#1THE Coca-Cola COMPANY The Coca-Cola Company INVESTOR OVERVIEW UPDATED FOR THIRD QUARTER 2023#2FORWARD-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, 2022 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. 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. 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. 2#3KEY THEMES FOR TODAY DELIVERING IN A DYNAMIC WORLD Lic PURSUING EXCELLENCE GLOBALLY ZERO AZÚCA WINNING TOGETHER LOCALLY COMPOUNDING QUALITY VALUE OPERATING OVERVIEW#4CONSISTENT DELIVERY AMIDST DYNAMIC BACKDROP Organic Revenue (a) Growth Comparable EPS (a) 7% Last 5 Years Average Comparable Currency Neutral Ol (a) Growth 10% Last 5 Years Average St $1.92 +6% Last 5 Years Average 2017 Free Cash Flow(a) $5.3B +14% Last 5 Years Average 2017 $2.48 2022 $9.5B 2022 Economic Conditions Competitive Landscape Consumer Preferences Geopolitics Environment (a) Non-GAAP 4#5OUR BUSINESS IS BUILT ON A SIMPLE PURPOSE REFRESH THE WORLD. MAKE A DIFFERENCE. 5 LO#6SIGNIFICANT HEADROOM FOR GROWTH Developed Markets Note: Data represents internal estimates of top 37 markets (a) Represents population that does not consume commercial beverages (b) Represents Weekly+ drinkers Developing & Emerging Markets E 2030 Population Increase Non-Commercial Consumer (a) Non-TCCC Consumer 000 TCCC Consumer (b) = 10 million people 6#7EXPANDING OPPORTUNITIES 2017 Total Addressable Market(a) 2022 Total Addressable Market (a) Expected Category Growth 2023-2026 Industry CAGRS 4-5% Sparkling Soft Drinks Juice, Value-Added 4-5% Dairy & Plant- Based Beverages ~$650 Billion ~$1.3 Trillion 5-6% Water, Sports, Coffee & Tea (b) Colas Sparkling Flavors JDP WSCT(b) Hot Beverages Emerging (c) Energy (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 7-9% Energy 5-6% Hot Beverages 8-10% Emerging (c) 7#8WE ARE WELL POSITIONED TO CREATE VALUE Portfolio Coca-Cola ca-Co Lax-Co ECHO SUGAR Coke Sprite Schweppes Fanta 2 FRESCA POWER ADE= fuzetea BODYARMOR COSTA COFFEE GEORGIA 香るブラック fairlife -30g PROTEIN KINLEY Minute Maid 100% VIT C nutri boost smart อ DASAN AHA Tope Chico Topo hic レモンサワ Simply RANCH 檸檬堂 SPIK WATER LIGHT 400 SELTZER 0047 memade Strategy ..0.. Structure Center Functions $ 000 ☐ ☐ ☐ 00 Platform Services Global Categories Operating Units 0000 R&D Center ~200 Bottling Partners System Partners ~950 Production Facilities ~30M Customer Retail Outlets ~2.2B Servings Per Day 8 00#9AND WE CONTINUE TO INVEST FOR THE FUTURE Portfolio Supporting our loved brands and investing to capture every consumption occasion Strategic Capabilities Investing in key enablers to spin the flywheel faster Culture Investing in our people to support future growth Share position #1 globally in NARTD $1B+ 2022 TCCC digital spend +7% Proud to work vs 2018 at TCCC 26 Billion-dollar brands $7B+ 2022 system capital expenditures +8% vs 2019 Value share gain System investment +6% +2pts vs 2017 ~$1B in CDE during 2022 vs 2018 (a) New metric in 2019 Empowered to make decisions(a) Have opportunities to learn and grow#10KEY THEMES FOR TODAY DELIVERING IN A DYNAMIC WORLD PURSUING EXCELLENCE GLOBALLY LEDSOURCE WINNING TOGETHER LOCALLY IMPORTED MINERAL WATER EST. SINCE COMPOUNDING QUALITY VALUE OPERATING OVERVIEW MINERAL WATER CARBONATED MONTERREY, MÉXICO 12 FL (355m#11RELENTLESS CONSUMER CENTRICITY Human insights shaping consumer trends... Sustainability Consciousness Virtual Interaction Wellness Recharge Functional Benefits Premiumization & Affordability Shifting Demographics ...using data and analytics to create personal experiences 11#12RAISING THE BAR IN MARKETING Passion Points ZERO LIMITS Coca-Cola CREADITION THE ARTIST MARSHMELLO'S LIMITED EDITION MARSHMELLO Coca-Cola ZERO SUGAR Personalized Experiences SNACKSPERIMENTERS, UNLEASH YOUR SNACKCREATIVITY FANTA INFINITE POTENTIAL www BLACK PANTHER WAKANDA FOREVER ONLY IN THEATERS YOUR GIFT Music + Gaming + Sports FANTA Meals + Screen Time Partnerships We're bringing Magic to your weekends Endorsements + Collaborations Pioneering With Al Coca-Cola Coca-Cola Instantly Create, Tailor & Test Creative Content Optimized end-to-end experiences reaching the consumer with speed and effectiveness 3-6 Months over 50% Digital as a % of