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CAGNY 2023
FEBRUARY 21, 2023
JAMES QUINCEY
CHAIRMAN & CEO
JOHN MURPHY
PRESIDENT & CFO
2
FORWARD-LOOKING STATEMENTS
This presentation may contain statements, estimates or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words
“believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-
looking statements are subject to certain risks and uncertainties that could cause The Coca-Cola Company’s actual results to differ materially from its historical experience and our
present expectations or projections. These risks include, but are not limited to, unfavorable economic and geopolitical conditions, including the direct or indirect negative impacts of
the conflict between Russia and Ukraine; increased competition; an inability to be successful in our innovation activities; changes in the retail landscape or the loss of key retail or
foodservice customers; an inability to expand business in emerging and developing markets; an inability to realize the economic benefits from our productivity initiatives; an inability to
attract or retain a highly skilled and diverse workforce; disruption of our supply chain, including increased commodity, raw material, packaging, energy, transportation and other input
costs; the negative impacts of, and continuing uncertainties associated with the scope, severity and duration of the global COVID-19 pandemic and the substance and pace of the post-
pandemic economic recovery; an inability to successfully integrate and manage our acquired businesses, brands or bottling operations or an inability realize a significant portion of the
anticipated benefits of our joint ventures or strategic relationships; failure by our third-party service providers and business partners to satisfactorily fulfill their commitments and
responsibilities; an inability to renew collective bargaining agreements on satisfactory terms, or we or our bottling partners experience strikes, work stoppages, labor shortages or
labor unrest; obesity and other health-related concerns; evolving consumer product and shopping preferences; product safety and quality concerns; perceived negative health
consequences of certain ingredients, such as non-nutritive sweeteners and biotechnology-derived substances, and of other substances present in our beverage products or packaging
materials; failure to digitalize the Coca-Cola system; damage to our brand image, corporate reputation and social license to operate from negative publicity, whether or not warranted,
concerning product safety or quality, workplace and human rights, obesity or other issues; an inability to successfully manage new product launches; an inability to maintain good
relationships with our bottling partners; deterioration in our bottling partners’ financial condition; an inability to successfully manage our refranchising activities; increases in income
tax rates, changes in income tax laws or the unfavorable resolution of tax matters, including the outcome of our ongoing tax dispute or any related disputes with the U.S. Internal
Revenue Service (“IRS”); the possibility that the assumptions used to calculate our estimated aggregate incremental tax and interest liability related to the potential unfavorable
outcome of the ongoing tax dispute with the IRS could significantly change; increased or new indirect taxes; changes in laws and regulations relating to beverage containers and
packaging; significant additional labeling or warning requirements or limitations on the marketing or sale of our products; litigation or legal proceedings; conducting business in
markets with high-risk legal compliance environments; failure to adequately protect, or disputes relating to, trademarks, formulas and other intellectual property rights; changes in, or
failure to comply with, the laws and regulations applicable to our products or our business operations; fluctuations in foreign currency exchange rates; interest rate increases; an
inability to achieve our overall long-term growth objectives; default by or failure of one or more of our counterparty financial institutions; impairment charges; an inability to protect our
information systems against service interruption, misappropriation of data or cybersecurity incidents; failure to comply with privacy and data protection laws; failure to achieve our
sustainability goals and targets or accurately report our progress due to operational, financial, legal and other risks, many of which are outside our control and are dependent on the
actions of our bottling partners and other third parties; increasing concerns about the environmental impact of plastic bottles and other packaging materials; water scarcity and poor
quality; increased demand for food products, decreased agricultural productivity and increased regulation of ingredient sourcing due diligence; climate change and legal or regulatory
responses thereto; adverse weather conditions; and other risks discussed in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-
K for the year ended December 31, 2021 and our subsequently filed Quarterly Reports on Form 10-Q, which filings are available from the SEC. You should not place undue reliance on
forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements.
The following presentation includes certain "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange Act of 1934. A schedule which reconciles our
results as reported under Generally Accepted Accounting Principles and the non-GAAP financial measures included in the following presentation is attached as an appendix hereto.
The 2023 outlook information provided in this presentation includes forward-looking non-GAAP financial measures, which management uses in measuring performance. The company
is not able to reconcile full year 2023 projected organic revenues (non-GAAP) to full year 2023 projected reported net revenues, full year 2023 projected comparable currency neutral
EPS (non-GAAP) to full year 2023 projected reported EPS, full year 2023 projected comparable EPS (non-GAAP) to full year 2023 projected reported EPS, or full year 2023 adjusted
free cash flow conversion ratio (non-GAAP) to the ratio of full year 2023 net cash provided by operating activities to full year 2023 net income attributable to shareowners without
unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the exact impact of changes in foreign currency exchange rates throughout 2023; the
exact timing and exact impact of acquisitions, divestitures and structural changes throughout 2023; and the exact timing and exact amount of items impacting comparability
throughout 2023.
