October 21, 2025 RECONCILIATION TO U.S. GAAP FINANCIAL INFORMATION 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. Q3 2025 MARGIN ANALYSIS CONSOLIDATED GROSS MARGIN 3Q24 GAAP Items Impacting Comparability 3Q ...

Core Insights - Coca-Cola's third-quarter revenue increased by 5% to $12.5 billion, driven by higher prices and strong sales of Coca-Cola Zero Sugar, which grew by 14% [1][3] - Net income rose to $3.7 billion, with adjusted earnings per share at 82 cents, exceeding analyst expectations [1][3] - Despite revenue growth, unit case volume only increased by 1% year-on-year, with flat volumes in North and Latin America and a decline in Asia Pacific [2][3] Revenue and Demand Analysis - Organic revenue, excluding currency fluctuations and portfolio changes, rose by 6%, primarily due to higher pricing and product mix [3] - There are signs of consumer strain, particularly among lower-income consumers in the U.S., leading Coca-Cola to target this demographic with more affordable products [4] Product Strategy and Market Position - The company is expanding its U.S. product lineup with a cane-sugar version of its flagship soda to provide consumers with more choices [5] - Coca-Cola reaffirmed its 2025 forecast, projecting organic revenue growth of 5%-6% [5] - The company is leveraging its franchise model and diverse beverage portfolio to strengthen its market leadership despite challenging conditions [3]

10月21日，可口可乐公司发布了2025年三季度财报，展现稳健的增长势头。财报显示，公司三季度营收 增长5%至124.55亿美元，超出市场预期的124.1亿美元；有机营收增长6%；净利润为36.83亿美元，增长 29%；每股收益（非公认会计准则）为0.82美元，增长6%，高于市场预期的0.78美元。 销量方面，全球单箱销量增长1%。可口可乐公司董事会主席兼首席执行官詹鲲杰（James Quincey）表 示，"我们有信心实现2025年的业绩目标，同时朝着更长远目标努力。" 来源：第一财经 ...

Earnings Season Overview - Earnings season is gaining momentum with major companies like Tesla, Netflix, General Motors, and Ford reporting results this week [1][3] - As of October 17, 12% of S&P 500 companies have reported, with analysts expecting an 8.5% increase in earnings per share for Q3, marking the ninth consecutive quarter of positive earnings growth, although a slowdown from the 12% growth in Q2 [1][2] Sector Representation - A diverse range of sectors will be represented in the earnings reports, including airlines, toy manufacturers, and telecom providers, with consumer companies like Procter & Gamble and Deckers Outdoors expected to provide insights on consumer spending [4][5] Notable Earnings Reports - American Express reported earnings that exceeded expectations, driven by strong demand for its Platinum card [7] - Coca-Cola's stock rose after it reported earnings above estimates despite a challenging environment [8] - General Motors' stock increased following positive full-year guidance and improved tariff exposure in Q3 [9] - Northrop Grumman raised its annual profit forecast due to heightened demand for defense products amid geopolitical tensions [10] - Elevance Health surpassed quarterly profit estimates as medical costs remained stable [11] Financial Sector Insights - Zions Bancorporation's stock rose after the CEO reassured investors about limited charge-offs, reporting a diluted earnings per share of $1.48, beating estimates [13][17] - Truist reported a net income increase to $1.3 billion, exceeding analyst expectations, with broad-based loan growth [25] - Fifth Third Bank reported a 7% year-over-year increase in net interest income, with earnings per share growing 17% annually [29] Technology Sector Highlights - Taiwan Semiconductor Manufacturing Company (TSMC) reported a 39% year-over-year profit surge and raised its 2025 revenue outlook, benefiting from strong demand for AI-related technologies [42][43] Market Trends - Bank of America noted that 76% of S&P 500 companies reporting so far have exceeded earnings expectations, indicating a trend of more positive surprises than usual [19][20]

Core Insights - Coca-Cola reported that higher prices, an improved product mix, and a slight increase in volumes contributed to its sales and earnings growth in the third quarter [1] Group 1 - The company experienced an increase in sales due to higher pricing strategies [1] - A better mix of products positively impacted earnings [1] - There was a small increase in volumes, which also contributed to overall growth [1]

