A2. Marketplace economic conditions Included in viability statement? Y Risk owner: Head of Strategic Finance Timeframe: Short-medium Strategic growth pillar: 1 2 3 4 5 Considered in double materiality assessment? N Risk tolerance: Group Finance is required to continually monitor economic conditions in collaboration with our business units and ensure that effective mitigation plans are in place. To the extent possible, residual risk should remain at or below our ‘moderate’ rating. Description: The risk of adverse changes to consumer confidence and purchasing power. Key Drivers: Consequences Key Mitigation Actions: • Challenging economic conditions • Government responses, particularly taxes and interest rates • Continuing geopolitical and macroeconomic volatility. • Volume and revenue decline. • Reduced profitability. • Increased commodity costs • Pricing and targeted actions to drive mix to manage cost inflation. • Carefully managed operational expense and cost controls. • Developed coordinated and targeted plans with TCCC and other business partners on promotions and marketing initiatives. Trend: Outlook Increasing • The new US administration is expected to introduce further import tariffs to Chinese and European products, which is expected to drive inflation up. Equally, the new administration is less predictable on the geopolitical-front and this may increase further market volatility. Coca-Cola HBC Integrated Annual Report 2024 181 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Principal risks and opportunities continued Group A. Responding to changes in the geopolitical and macroeconomic environment continued A3. Suppliers and sustainable sourcing Included in viability statement? Y Risk owner: Chief Procurement Officer Timeframe: Short-medium Strategic growth pillar: 1 2 3 4 5 Considered in double materiality assessment? Y Risk tolerance: We only deal with suppliers that demonstrate a capability for consistently delivering high-quality products that meet our guiding principles. Residual risk should remain at or below our ‘low’ rating. Description: The risk of being unable to secure supply of key ingredients, packaging and services at a reasonable cost. Key Drivers: Consequences Key Mitigation Actions: • Geopolitical and macroeconomic conditions • Financial speculation on global commodities markets • Hard currency liquidity issues in emerging markets • Increased input costs • Inability to supply customers as a result of business interruption • Expanded our supplier base and introduced new and alternative suppliers • Detailed business continuity plans (BCP’s) in place per market and material • Contracted volumes of key ingredients and packaging materials • Contracted prices with focus on local currency wherever feasible Trend: Outlook Increasing • We expect continuing pressure on commodity prices, energy prices and freight rates from Asia related to geopolitical conditions, exacerbated by US threats to impose additional tariffs. Over the longer term, we expect climate change and related regulations to affect the supply side and cost of ingredients. A4. Complying with international sanctions Included in viability statement? Y Risk owner: Head of Legal Compliance Timeframe: Short-medium term Strategic growth pillar: 1 2 3 4 5 Considered in double materiality assessment? N 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 BUs ethics and compliance policies and international sanctions. Residual risk should remain at or below our ‘low’ rating. Description: The risk of inadvertent non-compliance with applicable international Sanctions. Key Drivers: Consequences Key Mitigation Actions: • The Russia/Ukraine crisis and the international response. • Potential for broadening of sanctions. • Tougher economic conditions that increase the risk of non-compliance. • Significant financial and criminal fines. • Litigation costs. • Costs of remedies imposed by authorities in negative ruling. • Training on sanctions for targeted employees • Sanctions Policy and Recusal Policy • Russia and Belarus IT systems separation to address impact of EU sanctions • Internal investigation process led by the audit department • Enhanced third party screening Trend: Outlook Stable • Given the current geopolitical environment and the territories we operate within, 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. Coca-Cola HBC Integrated Annual Report 2024 182 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Principal risks and opportunities continued Group B. Maintaining operational excellence in volatile markets Description: The risk of network intrusion, service availability and breach of data confidentiality and integrity. Key Drivers: Consequences Key Mitigation Actions: • 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 • Operational disruptions and financial losses • Damage to corporate reputation • Data breaches and privacy violations • Regulatory and legal costs • 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 Trend: Outlook Increasing • 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 cybercrime. B1. IT resilience and data privacy – Cyber incidents Included in viability statement? N Risk owner: Chief Information Security Officer Timeframe: Short-medium Strategic growth pillar: 1 2 3 4 5 Considered in double materiality assessment? Y 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. B2. Business interruption Included in viability statement? N Risk owner: Chief Supply Chain Officer Timeframe: Short-medium term Strategic growth pillar: 1 2 3 4 5 Considered in double materiality assessment? N Risk tolerance: We have low tolerance for being unprepared for disruptive incidents. All business units are required to 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. Description: The risk of being unable to supply our customers with product for an extended period in the event of a major disruption. Key Drivers: Consequences Key Mitigation Actions: • Geopolitical instability • Increasing frequency and severity of extreme weather events resulting from climate change • Increasing risk of cyber attacks • Impact on ability to deliver profitable growth • Safety risk to employees • Relationship with key customers in the event of inability to supply • Requirement that all plants have BCPs consistent with new requirements by 2025 • Revision of Business Interruption insurance cover to ensure we mitigate financial risk • Business continuity plans based on robust Business Interruption Risk Assessment in every business unit for every plant • Strengthen cyber security controls and response in plants Trend: Outlook Increasing • We expect continuing volatility in ingredients and raw material supply (short to medium). We will see an increase in the number and severity of extreme weather events as a result of climate change (medium to long term). Coca-Cola HBC Integrated Annual Report 2024 183 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Principal risks and opportunities continued Group B. Maintaining operational excellence in volatile markets continued B3. Product quality and food safety – Quality incidents Included in viability statement? N Risk owner: Chief Supply Chain Officer Timeframe: Short-medium term Strategic growth pillar: 1 2 3 4 5 Considered in double materiality assessment? Y Risk tolerance: Business units are required to maintain compliance with Legal, CCH and TCC System Kore 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 IMCR program. Residual risk should remain at or below our ‘Low’ rating. Description: The risk of serious product quality incidents or contamination of our products Key Drivers: Consequences Key Mitigation Actions: • Changes to suppliers and their processes • Potential for human error • Equipment or system failure. • Intentional acts • Illness to consumer • Adverse financial impact of events such as product withdrawals and recalls • Reputational damage • QFS capabilities through Quality Academy basic and advanced level implementation as part of Maturity Matrix programme • 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 Trend: Outlook Stable • 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. Group C. Protecting, supporting and developing our people Description: The risk to the safety and security of our people and potential interruption of our business as a result of geopolitical instability and volatile security environment. Key Drivers: Consequences Key Mitigation Actions: • Russia/Ukraine crisis • Israel/Palestinian conflict and the potential for expansion • New US government policies and approaches to its international relationships • Safety of our people • Financial impact of sanctions • Supply chain instability • Enhanced security risk assessments to better inform management plans • Improvement of emergency and contingency plans for affected markets • Continuing IMCR development and training Trend: Outlook Increasing • Continuing volatility over the medium to long term. Although we may see a cease-fire in 2025, we do not expect a lasting resolution of the Russia/Ukraine crisis in the short term. The Israel/ Palestine conflict is likely to continue in 2025, with a potential for anti-US sentiment and impact on supply chains and oil prices. Increasing influence of far right sentiment in Europe may have an impact on social cohesion. C1. Geopolitical and security environment Included in viability statement? Y Risk owner: Chief Risk Officer Timeframe: Short-medium Strategic growth pillar: 1 2 3 4 5 Considered in double materiality assessment? N Risk tolerance: We have no appetite 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. Coca-Cola HBC Integrated Annual Report 2024 184 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Principal risks and opportunities continued C2. Health and Safety Included in viability statement? N Risk owner: Head of Quality, Safety and Environment Timeframe: Short-medium term Strategic growth pillar: 1 2 3 4 5 Considered in double materiality assessment? Y 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. Description: The risk of health and safety and occupational workplace incidents involving our employees, contractors or 3PLs Key Drivers: Consequences Key Mitigation Actions: • 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 • Fatalities and/or serious injuries • Damage to our reputation as a caring, responsible employer if not handled properly • Financial losses • 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 H&S conversations Trend: Outlook Stable • We remain optimistic that our training and awareness programmes will continue to reduce fatalities and injuries. Group C. Protecting, supporting and developing our people continued C3. People attraction and retention Included in viability statement? N Risk owner: Head of People Operations Timeframe: Short-medium term Strategic growth pillar: 1 2 3 4 5 Considered in double materiality assessment? N 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. Description: The risk of failing to attract and retain the highest calibre people to take advantage of opportunities in the future. Key Drivers: Consequences Key Mitigation Actions: • Expectations for flexible working arrangements • Industry value proposition as an employer of choice • Development of technology and online tools to enhance team engagement • Failure to meet our goals • High turnover in critical positions resulting in knowledge and productivity loss • Potential imbalance between male and female employees • Continuous listening to measure culture and engagement and address findings • Improved people management skills to enhance engagement and energise employees sustainably, including how to manage remote teams • Maintained our leadership development programme and continued to foster our coaching and mentoring culture Trend: Outlook Stable • Talent retention will be an ongoing challenge over the short to medium term as adjustments are made to new ways of working. However, highly engaged and talented people are critical for our resilience and our investment in our workforce presents a significant opportunity for our business. Coca-Cola HBC Integrated Annual Report 2024 185 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Principal risks and opportunities continued Group D. Enhancing the sustainability of our business Description: The risk that health and environmental concerns and budgetary pressures will impact brand perceptions and increase governments use of discriminatory taxes and regulations Key Drivers: Consequences Key Mitigation Actions: • Consumer concerns around health, environmental and social issues • Government responses to health issues and budgetary pressures. • International initiatives/organisations promoting discriminatory measures • Financial impact • Forced changes in product formulations and portfolio mix. • Impact on reputation and product affordability and acceptability • 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 Trend: Outlook Increasing • 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. D1. Product-related regulatory changes and taxes Included in viability statement? Y Risk owner: Head of Public & Regulatory Affairs Timeframe: Medium Strategic growth pillar: 1 2 3 4 5 Considered in double materiality assessment? Y Risk tolerance: All business units are required to 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. D2. Cost & availability of sustainable packaging Included in viability statement? Y Risk owner: Head of Sustainability Timeframe: Medium-long term Strategic Growth pillar: 1 2 3 4 5 Considered in double materiality assessment? Y Risk tolerance: All business units are required to establish a process for monitoring and reporting potential regulatory changes relating to packaging. Residual risk should remain at or below our ‘moderate’ rating. Description: The risks and opportunities associated with designing and implementing a profitable future pack mix to meet regulatory requirements and our sustainability targets. Key Drivers: Potential Consequences Key Mitigation Actions: • 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 • Impact on reputation • Estimated increase in annual cost of packaging of 13.2% by 2030 and 2.2% by 2040 under a Paris Ambition (RCP1.9) climate scenario • Estimated increase in annual cost of packaging of 4.2% by 2030 and 0.4% by 2040 under a stated policy (RCP4.5) climate scenario • Increase in sales and profits by developing a profitable pack mix that resonates with consumers • Continued implementing strategic initiatives to drive circularity • Increasing percentage of recycled materials and reusable packs • Partnering with regulatory authorities, industry peers, start-ups and NGOs to develop effective package recovery systems • Identifying new technologies and innovation, focusing on new and alternative packaging solutions such as packageless and refillables, recycling to improve packaging carbon footprint and reduce waste Trend: Outlook Increasing • 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. Coca-Cola HBC Integrated Annual Report 2024 186 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Principal risks and opportunities continued Group D. Enhancing the sustainability of our business continued D3. Managing our carbon footprint Included in viability statement? Y Risk owner: Head of QSE Timeframe: Medium-long term Strategic growth pillar: 1 2 3 4 5 Considered in double materiality assessment? Y 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. Description: The risks and opportunities associated with decarbonisation of our value chain. Key Drivers: Potential Consequences Key Mitigation Actions: • 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 • Impact on the environment and our reputation • Estimated annual costs of scope 1 and 2 emissions of €25.5m by 2030 reducing to €9.3m by 2040 under an RCP1.9 scenario, and €10.8m by 2030 reducing to €2.8m by 2040 under an RCP4.5 scenario • Significant capital expenditure over the longer term to fund carbon reduction initiatives • Implemented actions guided by NetZeroby40 transition plans, 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 Trend: Outlook Increasing • We expect that consumer, customer and regulatory pressure will continue to increase and apply pressure on all companies to reduce their carbon footprint. We expect there will be increased scrutiny on our sustainability initiatives from regulators and non-government organisations. D4. The impact of climate change on the cost and availability of water Included in viability statement? Y Risk owner: Head of QSE Timeframe: Long term Strategic growth pillar: 1 2 3 4 5 Considered in double materiality assessment? Y 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. Description: The risks related to the impact of climate change on water availability, water stress and water quality in our areas of operation. Key Drivers: Consequences Key Mitigation Actions: • Increased water stress in eight 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 • Climate change may increase the level of water stress on 29 plants, with estimated significant impact on 20 plants under an RCP4.5 climate scenario and 17 plants under an RCP8.5 climate scenario • Climate change is unlikely to materially increase the annual cost of water; however, we estimate that we will need to invest up to an additional €68.4m in Capex by 2030 and up to another additional €99.3m in the period 2031-2040 in water infrastructure to ensure sufficient availability for production and to support local community needs • Damage to our reputation • 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 Trend: Outlook Increasing • Water stress in our water priority locations is likely to increase as a result of climate change. The extent of that increase will depend both on our actions and on the global response to climate change. Coca-Cola HBC Integrated Annual Report 2024 187 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Principal risks and opportunities continued Group E. Emerging risks Although we are constantly monitoring our operating environment for potential new risks and opportunities, the following emerging risks and opportunities are subject to additional assessment as at December 2024: Description: The property damage and business interruption risk associated with increasing frequency and severity of extreme weather. Key Drivers: Potential Consequences: Key Indicators: • Changing weather patterns • Government and other organisation’s responses to climate change • Disruption to our production and distribution, and inability to supply our customers • Increased insurance premiums (estimated at additional €2.05m annually by 2050 under an RCP4.5 climate scenario) • Inability to insure higher-risk properties • Additional Capex of €6.8m to mitigate the impact and/or implement adaptation plans as a direct result of climate change • Estimates of weather pattern changes over the medium to long term • International organisation and government responses to indicate most likely climate scenarios • Insurance industry outlook • National government responses to climate change Key Mitigation/Adaptations: • Planned Capex to reduce risk of extreme weather events, enhancement of our business continuity programme. Description: The impact of climate change on the cost and availability of key ingredients such as sugar, coffee and fruit juices over the longer term, reducing crop yields in some areas but potentially improving growing conditions in others. Key Drivers: Potential Consequences: Key Indicators: • Changing weather patterns • Government and other organisations’ responses to climate change • Disruption to our production capabilities if we cannot obtain sufficient quantities of key ingredients • Estimated increased annual costs of key ingredients by 9.2% by 2030 and 1.3% by 2040 under an RCP1.9 climate scenario • Estimated increased annual costs of key ingredients by 4.4% by 2030 and 0.5% by 2040 under an RCP4.5 climate scenario • Estimates of weather pattern changes over the medium to long term • International organisation and government responses to indicate most likely climate scenarios • National government responses to climate change Key Mitigation/Adaptations: • Close collaboration with our suppliers to understand and, where appropriate, assist with potential changes in crop yields, broadening of supplier base and identification of suppliers/growing regions that may be positively impacted. E1. Impact of extreme weather on our production and distribution Included in viability statement? Y Risk owner: Chief Supply Chain Officer Timeframe: Medium-long term Strategic growth pillar: 1 2 3 4 5 Considered in double materiality assessment? Y E2. Impact of climate change on the cost and availability of key ingredients Included in viability statement? N Risk owner: Chief Procurement Officer Timeframe: Long term Strategic growth pillar: 1 2 3 4 5 Considered in double materiality assessment? Y Coca-Cola HBC Integrated Annual Report 2024 188 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Principal risks and opportunities continued Group E. Emerging Risks continued Description: The risks associated with increasing incidents of misinformation and disinformation, particularly through the use of Artificial Intelligence. Key Drivers: Potential Consequences: Key Indicators: • Technological development, particularly in AI • Level and effectiveness of government regulations and guard rails • Reputation damage • Management effort and potential legal costs • Privacy and data security concerns • Technological development in AI • Investment levels • Governments/international organisations moves to impose regulation Key Mitigation/Adaptations: • Development of internal policies, standards and guidelines on use of AI. Development of governance model overseen by cross-functional team and training for employees on safe and secure use of AI. Description: The risks and opportunities associated with rapid changes in the retail environment particularly in the development of omni-channel strategies by large retail customers. Key Drivers: Potential Consequences: Key Indicators: • Consumer demand for convenience • Technological advances in e-commerce and data analytics • Risk to market share and revenue if we don’t adapt quickly enough to providing real-time data and support for multiple sales channels • Opportunity associated with building an effective omni-channel strategy • Retail customers’ focus on their omni-channel strategy • Consumer responses to different retail strategies • Growth of online only vs multi-channel retailers Key Mitigation/Adaptations: • Enhance analysis to monitor change and identify gaps in capability, International key account strategies to have omni-channel focus, Engagement with retail customers and use of data to leverage opportunities for our customers and ourselves. E3. Impact of misinformation and disinformation Included in viability statement? N Risk owner: Chief Information Security Officer Timeframe: Medium-long term Strategic growth pillar: 1 2 3 4 5 Considered in double materiality assessment? N E4. Omni-channel evolution Included in viability statement? N Risk owner: Head of International Key Accounts Timeframe: Medium-long term Strategic growth pillar: 1 2 3 4 5 Considered in double materiality assessment? N Description: The risks and opportunities associated with how consumers perceive our performance on a range of environmental issues including reducing carbon emissions, packaging and water usage. Key Drivers: Potential Consequences: Key Indicators: • Consumer concerns about environmental issues • Greater scrutiny of our environmental performance • Positive or negative impact on our reputation, which leads to actual increase/ decrease in sales • Changes to our ‘e-score’ relative to other companies in the food and beverage industry • Translation of ‘e-score’ to sales Key Mitigation/Adaptations: • Close monitoring of consumer perceptions, adjustment of sustainability strategy where appropriate. E5. The impact of consumer perceptions of our environmental performance Included in viability statement? N Risk owner: Head of Sustainability Timeframe: Medium-long term Strategic growth pillar: 1 2 3 4 5 Considered in double materiality assessment? Y Coca-Cola HBC Integrated Annual Report 2024 189 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Viability statement Business model and prospects Our business model and strategy, outlined on page 6 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 as result of changes in the US and its relationships with other countries, could continue to impact global supply chains and exacerbate economic challenges in our markets, in combination with persisting inflation and FX volatility particularly in Egypt and Nigeria. 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 2020 to 2024, we generated free cash flow of €634 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 pages 186 to 187 for more information on our quantitative assessments of the impact of climate change. In addition to 2030 and 2040, we also included interim calculations to 2029 for the purpose of our viability assessment); • the impact of ongoing conflicts such as the Russia-Ukraine crisis and ongoing instability in the Middle East, including calls for boycotts of US brands in some of our markets; • 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 181 to 187 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 Board has concluded that the Group’s well-established processes across multiple streams continues 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, Marketplace economic 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 continued Russia-Ukraine conflict. Principal risks: Marketplace economic 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. Scenario 4: Higher input costs including raw materials and energy costs. Principal risks: Suppliers and sustainable sourcing, and Marketplace economic 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, Impact of extreme weather on our production and distribution (Emerging risk). 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 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 2029. Coca-Cola HBC Integrated Annual Report 2024 190 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Headings 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. Our corporate governance standards and procedures are continuously reviewed in light of current developments and rulemaking processes in the UK, Switzerland and also the EU. Find out more on pages 193 to 194. Nationalities American 2 15% American/Brazilian 1 8% British 4 30% British/Cypriot 1 8% Bulgarian 1 8% Croatian 1 8% Greek 1 8% Nigerian 1 8% Swiss 1 8% Corporate Governance Report Compliance with the UK Corporate Governance Code 2018 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. Resources for the Company to meet its objectives and measure performance. Controls framework for management and assessment of risks. 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 192 1, 198 to 199, 203 1 to 198 200 to 201 204 202 217 194 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 193 195 to 197, 205 205 to 206 212 to 213 213 Composition, succession and evaluation J. Board appointments and succession plans for Board and senior management and promotion of diversity. 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 193 193 194, 195 to 197, 213 214 211 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 217 • Strategic Report (Business Resilience) 178 to 180 • Fair, balanced and understandable Annual Report 217, 218 and 248 • Going concern basis of accounting 248 • Viability statement 190 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 Executive Director and senior management remuneration. R. Authorisation of remuneration outcomes: • Remuneration Committee report 222 to 247 Independent NEDs 6 46% NEDs Executive directors 6 46% 1 8% Board independence (number and %) TCCC 21 Kar-Tess Holding Free ĥoat 23 56 Shareholder structure (%) Men 8 62% Women 5 38% Board gender diversity (number and %) 18–19 3 2 1 1 1 2 2 1 23% 15% 8% 8% 8% 15% 15% 8% Tenure (years) 0–1 1–2 3–4 5– 6 6–7 8–9 10–11 Coca-Cola HBC Integrated Annual Report 2024 191 Corporate Governance Supplementary Information Swiss Statutory Reporting Financial Statements Strategic Report Letter from the Chair of the Board The governance imperative in times of change Dear Stakeholder, On behalf of the Board, I am pleased to share the Corporate Governance Report for the financial year ended 31 December 2024. 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. Ensuring the right culture The Board plays a critical role in shaping and strengthening the culture of the Group by promoting growth-focused and values-based conduct with a focus on driving impact for our people and our business. Over the past two years, we have embedded our Culture Manifesto and we continue focusing on bring our values to life. Directors lead by example cascading good behaviour throughout the Group. The Board monitors and assesses our culture through internal and external metrics. Our strong employee engagement results this year are a testament of our confidence that we have the right culture in place to achieve our purpose. Stead fast governance for complex times 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 2024, the Board has heard from a range of speakers presenting on a variety of topics – from the financial markets to the Corporate Sustainability Reporting Directive (CSRD). External speakers enhance our collective insight and diversity of thought. This, combined with each Board member’s extensive knowledge and experience, 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. Leadership in action 2024 was another year of strong growth in a range of market conditions. I am reassured by the Board’s contribution in decision making representing effectively the interests of all stakeholders in a diverse range of issues, from engaging with our communities and shareholders to addressing the impact from the Bambi plant fire and improving customer experience and collaboration. Board composition and diversity During the year, the Board’s composition, skills, experience and broader aspects of diversity were reviewed 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 213). We continue to attach great importance to all aspects of diversity in our nomination processes for Board members and the ELT, but continue to appoint candidates for continued growth and performance within our highly specialized 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%. Coca-Cola HBC welcomed three new Board members in 2024, Zulikat Wuraola Abiola, Elizabeth Bastoni and Glykeria Tsernou, who bring a wealth of experience and are already making significant contributions. We are extremely grateful and would like to thank Olusola (Sola) David-Borha, Alexandra Papalexopoulou and Anna Diamantopoulou, who retired from the Board and left Coca-Cola HBC in 2024, for their valuable contributions to the Group over the years. Board review and effectiveness In accordance with the UK Corporate Governance Code 2018 and the Board’s commitment to adhere to best corporate governance practices, an externally facilitated Board effectiveness review was undertaken in the second half of 2024. Key outcomes are included on page 214 of the Nomination Committee report. The Board concluded that it remains effective, as well as fostering a positive culture, and maintains a strong sense of accountability to its stakeholders. A review will be undertaken in 2025 to apply the learnings. Governance with a future-ready lens Despite the challenging markets, our resilience is confirmed by our continued revenue growth, profit expansion and sustained strong cash generation. Our people and culture are at the heart of everything we do. As we continue to focus on our sustainable growth and robust governance, I would like to extend my gratitude to my Board colleagues and members of the ELT, as well as offering my thanks to all Coca-Cola HBC colleagues, customers, consumers and partners. Their dedication, loyalty and hard work throughout the year position the Company to remain on track with our targets for sustainable, profitable growth. Anastassis G. David Chair of the Board 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 making our business future ready.” Coca-Cola HBC Integrated Annual Report 2024 192 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Compliance with the UK Corporate Governance Code 2018 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 rulemaking processes in the UK, Switzerland and the EU. Further details are available 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 2024, Coca-Cola HBC was subject to the UK Corporate Governance Code 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 2024, 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 David was originally appointed as a non-Executive Director (NED) in 2006 at the request of Kar-Tess Holding and was not, at the time of his appointment as Chair, in 2016, independent as defined by the UK Corporate Governance Code. Further details are set out in the section on independence on page 194. 2. Provision 38 requires alignment of Executive Director pension contributions with the wider workforce. Our difficulties in compliance with this provision due to existing contractual obligations were outlined in the Annual Report published in 2021 and are explained on page 229 of the Directors’ remuneration report. On the appointment of any new Executive Director, we intend that their pension contributions will be aligned with the pension scheme for the wider workforce. For more information on appointment of Directors and compliance with the UK Corporate Governance Code see page 212 and 213. Swiss corporate rules There is no mandatory corporate governance code under Swiss law applicable to Coca-Cola HBC. 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. Swiss company law includes provisions regarding the 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 total amount for the Board and the amount attributable to each member, as well as the total amount for the ELT and the highest amount attributable to an ELT member. Other limitations include a requirement that certain compensation elements be authorised in the articles of association (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 the compensation in listed companies. UK’s 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 United Kingdom, 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. Amending the Articles of Association 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. The Articles were amended at the AGM on 21 May 2024 to incorporate changes required by Swiss corporate law, including enhanced protection of minority shareholders. 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. Coca-Cola HBC’s Articles also allow, subject to shareholder approval, for the conversion of registered shares into bearer shares and bearer shares into registered shares. Details of the movement in ordinary share capital during the year can be found on page 311. 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 the supervision and control of its executive management. The Directors may take decisions on all matters that are not expressly reserved to the shareholders by the Articles. Pursuant to the provisions of the Articles, the Directors require shareholder authority to issue shares. Also, in accordance with the FCA’s UK Listing Rules, the Directors require shareholder authority to repurchase shares. At the AGM on 21 May 2024, the shareholders authorised the Directors 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 of 10 April 2024. The authority will expire at the conclusion of the AGM on 23 May 2025 or at midnight on 30 June 2025, whichever is earlier. Coca-Cola HBC commenced a share buyback programme on 21 November 2023 and it is expected to run until the end of December 2025. As at 31 December 2024, Coca-Cola HBC reported that 7,567,772 ordinary shares had been purchased at an average price of 2,538.6033 pence per ordinary share and are held in treasury. Shares held in treasury as at 10 March 2025 total 10,850,676, out of which 7,420,541 are held by CCHBC AG (including the purchased shares) and 3,430,135 shares are held by its subsidiary, CCHBC Services MEPE. Board composition On 31 December 2024, our 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, as shown by their biographies on pages 195 to 197. Zulikat Wuraola Abiola and Glykeria Tsernou were appointed to the Board at the 2024 AGM and at the conclusion of the AGM, Olusola (Sola) David-Bohra and Alexandra Papalexopoulou retired from the Board. Both Zulikat Wuraola Abiola and Glykeria Tsernou were also elected as members of the Audit and Risk Committee. Elizabeth Bastoni was appointed to the Board at an Extraordinary General Meeting held on 16 September 2024 and at the conclusion of that meeting Anna Diamantopoulou retired from the Board. Elizabeth Bastoni was also elected as member of the Nomination Committee and the Remuneration Committee. Read pages 211 to 214 of the Nomination Committee report. Corporate Governance Report Application of Coca-Cola HBC’s corporate governance practices Coca-Cola HBC Integrated Annual Report 2024 193 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report 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, taking into account 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 would not be compromised. Read about our Directors’ external appointments in their biographies on pages 195 to 197. Our Chair is active in the international community. With regard to 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 not significant. 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 for 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 206). 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, William W. (Bill) Douglas III, Reto Francioni 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 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 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 engaged to find suitable candidates. The consensus was that Anastassis 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 established policy 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 David has the continuing support of the Board and major shareholders to remain as Chair. Shareholder nominees As described on page 357, since the main listing of Coca-Cola HBC on the Official List of the London Stock Exchange 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 is able to 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 to be approved. In addition, based on their current shareholdings, neither Kar-Tess Holding nor TCCC is able to 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 total number of shareholders being represented and voting. 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. In the event that 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 will not be permitted to participate in discussions and decision-making involving the interest at stake. Corporate Governance Report continued Application of Coca-Cola HBC’s corporate governance practices continued Coca-Cola HBC Integrated Annual Report 2024 194 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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, globally, as an investor and non- executive director in the beverage industry with 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., chair of the board of Nephele Navigation 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 David has a shared directorship with Anastasios Leventis, both being directors in Nephele Navigation Inc. and Kar-Tess Holding and has a shared directorship with Anastasios I. Leventis, Christo Leventis and George Pavlos Leventis, all being directors of Adcom Advisory Ltd. Zoran Bogdanovic Chief Executive Officer, Executive Director Appointed: June 2018. Relevant skills and contribution: Zoran has wide-ranging experience of working across Coca-Cola HBC’s operations and markets and a track record of delivering results across our territories and demonstrating our Company’s values which are the foundation of our Company’s culture. Experience: Zoran was previously the 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 a number of senior leadership positions, including as General Manager of the Coca-Cola HBC’s operations in Croatia, Switzerland and Greece. Before joining the 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 A Appointed: May 2024. Relevant skills and contribution: Wuraola brings over 25 years of experience, acquired in her current and previous roles, of strategy, business development, leadership, governance, organisational development, risk management and public sector policy in Nigeria and throughout Africa. Experience: Wuraola is the Managing Director of Management Transformation Ltd, a management consulting firm. Prior to her current role, she worked at McKinsey & Co, in New York and London, primarily in the areas of 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 and vice chair of Frigoglass S.A.I.C. and chair of the board of Appzone Mauritius Ltd. She is also a director on the boards of Lekoil Nigeria Limited and Summit Oil International Ltd (Nigeria). Until April 2024, she was also a member of the board of Beta Glass Nigeria PLC. Nationality: Nigerian Elizabeth Bastoni Independent non-Executive Director N R 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 developed her expertise having 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, The Coca-Cola Company (2005 to 2011) and Thales. Elizabeth began her career with KPMG in Europe in the International Tax practice. Elizabeth obtained a BA in accounting from Providence College in the, USA. External appointments: Elizabeth is currently an independt director and chair of the board of Qorium B.V., an independent director and audit committee member with Jerónimo Martins, Audit Committee independent director and chair of the nomination and compensation committee with Euroapi, and an independent director with CNH Industrial, where she chairs the human capital & compensation committee. Nationality: American Board committees A Committee Chair N Nomination Committee R Remuneration Committee A Audit and Risk Committee S Social Responsibility Committee Skills and experience key Corporate governance FMCG knowledge/experience Risk oversight & management Finance, investments & accounting International exposure Sustainability & community engagement The Board considers that each of the Directors continues to contribute effectively to the work and deliberations of the Board. Corporate Governance Report Board of Directors Coca-Cola HBC Integrated Annual Report 2024 195 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Charlotte J. Boyle Independent non-Executive Director R N S Appointed: June 2017. Relevant skills and contribution: Charlotte brings extensive advisory experience, especially of advising boards on succession planning, 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. Prior to that, 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 serves as chair of UK for the UN High Commission for Refugees (UNHCR), an non-executive director of Thatchers Cider Company Ltd, a non-executive director of Knight Frank LLP, 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 in Atlanta and progressed with increased responsibilities in North America, Europe and Latin America. From 2020 to 2022, Henrique 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 in the past include Vice President of Innovation and Operations in Brazil and Director for Still Beverages (non- carbonated beverages) in Europe. He first joined TCCC as a trainee in Global Engineering in the US. 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 January 2025, Henrique serves as Executive Vice President (EVP) and Chief Operating Officer for TCCC with responsibility for all TCCC’s operating units worldwide. Since 2022 Henrique served as EVP, International Development for TCCC, overseeing the company’s operating units for Latin America, Japan and South Korea, ASEAN and South Pacific, Greater China and Mongolia, Africa, India and Southwest Asia and Eurasia and Middle East. As Chief Operating Officer the role includes oversight of North America and Europe. Nationality: American and Brazilian William W. (Bill) Douglas III Independent non-Executive Director A Appointed: June 2016. Relevant skills and contribution: Bill brings a wealth of financial, commercial, risk and compliance expertise, including IT and cyber issues and broad experience of working within the Coca-Cola System until his retirement. Experience: Bill is a former Vice President of Coca-Cola Enterprises (July 2004 to June 2016). From 2000 until 2004, Bill served as Chief Financial Officer (CFO) of Coca-Cola HBC. Bill has held various positions within the Coca-Cola System since 1985. Before joining TCCC, Bill was associated with Ernst & Whinney, an international accounting firm. He received his undergraduate degree from the J.M. Tull School of Accounting at the University of Georgia. External appointments: Bill is the lead director and chair of the audit committee of SiteOne Landscape Supply, Inc. He is a non-executive chair of the board of directors of The North Highland Esop Holdings Inc. He is also a non-executive director of Monster Beverage Corporation and a non-executive director of Dollar Tree, Inc. Nationality: American Reto Francioni Senior Independent non-Executive Director N R Appointed: June 2016. Relevant skills and contribution: Reto brings extensive knowledge and experience of capital markets, governance, financial sector and risk management having worked for several stock exchanges. He is the author of several books on capital markets. Experience: Reto has been Professor of Applied Capital Markets Theory at the University of Basel since 2006. From 2005 until 2015, Reto was CEO of Deutsche Börse AG and from 2002 until 2005, he served as chair of the supervisory board and president of the SWX Group, which owns the Swiss Stock Exchange and has holdings in other exchanges. Between 2000 and 2002, Reto was co-CEO and spokesman for the board of directors of Consors AG. Between 1993 and 2000, he held various management positions at Deutsche Börse AG, including that of deputy CEO. He earned his Doctorate of Law at the University of Zurich. External appointments: Reto serves as chair of the supervisory board of UBS Europe SE and as the chair of the supervisory board of Swiss International Airlines. Reto is also a vice chair at the board of directors of Medtech Innovation Partners AG, Basel. Nationality: Swiss Anastasios I. Leventis Non-Executive Director S 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, vice chair of the board of Nephele Navigation Inc, a board member of Maxenta Invest Corp., of Middle East Finance Sarl and of Adcom Advisory Ltd. He is 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 Leventis has a shared directorship with Anastassis David, Christo Leventis and George Pavlos Leventis, all being directors of Adcom Advisory Ltd. He also has shared directorship with Anastassis David, both being directors of Nephele Navigation Inc, and Kar-Tess Holding and a shared directorship with Christo Leventis, both being directors in Middle East Finance Sarl. Corporate Governance Report continued Board of Directors continued Coca-Cola HBC Integrated Annual Report 2024 196 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 and an MBA from the Kellogg School of Management, Northwestern University. External appointments: Christo is a chairman and a 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 trustee of the Anastasios G. Leventis Foundation (Cyprus). Nationality: British Christo Leventis has a shared directorship with Anastassis David, Anastasios Leventis and George Pavlos Leventis, all being directors of Adcom Advisory Ltd. He also has a shared directorship with Anastasios Leventis, both being directors in Middle East Finance Sarl and with George Pavlos Leventis, both being Directors in Torval Investment Corp. George Pavlos Leventis Non-Executive Director Appointed: May 2023. Relevant skills and contribution: George brings management, investment and governance experience and knowledge from roles 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 postgraduate 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, which promotes environmental awareness and sustainability. Nationality: British George Pavlos Leventis has a shared directorship with Anastassis David, Christo Leventis and Anastasios Leventis, all being directors of Adcom Advisory Ltd. He also has a shared directorship with Christo Leventis, both being directors in Torval Investment Corp. Evguenia Stoitchkova Non-Executive Director S 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: Evguenia is currently the President of Global Ventures for TCCC. Prior to her current role, Evguenia served as President of the company’s Eurasia & Middle East operating unit. From 2017 to 2020, Evguenia was President of the Turkey, 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. 