Total Media Spend(a) Faster Idea to Execution (a) +9% 2022 Gross Profit per $1 of Advertising Spend (b) (a) Internal estimates for 2023 (b) Change since 2019 12#13RAISING THE BAR IN INNOVATION Leveraging design thinking and the power of the network... Schwep NATAST Premiumization & ca-Cola Affordability EST. LONDON 1971 COSTA Wellness Recharge カフェラテ CAFÉ LATTE コーヒー smart water Scan sip & scan Virtual Interaction ase pick an option to begin scanning. D sip & scan icon > Peach Mango LOW CALORIE NO SUGAR ADDED Peach Mango BODYARMOR Product code > Functional Benefits CHARGED Sustainability Consciousness ca-Cola ZERO SUGAR ...across products, packages, equipment and processes ~25% Contribution of Innovation to 2023 Gross Profit Growth 2x +12% 2019 2022 2019 2022 Increasing Success Rate Gross Profit Per Launch 13#14MEETING CONSUMER NEEDS THROUGH IMPROVED RGM Old Mindset Volume Behavior Leverages Momentum New Mindset Value Behavior (Profit & ROIC) Step-Change in Growth Trend One-Off, Annual Plan Multi-Year System Strategy Operational Initiatives to Drive Volume Strategic Initiatives to Drive Revenue > Transactions > Volume Defined Strategy Consumer Premiumization & Affordability (Categories Brands / Packs) Brand Stratification Based on Elasticity Shopper FANTA 1783 1783 1783 Sprite vs. Coca-Cola Channel/Customer Geographic & Channel Segmentation amo THEATRES Developing price/pack architectures that are appropriate to consumer & customer needs 14#15WINNING IN THE MARKET WITH ALIGNED RGM AND EXECUTION 000 Revenue Growth Management • Dynamic pricing strategies and promotion effectiveness ⚫ Driving premiumization and affordability In-Outlet Execution • Embedding digital commercial capability • Cooler excellence gagk . Segmentation Focusing on incidence growth across channels Assortment optimization Route to Market Identifying opportunities with data and insights • Optimizing cost to serve System Alignment Is the Foundation for Operational Excellence 15#16LEADING IN SUSTAINABILITY WITH COLLECTIVE ACTION Water Our Goal Replenish at least 100% annually Our Progress to Date Committed to Driving Industry Leadership Water neutral since 2015 291B Liters of water returned to nature and communities in 2022. Driving nature-based water solutions as part of 2030 Water Security Strategy Packaging 100% collection and 50% recycled content by 2030 61% collection rate in 2022 25% (a) recycled material in our packaging & 15% of PET used is recycled PET (rPET) Industry-leading goal to have 25% of volume refillable / reusable by 2030 Reducing Added Sugar Offering more choices and reducing added sugar 29% of our global 2022 unit case volume is low- or no-calorie ~68% of portfolio has less than 100 calories per serving Growth of low- and no-calorie beverages; smaller package choices Climate 25% absolute GHG emissions reduction against 2015 baseline by 2030 21% system-wide renewable electricity in 2022 7% decline in absolute emissions since 2015(b) Increasing cooler efficiency to progress on science-based targets People & Communities 50% led by women globally by 2030 39% women in senior leadership in 2022 Linking goals to executive compensation NGOs & Civil Society Groups (a) Includes select primary consumer packaging materials (b) Since 2015 toward a 25% science-based reduction target by 2030 Partnering to Make the Greatest Impact Governments Industry & Peer Companies Across our System 16#17CIRCULAR ECONOMY SOLVES FOR ZERO WASTE AND LOWER CARBON FOOTPRINT Plastic Spectrum Destination Types Solution 1 HIGH-VALUE PLASTIC Clear PET Bottles Circular Economy 2 MID-RANGE PLASTIC Colored PET Bottles & Dirtier Waste Streams Innovation / 4 Enhanced Recycling Recycle 3 Multi-Layer LOW-VALUE Packaging PLASTIC Alternatives / Eliminate (e.g. Juice Boxes) Design Make 1 3 Dispose Collect || Partner n 2 Use 17#18KEY THEMES FOR TODAY DELIVERING IN A DYNAMIC WORLD PURSUING EXCELLENCE GLOBALLY WINNING TOGETHER LOCALLY zero SUGAR COMPOUNDING QUALITY VALUE OPERATING OVERVIEW BUHAT THE FA#19SPOTLIGHT ON BRAND BUILDING & INNOVATION Driving Growth While Reducing Added Sugar Europe, Middle East & Africa Package Innovations for a World Without Waste Zero Words Campaign Sprite Zero Sugar Activation 只有我 4:41 雪碧无糖 Coca Cola ORIGIN 6 x 330 ml ORIGINAL TAST a-Cola Cola KEELCLIPⓇ Paperboard Packaging Label-Less Bottle (a) Asia 能超越 我的酷爽| Pacific SHAN BRIG 和原味一样 酷爽难敌 未来を 1本ずつ変えていく。 