Coca-Cola HBC AG on Tuesday reported higher third-quarter revenue as it cited pricing as one method to combat cost inflation.

The Zug, Switzerland-based soft drinks bottler said that in the third quarter ended September 30, organic volumes were down 6.6%, while organic revenue per case in the quarter was up 15%.

Excluding Russia and Ukraine, organic volume was up 5.7%, while organic revenue excluding those two countries rose 20% and revenue per case grew 13%, as Coca-Cola HBC cited pricing to combat cost inflation.

Reported net sales revenue increased by 28% from a year ago. Emerging markets led the growth with 35%, followed by a 21% climb in established markets and a 19% increase in developing markets. Among product categories, Coffee grew the most by 50%, followed by Energy drinks, where revenue was up 30%.

‘So far we have seen limited evidence of changing consumer behaviour, but are alert to this possibility and can adapt quickly if needed. We are mindful of the impact that the challenging environment has on our consumers. At the same time, we take a responsible approach to pricing and mix decisions as part of our revenue growth management framework, while continuing to provide value to our shoppers and customers,’ said Chief Executive Officer Zoran Bogdanovic.

Coca-Cola HBC upgraded its 2022 comparable earnings before interest and tax guidance to between €860 million and €900 million, up at least 4.9% from its guidance three months ago of €740 million to €820 million. The company expects double-digit organic revenue growth in the year. It expects impact of foreign exchange on comparable Ebit to be broadly neutral

Coca-Cola HBC shares were 3.7% higher at 1,997.50 pence each in London on Tuesday morning.

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