RECONCILIATION TO U.S. GAAP FINANCIAL INFORMATION
3
KEY THEMES FOR TODAY
DELIVERING IN A DYNAMIC WORLD
WINNING TOGETHER LOCALLY
PURSUING EXCELLENCE GLOBALLY
COMPOUNDING QUALITY VALUE
4
CONSISTENT DELIVERY AMIDST DYNAMIC BACKDROP
(a) Non-GAAP
Organic Revenue(a) Growth
Comparable Currency Neutral OI(a) Growth
Comparable EPS(a)
$5.3B
$9.5B
2017 2022
Free Cash Flow(a)
Economic Conditions Competitive Landscape Geopolitics
Consumer Preferences Environment
$
$1.92
$2.48
2017 2022
+14%
Last 5 Years
Average
+6%
Last 5 Years
Average
Last 5 Years Average
7%
Last 5 Years Average
10%
5
OUR BUSINESS IS BUILT ON A SIMPLE PURPOSE
6
SIGNIFICANT HEADROOM FOR GROWTH
Developed Markets Developing & Emerging Markets
TCCC
Consumer(b)
2030 Population
Increase
Non-TCCC
Consumer
Non-Commercial
Consumer(a)
= 10 million people
Note: Data represents internal estimates of top 37 markets
(a) Represents population that does not consume commercial beverages
(b) Represents Weekly+ drinkers
7
EXPANDING OPPORTUNITIES
2017 Total
Addressable Market(a)
2022 Total
Addressable Market(a)
Expected Category Growth
2023-2026 Industry CAGRs
Hot Beverages Emerging(c)
Sparkling
Soft Drinks
Energy
Juice, Value-Added
Dairy & Plant-
Based Beverages
Emerging(c)
4-5%
7-9%
4-5%
8-10%
(a) Retail value of categories where TCCC strategically participates
(b) Excludes Hot Beverages
(c) Emerging category represents Alcohol Ready-to-Drink Beverages
Source for industry retail value and expected category growth is internal estimates
~$650
Billion
~$1.3
Trillion
Colas WSCT(b)
Energy
Sparkling Flavors
JDP
Water, Sports,
Coffee & Tea(b)
5-6%
Hot Beverages
5-6%
8
$
$
WE ARE WELL POSITIONED TO CREATE VALUE
Portfolio Strategy Structure
Center
Functions
Operating
Units
Platform
Services
R&D Center
Global
Categories
System Partners
Production
Facilities
~950 ~30M
Customer Retail
Outlets
~2.2B
Servings
Per Day
~200
Bottling
Partners
9
AND WE CONTINUE TO INVEST FOR THE FUTURE
Supporting our loved brands
and investing to capture
every consumption occasion
Investing in key enablers
to spin the flywheel faster
Investing in our people
to support future growth
Portfolio Strategic Capabilities Culture
Share position
globally in NARTD
#1
Billion-dollar brands
26
Value share gain
vs 2017
(a) New metric in 2019
+2pts
Proud to work
at TCCC
Have opportunities
to learn and grow
Empowered to make
decisions(a)
+8%
vs 2019
+7%
vs 2018
+6%
vs 2018
2022 TCCC digital
spend
$1B+
2022 system capital
expenditures
$7B+
System investment
in CDE during 2022
~$1B
10
KEY THEMES FOR TODAY
DELIVERING IN A DYNAMIC WORLD
WINNING TOGETHER LOCALLY
PURSUING EXCELLENCE GLOBALLY
COMPOUNDING QUALITY VALUE
11
RELENTLESS CONSUMER CENTRICITY
Sustainability
Consciousness
Functional
Benefits
Virtual
Interaction
Human insights shaping consumer trends…
…using data and analytics to create personal experiences
Wellness
Recharge
Premiumization &
Affordability
Shifting
Demographics
12
RAISING THE BAR IN MARKETING
(a) Internal estimates for 2023
(b) Change since 2019
Digital as a % of
Total Media Spend(a)
over
50%
Faster Idea
to Execution(a)
3-6
Months
2022 Gross Profit per $1
of Advertising Spend(b)
+9%
Optimized end-to-end experiences reaching the consumer with speed and effectiveness
Partnerships
Endorsements +
Collaborations
Personalized
Experiences
Meals + Screen Time
Passion Points
Music + Gaming + Sports
Pioneering
With AI
Instantly Create, Tailor
& Test Creative Content
13
RAISING THE BAR IN INNOVATION
2019 2022
Increasing Success Rate
…across products, packages, equipment and processes
2x
2019 2022
Gross Profit Per Launch
+12%
~25%
Contribution of Innovation to
2023 Gross Profit Growth
Leveraging design thinking and the power of the network…
Sustainability
Consciousness
Functional
Benefits
Virtual
Interaction
Wellness
Recharge
Premiumization &
Affordability
14
LEADING IN SUSTAINABILITY WITH COLLECTIVE ACTION
Our Goal
Replenish at least
100% annually
100% collection
and 50% recycled
content by 2030
Offering more
choices and reducing
added sugar
25% absolute GHG
emissions reduction
against 2015 baseline
by 2030
50% led by women
globally by 2030
Our Progress
to Date
Water neutral
since 2015
61% collection
rate in 2021
Over 40 markets
in 100% rPET(a) (8 for
full local portfolio)(b)
29% of our global
2022 unit case volume
is low- or no-sugar
Using our leverage
with our supply chain,
150+ suppliers set
or committed
to set targets(b)
39% women in senior
leadership in 2021
Committed
to Driving
Industry
Leadership
Driving nature-based
water solutions as part
of 2030 Water Security
Strategy
Industry-leading goal
to have 25% of volume
refillable / reusable
by 2030
Growth of low-
and no-calorie
beverages; smaller
package choices
Increasing cooler
efficiency to progress
on science-based
targets
Linking goals
to executive
compensation
Water
People &
Communities
Packaging
Reducing
Added Sugar Climate
NGOs & Civil Society Groups Governments Industry & Peer Companies Across our System
Partnering to Make the Greatest Impact
(a) Markets where at least one product sold is in 100% recycled PET packaging, excluding cap and label
(b) As of February 2023
15
KEY THEMES FOR TODAY
DELIVERING IN A DYNAMIC WORLD
WINNING TOGETHER LOCALLY
PURSUING EXCELLENCE GLOBALLY
COMPOUNDING QUALITY VALUE
16
SPOTLIGHT ON BRAND BUILDING & INNOVATION
Driving Growth While
Reducing Added Sugar
Package Innovations
for a World Without Waste
Zero Words
Campaign
KEELCLIP?
