Outlines growth opportunity for Egypt led by Energy: Already >10% of sales (!)

Research evidence excerpt

Outlines growth opportunity for Egypt led by Energy: Already >10% of sales (!)

Flash Note Consumer | Global Beverages

At

July 07, 2026

Coca-Cola HBC AG Robert Ottenstein Greg Porter 212-653-9020 212-653-9042

CCH-GB | £50.25 Robert.Ottenstein@evercoreisi.com Greg.Porter@evercoreisi.com

In Line | Target Price/Base Case: £46.00 JD Todd

Company Update 212-812-2912

JD.Todd@evercoreisi.com

Earlier today, CCH hosted an investor event focused on its business in Egypt. Management reviewed the

steps it has taken to improve performance in Egypt, resulting in significant share gains and 350 bps of gross

margin improvement, likely providing a template for similar markets in CCBA. Please see our key

takeaways and 12 key slides below:

▪ Egypt has become a major long-term growth engine for CCH – market now big enough to

move the needle for CCH

➢ Egypt now represents 11% of group volumes and is CCH's third-largest market

➢ Egypt is expected to deliver double-digit organic revenue growth with consistent annual

margin expansion, serving as an important contributor to overall group growth

➢ Management views Egypt as an early proof point that its acquisition/integration model can

accelerate growth in Africa

➢ Structural growth drivers remain attractive:

o Population of ~120 million with ~60% under age 30

o Low beverage penetration creates significant runway – sparkling per capita of only

110, second lowest for CCH

➢ Tourism, urbanization, and GDP growth support long-term demand.

➢ Has transitioned from an "acquisition story" to a "growth story"

▪ Transformation since acquisition has materially improved competitive positioning

➢ Despite inflation, currency devaluation and geopolitical disruptions, management believes

execution has significantly strengthened