Coca-Cola HBC AG (CCH.L): Egypt - unlocking high-quality growth at scale

研报英文原文证据摘录

Coca-Cola HBC AG (CCH.L): Egypt - unlocking high-quality growth at scale

Goldman Sachs Coca-Cola HBC AG (CCH.L)

Egypt’s disciplined integration framework has been a key driver of progress. Since

the 2022 acquisition, management has followed a structured plan: first stabilising the

business and integrating core functions, then investing for growth through cooler

expansion, additional capacity, and salesforce buildout. In parallel, the company

accelerated its digital transformation through the SAP S/4HANA rollout. Subsequently,

the focus has shifted to strengthening capabilities, including the rollout of revenue

growth management (RGM) tools and expansion into energy and sports drinks. The

business has also benefited from the group’s scale in procurement and treasury, while

delivering back-office efficiencies.

These actions have enabled CCH to navigate exceptionally high inflation through

RGM-driven scenario planning that balances volume, pricing, and mix. It has also

responded effectively to currency devaluation by leveraging central procurement and

increasing local sourcing. At the same time, the company grew market share from 37% in

2022 to 39% in 2025, even amid boycotts of Western brands, by activating locally

relevant consumer passion points; over the same period, Pepsi’s market share declined

from 50% to 44%. CCH has stated that it now aims to apply the same approach and

lessons from Egypt when it integrates CCBA, while remaining attentive to the specific

dynamics of each local market.

Exhibit 1: Egypt’s clear integration framework accelerated progress

Integration framework implemented by during Egypt acquisition

1 - Occasion, Brand, Pack, Price, and Channel

Source: Company data

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