厚碧 立即抽奖 (a) KEELCLIP® is a registered trademark of Graphic Packaging International, LLC GET FREE SPRITE NO SUGAR NONサイクルペット 560 46 コカ・コーラがめざす。 無駄を生まない世界に向けて 「ラベルレス&100%リサイクルペットボトル」を、 全世界にて日本導入。 1本あたり 約60% のCO2を削減します。 さらに2030年までに、すべてのペットボトルを、 使用しない サスティナブルな い・ろ・は・す 波の天然水 ラベルレスで リサイクル あなたの手に届くその1本が を変えていきます 19#20SPOTLIGHT ON REVENUE GROWTH MANAGEMENT & EXECUTION Driving Premiumization and Maintaining Affordability Insights-Led Innovation Meal Occasions Excellence in Execution North America Minute Maid ACUAS REFRESHING FRESCAS +JUICE BEVERAGE STRAWBERRY NATURALLY FLAVORED WID OTHER NATURAL FLAVORS AF Latin America (a) Comparison vs. 2019 Coca-Cola +7% ORIGINAL TASTE Delicious & Refreshing Basket incidence vs 2019 1.25 Liter Mixer Occasions Refillable Bottles Schwepp RETORNABLE C TORNABLE 2.6M Tinica e Schweppes AZUCAR Coca-Cola TORNABLE SIN AZUCAR Coca-Cola IETO NABLE Coca-Cola ELIGE RETORNABLES Y AYUDA A CUIDAR EL MEDIO AMBIENTE RE Customers using B2B solutions Gaining share in at- home and away-from- home channels vs 2019 Transactions growth outpacing volume (a) 20#21SPOTLIGHT ON TOTAL BEVERAGE PORTFOLIO Alcohol(a) Experiments indicate opportunity Costa Executing on the vision with discipline Schwepp Topo Chice こだわりレモンサワ Vodka VODKA SPRITZ RANCH & Citrus FRESCA WATER HARD SELTZER 743-4- 0 100 47 a-st MIXED ORIGINAL PADEFRUIT CITRO ACK DANIEL N97 Coca-Cola ERO SUGAR CONT NET. 350ml | 5% Alc. AMERICANO BODYARMOR Integrating with intent to scale fairlife Delivering on a premium proposition Monster Strengthening strategic relationship(b) ELECTROLYTES fairlife fairlife !g 50% 13 no SUGAR PROTE than regular mik perserving 50% 50% tairlife nutrition plan 30g- FUELED BY fairlife CORE PROTEIN LATTE FLAT WHITE by COSTA COFFEE SIDEKICK Caramel rich signature bland with smooth creamy m nd fell shot of caramel ERNATURAL FLAER Pineappl Coconut SUPERIOR HYDRATION BODYARMOR Mange LOW CALOR BODYARMOR Berry LOW CALOR ZERO SUGAR ADDED Dragonfruit Berr BODYARMOR BODYARMOR SportWater COSTA COFFEE COSTA COSTA COFFEE 27 Offerings in the market 3x A little o Market/platform combinations since acquisition 14% Unaided brand awareness in North America 2 REDUCED FAT ultra-filtered milk LACTOSE FREE CONTAINS ESSENTIAL NUTRIENTS 8 STRAWBERRY REDUCED FAT ultra-filtered milk PROTEIN TAURINE ZERO SUGAR ZERO SUGAR MEAN BEAN MONSTER MONSTER MONSTER JAVA ENERGY ENERGY ZERO SUGAR ENERGY ZERO ULTRA MONSTER COFFEE +ENERE Consecutive years of double-digit volume growth ~4pts Value share gain since 2017 Various stages of development with strong opportunities to thrive (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 21#22AN ALIGNED SYSTEM EXECUTING FOR GROWTH Raising the Bar in Integrated Execution Winning vs the Competition Expanding the Category Building the Consumer Base Creating value for our Customers Expanding our Channel footprint Increasing market Coverage Developing our Capabilities +17M Households (a) Synchronizing Demand Creation and Demand Fulfillment Leveraging Scale Growth Driven Cooperation Frameworks Value Centric +$8B Customer Retail Value (b) $1.8B System-wide savings on Cross-Enterprise Procurement(d) +1M Coolers (c) (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 22#23KEY THEMES FOR TODAY DELIVERING IN A DYNAMIC WORLD PURSUING EXCELLENCE GLOBALLY AZUCAR Cou SABOR ORIGINAL WINNING TOGETHER LOCALLY COMPOUNDING QUALITY VALUE OPERATING OVERVIEW#24COMPOUNDING QUALITY VALUE Five-Year Cumulative Total Shareowner Return $200 175 150 The Coca-Cola Company -Peer Group (a) ...S&P 500 Index 125 100 75 50 2017 2018 2019 2020 2021 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 2022 24#25RETURNS TOPLINE COMPOUNDING QUALITY VALUE All-Weather Strategy Brand Building Execution Cash Flow Generation Increasing Agility Robust Long-Term Targets Innovation / M&A Scaled & Disciplined Innovation Pipeline 4% to 6% .....Q ....... .... Revenue Growth Management Resource Allocation Data-Driven RGM in the Marketplace $ Asset 0000 Optimization