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: President of Global Ventures at TCCC. Nationality: Bulgarian Glykeria Tsernou Independent non-Executive Director A 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 had 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 Corporate Governance Report continued Board of Directors continued Coca-Cola HBC Integrated Annual Report 2024 197 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Corporate Governance Report Board leadership and Coca-Cola HBC’s purpose 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 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. Key Board activities in 2024 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 1. Discussions at Board meetings are structured using a carefully tailored agenda that is 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 and feedback from the designated NED on workforce issues surfacing from engagement. Monitored health and safety KPIs and progress against key actions. Improved our employee engagement score to 88%. Insight on the views of employees enabled the Board to focus on addressing areas where improvement required. Health and safety trends improved with additional actions executed. See p.21, 202 See p.21, 203 1 2 3 4 5 Monitored talent development and succession planning for Board and senior management. Overseen cultural and Coca-Cola HBC values’ elements in engagement surveys and business reviews. Informed of the succession planning activities for senior management talent pipeline; smooth onboarding and transition of three new Board members. Concluded that culture is aligned with Coca-Cola HBC’s purpose, values and strategy. See p.202, 213 See p.202, 204 1 2 3 4 5 Stakeholder engagement initiatives Regularly reviewed progress on sustainability and community initiatives; continued engagement with TCCC. Ranked among leaders in 10 major ESG benchmarks; strong progress in packaging circularity with four new DRS launches between December 2023 and January 2025; the Coca-Cola HBC Foundation approved donations of €1.55 million for flood relief in six markets. See p.201, 202 1 2 3 4 5 Performance on our growth strategy Business and financial performance Deep-dived and reviewed regions, strategic priorities and key functions, including digital commerce. Fully apprised of business plan progress focusing on addressing specific priorities and local challenges, such as currency devaluations in Nigeria and Egypt; approved investments supporting delivery of our growth strategy. See p.202 1 2 3 4 5 Prioritised capabilities Monitored the performance of our prioritised bespoke capabilities to drive joint value creation and customer satisfaction. Approved investments in digital and technology to further strengthen our capabilities; approved the insourcing of technology capabilities. See p.202 1 2 3 4 5 New acquisitions Our consumers Stakeholders Our investors The Coca-Cola Company Our customers Our people Our communities Governments NGOs Our suppliers 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 Strategic pillars Coca-Cola HBC Integrated Annual Report 2024 198 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Corporate Governance Report continued Board leadership and Coca-Cola HBC’s purpose continued Actions Outcomes Page reference Link to stakeholders Link to strategy Overseen Finlandia Vodka business integration into our business. Apprised on transition process; expansion of distribution to a further 19 markets and incremental growth opportunities. See p.15 1 2 3 4 5 Risk management, internal controls and governance 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 the management of principal risks and were satisfied that the approach to risk appetite and risk management framework were fit for purpose. See p.181 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 controls framework. Concluded that the risk management and internal control frameworks were effective. See p.178 to 180 1 2 3 4 5 Kept apprised on regulatory developments, including on sustainability reporting and governance and approved the Group’s first Sustainability Statement. Kept apprised on regulatory developments, including on sustainability reporting and governance and approved the Group’s first Sustainability Statementt. See p.41 1 2 3 4 5 Finance Reviewed treasury updates on the liquidity, financing status and commodity exposure of the Group. Approved the Group’s funding requirements, including investments required for Bambi following the fire incident in June, and potential sources of funding and endorsed approach in managing exposure to market risk. See p.217 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 2023. Reviewed going concern statement for half year financial results to 30 June 2024. See p.190 and 248 1 2 3 4 5 Cost optimisation and investment Continuously reviewed the Group’s cost optimisation and investment programmes. Approved cost optimisation initiatives and material capital expenditure projects, including technology / digital- related, net zero and other sustainability oriented projects. See p.18 and 24 1 2 3 4 5 Stakeholders Our investors The Coca-Cola Company Our consumers Our customers Our people Our communities Governments NGOs Our suppliers Strategic pillars 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 Coca-Cola HBC Integrated Annual Report 2024 199 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Corporate Governance Report continued Engaging with our stakeholders The Board regularly reviews stakeholder engagement activities undertaken, by both it and the Group as whole, and is satisfied that the activities outlined on pages 200 to 202 and 10 to 11 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 will remain high on the Board’s agenda. Shareholders Shareholders can engage with the Board during the AGM. The Chair, Senior Independent Director and Chair of the Audit and Risk Committee will be available at the 2025 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. In 2024, the Remuneration Committee Chair initiated an engagement process with our top 50 shareholders and with proxy advisers to consult and obtain feedback on our proposal for certain updates to our remuneration policy. We received largely positive feedback which we considered when we finalised changes to the policy. Read more in the remuneration report on page 222. 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 launched our bitesize investor events series during the year. The Board regularly considers feedback from our investors and, where necessary, takes appropriate action to further engage. Please read more on our bitesize investor events on p.17. 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 2024, 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 the employee engagement surveys. They also review talent development initiatives designed to support long-term success. The CEO held engagement sessions with employees during 2024, 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 135). All insights gained contribute to the Board’s decisions to ensure the appropriate support and resources for our people. Investor relations highlights February • EU management roadshow (Paris, Frankfurt, Geneva, Zurich) • UK management roadshow (London, Edinburgh) March • US management roadshow (New York, Boston, Montreal, Toronto) May • US management roadshow (Chicago, Los Angeles, San Francisco) • Goldman Sachs European Staples forum (London) • AGM (Steinhausen) June • dbAccess, Deutsche Bank, Global Consumer Conference (Paris) • Evercore ISI Consumer and Retail Conference (virtual) September • Investor relations roadshow (Toronto) • Barclays Global Consumer Staples Conference 2024 (Boston) • Bernstein Pan European Annual Strategic Decisions Conference (London) October • Bitesize investor event November • UK management roadshow (London) • UBS European Conference (London) • Jefferies Consumer Conference (Miami) • Bank of America Consumer and Retail Conference (Paris) • Investec South African CEO Conference (London) • Governance roadshow (London & virtual) December • Morgan Stanley and Athens Exchange Greek Investment Conference (London) • Citi’s Global Consumer Conference (London) Other stakeholders The Board carefully considered stakeholder interests and matters in its decisions, such as in approving plans to address the impact from the Bambi plant fire and in approving investments in technology, digital and capital expenditures, such as cyber security for our plants, DIA platform enhancements and automated warehouses. Stakeholder interests were also assessed in the rolling out our DRS systems in Ireland and Hungary in 2024 and customer relationship management tools enhancement. We considered the interests of our communities affected by floods 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 considered the interests of our consumers in endorsing innovation programmes with TCCC and in expanding our ‘zero’ ranges, including launching Monster Energy Green Zero Sugar in 16 markets, as well as the integration of Finlandia Vodka, and expanding distribution to 19 new markets. Coca-Cola HBC Integrated Annual Report 2024 200 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Stakeholder group How the Board engages with stakeholders Read more Our people To monitor engagement, collaboration, feedback from colleagues and how we embed our culture and align with our strategic priorities the Company conducted two all-employee surveys in 2024. Survey results are presented to the Nomination Committee and the Board. Charlotte J. Boyle is the designated NED for workforce engagement. The Board regularly reviewed talent plans for senior positions. The CEO held employee engagement sessions during the year, including several calls with Q&A sessions. The Board approved investments empowering our people with digital tools. See p.10, 20, 200 Our customers Regular business updates on performance and market execution, market visits, reviews of joint business planning and joint value- creation initiatives, monitoring customer satisfaction surveys. Development of digital commerce and approving investments in tools to improve customer experience and collaboration. See p.10, 16 Our consumers Regular business updates on performance and market execution, consumer trends and insights, product innovations, consumer engagement programmes. Leveraging DIA to offer products and personalised experiences tailored to consumer needs and expectations. See p.10, 14 Governments CEO meetings with numerous senior government officials from our markets during the 2024 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 new 2024 UK Corporate Governance Code and new UK Listing Rules, CSRD and other sustainability-related regulations, DRS initiatives, taxation matters, and Chambers of Commerce. See p.11, 24 Our communities Supporting our communities in many ways, such as community initiatives to educate or employ young people (#YouthEmpowered programme), water and other infrastructure initiatives, and support for communities in need, including during floods and wildfires in Europe, the Bambi fire and ongoing conflict in Ukraine. Community meetings and partnerships on common issues. See p.10, 24 NGOs Dialogue, policy work, partnerships on common issues, membership in business and industry associations. See p.11 The Coca-Cola Company 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, joint business planning, functional groups on strategic issues, and ‘top-to-top’ senior management meetings. See p.11 Our investors AGM, investor roadshows and results briefings, webcasts, bite size investor sessions, engagement of Chair with major shareholders, engagement of committee Chairs on significant matters pertaining to their areas of responsibility. Insights from internal and external parties on investor expectations and focus areas. Ongoing dialogue with analysts and investors. In 2024, engagement with top 50 shareholders on a remuneration policy review. See p.11, 200 Our suppliers Engagement with our suppliers, consultants and counterparts in related industries. See p.11 Corporate Governance Report continued Engaging with our stakeholders continued Coca-Cola HBC Integrated Annual Report 2024 201 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Corporate Governance Report continued Overseeing strategic delivery Our growth pillars What did the Board consider? What did the Board discuss and decide? What were the material stakeholder considerations? • Business and financial performance and market implementation including on our strategic priority categories Sparkling, Energy and Coffee • Assessing business development opportunities • Roll out of Finlandia Vodka in 19 new markets and setting up international partnerships • Roll out of Monster Energy Green Zero Sugar • Deep dive session with President, Europe Operating Unit for TCCC, Nikos Koumetis on strategy, and market insights • 2024 business plan review and Capex requirement approvals • Acquisition of BDS Vending in Ireland • Consumer needs and trends, including quality and freshness of products, health and nutrition, affordability, innovation and sustainable packaging • Prioritising opportunities to create long-term value for our shareholders, customers and other stakeholders • DIA, customer satisfaction and consumer surveys • Updates on market execution initiatives and performance • Digital commerce progress and initiatives, including customer portals and digital marketing • Approved digital tools enhancements to improve customer and consumer experience and service • Approved coolers and other Capex requirements to support winning in the marketplace • Expansion of Sirvis digital platform to more markets • Consumer needs and trends • Adding value to customers • Marketplace economic conditions • Shareholder value creation • Regular updates on financial performance, insights and trends, FX matters and devaluation challenges in Nigeria and Egypt • Capex required and timelines for investments • Accelerating use of digital tools and AI to empower our people, cyber security plans, supply chain and sales capabilities • Business development and other investment opportunities • Considered and approved the half- and full- year results and dividend payment • Approved operational and process simplification projects and organisational structures • Partnership with Microsoft on in-house generative AI productivity and other tools • Approved Capex to fuel business growth • Approved treasury related projects, such as bond buy-back, two bond issues and $130 million EBRD loan for Egypt • Monitored initiatives driving efficiency and simplification • Investments driving sustainable returns and benefits for all stakeholders • Digitaliise and innovate our business to ensure we are fit for the future • People, talent, succession plans, employee engagement drivers • Review of progress and activities in embedding our culture and living our values and purpose • Progress against our gender diversity KPIs • Reviewed and endorsed development and succession plans for senior positions • Discussed and approved digital programmes to empower our people with digital tools • Insourcing technology capabilities with a new hub in Egypt • Monitored employee engagement survey outputs and relevant actions plans • Monitored diversity, equity & inclusion (D&I) programme progress and Women in Leadership positions improvement • Our people and how to engage, retain and develop them • Develop an inclusive growth culture around our empowered people and an agile learning organsation • Building the best teams with critical capabilities to create value for our customers, consumers, our investors and our communities • Delivery against our ambitious ESG targets • Corporate governance as a critical enabler for our license to operate • Regulatory developments • Engaging our communities behind water and waste initiatives; empowering youth together with our partners • Regular updates and discussion on sustainability projects and ESG benchmarks • Reviewed and endorsed health and safety plans • Support of our communities in need from natural disasters through the Coca-Cola HBC Foundation • Continued focus on corporate governance, confirming the effectiveness of our internal controls and risk management processes • Endorsed our compliance plans, including the design of a new AI Policy, digitaliising processes and training waves • Progress against our sustainability targets, within Mission 2025, NetZeroby40 roadmap and biodiversity goals to meet broad stakeholder expectations • Support our communities in need and at times of crisis, prioritising natural disaster relief, packaging and waste management, corporate citizenship and empowering youth and women Leverage our unique 24/7 portfolio 1 Win in the marketplace 2 Fuel growth through competitiveness and investment 3 Cultivate the potential of our people 4 Earn our licence to operate 5 Coca-Cola HBC Integrated Annual Report 2024 202 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Corporate Governance Report continued Overseeing strategic delivery continued The outcomes of the Board’s decisions Enhanced volume and revenue growth The Board’s focus on defining and overseeing delivery of the strategy to expand our 24/7 portfolio and strengthening market execution drove market share gains and led to a strong organic volume and revenue growth in 2024. In 2024, the Board continued to closely oversee delivery of our 24/7 portfolio growth strategy regularly reviewing business plans’ progress, talent development and building prioritised capabilities, approving investments to support strategy delivery, such as digital and technology related investments, keeping appraised on customer engagement and satisfaction, consumer and market trends and mitigating risks, such as currency devaluations. As a result, we continued to deliver on its growth strategy in 2024 in a range of market conditions, with 13.8% organic revenue growth, 2.8% volume growth and 12.2% organic EBIT growth. Read more p.2 to 3 Strengthened our people engagement and potential The Board is fostering a culture of employee engagement and personal growth. This focus led to initiatives around our employees’ safety and wellbeing, critical capabilities’ enhancement, improving our DEI targets and living our values with the first ever Company-wide MIT in 2024. Investing in our people to cultivate their potential, develop critical capabilities and strengthen their engagement is fundamental to our sustainable growth. In 2024, we reinforced continuous learning and upskilling delivering over 640,000 hours of learning and developing critical capabilities of our people. In the year, we also progressed our digital transformation journey to enhance our employee experience and deployed initiatives for our people well-being and safety. We continued to uphold our DEI commitments and further increased the number of our female leaders. Our largest ever Market Impact Team (MIT) activation across the organization, with over 7,000 colleagues supporting over 50,000 customers is a testament of living our “We over I” and “Customer First” values we are proud of. Our emphasis on fostering a culture of employee engagement and personal growth and staying connected to and listening our employees, resulted in an improved engagement score of 88%. Read more p.20 The Board’s decisions to make sustainability- oriented investments is boosting our progress towards our sustainability commitments and underpinning our approach to do what is right, while creating value for the business and strengthening resilience. Throughout 2024, the Board considered and approved a variety of sustainability-oriented investments, such as energy efficient coolers, supporting our revenue growth management strategy and sustainability goals, expansion of reusable packaging projects such as new rPET and returnable glass bottle lines capitalizing on DRS roll outs and increasing popularity of reusable bottles, launch of DRS in two more markets, Republic of Ireland and Hungary, translating to increase collection rates and increase of recycling rates, increased supply chain efficiency projects, supporting local community projects and communities in need through the Coca-Cola HBC Foundation. These investments underpin our commitment in achieving our sustainability goal to do what is right. Read more p.24 FY24 Organic revenue growth +13.8% FY24 Organic EBIT growth +12.2% +1.7% female leaders 43.5% sustainable engagement index score 88% Ranked 1st as the world’s most sustainable beverage company by Dow Jones Best-in-Class indices 2024 Demonstrating the value of sustainability- driven investments Coca-Cola HBC Integrated Annual Report 2024 203 Corporate Governance Supplementary Information Swiss Statutory Reporting Financial Statements Strategic Report Corporate Governance Report continued Culture in action 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 sets the standard for Coca-Cola HBC’s culture. The CEO, supported by members of the ELT, is responsible for ensuring the embedding of the culture 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. 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. 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 and engagement surveys – see page 20. Doing the right thing • Continued to prioritise the safety and wellbeing of our people, including our people in Ukraine, which continues to be impacted by the conflict – see page 21. • Continued supporting our communities in need, including through the Coca-Cola HBC Foundation, which approved grants for flood relief in six of our markets – see pages 24 and 28. • Further strengthened our compliance processes and training our employees, and kept focus on sanctions compliance. We designed a new AI Policy and trained our people to ensure we deploy AI technologies in an ethical, trustworthy and robust way – see page 221. • Invested to further transform, innovate and digitalise our business including by investing in further automating and streamlining our supply chain, compliance and customer processes and controls to ensure we are fit for the future – see page 18. Investing in our people • Deployed initiatives strengthening talent attraction and promoting our preferred employer profile – see page 20. • Empowered our people with digital tools to simplify and make their day-to-day work easier – see page 20. • Ran bi-annual culture and engagement surveys, and one collaboration for impact survey during the year – see page 21. • Actively reinforced our people continuous learning and upskilling, delivering over 659,000 hours of learning in 2024 – see page 22. • Launched a Digital Hub in Egypt to complement Sofia and Athens in-sourcing digital skills and capabilities within the organisation – see page 54. • Continued to strengthen workforce diversity through our DEI programme: 43.5% of management positions (1.7% increase) are now held by women – see page 22. Opening up 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 16. • Continued measuring and continuously improving customer experience using the NPS® metric applied through CustomerGauge ‘voice of customer’ software, which enables instant feedback from customers – see page 16. • Continued to invest in our bespoke capabilities which make the difference, with DIA remaining in focus and closely interconnected with our revenue growth management (RGM) and RTM capabilities – see page 17. • Integrated Finlandia Vodka into our business – see page 15. Sustainability • Accelerated progress towards our long- term goal of achieving NetZeroby40, GHG emissions. • Achieved our #YouthEmpowered target a year ahead of schedule – see page 28. • Continued to prioritise a circular approach to packaging resulted in increasing % of recycled content and % of returnable packaging – see pages 24 and 27. • Launched DRS in Hungary and Ireland, while we continued to work on alternative types of collection models in Nigeria and Egypt – see pages 24 and 27. • Accelerated progress towards NetZeroby40 through progress towards packaging circularity, decarbonising our operations, further shift to energy-efficient coolers and green fleet and others. Key highlights 43.5% of management positions held by women +6% in our customer NPS® from 59 to 65 659,000 hours of learning for our people €1.55m grants approved by the Coca-Cola HBC Foundation for flood-relief initiatives 58% overall packaging collection rate* * excluding Egypt Coca-Cola HBC Integrated Annual Report 2024 204 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Corporate Governance Report continued 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 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 development of performance management to achieve ESG goals. Audit and Risk Committee • Oversees accounting policies, financial reporting and disclosure controls; approach to internal controls and risk management; information / cyber security and AI matters; and the quality, adequacy and scope of internal and external audit functions. • Oversees compliance with legal, regulatory and financial reporting requirements and the internal audit function. • Receives external auditor reports. • Responsible for ESG 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 195 to 197. 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 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. Coca-Cola HBC Integrated Annual Report 2024 205 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Corporate Governance Report continued Division of responsibilities and meeting attendance continued Separation of roles There is a clear separation of the roles of the Chair and the CEO. 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, Zoran Bogdanovic, is responsible for the day-to-day management and performance of the Company and for the implementation of the 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 1 May 2024 4/4 5/5 Elizabeth Bastoni 2 September 2024 2/2 2/2 2/2 Charlotte J. Boyle June 2017 6/6 5/5 2/2 4/4 Henrique Braun 3 June 2021 5/6 Anna Diamantopoulou4 June 2020 3/4 3/3 2/2 2/2 Olusola (Sola) David-Borha5 June 2015 2/2 3/3 William W. (Bill) Douglas III June 2016 6/6 8/8 Reto Francioni6 June 2016 6/6 4/5 3/4 Anastasios I. Leventis June 2014 6/6 4/4 Christo Leventis June 2014 6/6 George Pavlos Leventis May 2023 6/6 Alexandra Papalexopoulou7 June 2015 2/2 3/3 Evguenia (Jeny) Stoitchkova May 2023 6/6 4/4 Glykeria Tsernou8 May 2024 4/4 5/5 1. Zulikat Wuraola Abiola was appointed to the Board at the AGM on 21 May 2024. 2. Elizabeth Bastoni was appointed to the Board at an Extraordinary General Meeting on 16 September 2024. 3. Henique Braun was unable to attend one Board meeting due to a pre-agreed prior commitment. 4. Anna Diamantopoulou retired from the Board, the Nomination Committee, the Remuneration Committee and the Social Responsibility Committee at the end of an Extraordinary General Meeting held on 16 September 2024. 5. Olusola (Sola) Borha-David retired from the Board and the Audit and Risk Committee at the end of the AGM on 21 May 2024. 6. Reto Francioni was unable to attend one Nomination Committee meeting and one Remuneration Committee meeting due to a pre-agreed commitment. 7. Alexandra Papalexopoulou retired from the Board and the Audit and Risk Committee at the end of the AGM on 21 May 2024. 8. Glykeria Tsernou was appointed to the Board at the AGM on 21 May 2024. Coca-Cola HBC Integrated Annual Report 2024 206 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Corporate Governance Report continued The Executive Leadership Team Zoran Bogdanovic (52) 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 a number of senior leadership positions, including as 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 (54) Chief Operating Officer Senior management tenure: Appointed July 2016, appointed COO September 2020 Previous Group roles: Naya held the role of Chief Customer and Commercial Officer from 2016 to 2020. Since joining Coca-Cola HBC in 1998, has progressed her career assuming various roles with increasing responsibility, including Marketing Director, Trade Marketing Director, Sales Director, Country Commercial Director and General Manager. She has been actively involved in strategic projects and task forces within Coca-Cola HBC Group, addressing critical business imperatives. Previous relevant experience: Naya joined Coca-Cola HBC in 1998 after holding various marketing roles with The Coca-Cola Company, the most senior one being that of Marketing Manager. External appointments: Naya serves as a board member of Casa del Caffè Vergnano S.p.A., where the Group holds a 30% equity stake. Nationality: Greek Anastasis Stamoulis (50) 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 in Baltics (2011-2014), CFO Bulgaria (2014-2015) and CFO Italy (2015-2018). In 2018, he assumed the role of Group Financial Controller, from 2021 and until 2023, he held the role of Head of Finance Operations and from 2023 until April 2024 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 Greece and UK and Volvo Cars in Greece as finance manager. External appointments: None Nationality: Greek Ben Almanzar stepped down as CFO at the end of April 2024 when Anastasis Stamoulis was appointed CFO with effect from 1 May 2024. Jan Gustavsson (59) 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 plc 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 (55) 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 Turkey 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 Turkey, 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 in Arthur Andersen & Co, as an auditor before moving to the FMCG sector. External appointments: None Nationality: Turkish Coca-Cola HBC Integrated Annual Report 2024 207 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Ivo Bjelis (57) 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 built his career assuming roles of increased scale and scope, including 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 the transformation of the Supply Chain strategy over the years. External appointments: None Nationality: Croatian Marcel Martin (66) Chief Corporate Affairs and Sustainability Officer Senior management tenure: Appointed Chief Supply Chain Officer January 2015, appointed Chief Corporate Affairs & Sustainability Officer January 2022 Previous Group roles: Marcel joined the Group in 1993, holding positions with increasing responsibility in the supply chain and commercial functions. Since 1995, he has held general management assignments in several of our markets, including as General Manager for Eastern Romania, Regional Manager Russia, Country General Manager Ukraine and General Manager Nigeria. He became General Manager of our Irish operations in 2010, Supply Chain Director in 2015 and is now our Chief Corporate Affairs and Sustainability Officer. External appointments: None Nationality: Romanian Mourad Ajarti (48) Chief Digital and Technology Officer Senior management tenure: Appointed October 2019 Previous Group roles: None. Previous relevant experience: Mourad has 20 years’ experience with two fast-moving consumer goods industry leaders, Procter & Gamble and L’Oréal. Mourad started with Procter & Gamble leading SAP implementation in Morocco, Saudi Arabia and Europe, and later was 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 (50) 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 of 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 (55) 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 with increasing responsibility in the commercial function in Greece (National Account Manager, Athens Region Sales Manager, National Wholesale Managerand Country Sales Director). Since 2008, Minas has held general management assignments in several of our markets, including those of Country General Manager Cyprus, Country General Manager Bulgaria and Country General Manager Hungary. Previous relevant experience: Prior to joining the Group, Minas spent seven years at Unilever Greece in managerial positions in sales and marketing. External appointments: None Nationality: Greek Corporate Governance Report continued The Executive Leadership Team continued Coca-Cola HBC Integrated Annual Report 2024 208 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Frank O’Donnell (57) 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 Aleksandar Ruzevic9 (54) Region Director: Nigeria, Egypt, Belarus, and Russia Senior management tenure: Appointed June 2023 Previous Group roles: Aleksandar joined the Group in 1998 as a sales representative. He was then appointed Commercial Director for Serbia and Montenegro. In 2010 Aleksandar joined the Ukrainian team in the role of Commercial Director, which he successfully led for four years. In 2014, Aleksandar took the position of General Manager in North Macedonia. In 2016 he became Country General Manager in Serbia and Montenegro and from 2018 he led the Russia business unit. External appointments: None Nationality: Serbian Vladimir Kosijer10 (46) Acting Region Director: Nigeria, Egypt, Belarus, Russia Senior management tenure: Appointed 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 while expanding responsibility over Moldova. In 2018 Vladimir took the position of 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 (54) Chief Customer and Commercial Officer Senior management tenure: Appointed May 2021 Previous Group roles: Barbara joined the Group in 1998, building her career first 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 assumed the role of 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 (45) 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 prior to this he spent seven years at Henkel in managerial positions of growing responsibility in Austria and Ukraine. External appointments: None Nationality: Ukrainian Jaak Mikkel (50) 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 roles of General Management for Pivara Skopje in North Macedonia and Romania. His latest 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 in the Nordics. External appointments: None Nationality: Estonian Corporate Governance Report continued The Executive Leadership Team continued 9. Currently on medical leave 10. During the absence of Aleksandar Ruzevic, Vladimir Kosijer has been appointed Acting Region Director. Coca-Cola HBC Integrated Annual Report 2024 209 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Corporate Governance Report continued Responsibilities of the ELT Executive Leadership gender diversity (number and %) 80% 3 20% 12* Men Women During the absence of Aleksandar Ruzevic, Region Director, Vladimir Kosijer has been appointed Acting Region Director. * 0–1 1–2 2–3 3– 4 4–5 5–6 10–11 11–12 2 2 1 1 1 1 1 3 3 8–9 23–24 1 Executive Leadership Team tenure (years) Key activities and decisions in 2024 The ELT met 10 times in 2024 to discuss: Long-term direction setting • Reviewing strategic projects and initiatives complementing our Growth Story framework. • Overseeing the strategic evolution of Supply Chain, People and Culture, Commercial, Finance, Digital & Technology Platform Services, Strategy & Transformation, and Corporate Affairs & Sustainability functions. • Sponsoring the further redesign of Company culture and corporate identity. • 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 2025 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 2025 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 & safety performance, policies, projects and material incidents. • Reviewing the corporate audit plan. Priority initiatives and projects • Processes’ and projects’ simplification and optimisation 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. • Diversity, Equality and Inclusion initiatives. • Setting targets and measuring and driving progress on our Sustainability strategic projects. • Priority strategic digital commerce projects and monitoring performance. • Data, insights & analytics (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. Coca-Cola HBC Integrated Annual Report 2024 210 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 2024, the Nomination Committee continued to review the balance of skills, experience and diversity of the Board, and the overall length of service of the Board, both as a whole and as part of its succession planning and considered the need to refresh Board membership. Our Group’s Nomination Policy for the Recruitment of Board members is our compass for the recruitment of new Board members. This year, following the retirement of three Board members, two new members were appointed to the Board at the 2024 AGM and one at the Extraordinary General Meeting in September 2024. As every year, this year the Nomination Committee continued to coordinate the evaluation of the Board and the Board committees’ effectiveness through an externally facilitated assessment. On the employee side in 2024, the Nomination Committee had regular updates on engagement results, external benchmarking results on our Employer Brand, the evolution of our bespoke International Leadership Trainee programme. and progress on our DEI initiatives. The Nomination Committee received input on the Company’s new program Talent 2.0 and how we will evolve from good to great when it comes to attracting, developing, and retaining great people through 11 key initiatives. Reto Francioni Committee Chair Overview All members of the Nomination Committee are independent NEDs. At the AGM in May 2024, Reto Francioni, Charlotte J. Boyle and Anna Diamantopoulou were re-elected for a one-year term by the shareholders. In September 2024, Anna Diamantopoulou retired from the Board and the Nomination Committee and Elizabeth Bastoni was appointed following her election to the Board by shareholders. The Chair of the Nomination Committee attended our AGM in May 2024 and regularly interacts with representatives of our shareholders. Members Reto Francioni (Chair) Member since 2016, Chair since 2016 Charlotte J. Boyle Member since 2017 Anna Diamantopoulou Member from 2020 until September 2024 Elizabeth Bastoni Member since September 2024 Highlights 2024 • Succession planning and talent review • Appointment of three new NEDs • Engagement and pulse/culture surveys • Board and committee performance assessments and follow up actions 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)1 Number in ELT % of ELT Men 8 62% 3 12 80% Women 5 38% 0 3 20% 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)2 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 say3 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 given on a self-identifying basis. 3. This includes, as permitted by UK Listing Rules 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 These appointments bring diverse expertise to the Board, enhancing Coca-Cola HBC’s strategic direction and governance. Elizabeth brings experience of advising boards of global companies on governance, executive compensation, strategy development and execution and people development and succession planning. Wuraola brings over 20 years of experience, acquired in her current and previous roles, of strategy, business development, leadership, governance, organisational development, risk management and public sector policy in Nigeria and throughout Africa. Glykeria brings extensive knowledge of financial advisory, investment, business development and management consulting experience across a range of sectors. Elizabeth Bastoni Elected at an EGM on September 16, 2024, and also joined the Remuneration Committee and the Nomination Committee. Zulikat Wuraola Abiola Elected at the AGM on May 21, 2024, and also joined the Audit and Risk Committee. Glykeria Tsernou Also elected at the AGM on May 21, 2024, and also joined the Audit and Risk Committee. Welcome to our new Board members Coca-Cola HBC Integrated Annual Report 2024 211 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Corporate Governance Report continued Nomination Committee continued Role and responsibilities The function of the Nomination Committee is to establish and maintain a process for appointing new Board members, to manage effective succession planning for the CEO, in consultation with the Chair, and for the members of the ELT, in consultation with the CEO, to oversee the development of a diverse pipeline for succession, and to support 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’s 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 five times during 2024 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 is actively involved in the work of the Nomination Committee concerning succession planning and the selection of key people. In 2024, the General Counsel also met with the Nomination Committee on several occasions. During 2024, it considered: • succession planning and development of plans for the recruitment of new Board members and certain members of the ELT; • recruitment and onboarding of three new Board members; • appointment of new CEO; • composition of the Board, including the appropriate balance of skills, knowledge, experience and diversity; • review of the talent pipeline and talent management framework and initiatives; • oversight of engagement survey results and focus areas; • monitoring of the Group’s flagship International Trainee Leadership Programme; • monitoring of activities focused on building understanding and bringing our values and bringing our values to life; • external benchmarking and review of our employee value proposition 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 be 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. Each Director 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, the expertise of a number of our Board members who sit on the boards of other multi- nationals that face similar challenges and have similar concerns on the ESG agenda, helped us identify the commitments that we want to make in this area and set the relevant targets. Until her retirement from the Board in September 2024, Anna Diamantopoulou’s familiarity with the social protection and welfare state at the EU Commission High-Level Group, also supported our decision making in connection with ESG. 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 he 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 bold sustainability commitments related to climate, water stewardship, biodiversity and packaging. In relation to risk oversight and management, we are proud that the vast majority of our Board members possess strong risk management expertise, developed over time as a result of 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. 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 the Company’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 the Company’s expense. They have full access to the CEO and senior management, as well as the external auditor and internal audit team. Coca-Cola HBC Integrated Annual Report 2024 212 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 kept 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 in place plans to ensure the progressive renewal 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 – see right) 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 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. In making such recommendations, 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. Committee at work Succession planning Board composition Recruitment Shortlisting Interview Balance of skills assessment Appointment Induction Diversity The Group continues to have 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. Further details in the Group’s Inclusion and Diversity and Anti-Harassment Policy on page 133 in the Strategic Report and on our website under www.coca-colahellenic.com/en/about-us/ corporate-governance/policies/inclusion-and- diversity-policy. Corporate Governance Report continued Nomination Committee continued 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 across the whole Group. The Board has adopted a Board Nomination Policy, which 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 will be taken into consideration for succession planning and appointment of new Board members. The Nomination Committee is responsible for implementing this 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 as a whole when considering refreshment of the membership. Two Directors retired at the end of the 2024 AGM and, following recommendation by the Nomination Committee, two Directors (both female) were appointed at the end of the 2024 AGM. One female Director retired from the Board at the end of an Extraordinary General Meeting held in September and another female Director was appointed in her place. Female representation on the Board is 38%. Board and ELT gender and ethnicity metrics As at 31 December 2024, 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). No senior positions on the Board as described in the FCA UK Listing Rules are held by women. Female representation in the ELT is 20% and in senior management positions reporting to the ELT is 37,93%. 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 211 include metrics that set out the range of gender and ethnicity as they relate to our Board and ELT as at 31 December 2024. 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 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, recognising 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 are identified from the management talent development programme. Coca-Cola HBC Integrated Annual Report 2024 213 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Board performance review The Nomination Committee led the annual review of the Board’s, committees’ and the Chair’s performance, as well as a self-evaluation of each individual Director with the support of Lintstock, an external advisory firm we have worked with for the past nine 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 change in 2025. It also took actions to address the recommendations from the previous (2023) evaluation, as summarised below. The Chair will lead on priorities to be actioned during 2025. In addition to the annual performance review, the Chair met with Directors throughout 2024 to receive feedback on the functioning of the Board and its committees, boardroom dynamics and Coca-Cola HBC’s strategy. These meetings give particular focus to areas where a Director believes the performance of the Board and its committees could be improved. The independent Directors met separately at every Board meeting to discuss a variety of issues, including the effectiveness of the Board. 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. 2024 actions based on 2023 Board evaluation findings and previous experience • Prioritised sustainability-related topics, through regular reviews on progress of plans, as well as updates and educational sessions on regulatory developments. • Leveraged learnings on geopolitical, regulatory and macro developments to inform and validate our strategic planning and risk management, for example, in relation to treasury actions to mitigate FX challenges and currency devaluation in Nigeria and Egypt and tailoring our market execution plans to make affordable offers to customers and consumers. • Sessions with our corporate brokers, TCCC senior executives and updates on investor and market expectations, trends and developments, and customer satisfaction surveys to acquire external perspectives and insights on priority areas. • Continued focusing on Emerging markets through deep dives and regular reviews. • Had regular updates on people activities, development and succession plans for senior positions, reviews of engagement and collaboration surveys. • Reviewed, debated and oversaw business plans and execution, strategic priority categories, risk management and governance matters to support management achieving our growth targets. • Approved technology and digital investments, updates on cyber security matters, and a variety of digitalisation initiatives and tools to automate and streamline our processes. 2024 review findings • The Board’s performance review was considered positive overall and the scores in all areas covered were high, as in previous years and materially similar to 2023. • The Board’s performance in all areas reviewed was either equal to or above the Lintstock Governance 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 strategy and the Board’s oversight of it, 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 made to further improve talent and succession processes were commended very positively. 2025 priorities based on review findings • Focusing on the strategy, particularly longer- term issues and opportunities. • Board succession and continuity, with continued focus on refreshment of the Board composition. • Focusing on the talent pipeline and succession planning for C-suite roles and ensuring ample exposure of the Board to the talent pool. • Maintaining focus on external developments, particularly geopolitical dynamics, regulation, and industry trends. • Enhancing training curriculum with focus on technology, digital, AI transformation, DIA and sustainability related topics. • Continuing to deep dive into key areas of the business and improving understanding of key markets. A robust, independent methodology 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 follow up on and further explore key themes identified in last year’s evaluation, so that year-on-year progress can 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. The results of the review were positive overall, and the Board was felt to have performed effectively and maintained a strong working dynamic. A target has been set of 50% female representation of managers, to be achieved by 2025. This links to our strategy to develop our people and ensure we attract and retain a diverse talent pool, and is one of the five pillars of our growth strategy. Read more on pages 20 to 23. 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 in Emerging markets. Our ELT is based in Switzerland (where Coca-Cola HBC is incorporated), but most of our senior management reporting to the ELT is located in other countries. As a Swiss headquartered company any senior management representation we have in the UK is purely circumstantial. For this reason, we do not have specific ethnicity targets or tracking. We are committed to increasing the diversity of our senior management population and there will be several initiatives that will be put in place over the coming years to support this and to ensure that we have the right pipeline of talent. In the future we will also look more closely at ethnic minority representation across Coca-Cola HBC, not just at management level, and report on this where appropriate. 