Coca-Cola HBC (CCH) H2 2025 earnings summary

Executive summary

• Achieved fifth consecutive year of strong financial and operational growth, with consistent gains in revenue, EBIT, and market share across diverse macroeconomic conditions.

• Strategic focus on sparkling and energy categories drove volume and value share gains in NARTD beverages.

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

• Advanced sustainability initiatives recognized with sector-leading ESG scores and impactful community investments.

• Ongoing investments in portfolio, capabilities, and people to unlock future growth.

Financial highlights

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

• Comparable EBIT rose 11.5% organically to €1,356 million; EBIT margin improved by 60 basis points to 11.7%.

• 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 recommended at €1.20, up 17%.

• Comparable gross profit margin at 36.8%, up 70 bps year-over-year.

Outlook and guidance

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

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

• CCBA acquisition expected to be low single-digit EPS accretive in the first full year post-completion.

• Expect continued challenging macroeconomic and geopolitical environment but high confidence in portfolio and capabilities.