Margin Expansion (a) Non-GAAP (b) Comparable currency neutral (non-GAAP) Organic Revenues(a) 6% to 8% Operating Income(b) Targeted Resource Allocation 7% to 9% Earnings Per Share(b) System Alignment 90% to 95% Free Cash Flow (a) Adjusted Free Cash Flow Conversion Ratio(a) 25#26WE START WITH THE TOPLINE Drivers of Topline Volume Drivers Recruitment Price/Mix Drivers Inflation Sustainable Long-Term Growth Organic Revenue (a) Growth vs Long-Term Target Organic revenues implied by long-term growth algorithm (mid-point) (a) Actual organic revenues (a) Retention 88 Accessibility Channel Mix 8080 Affordability Product Mix 2017 2018 2019 2020 2021 2022 2023 Outlook Package Mix STRONG TOPLINE GROWTH VALUE SHARE GAIN (a) Non-GAAP MARGIN EXPANSION SUSTAINABLE CASH FLOW GENERATION 26#27FOCUSING ON OPPORTUNITIES TO DRIVE MARGINS Increasing Quality Leadership Trade Promotion Optimization Comparable Operating Margin (a) 28.7% +2.2 pts 26.5% 0000 "Future-Ready" Supply Chain Marketing Effectiveness & Efficiency 2017 Continuous Productivity Mindset $ Prudent Capital Investments 2022 Above LTGM algorithm (b) Margins outperforming peers(c) (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 27#28RAISING THE BAR IN RESOURCE ALLOCATION Strategic Alignment Iterative Learning Enterprise Learn & Adjust Where to How to Measure Operating Units Categories Strategic play Prioritization How to win execute Dynamic Allocation Opportunity Data-Driven Approach Selectively Play Build / Fix Lead Growth Deprioritize Sustain Momentum Ability to Win Reinvesting to maximize effectiveness and efficiency A Disciplined Growth Mitigate Volatility Bolder Decisions Grow Build/Fix and Selectively Play Combos 28#29MOVING TO A FIT-FOR-PURPOSE BALANCE SHEET Optimization Viewed Through a Holistic Lens Bottling Investments Net Revenue Contribution (a) 0800 Bottling Investments Fixed Asset Portfolio Supply Chain Optimization Acquisitions and Capability Building (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 52% 2015 -34 pts 18% 2022 ROIC (b) Evolution 20.7% +4 pts 16.7% 2015 2022 29#30UNDERLYING FREE CASH FLOW REMAINS STRONG Adjusted Free Cash Flow Conversion Ratio(a) 100%+ Target Range: 90%-95% 89% Discrete Headwinds 2023 Free Cash Flow (b) Considerations Underlying drivers remain the same: Two discrete headwinds totaling ~$700 million: ✓ USD EPS growth Improve cash conversion cycle 1. Elevated transition tax payment 2. M&A transaction payments ✓ Prudent capital spend Last 3 Years 2022 Average 2023 Outlook Excluding discrete headwinds, implied 2023 free cash flow conversion ratio(a) is within target range 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 30#31DISCIPLINED CAPITAL MANAGEMENT 2023 Capital Allocation • Priorities have not changed • Continue to prioritize reinvesting in our world-class brands • 2023 is the 61st year of consecutive dividend increases Investing for Growth CASH FROM OPERATIONS Return to Shareowners • 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 1 Reinvest in the Business Outlook: ~$1.9 Billion Capex 3 Consumer-Centric M&A Further Growth and Build Capabilities 2 Continue to Grow the Dividend 5% Dividend Growth 4 Net Share Repurchase Repurchase to Offset Dilution NET DEBT LEVERAGE (a) TARGET: 2.0x to 2.5x 2022 Net Debt Leverage (a): 1.8x (a) Non-GAAP 31#322023 Outlook Expanding the Sphere of What We Can Control 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 External Factors Impacting Outlook . • Inflation and macroeconomic uncertainty • Volatile interest rate and currency environment 2023 Outlook 10% to 11% Organic Revenues (a) 13% to 14% Comparable Currency Neutral Earnings Per Share(a) Comparable Earnings 7% to 8% Per Share (a) ~$9.5B Free Cash Flow(a) 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 32#33RETURNS TOPLINE D....... ......... D....... KEY TAKEAWAYS $ 0000 • 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 33#34REFRESH THE WORLD. MAKE A DIFFERENCE. LOVED BRANDS DONE SUSTAINABLY FOR A BETTER SHARED FUTURE 34#35KEY THEMES FOR TODAY PLUS CAFÉ ESPRESS DELIVERING IN A DYNAMIC WORLD PURSUING EXCELLENCE GLOBALLY Coca-Co 220 REFRIGERANG ON WINNING TOGETHER LOCALLY COMPOUNDING QUALITY VALUE OPERATING