Coca Cola : Margin Analysis Schedule Q1 2024

Q1 2024

MARGIN ANALYSIS

April 30, 2024

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.

Q1 2024 MARGIN ANALYSIS

CONSOLIDATED GROSS MARGIN

				•
			~20bps	62.5%
		~110bps	62.3%	•
	~60bps	~(40bps)
				•
~20bps	60.9%
60.7%
		~130bps

1Q23 GAAP	Items	1Q23	Underlying	Currency Acquisitions/	1Q24	Items	1Q24 GAAP
	Impacting	Comparable		Divestitures/	Comparable	Impacting
	Comparability	(Non-GAAP)		Structural	(Non-GAAP)	Comparability

KEY TAKEAWAYS

Items impacting comparabilityprimarily relate to economic hedging activities.

Underlyinggross margin expanded by ~60 bps, driven by strong price/mix accelerating top line growth across segments, partially offset by higher commodity prices.

The structuraltailwind was due to the impact from refranchising bottling operations mainly in the Philippines.

Note: Numbers may not add due to rounding.

2

Q1 2024 MARGIN ANALYSIS

CONSOLIDATED OPERATING MARGIN

Operating segment mix tailwind of ~10bps	•
driven by relative underperformance of our
lower margin, finished goods Global Ventures
operating segment versus our geographic
operating segments

~120bps	31.8%	~30bps	~(60bps)	~90bps	32.4%	~(1,350bps)
30.7%
						•
						18.9%
			~60bps
						•

1Q23 GAAP	Items	1Q23	Underlying	Currency Acquisitions/	1Q24	Items	1Q24 GAAP
	Impacting	Comparable		Divestitures/	Comparable	Impacting
	Comparability	(Non-GAAP)		Structural	(Non-GAAP)	Comparability

KEY TAKEAWAYS

Items impacting comparability

primarily relate to the current period charges for the remeasurement of the fairlife contingent consideration liability and the impairment of the BODYARMOR® trademark, other transaction gains & losses, restructuring initiatives and economic hedging activities.

Underlyingoperating margin expanded by ~30 bps, primarily driven by flowthrough from strong organic revenue growth across segments, partially offset by an increase in marketing investments.

The structuraltailwind was due to the impact from refranchising bottling operations mainly in the Philippines.

Note: Numbers may not add due to rounding.

3

APPENDIX

RECONCILIATIONS OF GAAP AND NON-GAAP FINANCIAL MEASURES

THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

Gross Margin:

Reported Gross Margin (GAAP)

Items Impacting Comparability (Non-GAAP) Comparable Gross Margin (Non-GAAP) Comparable Currency Impact (Non-GAAP)

Comparable Currency Neutral Gross Margin (Non-GAAP) Impact of Acquisitions, Divestitures and Structural Changes on Comparable Currency Neutral Gross Margin (Non-GAAP)

Underlying Gross Margin (Non-GAAP)

Three Months Ended	Three Months Ended	Basis Point
March 29, 2024	March 31, 2023	Growth
62.52%	60.68%	184
0.24%	(0.25%)
62.28%	60.93%	135
(0.36%)	0.00%
62.64%	60.93%	171
0.50%	(0.63%)
62.14%	61.56%	58

THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

Operating Margin:

Reported Operating Margin (GAAP)

Items Impacting Comparability (Non-GAAP)

Comparable Operating Margin (Non-GAAP)

Comparable Currency Impact (Non-GAAP)

Comparable Currency Neutral Operating Margin (Non-GAAP) Impact of Acquisitions, Divestitures and Structural Changes on Comparable Currency Neutral Operating Margin (Non-GAAP)

Underlying Operating Margin (Non-GAAP)

Three Months Ended	Three Months Ended	Basis Point
March 29, 2024	March 31, 2023	Growth (Decline)
18.94%	30.66%	(1,172)
(13.50%)	(1.16%)
32.44%	31.82%	62
(0.58%)	0.00%
33.02%	31.82%	120
0.51%	(0.35%)
32.51%	32.17%	34