Paperboard
Packaging
Asia
Pacific
Europe,
Middle East
& Africa
Sprite Zero Sugar Activation Label-Less Bottle
(a) KEELCLIP? is a registered trademark of Graphic Packaging International, LLC
(a)
17
SPOTLIGHT ON REVENUE GROWTH MANAGEMENT & EXECUTION
Driving Premiumization
and Maintaining Affordability
Excellence
in Execution
Latin
America
North
America
1.25 Liter
Gaining share in at-
home and away-from-
home channels vs 2019
Basket incidence
vs 2019
?
+7%
Transactions growth
outpacing volume(a)
Customers using
B2B solutions
?
2.6M
Refillable Bottles
Mixer Occasions
Meal Occasions
Insights-Led Innovation
(a) Comparison vs. 2019
18
SPOTLIGHT ON TOTAL BEVERAGE PORTFOLIO
(a) Fresca Mixed is produced by Constellation Brands in the United States; Topo Chico Ranch Water Hard Seltzer is produced by Molson Coors in the United States
(b) TCCC has an equity investment in Monster Beverage Corporation
Various stages of development with strong opportunities to thrive
Executing on
the vision with
discipline
Integrating with
intent to scale
Alcohol(a) fairlife
BODYARMOR
Costa
Delivering
on a premium
proposition
Experiments
indicate
opportunity
Monster
Strengthening
strategic
relationship(b)
Offerings
in the market
27
Market/platform
combinations
since acquisition
3x
Unaided brand
awareness in
North America
14%
Consecutive years
of double-digit
volume growth
8 Value share
gain since 2017
~4pts
19
Raising the Bar
in Integrated Execution
Synchronizing Demand Creation
and Demand Fulfillment Leveraging Scale
$1.8B
System-wide savings
on Cross-Enterprise
Procurement(d)
AN ALIGNED SYSTEM EXECUTING FOR GROWTH
Expanding the Category
Building the Consumer Base
Creating value for our Customers
Winning vs the Competition
Expanding our Channel footprint
Increasing market Coverage
Developing our Capabilities
Growth Driven
?
Cooperation
Frameworks
?
Value Centric
?
(a) Kantar Household Panel; YTD Q3 2022 vs 2021
(b) Nielsen; moving annual total for November 2022 vs 2021
(c) Comparison vs 2017
(d) Savings over the past 5 years
+17M
Households(a)
+$8B
Customer
Retail Value(b)
+1M
Coolers(c)
20
KEY THEMES FOR TODAY
DELIVERING IN A DYNAMIC WORLD
WINNING TOGETHER LOCALLY
PURSUING EXCELLENCE GLOBALLY
COMPOUNDING QUALITY VALUE
21
COMPOUNDING QUALITY VALUE
50
75
100
125
150
175
$200
2017 2018 2019 2020 2021 2022
The Coca-Cola Company
Peer Group
S&P 500 Index
Five-Year Cumulative Total Shareowner Return
Note: Total Shareowner Return is stock price plus reinvested dividends and is based on a $100 investment on December 31, 2017 and assumes that dividends were reinvested on the day of issuance
(a) Peer Group is the Dow Jones Food & Beverage Total Return Index
(a)
22
All-Weather Strategy Increasing Agility Robust Long-Term Targets
Organic
Revenues(a)
Earnings
Per Share(b)
Operating
Income(b)
Free Cash Flow(a)
6% to 8%
4% to 6%
7% to 9%
90% to 95%
Adjusted Free Cash Flow
Conversion Ratio(a)
(a) Non-GAAP
(b) Comparable currency neutral (non-GAAP)
COMPOUNDING QUALITY VALUE
TOPLINE
RETURNS
Execution
Innovation /
M&A
Revenue
Growth
Management
Brand
Building
$
Asset
Optimization
Resource
Allocation
Margin
Expansion
Cash Flow
Generation
$
?
?
?
?