OVERVIEW PLUS CAFÉ ESPRESSO#36CONSOLIDATED GEOGRAPHIC OVERVIEW Unit Case Volume Global Ventures 4% Asia Pacific 24% 32.7 Billion North America 17% * Comparable (non-GAAP) Europe, Middle East & Africa 28% Latin America 27% Global Ventures Net Revenues* Bottling Investments 18% Europe, Middle East & Africa 17% 7% $43.0 Billion Latin America 11% Asia Pacific 12% North America 35% Operating Income* Bottling Global Investments Ventures 1% 4% Asia Pacific 17% $12.3 Billion North America 28% Note: Net revenues percentages were calculated excluding amounts for Corporate and Eliminations. Operating income percentages were calculated excluding Corporate expense. All numbers reflect full year 2022. Europe, Middle East & Africa 29% Latin America 21% 36#37LATIN AMERICA Market Landscape • ~525 million consumers • 2022 TCCC net revenues (a): $4.9 billion (11% of total) • 2022 TCCC operating income(a): $2.9 billion (21% of total) 2022 Total Addressable Market(b) Coca-Cola FEMSA Key Bottlers Coca-Cola ANDINA ARCACONTINENTAL SOLAR BR Coca-Cola Expected Category Growth By Category By Channel 2023 to 2026 Industry CAGRS TCCC Share(e) Sparkling Soft Drinks 6%-7% >50%, +1% ~$100B ~35% Away From Home Juice, Value-Added Dairy & Plant-Based 6%-7% ~25%, +3% Water, Sports, 7%-8% ~30%, +3% Coffee & Tea (c) Energy >10% ~35%, +23% Colas Sparkling Flavors JDP WSCT(c) At Home Away From Home Hot Beverages >10% <5% Energy Hot Beverages Emerging (d) (a) Comparable (Non-GAAP) (b) Retail value of categories where TCCC strategically participates (c) Excludes Hot Beverages (d) Emerging category represents Alcohol Ready-to-Drink Beverages (e) 2022 TCCC value share and change in value share since 2017 Emerging(d) >10% <5% Source for consumers is UN population over the age of 12 and source for industry retail value and expected category growth is internal estimates 37#38NORTH AMERICA Market Landscape • ~320 million consumers • 2022 TCCC net revenues(a): $15.7 billion (3% of total) Coca-Cola BOTTLING COMPANY UNITED Key Bottlers ☑ SWIRE Coca-Cola CONSOLIDATED • 2022 TCCC operating income(a): $3.9 billion (28% of total) 2022 Total Addressable Market(b) Coca-Cola SOUTHWEST BEVERAGES REYES Coca-Cola BOTTLING Coca-Cola Canada Bottling Limited By Category By Channel Expected Category Growth 2023 to 2026 Industry CAGRS TCCC Share(e) Sparkling Soft Drinks 2%-3% ~50%, +1% ~$350B ~45% Away From Home Juice, Value-Added 2%-3% Dairy & Plant-Based ~20%, +1% Water, Sports, 4%-5% Coffee & Tea (c) ~20%, 0% Energy 7%-9% ~40%, +3% Colas Sparkling Flavors JDP WSCT(c) At Home Away From Home Hot Beverages 4%-5% ~5%, 0% Energy Hot Beverages Emerging(d) (a) Comparable (Non-GAAP) (b) Retail value of categories where TCCC strategically participates (c) Excludes Hot Beverages (d) Emerging category represents Alcohol Ready-to-Drink Beverages (e) 2022 TCCC value share and change in value share since 2017 Emerging (d) 8%-9% ~5%, +3% Source for consumers is UN population over the age of 12 and source for industry retail value and expected category growth is internal estimates 38#39ASIA PACIFIC Market Landscape • ~3.3 billion consumers • 2022 TCCC net revenues(a): $5.5 billion (12% of total) • 2022 TCCC operating income(a): $2.4 billion (17% of total) 2022 Total Addressable Market(b) By Category By Channel Coca-Cola EUROPACIFIC PARTNERS Thainamthip Key Bottlers 中粮 COFCO 自然之遞 重塑保我 BOTTLING INVESTMENTS GROUP Coca-Cola BOTTLERS JAPAN INC. ☑ SWIRE Expected Category Growth TCCC Share(e) 2023 to 2026 Industry CAGRS Sparkling Soft Drinks 5%-6% >50%, +3% ~$475B ~50% Away From Home Juice, Value-Added Dairy & Plant-Based 3%-4% ~5%, 0% Water, Sports, 3%-4% Coffee & Tea (c) ~10%, -1% Energy >10% ~5%, +1% Colas Sparkling Flavors JDP WSCT(c) At Home Away From Home Hot Beverages 4%-5% <5% Energy Hot Beverages Emerging(d) (a) Comparable (Non-GAAP) (b) Retail value of categories where TCCC strategically participates (c) Excludes Hot Beverages (d) Emerging category represents Alcohol Ready-to-Drink Beverages (e) 2022 TCCC value share and change in value share since 2017 Emerging (d) 6%-7% <5% Source for consumers is UN population over the age of 12 and source for industry retail value and expected category