Coca-Cola HBC (CCH) H2 2025 earnings summary

Executive summary

• Achieved fifth consecutive year of strong growth, with consistent gains in revenue, EBIT, and market share despite mixed macroeconomic conditions.

• Strategic focus on sparkling and energy categories drove volume and value share gains, with 80 basis points increase in NARTD value share.

• Announced milestone acquisition of Coca-Cola Beverages Africa (CCBA), expanding presence in 14 high-growth African markets.

• Continued investment in portfolio, capabilities, people, and sustainability, with progress in packaging, climate, and water initiatives.

• Recognized as a global leader in sustainability benchmarks and advanced Mission 2025 goals ahead of schedule.

Financial highlights

• Organic revenue grew 8.1% year-over-year; volume up 2.8%.

• Comparable EBIT rose 13.8% to €1,356 million; organic EBIT growth of 11.5%.

• Comparable EBIT margin at 11.7%, up 60 basis points year-over-year.

• Comparable EPS increased 19.7% to €2.72; ROIC up 100 basis points to 19.4%.

• Free cash flow reached €700 million; dividend per share up 17% to €1.20.

Outlook and guidance

• 2026 guidance: organic revenue growth in the 6%-7% range, organic EBIT growth of 7%-10%.

• Translational FX impact on EBIT projected as a €0–30 million headwind; tax rate guidance at 26–28%.

• Expect continued challenging macroeconomic and geopolitical environment, but confident in portfolio and capabilities.

• Anticipate more balanced contribution between volume and price/mix, with emerging markets driving most volume growth.

• Low single-digit EPS accretion expected in first full year post-CCBA acquisition.