5 Levers That Drive Our
Growth and Long-Term Value Creation
Our focus is on growing earnings per share (EPS), with organic EBIT growth as the primary short-term value driver. Each of the following elements are expected to contribute to EPS growth over time. The contribution from each will vary over the years, depending on market conditions.
Volume Growth
We target organic volume growth above underlying market growth by focusing on structurally attractive categories and leveraging strong local brands, international partner brands, and effective route-to-market execution.
Our multi-beverage portfolio, distribution capabilities and strong in-store execution support continued market share gains. Overall market growth is expected to remain modest, with strongest prospects in non-alcoholic beverages and certain “pockets of growth”, like our international export markets.
Value Growth
Value growth is driven through a focused price/pack/promotion strategy, in combination with the right innovations and a focus on profitable channels and categories.
Price/pack/promotion architecture is continuously optimized to reflect consumer preferences, cost developments and competitive dynamics. Our strategic focus on premiumization and growth in higher-margin categories is an important driver of value growth, supporting sustainable improvements in price per volume unit and underlying margins over time.
Operating Efficiency
Operational efficiency is a central part of our culture, supported by our decentralized organization and lean corporate set-up.
We focus on simplifying the business by reducing complexity and streamlining processes across production, logistics and commercial execution. As we grow, operating leverage is achieved through better utilization of production capacity, supply chains and back-office functions, supported by targeted investments in capacity and capabilities over time.
Acquisitions and Partnerships
Acquisitions are an important element of our strategy. We pursue value‑creating transactions that fit our operating model and enable operational, commercial, or portfolio synergies. Targets may range from larger platforms to asset acquisitions or smaller bolt‑ons, primarily within our existing markets. New or expanded partnerships may also support our growth.
As timing and size are difficult to predict, the contribution to EPS growth will vary by year.
Shareholder Value
We aim to create long-term shareholder value through attractive EPS growth, improved ROIC, and a disciplined capital allocation policy. Our cash-generative business model allows us to reinvest in strategic priorities while also returning cash to shareholders.
Distributions include dividends (target payout ratio: 40-60%) and share buy-backs, which act as a balancing tool to maintain financial flexibility in line with our capital allocation policy.
Source: Annual report 2024