growth is internal estimates 39#40EUROPE, MIDDLE EAST & AFRICA Market Landscape Key Bottlers • ~2.1 billion consumers • 2022 TCCC net revenues(a): $7.6 billion (17% of total) • 2022 TCCC operating income (a): $4.0 billion (29% of total) 2022 Total Addressable Market(b) By Category By Channel EUROPACIFIC Coca-Cola PARTNERS + Coca-Cola Beverages Coca-Cola Hellenic Bottling Company CCI Expected Category Growth TCCC Share(e) 2023 to 2026 Industry CAGRS Sparkling Soft Drinks 5%-6% >50%, +2% ~$350B ~55% Away From Home Juice, Value-Added Dairy & Plant-Based 4%-5% ~10%, +3% Water, Sports, Coffee & Tea (c) 6%-7% ~10%, 0% Energy 8%-10% ~20%, +7% Colas Sparkling Flavors JDP WSCT(c) At Home Away From Home Hot Beverages 6%-7% ~2%, +2% Energy Hot Beverages Emerging(d) (a) Comparable (Non-GAAP) (b) Retail value of categories where TCCC strategically participates (c) Excludes Hot Beverages (d) Emerging category represents Alcohol Ready-to-Drink Beverages (e) 2022 TCCC value share and change in value share since 2017 Emerging (d) 8%-10% <5% Source for consumers is UN population over the age of 12 and source for industry retail value and expected category growth is internal estimates 40#41GLOBAL VENTURES . Global Ventures includes Costa BUSINESS MODEL ECONOMICS coffee, Monster beverages, innocent juices and smoothies, and doğadan tea • In terms of revenue, the majority of Global Ventures consists of Costa coffee followed by innocent. Together they represent ~90% of total Global Ventures revenue COSTA MONSTER NSTER ENERGY Coffee Retail, Food Service, and RTD Distribution Coordination Agreements Full P&L Fees innocent Finished Goods Juices & Smoothies Full P&L MONSTER is a trademark and product of Monster Beverage Corporation in which TCCC has a minority investment. doğadan NRTD Tea Full P&L 41#42BOTTLING INVESTMENTS GEOGRAPHIC FOOTPRINT Canada (Refranchising Completed) USA (Refranchising Completed) Guatemala (Refranchising Completed) Uruguay (Refranchising Completed) China (Refranchising Completed) Vietnam & Cambodia (Refranchising Completed) 00 Current Markets Africa Bangladesh India Malaysia Myanmar Nepal Oman Philippines Singapore Sri Lanka Bottling Investments comprised 18% of net revenues in 2022 vs. 52% in 2015 Note: Bottling Investments net revenues as a percentage of total Company net revenuesons. 42#43APPENDIX RECONCILIATIONS OF GAAP AND NON-GAAP FINANCIAL MEASURES#44THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) Organic Revenues: Percent Change 2017 2018 2019 2020 2021 2022 Average Percent Change Note: Certain rows may not add due to rounding. Less: Adjustments to Reported Net Revenues Indexed Impact of Accounting Changes¹ Organic Revenues (Non-GAAP) Indexed Reported Net Revenues Organic Revenues (Non-GAAP) 100 100 2 5 95 105 0 6 104 111 0 (9) 92 101 0 16 108 117 0 16 120 136 1 Represents the impact of adoption of revenue recognition accounting standard (ASC 606). 1 7#45THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) Operating Income: Less: Adjustments to Reported Operating Income Comparable Currency Reported Percent Change Operating Income (GAAP) Items Impacting Comparability Currency Impact Neutral Operating Income (Non-GAAP) 2018 18 2019 10 2020 (11) 2021 15 15 5 (5) 1 (5) 7 (8) 13 (6) 0 2 12 2022 6 (5) (8) 19 Average Percent Change 8 Note: Certain rows may not add due to rounding. 2 10#46Earnings Per Share: THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) Year Ended December 31, 2018 Year Ended December 31, 2019 Year Ended December 31, 2020 Year Ended December 31, 2021 Year Ended December 31, 2022 Reported (GAAP) $ 1.50 $ 2.07 $ 1.79 $ Items Impacting Comparability 0.59 0.04 0.16 2.25 $ 0.07 2.19 0.30 Comparable (Non-GAAP) $ 2.08 $ 2.11 $ 1.95 $ 2.32 $ 2.48 Reported (GAAP) $ Items Impacting Comparability Comparable (Non-GAAP) $ Year Ended December 31, 2017 Year Ended December 31, 2018 Year Ended December 31, 2019 Year Ended Year Ended December 31, 2020 December 31, 2021 0.29 $ 1.64 1.50 $ 0.59 2.07 $ 1.79 $ 2.25 0.04 0.16 0.07 1.92 $ 2.08 $ 2.11 $ 1.95 $ 2.32 Year Ended December 31, 2018 Year Ended December 31, 2019 419 38 Year Ended December 31, 2020 (13) Year Ended December 31, 2021 Year Ended December 31, 2022 26 9 1 (8) 19 (3) 7 Percent Change - Reported EPS Percent Change. Comparable EPS (Non-GAAP) Five-Year Average Percent Change - Reported EPS Five-Year Average Percent Change - Comparable EPS (Non-GAAP) 93 6 Note: Certain columns may not add due to rounding. Certain percentages may not recalculate using the rounded dollar amounts provided. 