Scaled & Disciplined
Innovation Pipeline
Targeted Resource
Allocation
Data-Driven RGM
in the Marketplace
System Alignment
23
Sustainable Long-Term Growth
Drivers of Topline
Organic Revenue(a) Growth
vs Long-Term Target
Organic revenues implied by long-
term growth algorithm (mid-point)
Actual organic revenues
Volume Drivers Price/Mix Drivers
Recruitment
Retention
Accessibility
Inflation
Channel Mix
Product Mix
Affordability Package Mix
STRONG TOPLINE
GROWTH
VALUE SHARE
GAIN
MARGIN
EXPANSION
SUSTAINABLE
CASH FLOW GENERATION
WE START WITH THE TOPLINE
(a) Non-GAAP
(a)
(a)
24
FOCUSING ON OPPORTUNITIES TO DRIVE MARGINS
26.5%
28.7%
2017 2022
+2.2 pts
Comparable Operating Margin(a)
Increasing Quality Leadership
Trade Promotion Optimization
Marketing Effectiveness & Efficiency
Prudent Capital Investments
“Future-Ready” Supply Chain
Continuous Productivity Mindset
(a) Non-GAAP
(b) Last 5 years average organic revenue (non-GAAP) growth is 7% and last 5 years average comparable currency neutral operating income (non-GAAP) growth is 10%
(c) 2017 to 2021 comparable operating margin (non-GAAP) change has outperformed selected U.S. beverage and consumer goods peers
Margins outperforming peers(c)
?
Above LTGM algorithm(b)
?
25
RAISING THE BAR IN RESOURCE ALLOCATION
Enterprise
Operating Units Categories
Dynamic
Allocation
Strategic
Prioritization
Measure
Ability to Win
Selectively
Play
Deprioritize Sustain Momentum
Lead
Growth
Build /
Fix
Opportunity
Strategic Alignment Iterative Learning Data-Driven Approach
Learn &
Adjust
Disciplined Growth Mitigate Volatility
Grow Build/Fix and
Selectively Play Combos
Bolder Decisions
Reinvesting to maximize effectiveness and efficiency
26
MOVING TO A FIT-FOR-PURPOSE BALANCE SHEET
(a) Bottling Investments net revenues as a percentage of total Company net revenues
(b) ROIC (Return on Invested Capital) = Net Operating Profit After Tax (NOPAT) divided by two-year average of invested capital; ROIC is a non-GAAP financial measure
ROIC(b) Evolution
Bottling Investments
Net Revenue Contribution(a)
16.7%
20.7%
2015 2022
+4 pts
52%
18%
2015 2022
-34 pts
Bottling Investments
Fixed Asset Portfolio
Supply Chain Optimization
Acquisitions and
Capability Building
Optimization Viewed
Through a Holistic Lens
27
UNDERLYING FREE CASH FLOW REMAINS STRONG
Adjusted Free Cash Flow
Conversion Ratio(a)
100%+
89%
Last 3 Years
Average
2022 2023
Outlook
Target Range:
90% – 95%
Note: 2023 free cash flow (non-GAAP) outlook does not include any potential payments related to our ongoing tax litigation with the U.S. Internal Revenue Service
(a) Non-GAAP; Adjusted Free Cash Flow Conversion Ratio = Free cash flow adjusted for pension contributions (non-GAAP) / GAAP net income adjusted for noncash items impacting comparability
(b) Non-GAAP
Underlying drivers
remain the same:
? USD EPS growth
? Improve cash
conversion cycle
? Prudent capital
spend
Discrete
Headwinds
2023 Free Cash Flow(b)
Considerations
Two discrete
headwinds totaling
~$700 million:
1. Elevated
transition tax
payment
2. M&A transaction
payments
Excluding discrete headwinds, implied 2023 free cash flow conversion ratio(a) is within target range
28
DISCIPLINED CAPITAL MANAGEMENT
Reinvest in the Business Continue to Grow the Dividend
Consumer-Centric M&A Net Share Repurchase
Investing for Growth Return to Shareowners
Further Growth and Build Capabilities Repurchase to Offset Dilution
CASH FROM
OPERATIONS
NET DEBT LEVERAGE(a) TARGET: 2.0x to 2.5x
2022 Net Debt Leverage(a): 1.8x
Outlook: ~$1.9 Billion Capex 5% Dividend Growth
2023 Capital Allocation
1
3 4
2
(a) Non-GAAP
? Priorities have not changed
? Continue to prioritize reinvesting
in our world-class brands
? 2023 is the 61st year of consecutive
dividend increases
? Ample financial flexibility
? Do not expect ongoing U.S. income
tax dispute with the IRS to impact
our ability to deliver on 2023
capital allocation agenda
? We will remain agile in a dynamic
external environment
29
Note: 2023 free cash flow (non-GAAP) outlook does not include any potential payments related to our ongoing tax litigation with the U.S. Internal Revenue Service
(a) Non-GAAP
2023 Outlook
? Strong momentum across all operating segments
? Continue to invest for the future
? Multiple levers to manage margins
? Excluding discrete headwinds, implied 2023 free
cash flow conversion ratio(a) is within target range
Organic Revenues(a)
Comparable Earnings
Per Share(a)
Comparable
Currency Neutral
Earnings Per Share(a)
7% to 9%
7% to 8%
4% to 5%
~$9.5B
2023 Outlook
Expanding the Sphere of What We Can Control
? Inflation and macroeconomic uncertainty
? Volatile interest rate and currency environment
External Factors Impacting Outlook
Free Cash Flow(a)
30
KEY TAKEAWAYS
TOPLINE
RETURNS
$
$
? Our business is built on a clear purpose
? We operate in an expanding industry with significant
headroom for growth
? We are keeping consumers at the center as we raise
the bar across our strategic flywheel
? We have a strong balance sheet and reliable cash flows
that give us increased flexibility
? We are confident in our ability to compound quality value
over the long term
31

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  • 1. 1 CAGNY 2023 FEBRUARY 21, 2023 JAMES QUINCEY CHAIRMAN & CEO JOHN MURPHY PRESIDENT & CFO