2025 priorities • 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 • Engagement and culture surveys • Externally facilitated Board and committee assessments • Follow-up actions on outcome of 2024 evaluation assessment Corporate Governance Report continued Nomination Committee continued Coca-Cola HBC Integrated Annual Report 2024 214 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Corporate Governance Report continued Social Responsibility Committee Dear Shareholder, Our Company has remained focused on its sustainability journey by executing with discipline the ESG goals and agenda across all 29 markets, creating value to our suppliers, customers, employees and communities and investing in future innovations that will bring positive impact on people and environment. 2025 will be the final year of our Mission 2025 goals, and we proudly share that we have already reached nine out of our seventeen targets ahead of the target year. For the fourth consecutive year we are reducing our absolute GHG emissions (scopes 1, 2 and 3) and performing in line with our NetZeroby40 roadmap proving that we are able to decouple our emissions from our business growth. I would like to mention specifically the progress made with the renewable energy and top 20 energy-saving initiatives in manufacturing, the advancement of energy-efficient coolers that save electricity for our customers, reusable solutions for our beverages, and increases in recycled PET (rPET), recycled aluminium and recycled glass in our primary packaging materials. In December 2024, we received approval from the SBTi of our near-term (by 2030), net-zero (by 2040) and FLAG (Forest, Land and Agriculture) targets against the SBTi’s Net-Zero Standard Criteria and Near-Term Target Criteria and Recommendations. This is a huge milestone and we continue implementing the initiatives in different pillars across the value chain that bring business value and contribute to emissions reduction. We are progressing with our suppliers’ ESG programmes and engagement plan that not only helps in scope 3 emissions decarbonisation but also bring positive social and environmental impact. In 2024, our newly established Coca-Cola HBC Foundation approved €1.55 million in grants to flood-relief projects in six Coca-Cola HBC countries (Greece, Nigeria, Bosnia and Herzegovina, Hungary, Poland, and Romania). We also launched our first sustainability capabilities programme for our sales teams, focused on building impactful partnerships with our customers. The programme was created to provide our customer-facing teams with relevant proof-points and value- creation approach. In preparation for compliance with the EU Deforestation Regulation, a cross-functional working group is assessing potential solutions for meeting all requirements in 2025. Our Committee pays attention to the increasing complexity coming with all new ESG compliance frameworks and closely monitors the development of the new ones. Our first sustainability statement as per the ESRS requirements can be found on pages 41 to 172. Our Company continued its progress on packaging collection: As of January 2025, nine markets have DRS in place, with two more schemes expected to go live in 2025. In May 2024, we hosted 60 TCCS participants from 25 markets in Bucharest, Romania to share learnings from our DRS markets, discuss approaches to cross-functional collaboration, experience DRS in action and interact with external stakeholders. We are on track to meet our challenging water stewardship goal for helping communities in water risk by adding four to the existing 12 water stewardship projects and planning three more in 2025 to reach 100% of this 2025 goal. Charlotte J. Boyle Member since September 2024 Evguenia Stoitchkova Member since May 2023 Highlights 2024 • Review of main actions for the Group’s net zero transition plan developed as part of NetZeroby40 goal combined with science- based carbon reduction targets by 2030. • Approval from the SBTi of our near-term (by 2030), net-zero (by 2040) and FLAG (Forest, Land and Agriculture) targets. • Monitoring progress and status towards the Group’s ESG targets in all seven focus areas. • Review of the first sustainability capabilities’ programme for our sales team, which is focused on building impactful partnership with the customers in sustainability. • Oversight of the Group’s packaging collection roadmap and plans for DRSs in our markets and the first the Coca-Cola System (TCCS)-owned tailor made collection model in Nigeria. • Overview of the EU compliance frameworks, with a specific focus on Corporate Sustainability Reporting Directive (CSRD) and our compliance plans and European Sustainability Reporting Standards (ESRS). • Approval of the Group’s Double Materiality Assessment (DMA) approach and DMA results. • Review of the results and improvement opportunities from the 2023 ESG assurance audit. Overview Anastasios I. Leventis (Chair) Member since 2016 Chair since 2016 Anna Diamantopoulou Member from June 2020 until September 2024 Members The Social Responsibility Committee comprises one independent NED and two NEDs: Anastasios I. Leventis (Chair), Anna Diamantopoulou until September 2024, Evguenia Stoitchkova and Charlotte J. Boyle from September 2024. Coca-Cola HBC Integrated Annual Report 2024 215 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Corporate Governance Report continued Social Responsibility Committee continued In 2024, Coca-Cola HBC’s was again named by the Dow Jones Best-in-Class Indices as a leader, with the highest S&P Global Corporate Sustainability Assessment score in the Beverage industry, which is the eighth time we have topped the industry and marks 14 consecutive years among the top three. We continue to earn leading scores in the beverage industry in 10 of the most recognised ESG ratings (DJSI, CDP Climate and Water, MSCI ESG, ISS ESG, V.E. Moody’s ESG and Morningstar Sustainalytics among them). During the year we reviewed the high-level activities and the capital investments related to sustainability, sustainability communication strategy, and the capability programme prepared for different levels in our organisation aiming to build sustainability knowledge. Within 2025, the Social Responsibility Committee will ensure that the business strategy is fully aligned with the Group’s ESG agenda and that the Company continues to create value for employees, communities, society and the environment. 2025 will be the last year of our Mission 2025 goals and we are looking for our next ESG ambitions in the areas material for our stakeholders, for our business, for society, and for the environment. Among the continuous focus in 2025 will be the NetZeroby40 goal, biodiversity, water community and water replenishment projects, Pack and Mix of the Future plans, packaging collection, human rights, our social agenda and impact, ESG programmes for our suppliers, and customer partnerships in sustainability. Anastasios I. Leventis Committee Chair 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 committees of the Board of Directors in Annex C to 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 2024. It invited other members of the Board to attend the meetings, namely Charlotte J. Boyle, George Leventis, Elizabeth Bastoni and the CEO, as well as the Chief Corporate Affairs and Sustainability Officer and additional senior leaders subject to the discussion topics. During 2024, the Social Responsibility Committee reviewed and provided guidance and insights to advance the Group’s sustainability approach in the following areas: • Progress on and action plans made against the seventeen publicly communicated 2025 sustainability goals and their six focus areas. • 2030 science-based targets and the SBTi- approved NetZeroby40 goal, including its net zero transition plan, with the main initiatives per lever (pillar) and their Capex and Opex. • Sustainable packaging agenda and progress towards more sustainable packaging (rPET, packageless, refillables and other). • Packaging collection and recovery with DRS implementation across Europe and solutions for Nigeria and Egypt. • Group CEO’s participation in the Alliance of CEO Climate Leaders at the World Economic Forum. • Investments in different initiatives that deliver sustainability benefits. • Approach to carbon removals and carbon credits. • Review of progress in decreasing calories in our beverages as part of our nutrition agenda. • Health and safety programmes, including Life Saving Rules and Behavioural Based Safety. • Social impact community programmes such as #YouthEmpowered programmes and water stewardship projects. • DMA process and approval of results. • ESRS reporting and compliance with the CSRD, Corporate Sustainability Due Diligence Directive (CS DDD) and EU Deforestation Regulation (EU DR), as well as reporting towards different ESG reporting frameworks, standards and benchmarking such as the GRI Standards, SDGs, Dow Jones Sustainability Indices, CDP Climate and Water, Task Force on Climate-related Financial Disclosures (TCFD), and the Sustainability Accounting Standards Board (SASB). • Review of supplier engagement activities and programmes, including suppliers’ progress towards setting science-based targets and shifting to green energy, suppliers’ ESG risk assessment, and capabilities-building programmes. • 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, EU Green Claims Directive and the UN Global Plastics Treaty. • Active involvement in Annual Stakeholder Forum ‘Harnessing the Circular Economy for Packaging.’ • Support with flood reliefs our communities in need by the Coca-Cola HBC Foundation. • Review of sustainability communication plans, their impact on the Group’s reputation and initiatives for bringing its culture story to life. Priorities for 2025 • Continuous review of the net zero transition plan and its roadmap supporting our NetZeroby40 emissions goal approved by the Science-Based Targets initiative (SBTi). • Overview of the status of all Mission 2025 goals in their final year of completion. • Overview of the plans and key activities to deliver the 2025 packaging collection target. • Endorsement of Coca-Cola HBC’s sustainability targets beyond 2025. • Further refinement of the DMA, focusing on dependencies, impacts, risks, and opportunities. • Compliance to the EU Deforestation Regulation and review of the mandatory ESG reporting standards across our jurisdictions. • Monitor development of the Science Based Targets Network for Nature and its guidelines for setting biodiversity science-based targets and their implementation in our Company. • Partnerships for innovation in the area of ESG, with both customers and suppliers. • Overview of the social impact programmes. • Progress on calorie reduction and added sugar reduction across beverage categories. • Stakeholder outreach activities. • Ongoing activities related to ESG benchmarking, plastic packaging levies and product tax developments. Coca-Cola HBC Integrated Annual Report 2024 216 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Dear Shareholder, I am pleased to present the annual report of the Audit and Risk Committee. This report explains the Audit and Risk Committee’s responsibilities and work during 2024. In performing its work, the Audit and Risk Committee balances independent oversight with support and guidance to management. I am confident to report that the Audit and Risk Committee, supported by senior management and the external auditor, consistently carried out its duties to a high standard during the reporting year. We have monitored and reviewed our risk management processes, including our risk profile and mitigation plans, but also principal risks and risk appetite as well as the Business Resilience Framework, which has replaced the Enterprise Risk Management Framework. The Audit and Risk Committee endorsed the ERBD loan facility for operations in Egypt, had regular updates of the work on CSRD compliance and endorsed the DMA prepared, and had regular updates on preparatory work for the tender of the external audit contract during 2025. The Audit and Risk Committee worked closely with the corporate audit and finance teams in overseeing the implementation and monitoring of the Group’s internal control framework. 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. William W. (Bill) Douglas III Committee Chair Role and responsibilities The Audit and Risk Committee monitors the effectiveness of our financial and sustainability reporting, internal control and risk management systems, and processes. The role of the Audit and Risk 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: coca-colahellenic.com/ en/about-us/ corporate-governance. The key responsibilities and elements of the Audit and Risk Committee’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 that 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 ethical 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 that Coca-Cola HBC is prepared to take in achieving its strategic objectives. William W. (Bill) Douglas III (Chair) Member since 2016 Chair since June 2016 Olusola (Sola) David‑Borha Member from 2015 until May 2024 Zulikat Wuraola Abiola Member since May 2024 Alexandra Papalexopoulou Member from 2020 until May 2024 Highlights 2024 • Endorsement of the new Business Resilience Framework to replace the Enterprise Risk Management Framework. • Endorsement of work for CSRD compliance. • Preparatory work for audit tender in 2025. • Review of the changes in the Corporate Audit Department and internal audit policies and procedures to comply with the new global internal audit standards effective January 2025. • Endorsement of EBRD loan facility for operations in Egypt. Overview Glykeria Tsernou Member since May 2024 Members All members of the Audit and Risk Committee are independent NEDs: William W. (Bill) Douglas III (Chair), Zulikat Wuraola Abiola and Glykeria Tsernou were each elected for a one-year term by the shareholders at the AGM in May 2024. Corporate Governance Report continued Audit and Risk Committee Coca-Cola HBC Integrated Annual Report 2024 217 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information • 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 London Stock Exchange and Athens Exchange, and applicable professional standards. The Board is satisfied that Bill Douglas, Zulikat Wuraola Abiola and Glykeria Tsernou possess recent and relevant financial and sector experience in compliance with the UK Corporate Governance Code. Bill Douglas was formerly Executive Vice President and CFO of Coca-Cola Enterprises, Zulikat Wuraola Abiola has risk management experience and Glykeria Tsernou is experienced in financial advisory and investment. The Board is also satisfied that the members of the Audit and Risk Committee 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 195 to 197. 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 Audit and Risk Committee. 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 2024. The Head of Corporate Audit and, separately, the external auditor, meet regularly with the Audit and Risk Committee without the presence of management to discuss the adequacy of internal controls and any other matters deemed relevant to the Audit and Risk Committee. The Chair of the Audit and Risk Committee attended our AGM in May 2024 and regularly interacts with representatives of our shareholders. Work and activities The Audit and Risk Committee met eight times, four of which were by video conference call, during 2024 and discharged the responsibilities defined under Annex C of Coca-Cola HBC’s Organisational Regulations. The work of the Audit and Risk Committee during the year included consideration, review, and where appropriate challenge, of the respective matters, as well as assessment of management’s mitigating actions and response plans in the areas below: Reporting • 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, the quarterly trading updates, as well as upgrading the Group’s 2024 guidance in its half-year results; • areas of significance in the preparation of the consolidated financial statements and impact on markets including: foreign currency volatility, affordability challenges, floods and wildfires in various countries and geopolitical issues such as in the Middle East region, Ukraine and Russia; • oversight of the preparations and endorsement of the first CSRD reporting of the Company for approval by the Board, working closely with and challenging the management to ensure the ESG data integrity matches that of financial data integrity; and • 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 inflation, 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, sanctions, and overview of litigation and regulatory investigations and compliance with the Group’s Code of Business Conduct; and • regular updates from the external auditor on accounting and regulatory developments, including updates on Swiss regulatory developments and CSRD; Principal risks, internal controls & external auditor • scheduled risk updates and updates on business resilience matters including: emerging risks, use of AI, cyber security, insurance, business resilience processes and the fire at the Bambi production plant; • approval of changes to 2024 internal audit plan, quarterly reports on internal audit matters across the Group’s business and approval of the 2025 internal audit plan; • the internal control environment, principal risks and risk management systems (including and the Group’s statement on the effectiveness of its internal controls prior to endorsement by the Board, concluding that management has carried out 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; • reports on the Group’s impairment assessment processes and relevant results in connection with the interim and annual financial report; • 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 frameworks and assessment and integration of the Company’s Egyptian subsidiary; • an assessment and confirmation of the internal audit function including 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 2025, as well as external audit tender plan for 2025; • consideration of the external auditor’s independence, quality, and adequacy and the effectiveness of its audit of the financial statements; and • 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. In 2024, the Audit and Risk Committee also reviewed the 2023 Integrated Annual Report including the consolidated financial statements and associated reports and information. The Audit and Risk Committee received assurances from management and details on the processes underlying the preparation of published financial information. Following evaluation of all available information, the Audit and Risk Committee concluded and advised the Board that the 2023 Integrated Annual Report including the consolidated financial statements is fair, balanced and understandable. Areas of key significance in the preparation of the financial statements The Audit and Risk Committee considered a number of areas of key significance in the preparation of the financial statements in 2024, 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), identified by management; Corporate Governance Report continued Audit and Risk Committee continued Coca-Cola HBC Integrated Annual Report 2024 218 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information • review of the trading environment and resilience of the Group’s business in light of 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 the 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; • review of the interim impairment testing of goodwill and other indefinite lived intangible assets performed by management in relation to the Company’s Egyptian subsidiary; • 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. External auditor PricewaterhouseCoopers AG, Birchstrasse 160, CH 8050 Zurich, Switzerland (‘PwC AG’) has been elected by the shareholders as the statutory auditor for the Group’s statutory consolidated and standalone financial statements. The signing partner for the second year, for the statutory financial statements on behalf of PwC AG is Patrick Balkanyi, for the year ended 31 December 2024. The Board, at the recommendation of the Audit and Risk Committee, has retained PricewaterhouseCoopers S.A., 65 Kifissias Avenue – 15124 Marousi, 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 2024. For the fourth year, the signing partner of the Group financial statements (for the year ended 31 December 2024) on behalf of PwC S.A. is Fotis Smyrnis, who is 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, the members of the Audit and Risk Committee met on a regular basis with the appointed PwC signing partners, both with and without management being present. This provided the Audit and Risk Committee with an opportunity for open dialogue, to question and be satisfied as to the quality of the audit work performed by PwC and 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 including but not limited to the trading environment and resilience of the Group’s business in light of the challenging macroeconomic conditions, the annual impairment testing, contingencies and legal proceedings including taxes. The Audit and Risk Committee took an active role in reviewing the scope of the audit, the independence, objectivity and effectiveness of PwC, and the negotiations relating to audit fees. The Audit and Risk Committee also met with the management team, which 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 Audit and Risk Committee has 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. PwC has acted as 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 Audit and Risk Committee. Following the evaluation of the proposals, the Audit and Risk Committee concluded in 2015 that the best interests of the Group and its shareholders would be served by reappointing PwC as external auditor and made such 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. Currently, the Audit and Risk Committee anticipates that the audit contract will be put out to tender again in the first half of 2025 for audit services with effect from financial year 2027, ensuring stability and quality of the audit process. As a Swiss company, Coca-Cola HBC is not subject to mandatory auditor rotation rules in the EU or UK but understands the requirements. There are no contractual or other obligations restricting the Group’s choice of external auditor. Non-audit services provided by the external auditor The Audit and Risk Committee 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 the relevant FRC Guidance, the Company’s relevant policy requires the Audit and Risk Committee’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 the Company. Such services include audit, work related to audit, and certain tax and other services as further explained below. In practice, the Audit and Risk Committee 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 Audit and Risk Committee 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 on 31 December 2024. Corporate Governance Report continued Audit and Risk Committee continued Coca-Cola HBC Integrated Annual Report 2024 219 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Audit fees and all other fees Audit fees: The fees to PwC and affiliates for audit services were approximately €5.4 million for the year ended 31 December 2024 (2023: €5.3 million). The audit fees for 2024 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 2024 (2023: €0.6 million). Audit-related fees: Fees to PwC and affiliates for audit-related services for the year ended 31 December 2024 were €1.1 million (2023: €1.0 million). All other fees: Fees to PwC and affiliates for non-audit services for the year ended 31 December 2024 were €0 (2023: €0.1 million). Risk management During 2024, Coca-Cola HBC continued to revise and strengthen its approach to risk management (see pages 178 to 180). The primary aim of our risk management programme is to minimise our exposure and ensure that the nature and significance of all risks we are facing are properly identified, reviewed, managed and, where necessary, escalated. Risk assessments are conducted and discussed at monthly senior leadership team meetings in all our 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 Audit and Risk Committee. This process is both top-down and bottom-up and is designed to ensure that risks arising from business activities are appropriately managed. The Audit and Risk Committee confirms that the risk management and internal control systems have been in place for the year under review and up to the approval of the 2024 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 of the countries in which we operate, our businesses are exposed to a heightened risk of loss due to fraud and criminal activity. We review our systems of financial control regularly to minimise such losses. Internal audit Our internal audit function reports directly to the Audit and Risk Committee, which reviews and approves the internal audit plan for each year. The internal audit function consists of approximately 45 full-time professional audit staff, primarily based in Athens, Sofia, Lagos and Cairo, covering 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 makes quarterly presentations to the Audit and Risk Committee and meets regularly with the Audit and Risk Committee without the presence of management. 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 Audit and Risk Committee on a regular basis. The internal audit function focuses its work on the 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 matters, we also consistently seek to enhance our internal control environment and risk management capability. The internal audit function carries out work across the Group, providing independent assurance, advice and insight to help the organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control and governance processes. In December 2024, the Audit and Risk Committee agreed the 2025 audit plan to be undertaken by the internal audit team. The audit plan coverage is based on risk, strategic priorities and consideration of the strength of the control environment. The internal audit function prepares audit reports and recommendations following each audit, and appropriate measures are then taken to ensure that all recommendations are implemented. Significant issues, if any, are raised immediately after they are identified. There were no such issues identified in 2024. 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. It subsequently reviews quarterly performance against targets set forth in these plans and budgets. A key focus of the financial management strategy is the protection of our earnings stream and management of 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. The Audit and Risk Committee’s review included bi-annual reviews with the CRO on the operation 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 our financial, operational and compliance controls, following which we report back to the Board on our work and findings as described above. This allowed the Audit and Risk Committee to provide positive assurance to the Board to assist it in making the statements that our risk management and internal control systems are effective, as required by the UK Corporate Governance Code. Read more on page 191. 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 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 was also provided with 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 remained in focus. The Audit and Risk Committee was kept 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 have access to the implementation status of the recommendations at all times. Where internal or external circumstances give rise to an increased level of risk, the audit plan is modified accordingly. Corporate Governance Report continued Audit and Risk Committee continued Coca-Cola HBC Integrated Annual Report 2024 220 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Nevertheless, no significant cases occurred this year. Any changes to the agreed audit plan are presented to and agreed by the Audit and Risk Committee. Cyber security and AI There were no significant cyber security incidents in the last five years. For further details as to the identification of cyber security as a principal risk see page 183. AI requirements, guidelines and end-user training material have been 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. 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. In line with our commitment to continue streamlining our compliance processes, during 2024 we introduced an enhanced version of our Code of Business Conduct Approval Portal for better user experience. A Code of Business Conduct and Anti-bribery Policy course is available on-line to all employees and includes a knowledge test, acknowledgement, and re-commitment to compliance with the Code and its related policies. At the end of the last training wave in 2024, 29,053 employees passed the course, which was 98.8% of the total active population. Since then, we have continued to train every newly hired employee. As in the past, this training will continue to be a regular requirement for all employees, with a refresher requirement every three years. In 2024, our communication plan on compliance included several initiatives to continue raising awareness on business ethics among our people, like our annual Ethics and Compliance Week, which was rolled out across our business units. We also have an established anti-bribery due diligence process for third parties in contact with public authorities on behalf of Coca-Cola HBC. 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 ‘Speak Up! line,’ available in all Coca-Cola HBC countries in local languages to ensure any concerns can be raised. In 2024, we processed 828 allegations (2023: 640) reports and inquiries, of which 588 (2023: 422) were received through the Speak Up! line. Among these reports 600 (2023:482) 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 228 (2023:158) were inquiries regarding Company policies and procedures. Of those investigated as potential violations of our Code of Business Conduct, 208 (2023: 164) matters were substantiated as code violations, of which 33 (2023: 18) 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 2024, see our website. You can find more on allegations investigated and violations uncovered in our GRI index. Read about the handling of allegations received in 2024 Read about allegations investigated and violations uncovered in our GRI index (link). Through the ‘Speak Up! line’, we receive, retain, investigate and act on employee, officer, consultant, intern, secondee or agent of Coca-Cola HBC’s complaints or concerns regarding accounting, internal control, suspected fraudulent conduct, corrupt conduct, violation of any applicable antitrust 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 Speak Up! line are kept confidential and, where requested, anonymous. The Head of Corporate Audit liaises regularly with the General Counsel and communicates all significant allegations to the Chair of the Audit and Risk Committee. All matters received via the Speak Up! line or any other reporting mechanism 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 Audit and Risk Committee reports on such matters to the Board, which reviews and considers those reports at least bi-annually as appropriate. Disclosure Committee We have a Disclosure Committee, and disclosure controls and procedures have been adopted to ensure the accuracy and completeness of our public disclosures. The 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 Audit and Risk Committee. In line with UK practice, we have adopted half-year and full-year reports, and Q1 and Q3 trading updates. Internally, our financial results and key performance indicators are reviewed by the ELT on a monthly basis. 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. Priorities for 2025 • Monitoring updates in connection with International Financial Reporting Standards (‘IFRS’) and other regulatory and reporting matters, including potential classification of Egypt and/or Nigeria as hyperinflationary economies. • 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. • Overview, plan progress and results of audit tender. • Ongoing monitoring of developments regarding CSRD reporting requirements. Corporate Governance Report continued Audit and Risk Committee continued Coca-Cola HBC Integrated Annual Report 2024 221 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 2024, which includes: the Directors’ remuneration policy that shareholders will be asked to approve at the AGM in May 2025; and the annual remuneration report, reflecting how the Directors’ remuneration policy has been implemented during 2024 and will be implemented in 2025. 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. We receive 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 policies continue to be designed to attract, motivate and retain the talented people we need to meet our strategic objectives and to give them due recognition. The Remuneration Committee has worked to ensure that the remuneration policy remains fair, transparent, and competitive in comparison with our peers, and that remuneration helps drive our growth strategy and sustainable performance. Performance overview During 2024, focus on execution of our strategic priorities has helped to deliver continued growth. Our ability to deliver quality growth in a range of market conditions demonstrates the strength of our 24/7 portfolio and bespoke capabilities. The business remains well positioned to continue driving growth in revenue, profit and earnings. I am pleased to share our key financial highlights, at a Group level. Organic revenue growth of 13.8% and reported revenue up 5.6% Organic revenue per case up 10.7% driven by targeted revenue growth management (RGM) initiatives Comparable EBIT €1,192.1m with organic EBIT growth of 12.2% Comparable EPS growth of 9.5% supported by strong EBIT delivery Free cash flow €712.6m This strong financial performance has corresponded with strong returns to shareholders, with a proposed ordinary dividend of €1.03 per share, up 11% year-on-year and representing a 45% payout. The total shareholder return over the financial year was c.30%, outperforming the FTSE 100 index, which had a total shareholder return of c.15%. The share price has continued to perform well in 2025 to the date this report was finalised. We are proud to 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. Our progress is recognised by the most important ESG benchmarks, such as being ranked as the world’s most sustainable beverage company for the eighth time by the Dow Jones Best-in-Class Index1 2024, and receiving a double A rating from CDP on climate and water, amongst others. Charlotte J. Boyle (Chair) Member since 2017 Chair since June 2020 Reto Francioni Member since June 2016 Anna Diamantopoulou Member from June 2020 until September 2024 Elizabeth Bastoni Member since September 2024 Activities of the Remuneration Committee during 2024 During 2024, the key Remuneration Committee activities were to: • Review the remuneration policy for senior leaders. • Conduct extensive shareholder consultation as part of the review of the Executive Director remuneration policy, with recommendations to be presented for approval at the 2025 AGM. • Monitor the design of the Company’s Rewards Centre of Excellence (COE). • Review and sign off the 2023 Directors’ remuneration report. • Review the 2024 base salary for the CEO. • Review and approve the 2024 base salaries for the ELT members and general managers. • Review and approve the 2023 MIP payout and 2024 MIP measures and targets for the CEO. • Review and approve payout levels for the 2023 MIP and 2024 MIP measures and targets in relation to ELT members and general managers. • Review and approve the 2021 PSP vesting level and 2024 PSP measures, targets and grants. Overview Members All members of the Remuneration Committee are independent NEDs. At the AGM in May 2024, Charlotte Boyle (Chair), Reto Francioni and Anna Diamantopoulou were re-elected for a one-year term by the shareholders. In September 2024, Anna Diamantopoulou retired from the Board and the Remuneration Committee, and Elizabeth Bastoni was appointed following her election to the Board by the shareholders. 1. These indices were formerly known as the Dow Jones Sustainability Indices (DJSI). Coca-Cola HBC Integrated Annual Report 2024 222 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued We also continue to support communities in need in the countries where we operate. For example, following severe flooding across Central and Eastern Europe this quarter, we collaborated with governments and NGOs to assist impacted communities, delivering over 270,000 litres of beverages through a network of local charities and municipalities. The excellent financial and non-financial results in 2024 are testament to the hard work of all our people. It is the Committee’s role to ensure that our people are rewarded for past performance as well as appropriately incentivised to deliver future performance, and that their dedication and commitment are recognised and considered in the context of our broader stakeholder group. 2024 remuneration outcomes Base salary arrangements During the year, the CEO received a base salary increase of 5.5%, effective 1 May 2024. This was below the average salary increase awarded across the Group (8.3%). Incentive outcomes Management Incentive Plan (MIP) The formulaic MIP outcome for the CEO was 75% of the maximum opportunity. The outcome reflects record levels of revenue, comparable EBIT and free cash flow, which the 2024 MIP was based on. Even with these record levels of growth, due to the stretching targets set by the Committee, both the revenue and comparable EBIT measures were not at a maximum payout. The achievements were between target and maximum. Performance Share Plan (PSP) Performance against the targets over the period 2022 to 2024 resulted in a formulaic vesting level of 77% of the maximum PSP award granted in 2022. Following an assessment against the stretching targets set, comparable EPS was between threshold and maximum, ROIC was at maximum, and reduction of CO2 emissions was between threshold and maximum. As reported in the 2023 annual report, and in line with the approach to the 2021 PSP award, we received notification from the third party (IFEU, an institute preferred by TCCC as the source on material emissions factor change), and in line with GHG Protocol guidance a recalculation of the base year 2017 onwards was triggered in 2023, and again in 2024, to reflect the annual release of emissions factors. Given the methodology change to the base year used for emissions data, which directly impacts future years, the Committee considered it appropriate for this change to flow through to the targets attached to the 2022 PSP award. In line with the 2021 PSP award, in doing so, the Committee is confident that the revised targets were not materially easier or harder to achieve than the original targets. Further details are set out on page 241. At the end of the performance period, looking at wider business performance and the experience of stakeholders more broadly, detail of which is provided earlier on in this letter and elsewhere in the 2024 Integrated Annual Report, the Committee considered the formulaic outcome appropriately reflected the underlying performance of the Group. At the point when the 2022 PSP award was granted, our share price had been impacted by the outbreak of the Russia-Ukraine war. Whilst the overall market was impacted by the onset of the Russia-Ukraine war, the impact for Coca-Cola HBC was more pronounced given the operations that we had in both countries. Over the last three years, the CEO and senior management have expertly handled the challenges arising from the conflict and worked hard to deliver a performance which is reflected in the share price recovery in a challenging economic environment. This performance includes not only managing the Group’s operations in both affected countries, but also ensuring that affected colleagues were appropriately supported in such challenging markets. The share price did not follow the typical ‘V-shape’ recovery that is often associated with ‘windfall gains’, and, instead, has recovered over time reflecting sustained performance due to management actions and the record results being delivered by the Group. Reflecting on the performance of the executive team and across the wider group (with our long-term incentive arrangements applying to over 60 individuals within the group) the Committee determined it was not appropriate to make any adjustment to the vesting of this award. Review of the remuneration policy As indicated in the 2023 Directors’ remuneration report, the core focus for the Committee this year has been to undertake a detailed review of the remuneration policy that applies to our senior leaders, including the CEO. The intention was to perform a fundamental review to ensure that we have the appropriate remuneration framework for the next period and consistency in implementation. The key objectives of this review were to ensure that the remuneration policy continues to support the delivery of the Group’s strategy and is market aligned, and that the overall remuneration quantum supports the retention and recruitment of best-in-class leadership, providing appropriate motivation and retention for the senior management team. The Committee also reflected on: • the performance of the business since Zoran Bogdanovic became CEO, over which time there has been: • strong revenue growth (c.61.5% growth in net sales revenue between 2018 and 2024); • robust profitability (record comparable EBIT of €1,192.1 million in 2024 and c. 75% growth between 2018 and 2024); • since 2021 we are the #1 contributor to incremental value creation for our retail customers within fast-moving consumer goods (FMCG) in Europe, according to Nielsen; • successful acquisitions of business in Egypt and Finlandia, our snack business Bambi and super premium brand Three Cents. Continued cooperation with premium spirits brand owners and expansion into the coffee category with Costa Coffee and Caffè Vergnano; • significant progress towards our Mission 2025 targets and NetZeroby40 goal; • strong shareholder returns (refer to graph on page 245); and • for the 8th time CCHBC was ranked as the most sustainable beverage company in the Dow Jones Best-in-Class Indices (the Dow Jones Sustainability Indices) issued by S&P Global, in the top 1% of the S&P Global Sustainability Yearbook 2025, and recognised by the double-A rating from CDP. • an increasingly competitive global talent market – we recruit from a global talent market including from within the global bottling network and across the global FMCG industry. Recruitment is predominantly from companies with a European HQ, but also includes globally mobile executives who can be positioned across Europe or North America. It is critical that remuneration arrangements incentivise our senior leaders and support our ‘pay-for-performance’ culture. Zoran Bogdanovic appointed CEO in December 2017 and joined the Board in June 2018 Zoran Bogdanovic appointed CEO in December 2017 and joined the Board in June 2018 Escalation Ukraine– Russia war Covid outbreak Net Sales Revenue growth 2018–2024 ~61.5% Focused execution delivered strong organic growth Total Group growth rate (organic %) Net Sales Revenue (NSR) Long-term resilient profitability with record EBIT Comparable EBIT (€m) and comparable basic EPS growth (%) 10 20 5 -5 15 0 -10 3.0% 5.9% 6.0% 3.7% -8.5% 20.6% 14.2% 16.9% 13.8% 2016 2017 2018 2019 2020 2021 2022 2023 2024 12% 27% 6% 10% -17% 34% 8% 22% 9% 1,192 518 621 681 759 672 831 930 1,084 Coca-Cola HBC Integrated Annual Report 2024 223 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Total maximum compensation2 FMCG Peer Group1 The FMCG peer group has a market capitalisation between lower quartile and upper quartile of €9.4 billion to €28.2 billion; median €13.0 billion; CCHBC €12.0 billion. 1. The FMCG peer group consists of: Royal Unibrew, Remy Cointreau, Chocoladefabriken Lindt & Spruengli, Davide Campari Milano, Beiersdorf, Carlsberg, Henkel AG & Co, Barry Callebaut, JDE Peets, Molson Coors, Coca-Cola Europacific Partners and Kellanova. 2. The analysis in the charts is based on salary, maximum bonus, and maximum LTIP opportunities. 0 5 10 15 20 Upper Quartile €11.9m Median €8.2m Europe UK US Total maximum compensation2 FTSE 100 Peer Group Upper Quartile €10.1m Median €6.7m Lower Quartile €5.2m Inter-quartile CCHBC €5.5m Proposed €6.8m CCHBC €5.5m Lower Quartile €3.8m CCHBC Proposed €6.8m Directors’ remuneration report continued • the level of shareholder support on the remuneration resolutions at the AGM in the last four years. As noted earlier, the Committee wants to ensure that the overall remuneration structure and opportunity is fit for purpose and does not require adjustments particularly reflecting feedback from some shareholders. Since that time, the remuneration package of the CEO has not materially changed The key findings from the review of the remuneration policy were: • The remuneration structure is broadly fit for purpose and supports the delivery of the Group’s strategy and strong performance philosophy. The annual bonus ensures a strong focus from the executives on key measures of operational success over the short term, whilst the PSP is based on three-year performance targets aligned with our long-term plan and ensures that the executives are focused on delivering stretched performance over the long term for our shareholders. • The remuneration structure is well aligned with our European peers and the performance- weighted structure is aligned with the Company’s high performance culture. Whilst it is noted that our US peers operate a hybrid long-term incentive structure, the Committee did not feel that such a structure would be appropriate for CCHBC at this stage in its lifecycle and wanted to retain a pay-for- performance culture amongst senior leaders. • From a structural perspective, minimal changes are therefore proposed. Minor changes are proposed to the deferral and shareholding requirements to ensure that the package reflects emerging market practice and the significant shareholding of our CEO. • The review confirmed that the current maximum remuneration opportunity for the CEO is below the desired positioning for the calibre of our CEO relative to i) FTSE 100 peers; ii) FMCG peers1; and iii) his predecessor. Supporting data is provided on the following pages. Reflecting on this, the Committee proposes to make some adjustments to the CEO’s maximum compensation opportunity, delivered through both a policy and an implementation adjustment, reflecting that it is below the median and at the lower end of the inter-quartile range compared to peers. The proposals are as follows: • CEO’s base salary increases by 15% to €1,083k. This adjustment recognises the CEO’s strong performance in role and ensures that the remuneration package is reflective of the size and scale of the role at CCHBC relative to both FTSE-listed and industry peers. The CEO’s base salary will be more closely aligned with FTSE 100 market practice while remaining towards the lower end of the FMCG peer group. • MIP maximum opportunity increase to 200% of salary (from 140%). This change aligns our bonus structure more closely with both FTSE 100 and global FMCG peer group benchmarks. This change also provides appropriate headroom in the incentive opportunity for senior leaders where, in some cases, the overall opportunity has fallen below market competitive levels. It is also noted that since Zoran Bogdanovic becoming CEO in 2017, the bonus opportunity has only increased once and only marginally (from 130% to 140% of salary). It’s important to highlight that the bonus will continue to be subject to stretching performance targets, ensuring alignment with shareholder interests. • Shareholding requirements and MIP deferral. Going forward, the Committee will remove the requirement for deferral of 50% of any MIP award into shares so long as the in-employment shareholding requirement is met by the CEO. To further strengthen the link between Executive Director remuneration and shareholders, the Committee will increase the in-employment shareholding requirement to 450% of base salary, up from 300%. This change reinforces our commitment to aligning executives with the long-term success of CCHBC; is in line with the exceptional limit under the PSP; and is positioned around the upper quartile of the FTSE 100. The CEO currently has a shareholding of 1,353% and is therefore already fully aligned with shareholder interests. 