3#47Free Cash Flow: Net Cash Provided by Operating Activities (GAAP) Purchases of Property, Plant and Equipment (GAAP) Free Cash Flow (Non-GAAP) THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Year Ended December 31, 2018 Year Ended December 31, 2019 Year Ended December 31, 2020 Year Ended December 31, 2021 Year Ended December 31, 2022 $ 7,627 $ (1,548) 10,471 $ (2,054) 9,844 $ (1,177) 12,625 $ (1,367) 11,018 (1,484) $ 6,079 $ 8,417 $ 8,667 $ 11,258 $ 9,534 Net Cash Provided by Operating Activities (GAAP) Purchases of Property, Plant and Equipment (GAAP) Free Cash Flow (Non-GAAP) $ $ Year Ended December 31, 2017 Year Ended Year Ended Year Ended Year Ended December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021 7,041 $ (1,750) 7,627 $ (1,548) 10,471 $ (2,054) 9,844 $ (1,177) 12,625 (1,367) 5,291 $ 6,079 $ 8,417 $ 8,667 $ 11,258 Year Ended December 31, 2018 Year Ended December 31, 2019 Percent Change - Percent Change = Net Cash Provided by Operating Activities Free Cash Flow (Non-GAAP) 8 37 Year Ended December 31, 2020 (6) Year Ended December 31, 2021 Year Ended December 31, 2022 28 (13) 15 38 3 30 (15) Five-Year Average Percent Change - Net Cash Provided by Operating Activities Five-Year Average Percent Change - Free Cash Flow (Non-GAAP) Note: Certain percentages may not recalculate using the rounded dollar amounts provided. 11 14 4#48THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) Operating Margin: Year Ended Reported Operating Margin (GAAP) Items Impacting Comparability (Non-GAAP) Comparable Operating Margin (Non-GAAP) December 31, 2022 S Year Ended December 31, 2017 Basis Point Growth 25.37% 21.42% 395 (3.31%) 28.68% (5.10%) 26.52% 216#49THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures Net Operating Profit After Taxes (NOPAT): (UNAUDITED) (In millions) Operating income Equity income (loss) - net Net operating profit (Non-GAAP) Items impacting comparability Year Ended December 31, 2015 $ 8,787 489 9,276 1,556 $ 10,832 Comparable net operating profit (Non-GAAP) Comparable effective tax rate (Non-GAAP) 22.5% Comparable net operating profit after taxes (NOPAT) (Non-GAAP) $ 8,395 Invested Capital: 2015 Two-Year Average As of As of December 31, 2014 December 31, 2015 Loans and notes payable $ 16,130 $ 19,130 $ 13,129 Current maturities of long-term debt 3,113 3,550 2,676 Long-term debt 23,661 19,010 28,311 Total debt (Non-GAAP) 42,903 41,690 44,116 Total equity 28,163 30,561 25,764 Less: Total cash, cash equivalents and short-term investments 16,821 18,010 15,631 Marketable securities Invested capital (Non-GAAP) 3,967 3,665 4,269 $ 50,278 $ 50,576 $ 49,980 1 2015 Return on Invested Capital (ROIC): Return on invested capital (ROIC) (Non-GAAP) 1 16.7% Return on invested capital is calculated by dividing comparable net operating profit after taxes by invested capital. 6#50THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures Net Operating Profit After Taxes (NOPAT): (UNAUDITED) (In millions) Operating income Equity income (loss) - net Net operating profit (Non-GAAP) Items impacting comparability Year Ended December 31, 2022 $ 10,909 1,472 12,381 1,470 $ 13,851 Comparable net operating profit (Non-GAAP) Comparable effective tax rate (Non-GAAP) 19.0% Comparable net operating profit after taxes (NOPAT) (Non-GAAP) $ 11,216 Invested Capital: 2022 Two-Year Average As of December 31, 2021 As of December 31, 2022 Loans and notes payable $ Current maturities of long-term debt 2,840 869 $ 3,307 $ 2,373 1,338 399 Long-term debt 37,247 38,116 36,377 Total debt (Non-GAAP) 40,955 42,761 39,149 Total equity 25,343 24,860 25,826 Less: Total cash, cash equivalents and short-term investments Marketable securities 10,744 10,926 10,562 1,384 1,699 1,069 $ 54,170 $ 54,996 $ 53,344 Invested capital (Non-GAAP) 2022 Return on Invested Capital (ROIC): Return on invested capital (ROIC) (Non-GAAP) 1 20.7% 1 Return on invested capital is calculated by dividing comparable net operating profit after taxes by invested capital. 