  • 2. 2 FORWARD-LOOKING STATEMENTS This presentation may contain statements, estimates or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward- looking statements are subject to certain risks and uncertainties that could cause The Coca-Cola Company’s actual results to differ materially from its historical experience and our present expectations or projections. These risks include, but are not limited to, unfavorable economic and geopolitical conditions, including the direct or indirect negative impacts of the conflict between Russia and Ukraine; increased competition; an inability to be successful in our innovation activities; changes in the retail landscape or the loss of key retail or foodservice customers; an inability to expand business in emerging and developing markets; an inability to realize the economic benefits from our productivity initiatives; an inability to attract or retain a highly skilled and diverse workforce; disruption of our supply chain, including increased commodity, raw material, packaging, energy, transportation and other input costs; the negative impacts of, and continuing uncertainties associated with the scope, severity and duration of the global COVID-19 pandemic and the substance and pace of the post- pandemic economic recovery; an inability to successfully integrate and manage our acquired businesses, brands or bottling operations or an inability realize a significant portion of the anticipated benefits of our joint ventures or strategic relationships; failure by our third-party service providers and business partners to satisfactorily fulfill their commitments and responsibilities; an inability to renew collective bargaining agreements on satisfactory terms, or we or our bottling partners experience strikes, work stoppages, labor shortages or labor unrest; obesity and other health-related concerns; evolving consumer product and shopping preferences; product safety and quality concerns; perceived negative health consequences of certain ingredients, such as non-nutritive sweeteners and biotechnology-derived substances, and of other substances present in our beverage products or packaging materials; failure to digitalize the Coca-Cola system; damage to our brand image, corporate reputation and social license to operate from negative publicity, whether or not warranted, concerning product safety or quality, workplace and human rights, obesity or other issues; an inability to successfully manage new product launches; an inability to maintain good relationships with our bottling partners; deterioration in our bottling partners’ financial condition; an inability to successfully manage our refranchising activities; increases in income tax rates, changes in income tax laws or the unfavorable resolution of tax matters, including the outcome of our ongoing tax dispute or any related disputes with the U.S. Internal Revenue Service (“IRS”); the possibility that the assumptions used to calculate our estimated aggregate incremental tax and interest liability related to the potential unfavorable outcome of the ongoing tax dispute with the IRS could significantly change; increased or new indirect taxes; changes in laws and regulations relating to beverage containers and packaging; significant additional labeling or warning requirements or limitations on the marketing or sale of our products; litigation or legal proceedings; conducting business in markets with high-risk legal compliance environments; failure to adequately protect, or disputes relating to, trademarks, formulas and other intellectual property rights; changes in, or failure to comply with, the laws and regulations applicable to our products or our business operations; fluctuations in foreign currency exchange rates; interest rate increases; an inability to achieve our overall long-term growth objectives; default by or failure of one or more of our counterparty financial institutions; impairment charges; an inability to protect our information systems against service interruption, misappropriation of data or cybersecurity incidents; failure to comply with privacy and data protection laws; failure to achieve our sustainability goals and targets or accurately report our progress due to operational, financial, legal and other risks, many of which are outside our control and are dependent on the actions of our bottling partners and other third parties; increasing concerns about the environmental impact of plastic bottles and other packaging materials; water scarcity and poor quality; increased demand for food products, decreased agricultural productivity and increased regulation of ingredient sourcing due diligence; climate change and legal or regulatory responses thereto; adverse weather conditions; and other risks discussed in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10- K for the year ended December 31, 2021 and our subsequently filed Quarterly Reports on Form 10-Q, which filings are available from the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements. The following presentation includes certain "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange Act of 1934. A schedule which reconciles our results as reported under Generally Accepted Accounting Principles and the non-GAAP financial measures included in the following presentation is attached as an appendix hereto. The 2023 outlook information provided in this presentation includes forward-looking non-GAAP financial measures, which management uses in measuring performance. The company is not