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, see more on page 234. When considering quantum, the Committee used benchmarking as a reference point to assess the competitiveness of the package both from a FTSE perspective and from a global FMCG peer group perspective. See below: the positioning of total maximum compensation opportunity under the current and proposed packages against these two peer groups, which shows that against the FTSE 100 the proposed total package is broadly median and remains below median against the FMCG peer group. Coca-Cola HBC Integrated Annual Report 2024 224 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued We conducted an extensive consultation exercise with shareholders during the Autumn, engaging our top 50 shareholders representing 74% of our share capital, as well as with the major proxy advisory bodies. This followed other extensive shareholder engagement in recent years on remuneration, meaning that we have consulted with a number of our top shareholders six times in the last four years. The Committee therefore has a well-rounded picture of shareholder views on remuneration and is grateful to our shareholders for their willingness to engage. Shareholders have been largely supportive of the changes we are proposing. • Shareholders recognised the strong strategic progress and financial performance of the Company, combined with the growing scale and complexity of the business and understood the need to reassess CEO remuneration. • In discussing the increase in salary and the increase in the MIP quantum, shareholders and advisors understood the need to reset given the CEO was an internal candidate, and on promotion to CEO in 2017 was brought in at a remuneration level below his predecessor. Some asked if the increase was sufficient. Others asked if the Committee had considered phasing the increases. We confirmed we had considered this but believe that the increases being proposed are fair and appropriate taking into account the context set out earlier in this letter, including company and individual performance. The Committee is also cognisant of market positioning of remuneration compared to the appropriate peer group benchmarks. • Generally, shareholders understood the proposed changes to deferral once the shareholding guidelines have been met. Some suggested a preference for the level to be reduced rather than removed once the shareholding requirement had been met. The Committee has considered this but is comfortable with the proposed approach given: i) the material shareholding of the CEO currently over 1350% of salary built up over long tenure at the Company; ii) the material increase to the shareholding guidelines which sets it at the upper quartile of FTSE 100 practice; and iii) the fact that the CEO will continue to build his shareholding through the PSP. The Committee felt that the proposed approach strikes a balance of being aligned with shareholder interests; whilst recognising the specific circumstances of the CEO’s long service record at the Company and resulting existing large shareholding. • With regards to the proposed change in deferral, some investors asked the Committee for more detail on the Company’s malus and clawback provisions. In response to the feedback, and to provide additional comfort, we have centralised existing malus and clawback plan clauses into a single policy which provides clarity on the situations in which the provisions would apply and the steps for application. Reflecting on all the above, the Committee believes that the proposed changes are in the best interest of the Company and its shareholders whilst remaining in line with market practice. As set out earlier, the Committee has used this as an opportunity to reset pay and ensure it is fit-for-purpose for 2025. It is the Committee’s current intention that salary increases of the CEO will be no more than the average wider workforce rate in the coming year and remains committed to consultation with its shareholders on remuneration matters. Shareholder engagement Implementation of the policy in 2025 The resulting operation of the policy for 2025 for the CEO will be as follows: Element Implementation for 2025 Base salary • Increase from €942k to €1,083k (+15%) MIP • Maximum opportunity increased from 140% to 200% of base salary • Performance metrics: revenue (40%); EBIT (40%); free cash flow (20%) and an individual performance multiplier (no change) PSP • 2025 PSP award of 330% of base salary (no change) • Performance metrics: EPS (42.5%); ROIC (42.5%); and CO2 emissions reduction (15%) (no change) • Three-year performance period followed by a two-year holding period Further details of the implementation for 2025 can be found on page 243. As always, the Committee has set appropriately stretching targets taking into account the business plan, market expectations and the wider external market. In line with previous years, the MIP and PSP will only pay-out at maximum for exceptional performance across all measures. Our employees We have worked to embed our Culture Manifesto across the company. In 2024, we have focused on building understanding and to bring our values to life. To ensure that we live our behaviours day by day, they are integrated into employee performance reviews. In 2024 we progressed our agenda to transform our employees’ digital experience, including managing our annual increases and bonuses process through a new digital platform. We continue to focus on the wider workforce and specifically front line workers and ensuring their pay is competitive. Our people’s wellbeing remains a priority as we reinforced this commitment in 2024 through dedicated sessions in local languages across our regions, highlighting our Employee Assistance Programme (EAP), which is available to more than 26,600 employees. The positive impact of the various initiatives was evident in the sustainable engagement survey results which led to an all time high of 88% and 2pp higher than Perceptyx Global Top Decimile Norm. As the Director responsible for Workforce Engagement, I attend the work councils’ meetings to gather insights from workforce representatives across the Company. As in previous years, I interacted directly with the representatives to get their wider insights, which I took back to the Committee for discussion and to share with the Board. As noted above, the review of executive pay did not solely focus on the CEO, but also focussed on the pay of the senior management team. Whilst the overall framework for this group is in line with the CEO and considered fit-for-purpose, a number of changes are being implemented to ensure that the overall offering remains well aligned to the Group strategy and culture, to ensure greater consistency internally, and to ensure the overall reward framework remains competitive against external peers. Changes have included: i) greater consistency of salary ranges between different business units; ii) the individual element of the bonus being based on both the ‘what’ and the ‘how’ to ensure that not only good results are incentivised and rewarded for, but also how those results are reached; and iii) greater consistency of long-term incentive award levels. As we go into 2025, the focus will move on to 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. Conclusion The changes we propose and the decisions related to the implementation of the policy in 2024 reflect significant work and engagement and have been considered carefully by the Committee in the context of the company’s overall performance. I would like to thank all our employees for their contributions to delivering this performance and to our shareholders for their time and engagement. I hope you will support our remuneration-related resolutions at the AGM. Charlotte J. Boyle Committee Chair Coca-Cola HBC Integrated Annual Report 2024 225 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information CEO share ownership • Shareholding guidelines • Support the 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 Remuneration throughout the organisation – a snapshot CEO remuneration Salary and other benefits 25.3% Retirement benefits 2.1% Annual bonus – MIP 14.5% Performance Shares – PSP 58.1% Fixed remuneration 27% Variable remuneration 73% CEO actual holding 13.5 x salary Guidance Additional holding 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 Motivating Achieving business, financial and non‑financial targets Retaining Fostering an environment that continues to engage our people 4.5 9.0 Directors’ remuneration report continued Remuneration at a glance Performance-based pay in 2024 Performance measure Incentive plan Achievement as a % of max Net sales revenue MIP 58% Comparable EBIT MIP 78% Free cash flow MIP 100% Comparable EPS PSP 54% ROIC PSP 100% Reduction of CO₂ emissions PSP 77% Coca-Cola HBC Integrated Annual Report 2024 226 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued How we implement our reward strategy The chart 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 frontline 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 talents. Management Incentive Plan Employees may be eligible to receive an award under the annual bonus scheme that 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. The Committee considers that the remuneration framework appropriately addresses the following principles: • Clarity – Our remuneration framework is clear and transparent for both Executives and shareholders. Full details of the remuneration policy and how it is implemented is provided in this report. • Simplicity – Our remuneration structure for Executive Directors is purposefully simple (comprising of fixed pay, a short-term incentive and a long-term incentive), and is aligned to the strategic priorities (both short- and long-term) of the business. • Risk – Our remuneration policy includes a number of features to mitigate potential risks and drive the right behaviours. These include: i) performance measures and targets that are calibrated appropriately; ii) the Committee retaining discretion to adjust variable incentive outcomes away from the formulaic outturn in the context of wider performance; and iii) malus and clawback provisions. • Predictability – Our disclosure is clear to allow shareholders to understand the range of potential values which may be earned under the remuneration arrangements. Our remuneration policy clearly sets out relevant limits as well as an illustration of the CEO’s potential package under different performance scenarios. • Proportionality – We believe that our approach ensures proportionate pay outcomes that reward for strong performance. A significant part of the CEO’s remuneration package is based on variable pay, delivered in shares, and measured over a long-term time horizon. • Alignment to Culture – The incentive arrangements and the performance measures used are strongly aligned to those that the Board considers when determining the success of the implementation of the Company’s purpose, values and strategy. Coca-Cola HBC Integrated Annual Report 2024 227 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued Remuneration arrangements for the CEO – at a glance Year 1 Year 2 Year 3 Year 4 Year 5 Fixed pay – base salary The CEO’s 2025 salary effective 1 May 2025 will be €1,083k. 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/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 expats 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. Variable pay – MIP 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 240 for total compensation figures. Year 1 Year 2 Year 3 Year 4 Year 5 The MIP consists of a maximum annual bonus opportunity which for 2025 will be 200% of base salary. Payout is based on business performance targets and individual performance. As of 2025, the business performance element will result in an outcome between 0% and 200% of the target MIP, and the individual performance element will remain the same and 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: 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 1,353% 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 2025, 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 CO2 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, an increase from 300%, within a five-year period and a post-employment shareholding requirement that applies for two years post-leaving. 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 Coca-Cola HBC Integrated Annual Report 2024 228 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued Remuneration policy Introduction The following section (pages 229 to 236) sets out our Directors’ remuneration policy. During the course of the last year, we undertook a detailed review of the remuneration policy which applies to our senior leaders, including the CEO. We have proposed some changes to ensure that the remuneration policy remains aligned with the Group’s strategy, is competitive within the market and effectively supports the attraction and retention of the senior management team. The amended remuneration policy will be put to shareholder approval at our 2025 AGM. 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 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 240. None. Coca-Cola HBC Integrated Annual Report 2024 229 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued Fixed continued Other benefits ESPP Purpose and link to strategy To provide benefits to the CEO which 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/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 will bear 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 the employee’s 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. The malus and clawback policy applies. Further details may be found in the Additional notes to the Executive Director’s remuneration policy table on page 234. 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 MIP payout. The Company matches contributions up to 3% of gross base salary and 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. Coca-Cola HBC Integrated Annual Report 2024 230 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued 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 2025 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 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. The malus and clawback policy applies. Further details may be found in the Additional notes to the Executive Director’s remuneration policy table on page 234. 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 240. 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, in line the malus and clawback policy. Dividend equivalents may be payable on deferred shares. Coca-Cola HBC Integrated Annual Report 2024 231 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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. The malus and clawback policy applies. Further details may be found in the Additional notes to the Executive Director’s remuneration policy table on page 234. 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 which 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 will have 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 up to 330% of base salary. In exceptional circumstances only, the Remuneration Committee has the discretion to grant awards 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 will lapse 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 will determine 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 will normally be based on financial measures. Following the end of the performance period, the Remuneration Committee will determine 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 will lapse if the Remuneration Committee determines that the performance metrics have not been met. The Remuneration Committee will have discretion to adjust the payout level where it considers the overall performance of the Company warrants a higher or lower outcome. Coca-Cola HBC Integrated Annual Report 2024 232 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued Maximum performance +50% share price growth Maximum Target Minimum 11% 2% 2% 3% 8% 9% 22% 37% 9,641 7,853 5,306 2,046 13% 11% 21% 16% 53% 39% 28% 20% 46% 40% 19% 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 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 salary1 1,083 1,083 1,083 1,083 Pension 163 163 163 163 Cash and non-cash benefits2 800 832 865 865 Variable MIP – 1,083 2,167 2,167 PSP – 2,145 3,575 3,575 PSP – 50% share price Appreciation – – – 1.788 Total 2,046 5,306 7,853 9,641 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. Coca-Cola HBC Integrated Annual Report 2024 233 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued 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 which 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. 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, an increase from 300% in the previous year, subject to approval at the 2025 AGM. 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 with 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, over the next year there will be a 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. The fees as at 1 January 2025 are set out below: • 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 on-going 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. Coca-Cola HBC Integrated Annual Report 2024 234 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued Legacy arrangements Notwithstanding the restrictions laid out in the Policy, where the Company has made a commitment to a Director which: • 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 of the which is in effect at that time. Policy on recruitment/appointment Executive Directors Annual base salary arrangements for the appointment of an Executive Director will be 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 which may be granted to a new Executive Director will be 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 will be 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 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 Swiss corporate law provisions regarding the Compensations in Listed Companies 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 would be 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 236. Coca-Cola HBC Integrated Annual Report 2024 235 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued 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 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 are 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 are 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 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. Coca-Cola HBC Integrated Annual Report 2024 236 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 Director1 Anastassis G. David Chair and Non-Executive Director 27 July 2006 21 May 2024 One year Zoran Bogdanovic Chief Executive Officer 11 June 2018 21 May 2024 Indefinite, terminable on six months’ notice Charlotte J. Boyle Independent Non-Executive Director 20 June 2017 21 May 2024 One year Henrique Braun Non-Executive Director 22 June 2021 21 May 2024 One year William W. (Bill) Douglas III Independent Non-Executive Director 21 June 2016 21 May 2024 One year Reto Francioni Senior Independent Non-Executive Director 21 June 2016 21 May 2014 One year Anastasios I. Leventis Non-Executive Director 25 June 2014 21 May 2024 One year Christo Leventis Non-Executive Director 25 June 2014 21 May 2024 One year George Leventis Non-Executive Director 17 May 2023 21 May 2024 One year Evguenia Stoitchkova Non-Executive Director 17 May 2023 21 May 2024 One year Zulikat Wuraola Abiola Independent Non-Executive Director 21 May 2024 21 May 2024 One year Glykeria Tsernou Independent Non-Executive Director 21 May 2024 21 May 2024 One year Elizabeth Bastoni Independent Non-Executive Director 16 September 2024 16 September 2024 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 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 making 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. As set out in the Remuneration Committee Chair’s letter, as part of the Policy review we conducted an extensive consultation exercise with shareholders, engaging our top 50 shareholders. Further detail on the outcome of this consultation is provided in the Committee Chair’s letter. 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 236, 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. Coca-Cola HBC Integrated Annual Report 2024 237 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued Annual Report on Remuneration Introduction This section of the report provides detail on how we have implemented our remuneration policy in 2024, 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 2025 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 four times in 2024: in March, June, September and December. Please refer to the Corporate Governance Report on page 206 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 2024, 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, advisory on people and culture topics and payroll services to the Company. The total cost in connection with Deloitte’s work was € 111,099, invoiced on a time spent basis. Deloitte are members of the Remuneration Consultants Group and provide 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. Coca-Cola HBC Integrated Annual Report 2024 238 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued Non-Executive Directors’ remuneration for the years ended 31 December 2024 and 2023 Financial year Base fee1 (€) Audit and Risk Committee (€) Remuneration Committee (€) Nomination Committee (€) Social Responsibility Committee (€) Senior Independent Director (€) Social security contributions2 (€) Total (€) Anastassis G. David FY2024 150,000 – – – – – – 150,000 FY2023 150,000 – – – – – – 150,000 Charlotte J. Boyle FY2024 82,000 – 13,000 6,500 3,250 – – 104,750 FY2023 82,000 – 13,000 6,500 – – – 101,500 Henrique Braun FY2024 82,000 – – – – – 6,569 88,569 FY2023 82,000 – – – – – 6,569 88,569 Olusola (Sola) David-Borha5 FY2024 31,989 6,242 – – – – 3,063 41,294 FY2023 82,000 16,000 – – – – 7,850 105,850 Anna Diamantopoulou7 FY2024 58,380 – 4,628 4,628 4,628 – 4,097 76,361 FY2023 82,000 – 6,500 6,500 6,500 – 6,199 107,699 William W. (Bill) Douglas lll FY2024 82,000 32,000 – – – – – 114,000 FY2023 82,000 32,000 – – – – – 114,000 Reto Francioni FY2024 82,000 – 6,500 13,000 – 18,000 7,050 126,550 FY2023 82,000 – 6,500 13,000 – 18,000 7,058 126,558 Anastasios I. Leventis FY2024 82,000 – – – 13,000 – – 95,000 FY2023 82,000 – – – 13,000 – – 95,000 Christo Leventis FY2024 82,000 – – – – – – 82,000 FY2023 82,000 – – – – – – 82,000 Alexandra Papalexopoulou5 FY2024 31,989 6,242 – – – – – 38,231 FY2023 82,000 16,000 – – – – – 98,000 Bruno Pietracci3 FY2024 – – – – – – – – FY2023 31,033 – – – 2,460 – 2,683 36,176 George Pavlos Leventis4 FY2024 82,000 – – – – – – 82,000 FY2023 51,193 – – – – – – 51,193 Evguenia Stoitchkova4 FY2024 82,000 – – – 6,500 – – 88,500 FY2023 51,193 – – – 4,058 – – 55,251 Ryan Rudolph3 FY2024 – – – – – – – – FY2023 31,033 – – – – – 2,486 33,519 Elizabeth Bastoni8 FY2024 23,620 – 1,872 1,872 – – 2,192 29,556 FY2023 – – – – – – – – Zulikat Wuraola Abiola6 FY2024 50,236 9,802 – – – – 4,809 64,847 FY2023 – – – – – – – – Glykeria Tsernou6 FY2024 50,236 9,802 – – – – – 60,038 FY2023 – – – – – – – – 1. Non-Executive Director fees for 2024 were in line with the fees that were revised in 2022. 2. Social security employer contributions as required by Swiss legislation. 3. Bruno Pietracci and Ryan Rudolph retired from the Board of Directors on 17 May 2023. The Group applied a pro-rated base fee from this date. 4. George Pavlos Leventis and Evguenia Stoitchkova were appointed to the Board of Directors on 17 May 2023. The Group applied a pro-rated base fee from this date. 5. Olusola (Sola) David-Borha and Alexandra Papalexopoulou retired from the Board of Directors on 16 May 2024. The Group applied a pro-rated base fee from this date. 6. Zulikat Wuraola Abiola and Glykeria Tsernou were appointed to the Board of Directors on 16 May 2024. The Group applied a pro-rated base fee from this date. 7. Anna Diamantopoulou retired from the Board of Directors on 16 September 2024. The Group applied a pro-rated base fee from this date. 8. Elizabeth Bastoni was appointed to the Board of Directors on 16 September 2024. 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. Coca-Cola HBC Integrated Annual Report 2024 239 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued Single figure table Single total figure of remuneration for the CEO for the years ended 31 December 2024 and 2023. Base pay1 €000s Cash and non-cash benefits2 €000s Annual bonus3 €000s Employee Share Purchase Plan4 €000s Long-term incentives5 €000s Retirement benefits6 €000s Total fixed remuneration €000s Total variable remuneration €000s Total single figure €000s 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Zoran Bogdanovic 926 875 767 678 983 950 28 26 3,936 2,817 141 148 1,834 1,701 4,947 3,793 6,781 5,494 1. Base pay includes the monthly instalments linked to the base salary for 2024 and 2023. 2. Cash and non‑cash benefits includes the value of all benefits paid during 2024. 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 2024 includes the MIP payout, receivable in 2025 for the 2024 performance year. Refer to ‘MIP performance outcomes-2024’ for details. 4. ‘Employee Share Purchase Plan’ reflects the value of Company matching share contributions under the ESPP. 5. ‘Long‑term incentives’ for 2024 reflects the 2022 awards made under the Performance Share Plan and the dividend equivalent shares paid on PSP shares that will vest in early 2025. The number of shares due to vest to the CEO for the 2022 award is 108,186. The CEO will also get 9,772 shares representing the dividend equivalents for the awarded shares for 2022, 2023 and 2024. 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 2021 award in the 2023 figure above). The 2022 award increased by €1,677,963 since the grant date due to the share price increase, resulting in a total value at vest of €3,935,680. 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 €2,537. 7. No malus and clawback was operated. Fixed pay for 2024 Base salary In 2024, Zoran Bogdanovic’s salary was increased to €942,000, representing an increase of 5.5% effective May 2024. 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 federal Swiss legislation. During the year, €141,382 of retirement benefit was received, inclusive of €2,537 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 2024. These included cost of living and foreign exchange rate adjustment (€407,242), private medical insurance (€5,017), partner allowance (€1,000), home trip allowance (€4,679), tax support (€14,172), company car (€25,649), housing allowance (€105,952), tax equalisation (€-131,003), and the value of social security contributions (€334,528). The Company matching contribution relates to the ESPP (€27,769 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 2024 2024 MIP performance outcome The business performance element for the 2024 MIP was based on the following metrics: • NSR, with an opportunity of 56% of salary for maximum performance (28% of salary for target performance). • Comparable EBIT, with an opportunity of 56% of salary for maximum performance (28% of salary for target performance). • Free cash flow, with an opportunity level of 28% of salary for maximum performance (14% 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 2024: Priorities Achievement Business performance Increase volume Volume increased 2.8% versus 2023 on both a reported basis and an organic basis Increase organic revenue growth Organic revenue growth: 13.8% increase compared to prior year Increase comparable EBIT Comparable EBIT: 10% increase and 12.2% organic Employee engagement Maintain or increase employee engagement Increased high sustainable engagement index score to 88% from 86% Sustainability commitments Reduction in CO2 and increase energy- efficient coolers Increased by 9% the number of new energy-efficient coolers in customers’ premises, bringing the total to 60% of coolers. Progress of water stewardship community projects Number of water stewardship community projects in water risk areas increased from 12 in 2023 to 16 in 2024 Increase in number of women in management Overall, women in management increased from 41.8% to 43.5% Increase the number who have access to #YouthEmpowered Over 1,119,850 young people from 2017 to 2024 have access to #YouthEmpowered access versus 944,948 from 2017 to 2023 Coca-Cola HBC Integrated Annual Report 2024 240 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information PSP outcomes of the 2022‑24 award The table below summarises performance against the applicable targets for PSP awards made in 2022, which are due to vest in March 2025. Threshold Maximum Actual Total % of max Measure Weighting Target Vesting Target Vesting Achievement Vesting Comparable EPS 42.5% €1.38 25% €1.62 100% €1.47 54% 77% ROIC 42.5% 11.5% 25% 13.4% 100% 14.0% 100% Reduction of CO2 emissions 15.0% 3,083 25% 2,871 100% 2,937 77% Based on performance against the targets, the formulaic outcome was a vesting level of 77%. As stated in the Chair’s letter and reported last year, following the notification from the third party (IFEU, an institute preferred by TCCC as the source on material emissions factor change) and in line with GHG Protocol guidance, a re-calculation of the base year 2017 onwards was triggered in 2023 and again in 2024. In 2023 the Net Zero roadmap was re-calculated based on latest annual release of emissions factors with an increase in absolute emissions by 250k MT and cascaded onwards. This also led to higher emissions decline rate year on year. In early 2024, the Net Zero roadmap was re-calculated based on latest annual release of emissions factors, which triggered an increase in absolute emissions base, starting 2017 by 95k MT and cascaded onwards. Given the methodology change to the base year used for emissions data, which directly impacts future years, the Committee considered it appropriate for this technical change to flow through to the targets attached to the 2022 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. As set out in the Remuneration Committee Chair’s letter, at the time the 2022-2024 PSP award was granted, our share price was lower as it had been affected by the onset of the Russia-Ukraine war. Over the past three years, management have navigated the challenges brought on by the conflict, demonstrating dedication and effort to restore the share price despite a difficult economic climate. The share price did not follow the typical ‘V-shape’ recovery that is often associated with ‘windfall gains’, and instead has recovered over time due to management actions in a challenging environment. Therefore, the Committee determined that no adjustments to the award’s vesting were required. Further detail is provided in the Remuneration Committee Chair’s letter. The above results exclude Russia and Ukraine, but include Egypt in ROIC and EPS as at the time that targets were set in September 2022. Directors’ remuneration report continued 2024 MIP performance outcome – continued The Remuneration Committee took into account the following additional achievements during 2024: • 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 response to floods donating € 1.55 million in grants to flood-relief projects in six CCHBC business units. • Number one contributor to incremental value creation for our retail customers within fast-moving consumer goods (FMCG) in Europe, according to Nielsen. • Recognised in the DJSI as leading beverage company and achieved top scores in S&P Global Sustainability Yearbook and double A from CDP. 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) 8,172.9 8,883.5 9,594.2 9,000.7 32.6% Comparable EBIT (€m) 737.2 801.3 865.4 837.6 43.7% Free cash flow (€m) 351.2 381.7 419.9 443.9 28.0% Total (business performance multiplied by individual performance) 104.3% Total (as a % of maximum) 75% 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 2024 financial year for the CEO was therefore €982,506 and 104.3% of salary (75% of maximum). The Committee judged that this outcome was appropriate and did not apply a discretionary adjustment. As set out in our new Policy, once approved, no deferral will apply as the CEO has significantly exceeded the shareholding guideline. Coca-Cola HBC Integrated Annual Report 2024 241 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued PSP awards – 2024-26 The PSP is the Company’s primary long-term incentive vehicle. In March 2024, the CEO was granted a performance share award of 101,922 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 2026 and vesting anticipated in March 2027. 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. The Committee was mindful of share price volatility at the time of grant and will retain the right to appropriately apply discretion to the share award outcome at the time of vesting, if the level of vesting and value delivered is not considered to be appropriate taking into account an assessment of performance. The following table sets out the details of the performance share award made to the CEO under the PSP for 2024-26. Type of award made Performance share award of 101,922 shares receivable for nil cost Share price at date of grant (spot price) €28.91 (£24.75) Date of grant 13 March 2024 Performance period 1 January 2024 to 31 December 2026 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) €2,946,565 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 CO2 emissions) of maximum award Similar to the award made in March 2023, the 2024 award was subject to comparable EPS, ROIC and reduction in CO2 emissions targets, as outlined below, and excludes Russia, Ukraine and Finlandia. 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 CO2 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 2023 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 by the weighted average number of outstanding shares during the period. 42.5% €1.53 25% €1.79 100% 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 through the year. 42.5% 11.1% 25% 13.1% 100% Reduction in CO2 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 CO2 emissions equivalent. 15% 2,986 25% 2,848 100% 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). Coca-Cola HBC Integrated Annual Report 2024 242 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued Implementation of policy in 2025 For 2025, we will be applying the new remuneration policy that it is being put forward for shareholder approval at the 2025 AGM, as outlined on pages 223 to 225 of the Chair’s letter. Base salary and fees 2025 salary increase levels for employees have not been finalised at the date of this report. It is anticipated that the increase for the wider workforce will be approximately 8.3%. Following a fundamental review of the CEO’s remuneration, the Committee decided that a 15% increase to the CEO’s base salary was warranted. For details please refer to the Chair’s letter. Chair and Board fees effective June 2022 were approved during the 2022 AGM. The fees as at 1 January 2025 were as follows: Non-Executive Directors’ fees Current fees Chair fee €150,000 Basic fee €82,000 Senior Independent Director €18,000 Audit and Risk Committee Chair €32,000 Audit and Risk Committee member €16,000 Remuneration/Nomination/Social Responsibility Committee Chair €13,000 Remuneration/Nomination/Social Responsibility Committee member €6,500 MIP 2025 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 2025-2027 The 2025 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 CO2 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 CO2 emissions. These are unchanged from 2021. The targets for the 2025 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 by the weighted average number of outstanding shares during the period. 42.5% €1.76 25.00% €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% 25.00% 16.2% 100% Reduction in CO2 emissions1 CO2 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% 4,485 25.00% 4,278 100% The Committee believes that the proposed target range for ROIC and the other performance metrics are appropriately stretching relative to the business plan and external forecasts of performance. The performance period for 2025 awards will be the three years to the end of December 2027 and vesting will occur in March 2028. 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 CO2 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. Coca-Cola HBC Integrated Annual Report 2024 243 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued 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 2023 to 2024 % 2022 to 2023 % 2021 to 2022 % 2020 to 2021 % 2019 to 2020 % 2023 to 2024 % 2022 to 2023 % 2021 to 2022 % 2020 to 2021 % 2019 to 2020 % 2023 to 2024 % 2022 to 2023 % 2021 to 2022 % 2020 to 2021 % 2019 to 2020 % All employees 8.31 7.29 4.39 4.59 0.00% 5.40 0.40 16.34 4.19 -18.57% -9.612 11.86 96.50 ‑14.79 9.12% Director Anastassis G. David – – 104.08 – – – – – – – – – – – – Zoran Bogdanovic 5.50 6,30 3.10 3.20 0.00% 9.88 32.181 -36.53 24.25 34.63% 4.243 -12.22 155.21 -28.87 23.00% Charlotte J. Boyle – – 11.66 – – – – – – – – – – – – Henrique Braun – – 11.46 – – – – – – – – – – – – Olusola (Sola) David-Borha5 – – 11.26 – – – – – – – – – – – – Anna Diamantopoulou7 – – 11.56 – – – – – – – – – – – – William W. (Bill) Douglas lll – – 11.33 – – – – – – – – – – – – Reto Francioni – – 11.96 – – – – – – – – – – – – Anastasios I. Leventis – – 11.63 – – – – – – – – – – – – Christo Leventis – – 11.56 – – – – – – – – – – – – Alexandra Papalexopoulou5 – – 11.36 – – – – – – – – – – – – George Pavlos Leventis – – – – – – – – – – – – – – – Evguenia Stoitchkova – – – – – – – – – – – – – – – Zulikat Wuraola Abiola4 – – – – – – – – – – – – – – – Glykeria Tsernou4 – – – – – – – – – – – – – – – Elizabeth Bastoni6 – – – – – – – – – – – – – – – 1. The increase in taxable benefits for the CEO was due to higher social security costs in 2025. 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 prior year. 3. The increase in annual bonus for CEO is due to the salary review effective 1 May 2024. 4. Zulikat Wuraola Abiola and Glykeria Tsernou were elected as new non-Executive members of the Board of Directors as of 16 May 2024. 5. Olusola (Sola) David-Borha and Alexandra Papalexopoulou retired from the Board of Directors on 16 May 2024. 6. Elizabeth Bastoni was elected as a new non-Executive member of the Board of Directors as of 16 September 2024. 7. Anna Diamantopoulou retired from the Board of Directors on 16 September 2024. 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. Coca-Cola HBC Integrated Annual Report 2024 244 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued 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 2024 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) 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 2020 Option A 39:1 33:1 26:1 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 2024. Their pay and benefits is 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 77,318 96,473 100,260 Total remuneration 98,236 118,889 141,803 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 2024. 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 226, 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 2023 and 2024 was mainly due to the increase in the long-term incentives under the variable long-term incentive plan. 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 ten‑year period to 31 December 2024, 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 50 100 150 200 250 300 FTSE 100 Coca-Cola HBC Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Coca-Cola HBC Integrated Annual Report 2024 245 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued 2024 2023 342.9 1,297.4 289.9 1,248.6 19% Total staģ 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 1,600 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dimitris Lois Dimitris Lois Dimitris Lois Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Zoran Bogdanovic Total remuneration – single figure (€ 000s) 3,012 2,923 15,378 410 3,710 2,499 3,340 4,203 4,294 5,494 6,781 MIP (% of maximum) 75% 55% 53% 5% 48% 56% 40% 91% 78% 76% 75% PSP (% of maximum) – – 90% – 100% 75% 50% 75% 48% 94% 77% 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 3.9%, while dividends distributed to shareholders have increased by 18.3% 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 2024. Resolution Votes for Votes against Abstentions Total votes cast Voting rights represented Advisory vote on the UK remuneration report 248,551,498 5,896.635 1,043,825 255,492,959 69.96% 97.28% 2.31% 0.41% Advisory vote on the Swiss statutory remuneration report 238,378,236 17,105,579 8,143 255,492,959 69.96% 93.30% 6.70% 0.00% Advisory vote on the remuneration policy 243,042,676 12,150,434 298,649 255,492,959 69.96% 95.12% 4.76% 0.12% Approval of the maximum aggregate amount of remuneration for the Board until the next Annual General Meeting 243,668,527 11,818,181 6,176 255,492,959 69.96% 95.37% 4.63% n/a Approval of the maximum aggregate amount of remuneration for the Executive Leadership Team for the next financial year 242,131,442 13,339,926 21,516 255.492,959 69.96% 94.78% 5.22% n/a 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. 2024 (€ m) 2023 (€ m) Total remuneration paid to or accrued for Directors, the ELT and the CEO 32.6 30.6 Salaries and other short-term benefits 23.4 20.4 Amount accrued for performance share awards 8.1 9.3 Pension and post-employment benefits for Directors, the ELT and the CEO 1.1 0.9 Credits and loans granted to governing bodies In 2024, no credits or loans were granted to active or former members of the Company’s Board, members of the ELT or any related persons. Coca-Cola HBC Integrated Annual Report 2024 246 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Directors’ remuneration report continued Share ownership The table below summarises the total shareholding as at 31 December 2024, including any outstanding shares awarded through our incentive plans, for the CEO and other Directors. With performance measures Without performance measures PSP ESOP ESPP Share interests Performance shares granted in 2024 Unvested and subject to performance conditions Vested Number of stock options outstanding Fully vested Vesting at the end of 2024 Number of outstanding shares held as at 31 December 2024 Beneficially owned Current shareholding as % of base salary1 Shareholding guideline met1 Zoran Bogdanovic2 Yes 109,165 399,538 95,843 – – – 86,927 386,658 1,353% Yes Anastassis G. David3 – – – – – – – – – – Charlotte J. Boyle Yes – – – – – – – 1,395 – – Henrique Braun – – – – – – – – – – William W. (Bill) Douglas III Yes – – – – – – – 10,000 – – Reto Francioni Yes – – – – – – – 7,000 – – Anastasios I. Leventis4 – – – – – – – – – – Christo Leventis5 – – – – – – – – – – Bruno Pietracci – – – – – – – – – – Ryan Rudolph – – – – – – – – – – George Pavlos Leventis6 – – – – – – – – – – Evguenia Stoitchkova – – – – – – – – – – Zulikat Wuraola Abiola – – – – – – – – – – Glykeria Tsernou – – – – – – – – – – Elizabeth Bastoni – – – – – – – – – – There were no changes in share ownership between 31 December 2024 and 12 March 2025 for the Directors except for Zoran Bogdanovic. 1. The shareholding requirement was introduced from the date of the 2015 PSP award, 10 December 2015 and was updated to 300% in 2020. 2. During 2024, Zoran Bogdanovic exercised 39,335 options under the ESOP due to upcoming expiration consisting of: 39,335 options with an exercise price of GBP 12.56 and the share price at the date of the exercise being GBP 25.00. As of 12 March 2025, Zoran Bogdanovic did not have any outstanding ESOP. 3. 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. 4. Anastasios I. 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; 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 286,880 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 2,138,277 shares held by Carlcan Holding Limited. 5. Christo 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 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 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 2,138,277 shares held by Carlcan Holding Limited. 6. 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 2,138,277 shares held by Carlcan Holding Limited. Approval of the Directors’ remuneration report The Directors’ remuneration report set out on pages 222 to 247 was approved by the Board of Directors on 12 March 2025 and signed on its behalf by: Charlotte J. Boyle Committee Chair 12 March 2025 Coca-Cola HBC Integrated Annual Report 2024 247 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Statement of Directors’ responsibilities 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 195 to 197, 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 190). 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 190. 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 13 March 2025 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: UK 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 2024 248 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 the ‘Group’), included in the section ‘Sustainability Statement’, within the 2024 Integrated Annual Report (the ‘Sustainability Statement’) for the period from 1 January 2024 to 31 December 2024. 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 Law 4548/2018, as amended and in force by Law 5164/2024 which incorporated Article 29(a) of EU Directive 2013/34 into Greek legislation; • 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 impacts, 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 and the relevant information incorporated by reference, 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’; and • the disclosures in the section ‘EU Taxonomy’ of the Sustainability Statement do not comply with Article 8 of EU Regulation 2020/852. This assurance report does not extend to information for prior periods. 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 Coca-Cola HBC 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 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. Management’s responsibilities for the Sustainability Statement Management of Coca-Cola HBC is 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 Coca-Cola HBC Integrated Annual Report 2024 249 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Independent auditor’s limited assurance report on Coca-Cola HBC AG’s Sustainability Statement continued Management of the Group is further responsible for the preparation of the Sustainability Statement, in accordance with the article 154 of Law 4548/2018, as amended and in force with Law 5164/2024, by which Article 29(a) of EU Directive 2013/34 was transposed into Greek legislation. In this context, the Management of the Group is 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; and • the selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasonable in the circumstances. The Audit Committee of Coca-Cola HBC is responsible for overseeing the Group’s sustainability reporting process. Inherent limitations in preparing the Sustainability Statement In reporting forward-looking information in accordance with ESRS, management of the Group is 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’ 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 physical 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. 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 Law 4548/2018 and Article 32Α of 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 dated 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 14 March 2025 Coca-Cola HBC Integrated Annual Report 2024 250 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 2024 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 2024 Integrated Annual Report (the ‘Annual Report’), which comprise: the consolidated balance sheet as at 31 December 2024; the consolidated income statement, the consolidated statement of comprehensive income, the consolidated cash flow statement, and the consolidated statement of changes in equity for the year then ended; as well as 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 International 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 public interest 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 17 subsidiary undertakings in 15 countries spread across all of the Group’s reportable segments. • In addition, we conducted audit procedures around specific account balances and transactions including those covering 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 of 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, 76% of consolidated profit before tax and 87% 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: €56 million based on 5% of profit before tax (2023: €51 million based on 5% of adjusted profit before tax). • Performance materiality: €42 million (2023: €38.3 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 Coca-Cola HBC Integrated Annual Report 2024 251 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 Chair of the Audit and Risk Committee on an ad-hoc basis. During these various conversations we discussed 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 of the ongoing challenging macroeconomic conditions, and regulatory developments. In September and December 2024, 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. These 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 2024 amount to €1,828.8 million and €669.0 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 the value-in-use and the fair value less costs of disposal. 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, foreign exchange rates and discount rates. In 2024, an impairment loss of €0.4 million was recorded in connection with a juice trademark in the Emerging markets. No impairment was identified for the remaining indefinite-lived intangible assets or goodwill. 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. We challenged management’s cash flow projections in relation to the assumptions applied to the value- in-use calculations, taking into account the ongoing challenging macroeconomic environment in several countries. With the support of our valuation specialists, 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. Coca-Cola HBC Integrated Annual Report 2024 252 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 2024, the Group has provisions for uncertain tax positions of €72.3 million that are classified in current tax liabilities, current tax assets and deferred taxes. 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 tax team the Group’s overall tax exposure. From the evidence obtained we consider the provisions in relation to uncertain tax positions as at 31 December 2024 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 these components we obtained full scope audit reports over their financial information. 