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, supported by ongoing investments in portfolio, capabilities, people, and sustainability.

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

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

Financial highlights

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

• Comparable EBIT rose 13.8% to €1,356 million, with organic EBIT growth of 11.5% and margin up 60 bps to 11.7%.

• Comparable EPS increased 19.7% to €2.72; free cash flow reached €700 million.

• Return on invested capital expanded by 100 bps to 19.4%.

• Dividend per share recommended at €1.20, up 17% from 2024.

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%.

• Macroeconomic and geopolitical environment expected to remain challenging, but confidence in portfolio and capabilities remains high.

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