able to reconcile full year 2023 projected organic revenues (non-GAAP) to full year 2023 projected reported net revenues, full year 2023 projected comparable currency neutral EPS (non-GAAP) to full year 2023 projected reported EPS, full year 2023 projected comparable EPS (non-GAAP) to full year 2023 projected reported EPS, or full year 2023 adjusted free cash flow conversion ratio (non-GAAP) to the ratio of full year 2023 net cash provided by operating activities to full year 2023 net income attributable to shareowners without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the exact impact of changes in foreign currency exchange rates throughout 2023; the exact timing and exact impact of acquisitions, divestitures and structural changes throughout 2023; and the exact timing and exact amount of items impacting comparability throughout 2023. RECONCILIATION TO U.S. GAAP FINANCIAL INFORMATION
  • 3. 3 KEY THEMES FOR TODAY DELIVERING IN A DYNAMIC WORLD WINNING TOGETHER LOCALLY PURSUING EXCELLENCE GLOBALLY COMPOUNDING QUALITY VALUE
  • 4. 4 CONSISTENT DELIVERY AMIDST DYNAMIC BACKDROP (a) Non-GAAP Organic Revenue(a) Growth Comparable Currency Neutral OI(a) Growth Comparable EPS(a) $5.3B $9.5B 2017 2022 Free Cash Flow(a) Economic Conditions Competitive Landscape Geopolitics Consumer Preferences Environment $ $1.92 $2.48 2017 2022 +14% Last 5 Years Average +6% Last 5 Years Average Last 5 Years Average 7% Last 5 Years Average 10%
  • 5. 5 OUR BUSINESS IS BUILT ON A SIMPLE PURPOSE
  • 6. 6 SIGNIFICANT HEADROOM FOR GROWTH Developed Markets Developing & Emerging Markets TCCC Consumer(b) 2030 Population Increase Non-TCCC Consumer Non-Commercial Consumer(a) = 10 million people Note: Data represents internal estimates of top 37 markets (a) Represents population that does not consume commercial beverages (b) Represents Weekly+ drinkers
  • 7. 7 EXPANDING OPPORTUNITIES 2017 Total Addressable Market(a) 2022 Total Addressable Market(a) Expected Category Growth 2023-2026 Industry CAGRs Hot Beverages Emerging(c) Sparkling Soft Drinks Energy Juice, Value-Added Dairy & Plant- Based Beverages Emerging(c) 4-5% 7-9% 4-5% 8-10% (a) Retail value of categories where TCCC strategically participates (b) Excludes Hot Beverages (c) Emerging category represents Alcohol Ready-to-Drink Beverages Source for industry retail value and expected category growth is internal estimates ~$650 Billion ~$1.3 Trillion Colas WSCT(b) Energy Sparkling Flavors JDP Water, Sports, Coffee & Tea(b) 5-6% Hot Beverages 5-6%
  • 8. 8 $ $ WE ARE WELL POSITIONED TO CREATE VALUE Portfolio Strategy Structure Center Functions Operating Units Platform Services R&D Center Global Categories System Partners Production Facilities ~950 ~30M Customer Retail Outlets ~2.2B Servings Per Day ~200 Bottling Partners
  • 9. 9 AND WE CONTINUE TO INVEST FOR THE FUTURE Supporting our loved brands and investing to capture every consumption occasion Investing in key enablers to spin the flywheel faster Investing in our people to support future growth Portfolio Strategic Capabilities Culture Share position globally in NARTD #1 Billion-dollar brands 26 Value share gain vs 2017 (a) New metric in 2019 +2pts Proud to work at TCCC Have opportunities to learn and grow Empowered to make decisions(a) +8% vs 2019 +7% vs 2018 +6% vs 2018 2022 TCCC digital spend $1B+ 2022 system capital expenditures $7B+ System investment in CDE during 2022 ~$1B
  • 10. 10 KEY THEMES FOR TODAY DELIVERING IN A DYNAMIC WORLD WINNING TOGETHER LOCALLY PURSUING EXCELLENCE GLOBALLY COMPOUNDING QUALITY VALUE
  • 11. 11 RELENTLESS CONSUMER CENTRICITY Sustainability Consciousness Functional Benefits Virtual Interaction Human insights shaping consumer trends… …using data and analytics to create personal experiences Wellness Recharge Premiumization & Affordability Shifting Demographics
  • 12. 12 RAISING THE BAR IN MARKETING (a) Internal estimates for 2023 (b) Change since 2019 Digital as a % of Total Media Spend(a) over 50% Faster Idea to Execution(a) 3-6 Months 2022 Gross Profit per $1 of Advertising Spend(b) +9% Optimized end-to-end experiences reaching the consumer with speed and effectiveness Partnerships Endorsements + Collaborations Personalized Experiences Meals + Screen Time Passion Points Music + Gaming + Sports Pioneering With AI Instantly Create, Tailor & Test Creative Content
  • 13. 13 RAISING THE BAR IN INNOVATION 2019 2022 Increasing Success Rate …across products, packages, equipment and processes 2x 2019 2022 Gross Profit Per Launch +12% ~25% Contribution of Innovation to 2023 Gross Profit Growth Leveraging design thinking and the power of the network… Sustainability Consciousness Functional Benefits Virtual Interaction Wellness Recharge Premiumization & Affordability