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 in Greece an in-person two-day audit planning workshop. At this workshop we considered developments relevant to the Group and we focused on planning and risk assessment activities, fraud risk assessment, auditor independence, accounting, regulatory and auditing developments, climate related topics and centralised testing procedures. We also heard from key members of management. This audit planning workshop was attended by the senior staff of the component teams in scope for group audit purposes. We issued formal, written instructions to the component teams setting out the work to be performed by each of them 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 the trading subsidiary undertakings in Egypt, Ireland and Nigeria, where physical attendance was not undertaken, we participated in the final audit meetings via video conference. Independent auditor’s report to the General Meeting of Coca-Cola HBC AG continued Coca-Cola HBC Integrated Annual Report 2024 253 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 overall going concern assessment. Collectively, the work performed at all levels, as described above, accounted for 81% of consolidated net sales revenue, 76% of consolidated profit before tax and 87% 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, we read the minutes of the committees in place to assess climate risk and the additional reporting made by the entity on climate. Management considers that climate change does not give rise to a potential material financial statement impact. We used our knowledge of the Group to evaluate 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 did determine 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 analyses and going concern assessment. Our procedures did not identify any material impact on the financial statements for the year ended 31 December 2024. 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 within the annual 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 Sustainability Statement and other sustainability-related information reported in the Annual Report. The independent limited assurance reports, which explain the scope of our work and the limited procedures undertaken are included in the Annual Report on pages 249 and 352. 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 €56 million (2023: €51 million). How we determined it 5% of profit before tax This benchmark has changed compared to the prior year (adjusted profit before tax). Rationale for 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 5% of profit before tax has been applied which is a generally accepted auditing benchmark. Compared to the prior year, we have not adjusted this benchmark as there were no items in 2024 which, in our view, are considered unusual and infrequently occurring in nature. 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 €4.5 million to €30.0 million. When planning the audit, we considered if multiple uncorrected and undetected misstatements may exist which, when aggregated, could exceed our overall materiality level. In order to reduce the risk of multiple misstatements which could aggregate to this amount to an appropriately low level, we used a lower level of materiality, known as performance 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% of overall materiality, amounting to €42 million (2023: €38.3 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 €2.8 million (2023: €2.5 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 Coca-Cola HBC Integrated Annual Report 2024 254 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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. Independent auditor’s report to the General Meeting of Coca-Cola HBC AG continued Coca-Cola HBC Integrated Annual Report 2024 255 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 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. Independent auditor’s report to the General Meeting of Coca-Cola HBC AG continued Coca-Cola HBC Integrated Annual Report 2024 256 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 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, 2024, in XHTML format 549300EFP3TNG7JGVE49‑2024‑12‑31-en.xhtml, as well as the intended XBRL file 549300EFP3TNG7JGVE49‑2024‑12‑31-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. Independent auditor’s report to the General Meeting of Coca-Cola HBC AG continued Coca-Cola HBC Integrated Annual Report 2024 257 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 2024 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 International 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 public interest 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 2024, in XHTML file format 549300EFP3TNG7JGVE49‑2024‑12‑31-en.xhtml, as well as the provided XBRL file 549300EFP3TNG7JGVE49‑2024‑12‑31-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 2024 for Swiss statutory purposes. The reports are available in pages 318 to 323. ESEF Regulatory Technical Standard 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 14 March 2025 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. Independent auditor’s report to the General Meeting of Coca-Cola HBC AG continued Coca-Cola HBC Integrated Annual Report 2024 258 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 Note 2024 € million 2023 € million Net sales revenue 6, 7 10,754.4 10,184.0 Cost of goods sold (6,876.9) (6,626.6) Gross profit 3,877.5 3,557.4 Operating expenses 8 (2,705.7) (2,613.5) Share of results of integral equity method investments 15 13.6 9.7 Operating profit 6 1,185.4 953.6 Finance income 106.2 55.7 Finance costs (166.7) (104.0) Finance costs, net 9 (60.5) (48.3) Share of results of non-integral equity method investments 15 3.1 5.0 Profit before tax 1,128.0 910.3 Tax 10 (308.3) (274.6) Profit after tax 819.7 635.7 Attributable to: Owners of the parent 820.6 636.5 Non-controlling interests (0.9) (0.8) 819.7 635.7 Basic and diluted earnings per share (€) 11 2.25 1.73 Note 2024 € million 2023 € million Profit after tax 819.7 635.7 Other comprehensive income: Items that may be subsequently reclassified to income statement: Cost of hedging 24 (2.3) (7.1) Net gain on cash flow hedges 24 10.8 19.7 Foreign currency translation losses 12 (209.5) (484.6) Share of other comprehensive loss of equity method investments 12, 15 (4.6) (11.7) Income tax relating to items that may be subsequently reclassified to income statement 12 1.0 (3.0) (204.6) (486.7) Items that will not be subsequently reclassified to income statement: Valuation (loss)/gain on equity investments at fair value through other comprehensive income 12 (0.2) 0.4 Actuarial gains/(losses) 12 1.0 (16.4) Income tax relating to items that will not be subsequently reclassified to income statement 12 0.1 1.9 0.9 (14.1) Other comprehensive loss for the year, net of tax 12 (203.7) (500.8) Total comprehensive income for the year 616.0 134.9 Total comprehensive income attributable to: Owners of the parent 617.8 141.3 Non-controlling interests (1.8) (6.4) 616.0 134.9 Coca-Cola HBC Integrated Annual Report 2024 259 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Consolidated financial statements continued Note 2024 € million 2023 € million Assets Intangible assets 13 2,506.7 2,569.8 Property, plant and equipment 14 3,197.3 3,057.1 Equity method investments 15 197.6 197.0 Other financial assets 24 59.7 23.3 Deferred tax assets 10 40.9 41.5 Other non-current assets 18 88.8 81.9 Total non-current assets 6,091.0 5,970.6 Inventories 17 863.9 773.3 Trade, other receivables and assets 18 1,238.2 1,188.0 Other financial assets 24, 25 901.7 667.9 Current tax assets 10.5 17.1 Cash and cash equivalents 25 1,548.1 1,260.6 4,562.4 3,906.9 Assets classified as held for sale 19 0.3 3.3 Total current assets 4,562.7 3,910.2 Total assets 10,653.7 9,880.8 Note 2024 € million 2023 € million Liabilities Borrowings 25 3,091.9 2,476.4 Other financial liabilities 24 9.9 5.7 Deferred tax liabilities 10 220.7 250.5 Provisions and employee benefits 21 107.1 109.1 Non-current tax liabilities 10 5.3 – Other non-current liabilities 8.0 5.1 Total non-current liabilities 3,442.9 2,846.8 Borrowings 25 888.7 948.1 Other financial liabilities 24 19.3 67.3 Trade and other payables 20 2,670.4 2,479.1 Provisions and employee benefits 21 191.1 199.1 Current tax liabilities 138.3 153.7 Total current liabilities 3,907.8 3,847.3 Total liabilities 7,350.7 6,694.1 Equity Share capital 26 2,032.1 2,030.3 Share premium 26 2,214.8 2,555.7 Group reorganisation reserve 26 (6,472.1) (6,472.1) Treasury shares 26 (298.5) (144.1) Exchange equalisation reserve 26 (1,922.1) (1,708.9) Other reserves 26 115.1 272.1 Retained earnings 7,536.4 6,559.8 Equity attributable to owners of the parent 3,205.7 3,092.8 Non-controlling interests 97.3 93.9 Total equity 3,303.0 3,186.7 Total equity and liabilities 10,653.7 9,880.8 Consolidated balance sheet As at 31 December The accompanying notes form an integral part of these consolidated financial statements. Coca-Cola HBC Integrated Annual Report 2024 260 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Attributable to owners of the parent Share capital € million Share premium € million Group reorganisation reserve € million Treasury shares € million Exchange equalisation reserve € million Other reserves € million Retained earnings € million Total € million Non- controlling interests € million Total equity € million Balance as at 1 January 2023 2,024.3 2,837.4 (6,472.1) (131.2) (1,218.2) 292.5 5,949.6 3,282.3 103.3 3,385.6 Shares issued to employees exercising stock options 6.0 8.2 – – – – – 14.2 – 14.2 Share-based compensation: Performance shares – – – – – 20.4 – 20.4 – 20.4 Movement in shares held for equity compensation plan – – – – – 0.2 – 0.2 – 0.2 Appropriation of reserves – – – 29.7 – (25.0) (4.7) – – – Purchase of shares held by non-controlling interests – – – – – – (9.9) (9.9) (2.7) (12.6) Acquisition of treasury shares – – – (42.6) – – – (42.6) – (42.6) Dividends – (289.9) – – – – 2.7 (287.2) (0.3) (287.5) Transfer of cash flow hedge reserve, including cost of hedging to inventories, net of tax1 – – – – – (25.9) – (25.9) – (25.9) 2,030.3 2,555.7 (6,472.1) (144.1) (1,218.2) 262.2 5,937.7 2,951.5 100.3 3,051.8 Profit for the year, net of tax – – – – – – 636.5 636.5 (0.8) 635.7 Other comprehensive loss for the year, net of tax – – – – (490.7) 9.9 (14.4) (495.2) (5.6) (500.8) Total comprehensive income for the year, net of tax2 – – – – (490.7) 9.9 622.1 141.3 (6.4) 134.9 Balance as at 31 December 2023 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 tax3 – – – – – 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 tax4 – – – – (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 1. The amount included in other reserves of €25.9 million for 2023 represents the cash flow hedge reserve, including cost of hedging, transferred to inventories of €30.8 million gain, and the deferred tax expense thereof amounting to €4.9 million. 2. The amount included in the exchange equalisation reserve of €490.7 million loss for 2023 represents the exchange loss attributable to owners of the parent, including €11.7 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 €9.9 million gain for 2023 consists of cash flow hedges gain of €12.6 million, valuation gains of €0.4 million on equity investments at fair value through other comprehensive income and the deferred tax expense thereof amounting to €3.1 million. The amount included in retained earnings of €622.1 million gain attributable to owners of the parent comprises profit for the year, net of tax of €636.5 million, actuarial losses of €16.4 million and the deferred tax income thereof amounting to €2.0 million. The amount of €6.4 million loss included in non-controlling interests for 2023 represents the exchange loss attributable to non-controlling interests of €5.6 million, and the share of non-controlling interests in profit for the year, net of tax of €0.8 million loss. 3. 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. 4. 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 €820.6 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. For further details, refer to Note 12 ‘Components of other comprehensive income’, Note 23 ‘Business combinations and purchases of shares held by non-controlling interests’, 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 Coca-Cola HBC Integrated Annual Report 2024 261 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Note 2024 € million 2023 € million Operating activities Profit after tax 819.7 635.7 Finance costs, net 9 60.5 48.3 Share of results of non-integral equity method investments 15 (3.1) (5.0) Tax charged to the income statement 10 308.3 274.6 Depreciation of property, plant and equipment including right-of-use assets 14, 16 374.2 385.1 Impairment of property, plant and equipment including right-of-use assets 14 21.5 14.8 Employee performance shares 15.6 20.4 Amortisation of intangible assets 13 1.1 1.4 Impairment of intangible assets 13 – 112.5 1,597.8 1,487.8 Share of results of integral equity method investments 15 (13.6) (9.7) Gain on disposals of non-current assets 8 (4.5) (1.3) Increase in inventories (150.0) (142.6) Increase in trade and other receivables (71.7) (212.7) Increase in trade and other payables 322.5 491.0 Tax paid (288.6) (225.8) Net cash inflow from operating activities 1,391.9 1,386.7 Investing activities Payments for purchases of property, plant and equipment (615.4) (610.7) Proceeds from sales of property, plant and equipment 8.6 7.2 Payment for business combinations, net of cash acquired 23 (1.5) (180.4) Receipts from integral equity method investments 27 11.7 6.7 Receipts from non-integral equity method investments 27 2.2 7.0 Note 2024 € million 2023 € million Net (payments for)/proceeds from investments in financial assets at amortised cost (561.9) 473.5 Net proceeds from investments in financial assets at fair value through profit or loss 259.9 – Payments for investments in financial assets at fair value through other comprehensive income (7.0) (5.9) Loans to related parties (8.0) (4.7) Repayments of loans by related parties 0.9 0.5 Interest received 89.6 38.0 Net cash outflow from investing activities (820.9) (268.8) Financing activities Proceeds from shares issued/granted to employees exercising stock options 26 6.6 14.2 Payments for purchases of shares held by non-controlling interests 23 (2.9) (12.6) Acquisition of treasury shares 26 (183.0) (42.6) Proceeds from borrowings 25 1,265.2 136.4 Repayments of borrowings 25 (748.5) (89.7) Principal repayments of lease obligations 25 (60.8) (59.1) Dividends paid to owners of the parent 26 (339.7) (287.2) Dividends paid to non-controlling interests – (0.2) (Payments for)/proceeds from settlement of derivatives and funded forward contracts regarding financing activities 25 (42.0) 4.6 Interest paid 25 (100.4) (76.2) Net cash outflow from financing activities (205.5) (412.4) Net increase in cash and cash equivalents 365.5 705.5 Movement in cash and cash equivalents Cash and cash equivalents as at 1 January 1,260.6 719.9 Net increase in cash and cash equivalents 365.5 705.5 Effect of changes in exchange rates (78.0) (164.8) Cash and cash equivalents as at 31 December 25 1,548.1 1,260.6 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. Coca-Cola HBC Integrated Annual Report 2024 262 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 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 in the London Stock Exchange (Ticker symbol: CCH) and on the Athens 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 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 13 March 2025 and are expected to be verified at the Annual General Meeting to be held on 23 May 2025. 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, the Group’s quantitative viability exercise linked to certain of its principal risks, including those relating to climate change, as detailed on page 190 of the Strategic Report, as well as the geopolitical events involving Russia and Ukraine, and the continued 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 2024. 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. Change in accounting estimate In 2024, the Group reassessed the useful lives of certain categories of software assets and coffee machines, driven by relevant business developments that affected the anticipated period of usage of these assets. As a result, effective 1 January 2024, the expected useful life of these specific categories was extended by three to six years, while the resulting decrease of depreciation expense in the current year was insignificant. Changes in comparative information Comparative information of the consolidated balance sheet has been revised to reflect the measurement period adjustment in connection with the acquisition of Finlandia (refer to Note 23). More specifically: ‘Intangible assets‘, ‘Trade and other payables’ and ‘Deferred tax liabilities’ as at 31 December 2023 appear increased by €1.2 million, €1.0 million and €0.2 million respectively, compared to the information disclosed in the 2023 Integrated Annual Report. Coca-Cola HBC Integrated Annual Report 2024 263 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 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. 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 2024 Average 2023 Closing 2024 Closing 2023 US Dollar 1.08 1.08 1.04 1.11 UK Sterling 0.85 0.87 0.83 0.87 Polish Zloty 4.31 4.54 4.27 4.32 Nigerian Naira 1,602.37 695.06 1,614.99 1,056.96 Hungarian Forint 394.86 381.75 410.56 382.03 Swiss Franc 0.95 0.97 0.94 0.94 Russian Rouble 100.14 92.40 107.50 101.68 Romanian Leu 4.97 4.95 4.98 4.98 Ukrainian Hryvnia 43.43 39.54 43.75 41.63 Czech Koruna 25.12 24.00 25.20 24.69 Serbian Dinar 117.09 117.25 116.97 117.16 Egyptian Pound 48.75 33.15 52.92 34.16 As a result of the local authorities’ efforts to liberalise the foreign exchange markets and restore liquidity in foreign currency, the Nigerian Naira and Egyptian Pound depreciated against the US Dollar in 2024. The Group is continuously monitoring the situation to ensure that timely actions are undertaken as planned to minimise the adverse impact from the currency devaluation to the Group’s business in Nigeria and Egypt. 4. Accounting pronouncements a) Accounting pronouncements adopted in 2024 The Group has adopted the following amendments to standards which were endorsed by the EU, that are relevant to its operations and effective for accounting periods beginning on 1 January 2024: • Classification of Liabilities as Current or Non-current and Non-Current liabilities with covenants – Amendments to IAS 1; • Supplier finance arrangements – Amendments to IAS 7 and IFRS 7. As a result of the adoption of the amendments to IAS 7 and IFRS 7, the Group has provided additional disclosures for liabilities under supplier finance arrangements as well as the associated cash flows in Note 20; and • Lease Liability in a Sale and Leaseback – Amendments to IFRS 16. The adoption of these amendments to standards did not have a material 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 standards and amendments to standards relevant to the Group’s operations were issued but not yet effective and not early-adopted: • The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability – Amendments to IAS 21; • Presentation and Disclosure in Financial Statements – IFRS 18 (not endorsed by the EU); • Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 (not endorsed by the EU); • Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 (not endorsed by the EU); and • Annual improvements to IFRS – Volume 11 (not endorsed by the EU). The above standards and amendments to standards are not expected to have a material impact on the consolidated financial statements of the Group. Coca-Cola HBC Integrated Annual Report 2024 264 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 markets: Austria, Cyprus, Greece, Italy, Northern Ireland, the Republic of Ireland, Switzerland and Global exports1. Developing markets: Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia. Emerging markets: Armenia, Belarus, Bosnia and Herzegovina, 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 cases2 for the years ended 31 December was as follows: 2024 2023 Established 631.3 628.7 Developing 482.6 471.0 Emerging 1,800.6 1,735.8 Total volume 2,914.5 2,835.5 Net sales revenue per reportable segment for the years ended 31 December is presented in the graphs below: Established €3,501.3 million Developing €2,385.2 million Emerging €4,867.9 million 2024 €10,754.4 million Established €3,358.5 million Developing €2,088.6 million Emerging €4,736.9 million 2023 €10,184.0 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 Coca-Cola HBC Integrated Annual Report 2024 265 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 cases2: 2024 2023 NARTD 2,907.9 2,831.2 Premium spirits 6.6 4.3 Total volume 2,914.5 2,835.5 Net sales revenue in € million: NARTD 10,340.1 9,886.1 Premium spirits 414.3 297.9 Total net sales revenue 10,754.4 10,184.0 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: 2024 € million 2023 € million Switzerland 465.8 464.1 The Russian Federation 1,357.3 1,196.4 Italy 1,232.8 1,231.9 Poland 1,158.2 964.3 All countries other than Switzerland, the Russian Federation, Italy and Poland 6,540.3 6,327.3 Total net sales revenue from external customers 10,754.4 10,184.0 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. b) Other income statement items Year ended 31 December Note 2024 € million 2023 € million Operating profit: Established 385.8 379.2 Developing 223.6 152.6 Emerging 576.0 421.8 Total operating profit 1,185.4 953.6 Finance costs: Established (21.0) (16.4) Developing (14.9) (19.5) Emerging (85.7) (52.3) Corporate3 (198.8) (141.3) Inter-segment finance cost 153.7 125.5 Total finance costs 9 (166.7) (104.0) Finance income: Established 5.1 3.0 Developing 3.0 2.4 Emerging 64.9 30.1 Corporate3 186.9 145.7 Inter-segment finance income (153.7) (125.5) Total finance income 9 106.2 55.7 Income tax expense: Established (105.6) (82.2) Developing (54.4) (32.5) Emerging (126.2) (140.1) Corporate3 (22.1) (19.8) Total income tax expense 10 (308.3) (274.6) Reconciling items: Share of results of non-integral equity method investments 15 3.1 5.0 Profit after tax 819.7 635.7 3. Corporate refers to holding, finance and other non-operating subsidiaries of the Group. Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 266 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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: Note 2024 € million 2023 € million Depreciation and impairment of property, plant and equipment, including right-of-use assets: Established (123.4) (112.7) Developing (75.1) (68.8) Emerging (197.2) (218.4) Total depreciation and impairment of property, plant and equipment, including right-of-use assets 14, 16 (395.7) (399.9) Amortisation and impairment of intangible assets: Developing – (3.7) Emerging (1.1) (110.2) Total amortisation and impairment of intangible assets 13 (1.1) (113.9) c) Other items The balance of non-current assets4 attributed to Switzerland (the Group’s country of domicile) and Italy was as follows as at 31 December: 2024 € million 2023 € million Switzerland 636.8 636.3 Italy 1,236.4 1,170.0 All countries other than Switzerland and Italy 4,059.7 4,047.4 Total non-current assets4 5,932.9 5,853.7 Expenditure on property, plant and equipment per reportable segment was as follows for the years ended 31 December: 2024 € million 2023 € million Established 148.6 166.0 Developing 95.6 89.5 Emerging5 382.9 367.5 Total expenditure on property, plant and equipment 627.1 623.0 4. Excluding other financial assets, deferred tax assets, pension plan assets and trade and loans receivable. 5. Expenditure on property, plant and equipment for 2024 includes €11.7 million (2023: €12.3 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 2024 that was included in the contract liability balance at the beginning of the year amounted to €14.7 million (2023: €14.4 million). For contract liabilities as at 31 December 2024 and 2023, 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 Coca-Cola HBC Integrated Annual Report 2024 267 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 8. Operating expenses Operating expenses for the years ended 31 December comprised: 2024 € million 2023 € million Selling expenses 1,228.1 1,144.4 Delivery expenses 778.8 744.5 Administrative expenses 693.6 709.3 Restructuring costs 3.3 9.0 Acquisition costs (refer to Note 23) 1.9 6.3 Operating expenses 2,705.7 2,613.5 In 2024, operating expenses included a net gain on disposals of non-current assets of €4.5 million (2023: €1.3 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 restructuring costs consist primarily of employees’ termination benefits. Restructuring costs per reportable segment for the years ended 31 December are presented below: 2024 € million 2023 € million Established (0.1) 0.9 Developing 0.2 1.1 Emerging 3.2 7.0 Total restructuring costs 3.3 9.0 b) Employee costs Employee costs for the years ended 31 December comprised: 2024 € million 2023 € million Wages and salaries 947.9 910.8 Social security costs 163.8 147.4 Pension and other employee benefits 178.1 178.3 Termination benefits 7.6 12.1 Total employee costs 1,297.4 1,248.6 The average number of full-time equivalent employees in 2024 was 33,018 (2023: 32,747). Employee costs for 2024 included in operating expenses and cost of goods sold amounted to €979.2 million and €318.2 million respectively (2023: €940.9 million and €307.7 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: 2024 € million 2023 € million Salaries and other short-term benefits 23.4 20.4 Performance share awards 8.1 9.3 Pension and post-employment benefits 1.1 0.9 Total remuneration 32.6 30.6 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: 2024 € million 2023 € million Audit fees 5.4 5.3 Audit-related fees 1.1 1.0 Other fees – 0.1 Total audit and audit-related fees 6.5 6.4 Fees for audit services to firms other than PricewaterhouseCoopers S.A. and affiliates were €0.7 million for the year ended 31 December 2024 (2023: €0.6 million). Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 268 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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: 2024 € million 2023 € million Finance income 106.2 55.7 Interest expense (121.0) (86.3) Other finance costs (2.0) (1.8) Net foreign exchange remeasurement losses (43.7) (15.9) Finance costs (166.7) (104.0) Finance costs, net (60.5) (48.3) 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 Coca-Cola HBC Integrated Annual Report 2024 269 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 10. Taxation continued The income tax charge for the years ended 31 December was as follows: 2024 € million 2023 € million Current tax expense 308.7 273.5 Deferred tax (income)/expense (0.4) 1.1 Income tax expense 308.3 274.6 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: 2024 € million 2023 € million Profit before tax 1,128.0 910.3 Tax calculated at domestic tax rates applicable to profits in the respective countries 223.0 178.8 Additional local taxes in foreign jurisdictions 27.1 28.2 Tax holidays in foreign jurisdictions (0.2) 5.4 Expenses non-deductible for tax purposes 40.6 49.6 Income not subject to tax (1.3) (0.3) Changes in tax laws and rates 3.3 (3.2) Movement of accumulated tax losses 2.5 5.4 Other 13.3 10.7 Income tax expense 308.3 274.6 Effective tax rate 27.3% 30.2% 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 period are driven by a combination of blended tax rates and changes in the standard corporate tax rate in certain territories of the Group (namely Italy, Lithuania, Russia, Nigeria and Switzerland). 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 €72.3 million as at 31 December 2024 (2023: €82.8 million), of which €61.4 million (2023: €72.9 million) is classified in line ‘Current tax liabilities’, €2.3 million (2023: €0.3 million) in line ‘Current tax assets’, €8.6 million (2023: €nil) in line ‘Deferred tax assets’ and €nil (2023: €9.6 million) 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: 2024 € million 2023 € million Established 15.6 14.8 Developing 24.6 14.3 Emerging 23.6 45.2 Corporate1 8.5 8.5 Total income tax provision 72.3 82.8 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 legislation1, 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 rate². As of 31 December 2024, Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group has a presence. In particular, Pillar Two legislation has been enacted or substantively enacted in Austria, Bulgaria, Croatia, Czech Republic, Finland, Greece, Hungary, Republic of Ireland, Italy, the Netherlands, Romania, Slovakia, Slovenia, Switzerland and the United Kingdom (Northern Ireland). In Poland, final legislation has been published and came into force as of 1 January 2025, whereas in Cyprus, final legislation has been published which is in force from 31 December 2023, however, the Domestic Minimum Top-up Tax (DMTT) will be introduced for financial years starting from 31 December 2024 onwards. In Estonia, Latvia and Lithuania, application of Pillar Two rules has been deferred based on an exception allowed by the EU Directive. Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 270 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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. In accordance with the local legislation in Switzerland, the Income Inclusion Rule (IIR) will be 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 2024 will be payable from Coca-Cola HBC Holdings B.V.3, which is located in the Netherlands. 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. For the above assessment, the financial accounts of the Constituent Entities4 and Joint Ventures5 used in the preparation of the Group’s consolidated financial statements under IFRS for 2024 have been considered, in order to determine: • entities eligible for the transitional exceptions based on which no Pillar Two liability is expected to arise; and • the Pillar Two liability of entities for which no transitional exception was applicable. Conclusions on such analysis were also validated using data for the fiscal year ended 31 December 2023. Based on the assessment 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 Pillar Two rules of €5.3 million, driven by Constituent Entities located in the following jurisdictions: Bosnia- Herzegovina, Bulgaria, Cyprus, Republic of Ireland, the Republic of Kosovo, Montenegro, Romania and Moldova, as well as Joint Ventures located in Serbia. This has been recognised within the ‘Tax’ line of the consolidated income statement and ‘Non-current tax liabilities’ line of the consolidated balance sheet. Deferred tax assets and liabilities presented in the consolidated balance sheet as at 31 December, can be further analysed as follows: Deferred tax assets: 2024 € million 2023 € million To be recovered after 12 months 68.0 52.2 To be recovered within 12 months 88.2 92.3 Gross deferred tax assets 156.2 144.5 Offset of deferred tax (115.3) (103.0) Net deferred tax assets 40.9 41.5 Deferred tax liabilities: To be settled after 12 months (321.6) (330.0) To be settled within 12 months (14.4) (23.5) Gross deferred tax liabilities (336.0) (353.5) Offset of deferred tax 115.3 103.0 Net deferred tax liabilities (220.7) (250.5) A reconciliation of net deferred tax is presented below: 2024 € million 2023 € million As at 1 January (209.0) (227.1) Taken to the income statement 0.4 (1.1) Arising from business combinations (refer to Note 23) – (28.2) Taken to other comprehensive income 1.1 (1.1) Taken directly to equity (0.7) 4.9 Foreign currency translation 28.4 43.6 As at 31 December (179.8) (209.0) 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. Coca-Cola HBC Holdings B.V. qualifies as an Intermediate Parent Entity based on definitions of Pillar Two rules. 4. Constituent Entities are the entities in scope of the Pillar Two rules, i.e. entities included in the financial statements with full consolidation. 5. 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. Coca-Cola HBC Integrated Annual Report 2024 271 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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: Deferred tax assets Provisions € million Pensions and benefit plans € million Tax losses carry- forward € million Book in excess of tax depreciation € million Leasing € million Other deferred tax assets € million Total As at 1 January 2023 40.8 10.8 6.6 5.5 30.6 42.0 136.3 Taken to the income statement (6.5) 2.7 1.5 (0.7) 5.6 6.1 8.7 Arising from business combinations (refer to Note 23) – – 11.2 – 1.3 0.8 13.3 Taken to other comprehensive income – 0.8 – – – 0.8 1.6 Other movements and foreign currency translation (17.7) 0.8 (0.3) – (4.3) 6.1 (15.4) As at 31 December 2023 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 Deferred tax liabilities Tax in excess of book depreciation € million Derivative instruments € million Other deferred tax liabilities € million Total € million As at 1 January 2023 (332.8) (3.0) (27.6) (363.4) Taken to the income statement (5.8) (0.4) (3.6) (9.8) Arising from business combinations (refer to Note 23) – – (41.5) (41.5) Taken to other comprehensive income – (3.8) 1.1 (2.7) Taken directly to equity – 4.9 – 4.9 Other movements and foreign currency translation 61.7 (0.1) (2.6) 59.0 As at 31 December 2023 (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) 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: 2024 € million 2023 € million Attributable to tax losses that expire within five years 8.0 5.8 Attributable to tax losses that expire after five years 4.7 11.2 Attributable to tax losses that can be carried forward indefinitely 4.7 2.0 Recognised deferred tax assets attributable to tax losses 17.4 19.0 Unrecognised deferred tax assets attributable to tax losses that are available to carry forward against future taxable income amounted to €38.8 million as at 31 December 2024 (2023: €28.6 million) and can be analysed as follows: 2024 € million 2023 € million Attributable to tax losses that expire within five years 35.3 21.7 Attributable to tax losses that expire after five years 3.5 6.9 Unrecognised deferred tax assets attributable to tax losses 38.8 28.6 The aggregate amount of distributable reserves arising from the realised earnings of the Group’s operations was €4,410.0 million in 2024 (2023: €3,871.2 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 Coca-Cola HBC Integrated Annual Report 2024 272 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 company is based on the following data: 2024 2023 Net profit attributable to the owners of the parent (€ million) 820.6 636.5 Weighted average number of ordinary shares for the purposes of basic earnings per share (million) 364.3 367.8 Effect of dilutive stock options on number of shares (million) 0.2 0.5 Weighted average number of ordinary shares for the purposes of diluted earnings per share (million) 364.5 368.3 Basic earnings per share (€) 2.25 1.73 Diluted earnings per share (€) 2.25 1.73 12. Components of other comprehensive income The components of other comprehensive income for the years ended 31 December comprised: 2024 2023 Before tax € million Income tax € million Net of tax € million Before tax € million Income tax € million Net of tax € million Cost of hedging (refer to Note 24) (2.3) – (2.3) (7.1) – (7.1) Gain on cash flow hedges (refer to Note 24) 10.8 1.0 11.8 19.7 (3.0) 16.7 Foreign currency translation losses (209.5) – (209.5) (484.6) – (484.6) Valuation (loss)/gain on equity investments at fair value through other comprehensive income (0.2) – (0.2) 0.4 (0.1) 0.3 Actuarial gains/(losses) 1.0 0.1 1.1 (16.4) 2.0 (14.4) Share of other comprehensive loss of equity method investments (4.6) – (4.6) (11.7) – (11.7) Other comprehensive loss (204.8) 1.1 (203.7) (499.7) (1.1) (500.8) The foreign currency translation losses for both 2024 and 2023 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 (‘unit’) 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 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 Coca-Cola HBC Integrated Annual Report 2024 273 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 ‘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: Goodwill € million Franchise agreements € million Trademarks € million Other intangible assets € million Total € million Cost As at 1 January 2023 2,108.4 395.8 220.2 17.9 2,742.3 Arising from business combinations (refer to Note 23) 7.4 – 198.2 – 205.6 Impairment (110.5) – – (2.0) (112.5) Foreign currency translation (2.1) (62.0) (0.3) – (64.4) As at 31 December 2023 2,003.2 333.8 418.1 15.9 2,771.0 Amortisation As at 1 January 2023 182.4 – 8.1 9.3 199.8 Charge for the year – – 0.5 0.9 1.4 As at 31 December 2023 182.4 – 8.6 10.2 201.2 Net book value as at 1 January 2023 1,926.0 395.8 212.1 8.6 2,542.5 Net book value as at 31 December 2023 1,820.8 333.8 409.5 5.7 2,569.8 Cost Goodwill € million Franchise agreements € million Trademarks € million Other intangible assets € million Total € million 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 In 2023, the Group recognised an impairment loss of €3.1 million in connection with its self-serve coffee vending business in Poland (the ‘Costa Express Business’), as the recoverable amount was lower than the carrying amount. The recoverable amount was determined based on value-in-use calculations, considering management’s best estimates of future cash flows expected to arise from the business, discounted at a rate of 7.7%. The impairment was driven mainly by a change in expectations regarding the scope and duration of a contract with a key customer. The impairment loss was allocated to goodwill (€1.1 million) and other finite-lived intangible assets (€2.0 million) and was included in line ‘Operating expenses’ of the consolidated income statement and under Developing markets for segmental allocation purposes. In 2024, the Group partially reversed the impairment loss relating to the Costa Express Business by €0.4 million. The reversal of the impairment was driven mainly by finalisation of the negotiations regarding the 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. Impairment losses of €109.4 million in 2023 related to the impairment of goodwill of the Group’s Egyptian cash-generating unit. For details on the impairment testing of the Group’s Egyptian cash-generating unit, refer to section ‘Annual impairment test for goodwill and other indefinite-lived intangible assets’ below. In 2024, the Group 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 Coca-Cola HBC Integrated Annual Report 2024 274 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 13. Intangible assets continued Intangible assets not subject to amortisation amounted to €2,497.9 million (2023: €2,560.2 million) and are presented in the charts below: Goodwill €1,828.8 million Franchise agreements €263.7 million Trademarks €405.4 million 2024 €2,497.9 million Goodwill €1,820.8 million Franchise agreements €333.8 million Trademarks €405.6 million 2023 €2,560.2 million The carrying value of intangible assets subject to amortisation amounted to €8.8 million (2023: €9.6 million) and comprised water rights of €4.8 million, trademarks of €3.3 million and other intangible assets of €0.7 million (2023: €5.3 million water rights, €3.9 million trademarks and €0.4 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, the increased cost of water, as well as costs associated with managing the Group’s carbon footprint in line with its NetZeroby40 commitments, as detailed in the Strategic Report (pages 187 to 188) . 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. Except for the impairment of the juice trademark described on page 274, no impairment of goodwill and other indefinite-lived assets was identified during the 2024 annual impairment test. Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 275 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 2024. Intangible assets not subject to amortisation as at 31 December 2024 (%) Italy 31% Switzerland 20% The Republic of Ireland and Northern Ireland 10% Koncern Bambi a.d. Požarevac 9% All other cash-generating units 30% Goodwill € million Franchise agreements € million Trademarks € million Total € million Italy 640.9 126.9 – 767.8 Switzerland 490.0 – – 490.0 The Republic of Ireland and Northern Ireland 257.1 – – 257.1 Koncern Bambi a.d. Požarevac 115.6 – 118.9 234.5 All other cash-generating units 325.2 136.8 286.5 748.5 Total 1,828.8 263.7 405.4 2,497.9 The key assumptions for these cash-generating units are presented below: Growth rate in perpetuity (%) Post-tax discount rate (%) Pre-tax discount rate (%) 2024 2023 2024 2023 2024 2023 Italy 2.0 2.0 7.1 8.4 9.3 11.5 Switzerland 1.0 0.8 5.7 6.5 6.8 7.8 The Republic of Ireland and Northern Ireland 4.0 4.0 5.6 6.4 6.0 7.0 Koncern Bambi a.d. Požarevac 4.5 4.5 7.1 9.3 7.6 10.2 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. Impairment testing of the Egyptian cash-generating unit (‘unit’) As disclosed in the 2023 Integrated Annual Report, during 2023 we experienced worsening macroeconomic factors in Egypt, with inflation persisting at record-high levels, more than double the upper bound of the Central Bank of Egypt’s target band and increasing risk of foreign currency crisis due to low reserves, while geopolitical tensions in the Middle East negatively impacted the financial performance of the Egyptian unit in late 2023. Consequently, during the 2023 annual impairment test performed by the Group, an impairment loss for its Egyptian unit of €109.4 million was identified, as the recoverable amount was lower than the carrying amount of the unit. The impairment loss was allocated in its entirety to reduce the carrying amount of goodwill allocated to the unit and was included in line ‘Operating expenses’ of the consolidated income statement and under Emerging markets for segmental allocation purposes. As at 31 December 2023, the recoverable amount of the Egyptian unit was approximately €340 million. The Group performed its annual impairment test in 2024, which concluded that the recoverable amount of the Egyptian unit was higher than the carrying amount of the unit. The recoverable amount was determined based on value-in-use calculations consistent with those performed in 2023, updated to consider management’s revised best estimates of expected cash flows and a lower discount rate, reflective of the easing macroeconomic uncertainty in Egypt resulting from the government’s ongoing IMF-backed reforms and controlled debt issuance. The following table sets out the key assumptions used in the impairment assessment of the Egyptian unit: December 2024 December 2023 Growth rate in perpetuity 5.0% 5.0% Post-tax discount rate 11.7% 17.4% Pre-tax discount rate 13.3% 20.8% The Group continues to closely monitor its Egyptian unit in order to ensure that timely actions and initiatives are undertaken to minimise potential adverse impacts on its expected performance. Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 276 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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’. The movements of property, plant and equipment by class of assets were as follows: Land and buildings € million Plant and equipment € million Returnable containers € million Assets under construction € million Total € million As at 1 January 2023: Gross carrying amount 1,752.3 4,168.4 497.0 249.1 6,666.8 Accumulated depreciation and impairment (612.9) (2,685.3) (303.9) (2.3) (3,604.4) Net book value as at 1 January 2023 excluding right-of-use assets 1,139.4 1,483.1 193.1 246.8 3,062.4 Additions 5.5 136.9 74.4 393.4 610.2 Reclassified to assets held for sale (refer to Note 19) (3.3) – – – (3.3) Reclassified from assets held for sale (refer to Note 19) – 0.1 – – 0.1 Reclassifications 76.2 249.7 3.7 (329.6) – Disposals (1.7) (2.8) (3.2) (0.6) (8.3) Depreciation charge for the year (47.2) (239.7) (39.2) – (326.1) Impairment (1.4) (9.8) (2.4) (1.1) (14.7) Foreign currency translation (175.1) (205.1) (50.7) (41.9) (472.8) Net book value as at 31 December 2023 excluding right-of-use assets 992.4 1,412.4 175.7 267.0 2,847.5 As at 31 December 2023: 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 31 December 2023 excluding right-of-use assets 992.4 1,412.4 175.7 267.0 2,847.5 Net book value of right-of-use assets as at 31 December 2023 105.2 104.4 – – 209.6 Net book value as at 31 December 2023 1,097.6 1,516.8 175.7 267.0 3,057.1 As at 1 January 2024: Gross carrying amount 1,598.1 3,960.8 459.0 269.3 6,287.2 Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 277 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Land and buildings € million Plant and equipment € million Returnable containers € million Assets under construction € million Total € million 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 Assets under construction as at 31 December 2024 include advances for equipment purchases of €87.6 million (2023: €78.6 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 €213.5 million (2023: €203.7 million) and €160.7 million (2023: €181.4 million) respectively. Impairment of property, plant and equipment and right-of-use assets In 2023, the Group recorded impairment losses of €5.1 million, €3.6 million and €10.4 million, and reversals of impairment of €nil, €nil and €4.4 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 and reversals of impairment of €nil relating to right-of-use assets in the Established segment. 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 relating to right-of-use assets of €0.1 million in the Emerging segment and reversals of impairment of €0.1 million in the Established segment. Notes to the consolidated financial statements continued 14. Property, plant and equipment continued Coca-Cola HBC Integrated Annual Report 2024 278 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 2024 2023 2024 2023 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% 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 Armenia CJSC Armenia 100.0% 100.0% 100.0% 100.0% CCHBC Bulgaria EAD1 Bulgaria 100.0% 99.4% 100.0% 99.4% 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 Austria GmbH Austria 100.0% 100.0% 100.0% 100.0% Coca-Cola HBC B-H d.o.o. Sarajevo Bosnia and Herzegovina 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 Egypt2 Egypt 99.9% 97.8% 99.9% 97.8% 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% 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 LLC3 Egypt 100.0% – 100.0% – Coca-Cola HBC Services MEPE Greece 100.0% 100.0% 100.0% 100.0% % of voting rights % of ownership Country of registration 2024 2023 2024 2023 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-Srbija d.o.o. Serbia 100.0% 100.0% 100.0% 100.0% Coca-Cola HBC Switzerland Ltd Switzerland 99.9% 99.9% 99.9% 99.9% 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% ESM Effervescent Sodas Management Limited4Cyprus – 100.0% – 100.0% Finlandia Vodka Oy5 Finland 100.0% 100.0% 100.0% 100.0% Koncern Bambi a.d. Požarevac Serbia 100.0% 100.0% 100.0% 100.0% Multon AO Russia 50.0%* 50.0%* 50.0% 50.0% Multon Partners LLC Russia 100.0% 100.0% 100.0% 100.0% 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 EOOD6 Bulgaria 100.0% – 100.0% – Sirvis d.o.o. Beograd-Novi Beograd7 Serbia 100.0% – 100.0% – Sirvis GmbH8 Austria 100.0% – 100.0% – Sirvis S.R.L. Italy 100.0% 100.0% 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. For details regarding the change in interest in CCHBC Bulgaria EAD in 2024 refer to Note 23. 2. Coca-Cola Bottling Company of Egypt S.A.E. was renamed to Coca-Cola HBC Egypt as of 18 June 2023. For details regarding the change in interest in Coca-Cola HBC Egypt in 2024 refer to Note 23. 3. Coca-Cola HBC Services LLC was established on 28 August 2024. 4. ESM Effervescent Sodas Management Limited was merged into Three Cents Hellas Single Member S.A. as of 31 December 2024. 5. Brown-Forman Finland Oy was acquired on 1 November 2023 (refer to Note 23) and was renamed to Finlandia Vodka Oy as of 1 March 2024. 6. Sirvis Bulgaria EOOD was established on 23 April 2024. 7. Sirvis d.o.o. Beograd-Novi Beograd was established on 5 February 2024. 8. Sirvis GmbH was established on 26 March 2024. Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 279 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 between 20% and 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 € million Associates € million Total € million As at 1 January 2023 86.0 119.6 205.6 Share of results of equity method investments 9.8 4.9 14.7 Share of other comprehensive income/(loss) of equity method investments 0.3 (12.0) (11.7) Share of total comprehensive income/(loss) 10.1 (7.1) 3.0 Dividends (9.3) (2.1) (11.4) Decrease due to other movements – (0.2) (0.2) As at 31 December 2023 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 The carrying amount of equity method investments comprises integral and non-integral equity method investments as follows: Joint ventures € million Associates € million Total € million As at 31 December 2023: Integral equity method investments 82.6 – 82.6 Non-integral equity method investments 4.2 110.2 114.4 Total equity method investments 86.8 110.2 197.0 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 a) Investments in joint ventures The Group has one significant integral 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. Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 280 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 15. Interests in other entities continued 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. AD Pivara Skopje 2024 € million 2023 € million Summarised balance sheet: Non-current assets 66.9 65.1 Cash and cash equivalents – 3.5 Other current assets 19.8 18.7 Total current assets 19.8 22.2 Borrowings (3.2) (6.0) Other current liabilities (including trade payables) (25.4) (28.9) Total current liabilities (28.6) (34.9) Borrowings (0.5) (0.8) Other non-current liabilities (0.5) (0.5) Total non-current liabilities (1.0) (1.3) Net assets 57.1 51.1 Summarised statement of comprehensive income: Revenue 137.9 127.5 Depreciation (7.3) (7.5) Interest expense (0.2) (0.1) Profit before tax 26.5 19.8 Income tax (3.0) (2.4) Profit after tax 23.5 17.4 Total comprehensive income 23.5 17.4 Dividends received 11.2 5.2 Reconciliation of net assets to carrying amount: Closing net assets 57.1 51.1 AD Pivara Skopje 2024 € million 2023 € million Interest in joint venture at 50% 28.6 25.6 Goodwill 16.9 16.9 Non-controlling interest (1.6) (1.6) Carrying value 43.9 40.9 Summarised financial information of the Group’s investment in other joint ventures is as follows: 2024 € million 2023 € million Carrying amount 47.5 45.9 Share of profit 1.9 1.1 Share of other comprehensive income – 0.3 Share of total comprehensive income 1.9 1.4 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, considering that the distribution agreement is separate to the shareholding. In 2023, accrued acquisition costs of €0.2 million in connection with the investment in Caffè Vergnano were written-off. Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 281 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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. Caffè Vergnano 2024 € million 2023 € million Summarised balance sheet: Non-current assets 123.0 123.4 Cash and cash equivalents 0.8 0.7 Other current assets 75.8 52.0 Total current assets 76.6 52.7 Borrowings (33.3) (15.6) Other current liabilities (including trade payables) (40.0) (33.4) Total current liabilities (73.3) (49.0) Borrowings (2.1) (3.0) Other non-current liabilities (25.4) (26.7) Total non-current liabilities (27.5) (29.7) Net assets 98.8 97.4 Summarised statement of comprehensive income: Revenue 123.5 109.7 Depreciation (8.8) (8.0) Profit/(loss) before tax 0.4 (2.0) Income tax (0.1) 0.8 Profit/(loss) after tax 0.3 (1.2) Total comprehensive income/(loss) 0.3 (1.2) Reconciliation of net assets to carrying amount: Closing net assets 98.8 97.4 Interest in associate at 30% 29.6 29.2 Acquisition costs 0.9 0.9 Goodwill 56.5 56.5 Carrying value 87.0 86.6 Summarised financial information of the Group’s investment in other associates is as follows: 2024 € million 2023 € million Carrying amount 19.2 23.6 Share of profit 2.9 5.3 Share of other comprehensive loss (4.6) (12.0) Share of total comprehensive loss (1.7) (6.7) We disclosed in the 2023 Integrated Annual Report that Frigoglass Industries (Nigeria) Limited, an associate in which the Group holds an effective interest of 23.9% (2023: 23.9%) through its subsidiary Nigerian Bottling Company Ltd, is a guarantor for the senior secured notes issued in 2023 by the restructured Frigoglass Group. The Group has no direct exposure arising from this guarantee arrangement, however the Group’s investment in this associate, which stood at €11.6 million as at 31 December 2024 (2023: €14.0 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 Coca-Cola HBC Integrated Annual Report 2024 282 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 assets’ 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 Coca-Cola HBC Integrated Annual Report 2024 283 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 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: 2024 € million 2023 € million Current lease liability 63.5 55.3 Non-current lease liability 190.5 154.8 Total lease liability (refer to Note 25) 254.0 210.1 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: 2024 € million 2023 € million Land and buildings 86.6 36.0 Plant and equipment 59.3 50.7 Total additions 145.9 86.7 Right-of-use assets arising on business combinations in 2024 amounted to €nil (2023:€6.7 million) (refer to Note 23). The consolidated income statement includes the following amounts relating to depreciation and impairment of right-of-use assets: 2024 € million 2023 € million Land and buildings 23.1 22.5 Plant and equipment 38.4 36.6 Total depreciation and impairment charge 61.5 59.1 The following expenses have been included in cost of goods sold and operating expenses: 2024 € million 2023 € million Expense relating to short-term leases 27.6 26.5 Expense relating to leases of low-value assets 7.2 5.3 Expense relating to variable lease payments 11.5 15.4 Interest expense on leases in 2024 was €15.7 million (2023: €16.1 million) and is recorded within ‘Finance costs, net’ in the consolidated income statement (refer to Note 9). The total cash outflow for leases in 2024 was €118.4 million (2023: €109.3 million). Expenses relating to short-term leases in 2024 and 2023 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: 2024 € million 2023 € million Finished goods 420.6 367.8 Raw materials and work in progress 338.8 305.8 Consumables 104.5 99.7 Total inventories 863.9 773.3 The amount of inventories recognised as an expense during 2024 was €5,071.2 million (2023: €4,989.5 million). Write-downs of inventories to net realisable value recognised as an expense amounted to €35.9 million in 2024 (2023: €31.1 million), whereas provision reversed in the year amounted to €8.6 million (2023: €3.8 million). Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 284 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 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 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 2024 € million 2023 € million 2024 € million 2023 € million Trade receivables 827.0 863.2 0.1 0.1 Receivables from related parties (refer to Note 27) 38.7 53.2 – – Receivables from brand partners 77.8 52.7 – – Loans and advances to employees 5.1 4.1 – – Loans receivable 3.8 3.5 6.5 2.2 Other receivables 95.4 74.8 – 0.2 Total trade and other receivables 1,047.8 1,051.5 6.6 2.5 Prepayments 145.8 104.1 22.2 22.3 Pension plan assets (refer to Note 21) – – 50.9 48.6 Non-current income tax receivable – – 9.1 8.5 VAT and other taxes receivable 44.6 32.4 – – Total other assets 190.4 136.5 82.2 79.4 Total trade, other receivables and assets 1,238.2 1,188.0 88.8 81.9 Receivables from brand partners relate to receivables arising in the sale and distribution of premium spirits and energy drinks. Non-current trade receivables relate to renegotiated receivables, which are expected to be settled within the new contractual due date. For offsetting impact on trade receivables, refer to Note 22. Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 285 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 18. Trade, other receivables and assets continued Trade receivables Trade receivables classified as current assets consisted of the following as at 31 December: 2024 € million 2023 € million Trade receivables 904.5 942.4 Less: Loss allowance (77.5) (79.2) Total trade receivables 827.0 863.2 The ageing analysis of trade receivables classified as current assets is as follows: 2024 € million 2023 € million Gross carrying amount Loss allowance Trade receivables Gross carrying amount Loss allowance Trade receivables Within due date 738.5 (3.4) 735.1 746.8 (3.5) 743.3 Past due – Up to three months 67.3 (3.0) 64.3 102.5 (1.8) 100.7 Past due – Three to six months 12.6 (1.9) 10.7 7.1 (1.2) 5.9 Past due – Six to nine months 6.2 (1.6) 4.6 4.0 (1.2) 2.8 Past due – More than nine months 79.9 (67.6) 12.3 82.0 (71.5) 10.5 Total trade receivables 904.5 (77.5) 827.0 942.4 (79.2) 863.2 The movement in the loss allowance during the year is as follows: 2024 € million 2023 € million As at 1 January (79.2) (75.8) Amounts written off during the year 2.1 3.9 Amounts recovered during the year 7.3 2.9 Increase in allowance recognised in income statement (8.6) (8.2) Foreign currency translation 0.9 (2.0) As at 31 December (77.5) (79.2) Receivables from related parties The related party receivables, net of the loss allowance, are as follows: 2024 € million 2023 € million Within due date 36.8 47.9 Past due 1.9 5.4 Less: Loss allowance – (0.1) Total related party receivables 38.7 53.2 The ageing analysis of these receivables is as follows: 2024 € million 2023 € million Within due date 36.8 47.9 Past due – Up to three months 0.9 4.4 Past due – Three to six months 0.5 0.8 Past due – Six to nine months 0.2 – Past due – More than nine months 0.3 0.1 Total 38.7 53.2 Net impairment Net impairment loss on trade and other receivables recognised in the income statement is analysed as follows: 2024 € million 2023 € million Trade receivables 3.5 4.2 Related party receivables (0.1) – Other receivables and assets 4.4 7.3 Net impairment loss 7.8 11.5 Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 286 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 2024, the Group’s assets classified as held for sale amounted to €0.3 million, comprising the carrying amount of land and buildings in the Group’s Emerging segment (2023: €3.3 million, comprising land and buildings of €1.8 million and €1.5 million in the Group’s Established and Emerging segments respectively, that had been written down to fair value less costs to sell) (refer to Note 14). The fair value of assets classified as held for sale was determined through the use of a sales comparison approach and is a non-recurring fair value measurement within level 3 of the fair value hierarchy. During 2024, assets classified as held for sale in 2023 of €1.8 million were reclassified to property, plant and equipment (refer to Note 14), as sale was no longer considered highly probable, while remaining assets of €1.5 million were accordingly sold. 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: 2024 € million 2023 € million Trade payables 1,136.1 1,097.4 Accrued liabilities 811.6 719.4 Payables to related parties (refer to Note 27) 293.9 289.5 Deposit liabilities 130.8 90.6 Other tax and social security liabilities 191.9 173.3 Salaries and employee-related payables 76.0 69.1 Contract liabilities (refer to Note 7) 12.0 15.0 Other payables 18.1 24.8 Total trade and other payables 2,670.4 2,479.1 As at 31 December 2024, the carrying amounts of trade payables included in the supply chain finance programme were as follows: 2024 € million Trade payables subject to the supply chain finance programme for which suppliers have received payment 133.9 Trade payables subject to the supply chain finance programme for which suppliers have not received payment 28.3 Trade payables subject to supply chain finance programme 162.2 Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 287 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 2024 amounted to €419.7 million (2023: €351.2 million). 21. Provisions and employee benefits Provisions and employee benefits consisted of the following as at 31 December: 2024 € million 2023 € million Current: Employee benefits 145.9 145.8 Restructuring provisions 1.7 3.2 Other provisions 43.5 50.1 Total current provisions and employee benefits 191.1 199.1 Non-current: Employee benefits 103.7 105.8 Restructuring provisions 0.9 1.9 Other provisions 2.5 1.4 Total non-current provisions and employee benefits 107.1 109.1 Total provisions and employee benefits 298.2 308.2 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: 2024 € million 2023 € million Restructuring provision Other provisions Restructuring provision Other provisions As at 1 January 5.1 51.5 4.3 48.8 Arising during the year 4.0 32.9 7.6 31.5 Utilised during the year (6.2) (22.5) (6.1) (23.1) Unused amount reversed (0.3) (10.7) (0.7) (1.7) Foreign currency translation – (5.2) – (4.0) As at 31 December 2.6 46.0 5.1 51.5 Other provisions primarily comprise provisions in relation to other tax and legal provisions, employee litigation and donations. Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 288 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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: 2024 € million 2023 € million Defined benefit plans: Employee leaving indemnities 62.8 66.7 Pension plans 5.5 5.5 Long-service benefits (jubilee plans) and other benefits 12.1 12.9 Total defined benefit plans 80.4 85.1 Other employee benefits: Annual leave 11.1 9.8 Other employee benefits 158.1 156.7 Total other employee benefits 169.2 166.5 Total employee benefits obligations 249.6 251.6 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 Coca-Cola HBC Integrated Annual Report 2024 289 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 21. Provisions and employee benefits continued Defined benefit obligation by segment is as follows for the years ended 31 December: 2024 2023 €68.5m Total €80.4million €2.5m €9.4m Established Developing Emerging €68.7m Total €85.1 million €2.5m €13.9m The average duration of the defined benefit obligations is 14 years and the total employer contributions expected to be paid in 2025 are €11.1 million. The reconciliation of plan assets and plan liabilities for the years ended 31 December is as follows: Plan assets € million Plan liabilities € million Net surplus/ (deficit) € million As at 1 January 2023 431.9 (398.5) 33.4 Current service cost – (9.8) (9.8) Past service cost – 0.1 0.1 Administrative expenses (0.3) – (0.3) Curtailment/settlement – (1.1) (1.1) Interest income/(expense) 12.8 (13.3) (0.5) Actuarial losses – (0.6) (0.6) Total expense recognised in income statement 12.5 (24.7) (12.2) Losses from change in financial assumptions – (28.3) (28.3) Experience adjustments – (2.2) (2.2) Return on plan assets excluding interest income 5.3 – 5.3 Total remeasurements recognised in other comprehensive income 5.3 (30.5) (25.2) Benefits paid (22.0) 22.0 – Employer’s contributions 14.4 – 14.4 Participants’ contributions 5.1 (5.1) – Foreign currency translation 14.9 0.3 15.2 As at 31 December 2023 462.1 (436.5) 25.6 Plan assets € million Plan liabilities € million Net surplus/ (deficit) € 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 The effect of the asset ceiling on plan assets and net deficit for the years ended 31 December is as follows: 2024 € million 2023 € million Fair value of plan assets as at 31 December excluding asset ceiling 465.0 462.1 Opening unrecognised asset due to the asset ceiling (62.1) (66.0) Change in asset ceiling recognised in other comprehensive income 3.1 8.8 Exchange rate gain (0.1) (3.3) Interest on unrecognised asset recognised in income statement (1.1) (1.6) Fair value of plan assets as at 31 December including asset ceiling 404.8 400.0 Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 290 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 21. Provisions and employee benefits continued 2024 € million 2023 € million Present value of funded obligations 358.6 356.1 Fair value of plan assets (465.0) (462.1) Defined benefit obligations of funded plans (106.4) (106.0) Present value of unfunded obligations 75.7 80.4 Unrecognised asset due to asset ceiling 60.2 62.1 Defined benefit obligations 29.5 36.5 Plus: Amounts recognised within non-current assets (refer to Note 18) 50.9 48.6 Total defined benefit obligations 80.4 85.1 Funding levels are monitored in conjunction with the agreed contribution rate. The funding level of the funded plans as at 31 December 2024 was 113% (2023: 112%). Five of the plans have funded status surplus totalling €50.9 million as at 31 December 2024 (2023: five plans, totalling €48.6 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: 2024 % 2023 % Discount rate 2.5 2.8 Rate of compensation increase 2.2 2.5 Rate of pension increase 2.1 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 2024 31 December 2023 Change in assumption Increase in assumption Decrease in assumption Change in assumption Increase in assumption Decrease in assumption Discount rate 1.00% (12.6%) 15.6% 1.00% (12.6%) 13.9% Rate of compensation increase 1.00% 3.0% (2.7%) 1.00% 4.0% (3.7%) Rate of pension increase 1.00% 4.7% (4.8%) 1.00% 5.3% (5.1%) Life expectancy 1 year 2.4% (2.4%) 1 year 2.2% (2.3%) Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 291 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 21. Provisions and employee benefits continued Plan assets are invested as follows: Equity securities – Eurozone 4% Equity securities – Non-Eurozone 21% Government bonds – Eurozone 18% Assets category 2024 (%) Government bonds – Non-Eurozone 17% Corporate bonds – Non-Eurozone 22% Real estate 12% Cash 2% Other 4% Equity securities – Eurozone 4% Equity securities – Non-Eurozone 20% Government bonds – Eurozone 20% Assets category 2023 (%) Government bonds – Non-Eurozone 14% Corporate bonds – Eurozone 6% Corporate bonds – Non-Eurozone 17% Real estate 12% Cash 1% Other 6% 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 2024 or 31 December 2023. Defined contribution plans The expense recognised in the income statement in 2024 for the defined contribution plans is €42.5 million (2023: €41.2 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 Coca-Cola HBC Integrated Annual Report 2024 292 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 22. Offsetting financial assets and financial liabilities continued a) Financial assets As at 31 December 2024 Related amounts not set off in the balance sheet Gross amounts of recognised financial assets € million Gross amounts of recognised financial liabilities set off in the balance sheet € million Net amounts of financial assets presented in the balance sheet € million Financial instruments € million Net amount € 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 As at 31 December 2023 Related amounts not set off in the balance sheet Gross amounts of recognised financial assets € million Gross amounts of recognised financial liabilities set off in the balance sheet € million Net amounts of financial assets presented in the balance sheet € million Financial instruments € million Net amount € million Derivative financial assets 101.5 – 101.5 (14.7) 86.8 Trade receivables 939.8 (76.5) 863.3 – 863.3 Total 1,041.3 (76.5) 964.8 (14.7) 950.1 b) Financial liabilities As at 31 December 2024 Related amounts not set off in the balance sheet Gross amounts of recognised financial liabilities € million Gross amounts of recognised financial assets set off in the balance sheet € million Net amounts of financial liabilities presented in the balance sheet € million Financial instruments € million Net amount € 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 As at 31 December 2023 Related amounts not set off in the balance sheet Gross amounts of recognised financial liabilities € million Gross amounts of recognised financial assets set off in the balance sheet € million Net amounts of financial liabilities presented in the balance sheet € million Financial instruments € million Net amount € million Derivative financial liabilities 73.0 – 73.0 (14.7) 58.3 Trade payables 1,173.9 (76.5) 1,097.4 – 1,097.4 Total 1,246.9 (76.5) 1,170.4 (14.7) 1,155.7 23. Business combinations and purchases of shares held by non-controlling interests 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 accounting policy regarding basis of consolidation. Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 293 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 23. Business combinations and purchases of shares held by non-controlling interests continued Acquisition of Finlandia Vodka Oy On 1 November 2023, the Group acquired 100% of the issued shares of Brown-Forman Finland Oy (‘BFF’), established in Finland, owner of the Finlandia Vodka brand. BFF was later renamed to Finlandia Vodka Oy (‘Finlandia’). The acquisition enhances the Group’s premium spirits business, while complementing its existing adult sparkling beverages portfolio and better positions the Group to strengthen partnerships with customers in strategically important channels such as hotels, restaurants and cafes (HoReCa). The fair value of the consideration for the acquisition of Finlandia consisted of US Dollar 193.8 million (€183.9 million), which was paid as at 31 December 2023, and an additional payment, based on Finlandia’s net financial position and working capital movement, of US Dollar 1.6 million (€1.5 million), which was finally agreed with the seller, according to the terms of the sale and purchase agreement, late in the first quarter of 2024 and paid in April 2024. Details of the acquisition with regard to the finally determined fair values of the net assets acquired and goodwill are presented in the table below. The net assets acquired reflect the final total consideration of US Dollar 195.4 million (€185.4 million). Fair value € million Trademarks 198.2 Property, plant and equipment1 6.7 Inventories 4.9 Trade, other receivables and assets 9.1 Cash and cash equivalents 3.5 Borrowings1 (6.5) Trade and other payables (9.7) Net deferred tax liability (28.2) Net identifiable assets acquired 178.0 Add: Goodwill arising on acquisition 7.4 Net assets acquired 185.4 1. Property, plant and equipment and borrowings acquired relate to right-of-use assets (refer to Note 16) and lease liability (refer to Note 25), respectively. The finalisation of the additional consideration is a measurement period adjustment under IFRS 3 ‘Business combinations‘, which resulted in an increase of ‘Trademarks‘, ‘Net deferred tax liability‘ and ‘Trade and other payables‘ by €1.2 million, €0.2 million and €1.0 million respectively, compared to the provisionally determined fair values of the net assets acquired and the additional consideration payable disclosed in the 2023 Integrated Annual Report. Accordingly, the comparative information of the consolidated balance sheet was revised to reflect the effect from finalisation of the additional consideration for the acquisition of Finlandia, as described above (refer to Note 2). The goodwill arising from the acquisition is attributable to the brand’s growth potential across the Group’s markets. Acquisition costs of €5.6 million were included in line ‘Operating expenses’ of the consolidated income statement in 2023, as a result of the above acquisition. Acquisition of BDS Vending Solutions During the first half of 2024, the Group reached an agreement to acquire 100% of BDS Vending Solutions Ltd (‘BDS’), a well-established food and drink vending services business in Ireland. The acquisition was approved by the Competition and Consumer Protection Commission in Ireland on 12 February 2025 and completed on 28 February 2025. The consideration for the acquisition of BDS consists of €27.9 million, of which €26.4 million was paid on completion, while the remaining €1.5 million (‘Holdback amount’) is expected to be paid within 30 months after the completion date, and a consideration adjustment that is subject to BDS’s net debt and working capital balances on the completion date. The consideration adjustment will be determined according to the terms of the share purchase agreement and is expected to be settled within the second quarter of 2025. Acquisition costs incurred during 2024 in connection with the acquisition of BDS amounted to €1.9 million (2023: €0.7 million) and were included in line ‘Operating expenses‘ of the consolidated income statement. Purchases of shares held by non-controlling interests During 2024, the Group acquired a further 0.1% interest in Coca-Cola HBC Egypt for a consideration of €0.1 million (2023: a 3.1% interest, for a consideration of €12.6 million), which was presented in line ‘Payments for purchases of shares held by non-controlling interests’ of the consolidated cash flow statement. In addition, during 2024, following capitalisation of certain inter-company loans by Coca-Cola HBC Egypt as well as the successful completion of an equity injection in the subsidiary, which was covered in its entirety by the Group, the relevant non-controlling interest was diluted by approximately 2.0%. Following these changes, the Group held a 99.9% interest in Coca-Cola HBC Egypt as at 31 December 2024. During 2024, the Group also acquired the remaining 0.6% interest in CCHBC Bulgaria EAD for a consideration of €2.8 million (2023: €nil), which was presented in line ‘Payments for purchases of shares held by non-controlling interests’ of the consolidated cash flow statement. Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 294 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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: a) the Group’s business model for managing assets; and b) 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 are 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. 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. 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 2024 295 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 future contracts transacted by Group Treasury. Group Treasury’s risk management policy is to hedge, on an average coverage ratio basis, between 25% and 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. 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. 2024 exchange risk sensitivity to reasonably possible changes in the Euro against relevant other currencies Euro strengthens against local currency Euro weakens against local currency % historical volatility over a 12-month period Loss/(gain) in income statement € million Loss/(gain) in equity € million (Gain)/loss in income statement € million (Gain)/loss in equity € 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 Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 296 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 24. Financial risk management and financial instruments continued 2024 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant other currencies US Dollar strengthens against local currency US Dollar weakens against local currency % historical volatility over a 12-month period Loss/(gain) in income statement € million Loss/(gain) in equity € million (Gain)/loss in income statement € million (Gain)/loss in equity € 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) – 2023 exchange risk sensitivity to reasonably possible changes in the Euro against relevant other currencies Euro strengthens against local currency Euro weakens against local currency % historical volatility over a 12-month period Loss/(gain) in income statement € million Loss/(gain) in equity € million (Gain)/loss in income statement € million (Gain)/loss in equity € million Egyptian Pound 13.0% 4.9 7.7 (6.3) (10.0) Nigerian Naira 35.7% 11.8 – (26.0) – Russian Rouble 17.5% (3.8) – 5.4 – UK Sterling 4.8% (1.3) (0.2) 1.5 0.2 Ukrainian Hryvnia 8.4% 2.5 – (2.9) – Other – 4.5 (6.0) (4.1) 5.7 Total 18.6 1.5 (32.4) (4.1) 2023 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant other currencies US Dollar strengthens against local currency US Dollar weakens against local currency % historical volatility over a 12-month period Loss/(gain) in income statement € million Loss/(gain) in equity € million (Gain)/loss in income statement € million (Gain)/loss in equity € million Egyptian Pound 10.5% 7.2 1.8 (8.9) (2.3) Nigerian Naira 35.3% 7.7 33.5 (67.3) (70.1) Russian Rouble 15.3% (8.2) (0.6) 11.2 0.9 Ukrainian Hryvnia 3.4% 0.3 – (0.3) – Other – (0.4) – 0.4 – Total 6.6 34.7 (64.9) (71.5) b) Commodity price risk The Group is affected by the volatility of certain commodity prices (being mainly sugar, aluminium, aluminium premium, plastic 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, 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 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 Coca-Cola HBC Integrated Annual Report 2024 297 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 24. Financial risk management and financial instruments continued 2024 commodity price risk sensitivity to reasonably possible changes in the commodity price of relevant commodities Commodity price increases with all other variables held constant Commodity price decreases with all other variables held constant % historical volatility over a 12-month period per contract maturity (Gain)/loss in income statement € million (Gain)/loss in equity € million Loss/(gain) in income statement € million Loss/(gain) in equity € 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 2023 commodity price risk sensitivity to reasonably possible changes in the commodity price of relevant commodities Commodity price increases with all other variables held constant Commodity price decreases with all other variables held constant % historical volatility over a 12-month period per contract maturity (Gain)/loss in income statement € million (Gain)/loss in equity € million Loss/(gain) in income statement € million Loss/(gain) in equity € million Sugar 18.8% (1.6) (42.3) 1.6 42.3 Aluminium 21.4% (1.7) (29.3) 1.7 29.3 Aluminium premium 29.0% (0.1) (2.6) 0.1 2.6 Gas oil 36.1% – (5.8) – 5.8 Plastic 17.0% (2.2) – 2.2 – Total (5.6) (80.0) 5.6 80.0 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 2024 (2023: 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 2024 2023 Loss/(gain) in income statement € million (Gain)/loss in equity € million Loss/(gain) in income statement € million (Gain)/loss in equity € million Increase by 100 basis points 3.9 – 0.1 (8.8) Decrease by 100 basis points (3.9) – (0.1) 1.8 The impact in the Group’s income statement in 2024 is attributable to the changes in the fair value of the fixed-to-floating interest rate swaps entered 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 in 2023 is attributable to the changes in the fair value of the swaptions entered in 2023 for a notional amount of €525.0 million in relation to the Group’s Euro-denominated forecast issuance of fixed rate debt in 2024 and formally designated as cash flow hedges. In February 2024 the swaption contracts were unwound and, at the same time, the new notes were issued. 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 2024 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 the ‘BBB-/Baa3’. The Group also uses Credit Default Swaps of a counterparty in order 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 2024, an amount of €619.0 million (2023: €54.8 million) is invested in time deposits with tenor of more than three months and €265.0 million (2023: €513.8 million) is invested in money market funds. Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 298 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 24. Financial risk management and financial instruments continued 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 has entered into a supply chain financing programme with a single counterparty. The Group’s payment terms for the trade payables covered by the programme are identical to the payment terms for other trade payables. The Group has no significant concentration of liquidity risk with the counterparty, and the programme has been established to manage the Group’s working capital needs (refer to Note 20). As at 31 December 2024, the Group has a net debt of €1.5 billion (refer to Note 25), of which a €500 million Euro-denominated fixed rate bond matures in September 2025. In addition, the Group has an undrawn revolving credit facility of €800 million available, €0.8 billion available out of the €1.0 billion commercial paper facility, as well as an undrawn uncommitted loan agreement of €200 million. 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 2024. Up to one year € million One to two years € million Two to five years € million Over five years € million Total € 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 Up to one year € million One to two years € million Two to five years € million Over five years € million Total € million Borrowings 923.2 546.0 775.3 1,132.4 3,376.9 Derivative liabilities 67.3 3.7 2.0 – 73.0 Trade and other payables (excluding other tax & social security and contract liabilities) 2,289.8 0.4 1.1 3.6 2,294.9 Leases 66.7 53.0 78.4 56.9 255.0 As at 31 December 2023 3,347.0 603.1 856.8 1,192.9 5,999.8 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 Coca-Cola HBC Integrated Annual Report 2024 299 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 24. Financial risk management and financial instruments continued 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 reaffirmed in 2024. Rating agency Publication date Long-term debt Outlook Short-term debt Standard & Poor’s August 2024 BBB+ Stable A2 Moody’s May 2024 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: 2024 € million 2023 € million Net debt (refer to Note 25) 1,524.5 1,595.3 Operating profit 1,185.4 953.6 Depreciation and impairment of property, plant and equipment, including right-of-use assets 395.7 399.9 Amortisation and impairment of intangible assets 1.1 113.9 Employee performance shares 15.6 20.4 Adjusted EBITDA 1,597.8 1,487.8 Other restructuring costs (primarily termination benefits) 3.3 7.6 Unrealised loss on commodity derivatives 1.1 4.6 Exceptional items related to Russia-Ukraine conflict – (0.2) Acquisition costs 1.9 6.3 Comparable adjusted EBITDA 1,604.1 1,506.1 Net debt/comparable adjusted EBITDA ratio 0.95 1.06 The reconciliation of other restructuring costs to total restructuring costs for the years ended 31 December was as follows: 2024 € million 2023 € million Total restructuring costs included in operating expenses (refer to Note 8) 3.3 9.0 Less: Impairment of property, plant and equipment presented as part of restructuring costs – (1.4) Other restructuring costs (primarily termination benefits) 3.3 7.6 Hedging activity The carrying amount of the derivative financial instruments are 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: As at 31 December 2024 Notional amount € million Carrying amount € million Period of 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 Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 300 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 24. Financial risk management and financial instruments continued As at 31 December 2023 Notional amount € million Carrying amount € million Period of maturity date Contracts with positive fair values 695.5 15.6 Non-current 79.0 4.0 Commodity swap contracts 79.0 4.0 Jan25 – Nov25 Current 616.5 11.6 Foreign currency forward contracts 15.0 0.2 Jan24 – Jun24 Interest rate contracts 525.0 1.9 Jun24 Commodity swap contracts 76.5 9.5 Jan24 – Dec24 Contracts with negative fair values 382.6 (23.2) Non-current 80.3 (5.7) Commodity swap contracts 80.3 (5.7) Jan25 – Sep26 Current 302.3 (17.5) Foreign currency forward contracts 136.8 (2.4) Jan24 – Dec24 Commodity swap contracts 165.5 (15.1) Jan24 – Dec24 The impact on the hedging reserve as a result of applying cash flow hedge accounting was: Spot component of foreign currency contracts € million Cost of hedging reserve of foreign currency contracts € million Commodity swap contracts € million Interest rate swap contracts € million Total € million Opening balance as at 1 January 2023 (1.7) 0.4 11.0 (14.1) (4.4) Net gain on cash flow hedges (0.8) – 14.1 6.4 19.7 Change in fair value of hedging instruments recognised in OCI (0.8) – 14.5 (0.2) 13.5 Reclassified to income statement – – (0.4) 6.6 6.2 Cost of hedging recognised in OCI – (3.9) – (3.2) (7.1) Reclassified to inventories (1.2) 4.1 (33.7) – (30.8) Closing balance as at 31 December 2023 (3.7) 0.6 (8.6) (10.9) (22.6) Net gain on 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) Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 301 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 24. Financial risk management and financial instruments continued The effect of the cash flow hedges in the consolidated income statement was: 2024 (Gain)/loss € million 2023 (Gain)/loss € million Net amount reclassified from other comprehensive income to cost of goods sold (0.6) (0.4) Net amount reclassified from other comprehensive income to finance costs 6.3 6.6 Total 5.7 6.2 The ineffectiveness on the cash flow hedges for the year ended 31 December 2024 was €1.4 million loss (2023: €2.6 million loss) recorded within cost of goods sold. b) Fair value hedges The impact of the hedging instruments on the consolidated balance sheet was: As at 31 December 2024 Notional amount € million Carrying amount € million Period of 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 2024 was €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 Group’s risks and for which hedge accounting has not been applied were: As at 31 December 2024 Notional amount € million Carrying amount € million Period of 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 As at 31 December 2023 Notional amount € million Carrying amount € million Period of maturity date Contracts with positive fair values 545.8 85.9 Current 545.8 85.9 Foreign currency future contracts 177.6 82.9 Jan24 – Jun 24 Foreign currency forward contracts 366.2 2.9 Jan24 – Dec24 Commodity swap contracts 2.0 0.1 Sep24 – Oct24 Contracts with negative fair values 468.3 (49.8) Current 468.3 (49.8) Embedded derivatives 21.4 (9.1) Jan24 – Dec24 Foreign currency forward contracts 426.6 (39.3) Jan24 – Dec24 Commodity swap contracts 20.3 (1.4) Jan24 – Nov24 The effect of the undesignated hedges in the consolidated income statement was: 2024 (Gain)/loss € million 2023 Loss/(gain) € million Net amount recognised in cost of goods sold (0.3) 6.9 Net amount recognised in operating expenses (10.3) (40.4) Net amount recognised in finance cost 25.2 (30.5) Total 14.6 (64.0) Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 302 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 24. Financial risk management and financial instruments continued Financial instruments’ categories Categories of financial instruments as at 31 December were as follows (in € million): 2024 Analysis of total assets Assets Debt financial assets at amortised cost Assets at FVTPL Derivatives designated as hedging instruments Equity financial assets at FVOCI Total current and 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 Liabilities held at amortised cost Liabilities at FVTPL Derivatives designated as hedging instruments Total current and 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 2023 Analysis of total assets Assets Debt financial assets at amortised cost Assets at FVTPL Derivatives designated as hedging instruments Equity financial assets at FVOCI Total current and non-current Current Non-current Investments including loans to related parties 60.1 519.7 – 9.9 589.7 570.4 19.3 Derivative financial instruments – 85.9 15.6 – 101.5 97.5 4.0 Trade and other receivables 1,054.0 – – – 1,054.0 1,051.5 2.5 Cash and cash equivalents 1,260.6 – – – 1,260.6 1,260.6 – Total 2,374.7 605.6 15.6 9.9 3,005.8 2,980.0 25.8 Analysis of total assets Liabilities Liabilities held at amortised cost Liabilities at FVTPL Derivatives designated as hedging instruments Total current and non-current Current Non-current Trade and other payables (excluding other tax & social security, contract liabilities and deferred income) 2,294.9 – – 2,294.9 2,289.8 5.1 Borrowings 3,424.5 – – 3,424.5 948.1 2,476.4 Derivative financial instruments – 49.8 23.2 73.0 67.3 5.7 Total 5,719.4 49.8 23.2 5,792.4 3,305.2 2,487.2 Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 303 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 24. Financial risk management and financial instruments continued Interest rate swap contracts The Group entered into forward starting swap contracts of €500.0 million in 2014 to hedge the interest rate risk related to its Euro-denominated forecast issuance of fixed rate debt in March 2016. In August 2015, the Group entered into additional forward starting swap contracts of €100.0 million. In March 2016, the forward starting swap contracts were settled and, at the same time, the note was issued. The accumulated loss of €55.4 million recorded in other comprehensive income was amortised to the income statement over the term of the note, which matured in November 2024. 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 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 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 new note was issued. The unwound swaption contracts were settled in June and July 2024. The accumulated loss of €2.9 million recorded in other comprehensive income is being amortised to the income statement over the term of the new 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 designated as fair value hedges. The valuation of the outstanding interest rate swaps for the year ended 31 December 2024 was a financial asset of €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 new note was issued. The unwound swaption contracts were settled in December 2024. The accumulated loss of €1.6 million recorded in other comprehensive income is being amortised to the income statement over the term of the new note. Embedded derivatives During 2024 and 2023, 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 2024 amounted to a financial liability of €2.3 million (2023: €9.1 million). 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, which maximise the use of observable market data and include discounting. The fair value of the foreign currency forward, option and future 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. The Group also uses foreign currency futures (FMDQ) to mitigate the currency risk related to Nigerian Naira. The valuation of these derivatives is based on the spot rates indicated by the Nigerian Autonomous Foreign Exchange (NAFEX) index adjusted with the counterparty credit risk. 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 2024 304 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 2024: Level 1 € million Level 2 € million Level 3 € million Total € 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 the year. 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 2023: Level 1 € million Level 2 € million Level 3 € million Total € million Financial assets at FVTPL Foreign currency forward contracts – 2.9 – 2.9 Foreign currency futures contracts – – 82.9 82.9 Commodity swap contracts – 0.1 – 0.1 Money market funds 513.8 – – 513.8 Convertible note agreements – – 5.9 5.9 Derivative financial assets used for hedging Cash flow hedges Foreign currency forward contracts – 0.2 – 0.2 Interest rate swap contracts – 1.9 – 1.9 Commodity swap contracts – 13.5 – 13.5 Assets at FVOCI Equity securities 1.1 – 8.8 9.9 Total financial assets 514.9 18.6 97.6 631.1 Financial liabilities at FVTPL Foreign currency forward contracts – (4.3) (35.0) (39.3) Embedded derivatives – (9.1) – (9.1) Commodity swap contracts – (0.2) (1.2) (1.4) Derivative financial liabilities used for hedging Cash flow hedges Foreign currency forward contracts – (2.4) – (2.4) Commodity swap contracts – (20.8) – (20.8) Total financial liabilities – (36.8) (36.2) (73.0) There were no transfers between Level 1, Level 2 and Level 3 in the year. Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 305 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 24. Financial risk management and financial instruments continued The following table presents the changes in Level 3 items for the years ended 31 December 2023 and 2024: Commodity swap contracts € million Foreign currency contracts € million Equity securities € million Convertible note agreements € million Total € million Balance as at 1 January 2023 (3.8) (2.3) 2.9 1.5 (1.7) (Losses)/gains recognised in the income statement (0.8) 106.1 – – 105.3 Payments for/(proceeds from) settlement of derivatives 4.4 (29.2) – – (24.8) Additions of financial assets at FVOCI – – 5.9 – 5.9 Capitalised interest – – – 0.2 0.2 Additions of financial assets at FVTPL – – – 4.2 4.2 Foreign currency translation (1.0) (26.7) – – (27.7) Balance as at 31 December 2023 (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)/payments for 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 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: 2024 € million 2023 € million Current borrowings 888.7 948.1 Non-current borrowings 3,091.9 2,476.4 Interest rate swaps (fixed-to-floating) (24.0) – Less: Cash and cash equivalents (1,548.1) (1,260.6) • Financial assets at amortised cost (619.0) (54.8) • Financial assets at fair value through profit or loss (265.0) (513.8) Less: Other financial assets (884.0) (568.6) Net debt 1,524.5 1,595.3 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 €16.8 million (31 December 2023: €97.5 million) and loans receivable from related parties of €0.9 million (31 December 2023: €1.8 million). Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 306 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 25. Net debt continued a) Borrowings The Group held the following borrowings as at 31 December: 2024 € million 2023 € million Bonds, bills and unsecured notes 498.8 599.5 Commercial paper 215.0 211.0 Loans payable to related parties (refer to Note 27) 2.7 2.7 Other borrowings 108.7 79.6 825.2 892.8 Obligations under leases falling due within one year 63.5 55.3 Total borrowings falling due within one year 888.7 948.1 Borrowings falling due within one to two years Bonds, bills and unsecured notes – 497.1 Borrowings falling due within two to five years Bonds, bills and unsecured notes 1,806.8 697.8 Borrowings falling due in more than five years Bonds, bills and unsecured notes 1,066.7 1,092.9 Other borrowings 27.9 33.8 2,901.4 2,321.6 Obligations under leases falling due in more than one year 190.5 154.8 Total borrowings falling due after one year 3,091.9 2,476.4 Total borrowings 3,980.6 3,424.5 Reconciliation of liabilities to cash flows arising from financing activities: Borrowings Leases Due within one year € million Due in more than one year € million Due within one year € million Due in more than one year € million Derivative (assets)/ liabilities € million Total € million Balance as at 1 January 2023 283.1 2,930.8 53.9 152.1 (3.3) 3,416.6 Cash flows Proceeds from borrowings 136.4 – – – – 136.4 Repayments of borrowings (89.7) – – – – (89.7) Principal repayments of lease obligations – – (59.1) – – (59.1) Interest paid (61.3) – (14.9) – – (76.2) Proceeds from settlement of derivatives regarding financing activities – – – – 4.6 4.6 Total cash flows (14.6) – (74.0) – 4.6 (84.0) Leases increase – – 2.2 84.5 – 86.7 Arising from business combinations – – 0.5 6.0 – 6.5 Effect of changes in exchange rates (20.5) (26.7) (7.0) (17.1) – (71.3) Other non-cash movements 644.8 (582.5) 79.7 (70.7) (16.2) 55.1 Balance as at 31 December 2023 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 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 2024 307 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 2024 was €215 million (2023: €211.0 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. 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 has been drawn down by Nigerian Bottling Company (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 2024, the outstanding liability amounted to €36.1 million (2023: €45.4 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 2024, the outstanding liability amounted to €4.8 million. 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 will be used to fully repay the €500 million three-year fixed rate bond maturing in September 2025. As at 31 December 2024, a total of €3.4 billion in notes issued under the EMTN programme were outstanding (2023: €2.9 billion). Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 308 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 25. Net debt continued Summary of notes outstanding as at 31 December Book value Fair value Notes € million Start date Maturity date Fixed coupon 2024 € million 2023 € million 2024 € million 2023 € million €600 10 March 2016 11 November 2024 1.875% – 599.5 – 590.3 €700 14 May 2019 14 May 2027 1.000% 698.5 697.8 673.1 656.9 €600 14 May 2019 14 May 2031 1.625% 574.0 596.9 531.2 540.7 €500 21 November 2019 21 November 2029 0.625% 496.7 496.0 449.7 433.7 €500 23 September 2022 23 September 2025 2.750% 498.8 497.1 500.1 495.8 €600 27 February 2024 27 February 2028 3.375% 611.6 – 610.5 – €500 20 November 2024 20 November 2032 3.125% 492.7 – 496.6 – Total 3,372.3 2,887.3 3,261.2 2,717.4 The weighted average effective interest rate of the Euro-denominated fixed rate bonds is 2.22% and the weighted average maturity is 4.2 years. The fair values are within Level 1 of the value hierarchy. As at 31 December 2024, the fair value adjustment to the carrying amount of the €600.0 million bond maturing in February 2028 attributable to fixed-to-floating interest rate swaps amounted to €14.4 million gain (2023: €nil). 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 2024 € million 2023 € million 2024 € million 2023 € million Euro 787.7 867.8 2,989.5 2,363.9 Egyptian Pound 63.5 41.0 13.2 17.5 US Dollar 15.9 17.0 39.5 47.4 Swiss Franc 5.8 4.4 18.6 17.8 Bulgarian Lev 3.2 2.6 8.0 4.3 Russian Rouble 3.2 2.9 6.4 7.4 Nigerian Naira 2.8 5.2 6.1 8.3 Polish Zloty 2.4 2.0 2.7 3.6 UK Sterling 1.5 2.8 2.0 1.7 Romanian Leu 0.9 1.0 1.6 1.8 Hungarian Forint 1.0 0.5 1.2 0.1 Belarusian Rouble 0.3 0.1 1.2 0.7 Ukrainian Hryvnia – 0.1 0.6 0.6 Current Non-current 2024 € million 2023 € million 2024 € million 2023 € million Czech Koruna 0.2 0.4 0.2 0.1 Bosnian Mark 0.1 0.1 0.1 – Other 0.2 0.2 1.0 1.2 Total borrowings 888.7 948.1 3,091.9 2,476.4 The carrying amounts of interest-bearing borrowings held at fixed and floating interest rate as at 31 December 2024 were as follows: Fixed interest rate € million Floating interest rate € million Total € million Euro 3,759.9 17.3 3,777.2 Egyptian Pound 76.7 – 76.7 US Dollar 55.4 – 55.4 Swiss Franc 24.4 – 24.4 Bulgarian Lev 11.2 – 11.2 Russian Rouble 9.6 – 9.6 Nigerian Naira 8.9 – 8.9 Polish Zloty 5.1 – 5.1 UK Sterling 2.8 0.7 3.5 Romanian Leu 2.5 – 2.5 Hungarian Forint 2.2 – 2.2 Belarusian Rouble 1.5 – 1.5 Ukrainian Hryvnia 0.6 – 0.6 Czech Koruna 0.4 – 0.4 Bosnian Mark 0.2 – 0.2 Other 1.2 – 1.2 Total interest-bearing borrowings 3,962.6 18.0 3,980.6 Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 309 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 25. Net debt continued b) Cash and cash equivalents Cash and cash equivalents as at 31 December comprised the following: 2024 € million 2023 € million Cash at bank, in transit and in hand 689.5 441.6 Short-term deposits 858.6 819.0 Total cash and cash equivalents 1,548.1 1,260.6 Cash and cash equivalents were held in the following currencies: 2024 € million 2023 € million Euro 655.0 671.0 Russian Rouble 340.4 196.3 US Dollar 248.7 80.8 Nigerian Naira 54.5 92.5 Polish Zloty 42.7 13.1 UK Sterling 38.8 21.4 Egyptian Pound 37.4 35.9 Ukrainian Hryvnia 23.0 48.5 Hungarian Forint 18.0 9.6 Serbian Dinar 16.4 16.9 Belarusian Rouble 14.8 9.2 Armenian Dram 13.8 19.2 Romanian Leu 12.5 13.6 Czech Koruna 9.9 6.8 Moldovan Leu 7.3 6.3 Bosnian Mark 7.3 3.2 Swiss Franc 6.3 15.4 Other 1.3 0.9 Total cash and cash equivalents 1,548.1 1,260.6 As at 31 December 2024, time deposits of €619.0 million (2023: €54.8 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 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 €490.7 million equivalent in Russian Rouble, US Dollar and Euro as at 31 December 2024 (2023: €278.7 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 Coca-Cola HBC Integrated Annual Report 2024 310 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 26. Equity continued a) Share capital, share premium and Group reorganisation reserve Number of shares (authorised and issued) Share capital € million Share premium € million Group reorganisation reserve € million Balance as at 1 January 2023 372,086,095 2,024.3 2,837.4 (6,472.1) Shares issued to employees exercising stock options (refer to Note 28) 891,127 6.0 8.2 – Dividends – – (289.9) – Balance as at 31 December 2023 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) 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 that 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 (2023: 891,127) new ordinary shares following the exercise of stock options pursuant to Coca-Cola HBC AG’s employees’ stock option plan. Total proceeds from the issuance of the shares under the stock option plan amounted to €3.8 million (2023: €14.2 million). Additional proceeds of €2.8 million in 2024 (2023: €nil) related to exercised stock options settled via treasury shares as described below 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. Following the above changes, on 31 December 2024, 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 17 May 2023, the shareholders of Coca-Cola HBC AG at the Annual General Meeting approved a dividend distribution of €0.78 per share. The total dividend amounted to €289.9 million and was paid on 19 June 2023. Of this, an amount of €2.7 million related to shares held by the Group. The shareholders of Coca-Cola HBC AG approved a dividend distribution of €0.93 per share at the Annual General Meeting held on 21 May 2024. 