Coca-Cola HBC (CCH) H1 2025 earnings summary

Executive summary

• Delivered strong H1 2025 results with 9.9% organic revenue growth and 2.6% volume growth, led by Sparkling and Energy categories, and robust value share gains in NARTD.

• Comparable EBIT rose 11.8% organically, EPS up 25.8% to €1.31, supported by lower finance costs and operational execution.

• Free cash flow increased 10.1% to €242.5m, despite higher CapEx.

• Continued investment in digital, data, AI, and sustainability initiatives, maintaining top ESG ratings.

• Gained 100bps of value share in NARTD year-to-date, remaining the top FMCG contributor to retail revenue growth in Europe.

Financial highlights

• Net sales revenue reached €5,620.3m, up 8.6% reported and 9.9% organic year-over-year.

• Comparable EBIT was €649.8m, up 15.2% reported and 11.8% organic, with margin up 70bps to 11.6%.

• Comparable EPS rose 25.8% to €1.31, supported by lower net finance costs.

• Free cash flow increased to €242.5m, up 10.1% year-over-year, with CapEx at 5% of revenue.

• Gross profit margin improved by 60bps to 36.7%.

Outlook and guidance

• Expecting to deliver organic revenue and EBIT growth at the top end of guided ranges for 2025 (6–8% and 7–11%, respectively).

• CapEx expected to align with target range of 6.5% to 7.5% of revenue for FY25.

• Macro-economic and geopolitical environment expected to remain challenging in H2.

• FX headwind for FY 2025 now expected at €0–10m; net finance costs expected at €15–25m.

• Comparable effective tax rate expected at 26–28%.