  • 14. 14 LEADING IN SUSTAINABILITY WITH COLLECTIVE ACTION Our Goal Replenish at least 100% annually 100% collection and 50% recycled content by 2030 Offering more choices and reducing added sugar 25% absolute GHG emissions reduction against 2015 baseline by 2030 50% led by women globally by 2030 Our Progress to Date Water neutral since 2015 61% collection rate in 2021 Over 40 markets in 100% rPET(a) (8 for full local portfolio)(b) 29% of our global 2022 unit case volume is low- or no-sugar Using our leverage with our supply chain, 150+ suppliers set or committed to set targets(b) 39% women in senior leadership in 2021 Committed to Driving Industry Leadership Driving nature-based water solutions as part of 2030 Water Security Strategy Industry-leading goal to have 25% of volume refillable / reusable by 2030 Growth of low- and no-calorie beverages; smaller package choices Increasing cooler efficiency to progress on science-based targets Linking goals to executive compensation Water People & Communities Packaging Reducing Added Sugar Climate NGOs & Civil Society Groups Governments Industry & Peer Companies Across our System Partnering to Make the Greatest Impact (a) Markets where at least one product sold is in 100% recycled PET packaging, excluding cap and label (b) As of February 2023
  • 15. 15 KEY THEMES FOR TODAY DELIVERING IN A DYNAMIC WORLD WINNING TOGETHER LOCALLY PURSUING EXCELLENCE GLOBALLY COMPOUNDING QUALITY VALUE
  • 16. 16 SPOTLIGHT ON BRAND BUILDING & INNOVATION Driving Growth While Reducing Added Sugar Package Innovations for a World Without Waste Zero Words Campaign KEELCLIP? Paperboard Packaging Asia Pacific Europe, Middle East & Africa Sprite Zero Sugar Activation Label-Less Bottle (a) KEELCLIP? is a registered trademark of Graphic Packaging International, LLC (a)
  • 17. 17 SPOTLIGHT ON REVENUE GROWTH MANAGEMENT & EXECUTION Driving Premiumization and Maintaining Affordability Excellence in Execution Latin America North America 1.25 Liter Gaining share in at- home and away-from- home channels vs 2019 Basket incidence vs 2019 ? +7% Transactions growth outpacing volume(a) Customers using B2B solutions ? 2.6M Refillable Bottles Mixer Occasions Meal Occasions Insights-Led Innovation (a) Comparison vs. 2019
  • 18. 18 SPOTLIGHT ON TOTAL BEVERAGE PORTFOLIO (a) Fresca Mixed is produced by Constellation Brands in the United States; Topo Chico Ranch Water Hard Seltzer is produced by Molson Coors in the United States (b) TCCC has an equity investment in Monster Beverage Corporation Various stages of development with strong opportunities to thrive Executing on the vision with discipline Integrating with intent to scale Alcohol(a) fairlife BODYARMOR Costa Delivering on a premium proposition Experiments indicate opportunity Monster Strengthening strategic relationship(b) Offerings in the market 27 Market/platform combinations since acquisition 3x Unaided brand awareness in North America 14% Consecutive years of double-digit volume growth 8 Value share gain since 2017 ~4pts
  • 19. 19 Raising the Bar in Integrated Execution Synchronizing Demand Creation and Demand Fulfillment Leveraging Scale $1.8B System-wide savings on Cross-Enterprise Procurement(d) AN ALIGNED SYSTEM EXECUTING FOR GROWTH Expanding the Category Building the Consumer Base Creating value for our Customers Winning vs the Competition Expanding our Channel footprint Increasing market Coverage Developing our Capabilities Growth Driven ? Cooperation Frameworks ? Value Centric ? (a) Kantar Household Panel; YTD Q3 2022 vs 2021 (b) Nielsen; moving annual total for November 2022 vs 2021 (c) Comparison vs 2017 (d) Savings over the past 5 years +17M Households(a) +$8B Customer Retail Value(b) +1M Coolers(c)
  • 20. 20 KEY THEMES FOR TODAY DELIVERING IN A DYNAMIC WORLD WINNING TOGETHER LOCALLY PURSUING EXCELLENCE GLOBALLY COMPOUNDING QUALITY VALUE
  • 21. 21 COMPOUNDING QUALITY VALUE 50 75 100 125 150 175 $200 2017 2018 2019 2020 2021 2022 The Coca-Cola Company Peer Group S&P 500 Index Five-Year Cumulative Total Shareowner Return Note: Total Shareowner Return is stock price plus reinvested dividends and is based on a $100 investment on December 31, 2017 and assumes that dividends were reinvested on the day of issuance (a) Peer Group is the Dow Jones Food & Beverage Total Return Index (a)
  • 22. 22 All-Weather Strategy Increasing Agility Robust Long-Term Targets Organic Revenues(a) Earnings Per Share(b) Operating Income(b) Free Cash Flow(a) 6% to 8% 4% to 6% 7% to 9% 90% to 95% Adjusted Free Cash Flow Conversion Ratio(a) (a) Non-GAAP (b) Comparable currency neutral (non-GAAP) COMPOUNDING QUALITY VALUE TOPLINE RETURNS Execution Innovation / M&A Revenue Growth Management Brand Building $ Asset Optimization Resource Allocation Margin Expansion Cash Flow Generation $ ? ? ? ? Scaled & Disciplined Innovation Pipeline Targeted Resource Allocation Data-Driven RGM in the Marketplace System Alignment
  • 23. 23 Sustainable Long-Term Growth Drivers of Topline Organic Revenue(a) Growth vs Long-Term Target Organic revenues implied by long- term growth algorithm (mid-point) Actual organic revenues Volume Drivers Price/Mix Drivers Recruitment Retention Accessibility Inflation Channel Mix Product Mix Affordability Package Mix STRONG TOPLINE GROWTH VALUE SHARE GAIN MARGIN EXPANSION SUSTAINABLE CASH FLOW GENERATION WE START WITH THE TOPLINE (a) Non-GAAP (a) (a)
  • 24. 24 FOCUSING ON OPPORTUNITIES TO DRIVE MARGINS 26.5% 28.7% 2017 2022 +2.2 pts Comparable Operating Margin(a) Increasing Quality Leadership Trade Promotion Optimization Marketing Effectiveness & Efficiency Prudent Capital Investments “Future-Ready” Supply Chain Continuous Productivity Mindset (a) Non-GAAP (b) Last 5 years average organic revenue (non-GAAP) growth is 7% and last 5 years average comparable currency neutral operating income (non-GAAP) growth is 10% (c) 2017 to 2021 comparable operating margin (non-GAAP) change has outperformed selected U.S. beverage and consumer goods peers Margins outperforming peers(c) ? Above LTGM algorithm(b) ?