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 Board of Directors of Coca-Cola HBC AG has proposed a €1.03 dividend per share in respect of 2024. If approved by the shareholders of Coca-Cola HBC AG, this dividend will be paid in 2025. c) Treasury shares and reserves The reserves of the Group as at 31 December were as follows: 2024 € million 2023 € million Treasury shares (298.5) (144.1) Exchange equalisation reserve (1,922.1) (1,708.9) Other reserves Hedging reserve, net (7.9) (20.7) Tax-free reserve 0.5 163.8 Statutory reserves 30.8 27.3 Stock option, performance share and deferred management incentive share reserve 68.0 78.2 Financial assets at fair value through other comprehensive income reserve, net 0.6 0.8 Other 23.1 22.7 Total other reserves 115.1 272.1 Total reserves (2,105.5) (1,580.9) 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 is expected to run for a period of around two years. At its Annual General Meeting on 21 May 2024, the Company’s general authority to repurchase shares was renewed. During 2024, the Group purchased shares under the programme for a total consideration of €183.0 million (2023: €42.6 million), which was reflected in line ‘Acquisition of treasury shares’ of the consolidated cash flow statement and the consolidated statement of changes in equity. An amount of €23.4 million in 2024 (2023: €29.7 million) relates to treasury shares provided to employees in connection with vested performance share awards and deferred management incentive share awards under the Group’s employee incentive scheme, 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. An additional amount of €5.2 million in 2024 (2023: €nil) relates to treasury shares provided to employees exercising stock options, which was reflected in line ‘Shares issued/granted to employees exercising stock options’ of the consolidated statement of changes in equity as a reclassification from ‘Treasury shares’ to ‘Other reserves’, more specifically the ‘Stock option, performance share and deferred management incentive share reserve’. As at 31 December 2024, 11,077,797 (2023: 6,068,537) treasury shares were held by the Group. Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 311 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 26. Equity continued 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 entity, Coca- Cola HBC AG, is €nil. During 2024, an amount of €3.5 million was reclassified from retained earnings to statutory reserves relating to the formation of additional reserves by the Group’s subsidiaries (2023: net amount of €4.7 million). 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. 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, 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. d) Dilution of non-controlling interest In 2024, following capitalisation of certain inter-company loans by the Group’s subsidiary in Egypt, Coca-Cola HBC Egypt, as well as equity injection in the subsidiary covered in its entirety by the Group, the relevant non-controlling interest was diluted by approximately 2.0%. This resulted in a reclassification from ‘Non-controlling interests’ to ‘Retained earnings’ of €5.5 million in the consolidated statement of changes in equity. 27. Related party transactions a) The Coca-Cola Company As at 31 December 2024, The Coca-Cola Company indirectly owned approximately 21% (2023: 21%) of the issued share capital of Coca-Cola HBC. Coca-Cola HBC’s business relationship with The Coca-Cola Company is mainly governed by the bottlers’ agreements with The Coca-Cola Company, which are an important element of Coca-Cola HBC’s business. The Coca-Cola Company 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 CCH Group produces, sells and distributes The Coca-Cola Company’s trademarked beverages. All the bottlers’ agreements entered into by The Coca-Cola Company 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 The Coca-Cola Company in each of the countries in which the Group operates. Consequently, Coca-Cola HBC is obliged to purchase all concentrate for The Coca-Cola Company’s beverages from The Coca-Cola Company, or its designee, in the ordinary course of business. All bottlers’ agreements were renewed with effect 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 The Coca-Cola Company) for another 10 years upon expiry of the initial term. The Coca-Cola Company owns or has applied for the trademarks that identify its beverages in each of the countries in which the Group operates. The Coca-Cola Company has authorised Coca-Cola HBC and certain of its subsidiaries to use the trademark ‘Coca-Cola’ in their corporate names. Accounting policy Contributions from The Coca-Cola Company The Coca-Cola Company participates at its discretion in shared marketing programmes with the Group to promote the sale of The Coca-Cola Company products. Where such cooperative arrangements are entered into, the Group receives contributions from The Coca-Cola Company 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 The Coca-Cola Company 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 The Coca-Cola Company 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 Coca-Cola HBC Integrated Annual Report 2024 312 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 27. Related party transactions continued The below table summarises transactions with The Coca-Cola Company and its subsidiaries: 2024 € million 2023 € million Purchases of concentrate, finished products and other items 1,912.5 1,861.4 Net contributions received for marketing and promotional incentives 155.8 125.1 Sales of finished goods and raw materials 5.2 4.7 Other income 6.7 4.1 Other expenses 3.4 3.6 Contributions received from The Coca-Cola Company for marketing and promotional incentives during the year amounted to €155.8 million (2023: €125.1 million) which can be analysed as follows: contributions made by The Coca-Cola Company to Coca-Cola HBC for price support and marketing and promotional campaigns in respect of specific customers in 2024 totalled €85.9 million (2023: €59.3 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 The Coca-Cola Company to Coca-Cola HBC for general marketing programmes in 2024 totalled €69.9 million (2023: €65.8 million) and were recognised against the relevant cost incurred within operating expenses (refer to Note 8). The Coca-Cola Company 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 The Coca-Cola Company’s discretion, will not necessarily be the same from year to year. As at 31 December 2024, the Group had a total amount due from The Coca-Cola Company of €30.5 million (2023: €42.8 million), and a total amount due to The Coca-Cola Company of €274.3 million (2023: €273.4 million). b) Frigoglass S.A. (‘Frigoglass’), Kar-Tess Holding and AG Leventis (Nigeria) Ltd As at 31 December 2024, Truad Verwaltungs AG indirectly owned approximately 99% (2023: 99%) of AG Leventis (Nigeria) Ltd and indirectly controlled Kar-Tess Holding, which held approximately 23% (2023: 23%) of Coca-Cola HBC’s total issued capital. As at 1 January 2023, Truad Verwaltungs AG also indirectly owned approximately 48% of Frigoglass. In April 2023, Frigoglass restructured its debt, which resulted in changes to its ownership structure. The restructured Frigoglass Group no longer meets the definition of related party as per IAS 24 ‘Related party disclosures’ for Coca-Cola HBC AG. During the four months ended 28 April 2023, the Group purchased coolers and other equipment, as well as raw and other materials of €24.4 million, and incurred maintenance, rent and other expenses of €10.0 million from Frigoglass and its subsidiaries. During 2024, the Group incurred other expenses of €6.0 million (2023: €11.0 million) from AG Leventis (Nigeria) Ltd. As at 31 December 2024, the Group owed €1.3 million (2023: €1.1 million) and had a lease liability of €0.6 million (2023: €1.2 million) to AG Leventis (Nigeria) Ltd. c) Other related parties The below table summarises transactions with other related parties: 2024 € million 2023 € million Purchases 45.2 47.3 Other expenses 19.8 15.5 During 2024, the Group incurred subsequent expenditure for fixed assets of €1.9 million (2023: €3.2 million) and purchased coolers and other equipment as well as inventories of €43.3 million (2023: €44.1 million) from other related parties. Furthermore, during 2024, the Group incurred other expenses of €19.8 million (2023: €15.5 million) mainly related to maintenance services for cold drink equipment and installations of coolers, fountains, vending and merchandising equipment from other related parties. As at 31 December 2024, the Group had a total amount due to other related parties of €7.2 million (2023: €9.1 million) and was owed €15.5 million including convertible loan receivable of €12.3 million (2023: €6.7 million, including convertible loan receivable of €4.3 million) from other related parties. During 2024, the Group received dividends of €2.2 million from non-integral associates (2023: €7.0 million), which were included in line ‘Receipts from non-integral equity method investments’ of the consolidated cash flow statement. Capital commitments to other related parties amounted to €2.5 million as at 31 December 2024 (2023: €3.8 million). d) Joint ventures The below table summarises transactions with joint ventures: 2024 € million 2023 € million Purchases of finished goods and other inventories 32.6 26.0 Sales of finished goods and raw materials 8.9 7.8 Other income 10.1 10.4 Other expenses 8.4 8.3 As at 31 December 2024, the Group owed €13.8 million including loans payable of €2.7 million (2023: €8.6 million including loans payable of €2.7 million) to, and was owed €8.5 million including loans and dividends receivable of €3.5 million and €nil respectively (2023: €12.3 million including loans and dividends receivable of €4.3 million and €2.6 million respectively) from joint ventures. During 2024, the Group received dividends of €11.7 million from integral joint ventures (2023: €6.7 million), which were included in line ‘Receipts from integral equity method investments’ of the consolidated cash flow statement. 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 Coca-Cola HBC Integrated Annual Report 2024 313 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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, performance share award and deferred management incentive 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 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 The Group operates an employee share purchase plan (the ‘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: 2024 € million 2023 € million Performance share awards and deferred MIP shares 16.0 20.6 Employee Share Purchase Plan 7.7 6.7 Total share-based payments charge 23.7 27.3 Terms and conditions Stock option, performance share award and deferred management incentive share plan The Group has not issued any new stock options since 2014. Based on Plan rules, senior managers were 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 award. When the options are exercised and shares are issued, the proceeds received by the Group, net of any transaction costs, are credited to share capital (at the nominal value) and share premium. Since 2015, performance shares are the primary long-term 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 Group modified the performance share plan, in order for 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, 50% of the Chief Executive Officer’s annual bonus awarded under the terms of the management incentive plan is 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 till vest date are provided, in connection with the deferred MIP shares granted. Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 314 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 28. Share-based payments continued Employee Share Purchase Plan The Employee Share Purchase Plan 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 are fully vested and are exercisable until 2025. A summary of stock option activity in 2024 under all grants is as follows: Number of stock options 2024 Weighted1 average exercise price 2024 (EUR) Weighted average exercise price 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 A summary of stock option activity in 2023 under all grants is as follows: Number of stock options 2023 Weighted1 average exercise price 2023 (EUR) Weighted average exercise price 2023 (GBP) Outstanding as at 1 January 1,697,730 16.02 14.15 Exercised (891,127) 16.15 14.01 Outstanding as at 31 December 806,603 16.49 14.31 Exercisable as at 31 December 806,603 16.49 14.31 1. For convenience purposes, the prices are translated at the closing exchange rate. Total proceeds from the exercise of options under the stock option plan in 2024 amounted to €6.6 million (2023: €14.2 million). The weighted average remaining contractual life of stock options outstanding as at 31 December 2024 was 0.9 years (2023: 1.5 years). Performance shares and deferred MIP shares activity A summary of performance shares and deferred MIP shares activity is as follows: Number of shares 2024 Number of shares 2023 Outstanding as at 1 January 2,956,548 2,976,201 Granted2 931,353 1,146,585 Vested (773,603) (947,825) Forfeited/cancelled (173,805) (218,413) Outstanding as at 31 December 2,940,493 2,956,548 2. Includes dividend equivalent shares. The weighted average remaining contractual life of performance shares and deferred MIP shares outstanding as at 31 December 2024 was 1.1 years (2023: 1.3 years). The weighted average fair value for the 2024 performance share award and deferred MIP share plan was £24.71 per share (2023: £21.21). Relevant inputs into the valuation were as follows: 2024 2023 Weighted average share price £24.75 £21.25 Dividend yield3 nil nil Weighted average vesting period 3.0 years 3.0 years 3. Dividend yield in connection with the valuation of deferred MIP shares granted during 2024 was 3.3% (2023: 3.2%). Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 315 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 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 against 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. was 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 the Judgement to the court of appeals. 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 in cassation, before the Supreme Court, against this decision of the Court of Appeal. No hearing date has been set yet. 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 Greek 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 Greek 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 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 Greek 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 ruling 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 ruling 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. Coca‑Cola HBC Greece S.A.I.C. strongly disagrees with this ruling 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, was heard on 12 December 2024. The decision by the Administrative Court of Appeal is pending. Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 316 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 29. Contingencies continued In 1992, our subsidiary 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 €5.1 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 2023 (as described in the 2023 Integrated Annual Report available on Coca-Cola HBC’s website: www.coca-colahellenic.com). 30. Commitments Capital commitments As at 31 December 2024, the Group had capital commitments for property, plant and equipment amounting to €294.2 million (2023: €203.4 million). Of this, €0.7 million are related to the Group’s share of the commitments arising from joint ventures (2023: €1.5 million). Capital commitments for 2024 include total future minimum lease payments under leases not yet commenced to which the Group was committed as at 31 December 2024 of €21.6 million (2023: €10.0 million). 31. Post balance sheet events On 28 February 2025, the acquisition of BDS Vending Solutions Ltd was completed for a consideration of €27.9 million, of which €26.4 million were paid on the same day. The consideration adjustment (refer to Note 23) is under discussion with the sellers according to the terms of the share purchase agreement and is expected to be settled within the second quarter of 2025. Due to the timing of the acquisition completion relatively to the publication of the Integrated Annual Report, details on the fair value of the net assets acquired and goodwill are not available at this stage. On 12 March 2025, the Remuneration Committee granted performance share awards of €27.7 million equivalent, under the performance share award plan, which have a three-year vesting period. 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. Notes to the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 317 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 consolidated statement of comprehensive income for the year ended 31 December 2024, the consolidated balance sheet as at 31 December 2024, 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 259 to 317) give a true and fair view of the consolidated financial position of the Group as at 31 December 2024 and its consolidated financial performance and of 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, 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), 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. Our audit approach Overview Materiality Overall group materiality: EUR 56 million Audit scope We conducted full scope audit procedures on the financial information of 17 components in 15 countries spread across all of the Group’s reportable segments. Our audit scope addressed 81% of consolidated net sales 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 EUR 56 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 EUR 2.8 million identified during our audit as well as any misstatements below that amount which, in our view, warranted reporting for qualitative reasons. 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 consolidated 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 consolidated 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. Coca-Cola HBC Integrated Annual Report 2024 318 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Based on their significance to the financial statements and in light of the key audit matters as noted above, we identified 17 components 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 these components we obtained full scope audit reports over their financial information. 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. As the Swiss statutory auditor, we issued group audit instructions to PwC Greece, who has the responsibility as the group engagement team for the Company’s reporting requirements for the London and Athens Stock Exchanges. These instructions covered the scope of our group audit to enable us to fulfil our responsibilities under Swiss law. As the Swiss statutory auditor, we had ongoing interactions with the group engagement team in Greece to be continuously updated and to monitor their progress and the results of their procedures. We reviewed the instructions which PwC Greece issued to component audit teams including centralised audit procedures performed at the shared services centres in Bulgaria and shared audit comfort with component teams as it relates to IT general controls and cybersecurity risks. We reviewed working papers and undertook additional interactions as considered necessary depending on the significance of the accounting and audit matters. The Group consolidation, consolidated financial statement disclosures and a number of other areas that involve significant judgement and estimates, including goodwill and intangible assets and the Group’s overall going concern assessment, were audited by the Swiss statutory auditor and the group engagement team of PwC Greece. As the Swiss statutory auditor, we held frequent virtual and on-site meetings to oversee the work performed by the group engagement and component audit teams. We attended such meetings for Italy, Russia (including Multon), Nigeria, Romania, Switzerland, Austria, Bulgaria, Greece, Hungary, Northern Ireland, Poland, Serbia, the Netherlands, and Egypt. As the Swiss statutory auditor, we also held physical meetings and discussions with the management of the trading subsidiaries in Egypt, Italy and Switzerland to discuss business performance and outlook, matters relating to regulation and taxation, as well as any specific accounting and auditing matters identified, including fraud and internal controls. Based on the above, the subsidiaries which were in scope for the purposes of the group audit accounted for 81% of consolidated net sales revenue, 76% of consolidated profit before tax and 87% of consolidated total assets of the Group. This, together with the additional procedures performed at Group level, provided us with sufficient appropriate evidence for our audit opinion on the consolidated financial statements. 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 2024 amount to EUR 1,828.8 million and EUR 669.0 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 the value-in-use and the fair value less costs of disposal. 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 judgment by management when developing the estimates of the future results of the CGUs. These estimates include assumptions surrounding revenue growth rates, costs, foreign exchange rates and discount rates. In 2024, an impairment loss of EUR 0.4 million was recorded in connection with a juice trademark in the Emerging markets. No impairment was identified for the remaining indefinite-lived intangible assets or goodwill. 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. We challenged management’s cash flow projections in relation to the assumptions applied to the value-in-use calculations, taking into account the ongoing challenging macroeconomic environment in several countries. With the support of our valuation specialists, 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. 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 consolidated financial statements in Note 13 ‘Intangible assets’ and concluded that these are appropriate. Coca-Cola HBC Integrated Annual Report 2024 319 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 2024, the Group has provisions for uncertain tax positions of EUR 72.3 million that are classified in current tax liabilities, current tax assets and deferred taxes. The impact of changes in local tax regulations and ongoing inspections by local tax authorities, could materially impact the amounts recorded in the consolidated 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 tax team the Group’s overall tax exposure. From the evidence obtained, we consider the provisions in relation to uncertain tax positions as at 31 December 2024 to be reasonable. We also evaluated the related disclosures provided in the consolidated financial statements in Note 10 ‘Taxation’ and Note 29 ‘Contingencies’ and concluded that these are appropriate. 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 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 Coca-Cola HBC Integrated Annual Report 2024 320 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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, 14 March 2025 Tobias Handschin Licensed audit expert Report on the audit of the consolidated financial statements continued Coca-Cola HBC Integrated Annual Report 2024 321 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Report on the audit of the financial statements Coca-Cola HBC AG Steinhausen (Zug) Report of the statutory auditor to the General Meeting on the financial statements 2024 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 2024, 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 324 to 332) 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, 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. 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 37’611’000 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 2’632’000 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. Coca-Cola HBC Integrated Annual Report 2024 322 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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, 14 March 2025 Apostolos Dimopoulos Licensed audit expert Coca-Cola HBC Integrated Annual Report 2024 323 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 2024 2023 Assets Cash and cash equivalents 28,927 16,252 Short-term receivables from direct and indirect participations 2.1 13,200 23,984 Receivables from related parties 2.2 1,487 552 Short-term receivables from third parties 2,015 2,490 Total current assets 45,629 43,278 Investments in subsidiaries 2.3 5,828,361 6,159,092 Property, plant and equipment (incl. right-of-use assets) 8,921 8,966 Total non-current assets 5,837,282 6,168,058 Total assets 5,882,911 6,211,336 Liabilities and shareholders’ equity Other payables 1,589 2,296 Short-term liabilities to direct and indirect participations 2.4 2,863 33,888 Short-term liabilities to related parties – 58 Short-term lease liabilities 876 913 Accrued expenses 2.4 79,308 72,274 Total short-term liabilities 84,636 109,429 Long-term interest-bearing liabilities to indirect participations 2.5 310,799 91,591 Long-term lease liabilities 2,554 3,188 Provisions 2.6 16,635 15,950 Total long-term liabilities 329,988 110,729 Share capital 2.7 2,500,705 2,498,947 Legal capital reserves Reserves from capital contributions 3,103,985 3,444,860 Reserves for treasury shares 2.8 85,298 85,298 Retained earnings Results carried forward 39,440 (39,441) (Loss)/profit for the year (38,979) 78,881 Treasury shares 2.8 (222,162) (77,367) Total shareholders’ equity 2.9 5,468,287 5,991,178 Total liabilities and shareholders’ equity 5,882,911 6,211,336 Year ended 31 December CHF thousands Note 2024 2023 Dividend income 330,731 382,132 Other operating income 2.10 55,829 46,473 Total operating income 386,560 428,605 Employee costs 2.11 (59,971) (50,123) Other operating expenses 2.12 (26,979) (30,889) Write down of investments 2.3 (330,731) (285,839) Depreciation on property, plant and equipment (incl. right-of-use assets) (1,247) (991) Total operating expenses (418,928) (367,842) Operating (loss)/profit (32,368) 60,763 Finance costs (6,448) (4,834) Foreign exchange gains 2.13 – 23,141 (Loss)/profit before tax (38,816) 79,070 Direct taxes (163) (189) (Loss)/profit for the year (38,979) 78,881 Coca-Cola HBC Integrated Annual Report 2024 324 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Swiss statutory reporting continued Year ended 31 December CHF thousands Note 2024 2023 (Loss)/profit for the year (38,979) 78,881 Depreciation of property, plant and equipment including right- of-use assets 1,247 991 Finance costs 6,448 4,834 Foreign exchange gains – (23,141) Write down of investments 2.3 330,731 285,839 Net change related to employee Performance Share Plan 40,098 35,618 339,545 383,022 Decrease/(increase) in receivables 10,324 (10,928) Decrease in investments in subsidiaries 2.3 (330,731) (285,839) Decrease in short-term liabilities (excl. financial liabilities) (2,157) (702) (Decrease)/increase in accrued expenses (1,036) 10,262 Increase/(decrease) in provisions 80 (262) Proceeds from dividends received from subsidiaries 2.3 330,731 285,839 Tax paid (185) (184) Net cash inflow from operating activities 346,571 381,208 Payments for purchases of property, plant and equipment (1,250) (700) Cash outflow from investing activities (1,250) (700) Year ended 31 December CHF thousands Note 2024 2023 Principal repayments of lease obligations (623) (699) Proceeds from short-term and long-term financial liabilities 196,960 63,726 Repayments of short-term and long-term financial liabilities (9,503) (111,652) Acquisition of treasury shares 2.8 (177,052) (40,882) Dividends paid to owners of the Company (342,792) (284,282) Proceeds from shares issued to employees exercising stock options 3,675 13,995 Interest paid (4,328) (3,863) Net cash outflow from financing activities (333,663) (363,657) Net increase in cash and cash equivalents 11,658 16,851 Movement in cash and cash equivalents Cash and cash equivalents as at 1 January 16,252 261 Net increase in cash and cash equivalents 11,658 16,851 Effect of changes in exchange rates 1,017 (860) Cash and cash equivalents as at 31 December 28,927 16,252 Coca-Cola HBC AG, Steinhausen (Zug) Cash flow statement Coca-Cola HBC Integrated Annual Report 2024 325 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 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 2024. 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 2024 31 December 2023 31 December 2024 31 December 2023 EUR 0.94 0.94 0.95 0.97 USD 0.90 0.84 GBP 1.13 1.08 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 improvement (building) 20 years 5% linear Leasehold improvement (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 2024 Coca-Cola HBC Integrated Annual Report 2024 326 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 2024 2023 CCB Management Services GmbH, Vienna 12,214 22,959 Coca-Cola HBC Finance B.V., Amsterdam 744 636 Coca-Cola HBC Holdings B.V., Amsterdam 99 300 Coca-Cola Hellenic Business Service Organisation, Sofia 59 89 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 13,200 23,984 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 2024 2023 Coca-Cola HBC Holdings B.V., Amsterdam1 100% 100% 6,159,092 6,444,931 Write down of investment (330,731) (285,839) Investments in subsidiaries 100% 100% 5,828,361 6,159,092 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 2024 is equal to the dividend received in June 2024 from Coca-Cola HBC Holdings B.V. of CHF 330,731 thousand (June 2023: CHF 285,839 thousand). The extra dividend of CHF 96,293 thousand received on 15 December 2023 was excluded from above-mentioned practice. The principal direct and indirect participations of the Company are disclosed in Note 15 to the consolidated financial statements. 2.4 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 2024 2023 CCB Management Services GmbH, Vienna 821 1,749 Coca-Cola Hellenic Business Service Organisation, Sofia 103 73 Coca-Cola HBC Switzerland Ltd, Opfikon 26 72 Coca-Cola HBC Finance B.V., Amsterdam1 1,871 31,771 Coca-Cola HBC Services MEPE, Athens 13 8 Coca-Cola HBC Hrvatska d.o.o, Zagreb – 80 Coca-Cola HBC Romania Ltd, Voluntari – 3 Coca-Cola HBC Polska sp. z.o.o., Warsaw – 5 Coca-Cola HBC Cyprus Ltd., Nicosia – 106 Coca-Cola HBC-Srbija d.o.o., Belgrade – 21 Finlandia Vodka Oy, Helsinki 29 – Short-term liabilities to direct and indirect participations 2,863 33,888 1 Short-term loans maturing on 8 November 2024 of CHF 9,503 thousand (nominal EUR 10,000 thousand) were repaid and the remaining CHF 22,248 (nominal EUR 23,400 thousand) were rolled over into long-term loans. Coca-Cola HBC Integrated Annual Report 2024 327 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 2. Information relating to the balance sheet and income statement continued 2.4 Short-term liabilities to direct and indirect participations and accrued expenses continued As at 31 December CHF thousands 2024 2023 Direct taxes 182 194 Management Incentive Plan (MIP) and Performance Share Plan (PSP) for own employees 25,559 19,164 Employee-related costs (social security and insurance, payroll taxes) 5,516 6,509 Provision for acquiring treasury shares to satisfy subsidiaries’ Performance Share Plan rights 11,818 8,960 Other accrued expenses 10,346 17,451 Net unrealised gains from foreign currency translation 25,887 19,996 Accrued expenses 79,308 72,274 Following the publication of circular letter 37a by the Swiss Federal Tax Administration in May 2018, the Company recognised a provision of CHF 21,232 thousand (2023: CHF 16,464 thousand), which relates to the Company’s employee Performance Share Plan, of which CHF 13,050 thousand (2023: CHF 9,018 thousand) is short term and is disclosed in line ‘Management Incentive Plan (MIP) and Performance Share Plan (PSP) for own employees’; while CHF 8,182 thousand (2023: CHF 7,446 thousand) is long term and disclosed in Note 2.6, ‘Provisions’. The provision for acquiring treasury shares to satisfy subsidiaries’ Performance Share Plan rights amounts to CHF 18,843 thousand (2023: CHF 16,172 thousand), of which CHF 11,818 thousand (2023: CHF 8,960 thousand) is short term and disclosed in accrued expenses, while CHF 7,025 thousand (2023: CHF 7,212 thousand) is long term and disclosed in Note 2.6, ‘Provisions’. 2.5 Long-term interest-bearing liabilities As at 31 December CHF thousands 2024 2023 Coca-Cola HBC Finance BV, Amsterdam 310,799 91,591 Long-term interest-bearing liabilities 310,799 91,591 Long-term interest-bearing liabilities comprise loans from Coca-Cola HBC Finance B.V. received in 2020, 2021, 2022, 2023 and 2024 for CHF 310,799 thousand (2022: CHF 91,591 thousand) maturing on 21 November 2029. 2.6 Provisions As at 31 December CHF thousands 2024 2023 Long-term incentive plan 814 734 Provision for acquiring treasury shares to satisfy subsidiaries’ Performance Share Plan rights (refer to Note 2.4) 7,025 7,212 Performance and management incentive share plan – Coca-Cola HBC AG employees (refer to Note 2.4) 8,182 7,446 Provision for social security costs of Performance Share Plan 614 558 Provisions 16,635 15,950 2.7 Share capital Number of shares Nominal value Total CHF CHF thousands Share capital as at 1 January 2023 372,086,095 6.70 2,492,977 Shares issued to employees exercising stock options 891,127 6.70 5,970 Share capital as at 31 December 2023 372,977,222 6.70 2,498,947 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 Swiss statutory reporting continued Coca-Cola HBC Integrated Annual Report 2024 328 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 2.8 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 Total treasury shares held by subsidiaries as at 31 December 2023 3,430,135 24.8673 (85,298) Total treasury shares held by subsidiaries as at 31 December 2024 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 2023 1,956,582 35.7836 (70,014) Vested PSP and MIP shares1 (956,478) 35.0543 33,529 Acquisition of shares4 1,638,298 24.9541 (40,882) Treasury shares held by the Company as at 31 December 2023 2,638,402 29.3235 (77,367) Whereof For cancellation – – – For other purposes (booked against capital contribution reserves) 1,638,298 24.9541 (40,882) Treasury shares held by the Company as at 1 January 2024 2,638,402 29.3235 (77,367) Vested PSP and MIP shares2 (753,836) 35.0543 26,425 Transferred for executed stock options3 (166,378) 35.0543 5,832 Acquisition of shares4 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) 1. In January 2023, following the vesting of the 2020 MIP, 16,007 treasury shares were transferred to relevant participant. In March 2023, following the vesting of the 2020 PSP, 940,471 treasury shares were transferred to relevant participants. 2. In January 2024, following the vesting of the 2021 MIP plan, 7,354 treasury shares were transferred to relevant participant. In March 2024, following the vesting of the 2021 PSP, 746,482 treasury shares were transferred to relevant participants. 3. Up to the end of June 2024 Stock Option Plan (SOP) participants have been 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 Performance Share Plan participants. In this regard, 166,378 treasury shares with a total purchase value of CHF 5,832 thousand were transferred in the period July to December 2024 to SOP participants. 4. 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 is expected to run for a period of around two years. At its Annual General Meeting on 21 May 2024, the Company’s general authority to repurchase shares was renewed. In 2024, the Company purchased 5,929,474 (2023: 1,638,298) of its ordinary shares of CHF 6.70 each for a consideration of CHF 177,052 thousand (2023: CHF 40,882 thousand), reflecting a weighted average price of GBP 2,620.53 pence (2023: GBP 2,242.09 pence) per share (minimum price of GBP 2,453.73 pence (2023: GBP 2,183.45 pence) and maximum price of GBP 2,800.00 pence (2023: GBP 2,310.06 pence). All 5,929,474 shares (2023: 1,638,298 shares) have been acquired for other purposes, none for cancellation. Capital contribution reserves of CHF 217,934 thousand as at 31 December 2024 (2023: CHF 40,882 thousand) are blocked for distribution until the treasury shares are sold or transferred to PSP/MIP members. 2.9 Shareholders’ equity The balance of shareholders’ equity and relevant movements for the years ended 31 December 2024 and 2023 (in CHF thousands) were as follows: Legal capital reserves Share capital Reserves from capital contributions Reserves for treasury shares1 (Accumulated losses)/ retained earnings Treasury shares Total Balance as at 1 January 2023 2,492,977 3,721,117 85,298 (39,441) (70,014) 6,189,937 Shares issued to employees exercising stock options 5,970 8,025 – – – 13,995 Dividends2 – (284,282) – – – (284,282) Vested PSP and MIP shares – – – – 33,529 33,529 Acquisition of treasury shares3 – – – – (40,882) (40,882) Profit for the year – – – 78,881 – 78,881 Balance as at 31 December 2023 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 Dividends2 – (342,792) – – – (342,792) Vested PSP and MIP shares – – – – 26,425 26,425 Transferred SOP shares – – – – 5,832 5,832 Acquisition of treasury shares3 – – – – (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 1. Represents the book value of treasury shares held by subsidiaries. 2. On 21 May 2024, the shareholders of the Company at the Annual General Meeting approved the distribution of a gross dividend of €0.93 (2023: €0.78) on each ordinary registered share. The dividend was paid on 24 June 2024 and amounted to CHF 342,792 thousand (2023: CHF 284,282 thousand, paid on 19 June 2023). 3. 5,929,474 shares (2023: 1,638,298 shares) at an average price of 2,620.53 pence (2023: 2,242.09 pence) have been acquired for other purposes. Swiss statutory reporting continued Coca-Cola HBC Integrated Annual Report 2024 329 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 2. Information relating to the balance sheet and income statement continued 2.10 Other operating income 2024 2023 CHF thousands Management fees 51,293 42,228 Guarantee fee 4,536 4,245 Total other operating income 55,829 46,473 Management fees relate to service income earned from services provided to the Company’s direct and indirect participations, whereof CHF 7,516 thousand (2023: CHF 752 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. and Nigerian Bottling Company Ltd. 2.11 Employee costs 2024 2023 CHF thousands Wages and salaries 22,618 23,561 Social security costs 4,084 3,261 Pensions and employee benefits 33,269 23,301 Total employee costs 59,971 50,123 Pension and employee benefits include Performance Share Plan expenses for CCHBC AG employees in the amount of CHF 17,151 thousand for 2024 (2023: CHF 17,089 thousand). Refer to Note 2.4 for more information. 2.12 Other operating expenses Other operating expenses amounting to CHF 26,979 thousand for 2024 (2023: CHF 30,889 thousand) mainly include CHF 16,258 thousand (2023: CHF 14,455 thousand) for management fees to CCB Management Services GmbH, whereof CHF 937 thousand (2023: CHF 1,258 thousand) is true-up from the prior year. 2.13 Foreign exchange differences Foreign exchange gains in the prior year of CHF 23,141 thousand, related primarily to remeasurement of short-term loans to indirect participations maturing on 8 November 2024 at the exchange rate of 31 December 2023 (amounting to CHF 17,673 thousand) and loans to indirect participations fully repaid during the prior year (amounting to CHF 5,434 thousand). Swiss statutory reporting continued 3. Other Information 3.1 Net release of hidden reserves No hidden reserves were released for the years ended 31 December 2024 or 31 December 2023. 3.2 Number of employees In 2024 and 2023, 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 due in September 2025, which are guaranteed by the Company. 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 2024, a total of approximately €3.4 billion (2023: €2.9 billion) in notes issued under the EMTN programme were outstanding. Committed credit facilities In April 2019, the Group updated its then-existing €500 million syndicated revolving credit facility (RCF), which was set to expire in June 2021. The updated RCF was increased to €800 million and was extended to April 2024 with the option to be further extended for up to two more years until April 2026. Coca- Cola HBC Finance B.V. exercised its extension option and the RCF has been extended to April 2026. The RCF can be used for general corporate purposes and carries a floating interest rate over EURIBOR. No amounts have been drawn under the RCF since its inception. The borrower under the RCF is the Company’s indirect subsidiary Coca-Cola HBC Finance B.V. and any amounts drawn under the RCF are fully, unconditionally and irrevocably guaranteed by the Company. Coca-Cola HBC Integrated Annual Report 2024 330 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 3. Other information continued 3.3 Contingent liabilities continued 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 €215 million as at 31 December 2024 (2023: €211 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 has been 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 €36 million as at 31 December 2024 (2023: €45 million). Loan from the European Bank of Reconstruction and Development (EBRD) In July 2024, the Group established a US Dollar 130 million loan with EBRD to finance its capital expenditure and working capital requirements in Egypt. The loan is guaranteed by the Company. Until 31 December 2024, the loan had been drawn down for €5 million. Credit support provider On 18 July 2013, the Company signed as credit support provider to J.P. Morgan Securities plc, Credit Suisse International, Credit Suisse AG, ING Bank N.V., Société Générale, Merrill Lynch International 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 Agreements1. On 24 July 2013, the Company signed as credit support provider to the Governor and Company of the Bank of Ireland, in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement1. 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 Agreement1. 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 Agreement1. On 24 June 2014, the Company signed as credit support provider to Intesa Sanpaolo S.pA. in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement1. 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 Agreement1. 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 Agreement1. Swiss statutory reporting continued 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 Agreement1. 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 Agreement1. 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 Agreement1. 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 Agreement1. 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 Agreement1. On 1 July 2019, the Company signed as credit support provider to Credit Suisse Securities, Sociedad de Valores, S.A. in favour of Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement1. 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 Agreement1. 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 Agreement1. 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 Agreement1. 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 Agreement1. 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 Agreement2. 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 Agreement1. 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. Coca-Cola HBC Integrated Annual Report 2024 331 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 3. Other information continued 3.4 Significant shareholders As at 31 December 2024 and 2023, there were two shareholders exceeding the threshold of 5% voting rights in the Company’s share capital. Date Number of shares Percentage of issued share capital1 Percentage of issued share capital2 Total Kar-Tess Holding 31.12.2023 85,355,019 22.9% 23.3% Total Kar-Tess Holding 31.12.2024 85,355,019 22.9% 23.3% Total shareholdings related to The Coca-Cola Company 31.12.2023 78,252,731 21.0% 21.3% Total shareholdings related to The Coca-Cola Company 31.12.2024 78,252,731 21.0% 21.6% 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 362,161,765 as at 31 December 2024 (2023: 366,908,685). 3.5 Allocated amount of options and shares Stock option plan (SOP) Number of options Already vested, not exercised Vesting at the end of 2024 Options CHF thousand Options CHF thousands Options CHF thousands Board of Directors and Executive Leadership Team – – – – – – Other SOP participants – – – – – – Total – – – – – – 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 Swiss statutory reporting continued 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. 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. The share capital of CHF 2,500,705 thousand as disclosed in the balance sheet differs from the share capital in the commercial register of CHF 2,498,947 thousand as at 31 December 2024 due to the exercise of management options in the course of financial year 2024. Conditional capital Number of shares 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) Remaining conditional capital as at 31 December 2023 23,920,963 6.70 160,271 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 4. Subsequent events The subsequent events in relation to financial year ended 31 December 2024 are disclosed in Note 31 to the consolidated financial statements. Coca-Cola HBC Integrated Annual Report 2024 332 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 1. Total available reserves Available earnings and reserves CHF thousands Balance brought forward from previous years 39,440 Net loss for the year (38,979) Total accumulated profit to be carried forward 461 Reserves from capital contributions before distribution 3,103,985 Total available reserves 3,104,446 2. Proposed declaration of dividend from reserves The Board of Directors proposes to declare a gross dividend of €1.03 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 €1.03 at current exchange rate As of 31 December 2024 CHF thousands Reserves from capital contributions before distribution 3,103,985 Proposed dividend of €1.031 (361,497) Reserves from capital contributions after distribution 2,742,488 1. Illustrative at an exchange rate of CHF 0.96 per Euro. Assumes that the shares entitled to a dividend amount to 365,591,900. Proposed appropriation of available earnings and reserves/declaration of dividend Swiss statutory reporting continued Coca-Cola HBC Integrated Annual Report 2024 333 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Report of the statutory auditor to the General Meeting on the statutory remuneration report 2024 Coca-Cola HBC AG Steinhausen (Zug) Report of the statutory auditor to the General Meeting on the statutory remuneration report 2024 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 2024. The audit was limited to the information pursuant to article 734a-734f of the Swiss Code of Obligations (CO) on pages 335 to 344 of the statutory remuneration report. In our opinion, the information pursuant to article 734a-734f CO in the statutory remuneration report (pages 335 to 344) 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 information 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. PricewaterhouseCoopers AG Patrick Balkanyi Licensed audit expert Auditor in charge Zurich, 14 March 2025 Tobias Handschin Licensed audit expert Coca-Cola HBC Integrated Annual Report 2024 334 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 (formerly known as the Operating Committee). The amounts relate to the calendar years of 2024 and 2023. In the information presented below, the exchange rate used for conversion of 2024 remuneration data from Euro to CHF is 1/0.9530 and the exchange rate used for conversion of 2023 remuneration data from Euro to CHF is 1/0.9729. As the Company is headquartered in Switzerland, it is required for statutory purposes to present compensation data for two consecutive years, 2024 and 2023. The applicable methodology used to calculate the value of stock option and performance shares follows Swiss Standards. In 2024 and 2023, the fair value of performance shares from the 2024 and 2023 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 2024 amounted to CHF 30.2 million (2023: CHF 28.6 million). Out of this, the amount relating to the expected value of performance share awards granted in relation to 2024 was CHF 6.6 million (2023: CHF 7.4 million). Pension and post-employment benefits for Directors and the Executive Leadership Team of the Company during 2024 amounted to CHF 1.1 million (2023: CHF 0.9 million). Coca-Cola HBC Integrated Annual Report 2024 335 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Remuneration of the Board of Directors 2024 CHF Fees Cash and non-cash benefits1 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 Director2 – – – – – – Anna Diamantopoulou, Independent non-Executive Director, member of the Nomination Committee, Social Responsibility Committee & Remuneration Committee3 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 Committee4 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 Committee5 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 Director7 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 Audit and Risk Committee8 57,217 – – – – 57,217 Glykeria Tsernou, Independent non-Executive Director, member of Audit and Risk Committee9 57,217 – – – – 57,217 Elizabeth Bastoni, Independent non-Executive Director, member of the Nomination Committee, Remuneration Committee and Social Responsibility 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. 