Market Overview - US stock index futures showed mixed movements with Dow futures up 0.08% and S&P 500 futures up 0.03%, while Nasdaq futures fell 0.05% [1] - European indices also experienced gains, with Germany's DAX up 0.17%, UK's FTSE 100 up 0.30%, France's CAC40 up 0.55%, and the Euro Stoxx 50 up 0.26% [2][3] - WTI crude oil rose by 0.79% to $57.47 per barrel, and Brent crude oil increased by 0.67% to $61.42 per barrel [3][4] Market Sentiment - The recent rebound in US stocks is attributed to short covering rather than genuine investor confidence, indicating a potential "false prosperity" [5] - Concerns about the US credit market tightening could lead to forced selling by pension funds, which may trigger a significant market downturn [5] - Allianz's chief economist noted that the current AI investment boom is a "rational bubble" that could help the US outperform global markets [5] Federal Reserve Insights - Wall Street analysts predict that the Federal Reserve may announce the end of its balance sheet reduction plan in the upcoming meeting, which could stabilize monetary policy [6] - Recent market fluctuations have led to increased use of the Fed's repurchase agreement tool, indicating liquidity concerns [6] Individual Company Performance - General Motors (GM) reported Q3 revenue of $48.59 billion, exceeding expectations of $45.26 billion, and raised its full-year EPS guidance to $9.75-$10.50 [7][8] - Coca-Cola (KO) posted Q3 revenue of $12.46 billion, surpassing the expected $12.41 billion, and reaffirmed its 2025 guidance [8] - GE Aerospace's Q3 revenue increased by 24% to $12.18 billion, driven by strong performance in its commercial engine business [8] - Zion Bank's Q3 profit exceeded expectations, with revenue of $872 million, indicating that credit pressure in regional banks may be isolated incidents [8] - DocGo's stock surged nearly 27% following its acquisition of virtual healthcare platform SteadyMD [8] Upcoming Earnings Reports - Notable earnings reports expected include Netflix, Texas Instruments, and Alliance West Bank on Wednesday morning, and Barclays, Teck Resources, and AT&T before market open [10]

Core Insights - Coca-Cola has reached a deal to sell a majority stake in its largest bottler in Africa to a Switzerland-based bottling company [1] Company Summary - The transaction involves a long-standing South African associate of Coca-Cola, indicating a strategic shift in the company's operations in the African market [1]

Core Insights - The Coca-Cola Company reported a 6% increase in organic revenue, reaching $12.41 billion for the third quarter, aligning with Wall Street expectations [1] - The company's net income surged by 30% to $3.69 billion, with adjusted earnings per share at 82 cents, surpassing analysts' forecast of 78 cents [2] Revenue and Pricing - The increase in revenue was primarily driven by higher prices, with a reported price hike of 6% during the quarter [2] - Organic revenue growth of 6% was consistent with market expectations, indicating strong performance in pricing strategy [1] Volume Performance - Unit case volumes increased by 1% globally, with variations across regions: flat in North America and Latin America, down 1% in Asia, but up 4% in Europe, the Middle East, and Africa [2]

Core Insights - Coca-Cola (KO) reported adjusted earnings of $0.82, surpassing Wall Street's expectations of $0.78, with organic revenue growth of 6% [1][2] - The company maintained its fiscal 2025 guidance, expecting adjusted earnings growth of approximately 3% and net revenue growth of 1% to 2% [6] Financial Performance - Global unit volume grew by 1%, exceeding the expected 0.75% increase, but lower than the 4% and 6% growth seen in Q3 of 2022 and 2021 respectively [3] - In the EMEA region, unit case volume increased by 4%, while North America and Latin America remained flat, and the Asia Pacific segment experienced a 1% decline [3] Product Performance - Coca-Cola Zero Sugar saw a significant volume increase of 14%, driven by growth across all regions [3] - Other beverage categories, including juice, value-added dairy, and plant-based beverages, experienced a volume drop of 3% [4] - The water business grew by 3%, primarily driven by North America, while sports drink volume also increased by 3% globally [4] Market Position - Coca-Cola's stock rose over 2% in pre-market trading and is up about 10% year-to-date, contrasting with PepsiCo's flat performance [2][7] - The company emphasized its strategy of offering "choice" across its beverage portfolio and leveraging its franchise model to strengthen its market leadership [2]

Core Insights - Coca-Cola Co. maintains its adjusted earnings and organic revenue growth guidance for the full-year 2025 while providing an outlook for the fourth quarter [1] Financial Projections - For fiscal 2025, Coca-Cola projects comparable currency neutral earnings growth of approximately 8 percent and comparable earnings per share growth of approximately 3 percent from the $2.88 per share reported in 2024, implying earnings of $2.97 per share [2] - The company continues to project organic revenue growth of 5 to 6 percent, with a 1 to 2 percent currency headwind and a 1 percent headwind from acquisitions, divestitures, and structural changes [2] Analyst Expectations - Analysts expect Coca-Cola to report earnings of $2.98 per share on revenue growth of 3.10 percent to $48.35 billion for the year, with estimates typically excluding special items [3] - For the fourth quarter, Coca-Cola anticipates comparable net revenues to include a slight currency tailwind, while comparable earnings per share are expected to include a 4 to 5 percent currency headwind [3] Strategic Developments - Coca-Cola Co. and Gutsche Family Investments agreed to sell a 75% controlling interest in Coca-Cola Beverages Africa Pty. Ltd. to Coca-Cola HBC AG, with an option for Coca-Cola HBC to acquire the remaining 25% within a six-year period from closing [4]