Coca-Cola HBC (CCH) Q2 2026 earnings summary

Executive summary

• Delivered strong H1 2026 results with 9.6% organic revenue growth and 7.5% organic volume growth, led by Sparkling and Energy categories.

• Achieved 13th consecutive quarter of volume growth, with all segments contributing.

• Comparable EBIT rose 15.2% organically to €760.1 million, with margin up 60bps to 12.2%.

• Upgraded full-year 2026 guidance, now expecting organic revenue growth at the top end of 6–7% and EBIT growth of 8–10%.

• Continued investment in marketing, innovation, digital transformation, and sustainability, with major activations including FIFA World Cup and new product launches.

Financial highlights

• Net sales revenue: €6,229.4 million, up 10.8% reported and 9.6% organic year-over-year.

• Comparable EBIT: €760.1 million (+17.0% reported, +15.2% organic); EBIT margin: 12.2% (+60bps).

• Comparable EPS increased 15.2% to €1.51; free cash flow at €215.7 million, down 11.8% due to higher capex.

• Gross profit margin improved by 110bps to 37.8%.

• Capital expenditure rose by €100 million to €378.9 million, or 6.1% of revenues.

Outlook and guidance

• Full-year 2026 organic revenue growth expected at the top end of 6–7% range; organic EBIT growth of 8–10%.

• FX impact on EBIT now expected to be a €0–10 million tailwind; net finance costs projected at €40–50 million.

• Effective tax rate guidance unchanged at 26–28%.

• H2 growth expected to moderate due to fewer selling days and higher energy costs.

• Marketing investments to remain elevated, tailored to future program needs.