2. Zoran Bogdanovic’s compensation was based on his role as CEO, 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. 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, 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, 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, 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, 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 Coca-Cola HBC Integrated Annual Report 2024 336 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 2023 CHF Fees Cash and non-cash benefits1 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 145,935 – – – – 145, 935 Zoran Bogdanovic, Chief Executive Officer, Executive Director2 – – – – – – Anna Diamantopoulou, Independent non-Executive Director, member of the Nomination Committee, Social Responsibility Committee & Remuneration Committee3 98,749 – – – – 98,749 Charlotte J. Boyle, Independent non-Executive Director, Chair of the Remuneration Committee, and member of the Nomination Committee 98, 749 – – – – 98, 749 Olusola (Sola) David-Borha, Independent non-Executive Director, member of the Audit and Risk Committee4 95,344 – – – – 95,344 William W. (Bill) Douglas III, Independent non-Executive Director, Chair of the Audit and Risk Committee 110,911 – – – – 110,911 Reto Francioni, Senior Independent non-Executive Director, Chair of the Nomination Committee, and member of the Remuneration Committee5 116,262 – – – – 116,262 Anastasios I. Leventis, Non-Executive Director, Chair of the Social Responsibility Committee 92,426 – – – – 92,426 Christo Leventis, Non-Executive Director 79,778 – – – – 79,778 Alexandra Papalexopoulou, Independent non-Executive Director, member of the Audit and Risk Committee 95,344 – – – – 95,344 Ryan Rudolph, Independent non-Executive Director6 30,192 – – – – 30,192 Henrique Braun, Non-Executive Director7 79,778 – – – – 79,778 Bruno Pietracci, Independent non-Executive Director, member of the Social Responsibility Committee8 32,585 – – – – 32,585 George Pavlos Leventis, Non-Executive Director9 49,806 – – – – 49, 806 Evguenia Stoitchkova, Non-Executive Director, member of the Social Responsibility Committee10 53,754 – – – – 53, 754 Total Board of Directors 1,179,613 – – – – 1, 179,613 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, 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. For Anna Diamantopoulou, on top of her fees, the Group paid CHF 6,031 in social security contributions as required by Swiss legislation. 4. For Olusola (Sola) David-Borha, on top of her fees, the Group paid CHF 7,638 in social security contributions as required by Swiss legislation. 5. For Reto Francioni, on top of his fees, the Group paid CHF 6,867 in social security contributions as required by Swiss legislation. 6. Robert Ryan Rudolph retired from the Board of Directors on 17 May 2023. The Group has applied a pro-rated period fee of CHF 30,192, on top of his fees, the Group paid CHF 2,419 in social security contributions as required by Swiss legislation. 7. For Henrique Braun, on top of his fees, the Group paid CHF 6,391 in social security contributions as required by Swiss legislation. 8. Bruno Pietracci retired from the Board of Directors on 17 May 2023. The Group has applied a pro-rated period fee of CHF 32,585, on top of his fees, the Group paid CHF 2,610 in social security contributions as required by Swiss legislation. 9. George Pavlos Leventis was appointed to the Board of Directors on 17 May 2023. The Group has applied a pro-rated period fee of CHF 49,806. 10. Evguenia Stoitchkova was appointed to the Board of Directors on 17 May 2023. The Group has applied a pro-rated fee of CHF 53,754. 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 Coca-Cola HBC Integrated Annual Report 2024 337 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Remuneration of the Executive Leadership Team The total remuneration paid to or accrued for the Executive Leadership Team for 2024 amounted to CHF 28.3 million. 2024 CHF Base salary1 Cash and non-cash benefits2 Annual bonus accrual3 Pension and post- employment benefits4 Total fair value of performance shares at the date granted5 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 members6 5,910,776 5,772,093 5,270,943 902,288 4,954,893 22,810,994 Former members7 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 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 approx. 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. The total remuneration paid to or accrued for the Executive Leadership Team for 2023 amounted to CHF 27.4 million. 2023 CHF Base salary1 Cash and non-cash benefits2 Annual bonus accrual3 Pension and post- employment benefits4 Total fair value of performance shares at the date granted5 Total remuneration Zoran Bogdanovic, Chief Executive Officer, Executive Director 851,547 684,902 867,920 151,437 2,206,537 4,762,343 Other current members6 5,160,832 4,915,703 4,368,027 635,593 4,579,469 19,659,624 Former members7 857,611 748,299 548,878 133,543 657,058 2,945,389 Total Executive Leadership Team 6,869,990 6,348,904 5,784,825 920,573 7,443,064 27,367,356 1. Base salary includes 204,795 CHF non-compete payments in 2023 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 2023 includes the accrued Management Incentive Plan (MIP) payout, receivable early in 2024 for the 2023 business performance, including amount deferred in shares, employer social security contribution and gross-up for the tax benefit, of CHF 5,784,825. The monetary value that was paid in 2023 under the MIP reflecting the 2022 business performance is approx. CHF 5,401,503. 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 2023 grant in order to comply with Swiss reporting guidelines. 6. Jaak Mikkel was appointed to the role of New Businesses Director on 1 February 2023. Frank O’Donnell and Aleksandar Ruzevic were appointed to the role of Regional Director for on 1 June 2023. Ebru Ozgen was appointed to the role of Chief People and Culture Officer on 12 September 2023. 7. Nikolaos Kalaitzidakis’ employment ceased on 30 September 2023. Sanda Parezanovic’s employment ceased on 30 November 2023. Statutory Remuneration Report continued Coca-Cola HBC Integrated Annual Report 2024 338 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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. 31.12.2024 31.12.2023 Number of shares Percentage of issued share capital1 Percentage of outstanding share capital2 Number of shares Percentage of issued share capital1 Percentage of outstanding share capital2 Directors Anastassis G. David, Non-Executive Chairman3 – – – – – – Zoran Bogdanovic, Chief Executive Officer, Executive Director 386,658 0.10% 0.11% 336,219 0.09% 0.09% Charlotte J. Boyle, Independent non-Executive Director, Chair of the Remuneration Committee, and member of the Nomination Committee 1,395 0.00% 0.00% 1,017 0.00% 0.00% Henrique Braun, Non-Executive Director – – – – – – Olusola (Sola) David-Borha, Independent non-Executive Director, member of the Audit and Risk Committee – – – – – – Anna Diamantopoulou, Independent non-Executive Director, member of the Nomination Committee, Social Responsibility Committee & Remuneration Committee – – – – – – 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 – – – – – – Alexandra Papalexopoulou, Independent non-Executive Director, member of the Audit and Risk Committee – – – – – – Bruno Pietracci, Independent non-Executive Director, member of the Social Responsibility Committee – – – – – – Ryan Rudolph, Independent non-Executive Director – – – – – – George Pavlos Leventis, Non-Executive Director6 – – – – – – Evguenia Stoitchkova, Non-Executive Director, member of the Social Responsibility Committee – – – – – – Footnotes are presented at the end of the table. Statutory Remuneration Report continued Coca-Cola HBC Integrated Annual Report 2024 339 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 31.12.2024 31.12.2023 Number of shares Percentage of issued share capital1 Percentage of outstanding share capital2 Number of shares Percentage of issued share capital1 Percentage of outstanding share capital2 Executive Leadership Team Minas Agelidis, Region Director 101,311 0.03% 0.03% 97,411 0.03% 0.03% Mourad Ajarti, Chief Digital and Technology Officer 49,479 0.01% 0.01% 42,622 0.01% 0.01% Ben Almanzar, Chief Financial Officer7 0 0.00% 0.00% 29,565 0.01% 0.01% Ivo Bjelis, Chief Supply Chain Officer 28,254 0.01% 0.01% 51,566 0.01% 0.01% Jan Gustavsson, General Counsel, Company Secretary and Chief Corporate Development Officer 191,033 0.05% 0.05% 243,414 0.07% 0.07% Naya Kalogeraki, Chief Operating Officer 123,889 0.03% 0.03% 109,394 0.03% 0.03% Martin Marcel, Chief Corporate Affairs and Sustainability Officer 138,639 0.04% 0.04% 153,355 0.04% 0.04% Spyros Mello, Strategy and Transformation Director 81,560 0.02% 0.02% 67,259 0.02% 0.02% Vitaliy Novikov, Digital Commerce Business Development Director 17,117 0.00% 0.00% 14,355 0.00% 0.00% Barbara Tönz, Chief Customer and Commercial Officer 7,195 0.00% 0.00% 5,707 0.00% 0.00% Jaak Mikkel, New Businesses Director 49,959 0.01% 0.01% 38,791 0.01% 0.01% Frank O’Donnell, Region Director 50,133 0.01% 0.01% 39,821 0.01% 0.01% Aleksandar Ruzevic, Region Director 30,491 0.01% 0.01% 53,992 0.01% 0.01% Ebru Ozgen, Chief People and Culture Officer 8,017 0.00% 0.00% 183 0.00% 0.00% Anastasis Stamoulis, Chief Financial Officer8 3,245 0.00% 0.00% 14,561 0.00% 0.00% Vladimir Kosijer, Acting Region Director9 37,644 0.01% 0.01% 28,609 0.01% 0.01% Footnotes are presented at the end of the table. Statutory Remuneration Report continued Coca-Cola HBC Integrated Annual Report 2024 340 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 shares (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 Director10 – – – 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: (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. 4. Anastasios I. 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 286,880 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 2,138,277 shares held by Carlcan Holding Limited. 5. Christo 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 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 2,138,277 shares held by Carlcan Holding Limited. 6 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 2,138,277 shares held by Carlcan Holding Limited. 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). Statutory Remuneration Report continued Coca-Cola HBC Integrated Annual Report 2024 341 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 2023: Stock options (ESOP) Performance shares (PSP) Number of stock options Already vested Vesting at the end of 2023 Granted in 2023 Unvested and subject to performance conditions Vested Zoran Bogdanovic, Chief Executive Officer, Executive Director12 39,335 39,335 – 162,847 391,872 75,777 Minas Agelidis, Region Director – – – 24,954 69,549 27,593 Mourad Ajarti, Chief Digital and Technology Officer – – – 20,823 55,035 22,536 Ben Almanzar, Chief Financial Officer – – – 30,465 91,844 9,743 Ivo Bjelis, Chief Supply Chain Officer – – – 20,979 54,814 15,830 Jan Gustavsson, General Counsel, Company Secretary and Chief Corporate Development Officer – – – 32,551 90,277 38,001 Nikos Kalaitzidakis, Region Director7 – – – 25,248 69,724 29,170 Naya Kalogeraki, Chief Operating Officer 21,239 21,239 – 50,066 140,757 35,478 Martin Marcel, Chief Corporate Affairs and Sustainability Officer – – 28,142 78,313 32,797 Spyros Mello, Strategy and Transformation Director – – – 17,267 46,810 16,622 Vitaliy Novikov, Digital Commerce Business Development Director – – – 24,204 68,493 22,299 Sanda Parezanovic, Chief People and Culture Officer8 – – – 26,029 72,139 30,273 Barbara Tönz, Chief Customer and Commercial Officer – – – 19,784 43,553 – Jaak Mikkel, New Businesses Director9 15,927 15,927 – 18,179 47,445 19,200 Frank O’Donnell, Region Director10 – – – 16,365 46,164 14,781 Aleksandar Ruzevic, Region Director10 7,432 7,432 – 18,201 50,732 21,370 Ebru Ozgen, Chief People and Culture Officer11 – – – 44,741 44,741 – 1. Basis: total issued share capital including treasury shares. Share basis 372,977,222 as at 31 December 2023 (2022: 372,086,095) 2. Basis: total issued share capital excluding treasury shares. Share basis 366,908,685 as at 31 December 2023 (2022: 366,699,378) 3. 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. 4. Anastasios I. 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 286,880 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 2,138,277 shares held by Carlcan Holding Limited. 5. Christo 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 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 2,138,277 shares held by Carlcan Holding Limited. 6 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 2,138,277 shares held by Carlcan Holding Limited. 7. Mr. Nikos Kalaitzidakis’ employment ceased on 30 September 2023. 8. Ms. Sanda Parezanovic’s employment ceased on 30 November 2023. 9. Mr. Jaak Mikkel joined the Executive Leadership Team on 1 February 2023. 10. Mr. Frank O’Donnell and Mr. Aleksandar Ruzevic joined the Executive Leadership Team on 1 June 2023. 11. Ms. Ebru Ozgen joined the Executive Leadership Team on 12 September 2023. 12. The Remuneration Committee determined at its meeting on 13 March 2024 that, in line with the terms of the PSP, PSP awards granted to Zoran Bogdanovic in 2021 vested over in aggregate 95,843 shares (including the dividend equivalent shares paid on PSP shares that vested in 2024) Statutory Remuneration Report continued Coca-Cola HBC Integrated Annual Report 2024 342 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 Chairman of the Board of Directors Cyprus Union of Shipowners Vice Chairman of the Executive Committee Sea Trade Holdings Inc Chairman of the Board of Directors Nephele Navigation Inc Chairman 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, Athens Member of the Board of Trustees George and Kaity David Foundation Director Zoran Bogdanovic, Chief Executive Officer, Executive Director – – Charlotte J. Boyle, Independent non-Executive Director, Chair of the Remuneration Committee, and member of the Nomination Committee & Social Responsibility Committee UN High Commissioner for Refugees (UNHCR) Chairman for UK Thatchers Cider Company Ltd Non-Executive Director Knight Frank LLP Non-Executive Director Worcester College, Oxford University Advisory Board Member Henrique Braun, Non-Executive Director, The Coca–Cola Company Executive Vice President and Chief Operating Officer 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 and Vice Chair Appzone Mauritius Ltd. Chairman 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 & Remuneration Committee Qorium B.V. Independent Director and Chairman of the Board of Directors Jerónimo Martins Independent Director and Audit Committee Member 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 William W. (Bill) Douglas III, Independent non-Executive Director, Chair of the Audit and Risk Committee SiteOne Landscape Supply Inc Lead Director and Chairman of the Audit Committee The North Highland Esop Holdings Inc. Non-Executive Chair of the Board of Directors Dollar Tree, Inc. Non-Executive Director Monster Beverage Corporation Non-Executive Director Reto Francioni, Senior Independent non-Executive Director, Chair of the Nomination Committee, and member of the Remuneration Committee UBS Europe SE Chairman of the Supervisory Board Swiss International Airlines Chairman of the Supervisory Board Medtech Innovation Partners AG Vice Chairman of the Board of Directors 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 Nephele Navigation Inc Vice Chairman of the Board of Directors 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 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 Statutory Remuneration Report continued Coca-Cola HBC Integrated Annual Report 2024 343 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Companies and associations Function Christo Leventis, Non-Executive Director Alpheus Capital Ltd. Chairman 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 A.G. Leventis Foundation Trustee 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. Chairman of the Board of Directors Anatolia College Member of the Board of Trustees Evguenia Stoitchkova, Non-Executive Director, member of the Social Responsibility Committee The Coca–Cola Company President of Global Ventures 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 Cyprisa Foundation Director 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 2024, similar to 2023, 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. Statutory Remuneration Report continued Coca-Cola HBC Integrated Annual Report 2024 344 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information 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 APMs1 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 are presented under the ‘Russia-Ukraine conflict impact’ item, to provide users 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, gas oil 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 As a result of the conflict between Russia and Ukraine, the Group recognised net impairment losses for property, plant and equipment, intangible assets and equity method investments as well as restructuring costs, in connection with the new business model in Russia and adverse changes to the economic environment. The Group also recognised incremental allowance for expected credit losses and write-offs of inventory and property, plant and equipment resulting from the Russia-Ukraine conflict. The aforementioned net impairment losses were included within the income statement line ‘Exceptional items related to Russia-Ukraine conflict’ so as to provide users with enhanced visibility over these items considering their materiality, while remaining costs were included within ‘Operating expenses’ and ‘Cost of goods sold’ lines of the income statement accordingly. Net impairment losses and other costs directly attributable to the Russia-Ukraine conflict are excluded from the comparable results so that the users can obtain a better understanding of the Group’s operating and financial performance from underlying activity. Alternative performance measures Definitions and reconciliations of alternative performance measures (APMs) 345 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Coca-Cola HBC Integrated Annual Report 2024 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 2024 Cost of goods sold Gross profit Operating expenses EBIT Adjusted EBITDA Profit before tax Tax Net profit1 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 Full year 2023 Cost of goods sold Gross profit Operating expenses EBIT Adjusted EBITDA Profit before tax Tax Net profit1 EPS (€) As reported (6,627) 3,557 (2,614) 954 1,488 910 (275) 636 1.730 Restructuring costs – – 8 8 7 8 (2) 7 0.018 Commodity hedging 5 5 – 5 5 5 (1) 3 0.009 Acquisition costs – – 6 6 6 6 – 6 0.017 Russia-Ukraine conflict impact – – – – – – – – 0.001 Impairment of goodwill and indefinite-lived intangible assets – – 111 111 – 111 – 111 0.301 Other tax items – – – – – – 1 1 0.002 Comparable (6,622) 3,562 (2,488) 1,084 1,506 1,040 (277) 764 2.078 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 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 1,192 346 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Coca-Cola HBC Integrated Annual Report 2024 1. Comparable APMs continued Full year 2023 Established Developing Emerging Consolidated EBIT 379 153 422 954 Restructuring costs 1 1 6 8 Commodity hedging (1) (2) 7 5 Acquisition costs 2 1 3 6 Russia-Ukraine conflict impact – – – – Impairment of goodwill and indefinite-lived intangible assets – 1 109 111 Comparable EBIT 381 154 549 1,084 Figures are rounded. 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 ‘2023 reported’ or, where presented, ‘2023 adjusted’. Organic growth for comparable EBIT margin is the organic movement expressed in basis points. Alternative performance measures continued 347 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Coca-Cola HBC Integrated Annual Report 2024 2. Organic APMs continued Reconciliation of organic measures Full year 2024 Volume (m unit cases) Established Developing Emerging Consolidated 2023 reported 629 471 1,736 2,835 Consolidation perimeter impact 1 – – 1 Organic movement 2 12 65 78 2024 reported 631 483 1,801 2,914 Organic growth (%) 0.3% 2.5% 3.7% 2.8% Full year 2024 Net sales revenue (€ m) Established Developing Emerging Consolidated 2023 reported 3,359 2,089 4,737 10,184 Foreign currency impact 14 25 (789) (750) 2023 adjusted 3,373 2,114 3,948 9,434 Consolidation perimeter impact 19 3 – 22 Organic movement 110 268 920 1,298 2024 reported 3,501 2,385 4,868 10,754 Organic growth (%) 3.3% 12.7% 23.3% 13.8% Full year 2024 Net sales revenue per unit case (€)1 Established Developing Emerging Consolidated 2023 reported 5.34 4.43 2.73 3.59 Foreign currency impact 0.02 0.05 (0.45) (0.26) 2023 adjusted 5.36 4.49 2.27 3.33 Consolidation perimeter impact 0.02 0.01 – 0.01 Organic movement 0.16 0.45 0.43 0.36 2024 reported 5.55 4.94 2.70 3.69 Organic growth (%) 3.0% 10.0% 18.9% 10.7% Full year 2024 Comparable EBIT (€ m) Established Developing Emerging Consolidated 2023 reported 381 154 549 1,084 Foreign currency impact 2 2 (40) (36) 2023 adjusted 383 156 509 1,048 Consolidation perimeter impact 5 9 2 16 Organic movement – 62 66 128 2024 reported 388 227 577 1,192 Organic growth (%) (0.1%) 39.6% 13.0% 12.2% Full year 2024 Comparable EBIT margin (%)1 Established Developing Emerging Consolidated 2023 reported 11.3% 7.4% 11.6% 10.6% Foreign currency impact – – 1.3% 0.5% 2023 adjusted 11.4% 7.4% 12.9% 11.1% Consolidation perimeter impact 0.1% 0.4% – 0.1% Organic movement (0.4%) 1.8% (1.1%) (0.2%) 2024 reported 11.1% 9.5% 11.8% 11.1% Organic growth (%) -40bps 180bps -110bps -20bps Figures are rounded. 1. Certain differences in calculations are due to rounding. Alternative performance measures continued 348 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Coca-Cola HBC Integrated Annual Report 2024 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 Free cash flow is an APM used by the Group and defined as cash generated by operating activities after payments for purchases of property, plant and equipment net of proceeds from sales of property, plant and equipment, 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 349 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Coca-Cola HBC Integrated Annual Report 2024 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: 2024 € million 2023 € million Operating profit (EBIT) 1,185 954 Depreciation and impairment of property, plant and equipment, including right-of-use assets 396 400 Amortisation and impairment of intangible assets 1 114 Employee performance shares 16 20 Adjusted EBITDA 1,598 1,488 Share of results of integral equity method investments (14) (10) Gain on disposals of non-current assets (5) (1) Cash generated from working capital movements 101 136 Tax paid (289) (226) Net cash from operating activities 1,392 1,387 Payments for purchases of property, plant and equipment1 (627) (623) Principal repayments of lease obligations (61) (59) Proceeds from sales of property, plant and equipment 9 7 Capital expenditure (679) (675) Free cash flow 713 712 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 2024 € million 2023 € million Current borrowings 889 948 Non-current borrowings 3,092 2,476 Interest rate swaps (fixed-to-floating) (24) – Other financial assets (884) (569) Cash and cash equivalents (1,548) (1,261) Net debt 1,524 1,595 Figures are rounded. 1. Payments for purchases of property, plant and equipment for 2024 include €12 million (2023: €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 350 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Coca-Cola HBC Integrated Annual Report 2024 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 2024 € million 2023 € million Comparable operating profit 1,192 1,084 Plus: Share of results of non-integral equity method investments 3 5 Less: Comparable tax (307) (277) Tax shield1 (16) (13) Comparable net profit excl. finance costs, net (a) 872 799 Average net debt3 1,715 1,676 Plus: Average equity attributable to owners of the parent3 3,042 3,194 Capital employed (b) 4,758 4,870 Return on invested capital (a/b) 18.3% 16.4% Figures are rounded. 1. Tax shield is calculated as comparable effective tax rate times finance costs, net, as illustrated below: Year ended 31 December 2024 € million 2023 € million Finance costs, net 61 48 Comparable effective tax rate (%)2 27% 27% Tax shield 16 13 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 2024 € million 2023 € million Comparable tax 307 277 Comparable profit before tax 1,135 1,040 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: 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 2023 Q4 2022 € million Q1 2023 € million Q2 2023 € million Q3 2023 € million Q4 2023 € million Average € million* Net debt 1,673 1,827 1,779 1,505 1,595 1,676 Equity attributable to owners of the parent 3,282 3,255 3,005 3,336 3,093 3,194 Figures are rounded. *Certain differences in calculations are due to rounding. Alternative performance measures continued 351 Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Supplementary Information Coca-Cola HBC Integrated Annual Report 2024 Independent Auditor’s Limited Assurance Report To the Board of Directors of Coca-Cola HBC AG Subject Matter As described in the engagement letter dated 16.12.2024, we were assigned to provide you with limited assurance on whether selected sustainability information, listed in Appendix I, included in the Integrated Annual Report 2024 and the 2024 GRI Content Index – (hereinafter referred to as the “Selected Sustainability Information”), was prepared by Coca-Cola HBC AG (hereinafter referred to as “Coca-Cola HBC”), for the period from 1 January 2024 to 31 December 2024 (hereinafter “Reporting Period”) in compliance with the Applicable Criteria as described below (hereinafter referred to as “Subject Matter”). Applicable Criteria The following standards constitute the applicable criteria for the evaluation of the Subject Matter: i. The “Reporting in accordance with the GRI Standards” option (requirements set in GRI 1: Foundation 2021) ii. All the available General Disclosures of GRI 2: General Disclosures 2021 (Appendix I) iii. All the available GRI Topic-specific disclosures (listed in Appendix I) Management Responsibilities The Management of Coca-Cola HBC is responsible for the preparation, measurement, presentation and reporting of the Selected Sustainability Information in accordance with the GRI Standards (2021 update). Auditor’s Responsibility Our responsibility is to issue this Limited Assurance Report on the Selected Sustainability Information included in the Integrated Annual Report 2024 and the 2024 GRI Content Index for the Reporting Period, as described in the section “Subject Matter”. Our work was carried out in accordance with the International Standard on Assurance Engagements 3000 (Revised) “Assurance Engagements Other than Audits or Reviews of Historical Financial Information” (hereinafter “ISAE 3000”), and the terms of engagement as described in the engagement letter dated on 16.12.2024. The work performed relates to specific performance indicators, included in the Selected Sustainability Information for the Reporting Period (as these are described in the section “Applicable Criteria” and in the Appendix I) and the provision of limited assurance. We consider that the evidence we have gathered is sufficient and suitable for the foundation and documentation of this report. Professional ethics and quality management We remained independent of Coca-Cola HBC, in accordance with the ethical requirements that are relevant to our work, which include the International 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 other ethical responsibilities in accordance with these requirements. Our audit firm applies the International Standard for Quality Management (ISQM) 1 “Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements” and accordingly maintains a comprehensive quality management system that includes documented policies and procedures relating to compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Coca-Cola HBC Integrated Annual Report 2024 352 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Independent Auditor’s Limited Assurance Report continued Scope of Work We designed and carried out our work in order to obtain the information, analysis and explanations we deemed necessary, where available from Coca-Cola HBC’s Management, in order to assess whether the Report has been prepared in accordance with the “Applicable Criteria”. In order to form our conclusion, we performed the following: i. Assessed the suitability of the Applicable Criteria in terms of their relevance, comprehensiveness, reliability, neutrality and understandability and their consistent application. ii. Obtained an understanding of Coca-Cola HBC’s control environment, processes and systems relevant to the preparation of the Report. Our procedures did not include evaluating the suitability of the design or operating effectiveness of control activities. iii. Inspected the relevant documentation of the systems and processes for compiling, analyzing, and aggregating data and tested such documentation on a sample basis. iv. Obtained an understanding in relation to the existing internal processes related to application of policies related to the sustainability information, under the scope of our engagement. v. Inquired Coca-Cola HBC’s Departmental Managers and information owners responsible for collecting, consolidating and calculating the Subject Matter Information in order to evaluate the appropriateness of measurement and evaluation methods, reporting policies used and estimates made by Coca-Cola HBC. Our procedures did not involve testing the data on which the estimates are based or separately developing our own estimates against which to evaluate Coca-Cola HBC’s estimates. vi. Performed analytical procedures and inspection of documents on a sample basis with respect to the compilation and reporting of quantitative performance indicators related to the “Applicable Criteria”: a. At Group level1, performed analytical procedures to check that underlying information was complete and accurate, and had been appropriately evaluated or measured, recorded, collated and reported as well as to verify the correct consolidation of the collected data b. At the level of a representative selection of location sites2, undertook site visits at 8 plants and 7 headquarters (HQs). We selected these sites based on risk assessment procedures performed (factors considered included indicatively inherent risk, site contribution to the consolidated indicators, location, etc.) and performed detailed assurance procedures for all the applicable KPIs at plant and HQ level for all selected locations. More specifically, as part of our visits, we performed detailed tests on a sample basis, consisting of checking the correct application of the definitions and agreeing performance indicators to or from source information to check that the underlying subject matter was complete and accurate, and had been appropriately evaluated or measured, recorded, collated and reported. c. For the KPI Greenhouse Gas (GhG) emissions, verified all three inventory scopes (Scopes 1, 2 and 3) as defined by the GHG Protocol (Corporate Standard), including progress against emission reduction targets, reported changes in emissions compared with the baseline year (2010 and 2017) and the figures for absolute emissions and emissions intensity in 2024. vii. Performed targeted testing to select significant qualitative statements related to the “Applicable Criteria” listed above and tested their fair statement to identify misstatements that are material to the intended users of the subject matter information. We performed risk-based targeted testing for any remaining qualitative statements with characteristics of increased risk of material misstatement and evaluated remaining population not subject to targeted testing viii. Evaluated all environmental, social and governance disclosures, and overall presentation of the Subject Matter Information included in the Report for the Reporting Period (as described in the section “Applicable Criteria” and in the Appendix I) The procedures performed in a limited assurance engagement vary in nature and timing and are less extensive than in a reasonable assurance engagement, and accordingly, the level of assurance obtained in a limited assurance engagement is significantly lower than the level of assurance which would have been obtained if an assignment of reasonable assurance had been performed. Inherent Limitations The work performed does not provide absolute assurance that all material weaknesses related to the accuracy and completeness of data and relevant disclosures, as these are included in the Report, will be identified. A material weakness exists when the design of the internal controls is not adequate and thus, does not mitigate the risk of material deficiencies occurring without being detected in a timely manner. Our work covered only the items listed in the “Scope of Work” paragraph to obtain limited assurance based on the procedures included in the same paragraph. Our work does not constitute an audit or review of historical Financial Information, in accordance with applicable International Standards on Auditing or International Standards for the Engagement of Review Engagements, and for this reason we do not express any assurance other than those listed in the paragraph “Scope of Work”. 1. The Departments involved at a group level are: People and Culture Department, Legal Affairs Department (including the Risk team), Internal Control Department, Commercial Department, Supply Chain Department (including Procurement team, Quality, Safety and Environment team, Fleet team and Cold Drink Equipment team), Investor Relations Department and Corporate Affairs and Sustainability Department, as well as managers from other Group functions. 2. The manufacturing plants are located in Nigeria (Ikeja), Egypt (Qaliub), Italy (Nogara), Romania (Ploiești), Poland (Radzymin, Krakow), Greece (Schimatari) and Russia (Moscow). Coca-Cola HBC Integrated Annual Report 2024 353 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Limited Assurance Conclusion Based on the procedures we performed as described below in the “Scope of Work” paragraph, and the evidence we have obtained, nothing has come to our attention that causes us to believe that: • the indicators included in the Report for the Reporting Period, as these are described in the section “Subject Matter”, are materially misstated; • the Report for the Reporting Period does not meet the requirements for reporting in accordance with the GRI Standards (2021 update). Restrictions in Use This Limited Assurance report, prepared as part of our work performed, is intended for the use of the Board of Directors and Management of Coca-Cola HBC and covers only the indicated Reporting Period as well as the abovementioned scope of work. Athens, 14 March 2025 Fotis Smyrnis PricewaterhouseCoopers SA Appendix I The provision of limited assurance concerns the following GRI indicators presented in the Integrated Annual Report 2024 and the 2024 GRI Content Index: Code Description 2-1 Organizational details 2-2 Entities included in the organization’s sustainability reporting 2-3 Reporting period, frequency and contact point 2-4 Restatements of information 2-5 External assurance 2-6 Activities, value chain and other business relationships 2-7 Employees 2-8 Workers who are not employees 2-9 Governance structure and composition 2-10 Nomination and selection of the highest governance body 2-11 Chair of the highest governance body 2-12 Role of the highest governance body in overseeing the management of impacts 2-13 Delegation of responsibility for managing impacts 2-14 Role of the highest governance body in sustainability reporting 2-15 Conflicts of interest 2-16 Communication of critical concerns 2-17 Collective knowledge of the highest governance body 2-18 Evaluation of the performance of the highest governance body 2-19 Remuneration policies 2-20 Process to determine remuneration 2-21 Annual total compensation ratio 2-22 Statement on sustainable development strategy 2-23 Policy commitments 2-24 Embedding policy commitments 2-25 Processes to remediate negative impacts 2-26 Mechanisms for seeking advice and raising concerns 2-27 Compliance with laws and regulations Independent Auditor’s Limited Assurance Report continued Coca-Cola HBC Integrated Annual Report 2024 354 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Code Description 2-28 Membership associations 2-29 Approach to stakeholder engagement 2-30 Collective bargaining agreements 3-1 Process to determine material topics 3-2 List of material topics 3-3 Management of material topics 201-1 Direct economic value generated and distributed 201-2 Financial implications and other risks and opportunities due to climate change 201-3 Defined benefit plan obligations and other retirement plans 201-4 Financial assistance received from government 202-1 Ratios of standard entry level wage by gender compared to local minimum wage 202-2 Proportion of senior management hired from the local community 203-1 Infrastructure investments and services supported 203-2 Significant indirect economic impacts 204-1 Proportion of spending on local suppliers 205-1 Operations assessed for risks related to corruption 205-2 Communication and training about anti corruption policies and procedures 205-3 Confirmed incidents of corruption and actions taken 206-1 Legal actions for anti-competitive behaviour, antitrust, and monopoly practices 207-1 Approach to tax 207-2 Tax governance, control, and risk management 207-3 Stakeholder engagement and management of concerns related to tax 207-4 Country-by-country reporting 301-1 Materials used by weight or volume 301-2 Recycled input materials used 301-3 Reclaimed products and their packaging materials 302-1 Energy consumption within the organisation 302-2 Energy consumption outside the organisation 302-3 Energy intensity 302-4 Reduction of energy consumption Code Description 302-5 Reductions in energy requirements of products and services 303-1 Interactions with water as a shared resource 303-2 Management of water discharge-related impacts 303-3 Water withdrawal 303-4 Water discharge by quality and destination 303-5 Water consumption 304-1 Operational sites owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas 304-2 Significant impacts of activities, products, and services on biodiversity 304-3 Habitats protected or restored 304-4 IUCN Red List species and national conservation list species with habitats in areas affected by operations 305-1 Direct Greenhouse Gas (GHG) emissions (Scope 1) 305-2 Energy indirect Greenhouse Gas (GHG) emissions (Scope 2) 305-3 Other indirect Greenhouse Gas (GHG) emissions (Scope 3) 305-4 Greenhouse Gas emissions intensity 305-5 Reduction of Greenhouse Gas (GHG) emissions 305-6 Emissions of ozone-depleting substances (ODS) 305-7 Nitrogen oxides (NOx), sulfur oxides (SOx), and other significant air emissions 306-1 Waste generation and significant waste-related impacts 306-2 Management of significant waste-related impacts 306-3 Waste generated, Significant spills 306-4 Waste diverted from disposal 306-5 Waste directed to disposal, Transport of hazardous waste 308-1 New suppliers that were screened using environmental criteria 308-2 Negative environmental impacts in the supply chain and actions taken 401-1 New employee hires and employee turnover 401-2 Benefits provided to full-time employees that are not provided to temporary or part-time employees 401-3 Parental leave 402-1 Minimum notice periods regarding operational changes Independent Auditor’s Limited Assurance Report continued Coca-Cola HBC Integrated Annual Report 2024 355 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Code Description 403-1 Occupational health and safety management system 403-2 Hazard identification, risk assessment, and incident investigation 403-3 Occupational health services 403-4 Worker participation, consultation, and communication on occupational health and safety 403-5 Worker training on occupational health and safety 403-6 Promotion of worker health 403-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships 403-8 Workers covered by an occupational health and safety management system 403-9 Work-related injuries 403-10 Work-related ill health 404-1 Average hours of training per year per employee 404-2 Programs for upgrading employee skills and transition assistance programs 404-3 Percentage of employees receiving regular performance and career development reviews 405-1 Diversity of governance bodies and employees 405-2 Ratio of basic salary and remuneration of women to men 406-1 Total number of incidents of discrimination and corrective actions taken 407-1 Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk 408-1 Operations and suppliers at significant risk for incidents of child labour 409-1 Operations and suppliers at significant risk for incidents of forced or compulsory labor 410-1 Security personnel trained in human rights policies or procedures 411-1 Incidents of violations involving rights of indigenous peoples 413-1 Operations with local community engagement, impact assessments, and development programs 413-2 Operations with significant actual and potential negative impacts on local communities 414-1 New suppliers that were screened using social criteria 414-2 Negative social impacts in the supply chain and actions taken Code Description 415-1 Political contributions 416-1 Assessment of the health and safety impacts of product and service categories 416-2 Incidents of non-compliance concerning the health and safety impacts of products and services 417-1 Requirements for product and service information and labelling 417-2 Incidents of non-compliance concerning product and service information and labelling 417-3 Incidents of non-compliance concerning marketing communications 418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data Independent Auditor’s Limited Assurance Report continued Coca-Cola HBC Integrated Annual Report 2024 356 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Shares held by geography 28% 28% 26% 5% 13% UK North & Central America Europe Nordic Other 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 road shows, 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) was admitted to the premium listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange’s main market for listed securities on 29 April 2013. 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 Credit rating Standard & Poor’s: L/T BBB+, S/T A2, stable outlook Moody’s: L/T Baa1, S/T P2, stable outlook Share price performance LSE:CCH 2024 2023 2022 In £ per share Close 27.32 23.04 19.73 High 28.76 25.65 26.87 Low 21.77 19.10 14.61 Market capitalisation (£ million) 9,894 8,457 7,235 ATHEX: EEE 2024 2023 2022 In € per share Close 33.32 26.42 22.60 High 34.44 29.45 31.97 Low 25.77 21.78 18.00 Market capitalisation (€ million) 12,067 9,694 8,287 Source: Bloomberg Share capital In 2024, the share capital of Coca-Cola HBC increased by the issuance of 262,340 new ordinary shares following the exercise of stock options pursuant to the Coca-Cola HBC AG’s Employees’ Stock Option Plan. Following the above changes, and including 11,077,797 ordinary shares held as treasury shares, on 31 December 2024, 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 on 17 May 2023 and any such authority granted at its following annual general meetings. The programme commenced on 21 November 2023 and is expected to run for a period of around two years. At its Annual General Meeting on 21 May 2024, the Company’s general authority to repurchase shares was renewed. 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. Dividends For 2024, the Board of Directors has proposed a €1.03 per share dividend, up 11% year on year (€0.93 per share in 2024), representing a 45% 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 30 April 2025 First quarter trading update 23 May 2025 Annual General Meeting 6 August 2025 Half-year financial results 30 October 2025 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 Tel: +30 210 618 3100 Email: investor.relations@cchellenic.com IR website: www.coca-colahellenic.com Coca-Cola HBC Integrated Annual Report 2024 357 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Glossary of terms Adria Croatia, Bosnia & Herzegovina and Slovenia. AI Artificial Intelligence. 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. CO2 Carbon dioxide, a greenhouse gas. CO2e A carbon dioxide equivalent or CO2 equivalent, abbreviated as CO2e, 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 & analytics. 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. DJSI Dow Jones Sustainability Index. 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). Coca-Cola HBC Integrated Annual Report 2024 358 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Glossary of terms continued ESG Environment, social and governance, referring to the three key pillars affecting the sustainability and ethical impact of a business or company. 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. GDP Gross domestic product GHG (scope 1, 2 and 3) Greenhouse gases. GHG inventory covers the seven direct greenhouse gases under the Kyoto Protocol: Carbon dioxide (CO2), 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. Italy Territory we serve, excluding Sicily. 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 M&A Mergers and acquisitions. Market When used in reference to geographic areas, a country in which Coca-Cola HBC does business. Mission 2025 2025 sustainability commitments with 17 goals. Developed in late 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 Multon refers to 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 submitted to a formal approval by the Science Based Target initiative (SBTi). 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. RTM Route to Market 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). Coca-Cola HBC Integrated Annual Report 2024 359 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report 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 2024, we updated the studies for 18 markets, adding this information to the aggregate results from all socio-economic impact studies for the period 2018-2024. Notes to the socio-economic contributions presented on page 7 of this report: • Numbers presented are aggregated based on the local socio-economic studies from Coca-Cola HBC markets published between 2018 and 2024 • 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. Sparkling Sparkling includes Trademark Coca-Cola, Fanta, Sprite, Schweppes and Kinley sparkling beverages, among others. Sparkling beverages 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. SSD Sparkling soft drinks. 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. 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 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. 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. #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. Glossary of terms continued Coca-Cola HBC Integrated Annual Report 2024 360 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report 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 2024 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 2024. 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 2024, 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 345 to 351. 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 in accordance with the GRI Standards (2021). Furthermore, the Integrated Annual Report is aligned with the principles and elements of the International Integrated Reporting Council’s (IIRC) framework and 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 2024 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 2024 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. Coca-Cola HBC Integrated Annual Report 2024 361 Supplementary Information Swiss Statutory Reporting Financial Statements Corporate Governance Strategic Report Coca‑Cola HBC AG Visit us www.coca-colahellenic.com Our website features all the latest news and stories from around the business and our communities, as well as an interactive online version of this report. 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