The Coca-Cola Company

Q3 operating momentum: volume +5%, organic revenue +7%, value share gain - Unit cases grew 5%; organic revenue +7%; volume growth described as sustained/balanced with a 2% (two-year YTD) volume growth average. - Value share gained for the 22nd consecutive quarter. - Comparable EPS (Q3): $0.91, +11% YoY, with ~2 pts currency tailwind. - Management highlighted margin expansion alongside continued investment (gross +~170 bps, operating +~110 bps comparable).

Guidance raised for full-year 2026: growth +11% EPS, FCF at/above $13B - Full-year 2026 expects organic revenue growth ≥ 5% (includes slight destocking and 6 fewer days in Q4). - Expects comparable currency-neutral EPS growth ≥ 9% (excl. acquisitions/divestitures). - Comparable EPS growth ≥ 11% vs. $3 in 2025. - Free cash flow (FCF) ≥ $13B in 2026 (guidance increased; leverage down to ~1.3x net debt/EBITDA). - Capital allocation remains: invest in the business + return capital to shareowners.

Margins and investment: expansion without cutting reinvestment - Comparable gross margin expansion ~170 bps driven by underlying expansion, currency tailwinds, and a favorable structural impact from last year’s Nigeria finished product operations sale. - Management said margin gains did not come at the expense of investment; SG&A/marketing investments described as increasing/setting up 2027, with marketing expected to track margins as the company targets a desired P&L “shape.”