7#51THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Free Cash Flow and Adjusted Free Cash Flow Conversion Ratio: Net Cash Provided by Operating Activities Purchases of Property, Plant and Equipment Free Cash Flow (Non-GAAP) Plus: Cash Payments for Pension Plan Contributions Adjusted Free Cash Flow (Non-GAAP) SA $ Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 11,018 $ (1,484) 12,625 $ (1,367) 9,844 (1,177) 9,534 11,258 8,667 9,534 $ 11,258 $ 8,667 Net Income Attributable to Shareowners of The Coca-Cola Company Noncash Items Impacting Comparability: Asset Impairments Equity Investees Transaction Gains/Losses Other Items Certain Tax Matters 9,542 $ 9,771 $ 7,747 153 62 493 33 23 216 589 (1,109) (933) 526 555 291 (128) 410 207 Adjusted Net Income Attributable to Shareowners of The Coca-Cola Company (Non-GAAP) 10,715 $ 9,712 $ 8,021 1 Cash Flow Conversion Ratio Adjusted Free Cash Flow Conversion Ratio (Non-GAAP)² 115% 89% 129% 116% Three-Year Average Adjusted Free Cash Flow Conversion Ratio (Non-GAAP) 104% 1 2 Cash flow conversion ratio is calculated by dividing net cash provided by operating activities by net income attributable to shareowners of The Coca-Cola Company. Adjusted free cash flow conversion ratio is calculated by dividing adjusted free cash flow by adjusted net income attributable to shareowners of The Coca-Cola Company. 8 127% 108%#52THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures Gross Debt and Net Debt: (UNAUDITED) (In millions except net debt leverage) As of December 31, 2022 Cash and cash equivalents Short-term investments Marketable securities $ 9,519 1,043 1,069 Total cash, cash equivalents, short-term investments and marketable securities (Non-GAAP) $ 11,631 Loans and notes payable $ 2,373 Current maturities of long-term debt 399 Long-term debt 36,377 Gross debt (Non-GAAP) Net debt (Non-GAAP)1 1 Net debt is calculated by subtracting total cash, cash equivalents, short-term investments and marketable securities from gross debt. EBITDA: $ 39,149 $ 27,518 Income before income taxes Less income items: Year Ended December 31, 2022 $ 11,686 Interest income Other income (loss). ― net 449 (262) Add expense items: Interest expense 882 Depreciation and amortization 1,260 Earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP) $ 13,641 Items impacting comparability 1,470 Comparable EBITDA (Non-GAAP) $ 15,111 Net Debt Leverage: Net debt (Non-GAAP) Comparable EBITDA (Non-GAAP) Net debt leverage (Non-GAAP) 9 As of and Year Ended December 31, 2022 $ 27,518 $ 15,111 1.8#53THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In billions) 1 Projected GAAP Net Cash Provided by Operating Activities Projected GAAP Purchases of Property, Plant and Equipment Projected Free Cash Flow (Non-GAAP) $ Year Ending December 31, 2023 $ 11.4 (1.9) 9.5 1 Does not include the impact of the ongoing tax litigation with the U.S. Internal Revenue Service, if the company were not to prevail. Projected 2023 Free Cash Flow: 10 10#54THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Net Operating Revenues by Operating Segment: Year Ended December 31, 2022 Europe, Middle East & Africa Latin America North America Asia Pacific Global Ventures Bottling Investments Corporate Eliminations Consolidated Reported (GAAP) $ 7,523 $ 4,910 $ 15,674 $ 5,445 $ 2,843 $ 7,891 $ 94 $ (1,376) $ 43,004 Items Impacting Comparability: Other Items Comparable (Non-GAAP) $ 27 7,550 $ 6 2 7 42 4,916 $ 15,676 $ 5,452 $ 2,843 $ 7,891 $ 94 $ (1,376) $ 43,046 Operating Income (Loss) by Operating Segment: Year Ended December 31, 2022 Europe, Middle East & Africa Latin America North America Asia Pacific Global Ventures Bottling Investments Corporate Consolidated Reported (GAAP) $ 3,958 $ 2,870 $ 3,742 $ 2,303 $ 185 $ 487 $ (2,636) $ 10,909 Items Impacting Comparability: Asset Impairments 57 57 996 996 Transaction Gains/Losses Restructuring Other Items (7) 27 38 86 117 Comparable (Non-GAAP) $ 3,978 $ 6 2,876 $ 142 3,922 $ 2,367 $ 20 22 60 266 187 $ 509 $ (1,494) $ 12,345 11