  • 25. 25 RAISING THE BAR IN RESOURCE ALLOCATION Enterprise Operating Units Categories Dynamic Allocation Strategic Prioritization Measure Ability to Win Selectively Play Deprioritize Sustain Momentum Lead Growth Build / Fix Opportunity Strategic Alignment Iterative Learning Data-Driven Approach Learn & Adjust Disciplined Growth Mitigate Volatility Grow Build/Fix and Selectively Play Combos Bolder Decisions Reinvesting to maximize effectiveness and efficiency
  • 26. 26 MOVING TO A FIT-FOR-PURPOSE BALANCE SHEET (a) Bottling Investments net revenues as a percentage of total Company net revenues (b) ROIC (Return on Invested Capital) = Net Operating Profit After Tax (NOPAT) divided by two-year average of invested capital; ROIC is a non-GAAP financial measure ROIC(b) Evolution Bottling Investments Net Revenue Contribution(a) 16.7% 20.7% 2015 2022 +4 pts 52% 18% 2015 2022 -34 pts Bottling Investments Fixed Asset Portfolio Supply Chain Optimization Acquisitions and Capability Building Optimization Viewed Through a Holistic Lens
  • 27. 27 UNDERLYING FREE CASH FLOW REMAINS STRONG Adjusted Free Cash Flow Conversion Ratio(a) 100%+ 89% Last 3 Years Average 2022 2023 Outlook Target Range: 90% – 95% Note: 2023 free cash flow (non-GAAP) outlook does not include any potential payments related to our ongoing tax litigation with the U.S. Internal Revenue Service (a) Non-GAAP; Adjusted Free Cash Flow Conversion Ratio = Free cash flow adjusted for pension contributions (non-GAAP) / GAAP net income adjusted for noncash items impacting comparability (b) Non-GAAP Underlying drivers remain the same: ? USD EPS growth ? Improve cash conversion cycle ? Prudent capital spend Discrete Headwinds 2023 Free Cash Flow(b) Considerations Two discrete headwinds totaling ~$700 million: 1. Elevated transition tax payment 2. M&A transaction payments Excluding discrete headwinds, implied 2023 free cash flow conversion ratio(a) is within target range
  • 28. 28 DISCIPLINED CAPITAL MANAGEMENT Reinvest in the Business Continue to Grow the Dividend Consumer-Centric M&A Net Share Repurchase Investing for Growth Return to Shareowners Further Growth and Build Capabilities Repurchase to Offset Dilution CASH FROM OPERATIONS NET DEBT LEVERAGE(a) TARGET: 2.0x to 2.5x 2022 Net Debt Leverage(a): 1.8x Outlook: ~$1.9 Billion Capex 5% Dividend Growth 2023 Capital Allocation 1 3 4 2 (a) Non-GAAP ? Priorities have not changed ? Continue to prioritize reinvesting in our world-class brands ? 2023 is the 61st year of consecutive dividend increases ? Ample financial flexibility ? Do not expect ongoing U.S. income tax dispute with the IRS to impact our ability to deliver on 2023 capital allocation agenda ? We will remain agile in a dynamic external environment
  • 29. 29 Note: 2023 free cash flow (non-GAAP) outlook does not include any potential payments related to our ongoing tax litigation with the U.S. Internal Revenue Service (a) Non-GAAP 2023 Outlook ? Strong momentum across all operating segments ? Continue to invest for the future ? Multiple levers to manage margins ? Excluding discrete headwinds, implied 2023 free cash flow conversion ratio(a) is within target range Organic Revenues(a) Comparable Earnings Per Share(a) Comparable Currency Neutral Earnings Per Share(a) 7% to 9% 7% to 8% 4% to 5% ~$9.5B 2023 Outlook Expanding the Sphere of What We Can Control ? Inflation and macroeconomic uncertainty ? Volatile interest rate and currency environment External Factors Impacting Outlook Free Cash Flow(a)
  • 30. 30 KEY TAKEAWAYS TOPLINE RETURNS $ $ ? Our business is built on a clear purpose ? We operate in an expanding industry with significant headroom for growth ? We are keeping consumers at the center as we raise the bar across our strategic flywheel ? We have a strong balance sheet and reliable cash flows that give us increased flexibility ? We are confident in our ability to compound quality value over the long term
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